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): February 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 February 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 February 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: June 20, 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 February 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: January 1997
Distribution Date: February 18, 1997
Contact: Michele Latimer
Phone: (410) 884-2100
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 Pass Aggregate Realized Aggregate Aggregate Ending
Class Interest Principal Through Losses Principal Interest Undistrib Principal
Class Description Principal Type Type Balance Rate Balance 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 0.7698909902
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 0.7670059807
A-7 Senior Sequential Pay Variable 31,853,413.00 6.05000000% 0.00 0.00 0.00 0.4704592569
QS Senior Principal Only Principal Only 297,097.50 0.00000000% 0.00 0.00 0.00 0.8251337019
B-FIXED Subordinate Pass Through Accretion 132,859.56 3.24661794% 313,460.75 0.00 0.00 16.0284579446
B-VAR Subordinate Pass Through Accretion 452,280.44 51.77830746% 93,568.31 0.00 0.00 3.7664767904
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 407,029.06 0.00 0.00 0.5935129000
</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 02/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 02/01/1997 7.85000000% 13,368,637.78 87,453.17 819,414.64 0.00 12,549,223.14 906,867.81
A-3 02/01/1997 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 5,800,000.00 39,875.00
A-4 02/01/1997 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 6,900,000.00 48,875.00
A-5 02/01/1997 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 5,002,432.00 36,476.07
A-6 02/01/1997 8.10000000% 17,254,292.96 116,466.48 600,161.71 0.00 16,654,131.25 716,628.19
A-7 02/18/1997 6.05000000% 15,603,685.12 78,668.58 617,952.11 0.00 14,985,733.01 696,620.69
QS 02/01/1997 0.00000000% 245,145.16 0.00 0.00 0.00 245,145.16 0.00
B-FIXED 02/01/1997 3.24661794% 2,123,787.93 65,220.37 0.00 0.00 2,129,533.87 65,220.37
B-VAR 02/18/1997 51.77830746% 1,642,605.72 2,706.70 0.00 9,978.06 1,703,503.78 2,706.70
RU 01/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 67,940,586.67 475,741.37 2,037,528.46 9,978.06 65,969,702.21 2,513,269.83
</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 5.36522515 3.12959693 46.91459018 50.27083681 0.00000000 0.7698909902
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 5.36386350 5.03899983 22.50696236 27.64044633 0.00000000 0.7670059807
A-7 294419AM8 31,853,413.00 2.46970646 10.46427552 6.71052424 19.39987122 0.00000000 0.4704592569
QS N/A 297,097.50 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.8251337019
B-FIXED N/A 132,859.56 490.89707959 0.00000000 0.00000000 0.00000000 0.00000000 16.0284579446
B-VAR N/A 452,280.44 5.98456126 0.00000000 0.00000000 0.00000000 22.06166599 3.7664767904
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 0.5935129000
</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 13,368,637.78 51,012.43 764,707.82 3,694.39 0.00 819,414.64 0.00 12,549,223.14 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 17,254,292.96 109,412.66 488,697.50 2,051.55 0.00 600,161.71 0.00 16,654,131.25 0.00
A-7 15,603,685.12 333,322.89 213,753.10 70,876.12 0.00 617,952.11 0.00 14,985,733.01 0.00
QS 245,145.16 0.00 0.00 0.00 0.00 0.00 0.00 245,145.16 0.00
B-FIXED 2,123,787.93 0.00 0.00 (5,745.94) 0.00 0.00 0.00 2,129,533.87 0.00
B-VAR 1,642,605.72 0.00 0.00 (70,876.12) 0.00 0.00 9,978.06 1,703,503.78 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 67,940,586.67 493,747.98 1,467,158.42 0.00 0.00 2,037,528.46 9,978.06 65,969,702.21 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 9,978.06
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 7.85000000% 13,368,637.78 87,453.17 0.00 0.00 0.00 0.00 87,453.17 12,549,223.14
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% 17,254,292.96 116,466.48 0.00 0.00 0.00 0.00 116,466.48 16,654,131.25
A-7 6.05000000% 15,603,685.12 78,668.58 0.00 0.00 0.00 0.00 78,668.58 14,985,733.01
QS 0.00000000% 245,145.16 0.00 0.00 0.00 0.00 0.00 0.00 245,145.16
B-FIXED 3.24661794% 2,123,787.93 5,745.94 2,706.70 5,745.94 67,927.07 0.00 65,220.37 2,129,533.87
B-VAR 51.77830746% 1,642,605.72 70,876.12 (2,706.70) 70,876.12 0.00 0.00 2,706.70 1,703,503.78
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 484,436.36 0.00 76,622.06 67,927.07 0.00 475,741.37
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 552,363.43
Scheduled Principal 493,747.98
Other Principal 1,467,158.42
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,513,269.83
WITHDRAWALS:
Interest Payments 475,741.37
Scheduled Principal Payment 493,747.98
Other Principal Payments 1,543,780.48
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 2,513,269.83
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 0.00 249,018.24 249,018.24
2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3 0.00 0.00 0.00 9,978.06 9,978.06 0.00 0.00 0.00 93,568.36 93,568.36
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 9,978.06 9,978.06 0.00 0.00 0.00 342,586.60 342,586.60
</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>
1 57 4,263,326.75 18 1,170,112.03 5 271,021.03 10 1,005,261.05 3 396,618.44 93 7,106,339.30
2 14 827,069.66 4 613,313.32 3 260,666.33 0 0.00 0 0.00 21 1,701,049.31
3 31 3,958,058.97 6 666,542.69 6 771,960.37 5 506,382.05 2 458,042.62 50 6,360,986.70
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 102 9,048,455.38 28 2,449,968.04 14 1,303,647.73 15 1,511,643.10 5 854,661.06 164 15,168,375.31
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2 Pool 3
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Monthly P&I Constant 1,080,842.57| 342,130.82 244,327.79 494,383.96
|
Positive Amortization 493,747.98| 51,012.43 109,412.66 333,322.89
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 1,467,158.42| 764,707.82 488,697.50 213,753.10
Principal Adjustments 0.00| 0.00 0.00 0.00
Total Principal Trust Distribution 1,960,906.40| 815,720.25 598,110.16 547,075.99
|
Scheduled Interest 587,094.59| 291,118.39 134,915.13 161,061.07
Servicing Fee 25,477.72| 12,149.62 6,860.74 6,467.36
Master Servicing Fee 1,556.98| 742.48 419.27 395.23
Spread 0.00| 0.00 0.00 0.00
Total Pass-Through Interest 552,363.43| 274,541.58 125,570.45 152,251.40
|
Beginning Balance 67,940,586.67| 32,398,983.62 18,295,312.21 17,246,290.84
Ending Balance 65,969,702.21| 31,583,263.37 17,697,202.05 16,689,236.79
Gross P&I Distribution 2,522,523.27| 1,094,689.02 726,164.55 701,669.70
Realized Losses/(Gains) 9,978.06| 0.00 0.00 9,978.06
Net P&I Trust Distribution 2,512,545.21| 1,094,689.02 726,164.55 691,691.64
|
Beginning Loan Count 803| 466 198 139
Number of Loan Payoffs 18| 12 4 2
Ending Loan Count 785| 454 194 137
|
Weighted Average Maturity 0.0000000000| 233.8200000000 264.3200000000 329.3100000000
Weighted Average Gross Rate 0.000000000%| 10.786000000% 8.852200000% 11.172200000%
Weighted Average Net Rate 0.000000000%| 10.336000000% 8.402200000% 10.722200000%
Weighted Average Pass-Through Rate 0.000000000%| 10.168500000% 8.234700000% 10.554700000%
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 9,978.06 0.00 407,029.06 5.81030006% 3,833,037.65 65,969,702.21
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,960,906.40 100.00000000% 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 49.2805 4.32% 2.1295 N/A
Subordination Variable N/A 1.40% 0.4523 0.000000 0.009978 16.6892 10.21% 1.7035 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 2,129,533.87
Subordination Deficiency Amount 5,745.94
Subordination Increase Amount 5,745,94
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 5.0781%
Variable Pool
Specified Subordinated Amount 1,703,503.78
Subordination Deficiency Amount 70,876.12
Subordination Increase Amount 70,876.12
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 12.2072%
</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 2 199,474.51 0 0.00 0 0.00
In Foreclosure 10 1,005,261.05 0 0.00 6 575,982.05
Cumulative Foreclosures since Cut-Off 33 2,967,870.56 3 161,437.82 21 3,187,240.16
In Bankruptcy 14 901,948.03 2 254,506.22 4 466,903.04
REO Properties 3 396,618.44 0 0.00 2 258,042.62
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 443,375.82 99,526.24 333,279.14
Reimbursed Delinquency Advances 473,952.31 99,613.25 326,827.09
Compensating Interest 3,205.00 2,870.481 1,055.73
<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>
