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Previous: KINETICS MUTUAL FUNDS INC, N-30D, 2000-02-29 |
Next: DAVIS VARIABLE ACCOUNT FUND INC, NSAR-B, 2000-02-29 |
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): FEBRUARY 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 FEBRUARY 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: FEBRUARY 29, 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 FEBRUARY 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 JAN. 20, 2000
TO FEB. 20, 2000
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ _______________________________________________ _______________ _____________ _____________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 13,975,334.12 13,568,315.71 407,018.41
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 192,767,968.41
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) 15,670,606.95
POOL PRINCIPAL BALANCE (Beginning) 659,242,545.36 643,571,938.41 15,670,606.95
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 163 160 3
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 9,570,961.96 9,259,932.99 311,028.97
(iv) AMOUNT OF CURTAILMENTS RECEIVED 233,074.95 232,454.17 620.78
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 710,423.24 703,440.07 6,983.17
(vi) INTEREST RECEIVED ON MORTGAGES 4,963,614.19 4,865,097.49 98,516.70
(vii) AGGREGATE ADVANCES 4,358,694.84 4,246,575.43 112,119.41
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 598 584 14
PRINCIPAL BALANCE 36,176,182.48 34,239,613.45 1,936,569.03
% OF PRINCIPAL 5.580626% 5.410008% 12.614463%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 260 258 2
PRINCIPAL BALANCE 17,103,146.14 16,929,396.40 173,749.74
% OF PRINCIPAL 2.638373% 2.674918% 1.131775%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 866 849 17
PRINCIPAL BALANCE 57,774,114.72 55,791,428.60 1,982,686.12
% OF PRINCIPAL 8.912376% 8.815288% 12.914861%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 567 562 5
PRINCIPAL BALANCE 11,280,452.89 10,815,858.57 464,594.32
% OF PRINCIPAL 1.740150% 1.708953% 3.026284%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 371,603.93 371,603.93 0.00
% OF PRINCIPAL 0.06% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 6 6 0
PRINCIPAL BALANCE 387,377.88 387,377.88 0.00
% OF PRINCIPAL 0.06% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 110 106 4
PRINCIPAL BALANCE 7,459,228.18 7,038,646.50 420,581.68
% OF PRINCIPAL 1.15% 1.11% 2.74%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 501 491 10
PRINCIPAL BALANCE 38,672,756.85 37,462,922.17 1,209,834.68
% OF PRINCIPAL 5.965754% 5.919305% 7.880646%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 6 6 0
PRINCIPAL BALANCE 276,500.93 276,500.93 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 70,373.33 70,373.33 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 559 549 10
PRINCIPAL BALANCE 37,687,610.22 36,477,775.54 1,209,834.68
% OF PRINCIPAL 5.81% 5.76% 7.88%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more
in (viii)a. above):
NUMBER 9 9 0
PRINCIPAL BALANCE 512,125.64 512,125.64 0.00
% OF PRINCIPAL 0.079002% 0.080918% 0.000000%
e. MORTGAGE LOAN LOSSES 354,489.88 354,489.88 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 182,089,994.17
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 15,351,974.03
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 219.57126935 220.91230336 164.39285403
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.20447385% 10.213374% 9.838272%
(xi) SERVICING FEES PAID 294,376.88 288,180.44 6,196.44
SERVICING FEES ACCRUED 326,846.85 319,154.22 7,692.63
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 5,910.69
(xiii) POOL PRINCIPAL BALANCE (ENDING) 648,245,938.20 632,893,964.17 15,351,974.03
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (101,785.78)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 10,893 10,734 159
NUMBER OF MORTGAGES OUTSTANDING (END) 10,717 10,561 156
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 5,551,506.83 5,425,212.98 126,293.85
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 82,746,262.03
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 22,377,280.30
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 1,103,758.13
EXCESS SPREAD 1,891,443.14 1,861,227.41 30,215.73
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 1,103,758.13
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 1,237,353.45
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 20,743,266.42
SPREAD ACCOUNT-ENDING BALANCE 22,377,280.30
SPREAD ACCOUNT REQUIREMENT 38,859,683.30
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-1
--------------------------------------------------------------
FROM: JAN. 20, 2000
TO: FEB. 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 306,000,000.00 192,767,968.41 10,677,974.24 182,089,994.17 926,940.84
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 . 6.057500% * MAR. 20, 2030 23,196,030.00 15,670,606.95 318,632.92 15,351,974.03 87,014.31 *
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 780,000,000.00 659,242,545.36 10,996,607.16 648,245,938.20 3,275,533.12
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917EZ0 629.96068108 34.89534065 595.06534042 3.02921843
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 675.57280060 13.73652819 661.83627241 3.75125872
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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