SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 22, 1999
(Date of earliest event reported)
Commission File No. 333-71489
EQCC RECEIVABLES CORPORATION
EQCC ASSET BACKED CORPORATION
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59-3170055
DELAWARE 59-3170052
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(State of Incorporation) (I.R.S. Employer
Identification No.)
10401 Deerwood Park Boulevard
JACKSONVILLE, FLORIDA 32256
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Address of principal executive offices (Zip Code)
(904) 987-5000
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year, if changed since last
report)
<PAGE>
ITEM 5. OTHER EVENTS
-------------
Attached as an exhibit are the Computational Materials (as
defined in the no-action letter dated May 21, 1994 issued by the
Securities and Exchange Commission to Kidder, Peabody Acceptance
Corporation-I, Kidder, Peabody & Co. Incorporated and Kidder Structured
Asset Corporation (the "Kidder Letter")) and Collateral Term Sheets (as
defined in the no-action letter dated February 17, 1995 issued by the
Securities and Exchange Commission to the Public Securities Association)
prepared by Banc of America Securities LLC, which are hereby filed
pursuant to such letter.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
----------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
EXHIBIT NO. DESCRIPTION
- ----------- -----------
(99) Computational Materials and
Collateral Term Sheets
prepared by Banc of America
Securities LLC in
connection with EQCC Home
Equity Loan Asset Backed
Certificates, Series 1999-3
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EQCC RECEIVABLES CORPORATION
August 22, 1999
By: /S/ LENORE HANAPEL
------------------
Name: Lenore Hanapel
Title: Senior Vice President
EQCC ASSET BACKED CORPORATION
August 22, 1999
By: /S/ LENORE HANAPEL
------------------
Name: Lenore Hanapel
Title: Senior Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Paper (P) or
EXHIBIT NO. DESCRIPTION ELECTRONIC
- ---------- ----------- ----------
(99) Computational Materials and E
Collateral Term Sheets
prepared by Banc of America
Securities LLC in connection with
EQCC Home Equity Loan Asset Backed
Certificates, Series 1999-3
Price to Yield Table Page 1 of 2
CWT\NYLIB1\392257.1
BANC OF AMERICA SECURITIES LLC EQCC 1999-3
PRICE TO YIELD TABLE
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BOND CLASS: A-1NC
<TABLE>
<CAPTION>
FIRST NEXT PAY ISSUE
SETTLE DATE CALL % DESCRIPTION ACCRUAL DATE DATE ACTUAL DELAY BALANCE
----------- ------ ----------- ------------ ---- ------------ -------
<S> <C> <C> <C> <C> <C> <C>
08/26/1999 10.00 P-T 08/01/1999 09/25/1999 24 74,391,790.00
<CAPTION>
PRINCIPAL INTEREST ACCRUED
BALANCE TYPE COUPON TYPE INDEX TYPE MARGIN INTEREST
------- ---- ------ ---- ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
74,391,790.00 Normal 7.1748 Fixed None 0.0000 370.657.78
<CAPTION>
PP=0.0;0.0;0.0 PP=50.0;12.0;50.0 PP=75.0;18.0;75.0 PP=100.0;24.0;100.0 PP=125.0;30.0;125.0 PP=150.0;33.0;150.0
-------------- ----------------- ----------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
99-17.0 7.28 7.28 7.28 7.28 7.28 7.28
99-18.0 7.28 7.27 7.27 7.27 7.26 7.26
99-19.0 7.27 7.26 7.26 7.26 7.25 7.25
99-20.0 7.27 7.26 7.25 7.24 7.24 7.23
99-21.0 7.26 7.25 7.24 7.23 7.22 7.21
99-22.0 7.26 7.24 7.23 7.22 7.21 7.20
99-23.0 7.26 7.23 7.22 7.21 7.19 7.18
99-24.0 7.25 7.23 7.21 7.20 7.18 7.16
99-25.0 7.25 7.22 7.20 7.18 7.17 7.15
99-26.0 7.24 7.21 7.19 7.17 7.15 7.13
99-27.0 7.24 7.20 7.18 7.16 7.14 7.11
99-28.0 7.23 7.19 7.17 7.15 7.12 7.10
99-29.0 7.23 7.19 7.16 7.14 7.11 7.08
99-30.0 7.23 7.18 7.16 7.13 7.10 7.07
99-31.0 7.22 7.17 7.15 7.11 7.08 7.05
100-0.0 7.22 7.16 7.14 7.10 7.07 7.03
100-1.0 7.21 7.16 7.13 7.09 7.05 7.02
100-2.0 7.21 7.15 7.12 7.08 7.04 7.00
100-3.0 7.20 7.14 7.11 7.07 7.02 6.98
100-4.0 7.20 7.13 7.10 7.06 7.01 6.97
100-5.0 7.20 7.12 7.09 7.04 7.00 6.95
100-6.0 7.19 7.12 7.08 7.03 6.98 6.93
100-7.0 7.19 7.11 7.07 7.02 6.97 6.92
100-8.0 7.18 7.10 7.06 7.01 6.95 6.90
100-9.0 7.18 7.09 7.05 7.00 6.94 6.89
100-10.0 7.18 7.09 7.04 6.98 6.93 6.87
100-11.0 7.17 7.08 7.03 6.97 6.91 6.85
100-12.0 7.17 7.07 7.02 6.96 6.90 6.84
100-13.0 7.16 7.06 7.01 6.95 6.89 6.82
100-14.0 7.16 7.05 7.00 6.94 6.87 6.80
100-15.0 7.15 7.05 6.99 6.93 6.86 6.79
WAL 12.24 5.34 4.19 3.24 2.62 2.19
MOD DUR 7.32 3.99 3.25 2.64 2.21 1.90
FIRSTPRINPAY 09/25/1999 09/25/1999 09/25/1999 09/25/1999 09/25/1999 09/25/1999
MATURITY 02/25/2026 08/25/2010 04/25/2010 12/25/2007 04/25/2006 02/25/2005
PRIN WINDOW 318 132 128 100 80 66
</TABLE>
PP=200.0;48.0;200.0
-------------------
99-17.0 7.28
99-18.0 7.25
99-19.0 7.23
99-20.0 7.21
99-21.0 7.19
99-22.0 7.17
99-23.0 7.15
99-24.0 7.13
99-25.0 7.10
99-26.0 7.08
99-27.0 7.06
99-28.0 7.04
99-29.0 7.02
99-30.0 7.00
99-31.0 6.98
100-0.0 6.95
100-1.0 6.93
100-2.0 6.91
100-3.0 6.89
100-4.0 6.87
100-5.0 6.85
100-6.0 6.83
100-7.0 6.81
100-8.0 6.78
100-9.0 6.76
100-10.0 6.74
100-11.0 6.72
100-12.0 6.70
100-13.0 6.68
100-14.0 6.66
100-15.0 6.64
WAL 1.63
MOD DUR 1.46
FIRSTPRINPAY 09/25/1999
MATURITY 07/25/2003
PRIN WINDOW 47
This document is for informative purposes only. Under no circumstances is it to
be used or considered as an offer to sell, or a solicitation of an offer to buy
any security. Additional information is available upon request. Results based on
hypothetical projections or past performance have created inherent limitations.
There is no certainty that the parameters and assumptions used can be duplicated
with actual trades. This document may not be reproduced in whole or in part or
otherwise made available without our written consent.
<PAGE>
Banc of America Securities LLC
Trader Summary Report
---------------------
Pool ID: EQCC_7/19 Tape Date: July 19, 1999 7/20/99
Deal Title: EQCC 99-3 Fixed Nonconforming Pool 7:09PM
General Characteristics
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Pool Size: $74,391,790.80 W.A. Gross Coupon: 10.106% Pool - Balloon % 47.08%
Loan Count: 591 W.A. Net Coupon: Pool - ARMS% 0.00%
Average Loan Balance: $ 125,874 W.A. Servicing: 0.000% W.A. Gr. Margin (ARMS) 0.000%
W.A. FICO: 646 W.A. OTerm (months) 208.2 W.A. Rollterm (ARMS) 0.0
W.A. Original LTV: 61.03% W.A. RTerm (months) 206.5 W.A. Initial Cap (ARMS) 0.000%
W.A. CLTV: 82.44% W.A. Age (months) 1.7 W.A. Interim Cap (ARMS) 0.000%
GSE Conforming 0.00% Modified %: W.A. Life Cap (ARMS) 0.000%
Pct of Pool with NegAm Loans with PMI% W.A. Ceiling (ARMS) 0.000%
</TABLE>
Balance Distribution
less than = 50K 10.55%
50K - 75K 8.87%
75K - 100K 6.69%
100K - 125K 3.71%
125K - 150K 2.62%
150K - 175K 0.89%
175K - 200K 0.76%
200K - 225K 0.29%
225K - 250K 8.90%
250K - 275K 17.28%
275K - 300K 18.21%
300K - 400K 21.24%
Avg: $125, 874 Min: $14,857
SD: $106,985 Max: $395,000
Coupon Distribution
less than 6.0 0.33%
6.5 - 7.0 0.34%
7.0 - 7.5 1.88%
7.5 - 8.0 4.00%
8.0 - 8.5 5.98%
8.5 - 9.0 8.34%
9.0 - 9.5 9.68%
9.5 - 10.0 17.18%
10.0 - 10.5 13.57%
10.5 - 11.0 16.48%
>11.0 22.23%
WA: 10.106% 5.490%
SD 1.351% 15.900%
OLTV Distribution
less than = 50K 34.49%
50 - 55 1.71%
55 - 60 1.26%
60 - 65 1.23%
65 - 70 2.22%
70 - 75 5.52%
75 - 80 15.48%
80 - 85 15.51%
85 - 90 18.05%
90 - 95 3.32%
95 - 100 1.21%
WA 61.03% 4.15%
SD: 30.80% 100.00%
CLTV Distribution
less than = 50K 1.29%
50 - 55 1.38%
55 - 60 1.79%
60 - 65 2.04%
65 - 70 3.38%
70 - 75 7.95%
75 - 80 22.49%
80 - 85 21.54%
85 - 90 25.83%
90 - 95 9.19%
95 - 100 3.15%
WA: 82.44% 41.36%
SD: 9.53% 100.00%
Documentation
FULL 83.95%
NO INCOME 16.05%
Product
FIXED 52.92%
BALLOON 47.08%
Delinquency (Days)
0 - 29 98.55%
30 - 59 1.45%
Margin
WA: Min:
SD: Max:
Property Type
SFR 96.12%
2-4 F 2.73%
Condo 1.15%
Geographical (State)
NY 23.39%
CA 18.24%
FL 8.34%
AZ 5.24%
CT 4.98%
Other States 39.82%
Geographical (Zip Code)
85262 0.92%
11385 0.85%
85255 0.78%
77379 0.76%
11731 0.70%
Other ZIP Codes 95.98%
Months to Roll
WA: Min:
SD: Max:
Purpose
C/O 85.54%
PURCHASE 14.29%
REFI - PROP 0.13%
R/T REFI 0.04%
Occupancy
PRIMARY 97.38%
SECONDAR 1.79%
INVESTOR 0.82%
Lien Position
1 65.72%
2 34.28%
Interim Cap
WA: Min:
SD: Max:
Credit Score
651 - 999 44.67%
596 - 650 36.82%
550 - 595 15.35%
100 - 549 1.70%
less than=0 1.47%
WA: 646 Min: 514
Credit Grade
A 80.93%
B 15.80%
C 3.27%
Prepayment Penalty Term
0 Years 21.67%
1 Year 14.80%
3 Years 16.76%
4 Years 0.03%
5 Years 1.85%
N/A 44.89%
Life Cap
WA: Min:
SD: Max:
Funding Code
2 505 loans
0 86 loans
Pool
EQCC_7/19 100.00%
PMI Providers
None 100.00%
All Weighted Averages omit Zero values, where appropriate.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and Banc of
America Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security is any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant so such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assess backing
any securities discussed herein supersedes all prior information regarding such
assests. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.
<PAGE>
EQCC 99-3
FICO SCORES
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AGGREGATE PERCENT OF TOTAL LOAN
NUMBER OF PRINCIPAL BALANCE GROUP BY CUT-OFF
RANGE OF FICO SCORES MORTGAGE LOANS AS OF CUT-OFF DATE PRINCIPAL BALANCE
- --------------------------------------------------------------------------------
0 9 $446,432.56 1.75%
500 - 525 4 229,644.58 0.90
525 - 550 19 1,092,278.08 4.28
550 - 575 51 3,079,645.71 12.08
575 - 600 44 2,781,739.50 10.91
600 - 625 44 2,368,167.71 9.29
626 - 650 53 3,617,696.86 14.19
651 - 675 86 5,179,356.66 20.31
676 - 700 65 3,869,811.24 15.17
701 - 725 27 1,751,571.55 6.87
726 - 750 6 480,459.52 1.88
751 - 775 10 551,480.22 2.16
776 - 800 1 54,000.00 0.21
- --------------------------------------------------------------------------------
TOTALS 419 $25,502,284.19 100.00%
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and Banc of
America Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security is any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide she material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant so such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assess backing
any securities discussed herein supersedes all prior information regarding such
assests. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.
