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): NOVEMBER 16, 1998
EQCC HOME EQUITY LOAN TRUST 1998-1
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3508618
59-3491241
DELAWARE 333-48053 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
---------------------------------------------------------
EXHIBITS
-------
(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE NOVEMBER 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: NOVEMBER 30, 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 NOVEMBER 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 OCT. 15, 1998
TO NOV. 16, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----- ----- -----
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 24,658,670.20 20,966,886.80 3,691,783.40
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 176,555,587.78
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) 58,235,492.53
POOL PRINCIPAL BALANCE (Beginning) 651,749,923.31 593,514,430.78 58,235,492.53
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 388 358 30
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 19,822,057.43 16,457,407.22 3,364,650.21
(iv) AMOUNT OF CURTAILMENTS RECEIVED 155,473.02 151,949.07 3,523.95
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 835,775.94 804,791.77 30,984.17
(vi) INTEREST RECEIVED ON MORTGAGES 5,790,440.35 5,319,129.30 471,311.05
(vii) AGGREGATE ADVANCES 4,325,023.85 3,953,836.52 371,187.33
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 297 280 17
PRINCIPAL BALANCE 15,289,932.71 13,653,451.02 1,636,481.69
% OF PRINCIPAL 2.424572% 2.371265% 2.984302%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 145 137 8
PRINCIPAL BALANCE 7,035,360.47 6,553,219.74 482,140.73
% OF PRINCIPAL 1.115619% 1.138131% 0.879236%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 387 364 23
PRINCIPAL BALANCE 20,861,702.01 19,045,208.73 1,816,493.28
% OF PRINCIPAL 3.308105% 3.307679% 3.312572%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 136 128 8
PRINCIPAL BALANCE 7,033,965.21 6,287,424.69 746,540.52
% OF PRINCIPAL 1.115398% 1.091969% 1.361398%
BANKRUPTCY MORTGAGE DELINQUENCIES (included
in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 13 12 1
PRINCIPAL BALANCE 977,219.78 662,716.02 314,503.76
% OF PRINCIPAL 0.15% 0.12% 0.57%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 11 9 2
PRINCIPAL BALANCE 572,691.36 460,040.11 112,651.25
% OF PRINCIPAL 0.09% 0.08% 0.21%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 57 53 4
PRINCIPAL BALANCE 2,894,701.27 2,679,854.98 214,846.29
% OF PRINCIPAL 0.46% 0.47% 0.39%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 172 164 8
PRINCIPAL BALANCE 9,474,783.16 8,806,165.86 668,617.30
% OF PRINCIPAL 1.502446% 1.529412% 1.219296%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 24,946.36 24,946.36 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 61,565.85 61,565.85 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 168 160 8
PRINCIPAL BALANCE 9,363,576.46 8,694,959.16 668,617.30
% OF PRINCIPAL 1.48% 1.51% 1.22%
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 137,255.57 137,255.57 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 158,828,816.27
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 54,836,334.20
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 171.82 177.93 107.65
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.64237491% 10.735722% 9.662224%
(xi) SERVICING FEES PAID 326,998.61 297,320.15 29,678.46
SERVICING FEES ACCRUED 315,962.31 288,093.66 27,868.65
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 1,412.14
(xiii) POOL PRINCIPAL BALANCE (ENDING) 630,623,993.47 575,787,659.27 54,836,334.20
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 13,285 12,656 629
NUMBER OF MORTGAGES OUTSTANDING (END) 12,897 12,298 599
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,605,328.77 5,155,504.06 449,824.71
(xviiii) SUBORDINATED AMOUNT (REMAINING) 82,673,930.40
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 12,909,908.23
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 449,402.84
EXCESS SPREAD 1,619,370.53 1,490,039.54 129,330.99
(xix) AGGREGATE MORTGAGE LOAN LOSSES 449,402.84
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 991,295.02
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
FROM: OCT. 15, 1998
TO: NOV. 16, 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 251,364,000.00 176,555,587.78 17,726,771.51 158,828,816.27 913,675.17
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 58,235,492.53 3,399,158.33 54,836,334.20 288,257.41**
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 839,074,072.00 751,949,923.31 21,125,929.84 730,823,993.47 3,621,114.69
</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 702.39011068 70.52231628 631.86779439 3.63486882
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 825.43555024 48.18000166 777.25554859 4.08578858
<FN>
* NOTIONAL PRINCIPAL AMOUNT
** INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
