SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
/ x / Annual report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 1997
/ / Transition report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File No.: 333-22343
Equivantage Acceptance Corporation, Home Equity Loan,
Asset-Backed Certificates, Series 1997-04 Trust
(Exact name of registrant as specified in its charter)
New York 52-2073757 52-2082342
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (301) 696-7900
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No__
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual
Report on Form 10-K (the "Original Form 10-K") filed on March 26, 1998, on
behalf of Equivantage Acceptance Corporation, Home Equity Loan, Asset-Backed
Certificates, Series 1997-04 Trust (the "Trust"), established pursuant to a
Pooling and Servicing Agreement among Equivantage Acceptance Corporation, as
Sponsor(the "Company"), Equivantage Inc., as Servicer, and Norwest Bank
Minnesota, National Association as Trustee, pursuant to which the Equivantage
Acceptance Corporation, Home Equity Loan, Asset-Backed Certificates, Series
1997-04 Trust registered under the Securities Act of 1933 (the "Certificates")
were issued. Item 14 of the Original Form 10-K is amended to read in its
entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 1997.
(a) Equivantage Inc., as servicer <F1>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 1997.
(a) Equivantage Inc., as servicer <F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 1997.
(a) Equivantage Inc., as servicer <F1>
99.4 Aggregate Statement of Principal and Interest
Distributions to Certificate Holders.<F2>
(b) No reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized:
Equivantage Acceptance Corporation, Home Equity Loan,
Asset-Backed Certificates,
Series 1997-04 Trust
By: NORWEST BANK MINNESOTA, N.A.,
as Trustee
By: /s/Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President -- Securities Administration Services
Dated: August 31, 1998
EXHIBIT INDEX
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1997.
(a) Equivantage Inc., as servicer <F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards for
the year ended December 31, 1997.
(a) Equivantage Inc., as servicer <F1>
99.3 Annual Statements of Compliance for the year ended December 31, 1996.
(a) Equivantage Inc., as servicer <F1>
99.4 Aggregate Statement of Principal and Interest Distributions to Certificate
Holders.<F2>
<F1> Filed herewith.
<F2> Previously filed.
(LOGO)KPMG Peat Marwick LLP
700 Louisiana Telephone 713 319 2000
Houston, TX 77002 Telex 286705 PMMT UR (RCA) Fax 713 319 2041
INDEPENDENT AUDITORS' REPORT
Chairman of the Board
Equivantage Inc.:
We have examined management's assertion about Equivantage Inc.'s (the Company)
compliance with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS as of and for the year ended December 31, 1997, included in the
accompanying management assertion. Management is responsible for the Company's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that EquiVantage Inc. has complied in all
material respects with the aforementioned minimum servicing standards as of and
for the year ended December 31, 1997, is fairly stated, in all material
respects.
/s/KPMG Peat Marwick LLP
February 16, 1998
(LOGO)
EQUIVANTAGE
MANAGEMENT ASSERTION
As of and for the five months ended December 31, 1997, EquiVantage Inc. has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS. As of and for this same period, EquiVantage Inc. had in effect fidelity
bond coverage in the amount of $1,000,000.
EQIVANTAGE INC., Servicer
Certified By:
/s/Elizabeth Folk
Elizabeth Folk, Sr. Vice President and Chief Financial Officer
6/18/98
DATE
/s/Carolyn B. Andrew
Carolyn B. Andrew, Senior Vice President and Servicing Manager
6/18/98
Date
13111 Northwest Freeway Suite 300 Houston, Texas 77040
Tel: 713-895-1900 Tel: 800-677-2980 fax: 713-898-1999
(LOGO)
EQUIVANTAGE
OFFICER'S CERTIFICATE
FOR
EQUIVANTAGE HOME EQUITY LOAN TRUST
1997-4
The undersigned Officer certifies that for the fiscal year ending December 31,
1997, she has reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Pooling and Servicing Agreement and
to the best of her knowledge, the Servicer has fulfilled all of its duties,
responsibilities or obligations under this Agreement throughout such year.
EQUIVANTAGE INC., Servicer
Certified By:
/S/Elizabeth Folk
Elizabeth Folk, Sr. Vice President and Chief Financial Officer
3/26/98
Date
