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
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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 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 1999-3
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(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: FEBRUARY 29, 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 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 1999-3
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FROM JANUARY 25, 2000
TO FEBRUARY 25, 2000
FIXED RATE FIXED RATE VARIABLE RATE
TOTAL GROUP I GROUP II GROUP
______ _____________________________________________ _______________ _____________ ____________ _____________
<S> <C> <C> <C> <C> <C>
(i). . . . . AVAILABLE PAYMENT AMOUNT 18,507,162.70 14,896,510.01 2,162,203.08 1,448,449.61
Portions subject to bankrupty 0.00
(ii) . . . . CLASS A-1F PRINCIPAL BALANCE (Beginning) 294,547,893.05
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) 67,642,175.21
CLASS A-1A PRINCIPAL BALANCE (Beginning) 34,005,836.55
POOL PRINCIPAL BALANCE (Beginning) 944,335,197.12 841,678,641.51 68,221,361.60 34,435,194.01
(iii). . . . MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 144 123 12 9
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,327,204.15 7,293,445.61 57,703.50 976,055.04
(iv) . . . . AMOUNT OF CURTAILMENTS RECEIVED 312,456.12 100,787.86 8,212.53 203,455.73
(v). . . . . AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 2,278,534.48 716,482.74 1,544,618.76 17,432.98
(vi) . . . . INTEREST RECEIVED ON MORTGAGES 7,407,504.27 6,613,170.78 560,388.62 233,944.87
(vii). . . . AGGREGATE ADVANCES 6,376,664.66 5,696,379.78 448,653.63 231,631.25
(viii) . . . a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 663 626 19 18
PRINCIPAL BALANCE 45,689,911.79 41,568,220.55 2,417,978.42 1,703,712.82
% OF PRINCIPAL 4.895988% 4.987607% 3.633714% 0.051257596
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 329 310 8 11
PRINCIPAL BALANCE 22,454,223.93 20,109,929.98 1,331,035.53 1,013,258.42
% OF PRINCIPAL 2.406124% 2.412911% 2.000267% 3.048471%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 626 592 16 18
PRINCIPAL BALANCE 45,648,735.69 39,965,448.34 4,328,115.41 1,355,171.94
% OF PRINCIPAL 4.891575% 4.795296% 6.504249% 4.077146%
ROLLING 3 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 3.597573% 3.597573% 0.000000% 0
ROLLING 6 MONTH AVERAGE 90 DAY DELINQUENCY RATE: 3.534234% 4.701436% 0.029596553
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 65 63 1 1
PRINCIPAL BALANCE 3,603,734.91 3,262,388.23 243,888.18 97,458.50
% OF PRINCIPAL 0.386165% 0.391441% 0.366513% 0.293212%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0 0.00
PRINCIPAL BALANCE 212,447.96 212,447.96 0.00 0.00
% OF PRINCIPAL 0.02% 0.03% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 3 3 0 0
PRINCIPAL BALANCE 165,813.06 165,813.06 0.00 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 25 25 0 0
PRINCIPAL BALANCE 1,550,524.31 1,550,524.31 0.00 0.00
% OF PRINCIPAL 0.17% 0.19% 0.00% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 381 358 10 13
PRINCIPAL BALANCE 27,990,387.95 24,321,359.33 2,714,444.24 954,584.38
% OF PRINCIPAL 2.999362% 2.918224% 4.079240% 2.871945%
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 204,556.03 136,621.85 67,934.18 0.00
(ix) . . . . ENDING CLASS A-1F PRINCIPAL BALANCE 284,534,559.55
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 65,905,773.93
ENDING CLASS A-1A PRINCIPAL BALANCE 32,739,720.59
(x). . . . . WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 210.16567564 211.42661134 201.61698889 174.58207422
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.29850945% 10.323855% 10.436705% 9.567003%
(xi) . . . . SERVICING FEES PAID 440,231.88 392,761.62 32,196.56 15,273.70
SERVICING FEES ACCRUED 474,414.51 423,718.51 33,948.75 16,747.25
(xii). . . . SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) . . . POOL PRINCIPAL BALANCE (ENDING) 933,211,349.92 833,430,258.82 66,542,840.84 33,238,250.26
(xiv). . . . RESERVED
(xv) . . . . REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi). . . . NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 13,606 12,663 580 363
NUMBER OF MORTGAGES OUTSTANDING (END) 13,454 12,533 567 354
(xvii) . . . AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 8,077,550.09 7,218,404.37 590,892.61 268,253.11
(xviiiI) . . OVERCOLLATERALIZED AMOUNT 12,235,378.43 11,099,634.53 637,118.71 498,625.19
OVERCOLLATERALIZED TARGET AMOUNT 34,229,224.78 26,633,884.15 3,719,590.40 3,719,590.40
OVERCOLLATERALIZATION DEFICIENCY AMOUNT 21,993,846.35 15,534,249.62 3,082,471.69 3,377,125.04
(xIx). . . . AGGREGATE MORTGAGE LOAN LOSSES 204,556.03
(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 6.12375%
(xxii) FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 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 60-90 DAYS:
NUMBER 1 1 0 0
PRINCIPAL BALANCE 108,359.74 108,359.74 0.00 0.00
% OF PRINCIPAL 0.01% 0.01% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS
OR MORE:
NUMBER 376 353 10 13
PRINCIPAL BALANCE 27,630,546.88 23,961,518.26 2,714,444.24 954,584.38
% OF PRINCIPAL 2.96% 2.88% 4.08% 2.77%
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-3
--------------------------------------------------------------
FROM: JANUARY 25, 2000
TO: FEBRUARY 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 350,000,000.00 294,547,893.05 10,013,333.50 284,534,559.55 1,607,249.67
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 67,642,175.21 1,736,401.28 65,905,773.93 419,832.43
CLASS A-1A . 0.0612375 * Aug. 25, 2030 37,812,197.00 34,005,836.55 1,266,115.96 32,739,720.59 179,320.57 *
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 1,000,000,000.00 933,991,917.82 13,015,850.74 920,976,067.07 5,408,682.63
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FP1 841.56540872 28.60952429 812.95588443 4.59214191
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 909.26935903 23.34130254 885.92805649 5.64353182
CLASS A-1A 268917FW6 899.33511541 33.48432680 865.85078861 4.74240016
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
