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): December 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 December 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 December 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: December 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 December 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: November 1997
Distribution Date: December 18, 1997
Contact: Karen Kaczmarek
Phone: (410) 884-2095
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 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 0.3431233871
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 0.6782031007
A-7 Senior Sequential Pay Variable 31,853,413.00 6.30000000% 0.00 0.00 0.00 0.3656269207
QS Senior Principal Only Principal Only 297,097.50 0.00000000% 0.00 0.00 0.00 0.6860635313
B-FIXED Subordinate Pass Through Accretion 132,859.56 28.32915007% 463,240.57 0.00 0.00 18.9068550280
B-VAR Subordinate Pass Through Accretion 452,280.44 57.50690346% 284,025.81 0.00 0.00 2.6122050071
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 747,266.38 0.00 0.00 0.4819107294
</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 12/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 12/01/1997 7.85000000% 6,088,280.33 39,827.50 495,369.12 0.00 5,592,911.21 535,196.62
A-3 12/01/1997 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 5,800,000.00 39,875.00
A-4 12/01/1997 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 6,900,000.00 48,875.00
A-5 12/01/1997 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 5,002,432.00 36,476.07
A-6 12/01/1997 8.10000000% 14,846,995.99 100,217.22 121,056.77 0.00 14,725,939.22 221,273.99
A-7 12/18/1997 6.30000000% 11,982,120.25 62,906.13 335,654.94 0.00 11,646,465.31 398,561.07
QS 12/01/1997 0.00000000% 206,477.18 0.00 2,649.42 0.00 203,827.76 2,649.42
B-FIXED 12/01/1997 28.32915007% 2,454,022.79 0.00 0.00 0.00 2,511,956.44 0.00
B-VAR 12/18/1997 57.50690346% 1,127,420.51 0.00 0.00 0.00 1,181,449.23 0.00
RU 11/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 54,407,749.05 328,176.92 954,730.25 0.00 53,564,981.17 1,282,907.17
</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 2.44340491 1.50938098 26.69289877 30.39074356 0.00000000 0.3431233871
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 4.61550386 0.76278867 3.78721854 5.57526930 0.00000000 0.6782031007
A-7 294419AM8 31,853,413.00 1.97486310 0.07977418 8.76154590 10.53748746 0.00000000 0.3656269207
QS N/A 297,097.50 0.00000000 8.91767854 0.00000000 8.91767854 0.00000000 0.6860635313
B-FIXED N/A 132,859.56 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 18.9068550280
B-VAR N/A 452,280.44 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2.6122050071
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 0.4819107294
</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 6,088,280.33 24,602.91 435,094.25 35,671.96 0.00 495,369.12 0.00 5,592,911.21 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 14,846,995.99 16,562.56 82,232.52 22,261.69 0.00 121,056.77 0.00 14,725,939.22 0.00
A-7 11,982,120.25 2,541.08 279,085.14 54,028.72 0.00 335,654.94 0.00 11,646,465.31 0.00
QS 206,477.18 2,649.42 0.00 0.00 0.00 2,649.42 0.00 203,827.76 0.00
B-FIXED 2,454,022.79 0.00 0.00 (57,933.65) 0.00 0.00 0.00 2,511,956.44 0.00
B-VAR 1,127,420.51 0.00 0.00 (54,028.72) 0.00 0.00 0.00 1,181,449.23 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Totals 54,407,749.05 46,355.97 796,411.91 0.00 0.00 954,730.25 0.00 53,564,981.17 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% 6,088,280.33 39,827.50 0.00 0.00 0.00 0.00 39,827.50 5,592,911.21
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% 14,846,995.99 100,217.22 0.00 0.00 0.00 0.00 100,217.22 14,725,939.22
A-7 6.30000000% 11,982,120.25 62,906.13 0.00 0.00 0.00 0.00 62,906.13 11,646,465.31
QS 0.00000000% 206,477.18 0.00 0.00 0.00 0.00 0.00 0.00 203,827.76
B-FIXED 28.32915007% 2,454,022.79 57,933.65 0.00 57,933.65 0.00 0.00 0.00 2,511,956.44
B-VAR 57.50690346% 1,127,420.51 54,028.72 0.00 54,028.72 0.00 0.00 0.00 1,181,449.23
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 440,139.29 0.00 111,962.37 0.00 0.00 328,176.92
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 440,139.29
Scheduled Principal 46,355.97
Other Principal 796,411.91
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,282,907.17
WITHDRAWALS:
Interest Payments 328,176.92
Scheduled Principal Payment 46,355.97
Other Principal Payments 908,374.28
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,282,907.17
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 0.00 462,937.52 462,937.52
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 0.00 211,587.76 211,587.76
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 674,828.33 674,828.33
</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 55 3,689,940.28 24 1,620,128.77 11 973,175.71 10 931,780.11
2 20 1,881,722.65 8 939,743.96 1 91,412.46 3 302,077.12
3 19 2,162,536.00 8 1,203,674.06 7 940,512.89 1 50,000.00
- --------------------------------------------------------------------------------------------------------------
Totals 94 7,734,198.93 40 3,763,546.79 19 2,005,101.06 14 1,283,857.23
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
1 5 561,232.41 105 7,776,257.28
2 0 0.00 32 3,214,956.19
3 5 710,450.73 40 5,067,173.68
- -----------------------------------------------------------------
Totals 10 1,271,683.14 177 16,058,387.15
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2 Pool 3
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Monthly P&I Constant 514,394.27| 250,637.00 137,568.24 126,189.03
|
Positive Amortization 46,355.97| 24,602.91 19,211.98 2,541.08
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 796,411.91| 435,094.25 82,232.52 279,085.14
Principal Adjustments 0.00| 0.00 0.00 0.00
Total Principal Trust Distribution 842,767.88| 459,697.16 101,444.50 281,626.22
|
Scheduled Interest 468,038.30| 226,034.09 118,356.26 123,647.95
Servicing Fee 20,402.91| 9,476.50 6,010.33 4,916.08
Master Servicing Fee 1,246.85| 579.12 367.30 300.43
Spread 0.00| 0.00 0.00 0.00
Total Pass-Through Interest 440,139.29| 213,083.86 110,120.58 116,934.85
|
Beginning Balance 54,407,749.05| 25,270,654.15 16,027,554.14 13,109,540.76
Ending Balance 53,564,981.17| 24,810,956.99 15,926,109.64 12,827,914.54
Gross P&I Distribution 1,290,403.27| 676,254.75 213,790.43 400,358.09
Realized Losses/(Gains) 0.00| 0.00 0.00 0.00
Net P&I Trust Distribution 1,290,403.27| 676,254.75 213,790.43 400,358.09
|
Beginning Loan Count 652| 371 174 107
Number of Loan Payoffs 12| 7 2 3
Ending Loan Count 640| 364 172 104
|
Weighted Average Maturity 0.0000000000| 221.6100000000 259.1000000000 319.1400000000
Weighted Average Gross Rate 0.000000000%| 10.730000000% 8.860000000% 11.270000000%
Weighted Average Net Rate 0.000000000%| 10.280000000% 8.410000000% 10.820000000%
Weighted Average Pass-Through Rate 0.000000000%| 10.112500000% 8.242500000% 10.652500000%
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 0.00 747,266.38 6.89518710% 3,693,405.67 53,564,981.17
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 842,767.88 100.00000000% 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 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 40.7371 6.44% 2.6223 N/A
Subordination Variable N/A 1.40% 0.4523 0.000000 0.000000 12.8279 8.81% 1.1296 N/A
</TABLE>
<TABLE>
<CAPTION>
FIXED POOL
<S> <C>
Specified Subordinated Amount 2,973,065.65
Subordination Deficiency Amount 519,042.86
Subordination Increase Amount 168,251.29
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 9.2982%
VARIABLE POOL
Specified Subordinated Amount 1,458,828.93
Subordination Deficiency Amount 331,408.42
Subordination Increase Amount 54,028.72
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 13.3723%
</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 4 492,149.87 2 180,552.63 0 0.00
In Foreclosure 10 931,780.11 3 302,077.12 1 50,000.00
Cumulative Foreclosures since Cut-Off 43 3,836,173.29 6 463,514.94 22 3,359,079.42
In Bankruptcy 17 1,159,419.42 3 473,530.07 5 502,093.83
REO Properties 5 561,232.41 0 0.00 5 710,450.73
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
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL CREDIT INFORMATION
<S> <C> <C> <C>
Delinquency Advances 555,749.13 132,295.15 347,467.51
Reimbursed Delinquency Advances 513,595.52 112,162.17 322,538.89
Compensating Interest 1,621.43 224.77 581.00
<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>
