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Previous: ALLERGY IMMUNO TECHNOLOGIES INC, NT 10-K, 1999-08-31 |
Next: BIOLABS INC, 10SB12G/A, 1999-08-31 |
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): AUGUST 20, 1999
EQCC HOME EQUITY LOAN TRUST 1999-1
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3557436
DELAWARE 333-71489 59-3567425
-------- --------- ----------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1999-1
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 AUGUST 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 1999-1
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: August 30, 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 AUGUST 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 1999-1
--------------------------------------------------------------
FROM JULY 20, 1999
TO AUG. 20, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ ___________________________________________________ _______________ ________________ ______________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 14,927,730.36 13,533,134.67 1,394,595.69
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 266,747,921.43
CLASS A-2F PRINCIPAL BALANCE (Beginning) 100,000,000.00
CLASS A-3F PRINCIPAL BALANCE (Beginning) 135,000,000.00
CLASS A-4F PRINCIPAL BALANCE (Beginning) 86,000,000.00
CLASS A-5F PRINCIPAL BALANCE (Beginning) 17,803,970.00
CLASS A-6F PRINCIPAL BALANCE (Beginning) 112,000,000.00
CLASS A-1A PRINCIPAL BALANCE (Beginning) 20,975,639.43
POOL PRINCIPAL BALANCE (Beginning) 738,527,530.86 717,551,891.43 20,975,639.43
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 179 167 12
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 0.00 0.00 0.00
(iv) AMOUNT OF CURTAILMENTS RECEIVED 58,380.12 135,212.86 (76,832.74)
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 11,162,290.95 9,790,776.48 1,371,514.47
(vi) INTEREST RECEIVED ON MORTGAGES 5,867,891.70 5,731,939.07 135,952.63
(vii) AGGREGATE ADVANCES 4,627,777.63 4,504,311.75 123,465.88
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 386 379 7
PRINCIPAL BALANCE 22,031,061.49 21,391,085.40 639,976.09
% OF PRINCIPAL 3.029159% 3.022968% 3.251753%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 149 145 4
PRINCIPAL BALANCE 9,694,620.62 9,436,147.43 258,473.19
% OF PRINCIPAL 1.332961% 1.333508% 1.313316%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 332 326 6
PRINCIPAL BALANCE 21,572,132.61 20,265,507.15 1,306,625.46
% OF PRINCIPAL 2.966059% 2.863903% 6.639034%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 90 9 0
PRINCIPAL BALANCE 4,663,437.82 449,034.30 0.00
% OF PRINCIPAL 0.641199% 0.052138% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 258,364.72 258,364.72 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 4 1
PRINCIPAL BALANCE 304,406.91 253,430.96 50,975.95
% OF PRINCIPAL 0.04% 0.04% 0.26%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 28 27 1
PRINCIPAL BALANCE 1,472,613.86 1,428,363.86 44,250.00
% OF PRINCIPAL 0.20% 0.20% 0.22%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 179 175 4
PRINCIPAL BALANCE 13,081,316.18 11,965,181.83 1,116,134.35
% OF PRINCIPAL 1.798615% 1.690908% 5.671138%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 21,140.95 21,140.95 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 21,270.20 21,270.20 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 175 171 4
PRINCIPAL BALANCE 12,855,713.36 11,739,579.01 1,116,134.35
% OF PRINCIPAL 1.77% 1.66% 5.67%
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 7,238.75 7,238.75 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 256,814,591.38
ENDING CLASS A-2F PRINCIPAL BALANCE 100,000,000.00
ENDING CLASS A-3F PRINCIPAL BALANCE 135,000,000.00
ENDING CLASS A-4F PRINCIPAL BALANCE 86,000,000.00
ENDING CLASS A-5F PRINCIPAL BALANCE 17,803,970.00
ENDING CLASS A-6F PRINCIPAL BALANCE 112,000,000.00
ENDING CLASS A-1A PRINCIPAL BALANCE 19,680,957.70
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 222.69082502 224.15176045 170.16148960
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.22769344% 10.260451% 9.064042%
(xi) SERVICING FEES PAID 346,284.63 336,902.20 9,382.43
SERVICING FEES ACCRUED 363,975.81 353,800.74 10,175.07
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 727,299,519.08 707,618,561.38 19,680,957.70
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,147 11,935 212
NUMBER OF MORTGAGES OUTSTANDING (END) 11,968 11,768 200
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,200,504.44 6,047,360.36 153,144.08
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,735,565.63
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 11,177,346.62
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 114,454.53
EXCESS SPREAD 2,129,571.30 2,596,688.95 43,633.12
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 114,454.53
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,241,949.91
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 9,022,238.70
SPREAD ACCOUNT-ENDING BALANCE 11,177,346.62
SPREAD ACCOUNT REQUIREMENT 22,230,005.34
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
--------------------------------------------------------------
FROM: JULY 20, 1999
TO: AUG. 20, 1999
<S> <C> <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 . 5.770300% MAY 20, 2010 306,000,000.00 266,747,921.43 9,933,330.05 256,814,591.38 1,282,679.61
CLASS A-2F . 5.765100% JUNE 20, 2015 100,000,000.00 100,000,000.00 0.00 100,000,000.00 480,425.00
CLASS A-3F . 5.915200% NOV. 20, 2024 135,000,000.00 135,000,000.00 0.00 135,000,000.00 665,460.00
CLASS A-4F . 6.133600% JULY 20, 2028 86,000,000.00 86,000,000.00 0.00 86,000,000.00 439,574.67
CLASS A-5F . 6.594100% MAR. 20, 2030 17,803,970.00 17,803,970.00 0.00 17,803,970.00 97,834.30
CLASS A-6F . 6.195900% SEPT. 20, 2009 112,000,000.00 112,000,000.00 0.00 112,000,000.00 578,284.00
CLASS A-1A . 5.430000% * MAR. 20, 2030 23,196,030.00 20,975,639.43 1,294,681.73 19,680,957.70 98,078.59 *
CLASS X MAR. 20, 2030 0.00 0.00 0.00 0.00
CLASS R N/A 0.00 0.00 0.00 0.00
CLASS LR N/A 0.00 0.00 0.00 0.00
_____________ _____________ _____________ _____________ _____________
TOTAL 780,000,000.00 738,527,530.86 11,228,011.78 727,299,519.08 3,642,336.17
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EZ0 871.72523343 32.46186291 839.26337052 4.19176343
CLASS A-2F 268917FA4 1,000.00000000 0.00000000 1000.00000000 4.80425000
CLASS A-3F 268917FB2 1,000.00000000 0.00000000 1000.00000000 4.92933333
CLASS A-4F 268917FC0 1,000.00000000 0.00000000 1000.00000000 5.11133333
CLASS A-5F 268917FD8 1,000.00000000 0.00000000 1000.00000000 5.49508333
CLASS A-6F 268917FE6 1,000.00000000 0.00000000 1000.00000000 5.16325000
CLASS A-1A 268917FF3 904.27712975 55.81479805 848.46233170 4.22824915
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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