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): SEPTEMBER 15, 1998
EQCC HOME EQUITY LOAN TRUST 1998-1
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3508618
59-3491241
DELAWARE 333-48053 59-3491239
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(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1998-1
10401 DEERWOOD PARK BLVD.
JACKSONVILLE, FLORIDA 32256
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
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REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: (904) 987-5000
<PAGE>
ITEM 5. OTHER EVENTS
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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
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EXHIBITS
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(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE SEPTEMBER 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.
SERIES EQCC HOME EQUITY LOAN TRUST 1998-1
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: September 14, 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 SEPTEMBER 1998 REMITTANCE
DATE.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 99
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
--------------------------------------------------------------
FROM AUG. 15, 1998
TO SEPT. 15, 1998
FIXED RATE VARIABLE RATE TOTAL
GROUP GROUP
----- ----- -----
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 20,621,599.73 18,335,574.65 2,286,025.07
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 206,296,884.54
CLASS A-2F PRINCIPAL BALANCE (Beginning) 49,113,000.00
CLASS A-3F PRINCIPAL BALANCE (Beginning) 145,552,000.00
CLASS A-4F PRINCIPAL BALANCE (Beginning) 64,596,500.00
CLASS A-5F PRINCIPAL BALANCE (Beginning) 57,497,343.00
CLASS A-6F PRINCIPAL BALANCE (Beginning) 52,737,000.00
CLASS A-7F PRINCIPAL BALANCE (Beginning) 47,463,000.00
CLASS A-IO NOTIONAL PRINCIPAL BALANCE (Beginning) 100,200,000.00
CLASS A-1A PRINCIPAL BALANCE (Beginning) 62,932,835.34
POOL PRINCIPAL BALANCE (Beginning) 686,188,562.88 623,255,727.54 62,932,835.34
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 302 281 21
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 15,663,349.40 13,698,897.24 1,964,452.16
(iv) AMOUNT OF CURTAILMENTS RECEIVED 331,410.22 329,652.23 1,757.99
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 787,616.15 754,709.75 32,906.40
(vi) INTEREST RECEIVED ON MORTGAGES 5,525,207.66 5,080,706.26 444,501.40
(vii) AGGREGATE ADVANCES 4,652,020.18 4,255,068.31 396,951.87
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 378 355 23
PRINCIPAL BALANCE 19,450,660.65 17,854,653.14 1,596,007.51
% OF PRINCIPAL 2.906136% 2.934870% 2.619252%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 142 133 9
PRINCIPAL BALANCE 8,024,669.14 6,952,321.22 1,072,347.92
% OF PRINCIPAL 1.198971% 1.142792% 1.759860%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 241 230 11
PRINCIPAL BALANCE 12,787,421.59 11,870,328.13 917,093.46
% OF PRINCIPAL 1.910577% 1.951193% 1.505067%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 113 106 7
PRINCIPAL BALANCE 5,841,480.05 5,064,372.25 777,107.80
% OF PRINCIPAL 0.872779% 0.832460% 1.275333%
BANKRUPTCY MORTGAGE DELINQUENCIES (included
in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 13 12 1
PRINCIPAL BALANCE 739,317.97 690,646.45 48,671.52
% OF PRINCIPAL 0.11% 0.11% 0.08%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 18 17 1
PRINCIPAL BALANCE 1,031,128.42 716,099.31 315,029.11
% OF PRINCIPAL 0.15% 0.12% 0.52%
BANKRUPTCY MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 33 31 2
PRINCIPAL BALANCE 1,527,375.52 1,426,988.24 100,387.28
% OF PRINCIPAL 0.23% 0.23% 0.16%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 80 76 4
PRINCIPAL BALANCE 4,842,246.52 4,465,578.30 376,668.22
% OF PRINCIPAL 0.723483% 0.734032% 0.618161%
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 79 75 4
PRINCIPAL BALANCE 4,786,713.53 4,410,045.31 376,668.22
% OF PRINCIPAL 0.72% 0.72% 0.62%
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 91,071.62 91,071.62 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 191,403,750.94
ENDING CLASS A-2F PRINCIPAL BALANCE 49,113,000.00
ENDING CLASS A-3F PRINCIPAL BALANCE 145,552,000.00
ENDING CLASS A-4F PRINCIPAL BALANCE 64,596,500.00
ENDING CLASS A-5F PRINCIPAL BALANCE 57,497,343.00
ENDING CLASS A-6F PRINCIPAL BALANCE 52,737,000.00
ENDING CLASS A-7F PRINCIPAL BALANCE 47,463,000.00
ENDING CLASS A-IO NOTIONAL PRINCIPAL BALANCE 100,200,000.00
ENDING CLASS A-1A PRINCIPAL BALANCE 60,933,718.79
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 173.08 179.38 110.16
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.62286190% 10.740915% 9.444222%
(xi) SERVICING FEES PAID 312,449.47 283,987.99 28,461.48
SERVICING FEES ACCRUED 335,868.26 305,416.79 30,451.47
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 669,296,312.73 608,362,593.94 60,933,718.79
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 13,906 13,231 675
NUMBER OF MORTGAGES OUTSTANDING (END) 13,604 12,950 654
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,948,918.43 5,468,540.64 480,377.79
(xviiii) SUBORDINATED AMOUNT (REMAINING) 82,970,636.47
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 9,833,342.94
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 152,696.63
EXCESS SPREAD 1,792,628.97 1,629,611.18 163,017.80
(xix) AGGREGATE MORTGAGE LOAN LOSSES 152,696.63
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 992,458.99
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
FROM: AUG. 15, 1998
TO: SEPT. 15, 1998
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1F 6.210000% DEC. 15, 2007 251,364,000.00 206,296,884.54 14,893,133.60 191,403,750.94 1,067,586.38
CLASS A-2F 6.136000% APR. 15, 2009 49,113,000.00 49,113,000.00 0.00 49,113,000.00 251,131.14
CLASS A-3F 6.225000% DEC. 15, 2012 145,552,000.00 145,552,000.00 0.00 145,552,000.00 755,051.00
CLASS A-4F 6.459000% MAR. 15, 2021 64,596,500.00 64,596,500.00 0.00 64,596,500.00 347,690.66
CLASS A-5F 6.847000% JAN. 15, 2028 57,497,343.00 57,497,343.00 0.00 57,497,343.00 328,070.26
CLASS A-6F 6.252000% DEC. 15, 2007 52,737,000.00 52,737,000.00 0.00 52,737,000.00 274,759.77
CLASS A-7F 6.415000% NOV. 15, 2027 47,463,000.00 47,463,000.00 0.00 47,463,000.00 253,729.29
CLASS A-IO 2.500000% SEPT. 15, 2000 100,200,000.00** 100,200,000.00** 0.00 100,200,000.00** 208,750.00
CLASS A-1A 5.816250% OCT. 15, 2027 70,551,229.00 62,932,835.34 1,999,116.55 60,933,718.79 282,188.56*
CLASS X JAN. 15, 2028 0.00 0.00 0.00 0.00
CLASS R N/A 0.00 0.00 0.00 0.00
CLASS MR N/A 0.00 0.00 0.00 0.00
CLASS LR N/A 0.00 0.00 0.00 0.00
_________________ _________________ _________________ _________________ _____________
TOTAL 839,074,072.00 786,388,562.88 16,892,250.15 769,496,312.73 3,768,957.05
</TABLE>
<TABLE>
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
<S> <C> <C> <C> <C> <C>
CLASS A-1F 268917ED9 820.70974579 59.24927038 761.46047541 4.24717293
CLASS A-2F 268917EE7 1,000.00000000 0.00000000 1000.00000000 5.11333333
CLASS A-3F 268917EF4 1,000.00000000 0.00000000 1000.00000000 5.18750000
CLASS A-4F 268917EG2 1,000.00000000 0.00000000 1000.00000000 5.38250000
CLASS A-5F 268917EH0 1,000.00000000 0.00000000 1000.00000000 5.70583333
CLASS A-6F 268917EJ6 1,000.00000000 0.00000000 1000.00000000 5.21000000
CLASS A-7F 268917EK3 1,000.00000000 0.00000000 1000.00000000 5.34583333
CLASS A-IO 268917EL1 1,000.00000000 0.00000000 1000.00000000 2.08333333
CLASS A-1A 268917EM9 892.01614532 28.33567293 863.68047238 3.99976818
<FN>
**NOTIONAL PRINCIPAL AMOUNT
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
