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Previous: PLANETRX COM, 8-K, 1999-10-28 |
Next: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1999-C, 15-15D, 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 25, 1999
EQCC HOME EQUITY LOAN TRUST 1999-2
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3582804
DELAWARE 333-71489 59-3582805
-------- --------- ----------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1999-2
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 1999-2
-----------------------------------------
(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 1999-2
--------------------------------------------------------------
FROM SEPT. 27, 1999
TO OCT. 25, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ _______________________________________________ _______________ _______________ _______________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 15,015,189.17 13,755,722.34 1,259,466.83
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 264,301,709.98
CLASS A-2F PRINCIPAL BALANCE (Beginning) 138,000,000.00
CLASS A-3F PRINCIPAL BALANCE (Beginning) 175,000,000.00
CLASS A-4F PRINCIPAL BALANCE (Beginning) 95,000,000.00
CLASS A-5F PRINCIPAL BALANCE (Beginning) 48,183,542.00
CLASS A-6F PRINCIPAL BALANCE (Beginning) 82,500,000.00
CLASS A-1A PRINCIPAL BALANCE (Beginning) 41,980,775.42
POOL PRINCIPAL BALANCE (Beginning) 844,966,027.40 802,985,251.98 41,980,775.42
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 146 134 12
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 9,642,506.18 8,589,412.97 1,053,093.21
(iv) AMOUNT OF CURTAILMENTS RECEIVED 273,667.13 272,599.21 1,067.92
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 678,303.17 655,710.34 22,592.83
(vi) INTEREST RECEIVED ON MORTGAGES 6,040,285.03 5,785,716.72 254,568.31
(vii) AGGREGATE ADVANCES 5,403,851.43 5,138,453.76 265,397.67
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 624 604 20
PRINCIPAL BALANCE 42,015,587.18 39,877,666.67 2,137,920.51
% OF PRINCIPAL 5.035597% 4.779366% 5.226676%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 220 211 9
PRINCIPAL BALANCE 14,080,405.02 13,440,729.28 639,675.74
% OF PRINCIPAL 1.687546% 1.610881% 1.563846%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 348 338 10
PRINCIPAL BALANCE 22,952,691.93 21,970,544.41 982,147.52
% OF PRINCIPAL 2.750896% 2.633185% 2.401103%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 42 41 1
PRINCIPAL BALANCE 2,710,962.72 2,559,440.62 151,522.10
% OF PRINCIPAL 0.324911% 0.306751% 0.370433%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 193,887.79 193,887.79 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 109,545.42 109,545.42 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 10 10 0
PRINCIPAL BALANCE 807,272.28 807,272.28 0.00
% OF PRINCIPAL 0.10% 0.10% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 152 149 3
PRINCIPAL BALANCE 10,100,339.47 9,844,362.06 255,977.41
% OF PRINCIPAL 1.210533% 1.179854% 0.625800%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 46,365.28 46,365.28 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 162,136.77 162,136.77 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 147 144 3
PRINCIPAL BALANCE 9,750,467.92 9,494,490.51 255,977.41
% OF PRINCIPAL 1.17% 1.20% 0.63%
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 0.00 0.00 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 254,783,987.46
ENDING CLASS A-2F PRINCIPAL BALANCE 138,000,000.00
ENDING CLASS A-3F PRINCIPAL BALANCE 175,000,000.00
ENDING CLASS A-4F PRINCIPAL BALANCE 95,000,000.00
ENDING CLASS A-5F PRINCIPAL BALANCE 48,183,542.00
ENDING CLASS A-6F PRINCIPAL BALANCE 82,500,000.00
ENDING CLASS A-1A PRINCIPAL BALANCE 40,904,021.46
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 212.65565949 215.12407738 164.79802082
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.20273607% 10.265359% 8.988604%
(xi) SERVICING FEES PAID 357,931.90 340,447.23 17,484.67
SERVICING FEES ACCRUED 412,179.41 391,790.88 20,388.53
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 834,371,550.92 793,467,529.46 40,904,021.46
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 334.98
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,880 12,454 426
NUMBER OF MORTGAGES OUTSTANDING (END) 12,734 12,320 414
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 7,026,488.31 6,720,797.60 305,690.71
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 97,932,042.41
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 8,113,377.71
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 28,986.22
EXCESS SPREAD 2,107,708.05 2,009,336.93 98,371.12
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 28,986.22
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
FIXED RATE INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 977,102.30
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 6,073,226.72
SPREAD ACCOUNT-ENDING BALANCE 8,113,377.71
SPREAD ACCOUNT REQUIREMENT 30,476,764.46
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-2
--------------------------------------------------------------
FROM: SEPT. 27, 1999
TO: OCT. 25, 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 . 6.050000% JAN. 25, 2010 287,000,000.00 264,301,709.98 9,517,722.52 254,783,987.46 1,332,521.12
CLASS A-2F . 6.223000% JUNE 25, 2011 138,000,000.00 138,000,000.00 0.00 138,000,000.00 715,645.00
CLASS A-3F . 6.347000% AUG. 25, 2022 175,000,000.00 175,000,000.00 0.00 175,000,000.00 925,604.17
CLASS A-4F . 6.753000% AUG. 25, 2027 95,000,000.00 95,000,000.00 0.00 95,000,000.00 534,612.50
CLASS A-5F . 7.009000% JULY 25, 2030 48,183,542.00 48,183,542.00 0.00 48,183,542.00 281,432.04
CLASS A-6F . 6.685000% JULY 25, 2030 82,500,000.00 82,500,000.00 0.00 82,500,000.00 459,593.75
CLASS A-1A . 5.612500% * JULY 25, 2030 45,081,155.00 41,980,775.42 1,076,753.96 40,904,021.46 183,257.75 *
CLASS X JULY 25, 2030 0.00 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 870,764,697.00 844,966,027.40 10,594,476.48 834,371,550.92 4,432,666.32
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FG1 920.91188146 33.16279624 887.74908523 4.64293074
CLASS A-2F 268917FH9 1,000.00000000 0.00000000 1000.00000000 5.18583333
CLASS A-3F 268917FJ5 1,000.00000000 0.00000000 1000.00000000 5.28916667
CLASS A-4F 268917FK2 1,000.00000000 0.00000000 1000.00000000 5.62750000
CLASS A-5F 268917FL0 1,000.00000000 0.00000000 1000.00000000 5.84083333
CLASS A-6F 268917FM8 1,000.00000000 0.00000000 1000.00000000 5.57083333
CLASS A-1A 268917FN6 931.22670482 23.88479088 907.34191393 4.06506324
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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