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): November 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 November 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 November 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: November 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 November 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: October 1997
Distribution Date: November 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
Losses
Original Principal Aggregate Aggregate Ending
Class Interest Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Type Balance Rate 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 0.1751409647
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 6.10500000% 0.00 0.00 0.00 0.2806537248
B Fixed Subordinate Sequential Pay Variable 338.96 41.60377329% 611,650.32 0.00 0.00
B Vari Subordinate Sequential Pay Variable 520.21 42.16137149% 624,983.51 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 1,236,633.83 0.00 0.00 0.4274769994
</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 11/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 11/01/1997 7.55000000% 4,524,652.53 28,467.60 1,196,974.20 0.00 3,327,678.33 1,225,441.80
A-3 11/01/1997 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 9,000,000.00 56,625.00
A-4 11/01/1997 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 8,500,000.00 54,541.67
A-5 11/01/1997 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 8,524,000.00 54,695.67
A-6 10/31/1997 6.10500000% 12,812,865.79 63,012.61 1,441,338.17 0.00 11,371,527.62 1,504,350.78
B Fixed 11/01/1997 41.60377329% 3,913,417.09 0.00 0.00 112,422.76 3,936,671.76 0.00
B Vari 10/31/1997 42.16137149% 2,583,894.61 0.00 0.00 80,026.36 2,594,652.03 0.00
RU 10/31/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 49,858,830.02 257,342.55 2,638,312.37 192,449.12 47,254,529.74 2,895,654.92
</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 1.49829474 11.98079474 43.87693000 62.99864211 0.00000000 0.1751409647
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 1.55517572 0.19877955 33.13342811 35.57278666 0.00000000 0.2806537248
B Fixed N/A 338.96 0.00000000 0.00000000 0.00000000 0.00000000 331669.69553930
B Vari N/A 520.21 0.00000000 0.00000000 0.00000000 0.00000000 153834.72059361 4987.7011783703
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 0.4274769994
</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 4,524,652.53 227,635.10 833,661.67 135,677.43 0.00 1,196,974.20 0.00 3,327,678.33 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 12,812,865.79 8,054.15 1,342,500.24 90,783.78 0.00 1,441,338.17 0.00 11,371,527.62 0.00
B Fixed 3,913,417.09 0.00 0.00 (135,677.43) 0.00 0.00 112,422.76 3,936,671.76 0.00
B Vari 2,583,894.61 0.00 0.00 (90,783.78) 0.00 0.00 80,026.36 2,594,652.03 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 49,858,830.02 235,689.25 2,176,161.91 0.00 0.00 2,638,312.37 192,449.12 47,254,529.74 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 192,449.12
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/
Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class 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% 4,524,652.53 28,467.61 0.01 0.00 0.00 0.00 28,467.60 3,327,678.33
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 6.10500000% 12,812,865.79 63,012.61 0.00 0.00 0.00 0.00 63,012.61 11,371,527.62
B Fixed 41.60377329% 3,913,417.09 135,677.43 (0.01) 135,677.43 (0.01) 0.00 0.00 3,936,671.76
B Vari 42.16137149% 2,583,894.61 90,783.78 0.00 90,783.78 0.00 0.00 0.00 2,594,652.03
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 483,803.77 0.00 226,461.21 (0.01) 0.00 257,342.55
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 483,803.76
Scheduled Principal 235,689.25
Other Principal 2,176,161.91
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,895,654.92
WITHDRAWALS:
Interest Payments 257,342.55
Scheduled Principal Payment 235,689.25
Other Principal Payments 2,402,623.12
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 2,895,654.92
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 0.00 112,422.76 112,422.76 0.00 0.00 0.00 608,817.72 608,817.72
2 0.00 0.00 0.00 80,026.36 80,026.36 0.00 0.00 0.00 624,983.51 624,983.51
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 192,449.12 192,449.12 0.00 0.00 0.00 1,233,801.23 1,233,801.23
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures
Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 86 3,931,186.41 32 1,454,669.23 32 1,910,341.83 33 1,869,787.46
2 19 1,916,272.32 20 1,644,567.70 18 1,367,765.50 12 1,227,188.95
- ---------------------------------------------------------------------------------------------------------------
Totals 105 5,847,458.73 52 3,099,236.93 50 3,278,107.33 45 3,096,976.41
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
1 26 1,144,017.67 209 10,310,002.60
2 6 606,350.47 75 6,762,144.94
- ----------------------------------------------------------------
Totals 32 1,750,368.14 284 17,072,147.54
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 743,775.60| 574,489.06 169,286.54
|
Positive Amortization 235,689.25| 227,635.10 8,054.15
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 2,176,161.91| 833,661.67 1,342,500.24
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 2,411,851.16| 1,061,296.77 1,350,554.39
|
Scheduled Interest 508,086.35| 346,853.96 161,232.39
Servicing Fee 17,658.34| 12,205.32 5,453.02
Master Servicing Fee 1,142.60| 789.76 352.84
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 483,803.76| 330,007.37 153,796.39
|
Beginning Balance 49,858,830.02| 34,462,069.62 15,396,760.40
Ending Balance 47,254,529.74| 33,288,350.09 13,966,179.65
Gross P&I Distribution 2,902,279.17| 1,395,945.41 1,506,333.76
Realized Losses/(Gains) 192,449.12| 112,422.76 80,026.36
Net P&I Trust Distribution 2,709,830.05| 1,283,522.65 1,426,307.40
|
Beginning Loan Count 901| 723 178
Number of Loan Payoffs 33| 20 13
Ending Loan Count 868| 703 165
|
Weighted Average Maturity 0.0000000000| 202.6000000000 323.9300000000
Weighted Average Gross Rate 0.000000000%| 12.102900000% 11.928600000%
Weighted Average Net Rate 0.000000000%| 11.677900000% 11.503600000%
Weighted Average Pass-Through Rate 0.000000000%| 11.512200000% 11.337900000%
Weighted Average Margin 0.000000000%| 0.000000000% 6.041600000%
|
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 859.17 192,449.12 0.00 1,236,633.83 13.82158245% 6,531,323.79 47,254,529.74
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 2,411,851.16 100.00000000% 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 0.11 33.2884 11.83% 3.9367 N/A
Subordination Variable N/A 0.00% 0.0005 0.00 0.08 13.9662 18.58% 2.5947 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 5,200,508.55
Subordination Deficiency Amount 1,399,514.22
Subordination Increase Amount 135,677.42
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 17.6226%
Variable Pool
Specified Subordinated Amount 3,505,559.79
Subordination Deficiency Amount 1,001,691.54
Subordination Increase Amount 90,783.78
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 27.1003%
</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 0 0.00 1 240,607.53
In Foreclosure 33 1,869,787.46 12 1,227,188.95
Cumulative Foreclosures since Cut-Off 134 7,034,690.93 42 4,813,789.94
In Bankruptcy 38 1,906,649.34 9 830,348.80
REO Properties 26 1,144,017.67 6 606,350.47
Book Value of REO Property 4 224,669.98 1 198,670.60
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 991,229.83 683,999.97
Reimbursed Delinquency Advances 1,013,999.13 729,409.02
Compensating Interest 4,335.52 8,780.08
<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>
