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): May 19, 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 May 19, 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 May 19, 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/Richard Poska
Name: Richard Poska
Title: Vice president
Date: May 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 May 19, 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: April 1997
Distribution Date: May 19, 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
Original Aggregate Realized Aggregate Aggregate Ending
Class Principal Pass Losses Principal Interest Undistrib Principal
Class Description Principal Type Interest Type Balance Through 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 0.6192626301
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 0.7448253585
A-7 Senior Sequential Pay Variable 31,853,413.00 6.23750000% 0.00 0.00 0.00 0.4382094484
QS Senior Principal Only Principal Only 297,097.50 0.00000000% 0.00 0.00 0.00 0.7991149034
B-FIXED Subordinate Pass Through Accretion 132,859.56 20.64957812% 455,939.20 0.00 0.00 16.0284579446
B-VAR Subordinate Pass Through Accretion 452,280.44 53.24084432% 211,575.23 0.00 0.00 2.9039033614
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 667,514.43 0.00 0.00 0.5542692975
</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 05/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 05/01/1997 7.85000000% 10,827,346.58 70,828.89 733,365.71 0.00 10,093,980.87 804,194.60
A-3 05/01/1997 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 5,800,000.00 39,875.00
A-4 05/01/1997 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 6,900,000.00 48,875.00
A-5 05/01/1997 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 5,002,432.00 36,476.07
A-6 05/01/1997 8.10000000% 16,309,017.64 110,085.87 136,498.01 0.00 16,172,519.63 246,583.88
A-7 05/16/1997 6.23750000% 14,637,766.89 76,085.89 679,300.35 0.00 13,958,466.54 755,386.24
QS 05/01/1997 0.00000000% 237,957.64 0.00 542.60 0.00 237,415.04 542.60
B-FIXED 05/01/1997 20.64957812% 2,129,533.87 28,211.96 0.00 36,644.98 2,129,533.87 28,211.96
B-VAR 05/16/1997 53.24084432% 1,464,820.14 64,990.22 33,434.53 118,006.92 1,313,378.69 98,424.75
RU 04/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 63,308,874.76 475,428.90 1,583,141.20 154,651.90 61,607,726.64 2,058,570.10
</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 4.34533067 2.88798221 40.67333374 44.99176135 0.00000000 0.6192626301
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 5.07000452 1.26155923 4.41100217 6.28641557 0.00000000 0.7448253585
A-7 294419AM8 31,853,413.00 2.38862598 0.17682155 21.14900466 21.32582622 0.00000000 0.4382094484
QS N/A 297,097.50 0.00000000 1.82633647 0.00000000 1.82633647 0.00000000 0.7991149034
B-FIXED N/A 132,859.56 212.34422273 0.00000000 0.00000000 0.00000000 275.81741201 16.0284579446
B-VAR N/A 452,280.44 143.69451838 0.00000000 73.92433332 73.92433332 260.91537366 2.9039033614
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 0.5542692975
</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 10,827,346.58 47,074.11 662,975.34 23,316.26 0.00 733,365.71 0.00 10,093,980.87 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 16,309,017.64 27,392.45 95,776.84 13,328.72 0.00 136,498.01 0.00 16,172,519.63 0.00
A-7 14,637,766.89 5,632.37 673,667.98 0.00 0.00 679,300.35 0.00 13,958,466.54 0.00
QS 237,957.64 542.60 0.00 0.00 0.00 542.60 0.00 237,415.04 0.00
B-FIXED 2,129,533.87 0.00 0.00 (36,644.98) 0.00 0.00 36,644.98 2,129,533.87 0.00
B-VAR 1,464,820.14 0.00 33,434.53 0.00 0.00 33,434.53 118,006.92 1,313,378.69 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 63,308,874.76 80,641.53 1,465,854.69 (0.00) 0.00 1,583,141.20 154,651.90 61,607,726.64 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 154,651.90
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% 10,827,346.58 70,828.89 0.00 0.00 0.00 0.00 70,828.89 10,093,980.87
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% 16,309,017.64 110,085.87 0.00 0.00 0.00 0.00 110,085.87 16,172,519.63
A-7 6.23750000% 14,637,766.89 76,085.89 0.00 0.00 0.00 0.00 76,085.89 13,958,466.54
QS 0.00000000% 237,957.64 0.00 0.00 0.00 0.00 0.00 0.00 237,415.04
B-FIXED 20.64957812% 2,129,533.87 36,644.98 0.00 36,644.98 28,211.96 0.00 28,211.96 2,129,533.87
B-VAR 53.24084432% 1,464,820.14 64,990.22 0.00 0.00 0.00 0.00 64,990.22 1,313,378.69
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 483,861.92 0.00 36,644.98 28,211.96 0.00 475,428.90
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 512,073.88
Scheduled Principal 80,641.53
Other Principal 1,465,854.69
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,058,570.10
WITHDRAWALS:
Interest Payments 475,428.90
Scheduled Principal Payment 80,641.53
Other Principal Payments 1,502,499.67
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 2,058,570.10
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 36,644.98 36,644.98 0.00 0.00 0.00 391,193.64 391,193.64
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 0.00 118,006.92 118,006.92 0.00 0.00 0.00 211,575.28 211,575.28
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 154,651.90 154,651.90 0.00 0.00 0.00 603,071.97 603,071.97
</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 52 3,684,564.75 14 1,258,889.23 4 212,544.39 8 484,616.66 3 462,641.99 81 6,103,257.02
2 13 1,119,207.99 7 608,286.52 0 0.00 0 0.00 0 0.00 20 1,727,494.51
3 26 3,213,529.74 9 1,526,757.89 1 119,759.56 4 491,078.47 2 269,372.26 42 5,620,497.92
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 91 8,017,302.48 30 3,393,933.64 5 332,303.95 12 975,695.13 5 732,014.25 143 13,451,249.45
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2 Pool 3
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Monthly P&I Constant 625,094.64| 314,069.00 156,127.95 154,897.69
|
Positive Amortization 80,641.53| 47,074.11 27,935.05 5,632.37
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 1,465,854.69| 662,975.34 95,776.84 707,102.51
Principal Adjustments 0.00| 0.00 0.00 0.00
Total Principal Trust Distribution 1,546,496.22| 710,049.45 123,711.89 712,734.88
|
Scheduled Interest 544,453.11| 266,994.89 128,192.90 149,265.32
Servicing Fee 23,740.83| 11,184.03 6,518.33 6,038.47
Master Servicing Fee 1,450.83| 683.47 398.34 369.02
Spread 0.00| 0.00 0.00 0.00
Total Pass-Through Interest 512,073.88| 251,735.03 119,262.74 141,076.11
|
Beginning Balance 63,308,874.76| 29,824,085.78 17,382,201.95 16,102,587.03
Ending Balance 61,607,726.64| 29,077,391.35 17,258,490.06 15,271,845.23
Gross P&I Distribution 2,067,208.50| 965,860.31 245,386.46 855,961.73
Realized Losses/(Gains) 154,651.90| 36,644.98 0.00 118,006.92
Net P&I Trust Distribution 1,912,556.60| 929,215.33 245,386.46 737,954.81
|
Beginning Loan Count 754| 431 191 132
Number of Loan Payoffs 18| 10 2 6
Ending Loan Count 736| 421 189 126
|
Weighted Average Maturity 0.0000000000| 230.0600000000 263.3600000000 326.2800000000
Weighted Average Gross Rate 0.000000000%| 10.755800000% 8.847500000% 11.181100000%
Weighted Average Net Rate 0.000000000%| 10.305800000% 8.397500000% 10.731100000%
Weighted Average Pass-Through Rate 0.000000000%| 10.138300000% 8.230000000% 10.563600000%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000% 5.300000000%
|
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 585,140.00 154,651.90 0.00 667,514.43 5.58844279% 3,442,912.56 61,607,726.64
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,513,061.69 97.83804645% 100.00000000% 97.71911021%
Subordinate 33,434.53 2.16195355% 0.00000000% 2.28088979%
</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 0.036645 46.3359 4.60% 2.1295 N/A
Subordination Variable N/A 1.40% 0.4523 0.000000 0.118007 15.2718 8.60% 1.3134 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 2,129,533.87
Subordination Deficiency Amount 36,644.98
Subordination Increase Amount 36,644.98
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 5.5521%
Variable Pool
Specified Subordinated Amount 1,313,378.69
Subordination Deficiency Amount 0.00
Subordination Increase Amount 0.00
Excess Subordination Amount 33,434.53
Subordination Reduction Amount 33,434.53
Rolling 3 Month Delinquency Average 9.2424%
</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 3 151,156.69 0 0.00 1 171,839.26
In Foreclosure 8 484,616.66 0 0.00 4 491,078.47
Cumulative Foreclosures since Cut-Off 37 3,159,627.25 3 161,437.82 22 3,359,079.42
In Bankruptcy 17 1,233,277.03 3 478,025.18 4 372,606.58
REO Properties 3 462,641.99 0 0.00 2 269,372.26
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 438,694.17 101,266.85 291,309.72
Reimbursed Delinquency Advances 466,826.38 92,504.42 327,938.46
Compensating Interest 4,748.48 569.93 5,039.20
<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>
