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Previous: CWMBS INC MORT PASS THRO CERT SERIES 1998-17, 8-K, 1999-03-31 |
Next: GLOBAL CROSSING CAYMAN LTD, 10-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 1998-3
----------------------------------
(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 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 1998-3
-----------------------------------------
(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 1998-3
--------------------------------------------------------------
FROM FEB. 16, 1999
TO MAR. 15, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 12,040,582.64 10,535,213.62 1,505,369.02
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 665,993,016.56
CLASS A-1A PRINCIPAL BALANCE (Beginning) 33,949,200.18
POOL PRINCIPAL BALANCE (Beginning) 699,942,216.74 665,993,016.56 33,949,200.18
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 164 150 14
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 9,295,119.89 7,886,337.80 1,408,782.09
(iv) AMOUNT OF CURTAILMENTS RECEIVED 146,155.17 145,796.87 358.30
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 895,303.14 876,633.45 18,669.69
(vi) INTEREST RECEIVED ON MORTGAGES 5,143,833.14 4,913,108.50 230,724.64
(vii) AGGREGATE ADVANCES 3,651,842.60 3,475,983.59 175,859.01
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 461 446 15
PRINCIPAL BALANCE 25,611,724 24,284,876.01 1,326,847.92
% OF PRINCIPAL 3.713997% 3.695886% 4.079924%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 141 137 4
PRINCIPAL BALANCE 8,134,064.80 7,623,539.90 510,524.90
% OF PRINCIPAL 1.179534% 1.160217% 1.569813%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 226 219 7
PRINCIPAL BALANCE 14,337,056.37 13,743,878.40 593,177.97
% OF PRINCIPAL 2.079040% 2.091664% 1.823963%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 50 49 1
PRINCIPAL BALANCE 2,980,973.82 2,907,756.83 73,216.99
% OF PRINCIPAL 0.432276% 0.442528% 0.225135%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 9 9 0
PRINCIPAL BALANCE 495,239.66 495,239.66 0.00
% OF PRINCIPAL 0.07% 0.07% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 5 0
PRINCIPAL BALANCE 350,997.92 350,997.92 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 10 10 0
PRINCIPAL BALANCE 379,035.28 379,035.28 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 106 102 4
PRINCIPAL BALANCE 6,730,362.43 6,473,145.36 257,217.07
% OF PRINCIPAL 0.975981% 0.985140% 0.790917%
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 1 1 0
PRINCIPAL BALANCE 157,032.76 157,032.76 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 102 98 4
PRINCIPAL BALANCE 6,462,992.72 6,205,775.65 257,217.07
% OF PRINCIPAL 0.94% 0.94% 0.04%
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 5,700.00 5,700.00 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 657,078,548.44
ENDING CLASS A-1A PRINCIPAL BALANCE 32,521,390.10
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 190.32 193.34 129.12
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.80367470% 10.11708740% 9.33845338%
(xi) SERVICING FEES PAID 297,287.39 282,922.51 14,364.88
SERVICING FEES ACCRUED 330,349.09 315,396.78 14,952.31
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 689,599,938.54 657,078,548.44 32,521,390.10
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 11,944 11,574 370
NUMBER OF MORTGAGES OUTSTANDING (END) 11,780 11,424 356
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,878,637.95 5,617,295.90 261,342.05
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 80,102,553.18
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 12,357,302.38
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 76,413.08
EXCESS SPREAD 2,783,806.69 2,671,744.51 112,062.18
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 76,413.08
(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 1,411,463.15
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
--------------------------------------------------------------
FROM: FEB. 16, 1999
TO: MAR. 15, 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 5.165630% NOV. 15, 2028 706,599,708.00 665,993,016.56 8,914,468.12 657,078,548.44 2,580,205.13 *
CLASS A-1A 5.175630% NOV. 15, 2028 39,251,140.00 33,949,200.18 1,427,810.08 32,521,390.10 131,781.37 *
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 745,850,848.00 699,942,216.74 10,342,278.20 689,599,938.54 2,711,986.50
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EV9 942.53225556 12.61600878 929.91624678 3.65157967
CLASS A-1A 268917EW7 864.92265397 36.37627035 828.54638362 3.35738973
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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