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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): NOVEMBER 22, 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 NOVEMBER 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: NOVEMBER 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 NOVEMBER 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 OCT. 20, 1999
TO NOV. 22, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ _______________________________________________ _______________ _______________ ______________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 16,450,402.72 15,735,909.44 714,493.48
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 231,678,683.71
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) 17,802,501.12
POOL PRINCIPAL BALANCE (Beginning) 700,285,154.83 682,482,653.71 17,802,501.12
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 197 189 8
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 12,270,873.26 11,705,129.41 565,743.85
(iv) AMOUNT OF CURTAILMENTS RECEIVED (95,506.08) (146,377.38) 50,871.30
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 751,407.48 741,815.96 9,591.52
(vi) INTEREST RECEIVED ON MORTGAGES 5,314,933.44 5,192,657.04 122,276.40
(vii) AGGREGATE ADVANCES 4,244,599.41 4,153,945.98 90,653.43
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 638 619 19
PRINCIPAL BALANCE 39,722,343.52 38,135,441.69 1,586,901.83
% OF PRINCIPAL 5.779734% 5.691066% 9.238907%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 241 234 7
PRINCIPAL BALANCE 15,331,024.89 14,729,791.60 601,233.29
% OF PRINCIPAL 2.230715% 2.198171% 3.500367%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 597 587 10
PRINCIPAL BALANCE 38,634,087.23 36,966,638.65 1,667,448.58
% OF PRINCIPAL 5.621389% 5.516642% 9.707848%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 117 114 3
PRINCIPAL BALANCE 7,102,874.96 6,961,297.54 141,577.42
% OF PRINCIPAL 1.033492% 1.038855% 0.824261%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 369,725.50 369,725.50 0.00
% OF PRINCIPAL 0.05% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 8 7 1
PRINCIPAL BALANCE 590,706.59 539,803.96 50,902.63
% OF PRINCIPAL 0.09% 0.08% 0.30%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 46 45 1
PRINCIPAL BALANCE 3,076,790.57 3,032,622.41 44,168.16
% OF PRINCIPAL 0.45% 0.45% 0.26%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 398 392 6
PRINCIPAL BALANCE 26,307,662.62 25,004,813.52 1,302,849.10
% OF PRINCIPAL 3.827853% 3.731543% 7.585158%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 46,838.31 46,838.31 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 40,734.96 40,734.96 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 394 388 6
PRINCIPAL BALANCE 26,052,675.59 24,749,826.49 1,302,849.10
% OF PRINCIPAL 3.79% 3.69% 7.59%
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 88,960.07 88,960.07 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 219,289,155.65
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 17,176,294.45
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 221.24962858 222.65729007 166.36447446
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.21687265% 10.235908% 9.474687%
(xi) SERVICING FEES PAID 319,977.60 312,110.51 7,867.09
SERVICING FEES ACCRUED 327,484.42 320,353.51 7,130.91
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 687,269,420.10 670,093,125.65 17,176,294.45
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (8,000.08)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 11,555 11,374 181
NUMBER OF MORTGAGES OUTSTANDING (END) 11,355 11,182 173
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,501,964.98 5,389,380.14 112,584.84
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,545,961.24
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 16,888,273.74
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 304,058.92
EXCESS SPREAD 1,650,852.30 1,633,685.18 17,167.12
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 304,058.92
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,241,000.18
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 15,261,852.23
SPREAD ACCOUNT-ENDING BALANCE 16,888,273.74
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: OCT. 20, 1999
TO: NOV. 22, 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 306,000,000.00 231,678,683.71 12,389,528.06 219,289,155.65 1,114,046.26
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 . 5.657500% * MAR. 20, 2030 23,196,030.00 17,802,501.12 626,206.67 17,176,294.45 86,729.09 *
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 780,000,000.00 700,285,154.83 13,015,734.73 687,269,420.10 3,462,353.31
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EZ0 757.11988141 40.48865379 716.63122761 3.64067404
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 767.48051800 26.99628643 740.48423157 3.73896255
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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