<PAGE>
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): June 15, 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 Exhibits
-----------------------------------------------------------------
(c) Exhibits
99 Trustee's Remittance Report in respect of the June 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: June 23, 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 May 1998 Remittance Date.
<PAGE>
<PAGE>
<TABLE>
Exhibit 99
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
______________________________________________________________________________
FROM May 15, 1998
TO June 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
____ _________________________ _______________ ______________ ______________
<CAPTION>
<C> <S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 17,626,937.03 15,188,166.09 2,438,770.94
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE
(Beginning) 241,165,260.78
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) 69,289,040.79
POOL PRINCIPAL BALANCE
(Beginning) 727,413,144.57 658,124,103.78 69,289,040.79
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 222 205 17
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 12,440,003.73 10,396,750.94 2,043,252.79
(iv) AMOUNT OF CURTAILMENTS
RECEIVED 286,295.07 282,195.44 4,099.63
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 831,840.07 792,648.06 39,192.01
(vi) INTEREST RECEIVED ON
MORTGAGES 5,941,976.23 5,491,516.33 450,459.90
(vii) AGGREGATE ADVANCES 4,938,271.20 4,512,088.44 426,182.76
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 243 231 12
PRINCIPAL BALANCE 11,577,367.75 10,458,652.95 1,118,714.80
% OF PRINCIPAL 1.621809% 1.617353% 1.664692%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 104 99 5
PRINCIPAL BALANCE 5,990,086.72 5,498,738.02 491,348.70
% OF PRINCIPAL 0.839118% 0.850339% 0.731146%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 44 43 1
PRINCIPAL BALANCE 2,175,599.14 2,137,303.27 38,295.87
% OF PRINCIPAL 0.304768% 0.330518% 0.056986%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 46 45 1
PRINCIPAL BALANCE 2,228,905.52 2,131,832.45 97,073.07
% OF PRINCIPAL 0.312235% 0.329672% 0.144449%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 8 8 0
PRINCIPAL BALANCE 368,373.64 368,373.64 0.00
% OF PRINCIPAL 0.05% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 325,443.86 325,443.86 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 3 3 0
PRINCIPAL BALANCE 162,338.86 162,338.86 0.00
% OF PRINCIPAL 0.02% 0.03% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 2 2 0
PRINCIPAL BALANCE 31,595.07 31,595.07 0.00
% OF PRINCIPAL 0.004426% 0.004886% 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 1 1 0
PRINCIPAL BALANCE 13,052.55 13,052.55 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 229,693,666.34
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 67,202,496.36
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 175.15225987 181.71771482 111.97651271
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 10.58261214% 10.750011% 8.971828%
(xi) SERVICING FEES PAID 337,577.18 306,657.53 30,919.65
SERVICING FEES ACCRUED 388,353.86 351,953.41 36,400.45
(xii) SECTION 5.04 SERVICER PAYMENTS
OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE
(ENDING) 713,855,005.70 646,652,509.34 67,202,496.36
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 14,664 13,924 740
NUMBER OF MORTGAGES OUTSTANDING
(END) 14,442 13,719 723
(xvii) AGGREGATE INTEREST ACCRUED ON
THE MORTGAGE LOANS 6,861,329.87 6,316,842.48 544,487.39
(xviiiI) SUBORDINATED AMOUNT
(REMAINING) 83,123,333.10
SPREAD ACCOUNT BALANCE (AFTER
DISTRIBUTIONS) 4,421,560.89
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 2,404,177.85 2,248,317.42 155,860.43
(xIx) AGGREGATE MORTGAGE LOAN
LOSSES 0.00
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST
CARRYOVER 0.00
______________________________________________________________________________
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
______________________________________________________________________________
FROM: May 15, 1998
TO: June 15, 1998
CURITY ORIGINAL BEGINNING
DESCRIPTION RATE MATURITY BALANCE BALANCE
PRINCIPAL ENDING INTEREST
REDUCTIONS BALANCE PAYABLE
CLASS A-1F 6.210000% Dec. 15, 2007 251,364,000.00 241,165,260.78
11,471,594.44 229,693,666.34 1,248,030.22
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 69,289,040.79
2,086,544.43 67,202,496.36 347,029.83
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 839,074,072.00 827,613,144.57
______________ _______________ _____________
13,558,138.87 814,055,005.70 4,014,242.17
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917ED9 959.42641261 45.63738021 913.78903240 4.96503169
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 982.10962122 29.57488423 952.53473699 4.91883466
**Notional Principal Amount
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
</TABLE>
