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): JULY 15, 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
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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
-------
(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE JULY 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
<PAGE>
DATED: , 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.
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
- ----------------------------------------------------------------------
FROM JUNE 15, 1998
TO JULY 15, 1998
<S> <C> <C> <C> <C> <C>
FIXED RATE
TOTAL GROUP
_ _ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 16,724,664.28 14,010,585.40
Portions subject to bankrupty 0.00
(ii)CLASS A-1F PRINCIPAL BALANCE (Beginning) 229,693,666.34
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) 67,202,496.36
POOL PRINCIPAL BALANCE (Beginning) 713,855,005.70 646,652,509.34
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 252 227
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 11,728,777.19 9,393,420.88
(iv) AMOUNT OF CURTAILMENTS RECEIVED 164,537.87 156,062.70
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 844,241.16 804,756.04
(vi)INTEREST RECEIVED ON MORTGAGES 5,985,033.39 5,484,918.90
(vii) AGGREGATE ADVANCES 4,882,750.94 4,463,235.67
</TABLE>
<TABLE>
<CAPTION>
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
<S> <C> <C>
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 241 228
PRINCIPAL BALANCE 12,102,498.51 11,225,686.28
% OF PRINCIPAL 1.726218% 1.764269%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 100 94
PRINCIPAL BALANCE 4,752,233.20 3,987,347.57
% OF PRINCIPAL 0.677826% 0.626666%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 124 119
PRINCIPAL BALANCE 6,694,906.78 6,279,961.64
% OF PRINCIPAL 0.954916% 0.986981%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 69 65
PRINCIPAL BALANCE 3,550,571.24 3,037,732.65
% OF PRINCIPAL 0.506429% 0.477421%
</TABLE>
<TABLE>
<CAPTION>
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
<S> <C> <C>
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 7 7
PRINCIPAL BALANCE 512,325.86 512,325.86
% OF PRINCIPAL 0.07% 0.08%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 9 7
PRINCIPAL BALANCE 621,152.44 243,620.50
% OF PRINCIPAL 0.09% 0.04%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 16 15
PRINCIPAL BALANCE 651,069.19 612,792.27
% OF PRINCIPAL 0.09% 0.10%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 4 4
PRINCIPAL BALANCE 300,172.20 300,172.20
% OF PRINCIPAL 0.042815% 0.047176%
</TABLE>
<TABLE>
<CAPTION>
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
<S> <C> <C>
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0
PRINCIPAL BALANCE 0.00 0.00
% OF PRINCIPAL 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0 0
PRINCIPAL BALANCE 0.00 0.00
% OF PRINCIPAL 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 3 3
PRINCIPAL BALANCE 278,633.20 278,633.20
% OF PRINCIPAL 0.04% 0.04%
</TABLE>
<TABLE>
<CAPTION>
d. MORTGAGES IN REO (TOTAL-included in
90 days or more in (viii)a. above):
<S> <C> <C> <C>
NUMBER 0 0
PRINCIPAL BALANCE 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000%
e. MORTGAGE LOAN LOSSES 18,429.89 18,429.89
(ix)ENDING CLASS A-1F PRINCIPAL BALANCE 219,320,996.83
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 64,819,179.76
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 174.43882224 180.83635492
WEIGHTED AVERAGE MORTGAGE INTEREST RATE
INTEREST RATE 10.60243291% 10.747696%
(xi)SERVICING FEES PAID 340,287.54 306,900.53
SERVICING FEES ACCRUED 352,553.13 319,584.92
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii)POOL PRINCIPAL BALANCE (ENDING) 701,099,019.59 636,279,839.83
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 14,442 13,719
NUMBER OF MORTGAGES OUTSTANDING (END) 14,190 13,492
(xvii) AGGREGATE INTEREST ACCRUED ON
THE MORTGAGE LOANS 6,229,863.26 5,724,938.44
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,104,903.21
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 6,307,167.31
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 18,429.89
EXCESS SPREAD 1,890,202.07 1,749,007.74
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 18,429.89
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE
LARGEST MORTGAGES 993,541.79
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
VARIABLE RATE
GROUP
_
(i) AVAILABLE PAYMENT AMOUNT 2,714,078.89
Portions subject to bankrupty
(ii)CLASS A-1F PRINCIPAL BALANCE (Beginning)
CLASS A-2F PRINCIPAL BALANCE (Beginning)
CLASS A-3F PRINCIPAL BALANCE (Beginning)
CLASS A-4F PRINCIPAL BALANCE (Beginning)
CLASS A-5F PRINCIPAL BALANCE (Beginning)
CLASS A-6F PRINCIPAL BALANCE (Beginning)
CLASS A-7F PRINCIPAL BALANCE (Beginning)
CLASS A-IO NOTIONAL PRINCIPAL BALANCE (Beginning)
CLASS A-1A PRINCIPAL BALANCE (Beginning)
POOL PRINCIPAL BALANCE (Beginning) 67,202,496.36
(iii)MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 25
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,335,356.31
(iv)AMOUNT OF CURTAILMENTS RECEIVED 8,475.17
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 39,485.12
(vi) INTEREST RECEIVED ON MORTGAGES 500,114.49
(vii) AGGREGATE ADVANCES 419,515.27
(viii) DELINQUENCY INFORMATION (INCLUDES
BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 13
PRINCIPAL BALANCE 876,812.23
% OF PRINCIPAL 1.352705%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 6
PRINCIPAL BALANCE 764,885.63
% OF PRINCIPAL 1.180030%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 5
PRINCIPAL BALANCE 414,945.14
% OF PRINCIPAL 0.640158%
MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 4
PRINCIPAL BALANCE 512,838.59
% OF PRINCIPAL 0.791183%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2
PRINCIPAL BALANCE 377,531.94
% OF PRINCIPAL 0.58%
BANKRUPTCY MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 1
PRINCIPAL BALANCE 38,276.92
% OF PRINCIPAL 0.06%
MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
MORTGAGES IN REO (TOTAL-included in
90 days or more in (viii)a. above):
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE
ENDING CLASS A-2F PRINCIPAL BALANCE
ENDING CLASS A-3F PRINCIPAL BALANCE
ENDING CLASS A-4F PRINCIPAL BALANCE
ENDING CLASS A-5F PRINCIPAL BALANCE
ENDING CLASS A-6F PRINCIPAL BALANCE
ENDING CLASS A-7F PRINCIPAL BALANCE
ENDING CLASS A-IO NOTIONAL PRINCIPAL BALANCE
ENDING CLASS A-1A PRINCIPAL BALANCE
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 111.63918346
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 9.176499%
(xi) SERVICING FEES PAID 33,387.01
SERVICING FEES ACCRUED 32,968.21
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
(xiii) POOL PRINCIPAL BALANCE (ENDING) 64,819,179.76
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER
TO REPRESENTATIVE
TO DEPOSITORS
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 723
NUMBER OF MORTGAGES OUTSTANDING (END) 698
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 504,924.82
(xviiiI) SUBORDINATED AMOUNT (REMAINING)
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS
EXCESS SPREAD 141,194.32
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
- ----------------------------------------------------------------------
FROM: JUNE 15, 1998
TO: JULY 15, 1998
<C> <C> <C>
<C> <C>
ORIGINAL BEGINNING PRINCIPAL
ENDING INTEREST
SECURITY RATE MATURITY FACE
BALANCE REDUCTIONS
DESCRIPTION
CLASS A-1F 6.210000% DEC. 15, 2007
251,364,000.00 229,693,666.34 10,372,669.51
CLASS A-2F 6.136000% APR. 15, 2009
49,113,000.00 49,113,000.00 0.00
CLASS A-3F 6.225000% DEC. 15, 2012
145,552,000.00 145,552,000.00 0.00
CLASS A-4F 6.459000% MAR. 15, 2021
64,596,500.00 64,596,500.00 0.00
CLASS A-5F 6.847000% JAN. 15, 2028
57,497,343.00 57,497,343.00 0.00
CLASS A-6F 6.252000% DEC. 15, 2007
52,737,000.00 52,737,000.00 0.00
CLASS A-7F 6.415000% NOV. 15, 2027
47,463,000.00 47,463,000.00 0.00
CLASS A-IO 2.500000% SEPT. 15, 2000
100,200,000.00 ** 100,200,000.00
CLASS A-1A 5.816250% OCT. 15, 2027
70,551,229.00 67,202,496.36 2,383,316.60
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 839,074,072.00 814,055,005.70
12,755,986.11 801,299,019.59 3,933,568.94
FROM:
TO:
<C> <C> <C>
<C> <C>
SECURITY BALANCE PAYABLE
DESCRIPTION
CLASS A-1F 219,320,996.83 1,188,664.72
CLASS A-2F 49,113,000.00 251,131.14
CLASS A-3F 145,552,000.00 755,051.00
CLASS A-4F 64,596,500.00 347,690.66
CLASS A-5F 57,497,343.00 328,070.26
CLASS A-6F 52,737,000.00 274,759.77
CLASS A-7F 47,463,000.00 253,729.29
CLASS A-IO 100,200,000.00** 208,750.00
CLASS A-1A 64,819,179.76 325,722.10
CLASS X
CLASS R
CLASS MR
CLASS LR
_________________ _________________ _________________
_________________
TOTAL
</TABLE>
<TABLE><CAPTION> <C> <C> <C> <C>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917ED9 913.78903240 41.26553329 872.52349911 4.72885824
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 952.53473699 33.78136191 918.75337508 4.61681680
**NOTIONAL PRINCIPAL AMOUNT
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
<PAGE>
</TABLE>