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): MARCH 25, 2000
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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 MARCH 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 1999-3
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(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: MARCH 31, 2000 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
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99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE MARCH 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 1999-3
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FROM FEBRUARY 25, 2000
TO MARCH 25, 2000
FIXED RATE FIXED RATE VARIABLE RATE
TOTAL GROUP I GROUP II GROUP
______ _______________________________________________ _______________ _____________ ___________ _____________
<S> <C> <C> <C> <C> <C>
(i). . . . . AVAILABLE PAYMENT AMOUNT 21,435,813.22 17,895,548.98 2,302,444.42 1,237,819.82
Portions subject to bankrupty 0.00
(ii) . . . . CLASS A-1F PRINCIPAL BALANCE (Beginning) 284,534,559.55
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) 65,905,773.93
CLASS A-1A PRINCIPAL BALANCE (Beginning) 32,739,720.59
POOL PRINCIPAL BALANCE (Beginning) 933,211,349.92 833,430,258.82 66,542,840.84 33,238,250.26
(iii). . . . MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 172 150 13 9
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 12,810,268.07 10,137,765.00 1,717,685.89 954,817.18
(iv) . . . . AMOUNT OF CURTAILMENTS RECEIVED 358,211.98 349,153.72 4,261.95 4,796.31
(v). . . . . AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 813,155.08 741,113.62 55,669.45 16,372.01
(vi) . . . . INTEREST RECEIVED ON MORTGAGES 7,578,048.14 6,827,248.73 501,784.34 249,015.07
(vii). . . . AGGREGATE ADVANCES 6,311,984.61 5,625,381.38 446,985.32 239,617.91
(viii) . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 608 572 19 17
PRINCIPAL BALANCE 42,381,235.38 38,806,688.93 2,182,829.83 1,391,716.62
% OF PRINCIPAL 4.610904% 4.720112% 3.372000% 0.043137598
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 239 224 9 6
PRINCIPAL BALANCE 17,510,296.36 15,214,591.48 1,564,535.37 731,169.51
% OF PRINCIPAL 1.905048% 1.850572% 2.416869% 2.266330%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 744 699 19 26
PRINCIPAL BALANCE 53,612,179.50 46,965,111.96 4,555,276.36 2,091,791.18
% OF PRINCIPAL 5.832784% 5.712432% 7.036916% 6.483708%
ROLLING 3 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 4.844565% 4.844565% 0.000000% 0
ROLLING 6 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 4.757155% 6.057526% 0.0461869
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 97 91 1 5
PRINCIPAL BALANCE 5,735,108.43 4,991,876.64 243,751.76 499,480.03
% OF PRINCIPAL 0.623956% 0.607169% 0.376544% 1.548187%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 6 5 0 1.00
PRINCIPAL BALANCE 369,952.87 272,494.37 0.00 97,458.50
% OF PRINCIPAL 0.04% 0.03% 0.00% 0.29%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 6 6 0 0
PRINCIPAL BALANCE 435,666.20 435,666.20 0.00 0.00
% OF PRINCIPAL 0.05% 0.05% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 51 47 0 4
PRINCIPAL BALANCE 3,110,541.03 2,708,519.50 0.00 402,021.53
% OF PRINCIPAL 0.34% 0.33% 0.00% 1.21%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 464 436 14 14
PRINCIPAL BALANCE 35,435,904.95 30,421,446.43 3,997,043.44 1,017,415.08
% OF PRINCIPAL 3.855281% 3.700203% 6.174567% 3.153576%
d. MORTGAGES IN REO (TOTAL-included in 90
or more in (viii)a. above):
NUMBER 2 2 0 0
PRINCIPAL BALANCE 121,500.00 121,500.00 0.00 0.00
% OF PRINCIPAL 0.013219% 0.014778% 0.000000% 0.000000%
e. MORTGAGE LOAN LOSSES 77,290.24 46,000.00 31,290.24 0.00
(ix) . . . . ENDING CLASS A-1F PRINCIPAL BALANCE 271,466,825.92
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 64,018,207.18
ENDING CLASS A-1A PRINCIPAL BALANCE 31,679,285.68
(x). . . . . WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 208.48240436 210.48276807 201.13595346 172.24679880
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.30934181% 10.315887% 10.430283% 9.899892%
(xi) . . . . SERVICING FEES PAID 448,864.06 403,684.09 29,565.95 15,614.02
SERVICING FEES ACCRUED 466,364.69 417,015.99 32,666.33 16,682.37
(xii). . . . SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) . . . POOL PRINCIPAL BALANCE (ENDING) 919,152,424.55 822,156,226.48 64,733,933.31 32,262,264.76
(xiv). . . . RESERVED
(xv) . . . . REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi). . . . NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 13,454 12,533 567 354
NUMBER OF MORTGAGES OUTSTANDING (END) 13,279 12,381 553 345
(xvii) . . . AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 7,920,542.78 7,084,532.63 557,493.46 278,516.69
(xviiiI) . . OVERCOLLATERALIZED AMOUNT 14,192,092.83 12,893,335.83 715,777.93 582,979.07
OVERCOLLATERALIZED TARGET AMOUNT 34,229,224.78 26,633,884.15 3,719,590.40 3,719,590.40
OVERCOLLATERALIZATION DEFICIENCY AMOUNT 20,037,131.95 13,740,548.32 3,003,812.47 3,292,771.16
(xIx). . . . AGGREGATE MORTGAGE LOAN LOSSES 77,290.24
(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 6.18875%
(xxii) FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0 0
PRINCIPAL BALANCE 232,737.89 232,737.89 0.00 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
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%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 450 423 14 13
PRINCIPAL BALANCE 34,499,762.95 29,603,904.52 3,997,043.44 954,584.38
% OF PRINCIPAL 3.75% 3.60% 6.17% 2.77%
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-3
--------------------------------------------------------------
FROM: FEBRUARY 25, 2000
TO: MARCH 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 . 6.548000% APR. 25, 2010 350,000,000.00 284,534,559.55 13,067,733.63 271,466,825.92 1,552,610.25
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 65,905,773.93 1,887,566.75 64,018,207.18 409,055.17
CLASS A-1A . 0.0618875 * Aug. 25, 2030 37,812,197.00 32,739,720.59 1,060,434.91 31,679,285.68 174,476.56 *
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 1,000,000,000.00 920,976,067.07 16,015,735.29 904,960,331.79 5,338,421.94
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FP1 812.95588443 37.33638180 775.61950263 4.43602928
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 885.92805649 25.37332078 860.55473571 5.49866014
CLASS A-1A 268917FW6 865.85078861 28.04478430 837.80600431 4.61429323
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
