-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I1Yir9OrCnsnBWMlJDME6tT45o0VA6wI+GfLI8tvZwPcgkLFPyIk32PPhjDDy4Xu sD5YqEL9WxA895+144j4bA== 0001004024-96-000018.txt : 19960903 0001004024-96-000018.hdr.sgml : 19960903 ACCESSION NUMBER: 0001004024-96-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960826 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19960830 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUIVANTAGE HOME EQUITY LOAN TRUST 1995-2 CENTRAL INDEX KEY: 0001004024 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-87040-02 FILM NUMBER: 96624047 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA TAX DEPT STREET 2: 11000 BROKEN LAND PKWY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842076 MAIL ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA TAX DEPT STREET 2: 11000 BROKEN LAND PKWY CITY: COLUMBIA STATE: MD ZIP: 21044 8-K 1 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) August 26, 1996 Equivantage Home Equity Loan Trust 1995-2 (Exact name of registrant as specified in its charter) New York 33-87040 Applied For (State or other jurisdiction (Commission (IRS Employer of incorporation or File Number) Identification organization) Number) c/o Equivantage Acceptance Corp. Attention: John Smith 13111 Northwest Freeway Houston, Texas _______77040_____ (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (713) 895-1957 Equivantage Home Equity Loan Trust 1995-2 Form 8-K INDEX Page Number Item 5. Other Events 3 Item 7. Financial Statements and Exhibits 3 SIGNATURES 4 INDEX OF EXHIBITS 5 ITEM 5. OTHER EVENTS The Equivantage Home Equity Loan Trust 1995-2 makes monthly remittances to security holders. The latest remittance was made August 26, 1996. We have furnished a monthly remittance statement delivered to the trustee with security holder payment instructions. Monthly Remittance Statement................................................... ......Exhibit 21.1 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS Exhibits 21.1 Monthly Remittance Statement dated as of August 26, 1996. 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. Equivantage Home Equity Loan Trust 1995-2 (Registrant) By: Norwest Bank of Minnesota, N.A. Name: Kris Solie - Johnson Title: Corporate Trust Officer INDEX OF EXHIBITS Page of Sequentially Numbered Pages 21.1 Monthly Remittance Statement dated 6-14 as of August 26, 1996. EXHIBIT 21.1 PAGE 6 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Series Structure Summary Aggregate Realized Aggregate Ending Class Original Principal Losses Principal Aggregate Interest Undistributed Principal Class Description Principal Type Interest Type Balance Pass Through Rate Balance Reduction Shortfall Principal Factor ____________________________________________________________ ____________________________________________________________ _______________________________________________ A-1 Senior Sequential Pay Fixed 48,500,000.00 6.40000000% 0.00 0.00 0.00 0.6735107318 A-2 Senior Sequential Pay Fixed 20,000,000.00 6.85000000% 0.00 0.00 0.00 1.0000000000 A-3 Senior Sequential Pay Fixed 6,952,000.00 7.40000000% 0.00 0.00 0.00 1.0000000000 R Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000 SUB. Subordinate Support Accretion 120.20 166.28184361% 1,138.19 0.00 0.00 ____________________________________________________________ ____________________________________________________________ _______________________________________________ Totals 75,452,120.20 1,138.19 0.00 0.00 0.8171338006 Report 1 08/21/96 -- 1:52pm Page 1 of 1 EXHIBIT 21.1 PAGE 7 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Class Distribution Summary Beginning Principal Ending Pass Through Principal Total Interest Total Principal Balance Principal Total Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution ____________________________________________________________ ____________________________________________________________ ____________________________________ A-1 07/31/1996 6.40000000% 34,426,334.79 183,607.09 1,761,064.30 0.00 32,665,270.49 1,944,671.39 A-2 07/31/1996 6.85000000% 20,000,000.00 114,166.67 0.00 0.00 20,000,000.00 114,166.67 A-3 07/31/1996 7.40000000% 6,952,000.00 42,870.67 0.00 0.00 6,952,000.00 42,870.67 R 07/31/1996 0.00000000% 0.00 282,292.14 0.00 0.00 0.00 282,292.14 SUB. 07/31/1996 166.28184361% 2,037,207.25 0.00 0.00 282,292.15 2,037,207.25 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 63,415,542.04 622,936.57 1,761,064.30 282,292.15 61,654,477.74 2,384,000.87 Notes: The Principal Balance Reduction reflects a reduction in the accretion, due to the Subordinated Amount reaching the Specified Subordinated Amount. Report 2 08/21/96 -- 1:52pm Page 1 of 1 EXHIBIT 21.1 PAGE 8 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Class Distribution Per 1,000 of Original Balance 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 ____________________________________________________________ ____________________________________________________________ _____________________________ A-1 29476YAC3 48,500,000.00 3.78571320 1.56959526 34.74100887 36.31060412 0.00000000 0.6735107318 A-2 29476YAD1 20,000,000.00 5.70833350 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-3 29476YAE9 6,952,000.00 6.16666715 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 R N/A 0.00 N/A N/A N/A N/A N/A N/A SUB. N/A 120.20 0.00000000 0.00000000 0.00000000 0.00000000 ____________________________________________________________ ____________________________________________________________ _____________________________ Totals 75,452,120.20 0.8171338006 Notes: The Principal Balance Reduction reflects a reduction in the accretion, due to the Subordinated Amount reaching the Specified Subordinated Amount. Report 3 08/21/96 -- 1:52pm Page 1 of 1 EXHIBIT 21.1 PAGE 9 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Class Principal Distribution Beginning Principal Ending Current Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistributed Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal ____________________________________________________________ ____________________________________________________________ ____________________________________________ A-1 34,426,334.79 76,125.37 1,684,938.93 0.00 0.00 1,761,064.30 0.00 32,665,270.49 0.00 A-2 20,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 20,000,000.00 0.00 A-3 6,952,000.00 0.00 0.00 0.00 0.00 0.00 0.00 6,952,000.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 SUB. 2,037,207.25 0.00 0.00 (282,292.15) 0.00 0.00 282,292.15 2,037,207.25 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________________ Totals 63,415,542.04 76,125.37 1,684,938.93 (282,292.15) 0.00 1,761,064.30 282,292.15 61,654,477.74 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction 282,292.15 Negative Amortization Principal Balance Reduction 0.00 Other 0.00 Notes: Accretion Amount represents the Subordination Increase Amount. The Principal Balance Reduction reflects a reduction in the accretion, due to the Subordinated Amount reaching the Specified Subordinated Amount. Report 4 08/21/96 -- 1:52pm Page 1 of 1 EXHIBIT 21.1 PAGE 10 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Class Interest Distribution 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 ____________________________________________________________ ____________________________________________________________ _____________________________________________ A-1 6.40000000% 34,426,334.79 183,607.12 0.03 0.00 0.00 0.00 183,607.09 32,665,270.49 A-2 6.85000000% 20,000,000.00 114,166.67 0.00 0.00 0.00 0.00 114,166.67 20,000,000.00 A-3 7.40000000% 6,952,000.00 42,870.67 0.00 0.00 0.00 0.00 42,870.67 6,952,000.00 R 0.00000000% 0.00 0.00 (282,292.14) 0.00 0.00 0.00 282,292.14 0.00 SUB. 166.28184361% 2,037,207.25 282,292.15 0.00 282,292.15 0.00 0.00 0.00 2,037,207.25 ____________________________________________________________ ____________________________________________________________ _____________________________________________ Totals 622,936.61 (282,292.11) 282,292.15 0.00 0.00 622,936.57 Report 5 08/21/96 -- 1:52pm Page 1 of 1 EXHIBIT 21.1 PAGE 11 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Fund Account Summary ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Proceeds Account Beginning Balance 0.00 DEPOSITS: WITHDRAWALS: Interest Net of Servicing Fee 633,139.85 Interest Payments 622,936.57 Scheduled Principal 76,125.37 Scheduled Principal Payment 76,125.37 Other Principal 1,684,938.90 Other Principal Payments 1,684,938.93 Negative Amortization 0.00 Reserve Fund 1 0.00 Deposits from Reserve Fund 0.00 Fees and Expenses 10,203.25 Gain/Loss Adjustment 0.00 Other Withdrawals 0.00 Other Deposits 0.00 Total Deposit 2,394,204.12 Total Withdrawals 2,394,204.12 Ending Balance 0.00 ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Report 6 08/21/96 -- 1:52pm Page 1 of 1 EXHIBIT 21.1 PAGE 12 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Loss/Delinquency Detail 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 ____________________________________________________________ ____________________________________________________________ _________________________________________________ X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,138.19 1,138.19 ____________________________________________________________ ____________________________________________________________ _________________________________________________ Totals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,138.19 1,138.19 ____________________________________________________________ ____________________________________________________________ ________________________________________ 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 X 46 2,286,168.92 26 1,292,872.49 33 1,665,129.46 17 672,154.95 2 148,015.41 124 6,064,341.23 ____________________________________________________________ ____________________________________________________________ ________________________________________ Totals 46 2,286,168.92 26 1,292,872.49 33 1,665,129.46 17 672,154.95 2 148,015.41 124 6,064,341.23 Report 7 08/21/96 -- 1:52pm Page 1 of 1 EXHIBIT 21.1 PAGE 13 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Collateral Summary Total| Pool X ____________________________________________________________ _____________________________________________ Monthly P&I Constant 735,554.08| 735,554.08 | Positive Amortization 76,125.37| 76,125.37 Negative Amortization 0.00| 0.00 Regular Curtailments 1,981.83| 1,981.83 Regular Curtailment Interest 0.00| 0.00 Prepaid Curtailments 0.00| 0.00 Prepaid Curtailment Interest 0.00| 0.00 Liquidations 1,682,957.07| 1,682,957.07 Principal Adjustments 0.00| 0.00 Total Principal Trust Distribution 1,761,064.27| 1,761,064.27 | Scheduled Interest 659,428.71| 659,428.71 Servicing Fee 26,288.86| 26,288.86 Master Servicing Fee 2,254.28| 2,254.28 Spread 0.00| 0.00 Total Pass-Through Interest 622,936.60| 622,936.60 | Beginning Balance 63,415,542.04| 63,415,542.04 Ending Balance 61,654,477.77| 61,654,477.77 Gross P&I Distribution 2,394,204.12| 2,394,204.12 Realized Losses/(Gains) 0.00| 0.00 Net P&I Trust Distribution 2,394,204.12| 2,394,204.12 | Beginning Loan Count 1326| 1326 Number of Loan Payoffs 33| 33 Ending Loan Count 1293| 1293 | Weighted Average Maturity 232.0000000000| 232.0000000000 Weighted Average Gross Rate 12.478241550%| 12.478241550% Weighted Average Net Rate 11.980782550%| 11.980782550% Weighted Average Pass-Through Rate 11.787708430%| 11.787708430% Weighted Average Margin 0.000000000%| 0.000000000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 Current Period Interest 808,985.57| 808,985.57 | | Report 8 08/21/96 -- 1:53pm Page 1 of 1 EXHIBIT 21.1 PAGE 14 Equivantage Home Equity Loan Trust 1995-2 Norwest Bank Minnesota, N.A. Contact: Reid Denny Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2085 11000 Broken Land Parkway Distribution Date: August 26, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Credit Enhancement Summary Initial Current Current Current Current Current Coverage Period Period Cumulative Coverage Coverage Pool Type/Purpose Amount Losses Additions Losses Percentage Amount Balance ____________________________________________________________ ____________________________________________________________ ___________________________________________ Subordination 120.20 282,292.15 0.00 1,138.19 3.30423243% 2,037,207.25 61,654,477.77 Principal Distribution Scheduled Unscheduled Amount Percentage Payment Payment ___________________________________________________________ Senior 1,761,064.30 100.00000000% 100.00000000% 100.00000000% Subordinate 0.00 0.00000000% 0.00000000% 0.00000000% Report 9 08/21/96 -- 1:54pm Page 1 of 1 -----END PRIVACY-ENHANCED MESSAGE-----