SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report : October 27, 1997
(Date of earliest event reported)
Commission File No.: 333-22343
Equivantage Acceptance Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-3 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
PENDING
(I.R.S. Employer Identification No.)
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On October 27, 1997 a distribution was made to holders of
Equivantage Acceptance Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-3 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1997-3 Trust, relating to the
October 27,1997 distribution
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Equivantage Acceptance Corporation
Home Equity Loan Asset-Backed Certs., Series 1997-3 Trust
October 31, 1997 by Norwest Bank Minnesota, N.A., as Trustee
/s/ Sherri J. Sharps, Vice President
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1997-3 Trust, relating to the
October 27,1997 distribution
<TABLE>
<CAPTION>
Equivantage Acceptance Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Sep-1997
Distribution Date: 27-Oct-1997
EHELT Series 1997-3
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone:(410) 884-2173
Fax:(410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29476YBA6 SEQ 6.66000% 22,000,000.00 122,100.00 777,031.34 0.00
A-2 29476YBB4 SEQ 6.53000% 13,000,000.00 70,741.67 0.00 0.00
A-3 29476YBC2 SEQ 7.05000% 10,000,000.00 58,750.00 0.00 0.00
A-4 29476YBD0 SEQ 6.74000% 5,000,000.00 28,083.33 0.00 0.00
A-5 29476YBE8 SEQ 5.68750% 25,000,000.00 122,439.24 243,560.56 0.00
RL EHT9703RL RL 0.00000% 0.00 0.00 0.00 0.00
RU EHT9703RU RU 0.00000% 0.00 0.00 0.00 0.00
B EHT97003B SUB 0.00000% 579,843.01 0.00 0.00 0.00
FSA FSA 0.16000% 0.00 10,000.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 21,222,968.66 899,131.34 0.00
A-2 13,000,000.00 70,741.67 0.00
A-3 10,000,000.00 58,750.00 0.00
A-4 5,000,000.00 28,083.33 0.00
A-5 24,756,439.44 365,999.80 0.00
RL 0.00 0.00 0.00
RU 0.00 0.00 0.00
B 921,449.76 0.00 0.00
FSA 0.00 10,000.00 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 22,000,000.00 22,000,000.00 777,031.34 0.00 0.00 0.00 777,031.34
A-2 13,000,000.00 13,000,000.00 0.00 0.00 0.00 0.00 0.00
A-3 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00 0.00
A-4 5,000,000.00 5,000,000.00 0.00 0.00 0.00 0.00 0.00
A-5 25,000,000.00 25,000,000.00 243,560.56 0.00 0.00 0.00 243,560.56
RL 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FSA 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B 579,843.01 579,843.01 0.00 0.00 0.00 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 21,222,968.66 0.96468039 777,031.34
A-2 13,000,000.00 1.00000000 0.00
A-3 10,000,000.00 1.00000000 0.00
A-4 5,000,000.00 1.00000000 0.00
A-5 24,756,439.44 0.99025758 243,560.56
RL 0.00 0.00000000 0.00
RU 0.00 0.00000000 0.00
FSA 0.00 0.00000000 0.00
B 921,449.76 1.58913662 0.00
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss (3) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 22,000,000.00 1000.00000000 35.31960636 0.00000000 0.00000000 0.00000000 35.31960636
A-2 13,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 5,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 25,000,000.00 1000.00000000 9.74242240 0.00000000 0.00000000 0.00000000 9.74242240
RL 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RU 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
FSA 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 579,843.01 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1,000 denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class (4) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 964.68039364 0.96468039 35.31960636
A-2 1000.00000000 1.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 990.25757760 0.99025758 9.74242240
RL 0.00000000 0.00000000 0.00000000
RU 0.00000000 0.00000000 0.00000000
FSA 0.00000000 0.00000000 0.00000000
B 1,589.13661820 1.58913662 0.00000000
<FN>
(4) All classes are per $1,000 denomination.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 22,000,000.00 6.66000% 22,000,000.00 122,100.00 0.00 0.00 0.00
A-2 13,000,000.00 6.53000% 13,000,000.00 70,741.67 0.00 0.00 0.00
A-3 10,000,000.00 7.05000% 10,000,000.00 58,750.00 0.00 0.00 0.00
A-4 5,000,000.00 6.74000% 5,000,000.00 28,083.33 0.00 0.00 0.00
A-5 25,000,000.00 5.68750% 25,000,000.00 122,439.24 0.00 0.00 0.00
RL 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
RU 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
FSA 0.00 0.16000% 75,000,000.00 10,000.00 0.00 0.00 0.00
B 579,843.01 0.00000% 579,843.01 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (5) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 122,100.00 0.00 21,222,968.66
A-2 0.00 70,741.67 0.00 13,000,000.00
A-3 0.00 58,750.00 0.00 10,000,000.00
A-4 0.00 28,083.33 0.00 5,000,000.00
A-5 0.00 122,439.24 0.00 24,756,439.44
RL 0.00 0.00 0.00 0.00
RU 0.00 0.00 0.00 0.00
FSA 0.00 10,000.00 0.00 73,979,408.11
B 0.00 0.00 0.00 921,449.76
<FN>
(5) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (6) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 22,000,000.00 6.66000% 1000.00000000 5.55000000 0.00000000 0.00000000 0.00000000
A-2 13,000,000.00 6.53000% 1000.00000000 5.44166692 0.00000000 0.00000000 0.00000000
A-3 10,000,000.00 7.05000% 1000.00000000 5.87500000 0.00000000 0.00000000 0.00000000
A-4 5,000,000.00 6.74000% 1000.00000000 5.61666600 0.00000000 0.00000000 0.00000000
A-5 25,000,000.00 5.68750% 1000.00000000 4.89756960 0.00000000 0.00000000 0.00000000
RL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
RU 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
FSA 0.00 0.16000% 1000.00000000 0.13333333 0.00000000 0.00000000 0.00000000
B 579,843.01 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) All classes are per $1000 denomination.
An Entire Interest.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.55000000 0.00000000 964.68039364
A-2 0.00000000 5.44166692 0.00000000 1000.00000000
A-3 0.00000000 5.87500000 0.00000000 1000.00000000
A-4 0.00000000 5.61666600 0.00000000 1000.00000000
A-5 0.00000000 4.89756960 0.00000000 990.25757760
RL 0.00000000 0.00000000 0.00000000 0.00000000
RU 0.00000000 0.00000000 0.00000000 0.00000000
FSA 0.00000000 0.13333333 0.00000000 986.39210813
B 0.00000000 0.00000000 0.00000000 1589.13661820
<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 812,329.20
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 650,986.28
Realized Losses 0.00
__________________
Total Deposits 1,463,315.48
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 30,609.35
Payment of Interest and Principal 1,432,706.13
__________________
Total Withdrawals (Pool Distribution Amount) 1,463,315.48
Ending Balance 0.00
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 650,986.28
Reimbursement of Advances 0.00
Ending Cumulative Advances 650,986.28
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 2,824.47
Servicing Fee Support 2,824.47
__________________
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 26,222.38
Trustee Fee 1,562.50
Supported Prepayment/Curtailment Interest Shortfall 2,824.47
__________________
Net Servicing Fee 30,609.35
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
GROUP 1 MORTGAGE LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
Bankruptcy 1 38,250.00 0.12% 0.08%
30 Days 18 817,873.39 2.15% 1.65%
60 Days 3 269,200.00 0.36% 0.54%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Total 22 1,125,323.39 2.63% 2.28%
</TABLE>
<TABLE>
<CAPTION>
GROUP 2 MORTGAGE LOANS: DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
Bankruptcy 0 0.00 0.00% 0.00%
30 Days 11 1,069,555.87 4.12% 4.20%
60 Days 5 681,500.00 1.87% 2.68%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Total 16 1,751,055.87 5.99% 6.88%
</TABLE>
<TABLE>
<CAPTION>
Group 1 Group 2
Collateral Description FIXED ARM
<S> <C> <C>
Weighted Average Gross Coupon 12.248177% 12.721064%
Weighted Average Net Coupon 11.563177% 12.036064%
Weighted Average Maturity (Stepdown Calculation) 246 356
Beginning Scheduled Collateral Loan Count 847 268
Number of Loan Payoffs 9 1
Ending Scheduled Collateral Loan Count 838 267
Ending Actual Collateral Balance at: 30-Sep-97 49,441,284.45 25,459,573.42
Monthly P&I Constant 545,847.07 280,811.26
Group Specified Subordinated Amount 1,710,332.68 2,576,595.92
Beg. Group Subordinated Amount 9,727.43 570,115.58
End. Group Subordinated Amount 218,315.78 703,133.98
Group Subordinated Increase Amount 208,588.35 133,018.40
Group Subordination Reduction Amount 0.00 0.00
</TABLE>
