<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 1997-3
----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 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
------------
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 December 1997
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 December 1997
Remittance Date.
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
FROM Nov. 17, 1997
TO Dec. 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_____________ ____________ ____________
(i) AVAILABLE PAYMENT AMOUNT
11,542,365.52 7,989,482.93 3,552,882.59
Portions subject to bankrupty
0.00
(ii)
CLASS A-1 PRINCIPAL BALANCE (Beginning)
45,994,181.03
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)
144,459,341.99
POOL PRINCIPAL BALANCE (Beginning)
635,453,523.02 490,994,181.03 144,459,341.99
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
133 106 27
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
7,473,439.47 4,694,149.85 2,779,289.62
(iv) AMOUNT OF CURTAILMENTS RECEIVED
116,486.18 108,790.62 7,695.56
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED
661,846.07 566,441.21 95,404.86
(vi) INTEREST RECEIVED ON MORTGAGES
5,090,850.22 4,191,943.16 898,907.06
(vii) AGGREGATE ADVANCES
4,327,302.83 3,502,001.05 825,301.78
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES &
REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 151 138 13
PRINCIPAL BALANCE
8,177,157.59 6,922,957.26 1,254,200.33
% OF PRINCIPAL 1.303752% 1.425577% 0.885879%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 53 41 12
PRINCIPAL BALANCE
2,906,377.37 1,746,337.64 1,160,039.73
% OF PRINCIPAL 0.463388% 0.359606% 0.819370%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 15 12 3
PRINCIPAL BALANCE
1,006,202.73 739,585.28 266,617.45
% OF PRINCIPAL 0.160427% 0.152296% 0.188320%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 24 21 3
PRINCIPAL BALANCE 1,284,126.60 960,413.57 323,713.03
% OF PRINCIPAL 0.204739% 0.197769% 0.228648%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY 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%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 4 1
PRINCIPAL BALANCE
248,822.83 144,700.06 104,122.77
% OF PRINCIPAL 0.04% 0.03% 0.07%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 2 0 2
PRINCIPAL BALANCE 193,356.81 0.00 193,356.81
% OF PRINCIPAL 0.030828% 0.000000% 0.136574%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 0 1
PRINCIPAL BALANCE
62,715.24 0.00 62,715.24
% OF PRINCIPAL 0.01% 0.00% 0.04%
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 1 0 1
PRINCIPAL BALANCE
130,641.57 0.00 130,641.57
% OF PRINCIPAL 0.02% 0.00% 0.09%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.
above):
NUMBER 0 0 0
PRINCIPAL BALANCE 0 0 0
% OF PRINCIPAL 0 0 0
e. MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix)
ENDING CLASS A-1 PRINCIPAL BALANCE
40,624,799.35
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
141,576,951.95
(x)
WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS
157.63389035 175.42456798 96.60987382
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
10.24994989% 10.850783% 8.189024%
(xi)
SERVICING FEES PAID 298,736.77 232,200.64 66,536.13
SERVICING FEES ACCRUED 311,208.74 243,744.58 67,464.16
(xii)
SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
0.00
(xiii)
POOL PRINCIPAL BALANCE (ENDING)
627,201,751.30 485,624,799.35 141,576,951.95
(xiv) RESERVED
(xv)
REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi)
NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)
12,342 10,812 1,530
NUMBER OF MORTGAGES OUTSTANDING (END)
12,209 10,706 1,503
(xvii)
AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS
5,331,415.80 4,410,656.29 920,759.51
(xviii) RESERVED
(xviiiI)
SUBORDINATED AMOUNT (REMAINING)
74,560,724.42
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)
5,081,853.82
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
8,374.96
EXCESS SPREAD
1,729,613.26 1,546,810.46 182,802.80
(xx)
AGGREGATE MORTGAGE LOAN LOSSES
8,374.96
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
FROM: Nov. 17, 1997
TO: Dec. 15, 1997
SECURITY ORIGINAL BEGINNING PRINCIPAL
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS
BALANCE PAYABLE
ENDING BALANCE INTEREST PAYABLE
CLASS A-1 5.840000% June 15, 2003 55,000,000.00 45,994,181.03 5,369,381.68
40,624,799.35 223,838.35
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 5.862500% Nov. 15, 2028 148,425,000.00 144,459,341.99 2,882,390.04
141,576,951.95 658,694.47
CLASS R VARIABLE Feb. 15, 2029 0.00 0.00 0.00
0.00 0.00
______________ ______________ _____________
TOTAL 648,425,000.00 635,453,523.02 8,251,771.72
______________ _____________
627,201,751.30 3,238,326.99
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917DT5 836.25783691 97.62512145 738.63271545 4.06978814
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 973.28173818 19.41984194 953.86189624 4.43789437
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 Nov. 17, 1997
AS TRUSTEE PYMT PER TO DATE Dec. 15, 1997
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2
55,000,000.00 94,400,000.00
PER $1000 PER $1000 PER $1000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5
86,800,000.00 78,100,000.00 21,700,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
45,994,181.03 836.25783691
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)
144,459,341.99
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
490,994,181.03 8927.16692782 5201.20954481
5656.61498882 6286.73727311 22626.45995530
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
144,459,341.99
Total POOL PRINCIPAL BALANCE (Beginning)
635,453,523.02 11553.70041855 6731.49918453
7320.89312235 8136.40874545 29283.57248940
ENDING CLASS A-1 PRINCIPAL BALANCE
40,624,799.35 738.63271545
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
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
141,576,951.95
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
485,624,799.35 8829.54180636 5144.33050159
5594.75575288 6217.98718758 22379.02301152
Variable Rate POOL PRINCIPAL BALANCE (Ending)
141,576,951.95
Total POOL PRINCIPAL BALANCE (Ending)
627,201,751.30 11403.66820545 6644.08634852
7225.82662788 8030.75225736 28903.30651152
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-6 CLASS A-7
55,500,000.00 33,500,000.00
PER $1000 PER $1000 PER $1000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BALANCE
CLASS A-8 CLASS A-9 CLASS A-10
41,000,000.00 34,000,000.00 148,425,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning)
45,994,181.03
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
973.28173818
CLASS A-10 PRINCIPAL BALANCE (Beginning)
144,459,341.99 8846.74200054 14656.54271731
11975.46783000 14441.00532441
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
490,994,181.03
973.28173818
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
144,459,341.99 11449.61302739 18968.76188119
15498.86641512 18689.80950059 4281.31058124
Total POOL PRINCIPAL BALANCE (Beginning)
635,453,523.02
ENDING CLASS A-1 PRINCIPAL BALANCE
40,624,799.35
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
953.86189624
ENDING CLASS A-10 PRINCIPAL BALANCE
141,576,951.95 8749.99638468 14496.26266716
11844.50730122 14283.08233382
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
485,624,799.35
953.86189624
Variable Rate POOL PRINCIPAL BALANCE (Ending)
141,576,951.95 11300.93245586 18722.44033731
15297.60369024 18447.11033235 4225.71501634
Total POOL PRINCIPAL BALANCE (Ending)
627,201,751.30
