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): April 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 April 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 April 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: April 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 April 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: March 1997
Distribution Date: April 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
Aggregate Realized Aggregate Aggregate Ending
Class Original 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 0.6642543914
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 0.7511117741
A-7 Senior Sequential Pay Variable 31,853,413.00 6.05000000% 0.00 0.00 0.00 0.4595352746
QS Senior Principal Only Principal Only 297,097.50 0.00000000% 0.00 0.00 0.00 0.8009412398
B-FIXED Subordinate Pass Through Accretion 132,859.56 5.15845846% 419,294.22 0.00 0.00 16.0284579446
B-VAR Subordinate Pass Through Accretion 452,280.44 52.33803041% 93,568.31 0.00 0.00 3.2387430683
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 512,862.53 0.00 0.00 0.5695741014
</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 04/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 04/01/1997 7.85000000% 11,879,155.83 77,709.48 1,051,809.25 0.00 10,827,346.58 1,129,518.73
A-3 04/01/1997 8.25000000% 5,800,000.00 39,875.00 0.00 0.00 5,800,000.00 39,875.00
A-4 04/01/1997 8.50000000% 6,900,000.00 48,875.00 0.00 0.00 6,900,000.00 48,875.00
A-5 04/01/1997 8.75000000% 5,002,432.00 36,476.07 0.00 0.00 5,002,432.00 36,476.07
A-6 04/01/1997 8.10000000% 16,499,012.46 111,368.33 189,994.82 0.00 16,309,017.64 301,363.15
A-7 04/18/1997 6.05000000% 14,718,513.19 74,205.84 80,746.30 0.00 14,637,766.89 154,952.14
QS 04/01/1997 0.00000000% 238,583.09 0.00 625.45 0.00 237,957.64 625.45
B-FIXED 04/01/1997 5.15845846% 2,129,533.87 58,334.85 0.00 9,154.26 2,129,533.87 58,334.85
B-VAR 04/18/1997 52.33803041% 1,588,914.19 69,300.53 124,094.05 0.00 1,464,820.14 193,394.58
RU 03/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 64,756,144.63 516,145.10 1,447,269.87 9,154.26 63,308,874.76 1,963,414.97
</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 4.76745276 9.22882822 54.93881840 64.52817485 0.00000000 0.6642543914
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 5.12906821 1.51333085 7.08592803 8.75021105 0.00000000 0.7511117741
A-7 294419AM8 31,853,413.00 2.32960405 0.46301318 2.07192083 2.53493401 0.00000000 0.4595352746
QS N/A 297,097.50 0.00000000 2.10520115 0.00000000 2.10520115 0.00000000 0.8009412398
B-FIXED N/A 132,859.56 439.07152786 0.00000000 0.00000000 0.00000000 68.90177869 16.0284579446
B-VAR N/A 452,280.44 153.22468953 0.00000000 274.37412505 274.37412505 0.00000000 3.2387430683
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------------------------
Totals 111,151,252.50 0.5695741014
</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 11,879,155.83 150,429.90 895,502.74 5,876.61 0.00 1,051,809.25 0.00 10,827,346.58 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 16,499,012.46 32,859.21 153,857.96 3,277.65 0.00 189,994.82 0.00 16,309,017.64 0.00
A-7 14,718,513.19 14,748.55 65,997.75 0.00 0.00 80,746.30 0.00 14,637,766.89 0.00
QS 238,583.09 625.45 0.00 0.00 0.00 625.45 0.00 237,957.64 0.00
B-FIXED 2,129,533.87 0.00 0.00 9,154.26) 0.00 0.00 9,154.26 2,129,533.87 0.00
B-VAR 1,588,914.19 0.00 124,094.05 0.00 0.00 124,094.05 0.00 1,464,820.14 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 64,756,144.63 198,663.11 1,239,452.50 0.00 0.00 1,447,269.87 9,154.26 63,308,874.76 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 9,154.26
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% 11,879,155.83 77,709.48 0.00 0.00 0.00 0.00 77,709.48 10,827,346.58
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% 16,499,012.46 111,368.33 0.00 0.00 0.00 0.00 111,368.33 16,309,017.64
A-7 6.05000000% 14,718,513.19 74,205.84 0.00 0.00 0.00 0.00 74,205.84 14,637,766.89
QS 0.00000000% 238,583.09 0.00 0.00 0.00 0.00 0.00 0.00 237,957.64
B-FIXED 5.15845846% 2,129,533.87 9,154.26 0.00 9,154.26 58,334.85 0.00 58,334.85 2,129,533.87
B-VAR 52.33803041% 1,588,914.19 69,300.53 0.00 0.00 0.00 0.00 69,300.53 1,464,820.14
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 466,964.51 0.00 9,154.26 58,334.85 0.00 516,145.10
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
- ------------------------------------------------------------------------------------------------------------------------------------
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 525,299.36
Scheduled Principal 198,663.11
Other Principal 1,239,452.50
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,963,414.97
WITHDRAWALS:
Interest Payments 516,145.10
Scheduled Principal Payment 198,663.11
Other Principal Payments 1,248,606.76
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,963,414.97
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 9,154.26 9,154.26 0.00 0.00 0.00 354,548.66 354,548.66
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 93,568.36 93,568.36
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 9,154.26 9,154.26 0.00 0.00 0.00 448,420.07 448,420.07
</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>
1 60 4,394,382.65 11 1,164,059.81 6 311,323.44 6 592,928.39 3 462,641.99 86 6,925,336.28
2 19 1,463,568.41 3 243,322.37 0 0.00 0 0.00 0 0.00 22 1,706,890.78
3 26 3,513,120.90 7 565,445.89 3 338,137.45 3 319,239.21 3 545,678.85 42 5,281,622.30
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 105 9,371,071.96 21 1,972,828.07 9 649,460.89 9 912,167.60 6 ,008,320.84 150 13,913,849.36
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2 Pool 3
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Monthly P&I Constant 757,116.07| 427,418.11 163,075.40 166,622.56
|
Positive Amortization 198,663.11| 150,429.90 33,484.66 14,748.55
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 1,239,452.50| 895,502.74 153,857.96 190,091.80
Principal Adjustments 0.00| 0.00 0.00 0.00
Total Principal Trust Distribution 1,438,115.61| 1,045,932.64 187,342.62 204,840.35
|
Scheduled Interest 558,452.96| 276,988.21 129,590.74 151,874.01
Servicing Fee 24,283.56| 11,579.69 6,588.58 6,115.29
Master Servicing Fee 1,484.00| 707.65 402.64 373.71
Spread 0.00| 0.00 0.00 0.00
Total Pass-Through Interest 525,299.36| 261,221.39 120,571.60 143,506.37
|
Beginning Balance 64,756,144.63| 30,879,172.68 17,569,544.57 16,307,427.38
Ending Balance 63,308,874.76| 29,824,085.78 17,382,201.95 16,102,587.03
Gross P&I Distribution 1,972,285.01| 1,311,341.16 310,344.78 350,599.07
Realized Losses/(Gains) 9,154.26| 9,154.26 0.00 0.00
Net P&I Trust Distribution 1,963,130.75| 1,302,186.90 310,344.78 350,599.07
|
Beginning Loan Count 770| 444 192 134
Number of Loan Payoffs 16| 13 1 2
Ending Loan Count 754| 431 191 132
|
Weighted Average Maturity 0.0000000000| 231.9000000000 263.6200000000 327.2700000000
Weighted Average Gross Rate 0.000000000%| 10.742800000% 8.849900000% 11.123600000%
Weighted Average Net Rate 0.000000000%| 10.292800000% 8.399900000% 10.673600000%
Weighted Average Pass-Through Rate 0.000000000%| 10.125300000% 8.232400000% 10.506100000%
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 9,154.26 0.00 512,862.53 5.67748838% 3,594,354.01 63,308,874.76
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,314,021.56 91.37106578% 100.00000000% 89.98799470%
Subordinate 124,094.05 8.62893422% 0.00000000% 10.01200530%
</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 0.009154 47.2063 4.51% 2.1295 N/A
Subordination Variable N/A 1.40% 0.4523 0.000000 0.000000 16.1026 9.10% 1.4648 N/A
</TABLE>
<TABLE>
<CAPTION>
Variable Pool
<S> <C>
Specified Subordinated Amount 1,464,820.14
Subordination Deficiency Amount 0.00
Subordination Increase Amount 0.00
Excess Subordination Amount 124,094.05
Subordination Reduction Amount 124,094.05
Rolling 3 Month Delinquency Average 11.0968%
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 2,129,533.87
Subordination Deficiency Amount 9,154.26
Subordination Increase Amount 9,154.26
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 5.6047%
</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 1 40,600.00 0 0.00 0 0.00
In Foreclosure 6 592,928.39 0 0.00 3 319,239.21
Cummulative Foreclosures since Cut-Off 34 3,008,470.56 3 161,437.82 21 3,187,240.16
In Bankruptcy 20 1,385,428.75 3 478,414.02 5 544,684.98
REO Properties 3 462,641.99 0 0.00 3 545,678.85
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 466,826.38 92,504.42 327,938.46
Reimbursed Delinquency Advances 478,894.76 102,186.19 357,254.10
Compensating Interest 3,730.22 712.97 1,206.06
<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>
