<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): December 15, 1997
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)
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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
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(c) Exhibits
99 Trustee's Remittance Report in respect of the December 1997
Remittance Date.
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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
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(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 December 1997
Remittance Date.
US Bank National Association
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM Nov. 17, 1997
TO Dec. 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT
17,052,658.05 10,531,543.71 6,521,114.34
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE
(Beginning) 51,748,483.11
CLASS A-2 PRINCIPAL BALANCE
(Beginning) 20,641,421.71
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) 169,258,630.25
POOL PRINCIPAL BALANCE
(Beginning) 647,949,535.07 478,690,904.82 169,258,630.25
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
230 169 61
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
12,572,768.92 7,118,952.25 5,453,816.67
(iv) AMOUNT OF CURTAILMENTS RECEIVED
340,221.54 167,597.96 172,623.58
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED
706,310.89 604,277.16 102,033.73
(vi) INTEREST RECEIVED ON MORTGAGES
5,124,018.97 3,978,439.35 1,145,579.62
(vii) AGGREGATE ADVANCES 4,497,686.64 3,403,667.41 1,094,019.23
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 299 251 48
PRINCIPAL BALANCE 15,547,322.50 11,753,231.36 3,794,091.14
% OF PRINCIPAL 2.451181% 2.496710% 2.320117%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 79 67 12
PRINCIPAL BALANCE 4,199,582.12 3,083,126.31 1,116,455.81
% OF PRINCIPAL 0.662103% 0.654941% 0.682722%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 172 136 36
PRINCIPAL BALANCE 10,351,670.64 6,952,707.30 3,398,963.34
% OF PRINCIPAL 1.632038% 1.476946% 2.078493%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 79 59 20
PRINCIPAL BALANCE 4,414,041.14 2,906,875.83 1,507,165.31
% OF PRINCIPAL 0.695915% 0.617500% 0.921644%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 14 12 2
PRINCIPAL BALANCE 833,794.44 689,520.57 144,273.87
% OF PRINCIPAL 0.13% 0.15% 0.09%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 9 7 2
PRINCIPAL BALANCE 269,524.43 125,729.80 143,794.63
% OF PRINCIPAL 0.04% 0.03% 0.09%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 15 10 5
PRINCIPAL BALANCE 904,244.39 612,760.16 291,484.23
% OF PRINCIPAL 0.14% 0.13% 0.18%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 23 13 10
PRINCIPAL BALANCE 1,642,447.25 737,487.10 904,960.15
% OF PRINCIPAL 0.258947% 0.156663% 0.553390%
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 22 12 10
PRINCIPAL BALANCE 1,610,250.93 705,290.78 904,960.15
% OF PRINCIPAL 0.25% 0.15% 0.55%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER
PRINCIPAL BALANCE
% OF PRINCIPAL
e. MORTGAGE LOAN LOSSES 51,290.00 51,290.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE
48,990,772.54
ENDING CLASS A-2 PRINCIPAL BALANCE
15,457,014.91
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
163,530,156.27
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
151.29761736 168.23031634 102.55402357
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.41082022% 10.868766% 9.092546%
(xi) SERVICING FEES PAID 297,788.27 220,126.57 77,661.70
SERVICING FEES ACCRUED 319,781.55 237,008.87 82,772.68
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
0.00
(xiii) POOL PRINCIPAL BALANCE
(ENDING) 634,278,943.72 470,748,787.45 163,530,156.27
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 12,614 10,741 1,873
NUMBER OF MORTGAGES OUTSTANDING
(END) 12,384 10,572 1,812
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
5,550,514.57 4,294,442.49 1,256,072.08
(xviii) RESERVED
(xviiiI) SUBORDINATED AMOUNT
(REMAINING) 75,643,888.80
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)
10,692,549.62
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
132,819.28
EXCESS SPREAD1,797,376.32 1,416,717.28 380,659.04
(xx) AGGREGATE MORTGAGE LOAN LOSSES
132,819.28
US Bank National Association
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2
FROM: Nov. 17, 1997
TO: Dec. 15, 1997
SECURITY DESC. RATE MATURITY ORIGINAL FACE BEGINNING BALANCE
PRINCIPAL REDUCTIONS ENDING BALANCE INTEREST PAYABLE
CLASS A-1 6.050000% August 15, 2028 65,666,000.00 51,748,483.11
2,757,710.57 48,990,772.54 260,898.60
CLASS A-2 5.930000% May 15, 2004 31,292,000.00 20,641,421.71
5,184,406.80 15,457,014.91 102,003.03
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 5.917500% August 15, 2028 185,620,000.00 169,258,630.25
5,728,473.98 163,530,156.27 779,012.85
CLASS R VARIABLE August 15, 2028 0.00 0.00
0.00 0.00 0.00
TOTAL 688,879,000.00 647,949,535.07
13,670,591.35 634,278,943.72 3,380,500.12
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917DH1 788.05596671 41.99601879 746.05994792 3.97311550
CLASS A-2 268917DJ7 659.63893998 165.67834590 493.96059408 3.25971576
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 911.85556648 30.86129717 880.99426931 4.19681524
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 Nov. 17, 1997
AS TRUSTEE PYMT PER TO DATE Dec. 15, 1997
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) 51,748,483.11
788.05596671
CLASS A-2 PRINCIPAL BALANCE (Beginning) 20,641,421.71
659.63893998
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)169,258,630.25
Fixed Rate POOL PRINCIPAL BALANCE
(Beginning) 478,690,904.82
7289.78321841 15297.54904832 6095.25567989 7692.53237803 5515.57115326
Variable Rate POOL PRINCIPAL BALANCE
(Beginning) 169,258,630.25
Total POOL PRINCIPAL BALANCE (Beginning) 647,949,535.07
9867.35197926 20706.55551163 8250.45565760 10412.50779504 7465.80252186
ENDING CLASS A-1 PRINCIPAL BALANCE 48,990,772.54
746.05994792
ENDING CLASS A-2 PRINCIPAL BALANCE 15,457,014.91
493.96059408
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 163,530,156.27
Fixed Rate POOL PRINCIPAL BALANCE
(Ending) 470,748,787.45
7168.83604072 15043.74240860 5994.12729929 7564.90305731 5424.06050824
Variable Rate POOL PRINCIPAL BALANCE
(Ending) 163,530,156.27
Total POOL PRINCIPAL BALANCE
(Ending) 634,278,943.72
9659.16827156 20269.68374409 8076.38560795 10192.82226200 7308.28726820
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) 51,748,483.11
CLASS A-2 PRINCIPAL BALANCE (Beginning) 20,641,421.71
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)169,258,630.25
911.85556648
Fixed Rate POOL PRINCIPAL BALANCE
(Beginning) 478,690,904.82
21137.98926168 6578.22568429 14490.85502270 9516.71778966
Variable Rate POOL PRINCIPAL BALANCE
(Beginning) 169,258,630.25
911.85556648
Total POOL PRINCIPAL BALANCE(Beginning) 647,949,535.07
28612.09639981 8904.19732400 19614.62538809 12881.70049841 3490.73125240
ENDING CLASS A-1 PRINCIPAL BALANCE 48,990,772.54
ENDING CLASS A-2 PRINCIPAL BALANCE 15,457,014.91
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 163,530,156.27
880.99426931
Fixed Rate POOL PRINCIPAL BALANCE
(Ending) 470,748,787.45
20787.28196812 6469.08419038 14250.43250742 9358.82281213
Variable Rate POOL PRINCIPAL BALANCE
(Ending) 163,530,156.27
880.99426931
Total POOL PRINCIPAL BALANCE
(Ending) 634,278,943.72
28008.43167535 8716.33447924 19200.79141854 12609.91935825 3417.08298524
