<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 1997-3
----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-20675 59-3465422
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(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
------------
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 1997-3
----------------------------------
(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)
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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 1997-3
FROM Feb. 17, 1998
TO Mar. 16, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_ _ _ _ _ _ _ _ _
(i)AVAILABLE PAYMENT AMOUNT 13,582,679.87 9,635,875.60 3,946,804.27
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE
(Beginning) 30,291,552.74
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) 135,043,389.12
POOL PRINCIPAL BALANCE
(Beginning) 610,334,941.86 475,291,552.74 135,043,389.12
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 166 135 31
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
9,503,277.98 6,321,929.59 3,181,348.39
(iv) AMOUNT OF CURTAILMENTS RECEIVED
176,083.17 145,672.89 30,410.28
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 715,892.87 626,046.28 89,846.59
(vi) INTEREST RECEIVED ON MORTGAGES
5,127,347.58 4,187,886.55 939,461.03
(vii) AGGREGATE ADVANCES 4,082,335.14 3,283,292.30 799,042.84
(viii) a.DELINQUENCY INFORMATION(INCLUDES BANKRUPTCY & FORECLOSURES &REO)
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 186 171 15
PRINCIPAL BALANCE 8,715,281.88 7,447,313.63 1,267,968.25
% OF PRINCIPAL 1.452904% 1.590744% 0.962863%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 75 71 4
PRINCIPAL BALANCE 3,484,322.18 3,246,293.53 238,028.65
% OF PRINCIPAL 0.580863% 0.693407% 0.180753%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 174 154 20
PRINCIPAL BALANCE 10,208,865.08 8,109,924.53 2,098,940.55
% OF PRINCIPAL 1.701895% 1.732278% 1.593882%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 68 63 5
PRINCIPAL BALANCE 2,876,486.94 2,536,310.37 340,176.57
% OF PRINCIPAL 0.479532% 0.541755% 0.258321%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 298,796.51 298,796.51 0.00
% OF PRINCIPAL 0.05% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 10 9 1
PRINCIPAL BALANCE 504,875.90 416,889.73 87,986.17
% OF PRINCIPAL 0.08% 0.09% 0.07%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 19 19 0
PRINCIPAL BALANCE 760,179.83 760,179.83 0.00
% OF PRINCIPAL 0.13% 0.16% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 11 10 1
PRINCIPAL BALANCE 733,186.69 602,545.12 130,641.57
% OF PRINCIPAL 0.122228% 0.128703% 0.099206%
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 10 9 1
PRINCIPAL BALANCE 690,378.13 559,736.56 130,641.57
% OF PRINCIPAL 0.12% 0.12% 0.10%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.above):
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000% 0.000000%
e. MORTGAGE LOAN LOSSES 40,174.36 32,500.00 7,674.36
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 23,165,403.98
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 131,687,323.18
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
155.20958589 172.46028376 93.88113192
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.37889407% 10.847340% 8.713509%
(xi) SERVICING FEES PAID 297,991.38 231,622.80 66,368.58
SERVICING FEES ACCRUED 301,308.31 234,938.26 66,370.05
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 2,042.27
(xiii) POOL PRINCIPAL BALANCE (ENDING)
599,852,727.16 468,165,403.98 131,687,323.18
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
11,928 10,492 1,436
NUMBER OF MORTGAGES OUTSTANDING (END)
11,762 10,357 1,405
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
5,213,149.95 4,249,472.32 963,677.63
(xviii) RESERVED
(xviii) SUBORDINATED AMOUNT (REMAINING) 74,437,955.93
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 10,117,245.12
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 131,143.45
EXCESS SPREAD 1,771,202.11 1,472,307.22 298,894.89
(xx) AGGREGATE MORTGAGE LOAN LOSSES 131,143.45
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
FROM: Feb. 17, 1998
TO: Mar. 16, 1998
SECURITY ORIGINAL BEGINNING
DESCRIPTION RATE MATURITY FACE BALANCE
PRINCIPAL ENDING INTEREST
REDUCTIONS BALANCE PAYABLE
CLASS A-1 5.840000% June 15, 2003 55,000,000.00 30,291,552.74
7,126,148.76 23,165,403.98 147,418.89
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 5.800000% Nov. 15, 2028 148,425,000.00 135,043,389.12
3,356,065.94 131,687,323.18 587,438.74
CLASS R VARIABLE Feb. 15, 2029 0.00 0.00
0.00 0.00 0.00
_________________ _________________ _________________
TOTAL 648,425,000.00 610,334,941.86
10,482,214.70 599,852,727.16 3,090,651.80
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917DT5 550.75550436 129.56634109 421.18916327 2.68034345
CLASS A-2 268917DU2 1000.00000000 0.00000000 1000.00000000 5.07500000
CLASS A-3 268917DV0 1000.00000000 0.00000000 1000.00000000 5.15000000
CLASS A-4 268917DW8 1000.00000000 0.00000000 1000.00000000 5.23333333
CLASS A-5 268917DX6 1000.00000000 0.00000000 1000.00000000 5.37500000
CLASS A-6 268917DY4 1000.00000000 0.00000000 1000.00000000 5.50833333
CLASS A-7 268917DZ1 1000.00000000 0.00000000 1000.00000000 5.77500000
CLASS A-8 268917EA5 1000.00000000 0.00000000 1000.00000000 5.34166667
CLASS A-9 268917EB3 1000.00000000 0.00000000 1000.00000000 5.47500000
CLASS A-10 268917EC1 909.84260819 22.61119043 887.23141775 3.95781535
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, 1998
AS TRUSTEE PYMT PER TO DATE Mar. 16, 1998
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
PER $1000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
55,000,000.00 94,400,000.00 86,800,000.00 78,100,00.00
CLASS A-1 PRINCIPAL BALANCE (Beginning) 30,291,552.74
550.75550436
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
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) 135,043,389.12
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 475,291,552.74
8641.66459527 5034.86814343 5475.70913295 6085.67929245
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 135,043,389.12
Total POOL PRINCIPAL BALANCE (Beginning) 610,334,941.86
11096.99894291 6465.41251970 7031.50854677 7814.78798796
ENDING CLASS A-1 PRINCIPAL BALANCE 23,165,403.98
421.18916327
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
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 131,687,323.18
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 468,165,403.98
8512.09825418 4959.37927945 5393.61064493 5994.43539027
Variable Rate POOL PRINCIPAL BALANCE (Ending) 131,687,323.18
Total POOL PRINCIPAL BALANCE (Ending) 599,852,727.16
10906.41322109 6354.37210975 6910.74570461 7680.87269091
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-5 CLASS A-6 CLASS A-7 CLASS A-8
21,700,000.00 55,500,000.00 33,500,000.00 41,000,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning) 30,291,552.74
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
1000.00000000
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
CLASS A-10 PRINCIPAL BALANCE (Beginning) 135,043,389.12
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 475,291,552.74
21902.83653180 8563.81176108 14187.80754448 11592.47689610
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 135,043,389.12
Total POOL PRINCIPAL BALANCE (Beginning) 610,334,941.86
28126.03418710 10997.02597946 18218.95348836 14886.21809415
ENDING CLASS A-1 PRINCIPAL BALANCE 23,165,403.98
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
1000.00000000
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
ENDING CLASS A-10 PRINCIPAL BALANCE 131,687,323.18
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 468,165,403.98
21574.44257972 8435.41268432 13975.08668597 11418.66838976
Variable Rate POOL PRINCIPAL BALANCE (Ending) 131,687,323.18
Total POOL PRINCIPAL BALANCE (Ending) 599,852,727.16
27642.9829143 10808.15724613 17906.05155701 14630.55432098
PER $1000 PER $1000
ORIGINAL BAL ORIGINAL BAL
CLASS A-9 CLASS A-10
CLASS A-1 PRINCIPAL BALANCE (Beginning) 30,921,552.74
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
1000.00000000
CLASS A-10 PRINCIPAL BALANCE (Beginning) 131,687,323.18
909.84260819
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 475,291,552.74
13979.16331588
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 135,043,389.12
909.84260819
Total POOL PRINCIPAL BALANCE (Beginning) 610,334,941.86
17951.02770176 4112.07641475
ENDING CLASS A-1 PRINCIPAL BALANCE 23,165,403.98
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
1000.00000000
ENDING CLASS A-10 PRINCIPAL BALANCE 131,687,323.18
887.23141775
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 468,165,403.98
13769.57070529
Variable Rate POOL PRINCIPAL BALANCE (Ending) 131,687,323.18
887.23141775
Total POOL PRINCIPAL BALANCE (Ending) 599,852,727.16
17642.72726941 4041.45344221
