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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 1998-4
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-48053 59-3540257
-------- --------- ----------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1998-4
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 1998-4
-----------------------------------------
(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 1998-4
--------------------------------------------------------------
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 10,644,116.74 9,651,565.52 992,551.22
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 613,694,318.70
CLASS A-1A PRINCIPAL BALANCE (Beginning) 20,513,188.70
POOL PRINCIPAL BALANCE (Beginning) 634,207,507.40 613,694,318.70 20,513,188.70
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 135 126 9
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,821,200.38 5,924,928.47 896,271.91
(iv) AMOUNT OF CURTAILMENTS RECEIVED 102,114.41 102,082.69 31.72
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 1,107,744.72 1,096,610.91 11,133.81
(vi) INTEREST RECEIVED ON MORTGAGES 4,775,038.18 4,625,982.04 149,056.14
(vii) AGGREGATE ADVANCES 4,209,394.55 4,069,718.99 139,675.56
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 441 434 7
PRINCIPAL BALANCE 21,777,490.36 21,305,869.44 471,620.92
% OF PRINCIPAL 3.477852% 3.512512% 2.405523%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 121 120 1
PRINCIPAL BALANCE 6,659,845.70 6,604,519.87 55,325.83
% OF PRINCIPAL 1.063573% 1.088829% 0.282192%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 65 64 1
PRINCIPAL BALANCE 3,917,603.32 3,817,603.32 100,000.00
% OF PRINCIPAL 0.625639% 0.629375% 0.510054%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 20 20 0
PRINCIPAL BALANCE 1,144,404.96 1,144,404.96 0.00
% OF PRINCIPAL 0.182761% 0.188668% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 213,752.92 213,752.92 0.00
% OF PRINCIPAL 0.03% 0.04% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 167,898.30 167,898.30 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 5 5 0
PRINCIPAL BALANCE 243,929.50 243,929.50 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 45 44 1
PRINCIPAL BALANCE 2,896,772.03 2,796,772.03 100,000.00
% OF PRINCIPAL 0.462613% 0.461079% 0.510054%
FORECLOSURE MORTGAGE DELINQUENCIES (included in
(viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 288,589.93 288,589.93 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 15 15 0
PRINCIPAL BALANCE 877,550.00 877,550.00 0.00
% OF PRINCIPAL 0.14% 0.14% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 24 23 1
PRINCIPAL BALANCE 1,677,376.98 1,577,376.98 100,000.00
% OF PRINCIPAL 0.27% 0.26% 0.51%
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 606,570,696.63
ENDING CLASS A-1A PRINCIPAL BALANCE 19,605,751.26
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 209.26977255 210.97777120 156.42704282
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.29301199% 10.316084% 9.579204%
(xi) SERVICING FEES PAID 295,121.92 285,671.76 9,450.16
SERVICING FEES ACCRUED 335,376.92 325,105.81 10,271.11
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 626,176,447.89 606,570,696.63 19,605,751.26
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,117 11,912 205
NUMBER OF MORTGAGES OUTSTANDING (END) 11,982 11,786 196
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 5,441,555.38 5,278,674.29 162,881.09
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 69,875,224.46
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 6,438,649.64
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 2,493,121.23 2,425,625.03 67,496.20
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) YIELD SUPPLEMENT SHORTFALL 0
0
(xxii) AMOUNTS DEPOSITED/RELEASED FROM YIELD
SUPP SUB- ACCT 0
(xxiii) AMOUNTS RECEIVED FROM YIELD SUPPLEMENT SUB-ACCT 0
(xxiv) CLASS A-1F PASS-THROUGH RATE 5.375630%
CLASS A-1A PASS-THROUGH RATE 5.415630%
(xxv) TOTAL PRINCIPAL BALANCE OF THREE LARGEST
MORTGAGES 897,443.36
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
--------------------------------------------------------------
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 5.375630% JAN. 15, 2029 628,343,420.00 613,694,318.70 7,123,622.07 606,570,696.63 2,474,245.19 *
CLASS A-1A 5.415630% JAN. 15, 2029 21,656,580.00 20,513,188.70 907,437.44 19,605,751.26 83,318.88 *
CLASS X JAN. 15, 2029 0.00 0.00 0.00 0.00
CLASS R JAN. 15, 2029 0.00 0.00 0.00 0.00
___________ ___________ ___________ ___________ _________
TOTAL 650,000,000.00 634,207,507.40 8,031,059.51 626,176,447.89 2,557,564.07
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EX5 976.68615468 11.33714756 965.34900712 3.93772755
CLASS A-1A 268917EY3 947.20351505 41.90123464 905.30228042 3.84727783
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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