|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FT 312, 497J, 1998-11-30 |
Next: COMMERCIAL MORTGAGE PASS THR CERT SER 1998-C2, 8-K, 1998-11-30 |
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): NOVEMBER 16, 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 NOVEMBER 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: NOVEMBER 30, 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 NOVEMBER 1998,
REMITTANCE DATE.
<PAGE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
--------------------------------------------------------------
FROM OCT. 15, 1998
TO NOV. 16, 1998
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 12,133,458.77 10,654,580.01 1,478,878.76
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 699,926,570.45
CLASS A-1A PRINCIPAL BALANCE (Beginning) 38,861,087.39
POOL PRINCIPAL BALANCE (Beginning) 738,787,657.84 699,926,570.45 38,861,087.39
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 108 97 11
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 7,355,624.11 6,100,316.24 1,255,307.87
(iv) AMOUNT OF CURTAILMENTS RECEIVED 194,096.93 192,962.88 1,134.05
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 825,120.38 800,718.43 24,401.95
(vi) INTEREST RECEIVED ON MORTGAGES 5,742,028.23 5,486,426.88 255,601.35
(vii) AGGREGATE ADVANCES 4,452,873.87 4,233,343.43 219,530.44
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 117 111 6
PRINCIPAL BALANCE 6,499,163.69 5,929,930.88 569,232.81
% OF PRINCIPAL 0.889793% 0.811860% 0.077933%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 54 53 1
PRINCIPAL BALANCE 3,033,628.90 3,007,039.62 26,589.28
% OF PRINCIPAL 0.415331% 0.411690% 0.003640%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 6 6 0
PRINCIPAL BALANCE 1,138,577.55 1,138,577.55 0.00
% OF PRINCIPAL 0.155881% 0.155881% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 14 13 1
PRINCIPAL BALANCE 649,603.36 498,892.29 150,711.07
% OF PRINCIPAL 0.088936% 0.068303% 0.020634%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 69,917.78 69,917.78 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 45,750.00 45,750.00 0.00
% OF PRINCIPAL 0.01% 0.01% 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 692,832,572.90
ENDING CLASS A-1A PRINCIPAL BALANCE 37,580,243.52
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 193.43123576 196.61237402 134.80373464
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.06838428% 10.131343% 8.908064%
(xi) SERVICING FEES PAID 369,798.00 350,692.37 19,105.63
SERVICING FEES ACCRUED 365,210.55 346,430.41 18,780.14
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 730,412,816.42 692,832,572.90 37,580,243.52
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,532 12,116 416
NUMBER OF MORTGAGES OUTSTANDING (END) 12,424 12,019 405
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,131,612.09 5,851,551.84 280,060.25
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 80,178,966.26
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 5,336,473.72
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 2,007,784.19 1,944,538.97 63,245.22
(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 0
UNPAID YIELD SUPPLEMENT CARRYOVER -PRIOR 0
PAYMENT DATE
(xxii) AMOUNTS DEPOSITED/RELEASED FROM YIELD 0
SUPP SUB- ACCT
AMOUNTS REC'D FROM YIELD SUPP. SUB-ACCT 0
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,416,765.49
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
--------------------------------------------------------------
FROM: OCT. 15, 1998
TO: NOV. 16, 1998
<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 5.638590% NOV. 15, 2028 706,599,708.00 699,926,570.45 7,093,997.55 692,832,572.90 3,508,087.97
CLASS A-1A 5.648590% NOV. 15, 2028 39,251,140.00 38,861,087.39 1,280,843.87 37,580,243.52 195,120.31
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 745,850,848.00 738,787,657.84 8,374,841.42 730,412,816.42 3,703,208.28
</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 268917EV9 990.55598598 10.03962706 980.51635892 4.96474585
CLASS A-1A 268917EW7 990.06264251 32.63201706 957.43062545 4.97107373
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
|
|