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): March 18, 1997
Equicon Mortgage Loan Trust 1995-1
(Exact name of registrant as specified in its charter)
New York 033-75002-03 41-1832398, 41-1824250
(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 March 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 March 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: April 4, 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 March 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: February 1997
Distribution Date: March 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
Aggregate Realized Aggr. 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 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 0.6389825247
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 5.91750000% 0.00 0.00 0.00 0.4614435717
B Fixed Subordinate Sequential Pay Variable 338.96 61.19354011% 212,982.82 0.00 0.00
B Vari Subordinate Sequential Pay Variable 520.21 55.23199584% 51,427.09 0.00 0.00
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 264,409.91 0.00 0.00 0.5655710068
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary - Issuing
Beginning Principal Ending
Pass Through PrincipalTotal InterestTotal 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 03/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 03/01/1997 7.55000000% 13,075,146.18 82,264.46 934,478.21 0.00 12,140,667.97 1,016,742.67
A-3 03/01/1997 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 9,000,000.00 56,625.00
A-4 03/01/1997 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 8,500,000.00 54,541.67
A-5 03/01/1997 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 8,524,000.00 54,695.67
A-6 02/28/1997 5.91750000% 19,145,430.16 88,116.84 448,659.52 0.00 18,696,770.64 536,776.36
B Fixed 03/01/1997 61.19354011% 3,062,779.47 0.00 0.00 41,256.74 3,177,708.00 0.00
B Vari 02/28/1997 55.23199584% 2,409,679.52 0.00 0.00 39,899.49 2,480,689.54 0.00
RU 02/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 63,717,035.33 336,243.64 1,383,137.73 81,156.23 62,519,836.15 1,719,381.37
</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 4.32970842 9.25073579 31.71205053 49.18306368 0.00000000 0.6389825247
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 2.17475789 1.86157486 6.47422676 11.07309147 0.00000000 0.4614435717
B Fixed N/A 338.96 0.00000000 0.00000000 0.00000000 0.00000000 121715.65966486 9374.8760915742
B Vari N/A 520.21 0.00000000 0.00000000 0.00000000 0.00000000 76698.81394052 4768.6310143980
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 0.5655710068
</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 13,075,146.18 175,763.98 602,528.96 156,185.27 0.00 934,478.21 0.00 12,140,667.97 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 19,145,430.16 75,427.29 262,322.72 110,909.51 0.00 448,659.52 0.00 18,696,770.64 0.00
B Fixed 3,062,779.47 0.00 0.00(156,185.27) 0.00 0.00 41,256.74 3,177,708.00 0.00
B Vari 2,409,679.52 0.00 0.00(110,909.51) 0.00 0.00 39,899.49 2,480,689.54 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
Totals 63,717,035.33 251,191.27 864,851.68 (0.00) 0.00 1,383,137.73 81,156.23 62,519,836.15 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 81,156.23
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% 13,075,146.18 82,264.46 0.00 0.00 0.00 0.00 82,264.46 12,140,667.97
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 5.91750000% 19,145,430.16 88,116.84 0.00 0.00 0.00 0.00 88,116.84 18,696,770.64
B Fixed 61.19354011% 3,062,779.47 156,185.27 (0.01) 156,185.27 (0.01) 0.00 0.00 3,177,708.00
B Vari 55.23199584% 2,409,679.52 110,909.51 0.00 110,909.51 0.00 0.00 0.00 2,480,689.54
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 603,338.42 (0.01) 267,094.78 (0.01) 0.00 336,243.64
<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 603,338.41
Scheduled Principal 251,191.27
Other Principal 864,851.68
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 1,719,381.36
WITHDRAWALS:
Interest Payments 336,243.63
Scheduled Principal Payment 251,191.27
Other Principal Payments 1,131,946.46
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 1,719,381.36
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 41,256.74 41,256.74 0.00 0.00 0.00 210,150.22 210,150.22
2 0.00 0.00 0.00 39,899.49 39,899.49 0.00 0.00 0.00 51,427.09 51,427.09
- --------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 81,156.23 81,156.23 0.00 0.00 0.00 261,577.31 261,577.31
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures REO's Totals
Number Balance Number Balance Number Balance Number BalanceNumber Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 116 5,510,729.26 42 2,126,142.41 30 1,701,602.36 31 1,536,118.04 21 930,672.23 240 11,805,264.30
2 37 3,618,125.19 16 1,703,496.43 23 2,090,802.80 8 909,951.97 13 1,538,084.64 97 9,860,461.03
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 153 9,128,854.45 58 3,829,638.84 53 3,792,405.16 39 2,446,070.01 34 2,468,756.87337 21,665,725.33
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 885,774.68| 600,748.30 285,026.38
|
Positive Amortization 251,191.27| 175,763.98 75,427.29
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 864,851.68| 602,528.96 262,322.72
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 1,116,042.95| 778,292.94 337,750.01
|
Scheduled Interest 634,583.41| 424,984.32 209,599.09
Servicing Fee 22,566.45| 14,932.35 7,634.10
Master Servicing Fee 1,460.18| 966.21 493.97
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 603,338.41| 404,312.06 199,026.35
|
Beginning Balance 63,717,035.33| 42,161,925.65 21,555,109.68
Ending Balance 62,519,836.15| 41,342,375.97 21,177,460.18
Gross P&I Distribution 1,728,059.91| 1,188,344.91 539,715.00
Realized Losses/(Gains) 81,156.23| 41,256.74 39,899.49
Net P&I Trust Distribution 1,646,903.68| 1,147,088.17 499,815.51
|
Beginning Loan Count 1099| 869 230
Number of Loan Payoffs 17| 14 3
Ending Loan Count 1082| 855 227
|
Weighted Average Maturity 0.0000000000| 213.6500000000 332.3000000000
Weighted Average Gross Rate 0.000000000%| 12.112500000% 11.684600000%
Weighted Average Net Rate 0.000000000%| 11.687500000% 11.259600000%
Weighted Average Pass-Through Rate 0.000000000%| 11.521800000% 11.093900000%
Weighted Average Margin 0.000000000%| 0.000000000% 6.001100000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 1,745,067.97| 915,984.90 829,083.07
|
</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 81,156.23 0.00 264,409.91 9.05056361% 5,658,397.54 62,519,836.15
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,116,042.95 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
