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Previous: FARMERS VARIABLE LIFE SEPARATE ACCOUNT A, NSAR-U, 2000-02-29 |
Next: EMACHINES INC /DE/, S-1/A, 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 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 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 1999-2
-----------------------------------------
(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 1999-2
--------------------------------------------------------------
FROM JAN. 25, 2000
TO FEB. 25, 2000
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ ___________________________________________ _______________ _____________ ____________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 14,531,575.56 13,208,322.14 1,323,253.41
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 217,912,431.06
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) 33,744,690.72
POOL PRINCIPAL BALANCE (Beginning) 790,340,663.78 756,595,973.06 33,744,690.72
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 149 136 13
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 9,797,284.98 8,428,731.12 1,368,553.86
(iv) AMOUNT OF CURTAILMENTS RECEIVED (210,059.13) 30,028.24 (240,087.37)
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 670,781.68 654,566.27 16,215.41
(vi) INTEREST RECEIVED ON MORTGAGES 6,017,013.57 5,773,265.29 243,748.28
(vii) AGGREGATE ADVANCES 5,290,266.16 5,060,634.05 229,632.11
(viii) . . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 671 645 26
PRINCIPAL BALANCE 43,701,870.47 41,307,298.42 2,394,572.05
% OF PRINCIPAL 5.604090% 5.297023% 7.345311%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 283 271 12
PRINCIPAL BALANCE 17,515,074.58 16,464,542.17 1,050,532.41
% OF PRINCIPAL 2.246038% 2.111323% 3.222491%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 873 836 37
PRINCIPAL BALANCE 59,458,331.66 56,356,819.10 3,101,512.56
% OF PRINCIPAL 7.624613% 7.226891% 9.513840%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 115 111 4
PRINCIPAL BALANCE 7,845,647.12 7,397,339.39 448,307.73
% OF PRINCIPAL 1.006083% 0.948595% 1.375177%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 420,224.75 420,224.75 0.00
% OF PRINCIPAL 0.05% 0.06% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 5 0
PRINCIPAL BALANCE 290,464.33 290,464.33 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 69 66 3
PRINCIPAL BALANCE 4,920,695.12 4,624,436.98 296,258.14
% OF PRINCIPAL 0.63% 0.62% 0.91%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 616 591 25
PRINCIPAL BALANCE 41,414,434.99 39,325,290.88 2,089,144.11
% OF PRINCIPAL 5.310762% 5.042861% 6.408416%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 6 6 0
PRINCIPAL BALANCE 364,023.86 364,023.86 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 4 1
PRINCIPAL BALANCE 321,580.66 201,920.92 119,659.74
% OF PRINCIPAL 0.04% 0.03% 0.37%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 597 573 24
PRINCIPAL BALANCE 40,411,811.25 38,442,326.88 1,969,484.37
% OF PRINCIPAL 5.18% 5.14% 6.04%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more
in (viii)a. above):
NUMBER 7 7 0
PRINCIPAL BALANCE 352,404.04 352,404.04 0.00
% OF PRINCIPAL 0.045190% 0.047162% 0.000000%
e. MORTGAGE LOAN LOSSES 248,365.93 248,365.93 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 208,537,474.43
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 32,600,008.82
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 210.25126171 212.35722770 161.98070041
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.21871288% 10.240631% 9.716342%
(xi) SERVICING FEES PAID 355,198.97 340,252.66 14,946.31
SERVICING FEES ACCRUED 392,407.63 376,095.52 16,312.11
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 197.07
(xiii) POOL PRINCIPAL BALANCE (ENDING) 779,821,025.25 747,221,016.43 32,600,008.82
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,105 11,750 355
NUMBER OF MORTGAGES OUTSTANDING (END) 11,948 11,606 342
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 6,704,515.66 6,437,027.11 267,488.55
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 97,253,716.67
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 13,430,639.59
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 707,311.96
EXCESS SPREAD 2,051,805.07 1,979,200.15 72,604.93
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 707,311.96
(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 956,951.49
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 11,567,655.60
SPREAD ACCOUNT-ENDING BALANCE 13,430,639.59
SPREAD ACCOUNT REQUIREMENT 38,940,280.92
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-2
--------------------------------------------------------------
FROM: JAN. 25, 2000
TO: FEB. 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 287,000,000.00 217,912,431.06 9,374,956.63 208,537,474.43 1,098,641.84
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 . 6.043750% * JULY 25, 2030 45,081,155.00 33,744,690.72 1,144,681.90 32,600,008.82 175,618.85 *
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 870,764,697.00 790,340,663.78 10,519,638.53 779,821,025.25 4,191,148.15
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FG1 759.27676328 32.66535411 726.61140916 3.82802035
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 748.53207998 25.39158325 723.14049673 3.89561565
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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