<PAGE>


EquiCredit
Corporation



                  SERVICER'S ANNUAL STATEMENT AS TO COMPLIANCE
                    Series EQCC Home Equity Loan Trust 1998-1
                    Series EQCC Home Equity Loan Trust 1998-2
                    Series EQCC Home Equity Loan Trust 1998-3
                    Series EQCC Home Equity Loan Trust 1998-4



     I,  Gloria  J. Roberts, Vice President of EquiCredit Corporation of America
and  a  responsible  officer  as defined in the Pooling and Servicing Agreements
dated as of April 1, 1998 for Series EQCC Home Equity Loan Trust 1998-1; June 1,
1998 for Series EQCC Home Equity Loan Trust 1998-2; September 1, 1998 for Series
EQCC Home Equity Loan Trust 1998-3; December 1, 1998 for Series EQCC Home Equity
Loan  Trust  1998-4  (collectively  the  "Agreements"  )  by and among U.S. Bank
National  Association  ("Trustee")  and  EquiCredit Corporation of America, (the
"Representative"  and  "Servicer")  and  the Depositors listed in the Agreements
(the  "Depositors")  in  such  capacity  hereby  certify:

     (i)     The  Servicer  has fully complied with the provisions of Articles V
and  VII  of  the  Agreements,  and,

     (ii)     a  review  of  the activities of the Servicer during the preceding
year  ended  December 31, 1998 and its performance under the Agreements has been
made  under  my  supervision,  and

     (iii)     to  the  best of my knowledge, based on such review, the Servicer
has fulfilled all its obligations under the Agreements throughout such preceding
year.





                              EQUICREDIT  CORPORATION  OF  AMERICA
                              Representative  and  Servicer  for
                              EQCC  Home  Equity  Loan  Trust  1998-1
                              EQCC  Home  Equity  Loan  Trust  1998-2
                              EQCC  Home  Equity  Loan  Trust  1998-3
                              EQCC  Home  Equity  Loan  Trust  1998-4



                              By:  /s/Gloria J. Roberts
                                 -------------------------------------
Dated:  March  31,  1999              Gloria J. Roberts,  Vice President
------------------------



                                                                 Exhibit  99.1

<PAGE>
                Loan Servicing Report of Independent Accountants

March  16,  1999

To  the  Board  of  Directors  of
EquiCredit  Corporation


We  have  examined  management's  assertion  about  EquiCredit  Corporation's
compliance  with  the  minimum  servicing  standards  identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers  (USAP) as of and for the year ended December 31, 1998 for the following
securitizations:  OSCC  1993-2,  EQCC  1993-3,  EQCC  1993-4,  EQCC 1994-1, EQCC
1994-2,  EQCC  1994-3,  EQCC 1994-4, EQCC 1995-1, EQCC 1995-2, EQCC 1995-3, EQCC
1995-4,  EQCC  1996-1,  EQCC  1996-2, EQCC 1996-3, EFT 1996-A, EQCC 1996-2, EQCC
1997-1,  EFT  1997-A,  EQCC  1997-2,  EQCC 1997-3, EFT 1997-B, EQCC 1998-1, EQCC
1998-2,  EQCC  1998-3  and  EQCC 1998-4, included in the accompanying management
assertion.  Management  is  responsible  for EquiCredit Corporation's compliance
with  those  minimum  servicing  standards.  Our responsibility is to express an
opinion  on  management's  assertion  about the entity's compliance based on our
examination.

Our  examination  was  made  in  accordance  with  standards  established by the
American  Institute  of  Certified Public Accountants and, accordingly, included
examining,  on  a test basis, evidence about EquiCredit Corporation's compliance
with  the minimum servicing standards and performing such other procedures as we
considered  necessary  in  the  circumstances.  We  believe that our examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on  EquiCredit  Corporation's  compliance with the minimum
servicing  standards.

In our opinion, management's assertion that EquiCredit Corporation complied with
the  aforementioned  minimum  servicing standards as of and for the period ended
December  31,  1998,  except  as noted in Attachment I, is fairly stated, in all
material  respects.



/s/  PriceWaterhouseCoopers
---------------------------


                                                                 Exhibit  99.2
<PAGE>


EQUICREDIT
CORPORATION

March  16,  1999


PricewaterhouseCoopers  LLP
NationsBank  Corporate  Center
Suite  5400
100  North  Tryon  Street
Charlotte,  NC  28202

Dear  Sirs:

In connection with your examination of our assertion that EquiCredit Corporation
(the  "Company")  complied  with the minimum servicing standards in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers  (USAP) as of and for the year ended December 31, 1998 for the following
securitizations:  OSCC  1993-2,  EQCC  1993-3,  EQCC  1993-4,  EQCC 1994-1, EQCC
1994-2,  EQCC  1994-3,  EQCC 1994-4, EQCC 1995-1, EQCC 1995-2, EQCC 1995-3, EQCC
1995-4,  EQCC  1996-1,  EQCC  1996-2, EQCC 1996-3, EFT 1996-A, EQCC 1996-2, EQCC
1997-1,  EFT  1997-A,  EQCC  1997-2,  EQCC 1997-3, EFT 1997-B, EQCC 1998-1, EQCC
1998-2,  EQCC  1998-3  and  EQCC  1998-4,  except  as  noted in Attachment I, we
recognize  that  obtaining  representations  from  us concerning the information
contained  in  this letter is a significant procedure in enabling you to express
an opinion on management's assertion about compliance with the minimum servicing
standards.  Accordingly,  we  make the following representations, which are true
to  the  best  of  our  knowledge  and  belief  in  all  material  respects:

The  Company has substantially complied with all the requirements of the Uniform
Single  Attestation Program for Mortgage Bankers, as they apply to the following
securitizations  serviced  for  others by the Company: OSCC 1993-2, EQCC 1993-3,
EQCC  1993-4,  EQCC  1994-1, EQCC 1994-2, EQCC 1994-3, EQCC 1994-4, EQCC 1995-1,
EQCC  1995-2,  EQCC  1995-3, EQCC 1995-4, EQCC 1996-1, EQCC 1996-2, EQCC 1996-3,
EFT  1996-A, EQCC 1996-2, EQCC 1997-1, EFT 1997-A, EQCC 1997-2, EQCC 1997-3, EFT
1997-B,  EQCC  1998-1,  EQCC  1998-2,  EQCC  1998-3  and  EQCC  1998-4  (the
"Securitizations"),  except  as  noted  in  Attachment  I.

With  respect  to  the Securitizations, the Company maintains fidelity or surety
bond  insurance  with  a  qualified insurer with coverage limits and deductibles
that  meet  investor  requirements,  as  defined  in  the respective Pooling and
Servicing  Agreement  at  December  31,  1998.

We are not aware of (a) any irregularities involving management or employees who
have  significant  roles  in  the system of internal accounting control over the
processing  of transactions and maintenance of records related to loans serviced
for  others, or any irregularities involving other employees or loan balances of
loans  serviced for others, or (b) any violations or possible violations of law,
regulations, or contracts for the servicing of loans for others, which should be
considered  for  disclosure  in the report on procedures performed in accordance
with  USAP.

All  bank accounts held in trust are in the name of the Company in trust for the
applicable  investor  and  all  bank  accounts  held  in  trust  for  others are
maintained  in  an institution that is a member of the Federal Deposit Insurance
Corporation  (FDIC).

We  are  responsible  for  complying with the minimum servicing standards in the
USAP.

We  are  responsible  for  establishing  and  maintaining  an effective internal
control  structure  over  compliance  with  the  minimum  servicing  standards.



                                                                 Exhibit  99.2
<PAGE>

We  have  performed  an evaluation of  the Company's compliance with the minimum
servicing  standards.

As  of  and  for the year ended December 31, 1998, the Company has complied with
the  minimum  servicing  standards  in all material respects, except as noted in
Attachment  I.

We  have  disclosed  to  you  all known noncompliance with the minimum servicing
standards.

We  have  made available to you all documentation related to compliance with the
minimum  servicing  standards.

We  have  disclosed  any  communications  from  regulatory  agencies,  internal
auditors,  and  other  practitioners  concerning possible noncompliance with the
minimum servicing standards, including communications received through March 16,
1999.

We  have  disclosed  to  you any known noncompliance occurring through March 16,
1999.

/s/  Harold  Lewis
------------------
Harold  Lewis,  Executive  Vice  President
EquiCredit  Corporation


/s/  Charles  Cauthen
---------------------
Charles  Cauthen,  Senior  Finance  Executive
Bank  of  America  Corporation


/s/  Jay  Bray
--------------
Jay  Bray,  Chief  Financial  Officer
EquiCredit  Corporation


                                                                 Exhibit  99.2
<PAGE>




EQUICREDIT
CORPORATION

March  16,  1999                                        Attachment  I

PricewaterhouseCoopers  LLP
NationsBank  Corporate  Center
Suite  5400
100  North  Tryon  Street
Charlotte,  NC  28202


Dear  Sirs:

As  of  and  for  the  12-month  period  ended  December  31,  1998,  EquiCredit
Corporation  has  complied  in  all material respects with the minimum servicing
standards  set  forth  in  the Mortgage Bankers Association of America's Uniform
Single  Attestation  Program  for  Mortgage  Bankers  (USAP)  for  the following
securitizations:  OSCC  1993-2,  EQCC  1993-3,  EQCC  1993-4,  EQCC 1994-1, EQCC
1994-2,  EQCC  1994-3,  EQCC 1994-4, EQCC 1995-1, EQCC 1995-2, EQCC 1995-3, EQCC
1995-4,  EQCC  1996-1,  EQCC  1996-2, EQCC 1996-3, EFT 1996-A, EQCC 1996-2, EQCC
1997-1,  EFT  1997-A,  EQCC  1997-2,  EQCC 1997-3, EFT 1997-B, EQCC 1998-1, EQCC
1998-2,  EQCC 1998-3 and EQCC 1998-4, except as noted below.  As of and for this
same  period,  BankAmerica  Corporation had in effect a fidelity bond and errors
and omissions policy in the amount of $50 million, which includes coverage for
EquiCredit  Corporation  adequate to meet the requirements outlined in the USAP.

In  reference  to  EQCC 1998-3 and EQCC 1998-4, with respect to the USAP minimum
servicing  standard  which  requires  that  loan  payments be deposited into the
custodial  cash  account  and related bank clearing accounts within two business
days  of  receipt,  EquiCredit  is  not in compliance with the USAP.  EquiCredit
remits  loan  payment  collections  on  a  monthly  basis in accordance with the
applicable  Pooling  and  Servicing  Agreements.



/s/  Harold  Lewis
------------------
Harold  Lewis,  Executive  Vice  President
EquiCredit  Corporation


/s/  Charles  Cauthen
---------------------
Charles  Cauthen,  Senior  Finance  Executive
Bank  of  America  Corporation


/s/  Jay  Bray
--------------
Jay  Bray,  Chief  Financial  Officer
EquiCredit  Corporation



Exhibit  99.2
<./text>