<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 15, 1998
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 January 1998
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 1997-3
----------------------------------
(Registrant)
Equicredit Corporation Of America
---------------------------------
as Representative
Dated: June 1,1998 By: \s\James B. Dodd
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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 January 1998 Remittance
Date
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
FROM Dec. 15, 1997
TO Jan. 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
(i)
AVAILABLE PAYMENT AMOUNT 12,886,342.20 8,314,748.17 4,571,594.03
Portions subject
to bankruptcy 0.00
(ii)
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 40,624,799.35
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) 141,576,951.95
POOL PRINCIPAL BALANCE
(Beginning) 627,201,751.30 485,624,799.35 141,576,951.95
(iii)
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 157 118 39
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 8,655,185.89 5,007,795.20 3,647,390.69
(iv)
AMOUNT OF CURTAILMENTS
RECEIVED 116,007.81 90,163.28 25,844.53
(v)
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF MONTHLY PAYMENTS
RECEIVED 725,144.23 623,297.18 101,847.05
(vi)
INTEREST RECEIVED ON
MORTGAGES 5,308,490.64 4,307,054.22 1,001,436.42
(vii)
AGGREGATE ADVANCES 4,144,091.38 3,367,928.43 776,162.95
(viii)
a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 195 185 10
PRINCIPAL BALANCE 9,438,141.59 8,314,690.02 1,123,451.57
% OF PRINCIPAL 1.527965% 1.732617% 0.815266%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 80 71 9
PRINCIPAL BALANCE 4,563,735.12 3,795,061.94 768,673.18
% OF PRINCIPAL 0.738835% 0.790816% 0.557810%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 59 47 12
PRINCIPAL BALANCE 3,257,614.79 2,151,739.03 1,105,875.76
% OF PRINCIPAL 0.527383% 0.448380% 0.802511%
b MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 37 32 5
PRINCIPAL BALANCE 1,839,751.43 1,397,968.07 441,783.36
% OF PRINCIPAL 0.297842% 0.291309% 0.320593%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 156,381.74 156,381.74 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 51,981.05 51,981.05 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 8 7 1
PRINCIPAL BALANCE 339,547.83 235,425.06 104,122.77
% OF PRINCIPAL 0.05% 0.05% 0.08%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 4 3 1
PRINCIPAL BALANCE 321,609.36 190,967.79 130,641.57
% OF PRINCIPAL 0.052066% 0.039794% 0.094804%
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 1 1 0
PRINCIPAL BALANCE 25,190.79 25,190.79 0.00
% OF PRINCIPAL 0.00% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 3 2 1
PRINCIPAL BALANCE 296,418.57 165,777.00 130,641.57
% OF PRINCIPAL 0.05% 0.03% 0.09%
d MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a.above)
NUMBER 1 0 1
PRINCIPAL BALANCE 62,715.24 0.00 62,715.24
% OF PRINCIPAL 0.010153% 0.000000% 0.045511%
e MORTGAGE LOAN LOSSES 11,674.27 11,674.27 0.00
(ix)
ENDING CLASS A-1
PRINCIPAL BALANCE 34,891,869.42
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 137,801,869.68
(x)
WEIGHTED AVERAGE MATURITY
OF MORTGAGE LOANS 156.85152872 174.50726767 95.36582036
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 10.27809019% 10.850098% 8.286086%
(xi)
SERVICING FEES PAID 311,894.18 238,479.81 73,414.37
SERVICING FEES ACCRUED 310,763.97 240,901.99 69,861.98
(xii)
SECTION 5.04 SERVICER
PAYMENTS OR REIMBSMTS. 0.00
(xiii)
POOL PRINCIPAL BALANCE
(ENDING) 617,693,739.10 479,891,869.42 137,801,869.68
(xiv)
RESERVED
(xv)
REIMBURSABLE AMOUNTS:
TO SERVICER 34,593.46
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi)
NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 12,209 10,706 1,503
NUMBER OF MORTGAGES OUTSTANDING
(END) 12,052 10,588 1,464
(xvii)
AGGREGATE INTEREST ACCRUED ON
THE MORTGAGE LOANS 5,320,789.47 4,357,498.90 963,290.57
(xviii)
RESERVED
(xviiiI)
SUBORDINATED AMOUNT
(REMAINING) 74,549,050.15
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 6,744,100.70
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 20,049.23
EXCESS SPREAD 1,654,614.69 1,523,104.40 131,510.29
(xx)
AGGREGATE MORTGAGE LOAN
LOSSES 20,049.23
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
FROM: Dec. 15, 1997
TO: Jan. 15, 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 40,624,799.35
5,732,929.93 34,891,869.42 197,707.36
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 6.155470% Nov. 15, 2028 148,425,000.00 141,576,951.95
3,775,082.27 137,801,869.68 750,434.81
CLASS R VARIABLE Feb. 15, 2029 0.00 0.00
0.00 0.00 0.00
_______________ _____________
TOTAL 648,425,000.00 627,201,751.30
_________________ _________________ _________________
TOTAL 9,508,012.20 617,693,739.10 3,303,936.33
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917DT5 738.63271545 104.23508964 634.39762582 3.59467922
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 953.86189624 25.43427502 928.42762122 5.05598658
CLASS R
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-3
PYMT PER FROM DATE DEC. 15, 1997
PYMT PER TO DATE JAN. 15, 1998
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 $1,000 PER $1,000 PER $1,000
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
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 40,624,799.35 738.63271545
CLASS A-2 PRINCIPAL
BALANCE (Beginning) 94,400,000.00 1000.00000000
CLASS A-3 PRINCIPAL
BALANCE (Beginnin) 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) 141,576,951.95
Fixed Rate POOL
PRINCIPAL BALANCE
(Beginning) 485,624,799.35 8829.54180636 5144.33050159
5594.75575288 6217.98718758 22379.02301152
Variable Rate POOL
PRINCIPAL BALANCE
(Beginning) 141,576,951.95
Total POOL
PRINCIPAL BALANCE
(Beginning) 627,201,751.30 11403.66820545 6644.08634852
7225.82662788 8030.75225736 28903.30651152
ENDING CLASS A-1
PRINCIPAL BALANCE 34,891,869.42 634.39762582
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 137,801,869.68
Fixed Rate POOL
PRINCIPAL BALANCE
(Ending) 479,891,869.42 8725.30671673 5083.60031165
5528.70817304 6144.58219488 22114.83269217
Variable Rate POOL
PRINCIPAL BALANCE
(Ending) 137,801,869.68
Total POOL PRINCIPAL
BALANCE (Ending) 617,693,739.10 11230.79525636 6543.36588030
7116.28731682 7909.01074392 28465.14926728
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-6 CLASS A-7
55,500,00.00 33,500,000.00
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
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) 40,624,799.35
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)141,576,951.95
953.86189624
Fixed Rate POOL
PRINCIPAL BALANCE
(Beginning) 485,624,799.35 8749.99638468 14496.26266716
11844.50730122 14283.08233382
VARIABLE RATE POOL
PRINCIPAL BALANCE
(Beginning) 141,576,951.95
953.86189624
Total POOL PRINCIPAL
BALANCE (Beginning)627,201,751.30 11300.93245586 18722.44033731
15297.60369024 18447.11033235 4225.71501634
ENDING CLASS A-1
PRINCIPAL BALANCE 34,891,869.42
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 137,801,869.68
928.42762122
Fixed Rate POOL
PRINCIPAL BALANCE
(Ending) 479,891,869.42 8646.70034991 14325.13043045
11704.67974195 14114.46674765
Variable Rate POOL
PRINCIPAL BALANCE
(Ending) 137,801,869.68
928.42762122
Total POOL
PRINCIPAL BALANCE
(Ending) 617,693,739.10 11129.61692072 18438.61907761
15065.70095366 18167.46291471 4161.65564494