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): DECEMBER 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)
----------------------------------------
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 DECEMBER 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: DECEMBER 29, 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 DECEMBER 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 NOV. 15, 1998
TO DEC. 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----- ----- -----
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 20,419,817.09 16,972,312.03 3,447,505.06
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 158,828,816.27
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) 54,836,334.20
POOL PRINCIPAL BALANCE (Beginning) 630,623,993.47 575,787,659.27 54,836,334.20
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 320 283 37
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 16,100,488.67 12,982,925.36 3,117,563.31
(iv) AMOUNT OF CURTAILMENTS RECEIVED 178,038.59 107,278.69 70,759.90
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 750,718.65 723,992.92 26,725.73
(vi) INTEREST RECEIVED ON MORTGAGES 5,127,944.90 4,709,650.64 418,294.26
(vii) AGGREGATE ADVANCES 4,168,863.74 3,810,579.13 358,284.61
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 315 297 18
PRINCIPAL BALANCE 16,360,549.24 14,793,923.16 1,566,626.08
% OF PRINCIPAL 2.667364% 2.633594% 3.034845%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 129 122 7
PRINCIPAL BALANCE 7,063,090.63 6,577,135.89 485,954.74
% OF PRINCIPAL 1.151540% 1.170853% 0.941384%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 469 444 25
PRINCIPAL BALANCE 25,427,867.27 23,449,841.03 1,978,026.24
% OF PRINCIPAL 4.145666% 4.174509% 3.831804%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 159 149 10
PRINCIPAL BALANCE 8,604,160.79 7,669,643.65 934,517.14
% OF PRINCIPAL 1.402791% 1.365339% 1.810333%
BANKRUPTCY MORTGAGE DELINQUENCIES (included
in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 15 13 2
PRINCIPAL BALANCE 1,114,683.80 711,338.57 403,345.23
% OF PRINCIPAL 0.18% 0.13% 0.78%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 11 11 0
PRINCIPAL BALANCE 706,900.10 706,900.10 0.00
% OF PRINCIPAL 0.12% 0.13% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 66 60 6
PRINCIPAL BALANCE 3,519,935.19 3,161,565.92 358,369.27
% OF PRINCIPAL 0.57% 0.56% 0.69%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 210 197 13
PRINCIPAL BALANCE 11,924,789.86 10,704,385.91 1,220,403.95
% OF PRINCIPAL 1.944174% 1.905580% 2.364149%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 24,694.49 24,694.49 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 4 3 1
PRINCIPAL BALANCE 201,412.42 89,912.58 111,499.84
% OF PRINCIPAL 0.03% 0.02% 0.22%
FORECLOSURE MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 201 190 11
PRINCIPAL BALANCE 11,395,969.75 10,413,569.20 982,400.55
% OF PRINCIPAL 1.86% 1.85% 1.90%
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 234,499.06 234,499.06 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 144,780,120.24
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 51,621,285.26
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 171.39 177.28 107.31
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.66155705% 10.733936% 9.873930%
(xi) SERVICING FEES PAID 289,595.66 263,713.34 25,882.32
SERVICING FEES ACCRUED 307,883.21 281,204.06 26,679.15
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 30.74
(xiii) POOL PRINCIPAL BALANCE (ENDING) 613,360,248.50 561,738,963.24 51,621,285.26
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,897 12,298 599
NUMBER OF MORTGAGES OUTSTANDING (END) 12,577 12,015 562
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,471,800.78 5,031,615.73 440,185.05
(xviiii) SUBORDINATED AMOUNT (REMAINING) 82,439,431.34
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 14,220,953.16
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 683,901.90
EXCESS SPREAD 1,635,291.27 1,466,106.36 169,184.91
(xix) AGGREGATE MORTGAGE LOAN LOSSES 683,901.90
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 957,144.47
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
FROM: NOV. 15, 1998
TO: DEC. 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 251,364,000.00 158,828,816.27 14,048,696.03 144,780,120.24 821,939.12
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 5.437810%* OCT. 15, 2027 70,551,229.00 54,836,334.20 3,215,048.94 51,621,285.26 240,208.26*
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 839,074,072.00 730,823,993.47 17,263,744.97 713,560,248.50 3,481,329.50
</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 631.86779439 55.88984910 575.97794529 3.26991584
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 777.25554859 45.57041721 731.68513138 3.40473533
<FN>
**NOTIONAL PRINCIPAL AMOUNT
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
