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 (Date of earliest event reported): September 18, 1997
Equicon Mortgage Loan Trust 1994-1
(Exact name of registrant as specified in its charter)
New York 033-75001-01 41-1787000, 41-1787002
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
ITEM 5. OTHER EVENTS
On September 18, 1997, a distribution was made to holders of The Equicon
Mortgage Loan Trust 1994-1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit Number
99.1 -- Monthly report distributed to holders of Equicon
Mortgage Loan Trust 1994-1 relating to the September 18,
1997, distribution.
SIGNATURES
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 thereunto duly authorized.
Equicon Mortgage Loan Trust 1994-1
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/ Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: September 22, 1997
INDEX OF EXHIBITS
Exhibit
Number Description
EX-99.1 Monthly report distributed to holders of Equicon Mortgage Loan
Trust 1994-1 relating to the September 18, 1997, distribution.
Equicon Mortgage Loan Trust 1994-1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: August 1997
Distribution Date: September 18, 1997
Contact: Candy Wachsmuth
Phone: (410) 884-2118
InvestorDirect: (800) 605-4167
Cover Page - Issuing
Report Name Report Number
- --------------------------------------------------------------------------------
Series Structure Summary 1
Class Distribution Summary 2
Class Distribution Per 1,000 of Original Balance 3
Class Principal Distribution 4
Class Interest Distribution 5
Fund Account Summary 6
Loss/Delinquency Detail 7
Collateral Summary 8
Credit Enhancement Summary 9
Notes:
**Contact InvestorDirect (SM) at (800) 605-4167 to obtain additional collateral
and security information.
<TABLE>
<CAPTION>
Series Structure Summary - Issuing
Aggregate
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Interest Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Sequential Pay Fixed 35,700,000.00 0.00000000% 0.00 0.00 0.00 0.0000000000
A-2 Senior Sequential Pay Fixed 18,700,000.00 6.05000000% 0.00 0.00 0.00 0.5474426326
A-3 Senior Sequential Pay Fixed 24,301,618.92 6.80000000% 0.00 0.00 0.00 1.0000000000
I Senior Interest Only Notional IO 0.00 1.44241607% 0.00 0.00 0.00 0.0000000000
B Subordinate Sequential Pay Variable 2,434,070.69 16.51603233% 164,260.65 0.00 0.00 0.9233162000
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 164,260.65 0.00 0.00 0.4533912662
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary - Issuing
Beginning Principal Ending
Pass Through Principal Total Interest Total Principal Balance Principal Total
Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 08/29/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 08/29/1997 6.05000000% 11,090,738.69 55,915.81 853,561.46 0.00 10,237,177.23 909,477.27
A-3 08/29/1997 6.80000000% 24,301,618.92 137,709.17 0.00 0.00 24,301,618.92 137,709.17
I 08/29/1997 1.44241607% 0.00 45,206.84 0.00 0.00 0.00 45,206.84
B 08/29/1997 16.51603233% 2,216,904.84 11,026.75 0.00 0.00 2,247,416.90 11,026.75
RU 08/29/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 37,609,262.45 249,858.57 853,561.46 0.00 36,786,213.05 1,103,420.03
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance - Issuing
Total Other
Total Interest Scheduled Principal Total Principal Principal Ending
Distribution Principal Distribution Distribution Balance Principal
Class Cusip Original Balance Factor Factor Factor Factor Reduction Factor
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 294419AA4 35,700,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.0000000000
A-2 294419AB2 18,700,000.00 2.99015027 5.43490802 38.57842888 45.64499786 0.00000000 0.5474426326
A-3 294419AC0 24,301,618.92 5.66666651 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
I 294419AD8 0.00 N/A N/A N/A N/A N/A N/A
B N/A 2,434,070.69 4.53016835 0.00000000 0.00000000 0.00000000 0.00000000 0.9233162000
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 0.4533912662
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution - Issuing
Beginning Principal Ending Current
Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistributed
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 11,090,738.69 101,632.78 721,416.62 30,512.06 0.00 853,561.46 0.00 10,237,177.23 0.00
A-3 24,301,618.92 0.00 0.00 0.00 0.00 0.00 0.00 24,301,618.92 0.00
I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B 2,216,904.84 0.00 0.00 (30,512.06) 0.00 0.00 0.00 2,247,416.90 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 37,609,262.45 101,632.78 721,416.62 0.00 0.00 853,561.46 0.00 36,786,213.05 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution - Issuing
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.05000000% 11,090,738.69 55,915.81 0.00 0.00 0.00 0.00 55,915.81 10,237,177.23
A-3 6.80000000% 24,301,618.92 137,709.17 0.00 0.00 0.00 0.00 137,709.17 24,301,618.92
I 1.44241607% 37,609,262.45 45,206.84 0.00 0.00 0.00 0.00 45,206.84 36,786,213.05
B 16.51603233% 2,216,904.84 30,512.06 0.00 30,512.06 11,026.75 0.00 11,026.75 2,247,416.90
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 269,343.88 0.00 30,512.06 11,026.75 0.00 249,858.57
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
<S> <C>
Proceeds Account
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 288,205.89
Scheduled Principal 101,632.78
Other Principal 721,416.62
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,111,255.29
WITHDRAWALS:
Interest Payments 249,858.57
Scheduled Principal Payment 101,632.78
Other Principal Payments 751,928.68
Reserve Fund 1 0.00
Fees and Expenses 7,835.26
Other Withdrawals 0.00
Total Withdrawals 1,111,255.29
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Loss/Delinquency Detail - Issuing
Current Current Current Current Total Aggregate Aggregate Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard Credit Current Fraud Bankruptcy Special Hazard Credit Aggregate
Pool # Losses Losses Losses Losses Losses Losses Losses Losses Losses Losses
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 164,260.65 164,260.65
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 164,260.65 164,260.65
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures
Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
X 25 1,354,366.82 8 440,490.65 4 433,851.28 14 1,107,842.68
- --------------------------------------------------------------------------------------------------------------
Totals 25 1,354,366.82 8 440,490.65 4 433,851.28 14 1,107,842.68
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
X 12 992,557.18 63 4,329,108.61
- --------------------------------------------------------------
Totals 12 992,557.18 63 4,329,108.61
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool X
----------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 411,542.35| 411,542.35
|
Positive Amortization 101,632.78| 101,632.78
Negative Amortization 0.00| 0.00
Regular Curtailments 0.00| 0.00
Regular Curtailment Interest 0.00| 0.00
Prepaid Curtailments 0.00| 0.00
Prepaid Curtailment Interest 0.00| 0.00
Liquidations 721,416.62| 721,416.62
Principal Adjustments 0.00| 0.00
Total Principal Trust Distribution 823,049.40| 823,049.40
|
Scheduled Interest 309,909.57| 309,909.57
Servicing Fee 16,454.05| 16,454.05
Master Servicing Fee 861.88| 861.88
Spread 0.00| 0.00
Total Pass-Through Interest 288,205.89| 288,205.89
|
Beginning Balance 37,609,262.45| 37,609,262.45
Ending Balance 36,786,213.05| 36,786,213.05
Gross P&I Distribution 1,116,504.92| 1,116,504.92
Realized Losses/(Gains) 0.00| 0.00
Net P&I Trust Distribution 1,116,504.92| 1,116,504.92
|
Beginning Loan Count 538| 538
Number of Loan Payoffs 8| 8
Ending Loan Count 530| 530
|
Weighted Average Maturity 169.4000000000| 169.4000000000
Weighted Average Gross Rate 9.890000000%| 9.890000000%
Weighted Average Net Rate 9.365000000%| 9.365000000%
Weighted Average Pass-Through Rate 8.947500000%| 8.947500000%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 546,100.21| 546,100.21
|
</TABLE>
<TABLE>
<CAPTION>
Credit Enhancement Summary - Issuing
Initial Current Current Current Current Current
Coverage Period Period Cumulative Coverage Coverage Pool
Type/Purpose Amount Losses Additions Losses Percentage Amount Balance
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Subordination 2,434,070.69 0.00 0.00 164,260.65 6.10940000% 2,247,416.90 36,786,213.05
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 823,049.40 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
Subordination
Current Current Current
Period Period Pool
Initial Coverage Additions Losses Balance Current Coverage
-------------------- ----------------
Type Purpose Carrier/Holder % ($MM) ($MM) ($MM) ($MM) % ($MM) Notes
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Subordination Credit N/A 3.00% 2.4341 0.00 0.00 36.7862 6.11% 2.2474 N/A
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Specified Subordinated Amount 2,247,416.90
Subordination Deficiency Amount 30,512.06
Subordination Increase Amount 30,512.06
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 8.1094%
</TABLE>
<TABLE>
<CAPTION>
Additional Foreclosure and Bankruptcy Information Aggregate
# of Loans Principal Bal.
<S> <C> <C>
Foreclosures Commenced 0 0.00
In Foreclosure 14 1,107,842.68
Cumulative Foreclosures since Cut-Off 63 5,115,469.41
In Bankruptcy 17 1,098,296.26
REO Properties 12 992,557.18
Book Value of REO Property 0 0.00
Income from REO Property 0 0.00
Additional Credit Information
Delinquency Advances 546,100.21
Reimbursed Delinquency Advances 526,967.23
Compensating Interest 2,683.51
<FN>
This report is not intended to be a complete description of all credit
enhancements. Please see the Prospectus and Prospectus Supplement for detailed
descriptions of the credit enhancements.
</FN>
</TABLE>
