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): November 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 November 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 November 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: November 21, 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 November 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: October 1997
Distribution Date: November 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 Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Interest 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 0.4616761995
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 1.41706722% 0.00 0.00 0.00 0.0000000000
B Subordinate Sequential Pay Variable 2,434,070.69 26.36929513% 513,794.19 0.00 0.00 0.7815548734
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 513,794.19 0.00 0.00 0.4293711414
</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 10/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 10/31/1997 6.05000000% 9,262,019.10 46,696.01 628,674.17 0.00 8,633,344.93 675,370.18
A-3 10/31/1997 6.80000000% 24,301,618.92 137,709.17 0.00 0.00 24,301,618.92 137,709.17
I 10/31/1997 1.41706722% 0.00 42,177.26 0.00 0.00 0.00 42,177.26
B 10/31/1997 26.36929513% 2,152,884.85 0.00 0.00 297,833.42 1,902,359.81 0.00
RU 10/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 35,716,522.87 226,582.44 628,674.17 297,833.42 34,837,323.66 855,256.61
</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 2.49711283 3.52511390 27.56396578 33.61893957 0.00000000 0.4616761995
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 122.36021789 0.7815548734
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 0.4293711414
</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 9,262,019.10 65,919.63 515,446.16 47,308.38 0.00 628,674.17 0.00 8,633,344.93 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 2,152,884.85 0.00 0.00 (47,308.38) 0.00 0.00 297,833.42 1,902,359.81 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 35,716,522.87 65,919.63 515,446.16 0.00 0.00 628,674.17 297,833.42 34,837,323.66 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 297,833.42
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% 9,262,019.10 46,696.01 0.00 0.00 0.00 0.00 46,696.01 8,633,344.93
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 1.41706722% 35,716,522.87 42,177.26 0.00 0.00 0.00 0.00 42,177.26 34,837,323.66
B 26.36929513% 2,152,884.85 47,308.38 (7,440.94) 47,308.38 (7,440.94) 0.00 0.00 1,902,359.81
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 273,890.82 (7,440.94) 47,308.38 (7,440.94) 0.00 226,582.44
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 273,890.82
Scheduled Principal 65,919.63
Other Principal 515,446.16
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 855,256.61
WITHDRAWALS:
Interest Payments 226,582.44
Scheduled Principal Payment 65,919.63
Other Principal Payments 562,754.54
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 855,256.61
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 0.00 297,833.42 297,833.42 0.00 0.00 0.00 462,094.07 462,094.07
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 297,833.42 297,833.42 0.00 0.00 0.00 462,094.07 462,094.07
</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 1,824,607.83 4 332,064.04 8 625,755.24 13 995,666.16
- ---------------------------------------------------------------------------------------------------------------
Totals 25 1,824,607.83 4 332,064.04 8 625,755.24 13 995,666.16
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
X 7 604,235.38 57 4,382,328.65
- ----------------------------------------------------------------
Totals 7 604,235.38 57 4,382,328.65
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool X
----------------------------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 360,421.86| 360,421.86
|
Positive Amortization 65,919.63| 65,919.63
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 515,446.16| 515,446.16
Principal Adjustments 0.00| 0.00
Total Principal Trust Distribution 581,365.79| 581,365.79
|
Scheduled Interest 294,502.23| 294,502.23
Servicing Fee 15,625.98| 15,625.98
Master Servicing Fee 818.50| 818.50
Spread 0.00| 0.00
Total Pass-Through Interest 273,890.82| 273,890.82
|
Beginning Balance 35,716,522.87| 35,716,522.87
Ending Balance 34,837,323.66| 34,837,323.66
Gross P&I Distribution 860,242.04| 860,242.04
Realized Losses/(Gains) 297,833.42| 297,833.42
Net P&I Trust Distribution 562,408.62| 562,408.62
|
Beginning Loan Count 521| 521
Number of Loan Payoffs 18| 18
Ending Loan Count 503| 503
|
Weighted Average Maturity 168.1200000000| 168.1200000000
Weighted Average Gross Rate 9.900000000%| 9.900000000%
Weighted Average Net Rate 9.375000000%| 9.375000000%
Weighted Average Pass-Through Rate 8.957500000%| 8.957500000%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 483,083.99| 483,083.99
</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 2,434,070.69 297,833.42 0.00 513,794.19 5.46069448% 1,902,359.81 34,837,323.66
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 581,365.79 100.00000000% 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 0.30 34.8373 5.46% 1.9024 N/A
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Specified Subordinated Amount 2,097,172.05
Subordination Deficiency Amount 242,120.62
Subordination Increase Amount 47,308.38
Excess Subordination Amount 0.00
Deferred Admin Fee Reduction Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Averag 8.0199%
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL FORECLOSURE AND BANKRUPTCY INFORMATION
Aggregate
# of Loans Principal Bal.
<S> <C> <C>
Foreclosures Commenced 0 0.00
In Foreclosure 13 995,666.16
Cumulative Foreclosures since Cut-Off 63 5,115,469.41
In Bankruptcy 17 1,097,362.26
REO Properties 7 604,235.38
Book Value of REO Property 0 0.00
Income from REO Property 0 0.00
ADDITIONAL CREDIT INFORMATION
Delinquency Advances 483,083.99
Reimbursed Delinquency Advances 526,798.18
Compensating Interest 1,899.76
<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>
