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): January 21, 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 January 21, 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 January 21, 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 January 21, 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: December 1996
Distribution Date: January 21, 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 Descrip 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 0.8201618270
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 0.7946464270
A-7 Senior Sequential Pay Variable 31,853,413.00 6.17500000% 0.00 0.00 0.00 0.4898591281
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 56.62821789% 313,460.75 0.00 0.00 15.9852097207
B-VAR Subordinate Pass Through Accretion 452,280.44 34.43024074% 83,590.25 0.00 0.00 3.6318301097
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 397,051.00 0.00 0.00 0.6112444542
</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 01/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 01/01/1997 7.85000000% 13,609,704.28 89,030.15 241,066.50 0.00 13,368,637.78 330,096.65
A-3 01/01/1997 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 5,800,000.00 39,875.00
A-4 01/01/1997 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 6,900,000.00 48,875.00
A-5 01/01/1997 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 5,002,432.00 36,476.07
A-6 01/01/1997 8.10000000% 17,379,704.06 117,313.00 125,411.10 0.00 17,254,292.96 242,724.10
A-7 01/17/1997 6.17500000% 16,328,163.81 84,022.01 724,478.69 0.00 15,603,685.12 808,500.70
QS 01/01/1997 0.00000000% 245,854.53 0.00 709.37 0.00 245,145.16 709.37
B-FIXED 01/01/1997 56.62821789% 2,129,533.87 0.00 0.00 106,239.03 2,123,787.93 0.00
B-VAR 01/17/1997 34.43024074% 1,596,790.81 0.00 0.00 0.00 1,642,605.72 0.00
RU 12/31/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 68,992,183.36 415,591.23 1,091,665.66 106,239.03 67,940,586.67 1,507,256.89
</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 5.46197239 2.07523558 8.74946810 14.78935583 0.00000000 0.8201618270
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 5.40284998 1.27012131 2.85372794 5.77580795 0.00000000 0.7946464270
A-7 294419AM8 31,853,413.00 2.63777103 6.01178593 15.29405593 22.74414644 0.00000000 0.4898591281
QS N/A 297,097.50 0.00000000 2.38766735 0.00000000 2.38766735 0.00000000 0.8251337019
B-FIXED N/A 132,859.56 0.00000000 0.00000000 0.00000000 0.00000000 799.63406472 15.9852097207
B-VAR N/A 452,280.44 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 3.6318301097
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 0.6112444542
</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 13,609,704.28 33,826.34 142,616.33 64,623.83 0.00 241,066.50 0.00 13,368,637.78 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 17,379,704.06 27,578.36 61,963.48 35,869.26 0.00 125,411.10 0.00 17,254,292.96 0.00
A-7 16,328,163.81 191,495.90 487,167.88 45,814.91 0.00 724,478.69 0.00 15,603,685.12 0.00
QS 245,854.53 709.37 0.00 0.00 0.00 709.37 0.00 245,145.16 0.00
B-FIXED 2,129,533.87 0.00 0.00 (100,493.09) 0.00 0.00 106,239.03 2,123,787.93 0.00
B-VAR 1,596,790.81 0.00 0.00 (45,814.91) 0.00 0.00 0.00 1,642,605.72 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 68,992,183.36 253,609.97 691,747.69 0.00 0.00 1,091,665.66 106,239.03 67,940,586.67 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 106,239.03
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 7.85000000% 13,609,704.28 89,030.15 0.00 0.00 0.00 0.00 89,030.15 13,368,637.78
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% 17,379,704.06 117,313.00 0.00 0.00 0.00 0.00 117,313.00 17,254,292.96
A-7 6.17500000% 16,328,163.81 84,022.01 0.00 0.00 0.00 0.00 84,022.01 15,603,685.12
QS 0.00000000% 245,854.53 0.00 0.00 0.00 0.00 0.00 0.00 245,145.16
B-FIXED 56.62821789% 2,129,533.87 100,493.09 0.00 100,493.09 0.00 0.00 0.00 2,123,787.93
B-VAR 34.43024074% 1,596,790.81 45,814.91 0.00 45,814.91 0.00 0.00 0.00 1,642,605.72
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 561,899.23 0.00 146,308.00 0.00 0.00 415,591.23
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 561,899.23
Scheduled Principal 253,609.97
Other Principal 691,747.69
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,507,256.89
WITHDRAWALS:
Interest Payments 415,591.23
Scheduled Principal Payment 253,609.97
Other Principal Payments 838,055.69
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,507,256.89
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 0.00 106,239.03 106,239.03 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 0.00 0.00 0.00 0.00 0.00 83,590.30 83,590.30
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 106,239.03 106,239.03 0.00 0.00 0.00 332,608.54 332,608.54
</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>
1 66 4,651,812.17 13 1,083,588.39 5 233,853.20 8 805,786.54 5 516,082.32 97 7,291,122.62
2 15 1,504,822.42 4 484,798.03 1 74,304.55 0 0.00 0 0.00 20 2,063,925.00
3 32 3,921,539.22 6 714,786.05 4 614,967.58 6 575,982.05 2 458,042.62 50 6,285,317.52
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 113 10,078,173.81 23 2,283,172.47 10 923,125.33 14 1,381,768.59 7 974,124.94 167 15,640,365.14
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2 Pool 3
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Monthly P&I Constant 850,888.74| 327,520.96 163,867.46 359,500.32
|
Positive Amortization 253,609.97| 33,826.34 28,287.73 191,495.90
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 691,747.69| 142,616.33 61,963.48 487,167.88
Principal Adjustments 0.00| 0.00 0.00 0.00
Total Principal Trust Distribution 945,357.66| 176,442.67 90,251.21 678,663.78
|
Scheduled Interest 597,278.77| 293,694.62 135,579.73 168,004.42
Servicing Fee 25,872.07| 12,255.62 6,894.59 6,721.86
Master Servicing Fee 1,581.07| 748.95 421.34 410.78
Spread 0.00| 0.00 0.00 0.00
Total Pass-Through Interest 561,899.23| 276,910.17 126,129.35 158,859.71
|
Beginning Balance 68,992,183.36| 32,681,665.32 18,385,563.42 17,924,954.62
Ending Balance 67,940,586.67| 32,398,983.62 18,295,312.21 17,246,290.84
Gross P&I Distribution 1,516,764.36| 457,881.67 218,936.35 839,946.34
Realized Losses/(Gains) 106,239.03| 106,239.03 0.00 0.00
Net P&I Trust Distribution 1,410,525.33| 351,642.64 218,936.35 839,946.34
|
Beginning Loan Count 814| 470 199 145
Number of Loan Payoffs 11| 4 1 6
Ending Loan Count 803| 466 198 139
|
Weighted Average Maturity 0.0000000000| 234.9300000000 266.2700000000 330.3700000000
Weighted Average Gross Rate 0.000000000%| 10.780000000% 8.850000000% 11.210000000%
Weighted Average Net Rate 0.000000000%| 10.330000000% 8.400000000% 10.760000000%
Weighted Average Pass-Through Rate 0.000000000%| 10.162500000% 8.232500000% 10.592500000%
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 585,140.00 106,239.03 0.00 397,051.00 5.54365783% 3,766,393.65 67,940,586.67
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 945,357.66 100.00000000% 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 0.106239 50.6943 4.19% 2.1238 N/A
Subordination Variable N/A 1.40% 0.4523 0.000000 0.000000 17.2463 9.52% 1.6426 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 2,129,533.87
Subordination Deficiency Amount 106,239.03
Subordination Increase Amount 100,493.09
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 4.8985%
Variable Pool
Specified Subordinated Amount 1,642,605.72
Subordination Deficiency Amount 45,814.91
Subordination Increase Amount 45,814.91
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 11.5244%
</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 8 807,786.54 0 0.00 6 575,982.05
Cumulative Foreclosures since Cut-Off 31 2,768,396.05 3 161,437.82 21 3,187,240.16
In Bankruptcy 16 1,233,277.03 2 254,966.35 4 466,903.04
REO Properties 5 516,082.32 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 473,952.31 99,613.25 326,827.09
Reimbursed Delinquency Advances 463,278.94 102,777.45 375,034.99
Compensating Interest 898.96 363.51 3,117.67
<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>
