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 1995-1
(Exact name of registrant as specified in its charter)
New York 033-75002-03 41-1832398, 41-182450
(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 1995-1.
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 1995-1 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 1995-1
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/ Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice president
Date: June 12, 1997
INDEX OF EXHIBITS
Exhibit
Number Description
EX-99.1 Monthly report distributed to holders of Equicon Mortgage Loan
Trust 1995-1 relating to the February 18, 1997, distribution.
Equicon Mortgage Loan Trust 1995-1
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: Candy Wachsmuth
Phone: (410) 884-2118
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 25,000,000.00 0.00000000% 0.00 0.00 0.00 0.0000000000
A-2 Senior Sequential Pay Fixed 19,000,000.00 7.55000000% 0.00 0.00 0.00 0.6881655884
A-3 Senior Sequential Pay Fixed 9,000,000.00 7.55000000% 0.00 0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed 8,500,000.00 7.70000000% 0.00 0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Fixed 8,524,000.00 7.70000000% 0.00 0.00 0.00 1.0000000000
A-6 Senior Sequential Pay Variable 40,518,000.00 5.98000000% 0.00 0.00 0.00 0.4725166632
B Fixed Subordinate Sequential Pay Variable 338.96 64.58090269% 171,726.08 0.00 0.00
B Vari Subordinate Sequential Pay Variable 520.21 59.37126011% 11,527.60 0.00 0.00
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 183,253.68 0.00 0.00 0.5764011878
</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 7.55000000% 13,886,390.90 87,368.54 811,244.72 0.00 13,075,146.18 898,613.26
A-3 02/01/1997 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 9,000,000.00 56,625.00
A-4 02/01/1997 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 8,500,000.00 54,541.67
A-5 02/01/1997 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 8,524,000.00 54,695.67
A-6 01/31/1997 5.98000000% 19,583,604.97 91,085.52 438,174.81 0.00 19,145,430.16 529,260.33
B Fixed 02/01/1997 64.58090269% 2,919,562.98 0.00 0.00 13,906.85 3,062,779.47 0.00
B Vari 01/31/1997 59.37126011% 2,296,079.56 0.00 0.00 0.99 2,409,679.52 0.00
RU 01/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 64,709,638.41 344,316.40 1,249,419.53 13,907.84 63,717,035.33 1,593,735.93
</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 294419AN6 25,000,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.0000000000
A-2 294419AP1 19,000,000.00 4.59834421 5.13445053 29.29299053 42.69709053 0.00000000 0.6881655884
A-3 294419AQ9 9,000,000.00 6.29166667 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-4 294419AR7 8,500,000.00 6.41666706 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-5 294419AS5 8,524,000.00 6.41666706 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-6 294419AT3 40,518,000.00 2.24802606 0.15934375 7.85126536 10.81432474 0.00000000 0.4725166632
B Fixed N/A 338.96 0.00000000 0.00000000 0.00000000 0.00000000 41027.99740382 9035.8138718433
B Vari N/A 520.21 0.00000000 0.00000000 0.00000000 0.00000000 1.90307760 4632.1284096807
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 0.5764011878
</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 13,886,390.90 97,554.56 556,566.82 157,123.34 0.00 811,244.72 0.00 13,075,146.18 0.00
A-3 9,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 9,000,000.00 0.00
A-4 8,500,000.00 0.00 0.00 0.00 0.00 0.00 0.00 8,500,000.00 0.00
A-5 8,524,000.00 0.00 0.00 0.00 0.00 0.00 0.00 8,524,000.00 0.00
A-6 19,583,604.97 6,456.29 318,117.57 113,600.95 0.00 438,174.81 0.00 19,145,430.16 0.00
B Fixed 2,919,562.98 0.00 0.00 (157,123.34) 0.00 0.00 13,906.85 3,062,779.47 0.00
B Vari 2,296,079.56 0.00 0.00 (113,600.95) 0.00 0.00 0.99 2,409,679.52 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 64,709,638.41 104,010.85 874,684.39 (0.00) 0.00 1,249,419.53 13,907.84 63,717,035.33 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 13,907.84
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 7.55000000% 13,886,390.90 87,368.54 0.00 0.00 0.00 0.00 87,368.54 13,075,146.18
A-3 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 0.00 0.00 56,625.00 9,000,000.00
A-4 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 0.00 0.00 54,541.67 8,500,000.00
A-5 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 0.00 0.00 54,695.67 8,524,000.00
A-6 5.98000000% 19,583,604.97 91,085.52 0.00 0.00 0.00 0.00 91,085.52 19,145,430.16
B Fixed 64.58090269% 2,919,562.98 157,123.34 0.00 157,123.34 0.00 0.00 0.00 3,062,779.47
B Vari 59.37126011% 2,296,079.56 113,600.95 0.00 113,600.95 0.00 0.00 0.00 2,409,679.52
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 615,040.69 0.00 270,724.29 0.00 0.00 344,316.40
<FN>
Notes:
Class A-6 Interest is accrued @ LIBOR = 5.375% over the applicable accrual
period.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 615,040.69
Scheduled Principal 104,010.85
Other Principal 874,684.39
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,593,735.93
WITHDRAWALS:
Interest Payments 344,316.40
Scheduled Principal Payment 104,010.85
Other Principal Payments 1,145,408.68
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,593,735.93
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 13,906.64 13,906.64 0.00 0.00 0.00 168,893.48 168,893.48
2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,527.60 11,527.60
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 13,906.64 13,906.64 0.00 0.00 0.00 180,421.08 180,421.08
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures REO's Totals
No Balance No Balance No Balance No Balance No Balance No Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 132 6,357,231.32 45 2,067,463.19 20 1,207,916.14 36 1,787,849.49 19 809,571.11 252 12,230,031.25
2 46 4,889,369.69 17 1,064,726.53 21 2,258,128.73 7 834,623.20 13 1,538,084.64 104 10,584,932.79
- ----------------------------------------------------------------------------------------------------------------------------------
178 11,246,601.01 62 3,132,189.72 41 3,466,044.87 43 2,622,472.69 32 2,347,655.75 356 22,814,964.04
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 750,805.59| 528,925.02 221,880.57
|
Positive Amortization 104,010.85| 97,554.56 6,456.29
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 0.00| 0.00 0.00
Regular Curtailment Interest 0.00| 0.00 0.00
Prepaid Curtailments 0.00| 0.00 0.00
Prepaid Curtailment Interest 0.00| 0.00 0.00
Liquidations 874,684.39| 556,566.82 318,117.57
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 978,695.24| 654,121.38 324,573.86
|
Scheduled Interest 646,794.74| 431,370.46 215,424.28
Servicing Fee 22,917.99| 15,168.94 7,749.05
Master Servicing Fee 1,482.93| 981.52 501.41
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 615,040.69| 410,354.22 204,686.47
|
Beginning Balance 64,709,637.21| 42,829,953.67 21,879,683.54
Ending Balance 63,717,035.33| 42,161,925.65 21,555,109.68
Gross P&I Distribution 1,602,571.99| 1,070,322.90 532,249.09
Realized Losses/(Gains) 13,906.64| 13,906.64 0.00
Net P&I Trust Distribution 1,588,665.35| 1,056,416.26 532,249.09
|
Beginning Loan Count 1118| 882 236
Number of Loan Payoffs 19| 13 6
Ending Loan Count 1099| 869 230
|
Weighted Average Maturity 0.0000000000| 214.7200000000 333.3300000000
Weighted Average Gross Rate 0.000000000%| 12.106800000% 11.690400000%
Weighted Average Net Rate 0.000000000%| 11.681800000% 11.265400000%
Weighted Average Pass-Through Rate 0.000000000%| 11.516100000% 11.099700000%
Weighted Average Margin 0.000000000%| 0.000000000% 6.001200000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 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 859.17 13,907.84 0.00 183,253.68 8.58869055% 5,472,458.99 63,717,035.33
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 978,695.24 100.00000000% 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 0.00% 0.0003 0.00 0.01 42.1619 7.26% 3.0628 N/A
Subordination Variable N/A 0.00% 0.0005 0.00 0.00 21.5551 11.18% 2.4097 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 3,893,538.14
Subordination Deficiency Amount 987,882.01
Subordination Increase Amount 157,123.34
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 11.2347%
Variable Pool
Specified Subordinated Amount 3,807,887.09
Subordination Deficiency Amount 1,511,808.52
Subordination Increase Amount 113,600.95
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 19.6658%
</TABLE>
<TABLE>
<CAPTION>
Additional Foreclosure and Bankruptcy Information Fixed Pool Variable Pool
Aggregate Aggregate
# of Loans Principal Bal. # of Loans Principal Bal.
<S> <C> <C> <C> <C>
Foreclosures Commenced 7 264,355.63 0 0.00
In Foreclosure 36 1,787,849.49 7 834,623.20
Cumulative Foreclosures since Cut-Off 103 5,057,142.93 29 3,240,682.45
In Bankruptcy 30 1,371,336.38 4 416,885.88
REO Properties 19 809,571.11 13 1,538,084.64
Book Value of REO Property 0 0.00 5 455,973.05
Income from REO Property 0 0.00 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Additional Credit Information
Fixed Pool Variable Pool
<S> <C> <C>
Delinquency Advances 853,531.26 798,318.36
Reimbursed Delinquency Advances 834,481.69 769,962.48
Compensating Interest 2,362.16 2,933.00
<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>
