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 1994-2
(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 November 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 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 1994-2
(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 1994-2 relating to the November 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: October 1997
Distribution Date: November 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
<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 0.3735141307
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 0.6837783700
A-7 Senior Sequential Pay Variable 31,853,413.00 6.17500000% 0.00 0.00 0.00 0.3761644082
QS Senior Principal Only Principal Only 297,097.50 0.00000000% 0.00 0.00 0.00 0.6949812099
B-FIXED Subordinate Pass Through Accretion 132,859.56 88.32971620% 463,240.57 0.00 0.00 18.4708032301
B-VAR Subordinate Pass Through Accretion 452,280.44 0.00000000% 284,025.81 0.00 0.00 2.4927465579
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 0.4894929011
</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 11/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 11/01/1997 7.85000000% 6,807,835.57 44,534.59 719,555.24 0.00 6,088,280.33 764,089.83
A-3 11/01/1997 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 5,800,000.00 39,875.00
A-4 11/01/1997 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 6,900,000.00 48,875.00
A-5 11/01/1997 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 5,002,432.00 36,476.07
A-6 11/01/1997 8.10000000% 15,046,796.56 101,565.88 199,800.57 0.00 14,846,995.99 301,366.45
A-7 11/18/1997 6.17500000% 12,533,563.75 64,495.63 551,443.50 0.00 11,982,120.25 615,939.13
QS 11/01/1997 0.00000000% 207,002.21 0.00 525.03 0.00 206,477.18 525.03
B-FIXED 11/01/1997 88.32971620% 2,285,771.50 0.00 0.00 0.00 2,454,022.79 0.00
B-VAR 11/18/1997 0.00000000% 1,199,858.56 0.00 0.00 72,438.05 1,127,420.51 0.00
RU 10/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 55,783,260.15 335,822.17 1,471,324.34 72,438.05 54,407,749.05 1,807,146.51
</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 2.73218344 5.06763497 32.68105951 44.14449325 0.00000000 0.3735141307
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 4.67761640 1.01131111 5.24299446 9.20181484 0.00000000 0.6837783700
A-7 294419AM8 31,853,413.00 2.02476356 1.62002954 15.69188300 17.31191254 0.00000000 0.3761644082
QS N/A 297,097.50 0.00000000 1.76719764 0.00000000 1.76719764 0.00000000 0.6949812099
B-FIXED N/A 132,859.56 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 18.4708032301
B-VAR N/A 452,280.44 0.00000000 0.00000000 0.00000000 0.00000000 160.16180138 2.4927465579
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 0.4894929011
</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 6,807,835.57 82,602.45 532,701.27 104,251.52 0.00 719,555.24 0.00 6,088,280.33 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 15,046,796.56 21,958.77 113,842.03 63,999.77 0.00 199,800.57 0.00 14,846,995.99 0.00
A-7 12,533,563.75 51,603.47 499,840.03 0.00 0.00 551,443.50 0.00 11,982,120.25 0.00
QS 207,002.21 525.03 0.00 0.00 0.00 525.03 0.00 206,477.18 0.00
B-FIXED 2,285,771.50 0.00 0.00 (168,251.29) 0.00 0.00 0.00 2,454,022.79 0.00
B-VAR 1,199,858.56 0.00 0.00 0.00 0.00 0.00 72,438.05 1,127,420.51 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 55,783,260.15 156,689.72 1,146,383.33 0.00 0.00 1,471,324.34 72,438.05 54,407,749.05 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 72,438.05
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% 6,807,835.57 44,534.59 0.00 0.00 0.00 0.00 44,534.59 6,088,280.33
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% 15,046,796.56 101,565.88 0.00 0.00 0.00 0.00 101,565.88 14,846,995.99
A-7 6.17500000% 12,533,563.75 64,495.63 0.00 0.00 0.00 0.00 64,495.63 11,982,120.25
QS 0.00000000% 207,002.21 0.00 0.00 0.00 0.00 0.00 0.00 206,477.18
B-FIXED 88.32971620% 2,285,771.50 168,251.29 (51,886.36) 168,251.29 (51,886.36) 0.00 0.00 2,454,022.79
B-VAR 0.00000000% 1,199,858.56 0.00 0.00 0.00 0.00 0.00 0.00 1,127,420.51
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 504,073.46 (51,886.36) 168,251.29 (51,886.36) 0.00 335,822.17
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 452,187.10
Scheduled Principal 156,689.72
Other Principal 1,198,269.69
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,807,146.51
WITHDRAWALS:
Interest Payments 335,822.17
Scheduled Principal Payment 156,689.72
Other Principal Payments 1,314,634.62
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,807,146.51
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 0.00 398,495.01 398,495.01
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 0.00 610,385.87 610,385.87
</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 50 3,683,903.33 12 876,452.42 11 1,319,263.23 7 471,431.77
2 19 2,024,693.01 2 135,886.67 2 180,552.63 1 121,524.49
3 18 2,793,574.86 4 436,621.73 7 915,596.42 1 50,000.00
- ---------------------------------------------------------------------------------------------------------------
Totals 87 8,502,171.20 18 1,448,960.82 20 2,415,412.28 9 642,956.26
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
1 4 529,430.88 84 6,880,481.63
2 0 0.00 24 2,462,656.80
3 4 538,611.47 34 4,734,404.48
- ---------------------------------------------------------------
Totals 8 1,068,042.35 142 14,077,542.91
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2 Pool 3
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Monthly P&I Constant 637,413.29| 314,406.25 141,867.40 181,139.64
|
Positive Amortization 156,689.72| 82,602.45 22,483.80 51,603.47
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 1,198,269.69| 532,701.27 113,842.03 551,726.39
Principal Adjustments 0.00| 0.00 0.00 0.00
Total Principal Trust Distribution 1,354,959.41| 615,303.72 136,325.83 603,329.86
|
Scheduled Interest 480,723.57| 231,803.80 119,383.60 129,536.17
Servicing Fee 20,911.01| 9,707.23 6,061.45 5,142.33
Master Servicing Fee 1,277.89| 593.22 370.42 314.25
Spread 0.00| 0.00 0.00 0.00
Total Pass-Through Interest 452,187.10| 218,555.11 111,081.85 122,550.14
|
Beginning Balance 55,762,708.46| 25,885,957.87 16,163,879.97 13,712,870.62
Ending Balance 54,407,749.05| 25,270,654.15 16,027,554.14 13,109,540.76
Gross P&I Distribution 1,814,771.97| 837,400.29 249,647.98 727,723.70
Realized Losses/(Gains) 0.00| 0.00 0.00 0.00
Net P&I Trust Distribution 1,814,771.97| 837,400.29 249,647.98 727,723.70
|
Beginning Loan Count 668| 379 176 113
Number of Loan Payoffs 16| 8 2 6
Ending Loan Count 652| 371 174 107
|
Weighted Average Maturity 0.0000000000| 221.7400000000 259.4000000000 320.1500000000
Weighted Average Gross Rate 0.000000000%| 10.730000000% 8.860000000% 11.320000000%
Weighted Average Net Rate 0.000000000%| 10.280000000% 8.410000000% 10.870000000%
Weighted Average Pass-Through Rate 0.000000000%| 10.112500000% 8.242500000% 10.702500000%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000% 5.500000000%
|
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 72,438.05 0.00 747,266.38 6.58259781% 3,581,443.30 54,407,749.05
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,303,073.05 100.00000000% 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 41.2982 5.94% 2.4540 N/A
Subordination Variable N/A 1.40% 0.4523 0.000000 0.000000 13.1095 8.60% 1.1274 N/A
</TABLE>
<TABLE>
<CAPTION>
FIXED POOL
<S> <C>
Specified Subordinated Amount 2,679,004.19
Subordination Deficiency Amount 393,232.69
Subordination Increase Amount 168,251.29
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 8.4870%
VARIABLE POOL
Specified Subordinated Amount 1,127,420.51
Subordination Deficiency Amount 0.00
Subordination Increase Amount 0.00
Excess Subordination Amount 51,886.36
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 7.6892%
</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 1,303,991.09 3 474,262.22 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
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL CREDIT INFORMATION
<S> <C> <C> <C>
Delinquency Advances 513,595.52 112,162.17 322,538.89
Reimbursed Delinquency Advances 504,389.03 116,668.95 304,814.78
Compensating Interest 2,170.60 395.12 1,641.97
<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>
