<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): August 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
- --------------- ---------------- ------------------
(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 11
Exhibit Index Located at Page 5
Page 1 of 11
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-2-
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 August 15, 1996, (the "August 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 August 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.
<PAGE>
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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 August
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
August 15, 1996 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Senior Vice President
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-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
------ ------- ------------
99 -- Trustee's Remittance Report in respect of the 7
August Remittance Date.
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT 99
Trustee's Remittance Report in respect of the August 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
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FROM: JULY 15, 1996
TO: AUG. 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 89,040,703.11 5,149,938.71 83,890,764.40 416,265.29
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 5.856090% Feb. 15, 2027 32,464,000.00 29,374,987.48 491,943.56 28,883,043.92 148,130.55*
CLASS R VARIABLE Mar. 15, 2027 0.00 0.00 0.00 0.00 0.00
-------------- -------------- -------------- -------------- --------------
TOTAL 311,624,000.00 289,155,690.59 5,641,882.27 283,513,808.32 1,434,458.25
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BV2 821.25717681 47.49989587 773.75728094 3.83937730
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 904.84806185 15.15351035 889.69455150 4.56291729
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
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<TABLE>
<CAPTION>
PYMT PER FROM DATE JULY 15, 1996
PYMT PER TO DATE AUG. 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) 89,040,703.11 821.25717681
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,290,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 29,374,987.48
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 259,780,703.11 2396.05667392 2796.94966122 8576.45107659
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 29,374,987.48
Total POOL PRINCIPAL BALANCE (Beginning) 269,155,890.59 2666.99585492 3113.21802961 9546.24267382
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 116
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 4,665,099.35 43.02803311
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 471,081.29
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,136,180.64
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 101,646.33 0.93751457
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 6,080.00
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 107,725.33
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 383,194.03 3.53434818
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 14,782.27
MONTHLY PAYMENTS RECEIVED - Total Pool 397.976.30
ENDING CLASS A-1 PRINCIPAL BALANCE 83,890,764.40 773.75728094
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 28,883,043.92
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 254,630,764.40 2348.55897805 2741.50263135 8406.42999010
Variable Rate POOL PRINCIPAL BALANCE (Ending) 28,883,043.92
Total POOL PRINCIPAL BALANCE (Ending) 283,513,808.32 2614.95857148 3052.47424978 9359.98046616
<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
---------------------------------------------------------
CLASS A-1 PRINCIPAL BALANCE (Beginning)
CLASS A-2 PRINCIPAL BALANCE (Beginning)
CLASS A-3 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 904.84806185
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 7045.85579360 24278.57038411
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 904.84806185
Total POOL PRINCIPAL BALANCE (Beginning) 7842.57365311 27023.89631682 8906.96434789
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 14.51088252
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.18728436
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 0.45534346
MONTHLY PAYMENTS RECEIVED - Total Pool
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
ENDING CLASS A-3 PRINCIPAL BALANCE
ENDING CLASS A-4 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE 889.69455150
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 6906.17749932 23797.26770093
Variable Rate POOL PRINCIPAL BALANCE (Ending) 889.69455150
Total POOL PRINCIPAL BALANCE (Ending) 7689.55270735 26496.61760000 8733.17546575
</TABLE>
<PAGE>
Page 1
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
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<TABLE>
<CAPTION>
FROM JULY 15, 1996
TO AUG. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,152,072.43 6,509,591.40 642,481.03
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 89,040,703.11
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) 29,374,987.48
POOL PRINCIPAL BALANCE (Beginning) 289,155,690.59 259,780,703.11 29,374,987.48
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 116 112 4
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,136,180.64 4,665,099.35 471,081.29
(iv) AMOUNT OF CURTAILMENTS RECEIVED 107,725.33 101,645.33 6,080.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 397,976.30 383,194.03 14,782.27
(vi) INTEREST RECEIVED ON MORTGAGES 2,648,681.99 2,414,673.10 234,008.89
(vii) AGGREGATE ADVANCES 2,086,002.98 1,861,007.58 224,995.40
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 118 108 10
PRINCIPAL BALANCE 4,884,841.35 4,208,100.86 676,740.49
% OF PRINCIPAL 1.720000% 1.650000% 2.340000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 58 54 4
PRINCIPAL BALANCE 2,743,339.14 2,274,269.16 469,069.98
% OF PRINCIPAL 0.970000% 0.890000% 1.620000%
</TABLE>
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Page 2
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
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<TABLE>
<CAPTION>
FROM JULY 15, 1996
TO AUG. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 106 97 9
PRINCIPAL BALANCE 5,235,693.59 4,554,691.71 681,001.88
% OF PRINCIPAL 1.850000% 1.790000% 2.360000%
MORTGAGES IN FORECLOSURE:
NUMBER 28 27 1
PRINCIPAL BALANCE 1,489,993.33 1,431,768.33 58,225.00
% OF PRINCIPAL 0.530000% 0.560000% 0.200000%
MORTGAGES IN BANKRUPTCY
NUMBER 52 49 3
PRINCIPAL BALANCE 2,108,445.67 1,919,603.22 188,842.45
% OF PRINCIPAL 0.740000% 0.750000% 0.650000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 83,890,764.40
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 28,883,043.92
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 171.80567963 173.24634604 159.10487186
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.068801% 10.472645%
</TABLE>
<PAGE>
Page 3
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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 JULY 15, 1996
TO AUG. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- --------- ------------------------------------------------------------------- ----------------- -----------------
<S> <C> <C> <C>
(xi) SERVICING FEES PAID 144,811.05 131,059.28 13,751.77
SERVICING FEES ACCRUED 142,429.08 127,903.46 14,525.62
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 283,513,808.32 254,630,764.40 28,883,043.92
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 52,105.76
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6351 5923 328
NUMBER OF MORTGAGES OUTSTANDING (END) 6135 5811 324
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,613,825.60 2,359,411.52 254,414.08
(xviii) SUBORDINATED AMOUNT (REMAINING) 27,890,348.00
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 3,067,640.25
EXCESS SPREAD 1,013,312.12
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 0.00
</TABLE>
