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): May 19, 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 May 19, 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 May 19, 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/ Richard Poska
Name: Richard Poska
Title: Vice president
Date: May 20, 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 May 19, 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: April 1997
Distribution Date: May 19, 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
Original Aggregate Realized Aggregate Aggregate Ending
Class Interest Principal Pass Losses Principal Interest Undistributed Principal
Class Description Principal Type Type Balance Through Rate Balance 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 0.7292984465
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 1.48370681% 0.00 0.00 0.00 0.0000000000
B Subordinate Sequential Pay Variable 2,434,070.69 30.23144504% 72,884.47 0.00 0.00 0.8850530097
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 72,884.47 0.00 0.00 0.4941571539
</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 04/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 04/30/1997 6.05000000% 14,847,529.02 74,856.29 1,209,648.07 0.00 13,637,880.95 1,284,504.36
A-3 04/30/1997 6.80000000% 24,301,618.92 137,709.17 0.00 0.00 24,301,618.92 137,709.17
I 04/30/1997 1.48370681% 0.00 51,041.65 0.00 0.00 0.00 51,041.65
B 04/30/1997 30.23144504% 2,132,582.28 0.00 0.00 32,026.56 2,154,281.59 0.00
RU 04/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 41,281,730.22 263,607.11 1,209,648.07 32,026.56 40,093,781.46 1,473,255.18
</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 4.00301016 4.62149144 57.19252995 64.68706257 0.00000000 0.7292984465
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 0.00000000 0.00000000 0.00000000 0.00000000 13.15761294 0.8850530097
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 0.4941571539
</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 14,847,529.02 86,421.89 1,069,500.31 53,725.87 0.00 1,209,648.07 0.00 13,637,880.95 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 2,132,582.28 0.00 0.00 (53,725.87) 0.00 0.00 32,026.56 2,154,281.59 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 41,281,730.22 86,421.89 1,069,500.31 0.00 0.00 1,209,648.07 32,026.56 40,093,781.46 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 32,026.56
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/
Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Pass-Through 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% 14,847,529.02 74,856.29 0.00 0.00 0.00 0.00 74,856.29 13,637,880.95
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 1.48370681% 41,281,730.22 51,041.65 0.00 0.00 0.00 0.00 51,041.65 40,093,781.46
B 30.23144504% 2,132,582.28 53,725.87 (8,600.36) 53,725.87 (8,600.36) 0.00 0.00 2,154,281.59
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 317,332.98 (8,600.36) 53,725.87 (8,600.36) 0.00 263,607.11
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 317,332.98
Scheduled Principal 86,421.89
Other Principal 1,069,500.31
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,473,255.18
WITHDRAWALS:
Interest Payments 263,607.11
Scheduled Principal Payment 86,421.89
Other Principal Payments 1,123,226.18
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,473,255.18
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 32,026.56 32,026.56 0.00 0.00 0.00 72,884.47 72,884.47
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 32,026.56 32,026.56 0.00 0.00 0.00 72,884.47 72,884.47
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures REO's Totals
Number Balance Number Balance Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
X 33 2,245,314.76 3 221,626.17 5 344,525.64 14 1,193,130.27 9 787,231.24 64 4,791,828.08
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 33 2,245,314.76 3 221,626.17 5 344,525.64 14 1,193,130.27 9 787,231.24 64 4,791,828.08
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool X
--------------------------------------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 427,577.87| 427,577.87
|
Positive Amortization 86,421.89| 86,421.89
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 1,069,500.31| 1,069,500.31
Principal Adjustments 0.00| 0.00
Total Principal Trust Distribution 1,155,922.20| 1,155,922.20
|
Scheduled Interest 341,155.98| 341,155.98
Servicing Fee 18,060.76| 18,060.76
Master Servicing Fee 946.04| 946.04
Spread 0.00| 0.00
Total Pass-Through Interest 317,332.98| 317,332.98
|
Beginning Balance 41,281,730.22| 41,281,730.22
Ending Balance 40,093,781.46| 40,093,781.46
Gross P&I Distribution 1,479,017.42| 1,479,017.42
Realized Losses/(Gains) 32,026.56| 32,026.56
Net P&I Trust Distribution 1,446,990.86| 1,446,990.86
|
Beginning Loan Count 583| 583
Number of Loan Payoffs 15| 15
Ending Loan Count 568| 568
|
Weighted Average Maturity 171.8000000000| 171.8000000000
Weighted Average Gross Rate 9.910000000%| 9.910000000%
Weighted Average Net Rate 9.385000000%| 9.385000000%
Weighted Average Pass-Through Rate 8.967500000%| 8.967500000%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 527,387.60| 527,387.60
|
</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 32,026.56 0.00 72,884.47 5.37310653% 2,154,281.59 40,093,781.46
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,155,922.20 100.00000000% 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 0.03 40.0938 5.37% 2.1543 N/A
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Specified Subordinated Amount 2,463,281.75
Subordination Deficiency Amount 362,726.03
Subordination Increase Amount 53,725.87
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 8.1438%
</TABLE>
<TABLE>
<CAPTION>
Additional Foreclosure and Bankruptcy Information
Aggregate
# of Loans Principal Bal.
<S> <C> <C>
Foreclosures Commenced 3 181,227.90
In Foreclosure 14 1,193,130.27
Cumulative Foreclosures since Cut-Off 56 4,463,865.90
In Bankruptcy 18 1,300,752.79
REO Properties 9 787,231.24
Book Value of REO Property 0 0.00
Income from REO Property 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Additional Credit Information
<S> <C>
Delinquency Advances 527,387.60
Reimbursed Delinquency Advances 531,817.94
Compensating Interest 8,584.79
<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>
