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Previous: STREAMEDIA COMMUNICATIONS INC, 8-A12B/A, 1999-10-28 |
Next: BEARGUARD FUNDS INC, N-18F1, 1999-10-28 |
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): OCTOBER 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 OCTOBER 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: OCTOBER 28, 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 OCTOBER 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 SEPT. 20, 1999
TO OCT. 20, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ _______________________________________________ _______________ _______________ _______________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 16,839,156.16 16,080,046.85 759,109.31
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 244,306,988.42
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) 18,473,304.19
POOL PRINCIPAL BALANCE (Beginning) 713,584,262.61 695,110,958.42 18,473,304.19
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 202 195 7
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 11,690,763.20 11,084,554.58 606,208.62
(iv) AMOUNT OF CURTAILMENTS RECEIVED 765,812.43 708,422.03 57,390.40
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 719,958.69 712,754.64 7,204.05
(vi) INTEREST RECEIVED ON MORTGAGES 5,253,582.35 5,140,349.32 113,233.03
(vii) AGGREGATE ADVANCES 4,581,858.46 4,459,681.68 122,176.78
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 659 639 20
PRINCIPAL BALANCE 41,638,499.24 39,935,892.99 1,702,606.25
% OF PRINCIPAL 5.945935% 5.851562% 9.563860%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 199 195 4
PRINCIPAL BALANCE 12,834,559.02 12,315,557.00 519,002.02
% OF PRINCIPAL 1.832762% 1.804523% 2.915332%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 499 490 9
PRINCIPAL BALANCE 31,698,554.68 30,287,942.87 1,410,611.81
% OF PRINCIPAL 4.526521% 4.437907% 7.923672%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 103 100 3
PRINCIPAL BALANCE 5,998,368.87 5,856,718.14 141,650.73
% OF PRINCIPAL 0.856561% 0.858149% 0.795679%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 8 8 0
PRINCIPAL BALANCE 471,844.04 471,844.04 0.00
% OF PRINCIPAL 0.07% 0.07% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 6 5 1
PRINCIPAL BALANCE 484,735.51 440,567.35 44,168.16
% OF PRINCIPAL 0.07% 0.06% 0.25%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 37 36 1
PRINCIPAL BALANCE 2,246,065.52 2,195,113.81 50,951.71
% OF PRINCIPAL 0.32% 0.32% 0.29%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 329 322 7
PRINCIPAL BALANCE 21,709,253.82 20,291,924.44 1,417,329.38
% OF PRINCIPAL 3.100059% 2.973251% 7.961406%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 2 1
PRINCIPAL BALANCE 226,474.19 111,993.91 114,480.28
% OF PRINCIPAL 0.03% 0.02% 0.64%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 96,165.05 96,165.05 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 323 317 6
PRINCIPAL BALANCE 21,276,941.32 19,974,092.22 1,302,849.10
% OF PRINCIPAL 3.04% 2.93% 7.32%
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 45,428.55 45,428.55 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 231,678,683.71
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 17,802,501.12
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 221.66642952 223.14434996 165.02064015
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.22349971% 10.243640% 9.451553%
(xi) SERVICING FEES PAID 310,291.09 302,971.77 7,319.32
SERVICING FEES ACCRUED 349,220.88 340,301.78 8,919.10
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 2,201.24
(xiii) POOL PRINCIPAL BALANCE (ENDING) 700,285,154.83 682,482,653.71 17,802,501.12
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (2,231.98)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 11,759 11,571 188
NUMBER OF MORTGAGES OUTSTANDING (END) 11,555 11,374 181
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,949,619.17 5,808,657.99 140,961.18
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,634,921.31
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 15,261,852.23
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 215,098.85
EXCESS SPREAD 2,014,921.36 1,971,185.52 43,735.84
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 215,098.85
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,241,182.04
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 13,240,708.72
SPREAD ACCOUNT-ENDING BALANCE 15,261,852.23
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: SEPT. 20, 1999
TO: OCT. 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 306,000,000.00 244,306,988.42 12,628,304.71 231,678,683.71 1,174,770.51
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 . 5.631250% * MAR. 20, 2030 23,196,030.00 18,473,304.19 670,803.07 17,802,501.12 86,689.83 *
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 780,000,000.00 713,584,262.61 13,299,107.78 700,285,154.83 3,523,038.31
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EZ0 798.38885105 41.26896964 757.11988141 3.83911932
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 796.39939205 28.91887405 767.48051800 3.73727006
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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