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): DECEMBER 27, 1999
EQCC HOME EQUITY LOAN TRUST 1999-3
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3594136
59-3594138
59-3594139
DELAWARE 333-71489 59-3594140
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(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1999-3
10401 DEERWOOD PARK BLVD.
JACKSONVILLE, FLORIDA 32256
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
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REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: (904) 457-5000
<PAGE>
ITEM 5. OTHER EVENTS
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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
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EXHIBITS
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(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE DECEMBER 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 1999-3
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: DECEMBER 29, 1999 BY: /S/ JAMES B. DODD
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NAME: JAMES B. DODD
TITLE: VICE PRESIDENT/GENERAL COUNSEL
(DULY AUTHORIZED OFFICER)
<PAGE>
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INDEX TO EXHIBITS
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EXHIBIT
NUMBER EXHIBIT
- ------ -------
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE DECEMBER 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 1999-3
--------------------------------------------------------------
FROM NOVEMBER 26, 1999
TO DECEMBER 27, 1999
FIXED RATE FIXED RATE VARIABLE RATE
TOTAL GROUP I GROUP II GROUP
______ _______________________________________________ _______________ _____________ ____________ ___________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 20,834,928.67 17,185,956.07 1,991,202.60 1,657,770.00
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 322,711,168.25
CLASS A-2F PRINCIPAL BALANCE (Beginning) 137,000,000.00
CLASS A-3F PRINCIPAL BALANCE (Beginning) 160,000,000.00
CLASS A-4F PRINCIPAL BALANCE (Beginning) 80,000,000.00
CLASS A-5F PRINCIPAL BALANCE (Beginning) 27,796,013.00
CLASS A-6F PRINCIPAL BALANCE (Beginning) 133,000,000.00
CLASS A-7F PRINCIPAL BALANCE (Beginning) 71,503,475.02
CLASS A-1A PRINCIPAL BALANCE (Beginning) 36,243,937.45
POOL PRINCIPAL BALANCE (Beginning) 974,061,728.82 865,867,947.92 71,650,356.05 36,543,424.85
(iii). . MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 165 143 10 12
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 11,314,868.26 8,794,442.48 1,143,669.44 1,376,756.34
(iv) . . AMOUNT OF CURTAILMENTS RECEIVED 496,681.59 486,499.85 8,726.73 1,455.01
(v). . . AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 800,284.64 723,976.74 56,642.73 19,665.17
(vi) . . INTEREST RECEIVED ON MORTGAGES 7,753,350.52 6,915,706.94 575,484.11 262,159.47
(vii). . AGGREGATE ADVANCES 6,467,254.99 5,768,728.80 473,281.92 225,244.27
(viii) . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 545 516 15 14
PRINCIPAL BALANCE 37,781,608.55 34,481,118.17 2,163,574.49 1,136,915.89
% OF PRINCIPAL 3.929649% 4.028813% 3.071457% 0.032348788
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 292 279 6 7
PRINCIPAL BALANCE 20,203,603.39 17,928,330.01 1,711,643.42 563,629.96
% OF PRINCIPAL 2.101368% 2.094766% 2.429886% 1.603702%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 283 264 12 7
PRINCIPAL BALANCE 20,111,669.05 17,491,009.29 2,091,155.34 529,504.42
% OF PRINCIPAL 2.091806% 2.043669% 2.968649% 1.506605%
ROLLING 3 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 0.000000% 0.000000% 0.000000% 0
ROLLING 6 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 1.108492% 1.002596% 1.577864% 0.005799173
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 40 40 0 0
PRINCIPAL BALANCE 1,928,637.89 1,928,637.89 0.00 0.00
% OF PRINCIPAL 0.200597% 0.225344% 0.000000% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0 0.00
PRINCIPAL BALANCE 220,233.60 220,233.60 0.00 0.00
% OF PRINCIPAL 0.02% 0.03% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2 2 0 0
PRINCIPAL BALANCE 170,148.48 170,148.48 0.00 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 5 5 0 0
PRINCIPAL BALANCE 345,726.00 345,726.00 0.00 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 68 63 4 1
PRINCIPAL BALANCE 6,038,200.16 5,199,562.83 753,437.33 85,200.00
% OF PRINCIPAL 0.628031% 0.607523% 1.069596% 0.242420%
d. MORTGAGES IN REO (TOTAL-included in 90
or more in (viii)a. above):
NUMBER 0 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000% 0.000000% 0.000000%
e. MORTGAGE LOAN LOSSES 0.00 0.00 0.00 0.00
(ix) . . ENDING CLASS A-1F PRINCIPAL BALANCE 310,564,182.86
ENDING CLASS A-2F PRINCIPAL BALANCE 137,000,000.00
ENDING CLASS A-3F PRINCIPAL BALANCE 160,000,000.00
ENDING CLASS A-4F PRINCIPAL BALANCE 80,000,000.00
ENDING CLASS A-5F PRINCIPAL BALANCE 27,796,013.00
ENDING CLASS A-6F PRINCIPAL BALANCE 133,000,000.00
ENDING CLASS A-7F PRINCIPAL BALANCE 69,962,340.06
ENDING CLASS A-1A PRINCIPAL BALANCE 34,773,504.33
(x). . . WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 210.85554369 212.94405266 202.53838209 176.68131905
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.30396458% 10.340346% 10.451461% 9.122255%
(xi) . . SERVICING FEES PAID 513,725.71 454,840.99 39,043.79 19,840.93
SERVICING FEES ACCRUED 559,943.22 495,581.19 44,409.44 19,952.59
(xii). . SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) . POOL PRINCIPAL BALANCE (ENDING) 961,449,894.33 855,863,028.85 70,441,317.15 35,145,548.33
(xiv). . RESERVED
(xv) . . REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi). . NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 13,985 12,994 607 384
NUMBER OF MORTGAGES OUTSTANDING (END) 13,820 12,851 597 372
(xvii) . AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 8,628,759.34 7,676,618.19 671,295.08 280,846.07
(xviiiI) OVERCOLLATERALIZED AMOUNT 8,349,039.42 7,502,833.03 478,977.10 367,229.29
OVERCOLLATERALIZED TARGET AMOUNT 34,229,224.78 26,633,884.15 3,719,590.40 3,719,590.40
OVERCOLLATERALIZATION DEFICIENCY AMOUNT 25,875,249.29 19,131,051.12 3,240,613.30 3,503,584.87
(xIx). . AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xx) . . CLASS A-1A LIBOR INTEREST CARRYOVER 0.00
UNPAID CLASS A-1A LIBOR INTEREST CARRYOVER 0.00
FIXED RATE GROUP 1 INTEREST CARRYOVER 0.00
UNPAID FIXED RATE GROUP 1 INTEREST CARRYOVER 0.00
FIXED RATE GROUP 2 INTEREST CARRYOVER 0.00
UNPAID FIXED RATE GROUP 2 INTEREST CARRYOVER 0.00
(xxi). . CLASS A-1F PASS THROUGH RATE 6.54800%
CLASS A-2F PASS THROUGH RATE 6.88700%
CLASS A-3F PASS THROUGH RATE 7.06700%
CLASS A-4F PASS THROUGH RATE 7.37100%
CLASS A-5F PASS THROUGH RATE 7.63800%
CLASS A-6F PASS THROUGH RATE 7.26700%
CLASS A-7F PASS THROUGH RATE 7.44800%
CLASS A-1A PASS THROUGH RATE 5.90000%
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-3
--------------------------------------------------------------
FROM: NOVEMBER 26, 1999
TO: DECEMBER 27, 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 . 6.548000% APR. 25, 2010 350,000,000.00 322,711,168.25 12,146,985.39 310,564,182.86 1,760,927.27
CLASS A-2F . 6.887000% JULY 25, 2013 137,000,000.00 137,000,000.00 0.00 137,000,000.00 786,265.83
CLASS A-3F . 7.067000% NOV. 25, 2024 160,000,000.00 160,000,000.00 0.00 160,000,000.00 942,266.67
CLASS A-4F . 7.371000% JUNE 25, 2028 80,000,000.00 80,000,000.00 0.00 80,000,000.00 491,400.00
CLASS A-5F . 7.638000% AUG. 25, 2030 27,796,013.00 27,796,013.00 0.00 27,796,013.00 176,921.62
CLASS A-6F . 7.267000% AUG. 25, 2030 133,000,000.00 133,000,000.00 0.00 133,000,000.00 805,425.83
CLASS A-7F . 7.448000% AUG. 25, 2030 74,391,790.00 71,503,475.02 1,541,134.96 69,962,340.06 443,798.23
CLASS A-1A . 0.059 * Aug. 25, 2030 37,812,197.00 36,243,937.45 1,470,433.11 34,773,504.33 184,139.34 *
CLASS X AUG. 25, 2030 0.00 0.00 0.00 0.00 0.00
CLASS R-I N/A 0.00 0.00 0.00 0.00
CLASS R-II N/A 0.00 0.00 0.00 0.00
CLASS R-III N/A 0.00 0.00 0.00 0.00
CLASS R-IIV N/A 0.00 0.00 0.00 0.00
_____________ _____________ _____________ _____________ _____________
TOTAL 1,000,000,000.00 968,254,593.72 15,158,553.47 953,096,040.25 5,591,144.80
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FP1 922.03190929 34.70567255 887.32623673 5.03122079
CLASS A-2F 268917FQ9 1,000.00000000 0.00000000 1000.00000000 5.73916667
CLASS A-3F 268917FR7 1,000.00000000 0.00000000 1000.00000000 5.88916667
CLASS A-4F 268917FS5 1,000.00000000 0.00000000 1000.00000000 6.14250000
CLASS A-5F 268917FT3 1,000.00000000 0.00000000 1000.00000000 6.36500000
CLASS A-6F 268917FU0 1,000.00000000 0.00000000 1000.00000000 6.05583333
CLASS A-7F 268917FV8 961.17427770 20.71646561 940.45781210 5.96568835
CLASS A-1A 268917FW6 958.52503481 38.88779889 919.63723592 4.86983969
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
