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Previous: IMC HOME EQUITY LOAN TRUST 1998 5, 8-K, 1999-02-25 |
Next: NUVEEN UNIT TRUSTS SERIES 33, S-6/A, 1999-02-25 |
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): FEBRUARY 16, 1999
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) 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 FEBRUARY, 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 1998-3
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: FEBRUARY 25, 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 FEBRUARY, 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 1998-3
--------------------------------------------------------------
FROM JAN. 15, 1999
TO FEB. 16, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 11,179,531.95 9,818,778.34 1,360,753.61
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 673,534,143.33
CLASS A-1A PRINCIPAL BALANCE (Beginning) 35,187,391.59
POOL PRINCIPAL BALANCE (Beginning) 708,721,534.92 673,534,143.33 35,187,391.59
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 132 121 11
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 7,393,582.10 6,352,739.81 1,040,842.29
(iv) AMOUNT OF CURTAILMENTS RECEIVED 536,491.41 358,068.30 178,423.11
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 783,244.67 764,318.66 18,926.01
(vi) INTEREST RECEIVED ON MORTGAGES 5,484,636.81 5,252,806.24 231,830.57
(vii) AGGREGATE ADVANCES 3,722,903.17 3,537,303.06 185,600.11
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 310 299 11
PRINCIPAL BALANCE 17,181,230 16,119,850.30 1,061,379.48
% OF PRINCIPAL 2.454664% 2.420423% 3.126376%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 119 115 4
PRINCIPAL BALANCE 6,610,222.52 6,183,296.88 426,925.64
% OF PRINCIPAL 0.944395% 0.928433% 1.257543%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 178 172 6
PRINCIPAL BALANCE 11,845,456.04 11,389,703.85 455,752.19
% OF PRINCIPAL 1.692348% 1.710184% 1.342453%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 42 41 1
PRINCIPAL BALANCE 2,653,162.87 2,579,945.88 73,216.99
% OF PRINCIPAL 0.379055% 0.387383% 0.215666%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 5 5 0
PRINCIPAL BALANCE 357,519.97 357,519.97 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 58,363.15 58,363.15 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 8 8 0
PRINCIPAL BALANCE 468,348.49 468,348.49 0.00
% OF PRINCIPAL 0.07% 0.07% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 44 44 0
PRINCIPAL BALANCE 2,996,890.09 2,996,890.09 0.00
% OF PRINCIPAL 0.428162% 0.449988% 0.000000%
FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 144,541.42 144,541.42 0.00
% OF PRINCIPAL 0.02% 0.02% 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 41 41 0
PRINCIPAL BALANCE 2,773,640.39 2,773,640.39 0.00
% OF PRINCIPAL 0.40% 0.42% 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 66,000.00 66,000.00 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 665,993,016.56
ENDING CLASS A-1A PRINCIPAL BALANCE 33,949,200.18
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 191.24 194.38 129.56
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.07849689% 10.12135986% 9.23763943%
(xi) SERVICING FEES PAID 328,511.41 313,251.23 15,260.18
SERVICING FEES ACCRUED 350,461.28 333,516.28 16,945.00
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 699,942,216.74 665,993,016.56 33,949,200.18
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,076 11,695 381
NUMBER OF MORTGAGES OUTSTANDING (END) 11,944 11,574 370
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,888,076.78 5,627,200.44 260,876.34
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 80,108,253.18
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 10,620,751.84
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 70,713.08
EXCESS SPREAD 2,189,380.94 2,111,983.70 77,397.24
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 70,713.08
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) YIELD SUPPLEMENT CARRYOVER -CURRENT PAYMENT DATE 0.00
UNPAID YIELD SUPPLEMENT CARRYOVER -PRIOR PAYMENT DATE 0.00
(xxii) AMOUNTS DEPOSITED/RELEASED FROM YIELD SUPP SUB- ACCT 0.00
AMOUNTS REC'D FROM YIELD SUPP. SUB-ACCT 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,413,240.82
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
--------------------------------------------------------------
FROM: JAN. 15, 1999
TO: FEB. 16, 1999
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
CLASS A-1F 5.230000% NOV. 15, 2028 706,599,708.00 673,534,143.33 7,541,126.77 665,993,016.56 3,131,185.40 *
CLASS A-1A 5.240000% NOV. 15, 2028 39,251,140.00 35,187,391.59 1,238,191.41 33,949,200.18 163,895.05 *
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 745,850,848.00 708,721,534.92 8,779,318.18 699,942,216.74 3,295,080.45
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EV9 953.20467261 10.67241705 942.53225556 4.43134261
CLASS A-1A 268917EW7 896.46801571 31.54536174 864.92265397 4.17554880
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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