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 1999-3
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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 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 1999-3
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: OCTOBER 28, 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 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 1999-3
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FROM SEPTEMBER 27, 1999
TO OCTOBER 25, 1999
FIXED RATE FIXED RATE VARIABLE RATE
TOTAL GROUP I GROUP II GROUP
______ _______________________________________________ _______________ _______________ ______________ _____________
<S> <C> <C> <C> <C> <C>
(i). . . AVAILABLE PAYMENT AMOUNT 14,764,240.23 13,178,348.39 821,266.76 764,625.08
Portions subject to bankrupty 0.00
(ii) . . CLASS A-1F PRINCIPAL BALANCE (Beginning) 340,917,280.17
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) 72,782,222.19
CLASS A-1A PRINCIPAL BALANCE (Beginning) 37,021,310.63
POOL PRINCIPAL BALANCE (Beginning) 990,645,619.30 880,668,054.87 72,809,261.58 37,168,302.85
(iii). . MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 96 89 3 4
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,390,965.56 5,670,574.11 225,620.35 494,771.10
(iv) . . AMOUNT OF CURTAILMENTS RECEIVED 124,328.57 112,018.91 11,302.40 1,007.26
(v). . . AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 720,911.95 649,864.79 53,150.02 17,897.14
(vi) . . INTEREST RECEIVED ON MORTGAGES 6,607,298.34 5,957,384.01 428,080.72 221,833.61
(vii). . AGGREGATE ADVANCES 5,933,596.49 5,264,970.83 456,067.34 212,558.32
(viii) . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 480 454 18 8
PRINCIPAL BALANCE 29,332,989.20 26,131,430.44 2,691,840.96 509,717.80
% OF PRINCIPAL 2.982823% 2.989103% 3.711902% 0.01390596
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 114 107 7 0
PRINCIPAL BALANCE 8,912,468.25 7,743,120.39 1,169,347.86 0.00
% OF PRINCIPAL 0.906294% 0.885714% 1.612467% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 17 16 1 0
PRINCIPAL BALANCE 1,230,990.42 1,163,056.24 67,934.18 0.00
% OF PRINCIPAL 0.125177% 0.133039% 0.093678% 0.000000%
ROLLING 3 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 0.000000% 0.000000% 0.000000% 0
ROLLING 6 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 0.062359% 0.066275% 0.046745% 0
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 28 28 0 0
PRINCIPAL BALANCE 1,114,263.11 1,114,263.11 0.00 0.00
% OF PRINCIPAL 0.113308% 0.127458% 0.000000% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0 0.00
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 3 3 0 0
PRINCIPAL BALANCE 182,579.92 182,579.92 0.00 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 0 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 1 1 0 0
PRINCIPAL BALANCE 67,500.00 67,500.00 0.00 0.00
% OF PRINCIPAL 0.006864% 0.007721% 0.000000% 0.000000%
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 12,520.74 12,520.74 0.00 0.00
(ix) . . ENDING CLASS A-1F PRINCIPAL BALANCE 332,878,542.15
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 72,419,061.24
ENDING CLASS A-1A PRINCIPAL BALANCE 36,423,849.63
(x). . . WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 212.22209665 214.34179925 204.12825888 177.48324689
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.31253084% 10.351260% 10.472553% 9.064519%
(xi) . . SERVICING FEES PAID 386,213.74 345,254.82 26,291.50 14,667.42
SERVICING FEES ACCRUED 497,966.46 429,265.70 48,752.93 19,947.83
(xii). . SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) . POOL PRINCIPAL BALANCE (ENDING) 983,396,892.48 874,223,076.32 72,519,188.81 36,654,627.35
(xiv). . RESERVED
(xv) . . REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi). . NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 14,232 13,222 621 389
NUMBER OF MORTGAGES OUTSTANDING (END) 14,136 13,133 618 385
(xvii) . AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 8,462,322.04 7,579,334.43 597,757.60 285,230.01
(xviiiI) OVERCOLLATERALIZED AMOUNT 3,879,426.49 3,548,521.19 100,127.58 230,777.72
OVERCOLLATERALIZED TARGET AMOUNT 34,229,224.78 26,633,884.15 3,719,590.40 3,719,590.40
OVERCOLLATERALIZATION DEFICIENCY AMOUNT 30,349,798.29 23,085,362.96 3,619,462.82 3,644,972.51
(xIx). . AGGREGATE MORTGAGE LOAN LOSSES 12,520.74
(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 5.69250%
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-3
--------------------------------------------------------------
FROM: SEPTEMBER 27, 1999
TO: OCTOBER 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 . 6.548000% APR. 25, 2010 350,000,000.00 340,917,280.17 8,038,738.02 332,878,542.15 1,860,271.96
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 72,782,222.19 363,160.96 72,419,061.24 451,734.99
CLASS A-1A . 0.056925 * Aug. 25, 2030 37,812,197.00 37,021,310.63 597,461.00 36,423,849.63 163,911.85 *
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 1,000,000,000.00 988,516,825.99 8,999,359.98 979,517,466.01 5,678,198.76
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FP1 974.04937192 22.96782292 951.08154900 5.31506274
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 978.36363656 4.88173436 973.48190221 6.07237697
CLASS A-1A 268917FW6 979.08382915 15.80074812 963.28308103 4.33489365
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
