We reinvestigate the emission of Hawking radiation during gravitational collapse to a black hole. Studying the dynamics of in-vacuum polarization, we find that a multi-parametric family of out-vacua exists. Initial conditions for the collapse lead dynamically to different vacua from this family as the final state. Therefore, the form of the out-vacuum encodes memory about the initial quantum state of the system. While most out-vacua feature a non-thermal Hawking flux and are expected to decay quickly, there also exists a thermal vacuum state. Collectively, these observations suggest an interesting possible resolution of the information loss paradox.