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): OCTOBER 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
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 OCTOBER 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: October 27, 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 OCTOBER 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 SEPT. 15, 1998
TO OCT. 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----- ----- -----
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 21,150,678.04 18,144,036.24 3,006,641.80
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 191,403,750.94
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) 60,933,718.79
POOL PRINCIPAL BALANCE (Beginning) 669,296,312.73 608,362,593.94 60,933,718.79
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 319 294 25
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 16,350,604.28 13,685,955.65 2,664,648.63
(iv) AMOUNT OF CURTAILMENTS RECEIVED 98,020.94 96,370.78 1,650.16
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 826,904.74 794,977.27 31,927.47
(vi) INTEREST RECEIVED ON MORTGAGES 5,625,097.88 5,171,051.41 454,046.47
(vii) AGGREGATE ADVANCES 4,554,025.24 4,166,836.94 387,188.30
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 391 375 16
PRINCIPAL BALANCE 18,799,856.25 17,251,370.37 1,548,485.88
% OF PRINCIPAL 2.884520% 2.906647% 2.659007%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 143 135 8
PRINCIPAL BALANCE 7,946,616.13 7,153,029.25 793,586.88
% OF PRINCIPAL 1.219274% 1.205199% 1.362720%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 318 300 18
PRINCIPAL BALANCE 17,629,365.18 16,036,423.32 1,592,941.86
% OF PRINCIPAL 2.704928% 2.701943% 2.735345%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 121 112 9
PRINCIPAL BALANCE 6,219,249.08 5,327,859.53 891,389.55
% OF PRINCIPAL 0.954239% 0.897680% 1.530664%
BANKRUPTCY MORTGAGE DELINQUENCIES (included
in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 14 13 1
PRINCIPAL BALANCE 659,492.76 610,847.54 48,645.22
% OF PRINCIPAL 0.10% 0.10% 0.08%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 14 12 2
PRINCIPAL BALANCE 998,627.86 613,630.84 384,997.02
% OF PRINCIPAL 0.15% 0.10% 0.66%
BANKRUPTCY MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 43 40 3
PRINCIPAL BALANCE 2,094,288.72 1,949,516.84 144,771.88
% OF PRINCIPAL 0.32% 0.33% 0.25%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 135 128 7
PRINCIPAL BALANCE 7,179,660.96 6,569,386.45 610,274.51
% OF PRINCIPAL 1.101598% 1.106862% 1.047943%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 24,953.31 24,953.31 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 35,209.54 35,209.54 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 131 124 7
PRINCIPAL BALANCE 7,039,270.63 6,428,996.12 610,274.51
% OF PRINCIPAL 1.08% 1.08% 1.05%
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 159,450.64 159,450.64 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 176,555,587.78
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 58,235,492.53
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 172.50 178.70 109.22
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.62977620% 10.741149% 9.494704%
(xi) SERVICING FEES PAID 318,519.75 289,535.96 28,983.79
SERVICING FEES ACCRUED 325,282.03 295,896.37 29,385.66
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 509.41
(xiii) POOL PRINCIPAL BALANCE (ENDING) 651,749,923.31 593,514,430.78 58,235,492.53
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 13,604 12,950 654
NUMBER OF MORTGAGES OUTSTANDING (END) 13,285 12,656 629
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,759,425.75 5,294,169.73 465,256.02
(xviiii) SUBORDINATED AMOUNT (REMAINING) 82,811,185.83
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 11,382,478.92
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 312,147.27
EXCESS SPREAD 1,670,404.46 1,542,949.64 127,454.82
(xix) AGGREGATE MORTGAGE LOAN LOSSES 312,147.27
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 992,075.84
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
FROM: SEPT. 15, 1998
TO: OCT. 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 251,364,000.00 191,403,750.94 14,848,163.16 176,555,587.78 990,514.41
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 60,933,718.79 2,698,226.26 58,235,492.53* 303,845.51*
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 839,074,072.00 769,496,312.73 17,546,389.42 751,949,923.31 3,713,542.04
</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 761.46047541 59.07036473 702.39011068 3.94055796
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 863.68047238 38.24492214 825.43555024 4.30673596
<FN>
** NOTIONAL PRINCIPAL AMOUNT
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
*** NOTE: THIS AMOUNT INCLUDES AN ADDITIONAL $11,879.57 THAT SHOULD HAVE BEEN
PAID ON 9/15/98. FOR 9/15/98, THE INCORRECT INTEREST RATE WAS USED. THE
CORRECT RATE CHOULD HAVE BEEN 5.80063% INSTEAD OF 5.5663%.
</TABLE>
