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Previous: BANKBOSTON HOME EQ LOAN TR 1998-2 HOME EQ LN AS BK CERT SER, 8-K, 1999-01-28 |
Next: SALOM BRS MRT SEC VII CALL FLT RT MT PS TH CER SER 1998 NC5, 15-15D, 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 1998-4
----------------------------------
(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) 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 1998-4
-----------------------------------------
(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 1998-4
--------------------------------------------------------------
FROM
TO
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 12,165,303.26 11,414,284.93 751,018.33
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 628,343,420.00
CLASS A-1A PRINCIPAL BALANCE (Beginning) 21,656,580.00
POOL PRINCIPAL BALANCE (Beginning) 650,002,087.90 628,344,016.91 21,658,070.99
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 164 157 7
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,131,345.43 7,500,562.77 630,782.66
(iv) AMOUNT OF CURTAILMENTS RECEIVED 185,157.72 185,107.32 50.40
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 655,651.53 643,950.99 11,700.54
(vi) INTEREST RECEIVED ON MORTGAGES 1,239,745.60 1,208,580.01 31,165.59
(vii) AGGREGATE ADVANCES 3,987,784.62 3,859,527.78 128,256.84
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 138 134 4
PRINCIPAL BALANCE 7,163,418.04 6,817,935.35 345,482.69
% OF PRINCIPAL 1.117489% 1.099643% 1.644056%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 21 21 0
PRINCIPAL BALANCE 1,218,083.20 1,218,083.20 0.00
% OF PRINCIPAL 0.190020% 0.196461% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 1 1 0
PRINCIPAL BALANCE 161,824.18 161,824.18 0.00
% OF PRINCIPAL 0.025244% 0.026100% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 14 12 2
PRINCIPAL BALANCE 768,627.18 559,651.74 208,975.44
% OF PRINCIPAL 0.119905% 0.090264% 0.994456%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 2 1 1
PRINCIPAL BALANCE 126,889.35 19,262.89 107,626.46
% OF PRINCIPAL 0.02% 0.00% 0.51%
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 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 620,013,798.92
ENDING CLASS A-1A PRINCIPAL BALANCE 21,014,046.40
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 211.43353615 213.23685853 158.22699323
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.29985245% 10.326000% 9.528373%
(xi) SERVICING FEES PAID 70,170.32 68,305.27 1,865.05
SERVICING FEES ACCRUED 317,084.01 306,512.57 10,571.44
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 641,027,845.32 620,013,798.92 21,014,046.40
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 2,087.90
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,394 12,177 217
NUMBER OF MORTGAGES OUTSTANDING (END) 12,230 12,020 210
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 5,474,443.91 5,306,315.09 168,128.82
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 69,875,224.46
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 1,966,299.22
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 1,966,299.22 1,915,735.58 50,563.64
(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 5.984380%
CLASS A-1A PASS-THROUGH RATE 6.024380%
(xxv) TOTAL PRINCIPAL BALANCE OF THREE LARGEST
MORTGAGES 899,036.99
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
--------------------------------------------------------------
FROM: 0
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 5.984380% JAN. 15, 2029 628,343,420.00 628,343,420.00 8,329,621.08 620,013,798.92 3,029,086.89
CLASS A-1A 6.024380% JAN. 15, 2029 21,656,580.00 21,656,580.00 642,533.60 21,014,046.40 105,098.79
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 650,000,000.00 650,000,000.00 8,972,154.68 641,027,845.32 3,134,185.68
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EX5 1,000.00000000 13.25647857 986.74352143 4.82075056
CLASS A-1A 268917EY3 1,000.00000000 29.66920908 970.33079092 4.85297278
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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