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Previous: PROVIDENT LEASE RECEIVABLES CORP, 424B1, 1998-09-29 |
Next: SHEPHERD STREET FUNDS INC, N-1A/A, 1998-09-29 |
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): September 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 September 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: September 14, 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 September 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 1998-2
- ----------------------------------------------------------------------------------
From AUG. 15, 1998
To SEPT. 15, 1998
TOTAL
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 12,404,099.65
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 274,926,334.69
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) 741,323,678.69
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 154
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 7,423,258.79
(iv) AMOUNT OF CURTAILMENTS RECEIVED 121,839.33
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 926,308.16
(vi) INTEREST RECEIVED ON MORTGAGES 5,680,965.53
(vii) AGGREGATE ADVANCES 4,625,740.04
(viii) a. DELINQUENCY INFORMATION (INCLUDES
BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 260
PRINCIPAL BALANCE 14,571,475.45
% OF PRINCIPAL 1.99%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 98
PRINCIPAL BALANCE 6,131,816.02
% OF PRINCIPAL 0.84%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 50
PRINCIPAL BALANCE 2,801,108.33
% OF PRINCIPAL 0.38%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 44
PRINCIPAL BALANCE 1,948,911.07
% OF PRINCIPAL 0.27%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 8
PRINCIPAL BALANCE 458,756.77
% OF PRINCIPAL 0.06%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5
PRINCIPAL BALANCE 302,054.11
% OF PRINCIPAL 0.04%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 1
PRINCIPAL BALANCE 43,454.64
% OF PRINCIPAL 0.01%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 11
PRINCIPAL BALANCE 652,436.00
% OF PRINCIPAL 0.09%
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 11
PRINCIPAL BALANCE 652,436.00
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
e. MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 266,454,928.41
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 188.22
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.30%
(xi) SERVICING FEES PAID 331,673.80
SERVICING FEES ACCRUED 365,042.30
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
(xiii) POOL PRINCIPAL BALANCE (ENDING) 732,852,272.41
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 14,501
NUMBER OF MORTGAGES OUTSTANDING (END) 14,347
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,268,289.23
(xviiii) SUBORDINATED AMOUNT (REMAINING) 79,073,646.16
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 6,072,166.14
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 1,970,553.56
(xix) AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xx) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 672,991.06
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
--------------------------------------------------------------
FROM: AUG. 15, 1998
TO: SEPT. 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 6.235000% APR. 15, 2008 286,685,000.00 22,350,000.00 8,471,406.28 266,454,928.41 1,428,471.41
CLASS A-2F 6.086000% OCT. 15, 2008 22,350,000.00 22,350,000.00 0.00 22,350,000.00 113,351.75
CLASS A-3F 6.229000% MAR. 15, 2013 191,650,000.00 191,650,000.00 0.00 191,650,000.00 994,823.21
CLASS A-4F 6.326000% JAN. 15, 2022 70,250,000.00 70,250,000.00 0.00 70,250,000.00 370,334.58
CLASS A-5F 6.640000% JULY 15, 2029 69,147,344.00 69,147,344.00 0.00 69,147,344.00 382,615.30
CLASS A-6F 6.159000% APR. 15, 2008 58,600,000.00 58,600,000.00 0.00 58,600,000.00 300,764.50
CLASS A-7F 6.325000% APR. 15, 2008 54,400,000.00 54,400,000.00 0.00 54,400,000.00 286,733.33
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 753,082,344.00 741,323,678.69 8,471,406.28 732,852,272.41 3,877,094.09
</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 268917EN7 958.98402320 29.54952746 929.43449574 4.98272115
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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