<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 1997-3
----------------------------------
(Exact name of registrant as specified in its charter)
United States
of America 333-20675 59-3465422
-------- -------- ----------
(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
EQCC Home Equity Loan Trust 1997-3
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
------------
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
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 1997-3
----------------------------------
(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.
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
FROM Jan. 15, 1998
TO Feb. 17, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT
10,593,039.05 7,102,860.27 3,490,178.77
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)
34,891,869.42
CLASS A-2 PRINCIPAL BALANCE (Beginning)
94,400,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
86,800,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
78,100,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
21,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
55,500,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
33,500,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)
41,000,000.00
CLASS A-9 PRINCIPAL BALANCE (Beginning)
34,000,000.00
CLASS A-10 PRINCIPAL BALANCE (Beginning)
137,801,869.68
POOL PRINCIPAL BALANCE (Beginning)
617,693,739.10 479,891,869.42 137,801,869.68
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 124 96 28
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
6,439,716.34 3,783,499.05 2,656,217.29
(iv) AMOUNT OF CURTAILMENTS RECEIVED
146,751.46 143,206.89 3,544.57
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 701,409.58 610,945.44 90,464.14
(vi) INTEREST RECEIVED ON MORTGAGES
5,103,781.75 4,203,860.01 899,921.74
(vii) AGGREGATE ADVANCES 4,104,389.55 3,304,218.38 800,171.17
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES &
REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 208 191 17
PRINCIPAL BALANCE 10,270,730.01 8,917,660.47 1,353,069.54
% OF PRINCIPAL 1.682802% 1.876251% 1.001952%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 87 82 5
PRINCIPAL BALANCE 4,275,266.03 3,684,868.11 590,397.92
% OF PRINCIPAL 0.700479% 0.775286% 0.437191%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 112 95 17
PRINCIPAL BALANCE 6,975,545.58 5,327,697.83 1,647,847.75
% OF PRINCIPAL 1.142905% 1.120933% 1.220236%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 53 46 7
PRINCIPAL BALANCE 2,585,747.42 1,957,396.38 628,351.04
% OF PRINCIPAL 0.423660% 0.411831% 0.465296%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 8 7 1
PRINCIPAL BALANCE 400,886.60 312,900.43 87,986.17
% OF PRINCIPAL 0.07% 0.07% 0.07%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 332,900.85 332,900.85 0.00
% OF PRINCIPAL 0.05% 0.07% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 11 10 1
PRINCIPAL BALANCE 435,360.12 331,237.35 104,122.77
% OF PRINCIPAL 0.07% 0.07% 0.08%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 8 7 1
PRINCIPAL BALANCE 475,952.85 345,311.28 130,641.57
% OF PRINCIPAL 0.077982% 0.072653% 0.096740%
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 7 6 1
PRINCIPAL BALANCE 433,068.57 302,427.00 130,641.57
% OF PRINCIPAL 0.07% 0.06% 0.10%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.
above):
NUMBER 1 0 1
PRINCIPAL BALANCE 54,460.68 0.00 54,460.68
% OF PRINCIPAL 0.008923% 0.000000% 0.040328%
e. MORTGAGE LOAN LOSSE 70,919.86 62,665.30 8,254.56
(ix)
ENDING CLASS A-1 PRINCIPAL BALANCE 30,291,552.74
ENDING CLASS A-2 PRINCIPAL BALANCE 94,400,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 86,800,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 78,100,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 21,700,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 55,500,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 33,500,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE 41,000,000.00
ENDING CLASS A-9 PRINCIPAL BALANCE 34,000,000.00
ENDING CLASS A-10 PRINCIPAL BALANCE 135,043,389.12
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
156.22852959 173.71355377 94.68783941
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.32844024% 10.848861% 8.496757%
(xi) SERVICING FEES PAID 297,731.70 232,627.34 65,104.36
SERVICING FEES ACCRUED 306,034.93 237,974.06 68,060.87
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)
610,334,941.86 475,291,552.74 135,043,389.12
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
12,052 10,588 1,464
NUMBER OF MORTGAGES OUTSTANDING (END)
11,928 10,492 1,436
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
5,267,761.12 4,305,889.75 961,871.37
(xviii) RESERVED
(xviiiI) SUBORDINATED AMOUNT (REMAINING)
74,478,130.29
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)
8,356,555.68
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
90,969.09
EXCESS SPREAD 1,656,564.52 1,502,706.80 153,857.73
(xx) AGGREGATE MORTGAGE LOAN LOSSES
90,969.09
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
FROM: Jan. 15, 1998
TO: Feb. 17, 1998
SECURITY DESCRIPTION RATE MATURITY
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
FACE BALANCE REDUCTIONS BALANCE PAYABLE
CLASS A-1 5.840000% June 15, 2003
55,000,000.00 34,891,869.42 4,600,316.68 30,291,552.74 169,807.10
CLASS A-2 6.090000% Oct. 15, 2004
94,400,000.00 94,400,000.00 0.00 94,400,000.00 479,080.00
CLASS A-3 6.180000% Nov. 15, 2008
86,800,000.00 86,800,000.00 0.00 86,800,000.00 447,020.00
CLASS A-4 6.280000% May 15, 2012
78,100,000.00 78,100,000.00 0.00 78,100,000.00 408,723.33
CLASS A-5 6.450000% Sept. 15, 2012
21,700,000.00 21,700,000.00 0.00 21,700,000.00 116,637.50
CLASS A-6 6.610000% Aug. 15, 2021
55,500,000.00 55,500,000.00 0.00 55,500,000.00 305,712.50
CLASS A-7 6.930000% Feb. 15, 2029
33,500,000.00 33,500,000.00 0.00 33,500,000.00 193,462.50
CLASS A-8 6.410000% Dec. 15, 2004
41,000,000.00 41,000,000.00 0.00 41,000,000.00 219,008.33
CLASS A-9 6.570000% Feb. 15, 2029
34,000,000.00 34,000,000.00 0.00 34,000,000.00 186,150.00
CLASS A-10 5.768750% Nov. 15, 2028
148,425,000.00 137,801,869.68 2,758,480.56 135,043,389.12 728,699.16
CLASS R VARIABLE Feb. 15, 2029
0.00 0.00 0.00 0.00 0.00
TOTAL
648,425,000.00 617,693,739.10 7,358,797.24 610,334,941.86 3,254,300.42
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917DT5 634.39762582 83.64212145 550.75550436 3.08740178
CLASS A-2 268917DU2 1,000.00000000 0.00000000 1000.00000000 5.07500000
CLASS A-3 268917DV0 1,000.00000000 0.00000000 1000.00000000 5.15000000
CLASS A-4 268917DW8 1,000.00000000 0.00000000 1000.00000000 5.23333333
CLASS A-5 268917DX6 1,000.00000000 0.00000000 1000.00000000 5.37500000
CLASS A-6 268917DY4 1,000.00000000 0.00000000 1000.00000000 5.50833333
CLASS A-7 268917DZ1 1,000.00000000 0.00000000 1000.00000000 5.77500000
CLASS A-8 268917EA5 1,000.00000000 0.00000000 1000.00000000 5.34166667
CLASS A-9 268917EB3 1,000.00000000 0.00000000 1000.00000000 5.47500000
CLASS A-10 268917EC1 928.42762122 18.58501304 909.84260819 4.90954460
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 Jan. 15, 1998
AS TRUSTEE PYMT PER TO DATE Feb. 17, 1998
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
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
55,000,000.00 94,400,000.00 86,800,000.00 78,100,000.00 21,700,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
34,891,869.42
634.39762582
CLASS A-2 PRINCIPAL BALANCE (Beginning)
94,400,000.00
1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning)
86,800,000.00
1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)
78,100,000.00
1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning)
21,700,000.00
1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)
55,500,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)
33,500,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)
41,000,000.00
CLASS A-9 PRINCIPAL BALANCE (Beginning)
34,000,000.00
CLASS A-10 PRINCIPAL BALANCE (Beginning)
137,801,869.68
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
479,891,869.42
8725.30671673 5083.60031165 5528.70817304 6144.58219488 22114.83269217
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
137,801,869.68
Total POOL PRINCIPAL BALANCE (Beginning)
617,693,739.10
11230.79525636 6543.36588030 7116.28731682 7909.01074392 28465.14926728
ENDING CLASS A-1 PRINCIPAL BALANCE
30,291,552.74
550.75550436
ENDING CLASS A-2 PRINCIPAL BALANCE
94,400,000.00
1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE
86,800,000.00
1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE
78,100,000.00
1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE
21,700,000.00
cccccccccc 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
55,500,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE
33,500,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE
41,000,000.00
ENDING CLASS A-9 PRINCIPAL BALANCE
34,000,000.00
ENDING CLASS A-10 PRINCIPAL BALANCE
135,043,389.12
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
475,291,552.74
8641.66459527 5034.86814343 5475.70913295 6085.67929245 21902.83653180
Variable Rate POOL PRINCIPAL BALANCE (Ending)
135,043,389.12
Total POOL PRINCIPAL BALANCE (Ending)
610,334,941.86
11096.99894291 6465.41251970 7031.50854677 7814.78798796 28126.03418710
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
55,500,000.00 33,500,000.00 41,000,000.00 34,000,000.00 148,425,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
34,891,869.42
CLASS A-2 PRINCIPAL BALANCE (Beginning)
94,400,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)
86,800,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)
78,100,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)
21,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)
55,500,000.00
1000.00000000
CLASS A-7 PRINCIPAL BALANCE (Beginning)
33,500,000.00
1000.00000000
CLASS A-8 PRINCIPAL BALANCE (Beginning)
41,000,000.00
1000.00000000
CLASS A-9 PRINCIPAL BALANCE (Beginning)
34,000,000.00
1000.00000000
CLASS A-10 PRINCIPAL BALANCE (Beginning)
137,801,869.68
928.42762122
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
479,891,869.42
8646.70034991 14325.13043045 11704.67974195 14114.46674765
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
137,801,869.68
928.42762122
Total POOL PRINCIPAL BALANCE (Beginning)
617,693,739.10
11129.61692072 18438.61907761 15065.70095366 18167.46291471 4161.65564494
ENDING CLASS A-1 PRINCIPAL BALANCE
30,291,552.74
ENDING CLASS A-2 PRINCIPAL BALANCE
94,400,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE
86,800,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE
78,100,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE
21,700,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE
55,500,000.00
1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE
33,500,000.00
1000.00000000
ENDING CLASS A-8 PRINCIPAL BALANCE
41,000,000.00
1000.00000000
ENDING CLASS A-9 PRINCIPAL BALANCE
34,000,000.00
1000.00000000
ENDING CLASS A-10 PRINCIPAL BALANCE
135,043,389.12
909.84260819
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
475,291,552.74
8563.81176108 14187.80754448 11592.47689610 13979.16331588
Variable Rate POOL PRINCIPAL BALANCE (Ending)
135,043,389.12
909.84260819
Total POOL PRINCIPAL BALANCE (Ending)
610,334,941.86
10997.02597946 18218.95348836 14886.21809415 17951.02770176 4112.07641475
