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Previous: MORGAN STANLEY CAPITAL I INC COM MORT PS THR CER SE 1998-CF1, 8-K, 1998-07-31 |
Next: ADMIRALTY BANCORP INC, SB-2, 1998-07-31 |
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 1998-2
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3521397
DELAWARE 333-48053 59-7126186
-------- --------- ----------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1998-2
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 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 1998-2
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: July 31, 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 JULY 1998 REMITTANCE
DATE.
<PAGE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
- ----------------------------------------------------------------------
FROM JUNE 30, TO JULY 15, 1998
<S> <C> <C> <C> <C>
TOTAL
_ _ _ _ _
(i) AVAILABLE PAYMENT AMOUNT 8,670,575.98
Portions subject to bankrupty 0.00
(ii)CLASS A-1F PRINCIPAL BALANCE (Beginning) 286,685,000.00
CLASS A-2F PRINCIPAL BALANCE (Beginning) 22,350,000.00
CLASS A-3F PRINCIPAL BALANCE (Beginning) 191,650,000.00
CLASS A-4F PRINCIPAL BALANCE (Beginning) 70,250,000.00
CLASS A-5F PRINCIPAL BALANCE (Beginning) 69,147,344.00
CLASS A-6F PRINCIPAL BALANCE (Beginning) 58,600,000.00
CLASS A-7F PRINCIPAL BALANCE (Beginning) 54,400,000.00
POOL PRINCIPAL BALANCE (Beginning) 753,082,344.39
(iii)MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 81
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,731,214.72
(iv) AMOUNT OF CURTAILMENTS RECEIVED 126,264.42
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 818,425.51
(vi)INTEREST RECEIVED ON MORTGAGES 1,506,816.93
(vii)AGGREGATE ADVANCES 4,623,924.43
</Table
<CAPTION>
(viii) a. DELINQUENCY INFORMATION (INCLUDES
BANKRUPTCY & FORECLOSURES & REO):
<S> <C>
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 99
PRINCIPAL BALANCE 4,909,771.36
% OF PRINCIPAL 0.656030%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 7
PRINCIPAL BALANCE 525,004.45
% OF PRINCIPAL 0.070150%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 34
PRINCIPAL BALANCE 1,288,510.85
% OF PRINCIPAL 0.172167%
</TABLE>
<TABLE>
<CAPTION>
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
<S> <C>
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1
PRINCIPAL BALANCE 43,454.64
% OF PRINCIPAL 0.01%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
</TABLE>
<TABLE>
<CAPTION>
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
<S> <C>
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%
</TABLE>
<TABLE>
<CAPTION>
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
<S> <C> <C>
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
e.MORTGAGE LOAN LOSSES 0.00
(ix)ENDING CLASS A-1F PRINCIPAL BALANCE 282,009,095.74
ENDING CLASS A-2F PRINCIPAL BALANCE 22,350,000.00
ENDING CLASS A-3F PRINCIPAL BALANCE 191,650,000.00
ENDING CLASS A-4F PRINCIPAL BALANCE 70,250,000.00
ENDING CLASS A-5F PRINCIPAL BALANCE 69,147,344.00
ENDING CLASS A-6F PRINCIPAL BALANCE 58,600,000.00
ENDING CLASS A-7F PRINCIPAL BALANCE 54,400,000.00
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 189.79364837
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.30687062%
(xi)SERVICING FEES PAID 86,653.60
SERVICING FEES ACCRUED 371,950.31
(xii)SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
(xiii)POOL PRINCIPAL BALANCE (ENDING) 748,406,439.74
(xiv)RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 14,709
NUMBER OF MORTGAGES OUTSTANDING (END) 14,628
(xvii)AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,416,038.07
(xviii)SUBORDINATED AMOUNT (REMAINING) 79,073,646.02
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 2,049,416.43
(xviiiI)CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 2,049,416.43
(xix) AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xx) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 673,629.80
(xx)
</talbe>
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
- ----------------------------------------------------------------------
FROM: JUNE 30, TO: JULY 15, 1998
<S> <C> <C> <C> <C> <C> <C>
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE
CLASS A-1F 6.235000% APR. 15, 2008 286,685,000.00 286,685,000.00 4,675,904.26 282,009,095.74
CLASS A-2F 6.086000% OCT. 15, 2008 22,350,000.00 22,350,000.00 0.00 22,350,000.00
CLASS A-3F 6.229000% MAR. 15, 2013 191,650,000.00 191,650,000.00 0.00 191,650,000.00
CLASS A-4F 6.326000% JAN. 15, 2022 70,250,000.00 70,250,000.00 0.00 70,250,000.00
CLASS A-5F 6.640000% JULY 15, 2029 69,147,344.00 69,147,344.00 0.00 69,147,344.00
CLASS A-6F 6.159000% APR. 15, 2008 58,600,000.00 58,600,000.00 0.00 58,600,000.00
CLASS A-7F 6.325000% APR. 15, 2008 54,400,000.00 54,400,000.00 0.00 54,400,000.00
CLASS X JULY 15, 2029 0.00 0.00 0.00 0.00
CLASS R JULY 15, 2029 0.00 0.00 0.00 0.00
CLASS LR JULY 15, 2029 0.00 0.00 0.00 0.00
_________________ _________________ _____________ ______________
TOTAL 753,082,344.00 753,082,344.00 4,675,904.26 748,406,439.74
<S> <C>
SECURITY INTEREST
DESCRIPTION PAYABLE
CLASS A-1F 1,489,567.48
CLASS A-2F 113,351.75
CLASS A-3F 994,823.21
CLASS A-4F 370,334.58
CLASS A-5F 382,615.30
CLASS A-6F 300,764.50
CLASS A-7F 286,733.33
CLASS X
CLASS R
CLASS LR
_________________
TOTAL 3,938,190.16
</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 268917EN7 1,000.00000000 16.31025083 983.68974917 5.19583333
CLASS A-2F 268917EP2 1,000.00000000 0.00000000 1000.00000000 5.07166667
CLASS A-3F 268917EQ0 1,000.00000000 0.00000000 1000.00000000 5.19083333
CLASS A-4F 268917ER8 1,000.00000000 0.00000000 1000.00000000 5.27166667
CLASS A-5F 268917ES6 1,000.00000000 0.00000000 1000.00000000 5.53333333
CLASS A-6F 268917ET4 1,000.00000000 0.00000000 1000.00000000 5.13250000
CLASS A-7F 268917EU1 1,000.00000000 0.00000000 1000.00000000 5.27083333
</TABLE>
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