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): April 18, 1997
Equicon Mortgage Loan Trust 1994-1
(Exact name of registrant as specified in its charter)
New York 033-75002-01 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 April 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 April 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: April 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 April 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: March 1997
Distribution Date: April 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
<TABLE>
<CAPTION>
Series Structure Summary - Issuing
Aggregate Real. Agg. Aggregate Ending
Class Original Principal Pass Losses Princ. Interest Undistrib Principal
Class Description Principal Type Interest Type Balance Through Rate Balance Reduct. 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 0.7939855091
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 1.49241413% 0.00 0.00 0.00 0.0000000000
B Subordinate Sequential Pay Variable 2,434,070.69 31.26283833% 40,857.91 0.00 0.00 0.8761381864
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 40,857.91 0.00 0.00 0.5087986608
</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> <C>
A-1 03/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 03/31/1997 6.05000000% 15,761,037.62 79,461.90 913,508.60 0.00 14,847,529.02 992,970.50
A-3 03/31/1997 6.80000000% 24,301,618.92 137,709.17 0.00 0.00 24,301,618.92 137,709.17
I 03/31/1997 1.49241413% 0.00 52,432.54 0.00 0.00 0.00 52,432.54
B 03/31/1997 31.26283833% 2,096,582.38 0.00 0.00 18,621.03 2,132,582.28 0.00
RU 03/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 42,159,238.92 269,603.61 913,508.60 18,621.03 41,281,730.22 1,183,112.21
</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 4.24929947 11.29095615 34.63886578 48.85072727 0.00000000 0.7939855091
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 7.65015991 0.8761381864
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 81,135,689.61 0.5087986608
</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 15,761,037.62 211,140.88 647,746.79 54,620.93 0.00 913,508.60 0.00 14,847,529.02 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 2,096,582.38 0.00 0.00 (54,620.93) 0.00 0.00 18,621.03 2,132,582.28 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 42,159,238.92 211,140.88 647,746.79 0.00 0.00 913,508.60 18,621.03 41,281,730.22 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 18,621.03
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% 15,761,037.62 79,461.90 0.00 0.00 0.00 0.00 79,461.90 14,847,529.02
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 1.49241413% 42,159,238.92 52,432.54 0.00 0.00 0.00 0.00 52,432.54 41,281,730.22
B 31.26283833% 2,096,582.38 54,620.93 (8,783.17) 54,620.93 (8,783.17) 0.00 (0.00) 2,132,582.28
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 324,224.54 (8,783.17) 54,620.93 (8,783.17) 0.00 269,603.61
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 324,224.54
Scheduled Principal 211,140.88
Other Principal 647,746.79
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,183,112.21
WITHDRAWALS:
Interest Payments 269,603.61
Scheduled Principal Payment 211,140.88
Other Principal Payments 702,367.72
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,183,112.21
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 18,621.03 18,621.03 0.00 0.00 0.00 40,857.91 40,857.91
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 18,621.03 18,621.03 0.00 0.00 0.00 40,857.91 40,857.91
</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>
X 22 1,183,119.83 4 419,156.78 8 476,644.14 14 1,257,897.94 8 716,080.35 56 4,052,899.04
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 22 1,183,119.83 4 419,156.78 8 476,644.14 14 1,257,897.94 8 716,080.35 56 4,052,899.04
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool X
--------------------------------------------------------------------------------------
<S> <C> <C>
Monthly P&I Constant 559,694.82| 559,694.82
|
Positive Amortization 211,140.88| 211,140.88
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 647,746.79| 647,746.79
Principal Adjustments 0.00| 0.00
Total Principal Trust Distribution 858,887.67| 858,887.67
|
Scheduled Interest 348,553.94| 348,553.94
Servicing Fee 18,444.67| 18,444.67
Master Servicing Fee 966.15| 966.15
Spread 0.00| 0.00
Total Pass-Through Interest 324,224.54| 324,224.54
|
Beginning Balance 42,159,238.92| 42,159,238.92
Ending Balance 41,281,730.22| 41,281,730.22
Gross P&I Distribution 1,188,996.94| 1,188,996.94
Realized Losses/(Gains) 18,621.03| 18,621.03
Net P&I Trust Distribution 1,170,375.91| 1,170,375.91
|
Beginning Loan Count 597| 597
Number of Loan Payoffs 14| 14
Ending Loan Count 583| 583
|
Weighted Average Maturity 172.4600000000| 172.4600000000
Weighted Average Gross Rate 9.930000000%| 9.930000000%
Weighted Average Net Rate 9.405000000%| 9.405000000%
Weighted Average Pass-Through Rate 8.987500000%| 8.987500000%
Weighted Average Margin 0.000000000%| 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00
Current Period Interest 531,817.94| 531,817.94
|
|
</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 18,621.03 0.00 40,857.91 5.16592272% 2,132,582.28 41,281,730.22
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 858,887.67 100.00000000% 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 0.02 41.2817 5.17% 2.1326 N/A
</TABLE>
<TABLE>
<S> <C>
Specified Subordinated Amount 2,550,261.45
Subordination Deficiency Amount 472,300.10
Subordination Increase Amount 54,620.93
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 8.1777%
</TABLE>
<TABLE>
<CAPTION>
Additional Foreclosure and Bankruptcy Information
Aggregate
# of Loans Principal Bal.
<S> <C> <C>
Foreclosures Commenced 2 143,091.31
In Foreclosure 14 1,257,897.94
Cummulative Foreclosures since Cut-Off 53 4,282,638.00
In Bankruptcy 20 1,381,123.65
REO Properties 8 716,080.35
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 531,817.94
Reimbursed Delinquency Advances 530,609.95
Compensating Interest 2,400.12
<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>
