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Previous: ADVANTUS REAL ESTATE SECURITIES FUND INC, 497, 1999-02-25 |
Next: MININGCO COM INC, S-1/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 1998-4
----------------------------------
(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 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 1998-4
-----------------------------------------
(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 1998-4
--------------------------------------------------------------
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 9,976,900.78 9,371,842.60 605,058.18
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 620,013,798.92
CLASS A-1A PRINCIPAL BALANCE (Beginning) 21,014,046.40
POOL PRINCIPAL BALANCE (Beginning) 641,027,845.32 620,013,798.92 21,014,046.40
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 113 108 5
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,928,831.97 5,446,416.25 482,415.72
(iv) AMOUNT OF CURTAILMENTS RECEIVED 190,127.36 182,965.98 7,161.38
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 701,378.59 690,097.99 11,280.60
(vi) INTEREST RECEIVED ON MORTGAGES 4,713,936.76 4,578,407.99 135,528.77
(vii) AGGREGATE ADVANCES 4,029,046.16 3,893,713.21 135,332.95
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 256 253 3
PRINCIPAL BALANCE 13,450,766.14 13,287,749.44 163,016.70
% OF PRINCIPAL 2.120878% 2.165207% 0.794692%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 66 63 3
PRINCIPAL BALANCE 3,563,708.12 3,275,602.77 288,105.35
% OF PRINCIPAL 0.561915% 0.533752% 1.404488%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 19 19 0
PRINCIPAL BALANCE 1,304,055.72 1,304,055.72 0.00
% OF PRINCIPAL 0.205620% 0.212493% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 16 15 1
PRINCIPAL BALANCE 834,470.57 726,844.11 107,626.46
% OF PRINCIPAL 0.131577% 0.118437% 0.524670%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 48,000.00 48,000.00 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 4 3 1
PRINCIPAL BALANCE 236,076.68 128,450.22 107,626.46
% OF PRINCIPAL 0.04% 0.02% 0.52%
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 613,694,318.70
ENDING CLASS A-1A PRINCIPAL BALANCE 20,513,188.70
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 210.35899125 212.14329275 156.97793433
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.29744601% 10.321766% 9.569857%
(xi) SERVICING FEES PAID 301,887.80 292,259.19 9,628.61
SERVICING FEES ACCRUED 316,780.05 306,735.15 10,044.90
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 634,207,507.40 613,694,318.70 20,513,188.70
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,230 12,020 210
NUMBER OF MORTGAGES OUTSTANDING (END) 12,117 11,912 205
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 5,439,108.28 5,277,973.45 161,134.83
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 69,875,224.46
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 3,935,329.58
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 1,965,765.37 1,918,875.92 46,889.45
(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 5.440000%
CLASS A-1A PASS-THROUGH RATE 5.480000%
(xxv) TOTAL PRINCIPAL BALANCE OF THREE LARGEST
MORTGAGES 897,806.23
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1998-4
--------------------------------------------------------------
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 5.440000% JAN. 15, 2029 628,343,420.00 620,013,798.92 6,319,480.22 613,694,318.70 2,998,111.17 *
CLASS A-1A 5.480000% JAN. 15, 2029 21,656,580.00 21,014,046.40 500,857.70 20,513,188.70 102,361.75 *
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 650,000,000.00 641,027,845.32 6,820,337.92 634,207,507.40 3,100,472.92
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EX5 986.74352143 10.05736675 976.68615468 4.77145312
CLASS A-1A 268917EY3 970.33079092 23.12727587 947.20351505 4.72658910
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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