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): APRIL 15, 1999
EQCC HOME EQUITY LOAN TRUST 1999-1
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-48053 59-3557435
-------- --------- ----------
(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) 987-5000
<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 APRIL, 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: APRIL 26, 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 APRIL, 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 15-MAR-99
TO 15-APR-99
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----- ----- -----
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 13,470,966.65 13,125,584.78 345,381.87
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 306,000,000.00
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) 23,196,030.00
POOL PRINCIPAL BALANCE (Beginning) 780,000,187.47 756,804,017.85 23,196,169.62
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 153 150 3
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,297,227.72 8,106,639.72 190,588.00
(iv) AMOUNT OF CURTAILMENTS RECEIVED 324,247.93 323,483.38 764.55
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 910,798.45 896,236.87 14,561.58
(vi) INTEREST RECEIVED ON MORTGAGES 1,819,192.56 1,789,888.86 29,303.70
(vii) AGGREGATE ADVANCES 4,616,382.36 4,492,572.29 123,810.07
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES
BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 252 246 6
PRINCIPAL BALANCE 16,371,957.58 15,335,708.24 1,036,249.34
% OF PRINCIPAL 2.12494% 2.05166% 4.50737%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 41 41 0
PRINCIPAL BALANCE 2,840,976.00 2,840,976.00 0.00
% OF PRINCIPAL 0.36873% 0.38008% 0.00000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 1 1 0
PRINCIPAL BALANCE 85,959.04 85,959.04 0.00
% OF PRINCIPAL 0.01116% 0.01150% 0.00000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 47 47 0
PRINCIPAL BALANCE 1,786,885.38 1,786,885.38 0.00
% OF PRINCIPAL 0.23192% 0.23906% 0.00000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 89,258.70 89,258.70 0.00
% OF PRINCIPAL 0.01159% 0.01194% 0.00000%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00000% 0.00000% 0.00000%
BANKRUPTCY MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 1 1 0
PRINCIPAL BALANCE 85,959.04 85,959.04 0.00
% OF PRINCIPAL 0.01116% 0.01150% 0.00000%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 2 2 0
PRINCIPAL BALANCE 45,324.99 45,324.99 0.00
% OF PRINCIPAL 0.00588% 0.00606% 0.00000%
FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 20,424.99 20,424.99 0.00
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 24,900.00 24,900.00 0.00
% OF PRINCIPAL 0.00323% 0.00333% 0.00000%
FORECLOSURE MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00000% 0.00000% 0.00000%
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 0.00000% 0.00000% 0.00000%
e. MORTGAGE LOAN LOSSES 0 0 0
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 296,673,640.03
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 22,990,115.87
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 225.44 227.09 171.59
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 0.10 0.10 0.09
(xi) SERVICING FEES PAID 65,905.00 63,825.47 2,079.53
SERVICING FEES ACCRUED 382,511.26 378,402.08 4,109.18
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0
(xiii) POOL PRINCIPAL BALANCE (ENDING) 770,467,725.90 747,477,610.03 22,990,115.87
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,792 12,558 234
NUMBER OF MORTGAGES OUTSTANDING (END) 12,639 12,408 231
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,752,181.18 6,597,037.76 155,143.42
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,850,020.16
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 2,430,977.37
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 2,430,977.37 2,419,410.87 11,566.50
(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 1,244,364.36
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 0.00
SPREAD ACCOUNT-ENDING BALANCE 2,430,977.37
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: 15-MAR-99
TO: 15-APR-99
<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 306,000,000.00 306,000,000.00 9,326,359.97 296,673,640.03 1,471,426.50
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. 5.202500% MAR. 20, 2030 23,196,030.00 23,196,030.00 205,914.13 22,990,115.87 137,438.09*
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 780,000,000.00 780,000,000.00 9,532,274.10 770,467,725.90 3,870,442.55
</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 1,000.00000000 30.47830056 969.52169944 4.80858333
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 1,000.00000000 8.87712811 991.12287189 5.92506944
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT
DATE TO THE CURRENT PAYMENT DATE.
</TABLE>