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Previous: TRI STATE OUTDOOR MEDIA GROUP INC, 10-K, 1999-03-31 |
Next: INDYMAC MANUFACTURED HOUSING CON PASS THR CERT SERIES 1998-2, 8-K, 1999-03-31 |
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): MARCH 15, 1999
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) 457-5000
<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 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 1998-2
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: March 31, 1999 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 MARCH, 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 1998-2
- ----------------------------------------------------------------------------------
From FEB. 16, 1999
To MAR. 15, 1999
TOTAL
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 17,702,709.13
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 208,685,992.05
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) 675,083,336.05
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 257
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 13,192,095.27
(iv) AMOUNT OF CURTAILMENTS RECEIVED 95,481.99
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 831,194.79
(vi) INTEREST RECEIVED ON MORTGAGES 4,859,921.85
(vii) AGGREGATE ADVANCES 4,530,944.25
(viii) a. DELINQUENCY INFORMATION (INCLUDES
BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 641
PRINCIPAL BALANCE 31,887,170.94
% OF PRINCIPAL 4.82%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 176
PRINCIPAL BALANCE 8,206,875.85
% OF PRINCIPAL 1.24%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 469
PRINCIPAL BALANCE 28,022,396.83
% OF PRINCIPAL 4.24%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 131
PRINCIPAL BALANCE 6,676,079.66
% OF PRINCIPAL 1.01%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 13
PRINCIPAL BALANCE 765,888.41
% OF PRINCIPAL 0.12%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 10
PRINCIPAL BALANCE 708,050.00
% OF PRINCIPAL 0.11%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 59
PRINCIPAL BALANCE 3,385,252.65
% OF PRINCIPAL 0.51%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 278
PRINCIPAL BALANCE 16,551,149.31
% OF PRINCIPAL 2.50%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 6
PRINCIPAL BALANCE 217,798.93
% OF PRINCIPAL 0.03%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 3
PRINCIPAL BALANCE 91,601.91
% OF PRINCIPAL 0.01%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 264
PRINCIPAL BALANCE 16,059,908.51
% OF PRINCIPAL 2.43%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER 1
PRINCIPAL BALANCE 84,935.71
% OF PRINCIPAL 0.00%
e. MORTGAGE LOAN LOSSES 74,984.43
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 194,492,235.57
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 183.43
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.28%
(xi) SERVICING FEES PAID 274,711.07
SERVICING FEES ACCRUED 311,312.16
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.
(xiii) POOL PRINCIPAL BALANCE (ENDING) 660,889,579.57
(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) 13,018
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,786,054.89
(xviiii) SUBORDINATED AMOUNT (REMAINING) 78,689,752.50
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 16,003,548.31
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 383,893.66
EXCESS SPREAD 1,891,191.17
(xix) AGGREGATE MORTGAGE LOAN LOSSES 383,893.66
(xx) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 668,941.95
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-2
--------------------------------------------------------------
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 6.235000% APR. 15, 2008 286,685,000.00 208,685,992.05 14,193,756.48 194,492,235.57 1,084,297.63
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 753,082,344.00 675,083,336.05 14,193,756.48 660,889,579.57 3,532,920.31
</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 727.92783735 49.50993767 678.41789968 3.78219172
CLASS A-2F 268917EP2 1,000.00000000 0.00000000 1,000.00000000 5.07166667
CLASS A-3F 268917EQ0 1,000.00000000 0.00000000 1,000.00000000 5.19083333
CLASS A-4F 268917ER8 1,000.00000000 0.00000000 1,000.00000000 5.27166667
CLASS A-5F 268917ES6 1,000.00000000 0.00000000 1,000.00000000 5.53333333
CLASS A-6F 268917ET4 1,000.00000000 0.00000000 1,000.00000000 5.13250000
CLASS A-7F 268917EU1 1,000.00000000 0.00000000 1,000.00000000 5.27083333
</TABLE>
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