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): MAY 20, 1999
EQCC HOME EQUITY LOAN TRUST 1999-1
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3557436
DELAWARE 333-71489 59-3557425
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(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)
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REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: (904) 457-5000
<PAGE>
ITEM 5. OTHER EVENTS
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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
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EXHIBITS
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(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE MAY 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
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(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: MAY 28, 1999 BY: /S/ JAMES B. DODD
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NAME: JAMES B. DODD
TITLE: VICE PRESIDENT /
GENERAL COUNSEL
(DULY AUTHORIZED OFFICER)
<PAGE>
INDEX TO EXHIBITS
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EXHIBIT
NUMBER EXHIBIT
- ------ -------
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE MAY 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
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FROM APRIL 20, 1999
TO MAY 20, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
<S> <C> <C> <C> <C>
(i). . . . . . AVAILABLE PAYMENT AMOUNT 14,189,755.69 13,736,257.25 453,498.45
Portions subject to bankrupty 0.00
(ii) . . . . . CLASS A-1F PRINCIPAL BALANCE (Beginning) 296,673,640.03
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) 22,990,115.87
POOL PRINCIPAL BALANCE (Beginning) 770,467,725.90 747,477,610.03 22,990,115.87
(iii). . . . . MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 151 148 3
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 9,257,606.49 8,917,604.55 340,001.94
(iv) . . . . . AMOUNT OF CURTAILMENTS RECEIVED 279,691.86 279,255.97 435.89
(v). . . . . . AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 797,690.76 785,834.55 11,856.21
(vi) . . . . . INTEREST RECEIVED ON MORTGAGES 5,458,743.00 5,329,491.72 129,251.28
(vii). . . . . AGGREGATE ADVANCES 4,756,409.92 4,623,684.93 132,724.99
(viii) a.. . . DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 349 342 7
PRINCIPAL BALANCE 22,666,671.76 21,702,948.68 963,723.08
% OF PRINCIPAL 2.981936% 2.942793% 4.257137%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 114 113 1
PRINCIPAL BALANCE 7,201,289.98 7,134,529.98 66,760.00
% OF PRINCIPAL 0.947373% 0.967401% 0.294905%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 36 36 0
PRINCIPAL BALANCE 2,498,347.48 2,498,347.48 0.00
% OF PRINCIPAL 0.328673% 0.338761% 0.000000%
b. . . . . . . MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 56 55 1
PRINCIPAL BALANCE 2,360,536.02 2,309,536.02 51,000.00
% OF PRINCIPAL 0.310543% 0.313160% 0.225287%
BANKRUPTCY MORTGAGE DELINQUENCIES (included
in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES
30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 125,900.08 125,900.08 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES
60-90 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 77,707.21 77,707.21 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 4 4 0
PRINCIPAL BALANCE 198,043.10 198,043.10 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00%
c. . . . . . . MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 1 1 0
PRINCIPAL BALANCE 20,424.99 20,424.99 0.00
% OF PRINCIPAL 0.002687% 0.002770% 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 1 1 0
PRINCIPAL BALANCE 20,424.99 20,424.99 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 286,690,944.96
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 22,637,821.83
(x). . . . . . WEIGHTED AVERAGE MATURITY OF MORTGAGE
LOANS 226.34733449 226.34733449 170.74850772
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.27808797% 10.278088% 8.593681%
(xi) . . . . . SERVICING FEES PAID 321,714.84 312,546.34 9,168.50
SERVICING FEES ACCRUED 380,716.91 368,925.03 11,791.88
(xii). . . . . SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) . . . . POOL PRINCIPAL BALANCE (ENDING) 760,132,736.79 737,494,914.96 22,637,821.83
(xiv). . . . . RESERVED
(xv) . . . . . REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi). . . . . NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,639 12,408 231
NUMBER OF MORTGAGES OUTSTANDING (END) 12,488 12,260 228
(xvii) . . . . AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,596,495.65 6,427,224.98 169,270.67
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,850,020.16
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 4,795,479.30
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 2,361,012.16 2,304,737.77 56,274.38
(xIx). . AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xx) . . LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi). . TOTAL PRINCIPAL BALANCE OF THREE LARGEST
MORTGAGES 1,243,294.05
(xxii) . AMOUNT OF INSURED PAYMENT 0.00
(xxiii). SPREAD ACCOUNT-BEGINNING BALANCE 2,430,977.36
SPREAD ACCOUNT-ENDING BALANCE 4,795,479.30
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: APRIL 20, 1999
TO: MAY 20, 1999
<S> <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 306,000,000.00 296,673,640.03 9,982,695.07 286,690,944.96 1,426,579.92
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. 5.177500% MAR. 20, 2030 23,196,030.00 22,990,115.87 352,294.04 22,637,821.83 99,192.77*
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 780,000,000.00 770,467,725.90 10,334,989.11 760,132,736.79 3,787,350.66
</TABLE>
<TABLE>
<CAPTION>
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
<S> <C> <C> <C> <C> <C>
CLASS A-1F 268917EZ0 969.52169944 32.62318650 936.89851294 4.66202589
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 991.12287189 15.18768686 975.93518503 4.27628222
<FN>
? INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS
DISTRIBUION DATE TO THE CURRENT DISTRIBUION DATE.
</TABLE>
