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Previous: WORLDQUEST NETWORKS INC, 8-A12G, 2000-01-31 |
Next: S&P 500 R PROTECTED EQUITY FUND INC, 497, 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 25, 2000
----------------
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 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 1999-2
-----------------------------------------
(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 1999-2
--------------------------------------------------------------
FROM DEC. 25, 1999
TO JAN. 25, 2000
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ _______________________________________________ _______________ _____________ ______________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 18,249,200.64 15,229,790.71 3,019,409.93
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 231,648,402.08
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) 36,681,406.24
POOL PRINCIPAL BALANCE (Beginning) 807,013,350.32 770,331,944.08 36,681,406.24
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 229 206 23
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 15,028,860.94 12,462,744.62 2,566,116.32
(iv) AMOUNT OF CURTAILMENTS RECEIVED 790,830.76 436,960.71 353,870.05
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 678,942.80 662,213.65 16,729.15
(vi) INTEREST RECEIVED ON MORTGAGES 6,115,913.90 5,862,174.50 253,739.40
(vii) AGGREGATE ADVANCES 2,760,476.22 2,634,694.58 125,781.64
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 624 595 29
PRINCIPAL BALANCE 39,280,950.27 36,463,814.00 2,817,136.27
% OF PRINCIPAL 4.970129% 4.613683% 8.348384%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 236 229 7
PRINCIPAL BALANCE 15,377,980.90 14,773,397.13 604,583.77
% OF PRINCIPAL 1.945741% 1.869244% 1.791641%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 799 769 30
PRINCIPAL BALANCE 53,896,869.78 51,318,053.45 2,578,816.33
% OF PRINCIPAL 6.819448% 6.493156% 7.642139%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 105 101 4
PRINCIPAL BALANCE 7,257,840.04 6,728,217.40 529,622.64
% OF PRINCIPAL 0.918318% 0.851306% 1.569499%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 6 5 1
PRINCIPAL BALANCE 425,668.22 273,360.61 152,307.61
% OF PRINCIPAL 0.05% 0.04% 0.45%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 302,349.72 302,349.72 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 62 60 2
PRINCIPAL BALANCE 4,131,475.45 3,905,309.24 226,166.21
% OF PRINCIPAL 0.52% 0.52% 0.67%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 478 458 20
PRINCIPAL BALANCE 32,808,819.06 31,162,990.44 1,645,828.62
% OF PRINCIPAL 4.151225% 3.942982% 4.877297%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 65,324.26 65,324.26 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 35,442.10 35,442.10 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 474 454 20
PRINCIPAL BALANCE 32,670,857.11 31,025,028.49 1,645,828.62
% OF PRINCIPAL 4.13% 4.10% 4.88%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more
in (viii)a. above):
NUMBER 3 3 0
PRINCIPAL BALANCE 160,775.19 160,775.19 0.00
% OF PRINCIPAL 0.020343% 0.021250% 0.000000%
e. MORTGAGE LOAN LOSSES 169,381.78 169,381.78 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 217,912,431.06
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 33,744,690.72
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 210.75884834 212.87925285 163.21601475
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.22216129% 10.245157% 9.706556%
(xi) SERVICING FEES PAID 360,630.44 344,549.02 16,081.42
SERVICING FEES ACCRUED 395,980.76 378,403.02 17,577.74
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 646.98
(xiii) POOL PRINCIPAL BALANCE (ENDING) 790,340,663.78 756,595,973.06 33,744,690.72
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,340 11,962 378
NUMBER OF MORTGAGES OUTSTANDING (END) 12,105 11,750 355
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,768,454.85 6,482,514.35 285,940.50
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 97,502,082.60
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 11,567,655.61
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 458,946.03
EXCESS SPREAD 2,018,768.81 1,951,925.80 66,843.01
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 458,946.03
(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 957,163.19
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 12,275,392.07
SPREAD ACCOUNT-ENDING BALANCE 11,567,655.61
SPREAD ACCOUNT REQUIREMENT 31,130,365.31
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-2
--------------------------------------------------------------
FROM: DEC. 25, 1999
TO: JAN. 25, 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 . 6.050000% JAN. 25, 2010 287,000,000.00 231,648,402.08 13,735,971.02 217,912,431.06 1,167,894.03
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 . 6.711250% * JULY 25, 2030 45,081,155.00 36,681,406.24 2,936,715.52 33,744,690.72 198,310.13 *
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 870,764,697.00 807,013,350.32 16,672,686.54 790,340,663.78 4,283,091.61
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FG1 807.13728948 47.86052620 759.27676328 4.06931717
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 813.67494333 65.14286335 748.53207998 4.39895841
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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