<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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8-K
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 15, 1996
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EQCC HOME EQUITY LOAN TRUST 1996-1
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(Exact name of registrant as specified in governing instruments)
Delaware 33-99344 59-3353406
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
10401 Deerwood Park Boulevard, Jacksonville, Florida 32256
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(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
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Not Applicable
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(Former name or former address, if changed since last report)
Total Number of Pages 12
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Exhibit Index Located at Page 5
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Page 1 of 12
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Items 1 through 4, Item 6, and Item 8 are not included because they are not
applicable.
Item 5. OTHER EVENTS.
(a) MERGER. On September 26, 1994, EquiCredit Corporation (the "Company")
entered into an Agreement and Plan of Merger (the "Merger Agreement") with
Barnett Banks, Inc. ("Barnett Banks") and a Delaware corporation to be formed as
wholly-owned subsidiary of Barnett Banks (the "Merger Subsidiary"). The
transaction was consummated on January 27, 1995.
(b) On May 15, 1996, (the "May Remittance Date") a scheduled distribution was
made from EQCC Home Equity Loan Trust 1996-1 to holders of Class A-1
Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4
Certificates, Class A-5 Certificates, Class A-6 Certificates and Class R
Certificates. The information contained in the Trustee's Remittance Report in
respect of the May Remittance Date, attached hereto as Exhibit 99, is hereby
incorporated by reference.
(c) On February 19, 1996, a class action complaint was filed in the U.S.
District Court for the Northern District of Georgia by Elizabeth D. Washington
on behalf of herself and others similarly situated, against EquiCredit
Corporation of Ga., an affiliate of EquiCredit Corporation of America.
Plaintiff purports to represent a class (the "Class") consisting of all persons
who obtained "federally regulated mortgage loans" from February 16, 1995 to
February 16, 1996 on which a fee or yield spread premium ("YSP") was paid to a
mortgage broker. The action is brought pursuant to the Real Estate Settlement
Procedures Act ("RESPA") alleging that EquiCredit violated RESPA by paying a YSP
to Funding Center of Georgia, Inc. ("FCG"), failing to disclose such YSP on the
Good Faith Estimate of settlement costs, and failing to provide a Good Faith
Estimate and HUD "Special Information Booklet" within three days of receipt of
loan application. Plaintiff seeks judgment equal to three times the amount of
all YSP paid by EquiCredit to FCG and other brokers, as well as court costs and
litigation expenses, attorney fees and such other relief which may be granted by
the court. Management of EquiCredit denies that the Company has violated any
law, rule, or regulation as asserted in the Plaintiff's Complaint and intends to
vigorously contest this action.
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AS OF OCTOBER 1, 1993, OLD STONE CREDIT CORPORATION IS N/K/A EQUICREDIT
CORPORATION OF AMERICA.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements - Not Applicable
(b) Pro Forma Financial Information - Not Applicable
(c) EXHIBITS
(Exhibit numbers conform to Item 601 of Regulation S-K):
99 Trustee's Remittance Report in respect of the May
Remittance Date.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
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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 the
undersigned hereto duly authorized.
EQCC HOME EQUITY LOAN TRUST 1996-1
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
May 15, 1996 BY: /s/ JOHN P. SILSBY, II
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John P. Silsby, II
Senior Vice President
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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99 -- Trustee's Remittance Report in respect of the
May Remittance Date. 7
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT 99
Trustee's Remittance Report in respect of the May Remittance Date.
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
FROM: APR. 15, 1996
TO: MAY 15, 1996
<TABLE>
<CAPTION>
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 5.610000% Dec. 15, 2003 108,420,000.00 100,820,301.16 2,870,795.98 97,949,505.18 471,334.91
CLASS A-2 5.820000% Sept. 15, 2009 92,880,000.00 92,880,000.00 0.00 92,880,000.00 450,468.00
CLASS A-3 6.190000% Dec. 15, 2010 30,290,000.00 30,290,000.00 0.00 30,290,000.00 156,245.92
CLASS A-4 6.560000% Mar. 15, 2023 36,870,000.00 36,870,000.00 0.00 36,870,000.00 201,556.00
CLASS A-5 6.930000% Mar. 15, 2027 10,700,000.00 10,700,000.00 0.00 10,700,000.00 61,792.50
CLASS A-6 5.860000% Feb. 15, 2027 32,464,000.00 31,124,917.05 489,372.65 30,635,544.40 151,993.34*
CLASS R VARIABLE Mar. 15, 2027 0.00 0.00 0.00 0.00 988,154.86
-------------- -------------- ------------ -------------- ------------
TOTAL 311,624,000.00 302,685,218.21 3,360,168.63 299,325,049.58 2,481,545.53
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BV2 929.90500978 26.47847242 903.42653735 4.34730592
CLASS A-2 268917BW0 1,000.00000000 0.00000000 1000.00000000 4.85000000
CLASS A-3 268917BX8 1,000.00000000 0.00000000 1000.00000000 5.15833333
CLASS A-4 268917BY6 1,000.00000000 0.00000000 1000.00000000 5.46666667
CLASS A-5 268917BZ3 1,000.00000000 0.00000000 1000.00000000 5.77500000
CLASS A-6 268917CA7 958.75175733 15.07431771 943.67743963 4.68190441
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous Payment Date
to the current Payment Date.
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
PYMT PER FROM DATE APR. 15, 1996
PYMT PER TO DATE MAY 15, 1996
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
108,420,000.00 92,880,000.00 30,290,000.00
-----------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 100,820,301.16 929.90500978
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 38,890,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 31,124,917.05
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 271,560,301.16 2504.70670688 2923.77585228 8965.34503865
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 31,124,917.05
Total POOL PRINCIPAL BALANCE (Beginning) 302,685,218.21 2791.78397168 3258.88477832 9992.90915187
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 67
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 2,451,805.49 22.61395951
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 467,601.24
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,919,406.73
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 34,671.01 0.31978426
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 2,669.03
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 37,340.04
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 384,319.48 3.54472865
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 19,102.38
MONTHLY PAYMENTS RECEIVED - Total Pool 403,421.86
ENDING CLASS A-1 PRINCIPAL BALANCE 97,949,505.18 903,42653735
ENDING CLASS A-2 PRINCIPAL BALANCE 92,880,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE 30,290,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE 36,870,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 10,700,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 30,635,544.40
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 268,689,505.18 2478.22823446 2892.86719617 8870.56801519
Variable Rate POOL PRINCIPAL BALANCE (Ending) 30,635,544.40
Total POOL PRINCIPAL BALANCE (Ending) 299,325,049.58 2760.79182420 3222.70725215 9881.97588577
<CAPTION>
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5 CLASS A-6
36,870,000.00 10,700,000.00 32,464,000.00
-----------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 100,820,301.16
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 38,890,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 31,124,917.05 958.75175733
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 271,560,301.16 7365.34584106 25379.46739813
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 31,124,917.05 958.75175733
Total POOL PRINCIPAL BALANCE (Beginning) 302,685,218.21 8209.52585327 28288.33815047 9323.71914151
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 67
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 2,451,805.49
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 467,601.24 14.40368531
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,919,406.73
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 34,671.01
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 2,669.03 0.08221507
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 37,340.04
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 384,319.48
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 19,102.38 0.58841732
MONTHLY PAYMENTS RECEIVED - Total Pool 403,421.86
ENDING CLASS A-1 PRINCIPAL BALANCE 97,949,505.18
ENDING CLASS A-2 PRINCIPAL BALANCE 92,880,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 30,290,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 36,870,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 10,700,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE 30,635,544.40 943.67743963
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 268,689,505.18 7287.48318904 25111.16870841
Variable Rate POOL PRINCIPAL BALANCE (Ending) 30,635,544.40 943.67743963
Total POOL PRINCIPAL BALANCE (Ending) 299,325,049.58 8118.39027882 27974.30369907 9220.21468642
</TABLE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
FROM APR. 15, 1996
TO MAY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 4,878,503.05 4,234,584.10 643,918.96
Portions subject to bankruptcy 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 100,820,301.16
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,290,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 36,870,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 31,124,917.05
POOL PRINCIPAL BALANCE (Beginning) 302,685,218.21 271,560,301.16 31,124,917.05
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 67 61 6
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,919,406.73 2,451,805.49 467,601.24
(iv) AMOUNT OF CURTAILMENTS RECEIVED 37,340.04 34,671.01 2,669.03
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 403,421.86 384,319.48 19,102.38
(vi) INTEREST RECEIVED ON MORTGAGES 2,713,104.17 2,467,143.79 245,960.38
(vii) AGGREGATE ADVANCES 2,132,318.35 1,925,663.95 206,654.40
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 93 88 5
PRINCIPAL BALANCE 3,586,741.87 3,061,678.71 525,063.16
% OF PRINCIPAL 1.200000% 1.140000% 1.710000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 36 36 0
PRINCIPAL BALANCE 1,470,984.06 1,470,984.06 0.00
% OF PRINCIPAL 0.490000% 0.550000% 0.000000%
</TABLE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
FROM APR. 15, 1996
TO MAY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 35 33 2
PRINCIPAL BALANCE 1,769,744.61 1,617,744.61 152,000.00
% OF PRINCIPAL 0.590000% 0.600000% 0.500000%
MORTGAGES IN FORECLOSURE:
NUMBER 6 6 0
PRINCIPAL BALANCE 225,705.69 225,705.69 0.00
% OF PRINCIPAL 0.080000% 0.080000% 0.000000%
MORTGAGES IN BANKRUPTCY
NUMBER 22 22 0
PRINCIPAL BALANCE 875,677.27 875,677.27 0.00
% OF PRINCIPAL 0.290000% 0.330000% 0.000000%
MORTGAGE LOAN LOSSES 0.00% 0.00% 0.00%
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 97,949,505.18
ENDING CLASS A-2 PRINCIPAL BALANCE 92,880,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 30,290,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 36,870,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 10,700,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 30,635,544.40
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 175.20874609 176.55584029 163.39403605
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.085294% 9.730133%
</TABLE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
FROM APR. 15, 1996
TO MAY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(xi) SERVICING FEES PAID 149,469.45 134,092.42 15,377.03
SERVICING FEES ACCRUED 152,265.16 136,900.90 15,364.26
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 299,325,049.58 268,689,505.18 30,635,544.40
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 200.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6522 6176 346
NUMBER OF MORTGAGES OUTSTANDING (END) 6455 6115 340
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,778,910.11 2,530,673.62 248,236.49
(xviii) SUBORDINATED AMOUNT (REMAINING) 27,890,348.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 1,000,000.00
EXCESS SPREAD 1,108,310.53
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 0.00
</TABLE>
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