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 1994-2
(Exact name of registrant as specified in its charter)
New York 033-75002-02 41-1798301, 41-1798302
(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 1994-2.
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 1994-2 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 1994-2
(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 1994-2 relating to the September 18, 1997, distribution.
Equicon Mortgage Loan Trust 1994-2
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: Shelley Lauffer
Phone: (410) 884-2169
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> <C> <C>
A-1 Senior Sequential Pay Fixed 22,700,000.00 0.00000000% 0.00 0.00 0.00 0.0000000000
A-2 Senior Sequential Pay Fixed 16,300,000.00 7.85000000% 0.00 0.00 0.00 0.4761982822
A-3 Senior Sequential Pay Fixed 5,800,000.00 8.25000000% 0.00 0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed 6,900,000.00 8.50000000% 0.00 0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Fixed 5,002,432.00 8.75000000% 0.00 0.00 0.00 1.0000000000
A-6 Senior Sequential Pay Fixed 21,713,170.00 8.10000000% 0.00 0.00 0.00 0.7063967808
A-7 Senior Sequential Pay Variable 31,853,413.00 6.23750000% 0.00 0.00 0.00 0.4003334004
QS Senior Principal Only Principal Only 297,097.50 0.00000000% 0.00 0.00 0.00 0.7037632427
B-FIXED Subordinate Pass Through Accretion 132,859.56 14.58050348% 455,987.12 0.00 0.00 16.2232104336
B-VAR Subordinate Pass Through Accretion 452,280.44 57.78087050% 211,587.76 0.00 0.00 2.6529083592
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 667,574.88 0.00 0.00 0.5138845915
</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 09/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 09/01/1997 7.85000000% 8,267,478.20 54,083.09 505,446.20 0.00 7,762,032.00 559,529.29
A-3 09/01/1997 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 5,800,000.00 39,875.00
A-4 09/01/1997 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 6,900,000.00 48,875.00
A-5 09/01/1997 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 5,002,432.00 36,476.07
A-6 09/01/1997 8.10000000% 15,771,306.70 106,456.32 433,193.31 0.00 15,338,113.39 539,649.63
A-7 09/18/1997 6.23750000% 12,901,175.93 67,059.24 149,190.79 0.00 12,751,985.14 216,250.03
QS 09/01/1997 0.00000000% 225,961.21 0.00 16,874.91 0.00 209,086.30 16,874.91
B-FIXED 09/01/1997 14.58050348% 2,129,533.87 34,077.72 0.00 0.00 2,155,408.60 34,077.72
B-VAR 09/18/1997 57.78087050% 1,213,896.20 58,449.98 14,037.64 0.00 1,199,858.56 72,487.62
RU 08/29/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 58,211,784.11 445,352.42 1,118,742.85 0.00 57,118,915.99 1,564,095.27
</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 294419AF3 22,700,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.0000000000
A-2 294419AG1 16,300,000.00 3.31798098 2.00611166 28.01522945 31.00896933 0.00000000 0.4761982822
A-3 294419AH9 5,800,000.00 6.87500000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-4 294419AJ5 6,900,000.00 7.08333333 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-5 294419AK2 5,002,432.00 7.29166733 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-6 294419AL0 21,713,170.00 4.90284560 10.55394215 8.94652324 19.95071701 0.00000000 0.7063967808
A-7 294419AM8 31,853,413.00 2.10524505 1.25240520 3.43126214 4.68366734 0.00000000 0.4003334004
QS N/A 297,097.50 0.00000000 56.79923258 0.00000000 56.79923258 0.00000000 0.7037632427
B-FIXED N/A 132,859.56 256.49430120 0.00000000 0.00000000 0.00000000 0.00000000 16.2232104336
B-VAR N/A 452,280.44 129.23393282 0.00000000 31.03746870 31.03746870 0.00000000 2.6529083592
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 0.5138845915
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution - Issuing
Beginning Total Principal Ending Current
Principal Scheduled Unscheduled Other 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 8,267,478.20 32,699.62 456,648.24 16,098.34 0.00 505,446.20 0.00 7,762,032.00 0.00
A-3 5,800,000.00 0.00 0.00 0.00 0.00 0.00 0.00 5,800,000.00 0.00
A-4 6,900,000.00 0.00 0.00 0.00 0.00 0.00 0.00 6,900,000.00 0.00
A-5 5,002,432.00 0.00 0.00 0.00 0.00 0.00 0.00 5,002,432.00 0.00
A-6 15,771,306.70 229,159.54 194,257.38 9,776.39 0.00 433,193.31 0.00 15,338,113.39 0.00
A-7 12,901,175.93 39,893.38 109,297.41 0.00 0.00 149,190.79 0.00 12,751,985.14 0.00
QS 225,961.21 16,874.91 0.00 0.00 0.00 16,874.91 0.00 209,086.30 0.00
B-FIXED 2,129,533.87 0.00 0.00 (25,874.73) 0.00 0.00 0.00 2,155,408.60 0.00
B-VAR 1,213,896.20 0.00 14,037.64 0.00 0.00 14,037.64 0.00 1,199,858.56 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 58,211,784.11 318,627.45 774,240.67 0.00 0.00 1,118,742.85 0.00 57,118,915.99 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 7.85000000% 8,267,478.20 54,083.09 0.00 0.00 0.00 0.00 54,083.09 7,762,032.00
A-3 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 0.00 0.00 39,875.00 5,800,000.00
A-4 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 0.00 0.00 48,875.00 6,900,000.00
A-5 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 0.00 0.00 36,476.07 5,002,432.00
A-6 8.10000000% 15,771,306.70 106,456.32 0.00 0.00 0.00 0.00 106,456.32 15,338,113.39
A-7 6.23750000% 12,901,175.93 67,059.24 0.00 0.00 0.00 0.00 67,059.24 12,751,985.14
QS 0.00000000% 225,961.21 0.00 0.00 0.00 0.00 0.00 0.00 209,086.30
B-FIXED 14.58050348% 2,129,533.87 25,874.73 0.00 25,874.73 34,077.72 0.00 34,077.72 2,155,408.60
B-VAR 57.78087050% 1,213,896.20 58,449.98 0.00 0.00 0.00 0.00 58,449.98 1,199,858.56
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 437,149.43 0.00 25,874.73 34,077.72 0.00 445,352.42
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 471,227.15
Scheduled Principal 318,627.45
Other Principal 774,240.67
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,564,095.27
WITHDRAWALS:
Interest Payments 445,352.42
Scheduled Principal Payment 318,627.45
Other Principal Payments 800,115.40
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,564,095.27
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>
1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 391,241.56 391,241.56
2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 303.05 303.05
3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 211,587.81 211,587.81
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 603,132.42 603,132.42
</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>
1 54 3,455,076.21 17 1,750,169.05 7 601,919.99 7 471,431.77
2 15 1,264,372.86 2 172,921.44 4 401,395.39 1 121,527.49
3 20 2,803,538.68 6 775,897.95 2 291,598.82 1 50,000.00
- -------------------------------------------------------------------------------------------------------------
Totals 89 7,522,987.75 25 2,698,988.44 13 1,294,914.20 9 642,959.26
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
1 4 529,430.88 89 6,808,027.90
2 0 0.00 22 1,960,217.18
3 4 538,611.47 33 4,459,646.92
- ----------------------------------------------------------------
Total 8 1,068,042.35 144 13,227,892.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2 Pool 3
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Monthly P&I Constant 819,681.92| 276,713.08 370,321.90 172,646.94
|
Positive Amortization 318,627.45| 32,699.62 246,034.45 39,893.38
Negative Amortization 0.00| 0.00 0.00 0.00
Regular Curtailments 0.00| 0.00 0.00 0.00
Regular Curtailment Interest 0.00| 0.00 0.00 0.00
Prepaid Curtailments 0.00| 0.00 0.00 0.00
Prepaid Curtailment Interest 0.00| 0.00 0.00 0.00
Liquidations 774,240.67| 456,648.24 194,257.38 123,335.05
Principal Adjustments 0.00| 0.00 0.00 0.00
Total Principal Trust Distribution 1,092,868.12| 489,347.86 440,291.83 163,228.43
|
Scheduled Interest 501,054.47| 244,013.46 124,287.45 132,753.56
Servicing Fee 21,829.42| 10,219.08 6,317.19 5,293.15
Master Servicing Fee 1,334.02| 624.50 386.05 323.47
Spread 0.00| 0.00 0.00 0.00
Total Pass-Through Interest 471,227.15| 230,047.70 115,670.23 125,509.22
|
Beginning Balance 58,211,784.11| 27,250,870.68 16,845,841.30 14,115,072.13
Ending Balance 57,118,915.99| 26,761,522.82 16,405,549.47 13,951,843.70
Gross P&I Distribution 1,572,093.17| 723,142.24 558,262.09 290,688.84
Realized Losses/(Gains) 0.00| 0.00 0.00 0.00
Net P&I Trust Distribution 1,572,093.17| 723,142.24 558,262.09 290,688.84
|
Beginning Loan Count 694| 396 182 116
Number of Loan Payoffs 10| 7 2 1
Ending Loan Count 684| 389 180 115
|
Weighted Average Maturity 0.0000000000| 224.4700000000 261.9400000000 322.1600000000
Weighted Average Gross Rate 0.000000000%| 10.746200000% 8.862700000% 11.293000000%
Weighted Average Net Rate 0.000000000%| 10.296200000% 8.412700000% 10.843000000%
Weighted Average Pass-Through Rate 0.000000000%| 10.128700000% 8.245200000% 10.675500000%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000% 5.490000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00 0.00
Current Period Interest 0.00| 0.00 0.00 0.00
|
|
</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 585,140.00 0.00 0.00 667,574.88 5.87417864% 3,355,267.16 57,118,915.99
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,078,830.48 98.71552297% 100.00000000% 98.18691519%
Subordinate 14,037.64 1.28447703% 0.00000000% 1.81308481%
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
Subordination
Current Current Current
Period Period Pool
Initial Coverage Additions Losses Balance Current Coverage
------------------------- --------------------
Type Pool Carrier/Holder % ($MM) ($MM) ($MM) ($MM) % ($MM) Notes
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Subordination Fixed N/A 0.17% 0.1329 0.000000 0.000000 43.1671 4.99% 2.1554 N/A
Subordination Variable N/A 1.40% 0.4523 0.000000 0.000000 13.9518 8.60% 1.1999 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 2,155,408.60
Subordination Deficiency Amount 25,874.73
Subordination Increase Amount 25,874.73
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 6.9932%
Variable Pool
Specified Subordinated Amount 1,199,858.56
Subordination Deficiency Amount 0.00
Subordination Increase Amount 0.00
Excess Subordination Amount 14,037.64
Subordination Reduction Amount 14,037.64
Rolling 3 Month Delinquency Average 7.8566%
</TABLE>
<TABLE>
<CAPTION>
Additional Foreclosure and Bankruptcy Information Fixed Pool I Fixed Pool II Variable Pool
Aggregate Aggregate Aggregate
# of Loans Principal Bal. # of Loans Principal Bal. # of Loans Principal Bal.
<S> <C> <C> <C> <C> <C> <C>
Foreclosures Commenced 0 0.00 0 0.00 0 0.00
In Foreclosure 7 471,431.77 1 121,524.49 1 50,000.00
Cumulative Foreclosures since Cut-Off 39 3,344,023.42 4 282,962.31 22 3,359,079.42
In Bankruptcy 18 1,305,344.01 3 475,355.33 5 502,093.83
REO Properties 4 529,430.88 0 0.00 4 538,611.47
Book Value of REO Property 0 0.00 0 0.00 0 0.00
Income from REO Property 0 0.00 0 0.00 0 0.00
Additional Credit Information
Delinquency Advances 504,389.03 116,668.95 304,814.78
Reimbursed Delinquency Advances 476,989.65 101,521.82 300,830.99
Compensating Interest 4,003.43 575.17 1,169.68
<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>
