<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): February 17, 1998
EQCC Home Equity Loan Trust 1997-2
----------------------------------
(Exact name of registrant as specified in its charter)
United States
of America 333-20675 59-3450527
-------- -------- ----------
(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
<PAGE>
Item 5. Other Events
------------
On January 9, 1998, Barnett Banks, Inc., the parent and sole
stockholder of EquiCredit Corporation, merged with NationsBank
Corporation. As a result EquiCredit Corporation is now an
indirect wholly-owned subsidiary of NationsBank Corporation.
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 February 1998
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)
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the February 1998
Remittance Date.
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM Jan. 15, 1998
TO Feb. 17, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT
16,496,141.33 10,106,454.66 6,389,686.68
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 46,241,536.95
CLASS A-2 PRINCIPAL BALANCE (Beginning) 9,485,650.75
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) 156,184,629.89
POOL PRINCIPAL BALANCE (Beginning)
618,212,817.59 462,028,187.70 156,184,629.89
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 211 156 55
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
12,293,102.68 6,851,621.09 5,441,481.59
(iv) AMOUNT OF CURTAILMENTS RECEIVED 63,937.41 57,766.59 6,170.82
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 736,299.57 640,600.63 95,698.94
(vi) INTEREST RECEIVED ON MORTGAGES 5,274,217.06 4,061,707.05 1,212,510.01
(vii) AGGREGATE ADVANCES 4,176,588.85 3,153,767.45 1,022,821.40
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES &
REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 262 226 36
PRINCIPAL BALANCE 14,150,060.67 11,179,902.34 2,970,158.33
% OF PRINCIPAL 2.338476% 2.460061% 1.971676%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 104 92 12
PRINCIPAL BALANCE 5,508,457.06 4,246,406.21 1,262,050.85
% OF PRINCIPAL 0.910342% 0.934393% 0.837786%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 271 223 48
PRINCIPAL BALANCE 15,553,268.47 11,000,286.84 4,552,981.63
% OF PRINCIPAL 2.570374% 2.420538% 3.022400%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 120 98 22
PRINCIPAL BALANCE 6,485,266.26 4,700,531.17 1,784,735.09
% OF PRINCIPAL 1.071772% 1.034320% 1.184758%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 16 12 4
PRINCIPAL BALANCE 906,226.06 596,737.54 309,488.52
% OF PRINCIPAL 0.15% 0.13% 0.21%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 10 9 1
PRINCIPAL BALANCE 611,524.70 467,721.07 143,803.63
% OF PRINCIPAL 0.10% 0.10% 0.10%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 40 34 6
PRINCIPAL BALANCE 1,939,158.87 1,580,210.99 358,947.88
% OF PRINCIPAL 0.32% 0.35% 0.24%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 58 42 16
PRINCIPAL BALANCE 4,515,810.07 2,732,249.58 1,783,560.49
% OF PRINCIPAL 0.746295% 0.601213% 1.183979%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 56 40 16
PRINCIPAL BALANCE 4,455,831.75 2,672,271.26 1,783,560.49
% OF PRINCIPAL 0.74% 0.59% 1.18%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.
above):
NUMBER
PRINCIPAL BALANCE
% OF PRINCIPAL
e. MORTGAGE LOAN LOSSES 21,900.00 21,900.00 0.00
(ix)
ENDING CLASS A-1 PRINCIPAL BALANCE 43,500,724.09
ENDING CLASS A-2 PRINCIPAL BALANCE 4,654,575.30
ENDING CLASS A-3 PRINCIPAL BALANCE 78,535,000.00
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 150,641,278.54
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
150.28981283 166.67846939 100.84832981
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.51337744% 10.858374% 9.472587%
(xi) SERVICING FEES PAID 302,481.12 224,674.90 77,806.22
SERVICING FEES ACCRUED 305,305.19 228,447.19 76,858.00
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)
605,097,577.93 454,456,299.39 150,641,278.54
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
12,112 10,384 1,728
NUMBER OF MORTGAGES OUTSTANDING (END)
11,901 10,228 1,673
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
5,354,995.05 4,136,840.35 1,218,154.70
(xviii) RESERVED
(xviiiI) SUBORDINATED AMOUNT (REMAINING)
75,584,521.41
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)
14,025,721.82
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
192,186.67
EXCESS SPREAD 1,646,888.19 1,351,926.81 294,961.37
(xx) AGGREGATE MORTGAGE LOAN LOSSES 192,186.67
US BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM: Jan. 15, 1998
TO: Feb. 17, 1998
ORIGINAL
SECURITY DESCRIPTION RATE MATURITY FACE
BEGINNING PRINCIPAL ENDING INTEREST
BALANCE REDUCTIONS BALANCE PAYABLE
CLASS A-1 6.050000% August 15, 2028 65,666,000.00
46,241,536.95 2,740,812.86 43,500,724.09 233,134.42
CLASS A-2 5.930000% May 15, 2004 31,292,000.00
9,485,650.75 4,831,075.45 4,654,575.30 46,874.92
CLASS A-3 6.210000% May 15, 2004 78,535,000.00
78,535,000.00 0.00 78,535,000.00 406,418.63
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 5.823750% August 15, 2028 185,620,000.00
156,184,629.89 5,543,351.35 150,641,278.54
833,781.89
CLASS R VARIABLE August 15, 2028 0.00
0.00 0.00 0.00 0.00
TOTAL
688,879,000.00 618,212,817.59 13,115,239.66 605,097,577.93 3,352,376.87
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917DH1 704.19299105 41.73869065 662.45430040 3.55030633
CLASS A-2 268917DJ7 303.13341269 154.38691838 148.74649431 1.49798428
CLASS A-3 268917DK4 1,000.00000000 0.00000000 1000.00000000 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 841.42134409 29.86397667 811.55736742 4.49187526
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
US BANK NATIONAL ASSOCIATION
PYMT PER FROM DATE Jan. 15, 1998
AS TRUSTEE PYMT PER TO DATE Feb. 17, 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)
46,241,536.95
704.19299105
CLASS A-2 PRINCIPAL BALANCE (Beginning)
9,485,650.75
303.13341269
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)
156,184,629.89
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
462,028,187.70
7036.03368105 14765.05776876 5883.08636531 7424.76357428 5323.58003549
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
156,184,629.89
Total POOL PRINCIPAL BALANCE (Beginning)
618,212,817.59
9414.50396842 19756.25775246 7871.81279162 9934.64063749 7123.17018966
ENDING CLASS A-1 PRINCIPAL BALANCE
43,500,724.09
662.45430040
ENDING CLASS A-2 PRINCIPAL BALANCE
4,654,575.30
148.74649431
ENDING CLASS A-3 PRINCIPAL BALANCE
78,535,000.00
1000.00000000
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
150,641,278.54
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
454,456,299.39
6920.72456659 14523.08255752 5786.67217661 7303.08381099 5236.33524283
Variable Rate POOL PRINCIPAL BALANCE (Ending)
150,641,278.54
Total POOL PRINCIPAL BALANCE (Ending)
605,097,577.93
9214.77747891 19337.13338649 7704.81413293 9723.87957077 6972.05380786
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)
46,241,536.95
CLASS A-2 PRINCIPAL BALANCE (Beginning)
9,485,650.75
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)
156,184,629.89
841.42134409
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
462,028,187.70
20402.19852071 6349.24470173 13986.44389720 9185.45104771
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
156,184,629.89
841.42134409
Total POOL PRINCIPAL BALANCE (Beginning)
618,212,817.59
27298.98514484 8495.55191895 18714.44020070 12290.51327217 3330.52913258
ENDING CLASS A-1 PRINCIPAL BALANCE
43,500,724.09
ENDING CLASS A-2 PRINCIPAL BALANCE
4,654,575.30
ENDING CLASS A-3 PRINCIPAL BALANCE
78,535,000.00
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
1000.00000000
ENDING CLASS A-10 PRINCIPAL BALANCE
150,641,278.54
811.55736742
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
454,456,299.39
20067.83976817 6245.19093831 13757.22889720 9034.91648887
Variable Rate POOL PRINCIPAL BALANCE (Ending)
150,641,278.54
811.55736742
Total POOL PRINCIPAL BALANCE (Ending)
605,097,577.93
26719.84358960 8315.32078124 18317.41774929 12029.77292107 3259.87273963
