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 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 April 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 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 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 21, 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 April 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: March 1997
Distribution Date: April 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
<TABLE>
<CAPTION>
Series Structure Summary - Issuing
Aggregate Realized Aggregate Aggregate Ending
Class Interest Original Principal Pass Losses Principal Interest Undistrib. Principal
Class Description Principal Type Interest 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 0.5705938532
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 0.4444979496
B Fixed Subordinate Sequential Pay Variable 338.96 58.31266713% 258,239.39 0.00 0.00
B Vari Subordinate Sequential Pay Variable 520.21 48.60717474% 51,427.09 0.00 0.00
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 309,666.48 0.00 0.00 0.5495017273
</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 7.55000000% 12,140,667.97 76,385.04 1,299,384.76 0.00 10,841,283.21 1,375,769.80
A-3 04/01/1997 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 9,000,000.00 56,625.00
A-4 04/01/1997 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 8,500,000.00 54,541.67
A-5 04/01/1997 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 8,524,000.00 54,695.67
A-6 03/31/1997 5.98000000% 18,696,770.64 96,277.98 686,602.72 0.00 18,010,167.92 782,880.70
B Fixed 04/01/1997 58.31266713% 3,177,708.00 0.00 0.00 45,256.57 3,286,868.62 0.00
B Vari 03/31/1997 48.60717474% 2,480,689.54 0.00 0.00 0.00 2,581,172.30 0.00
RU 03/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 62,519,836.15 338,525.36 1,985,987.48 45,256.57 60,743,492.05 2,324,512.84
</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 4.02026526 14.47923789 45.78221316 68.38867158 0.00000000 0.5705938532
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 2.37617799 0.18018115 14.28548744 16.94562219 0.00000000 0.4444979496
B Fixed N/A 338.96 0.00000000 0.00000000 0.00000000 0.00000000 133515.96058532 9696.9218196837
B Vari N/A 520.21 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 4961.7890851771
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 0.5495017273
</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 12,140,667.97 275,105.52 869,862.05 154,417.19 0.00 1,299,384.76 0.00 10,841,283.21 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 18,696,770.64 7,300.58 578,819.38 100,482.76 0.00 686,602.72 0.00 18,010,167.92 0.00
B Fixed 3,177,708.00 0.00 0.00 (154,417.19) 0.00 0.00 45,256.57 3,286,868.62 0.00
B Vari 2,480,689.54 0.00 0.00 (100,482.76) 0.00 0.00 0.00 2,581,172.30 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 62,519,836.15 282,406.10 1,448,681.43 0.00 0.00 1,985,987.48 45,256.57 60,743,492.05 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 45,256.57
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% 12,140,667.97 76,385.04 0.00 0.00 0.00 0.00 76,385.04 10,841,283.21
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% 18,696,770.64 96,277.98 0.00 0.00 0.00 0.00 96,277.98 18,010,167.92
B Fixed 58.31266713% 3,177,708.00 154,417.19 (0.01) 154,417.19 (0.01) 0.00 0.00 3,286,868.62
B Vari 48.60717474% 2,480,689.54 100,482.76 0.00 100,482.76 0.00 0.00 0.00 2,581,172.30
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 593,425.31 (0.01) 254,899.95 (0.01) 0.00 338,525.36
<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 593,425.30
Scheduled Principal 282,406.10
Other Principal 1,448,681.43
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,324,512.83
WITHDRAWALS:
Interest Payments 338,525.35
Scheduled Principal Payment 282,406.10
Other Principal Payments 1,703,581.38
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 2,324,512.83
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 45,256.57 45,256.57 0.00 0.00 0.00 255,406.79 255,406.79
2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 51,427.09 51,427.09
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 45,256.57 45,256.57 0.00 0.00 0.00 306,833.88 306,833.88
</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>
1 102 4,738,261.62 27 1,499,506.98 22 1,564,340.87 30 1,588,193.79 21 930,672.23 202 10,320,975.49
2 55 5,302,341.93 9 944,787.51 15 1,482,095.38 11 1,313,311.08 13 1,538,084.64 103 10,580,620.54
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 157 10,040,603.55 36 2,444,294.49 37 3,046,436.25 41 2,901,504.87 34 2,468,756.87 305 20,901,596.03
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 906,429.16| 692,001.85 214,427.31
|
Positive Amortization 282,406.10| 275,105.52 7,300.58
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 1,448,681.43| 869,862.05 578,819.38
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 1,731,087.53| 1,144,967.57 586,119.96
|
Scheduled Interest 624,023.06| 416,896.33 207,126.73
Servicing Fee 22,142.44| 14,642.09 7,500.35
Master Servicing Fee 1,432.75| 947.43 485.32
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 593,425.30| 396,664.56 196,760.74
|
Beginning Balance 62,519,836.15| 41,342,375.97 21,177,460.18
Ending Balance 60,743,492.05| 40,152,151.83 20,591,340.22
Gross P&I Distribution 2,332,968.15| 1,547,221.81 785,746.34
Realized Losses/(Gains) 45,256.57| 45,256.57 0.00
Net P&I Trust Distribution 2,287,711.58| 1,501,965.24 785,746.34
|
Beginning Loan Count 1082| 855 227
Number of Loan Payoffs 30| 23 7
Ending Loan Count 1052| 832 220
|
Weighted Average Maturity 0.0000000000| 212.2600000000 331.2300000000
Weighted Average Gross Rate 0.000000000%| 12.106700000% 11.643900000%
Weighted Average Net Rate 0.000000000%| 11.681700000% 11.218900000%
Weighted Average Pass-Through Rate 0.000000000%| 11.516000000% 11.053200000%
Weighted Average Margin 0.000000000%| 0.000000000% 5.982400000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 1,753,114.05| 887,725.13 865,388.92
|
|
</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 45,256.57 0.00 309,666.48 9.66036150% 5,868,040.92 60,743,492.05
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,731,087.53 100.00000000% 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 0.05 40.1522 8.19% 3.2869 N/A
Subordination Variable N/A 0.00% 0.0005 0.00 0.00 20.5913 12.54% 2.5812 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 4,443,439.89
Subordination Deficiency Amount 1,310,988.46
Subordination Increase Amount 154,417.18
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 13.0665%
Variable Pool
Specified Subordinated Amount 4,482,361.98
Subordination Deficiency Amount 2,001,672.44
Subordination Increase Amount 100,482.76
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 23.7682%
</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 1 89,225.12 5 543,185.60
In Foreclosure 30 1,588,193.79 11 1,313,311.08
Cummulative Foreclosures since Cut-Off 106 5,334,320.34 34 3,768,184.18
In Bankruptcy 38 1,804,836.11 8 705,944.29
REO Properties 21 930,672.23 13 1,538,084.64
Book Value of REO Property 1 53,969.98 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 887,725.13 865,388.92
Reimbursed Delinquency Advances 920,596.80 832,327.30
Compensating Interest 13,581.40 3,566.43
<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>
