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): AUGUST 17, 1998
EQCC HOME EQUITY LOAN TRUST 1998-2
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(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)
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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 EXIBITS
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(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE AUGUST 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: AUGUST 28, 1998 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
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EXHIBIT
NUMBER EXHIBIT
- ------ -------
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE AUGUST 1998
REMITTANCE DATE.
<PAGE>
[TYPE] EX-99
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
- ----------------------------------------------------------------------------------
From JULY 15, 1998
To AUG. 17, 1998
TOTAL
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 11052786.47
Portions subject to bankrupty 0
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 282009095.7
CLASS A-2F PRINCIPAL BALANCE (Beginning) 22350000
CLASS A-3F PRINCIPAL BALANCE (Beginning) 191650000
CLASS A-4F PRINCIPAL BALANCE (Beginning) 70250000
CLASS A-5F PRINCIPAL BALANCE (Beginning) 69147344
CLASS A-6F PRINCIPAL BALANCE (Beginning) 58600000
CLASS A-7F PRINCIPAL BALANCE (Beginning) 54400000
POOL PRINCIPAL BALANCE (Beginning) 748406439.7
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 127
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5969706.31
(iv) AMOUNT OF CURTAILMENTS RECEIVED 142774.15
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 970280.59
(vi) INTEREST RECEIVED ON MORTGAGES 6027183.96
(vii) AGGREGATE ADVANCES 4427075.14
(viii) a. DELINQUENCY INFORMATION (INCLUDES
BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 165
PRINCIPAL BALANCE 9407306.39
% OF PRINCIPAL 0.012689887
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 53
PRINCIPAL BALANCE 2694933.83
% OF PRINCIPAL 0.003635303
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 3
PRINCIPAL BALANCE 213168.13
% OF PRINCIPAL 0.000287551
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 31
PRINCIPAL BALANCE 1101832.39
% OF PRINCIPAL 0.001486305
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0
PRINCIPAL BALANCE 0
% OF PRINCIPAL 0
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2
PRINCIPAL BALANCE 60544.48
% OF PRINCIPAL 8.16708E-05
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 0
PRINCIPAL BALANCE 0
% OF PRINCIPAL 0
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 0
PRINCIPAL BALANCE 0
% OF PRINCIPAL 0
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0
PRINCIPAL BALANCE 0
% OF PRINCIPAL 0
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0
PRINCIPAL BALANCE 0
% OF PRINCIPAL 0
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 0
PRINCIPAL BALANCE 0
% OF PRINCIPAL 0
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER 0
PRINCIPAL BALANCE 0
% OF PRINCIPAL 0
e. MORTGAGE LOAN LOSSES 0
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 274926334.7
ENDING CLASS A-2F PRINCIPAL BALANCE 22350000
ENDING CLASS A-3F PRINCIPAL BALANCE 191650000
ENDING CLASS A-4F PRINCIPAL BALANCE 70250000
ENDING CLASS A-5F PRINCIPAL BALANCE 69147344
ENDING CLASS A-6F PRINCIPAL BALANCE 58600000
ENDING CLASS A-7F PRINCIPAL BALANCE 54400000
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 189.0073392
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 0.103046731
(xi) SERVICING FEES PAID 351816.18
SERVICING FEES ACCRUED 371167.99
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
(xiii) POOL PRINCIPAL BALANCE (ENDING) 741323678.7
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0
TO REPRESENTATIVE 0
TO DEPOSITORS 0
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 14628
NUMBER OF MORTGAGES OUTSTANDING (END) 14501
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6375560.94
(xviii) SUBORDINATED AMOUNT (REMAINING) 79073646.02
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 4088480.769
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0
EXCESS SPREAD 2034367.529
(xix) AGGREGATE MORTGAGE LOAN LOSSES 0
(xx) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 673230.56
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
FROM: JULY 15, 1998
TO: AUG. 17, 1998
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
DESCRIPTION
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1F 6.235000% APR. 15, 2008 286,685,000.00 282,009,095.74 7,082,761.05 274,926,334.69 1,465,272.26
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 753,082,344.00 748,406,439.74 7,082,761.05 741,323,678.69 3,913,894.94
</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 983.68974917 24.70572597 958.98402320 5.11108799
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>