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Previous: EATON VANCE SENIOR INCOME TRUST, N-2/A, 1998-10-27 |
Next: MORGAN KEEGAN SERIES FUND INC, N-8A, 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 1998-3
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-48053 59-3532279
-------- --------- ----------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1998-3
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 1998-3
-----------------------------------------
(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 1998-3
--------------------------------------------------------------
FROM SEPT 15, 1998
TO OCT. 15, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 9,532,949.51 9,012,739.21 520,208.30
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 706,599,708.00
CLASS A-1A PRINCIPAL BALANCE (Beginning) 39,251,140.00
POOL PRINCIPAL BALANCE (Beginning) 745,850,848.91 706,599,708.57 39,251,140.34
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 104 98 6
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,230,499.86 5,866,949.96 363,549.90
(iv) AMOUNT OF CURTAILMENTS RECEIVED 114,471.61 111,438.43 3,033.18
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 718,218.69 694,749.16 23,469.53
(vi) INTEREST RECEIVED ON MORTGAGES 1,636,184.15 1,574,558.80 61,625.35
(vii) AGGREGATE ADVANCES 4,479,223.96 4,265,436.47 213,785.49
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 102 100 2
PRINCIPAL BALANCE 5,312,136.20 5,234,401.35 77,734.85
% OF PRINCIPAL 0.717507% 0.707007% 0.010500%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 6 6 0
PRINCIPAL BALANCE 1,169,310.70 1,169,310.70 0.00
% OF PRINCIPAL 0.157938% 0.157938% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 1 1 0
PRINCIPAL BALANCE 156,643.75 156,643.75 0.00
% OF PRINCIPAL 0.021158% 0.021158% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 12 11 1
PRINCIPAL BALANCE 566,188.09 415,377.18 150,810.91
% OF PRINCIPAL 0.076475% 0.056105% 0.020370%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 31,565.93 31,565.93 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000% 0.000000%
FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
d. MORTGAGES IN REO (TOTAL-included in 90 days
or more in (viii)a. above):
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000% 0.000000%
e. MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 699,926,570.45
ENDING CLASS A-1A PRINCIPAL BALANCE 38,861,087.39
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 194.19 197.49 134.57
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.06127596% 10.13533084% 8.72325398%
(xi) SERVICING FEES PAID 324,547.06 (306,974.64) (17,572.42)
SERVICING FEES ACCRUED 366,185.61 347,092.38 19,093.23
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 738,787,657.84 699,926,570.45 38,861,087.39
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 464.21
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,636 12,214 422
NUMBER OF MORTGAGES OUTSTANDING (END) 12,532 12,116 416
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,157,046.66 5,880,115.01 276,931.65
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 80,178,966.12
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 3,321,565.91
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 3,321,565.91 3,193,883.18 127,682.73
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) YIELD SUPPLEMENT CARRYOVER -CURRENT PAYMENT DATE
UNPAID YIELD SUPPLEMENT CARRYOVER -PRIOR PAYMENT DATE
(xxii) AMOUNTS DEPOSITED/RELEASED FROM YIELD SUPP SUB- ACCT
AMOUNTS REC'D FROM YIELD SUPP. SUB-ACCT
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,421,535.87
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
--------------------------------------------------------------
FROM: 0
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> <C>
CLASS A-1F 5.823750% NOV. 15, 2028 706,599,708.00 706,599,708.00 6,673,137.55 699,926,570.45 2,286,144.47
CLASS A-1A 5.833750% NOV. 15, 2028 39,251,140.00 39,251,140.00 390,052.61 38,861,087.39 127,211.85 *
CLASS X NOV. 15, 2028 0.00 0.00 0.00 0.00
CLASS R NOV. 15, 2028 0.00 0.00 0.00 0.00
________________ ________________ ________________ ________________ _____________
TOTAL 745,850,848.00 745,850,848.00 7,063,190.16 738,787,657.84 2,413,356.33
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EV9 1,000.00000000 9.44401402 990.55598598 3.23541667
CLASS A-1A 268917EW7 1,000.00000000 9.93735749 990.06264251 3.24097222
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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