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Previous: E3 CORP, S-1/A, 1998-08-31 |
Next: NEWCO UWS INC, 10-12B/A, 1998-08-31 |
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): AUGUST 17, 1998
EQCC HOME EQUITY LOAN TRUST 1998-1
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3508618
59-3491241
DELAWARE 333-20675 59-3491239
-------- --------- ----------
(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)
----------------------------------------
REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: (904) 987-5000
<PAGE>
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 EXHIBIT
-----------------------------------------------------------------
(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE AUGUST 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: AUGUST 28, 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 AUGUST 1998 REMITTANCE
DATE.
<PAGE>
[TYPE] EX-99
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
FROM JULY 15, 1998
TO AUG. 17, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----- ----- -----
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 18819599.8 16582806.43 2236793.367
Portions subject to bankrupty 0
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 219320996.8
CLASS A-2F PRINCIPAL BALANCE (Beginning) 49113000
CLASS A-3F PRINCIPAL BALANCE (Beginning) 145552000
CLASS A-4F PRINCIPAL BALANCE (Beginning) 64596500
CLASS A-5F PRINCIPAL BALANCE (Beginning) 57497343
CLASS A-6F PRINCIPAL BALANCE (Beginning) 52737000
CLASS A-7F PRINCIPAL BALANCE (Beginning) 47463000
CLASS A-IO NOTIONAL PRINCIPAL BALANCE 100200000
CLASS A-1A PRINCIPAL BALANCE (Beginning) 64819179.76
POOL PRINCIPAL BALANCE (Beginning) 701099019.6 636279839.8 64819179.76
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 284 261 23
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 13889581.12 12043144.55 1846436.57
(iv) AMOUNT OF CURTAILMENTS RECEIVED 115168.47 114021.36 1147.11
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 862512 823751.26 38760.74
(vi) INTEREST RECEIVED ON MORTGAGES 6121965.39 5624617.57 497347.82
(vii) AGGREGATE ADVANCES 4641539.82 4243218.01 398321.81
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 283 270 13
PRINCIPAL BALANCE 14493789.69 13505320.82 988468.87
% OF PRINCIPAL 0.021122167 0.021668988 0.015706727
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 95 92 3
PRINCIPAL BALANCE 5183716.07 4639136.08 544579.99
% OF PRINCIPAL 0.007554361 0.007443391 0.008653352
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 187 177 10
PRINCIPAL BALANCE 9538927.11 8810222.13 728704.98
% OF PRINCIPAL 0.01390132 0.014135806 0.01157909
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 89 84 5
PRINCIPAL BALANCE 4515593.88 3954323.02 561270.86
% OF PRINCIPAL 0.00658069 0.006344624 0.008918569
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 11 11 0
PRINCIPAL BALANCE 550733.06 550733.06 0
% OF PRINCIPAL 0.000802597 0.000883639 0
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 9 8 1
PRINCIPAL BALANCE 570438.3 255212.26 315226.04
% OF PRINCIPAL 0.000831314 0.000409482 0.005008928
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 27 25 2
PRINCIPAL BALANCE 1169194.12 1068806.84 100387.28
% OF PRINCIPAL 0.001703896 0.001714877 0.001595149
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 10 8 2
PRINCIPAL BALANCE 829453.48 640536.68 188916.8
% OF PRINCIPAL 0.001208784 0.001027727 0.00300188
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0 0 0
% OF PRINCIPAL 0 0 0
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 33266.86 33266.86 0
% OF PRINCIPAL 4.84806E-05 5.33759E-05 0
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 9 7 2
PRINCIPAL BALANCE 796186.62 607269.82 188916.8
% OF PRINCIPAL 0.001160303 0.000974351 0.00300188
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 43195.12 43195.12 0
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 206296884.5
ENDING CLASS A-2F PRINCIPAL BALANCE 49113000
ENDING CLASS A-3F PRINCIPAL BALANCE 145552000
ENDING CLASS A-4F PRINCIPAL BALANCE 64596500
ENDING CLASS A-5F PRINCIPAL BALANCE 57497343
ENDING CLASS A-6F PRINCIPAL BALANCE 52737000
ENDING CLASS A-7F PRINCIPAL BALANCE 47463000
ENDING CLASS A-IO NOTIONAL PRINCIPAL BALANCE 100200000
ENDING CLASS A-1A PRINCIPAL BALANCE 62932835.34
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 173.6368977 179.9651694 110.9648194
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 0.106148048 0.107414227 0.093608436
(xi) SERVICING FEES PAID 346536.56 314140.32 32396.24
SERVICING FEES ACCRUED 345264.28 313623.44 31640.84
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0
(xiii) POOL PRINCIPAL BALANCE (ENDING) 686188562.9 623255727.5 62932835.34
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0
TO REPRESENTATIVE 0
TO DEPOSITORS 0
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 14190 13492 698
NUMBER OF MORTGAGES OUTSTANDING (END) 13906 13231 675
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6109962.38 5616112.59 493849.79
(xviii) SUBORDINATED AMOUNT (REMAINING) 83061708.09
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 8100296.992
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 61625.01
EXCESS SPREAD 1812359.892 1700599.888 111760.0034
(xix) AGGREGATE MORTGAGE LOAN LOSSES 61625.01
(xx) LIBOR INTEREST CARRYOVER 0
UNPAID LIBOR INTEREST CARRYOVER 0
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LAR 993002.46
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
FROM: JULY 15, 1998
TO: AUG. 17, 1998
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1F 6.210000% DEC. 15, 2007 251,364,000.00 219,320,996.83 13,024,112.29 206,296,884.54 1,134,986.16
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 64,819,179.76 1,886,344.42 62,932,835.34 345,587.51*
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 839,074,072.00 801,299,019.59 14,910,456.71 786,388,562.88 3,899,755.78
</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 872.52349911 51.81375332 820.70974579 4.51530911
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 918.75337508 26.73722977 892.01614532 4.89839104
<FN>
**NOTIONAL PRINCIPAL AMOUNT
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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