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Previous: SALOMON BROS MORT SEC VII INC AST BK FL RTE CER SE 1998-NC6, 15-15D, 1999-01-28 |
Next: NUVEEN UNIT TRUSTS SERIES 50, S-6, 1999-01-28 |
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): JANUARY 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) 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 JANUARY, 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: JANUARY 28, 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 JANUARY, 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 DEC. 15, 1998
TO JAN. 15, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 16,267,517.23 14,622,095.90 1,645,421.33
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 685,125,581.92
CLASS A-1A PRINCIPAL BALANCE (Beginning) 36,669,422.99
POOL PRINCIPAL BALANCE (Beginning) 721,795,004.91 685,125,581.92 36,669,422.99
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 211 197 14
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 12,027,599.69 10,567,884.41 1,459,715.28
(iv) AMOUNT OF CURTAILMENTS RECEIVED 262,752.09 261,538.09 1,214.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 783,118.21 762,016.09 21,102.12
(vi) INTEREST RECEIVED ON MORTGAGES 5,602,344.56 5,337,593.35 264,751.21
(vii) AGGREGATE ADVANCES 4,154,162.47 3,950,817.25 203,345.22
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 225 220 5
PRINCIPAL BALANCE 12,326,048 11,838,404.07 487,644.38
% OF PRINCIPAL 1.739195% 1.670389% 0.068806%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 97 94 3
PRINCIPAL BALANCE 6,447,291.45 6,165,629.10 281,662.35
% OF PRINCIPAL 0.909707% 0.869965% 0.039742%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 112 107 5
PRINCIPAL BALANCE 7,399,664.92 7,058,226.36 341,438.56
% OF PRINCIPAL 1.044086% 0.995910% 0.048177%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 29 28 1
PRINCIPAL BALANCE 1,734,004.74 1,660,787.75 73,216.99
% OF PRINCIPAL 0.244667% 0.234336% 0.010331%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 195,065.12 195,065.12 0.00
% OF PRINCIPAL 0.03% 0.03% 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 5 5 0
PRINCIPAL BALANCE 270,107.53 270,107.53 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 26 26 0
PRINCIPAL BALANCE 1,766,240.83 1,766,240.83 0.00
% OF PRINCIPAL 0.249215% 0.249215% 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 2 2 0
PRINCIPAL BALANCE 54,828.83 1,711,412.00 0.00
% OF PRINCIPAL 0.01% 0.24% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 24 24 0
PRINCIPAL BALANCE 1,711,412.00 1,711,412.00 0.00
% OF PRINCIPAL 0.24% 0.24% 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 673,534,143.33
ENDING CLASS A-1A PRINCIPAL BALANCE 35,187,391.59
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 192.69 195.25 132.12
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.07436790% 10.12544673% 9.16864940%
(xi) SERVICING FEES PAID 334,253.35 316,646.56 17,606.79
SERVICING FEES ACCRUED 356,700.46 338,826.90 17,873.56
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 708,721,534.92 673,534,143.33 35,187,391.59
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,287 11,892 395
NUMBER OF MORTGAGES OUTSTANDING (END) 12,076 11,695 381
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,992,838.26 5,719,821.56 273,016.70
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 80,174,253.18
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 9,345,781.27
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 4,713.08
EXCESS SPREAD 1,998,184.33 1,928,160.22 70,024.11
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 4,713.08
(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 1,416,118.39
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
--------------------------------------------------------------
FROM: DEC. 15, 1998
TO: JAN. 15, 1999
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 5.765470% NOV. 15, 2028 706,599,708.00 685,125,581.92 11,591,438.59 673,534,143.33 3,401,450.02 *
CLASS A-1A 5.775470% NOV. 15, 2028 39,251,140.00 36,669,422.99 1,482,031.40 35,187,391.59 182,368.83
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 745,850,848.00 721,795,004.91 13,073,469.99 708,721,534.92 3,583,818.84
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EV9 969.60920612 16.40453351 953.20467261 4.81382879
CLASS A-1A 268917EW7 934.22568083 37.75766513 896.46801571 4.64620456
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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