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): MARCH 15, 1999
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) 457-5000
<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 MARCH, 1999,
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: March 31, 1999 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 FEBRUARY, 1999 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 FEB. 16, 1999
TO MAR. 15, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----- ----- -----
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 22,301,796.99 19,510,453.28 2,791,343.71
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 109,081,685.63
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) 45,383,532.51
POOL PRINCIPAL BALANCE (Beginning) 571,424,061.14 526,040,528.63 45,383,532.51
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 354 324 30
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 18,388,853.17 15,792,870.54 2,595,982.63
(iv) AMOUNT OF CURTAILMENTS RECEIVED 45,542.26 45,607.72 -65.46
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 664,035.92 645,456.41 18,579.51
(vi) INTEREST RECEIVED ON MORTGAGES 4,176,560.53 3,887,152.81 289,407.72
(vii) AGGREGATE ADVANCES 4,094,267.06 3,767,349.03 326,918.03
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 637 608 29
PRINCIPAL BALANCE 31,874,475.26 28,989,191.85 2,885,283.41
% OF PRINCIPAL 5.772709% 5.690974% 6.746197%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 168 156 12
PRINCIPAL BALANCE 7,920,402.53 6,803,852.08 1,116,550.45
% OF PRINCIPAL 1.434445% 1.335689% 2.610651%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 625 591 34
PRINCIPAL BALANCE 35,069,949.40 32,272,806.60 2,797,142.80
% OF PRINCIPAL 6.351434% 6.335592% 6.540112%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 191 179 12
PRINCIPAL BALANCE 10,032,237.30 8,904,497.65 1,127,739.65
% OF PRINCIPAL 1.816914% 1.748074% 2.636813%
BANKRUPTCY MORTGAGE DELINQUENCIES (included
in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 11 10 1
PRINCIPAL BALANCE 707,621.66 393,787.62 313,834.04
% OF PRINCIPAL 0.13% 0.08% 0.73%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 18 15 3
PRINCIPAL BALANCE 1,008,006.94 677,187.04 330,819.90
% OF PRINCIPAL 0.18% 0.13% 0.77%
BANKRUPTCY MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 103 96 7
PRINCIPAL BALANCE 5,783,949.11 5,369,102.19 414,846.92
% OF PRINCIPAL 1.05% 1.05% 0.97%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 350 330 20
PRINCIPAL BALANCE 20,169,582.39 18,272,897.21 1,896,685.18
% OF PRINCIPAL 3.652864% 3.587219% 4.434716%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 146,895.45 146,895.45 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 3 2 1
PRINCIPAL BALANCE 159,577.63 111,019.61 48,558.02
% OF PRINCIPAL 0.03% 0.02% 0.11%
FORECLOSURE MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 334 315 19
PRINCIPAL BALANCE 19,464,140.36 17,616,013.20 1,848,127.16
% OF PRINCIPAL 3.53% 3.46% 4.32%
d. MORTGAGES IN REO (TOTAL-included in 90 days or
more in (viii)a. above):
NUMBER 13 12 1
PRINCIPAL BALANCE 819,095.49 682,678.94 136,416.55
% OF PRINCIPAL 0.148344% 0.134019% 0.318961%
e. MORTGAGE LOAN LOSSES 164,273.84 164,273.84 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 92,430,091.39
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 42,769,035.83
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 168.89 174.66 100.24
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.67896602% 10.721530% 10.171854%
(xi) SERVICING FEES PAID 227,605.52 211,034.16 16,571.36
SERVICING FEES ACCRUED 256,887.50 237,356.54 19,530.96
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 552,157,970.22 509,388,934.39 42,769,035.83
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 11,797 11,297 500
NUMBER OF MORTGAGES OUTSTANDING (END) 11,443 10,973 470
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,082,527.71 4,700,574.11 381,953.60
(xviiii) SUBORDINATED AMOUNT (REMAINING) 81,979,472.30
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 16,932,536.24
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 1,143,860.94
EXCESS SPREAD 1,625,660.30 1,440,084.69 185,575.61
(xix) AGGREGATE MORTGAGE LOAN LOSSES 1,143,860.94
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 940,244.21
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-1
FROM: FEB. 16, 1999
TO: MAR. 15, 1999
<S> <C> <C> <C> <C> <C> <C> <C>
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
CLASS A-1F 6.210000% DEC. 15, 2007 251,364,000.00 109,081,685.63 16,651,594.24 92,430,091.39 564,497.72
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 5.095630%* OCT. 15, 2027 70,551,229.00 45,383,532.51 2,614,496.68 42,769,035.83 173,443.27
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 839,074,072.00 671,624,061.14 19,266,090.92 652,357,970.22 3,157,123.11
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <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 433.95906188 66.24494454 367.71411734 2.24573815
CLASS A-2F 268917EE7 1,000.00000000 0.00000000 1,000.00000000 5.11333333
CLASS A-3F 268917EF4 1,000.00000000 0.00000000 1,000.00000000 5.18750000
CLASS A-4F 268917EG2 1,000.00000000 0.00000000 1,000.00000000 5.38250000
CLASS A-5F 268917EH0 1,000.00000000 0.00000000 1,000.00000000 5.70583333
CLASS A-6F 268917EJ6 1,000.00000000 0.00000000 1,000.00000000 5.21000000
CLASS A-7F 268917EK3 1,000.00000000 0.00000000 1,000.00000000 5.34583333
CLASS A-IO 268917EL1 1,000.00000000 0.00000000 1,000.00000000 2.08333333
CLASS A-1A 268917EM9 643.27061560 37.05813091 606.21248469 2.45840179
<FN>
**NOTIONAL PRINCIPAL AMOUNT
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
