<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 16, 1998
EQCC Home Equity Loan Trust 1997-2
----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-20675 59-3450527
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(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
EQCC Home Equity Loan Trust 1997-2
10401 Deerwood Park Blvd.
Jacksonville, Florida 32256
(Address of principal executive offices)
----------------------------------------
Registrant's telephone number including area code: (904) 987-5000
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Item 5. Other Events
------------
The Registrant hereby incorporates by reference the information
contained in Exhibit 99 hereto in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
------------------------------------------------------------------
(c) Exhibits
99 Trustee's Remittance Report in respect of the March 1998 Remittance
Date.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EQCC Home Equity Loan Trust 1997-2
----------------------------------
(Registrant)
Equicredit Corporation Of America
---------------------------------
as Representative
Dated: March 31, 1998 By: \s\ James B. Dodd
-----------------
Name: James B. Dodd
Title: Vice President\General Counsel
(Duly Authorized Officer)
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INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the March 1998
Remittance Date.
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM Feb. 17, 1998
TO Mar. 16, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i)AVAILABLE PAYMENT AMOUNT 20,172,550.23 12,746,860.72 7,425,689.51
Portions subject to bankrupty 0.00
(ii)CLASS A-1 PRINCIPAL BALANCE (Beginning)
43,500,724.09
CLASS A-2 PRINCIPAL BALANCE (Beginning)
4,654,575.30
CLASS A-3 PRINCIPAL BALANCE (Beginning)
78,535,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
62,228,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
86,789,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
22,646,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
72,769,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)
33,034,000.00
CLASS A-9 PRINCIPAL BALANCE (Beginning)
50,300,000.00
CLASS A-10 PRINCIPAL BALANCE (Beginning)
150,641,278.54
POOL PRINCIPAL BALANCE (Beginning)
605,097,577.93 454,456,299.39 150,641,278.54
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 283 213 70
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
16,054,766.34 9,479,626.90 6,575,139.44
(iv) AMOUNT OF CURTAILMENTS RECEIVED 91,318.66 101,278.80 90,039.86
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 727,478.54 640,462.60 87,015.94
(vi) INTEREST RECEIVED ON MORTGAGES
5,187,552.65 4,043,270.44 1,144,282.21
(vii) AGGREGATE ADVANCES 4,090,170.98 3,101,010.92 989,160.06
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES &
REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 222 190 32
PRINCIPAL BALANCE 11,162,375.64 8,440,490.34 2,721,885.30
% OF PRINCIPAL 1.898059% 1.900133% 1.891655%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 107 91 16
PRINCIPAL BALANCE 6,036,417.10 4,883,220.50 1,153,196.60
% OF PRINCIPAL 1.026437% 1.099316% 0.801448%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 295 244 51
PRINCIPAL BALANCE 16,913,015.46 12,026,578.59 4,886,436.87
% OF PRINCIPAL 2.875902% 2.707437% 3.395975%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 137 115 22
PRINCIPAL BALANCE 6,988,984.37 5,190,687.09 1,798,297.28
% OF PRINCIPAL 1.188412% 1.168533% 1.249780%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 8 6 2
PRINCIPAL BALANCE 382,166.23 180,482.18 201,684.05
% OF PRINCIPAL 0.06% 0.04% 0.14%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 22 19 3
PRINCIPAL BALANCE 1,118,788.58 930,385.05 188,403.53
% OF PRINCIPAL 0.19% 0.21% 0.13%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 50 42 8
PRINCIPAL BALANCE 2,622,704.53 1,898,960.55 723,743.98
% OF PRINCIPAL 0.45% 0.43% 0.50%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 79 64 15
PRINCIPAL BALANCE 5,265,734.26 3,653,751.75 1,611,982.51
% OF PRINCIPAL 0.895389% 0.822537% 1.120295%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 27,800.63 27,800.63 0.00
% OF PRINCIPAL 0.00% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 99,802.47 99,802.47 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 76 61 15
PRINCIPAL BALANCE 5,105,962.93 3,493,980.42 1,611,982.51
% OF PRINCIPAL 0.87% 0.79% 1.12%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.
above):
NUMBER
PRINCIPAL BALANCE
% OF PRINCIPAL
e. MORTGAGE LOAN LOSSES 29,449.56 29,449.56 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE
40,768,281.82
ENDING CLASS A-2 PRINCIPAL BALANCE 0.00
ENDING CLASS A-3 PRINCIPAL BALANCE
75,670,986.71
ENDING CLASS A-4 PRINCIPAL BALANCE
62,228,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
86,789,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
22,646,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
72,769,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE
33,034,000.00
ENDING CLASS A-9 PRINCIPAL BALANCE
50,300,000.00
ENDING CLASS A-10 PRINCIPAL BALANCE
143,889,083.30
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
149.65806536 165.70162506 100.12940357
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.53773943% 10.858769% 9.546676%
(xi) SERVICING FEES PAID 295,677.72 223,209.92 72,467.80
SERVICING FEES ACCRUED 295,374.20 222,961.80 72,412.40
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)
588,094,351.83 444,205,268.53 143,889,083.30
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 7,359.15
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
11,901 10,228 1,673
NUMBER OF MORTGAGES OUTSTANDING (END)
11,618 10,015 1,603
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
5,193,310.23 4,035,663.17 1,157,647.06
(xviii) RESERVED
(xviiiI) SUBORDINATED AMOUNT (REMAINING)
75,555,071.85
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)
15,755,097.42
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
221,636.23
EXCESS SPREAD 1,706,521.49 1,294,781.10 411,740.39
(xx) AGGREGATE MORTGAGE LOAN LOSSES
221,636.23
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM: Feb. 17, 1998
TO: Mar. 16, 1998
SECURITY ORIGINAL BEGINNING PRINCIPAL
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS
ENDING BALANCE INTEREST PAYABLE
CLASS A-1 6.050000% August 15,2028 65,666,000.00 43,500,724.09 2,732,442.27
40,768,281.82 219,316.15
CLASS A-2 5.930000 May 15, 2004 31,292,000.00 4,654,575.30 4,654,575.30
0.00 23,001.36
CLASS A-3 6.210000% May 15, 2004 78,535,000.00 78,535,000.00 2,864,013.29
75,670,986.71 406,418.63
CLASS A-4 6.370000% April 15, 2007 62,228,000.00 62,228,000.00 0.00
62,228,000.00 330,326.97
CLASS A-5 6.540000% April 15, 2011 86,789,000.00 86,789,000.00 0.00
86,789,000.00 473,000.05
CLASS A-6 6.720000% February 15, 2012
22,646,000.00 22,646,000.00 0.00
22,646,000.00 126,817.60
CLASS A-7 6.890000% February 15, 2020
72,769,000.00 72,769,000.00 0.00
72,769,000.00 417,815.34
CLASS A-8 7.220000% August 15, 2028
33,034,000.00 33,034,000.00 0.00
33,034,000.00 198,754.57
CLASS A-9 6.810000% August 15, 2028
50,300,000.00 50,300,000.00 0.00
50,300,000.00 285,452.50
CLASS A-10 5.855000% August 15, 2028
185,620,000.00 150,641,278.54 6,752,195.24
143,889,083.30 661,503.51
CLASS R VARIABLE August 15, 2028 0.00 0.00 0.00
0.00 0.00
_________________ _________________ __________
________________ _________________
TOTAL 688,879,000.00 605,097,577.93 17,003,226.10
588,094,351.83 3,142,406.67
BALANCE BALANCE
PER $1,000 PER $1,000
CUSIP
BALANCE BALANCE
PER $1,000 PER $1,000
CLASS A-1 268917DH1 662.45430040 41.61121844
620.84308196 3.33987376
CLASS A-2 268917DJ7 148.74649431 148.74649431
0.00000000 0.73505559
CLASS A-3 268917DK4 1,000.00000000 36.46798612
963.53201388 5.17500000
CLASS A-4 268917DL2 1,000.00000000 0.00000000
1000.00000000 5.30833333
CLASS A-5 268917DM0 1,000.00000000 0.00000000
1000.00000000 5.45000000
CLASS A-6 268917DN8 1,000.00000000 0.00000000
1000.00000000 5.60000000
CLASS A-7 268917DP3 1,000.00000000 0.00000000
1000.00000000 5.74166667
CLASS A-8 268917DQ1 1,000.00000000 0.00000000
1000.00000000 6.01666667
CLASS A-9 268917DR9 1,000.00000000 0.00000000
1000.00000000 5.67500000
CLASS A-10 268917DS7 811.55736742 36.37644241
775.18092501 3.56375129
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
U.S. BANK NATIONAL ASSOCIATION PYMT PER FROM DATE Feb. 17, 199
AS TRUSTEE PYMT PER TO DATE Mar. 16, 1998
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
65,666,000.00 31,292,000.00 78,535,000.00 62,228,000.00 86,789,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning) 43,500,724.09
662.45430040
CLASS A-2 PRINCIPAL BALANCE (Beginning) 4,654,575.30
148.74649431
CLASS A-3 PRINCIPAL BALANCE (Beginning) 78,535,000.00
1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 62,228,000.00
1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 86,789,000.00
1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 22,646,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning) 72,769,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning) 33,034,000.00
CLASS A-9 PRINCIPAL BALANCE (Beginning) 50,300,000.00
CLASS A-10 PRINCIPAL BALANCE (Beginning) 150,641,278.54
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 454,456,299.39
6920.72456659 14523.08255752 5786.67217661 7303.08381099 5236.33524283
Variable Rate POOL PRINCIPAL BALANCE (Beginning)150,641,278.54
Total POOL PRINCIPAL BALANCE (Beginning) 605,097,577.93
9214.77747891 19337.13338649 7704.81413293 9723.87957077 6972.05380786
ENDING CLASS A-1 PRINCIPAL BALANCE 40,768,281.82
620.84308196
ENDING CLASS A-2 PRINCIPAL BALANCE 0.00
0.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE 75,670,986.71
963.53201388
ENDING CLASS A-4 PRINCIPAL BALANCE 62,228,000.00
1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 86,789,000.00
1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE 22,646,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 72,769,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE 33,034,000.00
ENDING CLASS A-9 PRINCIPAL BALANCE 50,300,000.00
ENDING CLASS A-10 PRINCIPAL BALANCE 143,889,083.30
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 444,205,268.53
6764.61591280 4195.48985460 5656.14399351 7138.35039741 5118.22084054
Variable Rate POOL PRINCIPAL BALANCE (Ending) 143,889,083.30
Total POOL PRINCIPAL BALANCE (Ending) 588,094,351.83
8955.84247297 18793.76044452 7488.30905749 9450.63880938 6776.13927836
PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-6 CLASS A-7 CLASS A-8 CLASS A-9 CLASS A-10
22,646,000.00 72,769,000.00 33,034,000.00 50,300,000.00 185,620,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning) 43,500,724.09
CLASS A-2 PRINCIPAL BALANCE (Beginning) 4,654,575.30
CLASS A-3 PRINCIPAL BALANCE (Beginning) 78,535,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 62,228,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 86,789,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 22,646,000.00
1000.00000000
CLASS A-7 PRINCIPAL BALANCE (Beginning) 72,769,000.00
1000.00000000
CLASS A-8 PRINCIPAL BALANCE (Beginning) 33,034,000.00
1000.00000000
CLASS A-9 PRINCIPAL BALANCE (Beginning) 50,300,000.00
1000.00000000
CLASS A-10 PRINCIPAL BALANCE (Beginning)150,641,278.54
811.55736742
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
454,456,299.39
20067.83976817 6245.19093831 13757.22889720 9034.91648887
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
150,641,278.54
811.55736742
Total POOL PRINCIPAL BALANCE (Beginning)605,097,577.93
26719.84358960 8315.32078124 18317.41774929 12029.77292107 3259.87273963
ENDING CLASS A-1 PRINCIPAL BALANCE 40,768,281.82
ENDING CLASS A-2 PRINCIPAL BALANCE 0.00
ENDING CLASS A-3 PRINCIPAL BALANCE 75,670,986.71
ENDING CLASS A-4 PRINCIPAL BALANCE 62,228,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 86,789,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 22,646,000.00
1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE 72,769,000.00
1000.00000000
ENDING CLASS A-8 PRINCIPAL BALANCE 33,034,000.00
1000.00000000
ENDING CLASS A-9 PRINCIPAL BALANCE 50,300,000.00
ENDING CLASS A-10 PRINCIPAL BALANCE143,889,083.30
775.18092501
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
444,205,268.53
19615.17568356 6104.32008864 13446.91131955
Variable Rate POOL PRINCIPAL BALANCE (Ending)
143,889,083.30
775.18092501
Total POOL PRINCIPAL BALANCE (Ending)
588,094,351.83
25969.01668418 8081.66048496 17802.69879003 3168.27040098
