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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): May 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
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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 Exhibits
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(c) Exhibits
99 Trustee's Remittance Report in respect of the May 1998 Remittance
Date.
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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
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(Registrant)
Equicredit Corporation of America
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as Representative
Dated: May 21, 1998 By: \s\ James B. Dodd
-----------------
Name: James B. Dodd
Title: Vice President / General Counsel
(Duly Authorized Officer)
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INDEX TO EXHIBITS
-----------------
Exhibit
Number Exhibit
- ------- -------
99 Trustee's Remittance Report in respect of the May 1998 Remittance
Date.
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<TABLE>
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U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
- ------------------------------------------------------------------------------
FROM April 23, 1998
TO May 15, 1998
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_____________________________________________
<C> <S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 15,487,099.32 13,968,854.25 1,518,245.08
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL
BALANCE (Beginning) 251,364,000.00
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) 70,551,229.00
POOL PRINCIPAL BALANCE
(Beginning) 738,874,073.22 668,322,843.77 70,551,229.45
(iii) MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 203 190 13
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 10,511,167.76 9,293,637.31 1,217,530.45
(iv) AMOUNT OF CURTAILMENTS
RECEIVED 97,463.20 96,258.97 1,204.23
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 852,296.47 808,842.94 43,453.53
(vi) INTEREST RECEIVED ON
MORTGAGES 1,270,926.60 1,197,257.39 73,669.21
(vii) AGGREGATE ADVANCES 4,838,913.18 4,439,433.23 399,479.95
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 193 189 4
PRINCIPAL BALANCE 9,668,721.37 9,353,322.97 315,398.40
% OF PRINCIPAL 1.329193% 1.421210% 0.455192%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 42 40 2
PRINCIPAL BALANCE 2,081,241.17 1,871,586.24 209,654.93
% OF PRINCIPAL 0.286115% 0.284382% 0.302580%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 2 2 0
PRINCIPAL BALANCE 188,500.00 188,500.00 0.00
% OF PRINCIPAL 0.025914% 0.028642% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 36 36 0
PRINCIPAL BALANCE 1,735,669.17 1,735,669.17 0.00
% OF PRINCIPAL 0.238608% 0.263730% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 438,182.54 438,182.54 0.00
% OF PRINCIPAL 0.06% 0.07% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 112,224.41 112,224.41 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000% 0.000000%
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 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
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 0.00 0.00 0.00
(ix) ENDING CLASS A-1F PRINCIPAL
BALANCE 241,165,260.78
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 69,289,040.79
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 175.65465369 182.28843848 112.64535786
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 10.56042117% 10.751191% 8.748443%
(xi) SERVICING FEES PAID 70,300.96 65,276.89 5,024.07
SERVICING FEES ACCRUED 361,922.49 327,449.77 34,472.72
(xii) SECTION 5.04 SERVICER
PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE
(ENDING) 727,413,144.57 658,124,103.78 69,289,040.79
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 14,867 14,114 753
NUMBER OF MORTGAGES OUTSTANDING
(END) 14,664 13,924 740
(xvii) AGGREGATE INTEREST ACCRUED
ON THE MORTGAGE LOANS 6,401,461.31 5,898,863.50 502,597.81
(xviii)SUBORDINATED AMOUNT
(REMAINING) 83,123,333.24
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 2,013,366.93
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 2,013,366.93 1,801,298.70 212,068.22
(xix) AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
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U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
- ------------------------------------------------------------------------------
FROM: April 23, 1998
TO: May 15, 1998
ECURITY RATE MATURITY ORIGINAL
DESCRIPTION FACE
BEGINNING PRINCIPAL ENDING INTEREST
BALANCE REDUCTIONS BALANCE PAYABLE
CLASS A-1F 6.210000% Dec. 15, 2007 251,364,000.00
251,364,000.00 10,198,739.22 241,165,260.78 1,300,808.70
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
70,551,229.00 1,262,188.21 69,289,040.79 250,765.52
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
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TOTAL 839,074,072.00
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839,074,072.00 11,460,927.43 827,613,144.57 3,970,756.34
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917ED9 1,000.00000000 40.57358739 959.42641261 5.17500000
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 1,000.00000000 17.89037878 982.10962122 3.55437500
**Notional Principal Amount
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
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