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Previous: PUTNAM TAX MANAGED FUNDS TRUST, 497, 1999-06-30 |
Next: STEMCELL GLOBAL RESEARCH INC, 10SB12G, 1999-06-30 |
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): JUNE 20, 1999
EQCC HOME EQUITY LOAN TRUST 1999-1
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3557436
DELAWARE 333-48053 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 JUNE 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: JUNE 29, 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 JUNE 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 MAY 20, 1999
TO JUNE 20, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
_________ __ ________________________________________________ ______________ ______________ _______________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 13,417,700.18 12,609,312.20 808,387.98
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 286,690,944.96
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) 22,637,821.83
POOL PRINCIPAL BALANCE (Beginning) 760,132,736.79 737,494,914.96 22,637,821.83
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 148 141 7
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,350,896.59 7,661,745.54 689,151.05
(iv) AMOUNT OF CURTAILMENTS RECEIVED 186,248.90 185,488.67 760.23
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 1,069,829.29 1,057,391.92 12,437.37
(vi) INTEREST RECEIVED ON MORTGAGES 5,698,998.65 5,557,584.74 141,413.91
(vii) AGGREGATE ADVANCES 4,839,273.88 4,703,746.19 135,527.69
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY &
FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 389 379 10
PRINCIPAL BALANCE 23,991,361.68 22,582,687.41 1,408,674.27
% OF PRINCIPAL 3.196963% 3.099859% 6.421901%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 151 149 2
PRINCIPAL BALANCE 9,615,523.92 9,315,603.34 299,920.58
% OF PRINCIPAL 1.281314% 1.278726% 1.367286%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 120 119 1
PRINCIPAL BALANCE 8,084,832.72 8,018,072.72 66,760.00
% OF PRINCIPAL 1.077342% 1.100617% 0.304347%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 66 63 3
PRINCIPAL BALANCE 3,012,710.81 2,870,824.17 141,886.64
% OF PRINCIPAL 0.401458% 0.394070% 0.646836%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 5 4 1
PRINCIPAL BALANCE 278,474.35 227,474.35 51,000.00
% OF PRINCIPAL 0.04% 0.03% 0.23%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 4 1
PRINCIPAL BALANCE 252,519.65 208,269.65 44,250.00
% OF PRINCIPAL 0.03% 0.03% 0.20%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 9 9 0
PRINCIPAL BALANCE 397,219.41 397,219.41 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 13 13 0
PRINCIPAL BALANCE 1,284,081.60 1,284,081.60 0.00
% OF PRINCIPAL 0.171110% 0.176262% 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 13 13 0
PRINCIPAL BALANCE 1,284,081.60 1,284,081.60 0.00
% OF PRINCIPAL 0.17% 0.18% 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 83,415.78 83,415.78 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 277,702,903.05
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 21,935,473.18
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 223.64463901 225.29965167 168.67954918
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.22461825% 10.272975% 8.618623%
(xi) SERVICING FEES PAID 341,165.73 331,148.61 10,017.12
SERVICING FEES ACCRUED 374,811.78 363,796.97 11,014.81
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 750,442,346.23 728,506,873.05 21,935,473.18
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,488 12,260 228
NUMBER OF MORTGAGES OUTSTANDING (END) 12,337 12,116 221
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,313,216.12 6,157,097.93 156,118.19
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,766,604.38
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 6,853,341.30
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 83,415.78
EXCESS SPREAD 2,127,678.94 2,088,614.89 39,064.05
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 83,415.78
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,242,849.05
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 4,795,479.29
SPREAD ACCOUNT-ENDING BALANCE 6,853,341.30
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: MAY 20, 1999
TO: JUNE 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 306,000,000.00 286,690,944.96 8,988,041.91 277,702,903.05 1,378,577.30
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 . 5.171250% * MAR. 20, 2030 23,196,030.00 22,637,821.83 702,348.65 21,935,473.18 104,058.52 *
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 780,000,000.00 760,132,736.79 9,690,390.56 750,442,346.23 3,744,213.79
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EZ0 936.89851294 29.37268598 907.52582696 4.50515457
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 975.93518503 30.27883004 945.65635499 4.48604873
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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