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Previous: TRUST DEPARTMENT MID CITY NATIONAL BANK, 13F-HR, 2000-01-31 |
Next: HARTFORD LIFE & ANNUITY INSURANCE CO SEPARATE ACCOUNT SEVEN, N-4, 2000-01-31 |
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): January 20, 2000
----------------
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 JANUARY 2000,
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: JANUARY 31, 2000 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 JANUARY 2000 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 DEC. 20, 1999
TO JAN. 20, 2000
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ _______________________________________________ _______________ _____________ _____________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 18,256,868.71 17,524,296.96 732,571.75
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 207,305,178.17
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) 16,307,508.55
POOL PRINCIPAL BALANCE (Beginning) 674,416,656.72 658,109,148.17 16,307,508.55
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 230 227 3
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 13,405,211.42 13,055,013.44 350,197.98
(iv) AMOUNT OF CURTAILMENTS RECEIVED 346,532.50 339,601.95 6,930.55
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 1,002,124.90 722,351.83 279,773.07
(vi) INTEREST RECEIVED ON MORTGAGES 5,161,476.89 5,065,267.83 96,209.06
(vii) AGGREGATE ADVANCES 4,401,069.61 4,292,709.92 108,359.69
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 556 545 11
PRINCIPAL BALANCE 33,272,615.77 32,369,076.43 903,539.34
% OF PRINCIPAL 5.047098% 5.029597% 5.765822%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 260 256 4
PRINCIPAL BALANCE 15,671,829.09 15,340,673.68 331,155.41
% OF PRINCIPAL 2.377248% 2.383677% 2.113226%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 784 769 15
PRINCIPAL BALANCE 52,599,133.47 50,769,604.59 1,829,528.88
% OF PRINCIPAL 7.978723% 7.888723% 11.674908%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 151 148 3
PRINCIPAL BALANCE 9,479,959.58 9,129,263.93 350,695.65
% OF PRINCIPAL 1.438008% 1.418530% 2.237920%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 9 9 0
PRINCIPAL BALANCE 613,017.43 613,017.43 0.00
% OF PRINCIPAL 0.09% 0.10% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 5 0
PRINCIPAL BALANCE 366,896.30 366,896.30 0.00
% OF PRINCIPAL 0.06% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 86 83 3
PRINCIPAL BALANCE 5,843,545.70 5,492,850.05 350,695.65
% OF PRINCIPAL 0.89% 0.85% 2.24%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 501 491 10
PRINCIPAL BALANCE 33,723,959.88 32,514,125.20 1,209,834.68
% OF PRINCIPAL 5.115562% 5.052135% 7.720407%
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 3 3 0
PRINCIPAL BALANCE 165,442.67 165,442.67 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 493 483 10
PRINCIPAL BALANCE 33,322,519.16 32,112,684.48 1,209,834.68
% OF PRINCIPAL 5.05% 4.99% 7.72%
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 328,919.54 328,919.54 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 192,767,968.41
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 15,670,606.95
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 219.90382044 221.25074145 164.68775533
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.20376891% 10.219578% 9.555703%
(xi) SERVICING FEES PAID 306,241.29 300,139.75 6,101.54
SERVICING FEES ACCRUED 328,679.41 320,611.77 8,067.64
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 7,369.85
(xiii) POOL PRINCIPAL BALANCE (ENDING) 659,242,545.36 643,571,938.41 15,670,606.95
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (60,423.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 11,136 10,974 162
NUMBER OF MORTGAGES OUTSTANDING (END) 10,893 10,734 159
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,579,465.38 5,451,403.97 128,061.41
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 83,100,751.91
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 20,748,841.56
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 749,268.25
EXCESS SPREAD 1,839,109.08 1,814,785.46 24,323.62
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 749,268.25
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,237,739.00
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 19,151,458.22
SPREAD ACCOUNT-ENDING BALANCE 20,748,841.56
SPREAD ACCOUNT REQUIREMENT 32,378,513.80
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
--------------------------------------------------------------
FROM: DEC. 20, 1999
TO: JAN. 20, 2000
<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 306,000,000.00 207,305,178.17 14,537,209.76 192,767,968.41 996,844.22
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 . 6.711250% * MAR. 20, 2030 23,196,030.00 16,307,508.55 636,901.60 15,670,606.95 94,243.24 *
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 780,000,000.00 674,416,656.72 15,174,111.36 659,242,545.36 3,352,665.43
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EZ0 677.46790252 47.50722144 629.96068108 3.25766086
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 703.03015430 27.45735369 675.57280060 4.06290402
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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