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Previous: FIRST NILES FINANCIAL INC, 8-K, 1998-10-27 |
Next: COYNE INTERNATIONAL ENTERPRISES CORP, S-4/A, 1998-10-27 |
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 1998-2
----------------------------------
(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 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 1998-2
-----------------------------------------
(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 1998-2
- ----------------------------------------------------------------------------------
From SEPT. 15, 1998
To OCT. 15, 1998
TOTAL
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 13,140,537.69
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 266,454,928.41
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) 732,852,272.41
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 168
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,387,609.56
(iv) AMOUNT OF CURTAILMENTS RECEIVED 251,348.45
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 942,936.76
(vi) INTEREST RECEIVED ON MORTGAGES 6,049,581.61
(vii) AGGREGATE ADVANCES 4,248,357.48
(viii) a. DELINQUENCY INFORMATION (INCLUDES
BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 283
PRINCIPAL BALANCE 13,774,345.36
% OF PRINCIPAL 1.90%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 125
PRINCIPAL BALANCE 7,158,427.56
% OF PRINCIPAL 0.99%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 115
PRINCIPAL BALANCE 6,912,666.44
% OF PRINCIPAL 0.96%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 58
PRINCIPAL BALANCE 2,861,234.07
% OF PRINCIPAL 0.40%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 7
PRINCIPAL BALANCE 506,836.18
% OF PRINCIPAL 0.07%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 9
PRINCIPAL BALANCE 703,129.62
% OF PRINCIPAL 0.10%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 8
PRINCIPAL BALANCE 396,780.78
% OF PRINCIPAL 0.05%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 31
PRINCIPAL BALANCE 2,045,939.94
% OF PRINCIPAL 0.28%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1
PRINCIPAL BALANCE 25,739.41
% 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 30
PRINCIPAL BALANCE 2,020,200.53
% OF PRINCIPAL 0.28%
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 10,800.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 256,862,233.64
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 187.53
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.30%
(xi) SERVICING FEES PAID 352,926.00
SERVICING FEES ACCRUED 363,062.45
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
(xiii) POOL PRINCIPAL BALANCE (ENDING) 723,259,577.64
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 658,798.16
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 14,501
NUMBER OF MORTGAGES OUTSTANDING (END) 14,179
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,232,563.86
(xviiii) SUBORDINATED AMOUNT (REMAINING) 79,062,846.16
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 7,735,046.98
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 10,800.00
EXCESS SPREAD 1,981,459.41
(xix) AGGREGATE MORTGAGE LOAN LOSSES 10,800.00
(xx) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 672,667.85
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
--------------------------------------------------------------
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 6.235000% APR. 15, 2008 286,685,000.00 22,350,000.00 9,592,694.77 256,862,233.64 1,384,455.40
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 753,082,344.00 732,852,272.41 9,592,694.77 723,259,577.64 3,833,078.08
</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 929.43449574 33.46074880 895.97374693 4.82918673
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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