<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------
8-K
-----------------------------
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 1996
-------------
EQCC HOME EQUITY LOAN TRUST 1996-1
- --------------------------------------------------------------------------------
(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
-----------------
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
sec96-1
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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 July 15, 1996, (the "July 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 July 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>
-3-
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 July
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
July 15, 1996 BY: /s/ JOHN P. SILSBY, II
- ------------- ------------------------------------
John P. Silsby, II
Senior Vice President
<PAGE>
-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------- ------- ------------
99 -- Trustee's Remittance Report in respect of the July
Remittance Date. 7
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the July Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
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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: JUNE 15, 1996
TO: JULY 15, 1996
<TABLE>
<CAPTION>
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
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 93,954,996.90 4,914,293.79 89,040,703.11 439,239.61
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 29,807,729.18 432,741.70 29,374,987.48 135,766.36
CLASS R VARIABLE Mar. 15, 2027 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- -----------
TOTAL 311,624,000.00 294,502,726.08 5,347,035.49 289,155,690.59 1,445,068.38
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BV2 866.58362756 45.32645075 821.25717681 4.05127846
CLASS A-2 268917BW0 1,000.00000000 0.00000000 1000.00000000 4.85000000
CLASS A-3 268917BX6 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 918.17795651 13.32989465 904.84806185 4.18205881
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous Payment Date
to the current Payment Date.
<PAGE>
<TABLE>
<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE JUNE 15, 1996
AS TRUSTEE PYMT PER TO DATE JULY 15, 1996
EOCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-9 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>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 93,954,996.00 886.58362756
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-5 PRINCIPAL BALANCE (Beginning) 29,807,729.18
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 264,694,996.90 2441.38532466 2849.86000108 8738.69253549
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 29,807,729.18
Total POOL PRINCIPAL BALANCE (Beginning) 294,502,726.08 2716.31365136 3170.78731783 9722.77075206
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 108
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 4,526,611.27 41.75070347
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 416,507.05
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,943,118.33
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 25,286.57 0.23322791
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 263.62
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 25,550.19
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 362,395.95 3.34251937
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 15,971.02
MONTHLY PAYMENTS RECEIVED - Total Pool 378,366.97
ENDING CLASS A-1 PRINCIPAL BALANCE 89,040,703.11 821.25717881
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 29,374,987.48
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 259,780,703.11 2396.05887392 2796.94986122 8576.45107659
Variable Rate POOL PRINCIPAL BALANCE (Ending) 29,374,987.48
Total POOL PRINCIPAL bALANCE (Ending) 289,155,690.59 2666.99585492 3113.21802961 9546.24267382
<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
38,870,000.00 10,700,000.00 32,464,000.00
---------------------------------------------------------
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 93,954,996.00
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,290,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 10,700,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 29,807,729.18 918.17795651
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 264,694,996.90 7179.14285056 24737.85017757
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 29,807,729.18 918.17795651
Total POOL PRINCIPAL BALANCE (Beginning) 294,502,726.08 7987.59766965 27523.61925881 9071.67096106
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 108
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 4,526,611.27 12.82981333
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 416,507.05
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,943,118.33
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 25,286.57 0.00812038
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 263.62
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 25,550.19
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 362,395.95 0.49196094
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 15,971.02
MONTHLY PAYMENTS RECEIVED - Total Pool 378,366.97
ENDING CLASS A-1 PRINCIPAL BALANCE 89,040,703.11
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 29,374,987.48 904.84806185
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 259,780,703.11 7045.85579360 24278.57038411
Variable Rate POOL PRINCIPAL BALANCE (Ending) 29,374,987.48 904.84806185
Total POOL PRINCIPAL bALANCE (Ending) 289,155,690.59 7842.57365311 27023.89631682 8906.96434789
</TABLE>
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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 JUNE 15, 1996
TO JULY 16, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 6,816,200.18 6,245,244.21 570,995.97
Portions subject to bankruptcy 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 93,954,996.90
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) 29,807,729.18
POOL PRINCIPAL BALANCE (Beginning) 294,502,726.08 264,694,996.90 29,807,729.18
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 108 102 6
PRINCIPAL BALANCE OF MORTGAES PREPAYING 4,943,118.33 4,526,611.27 416,507.06
(iv) AMOUNT OF CURTAILMENT RECEIVED 25,550.19 25,286.57 263.62
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 378,366.97 362,995.95 15,971.02
(vi) INTEREST RECEIVED ON MORTGAGES 2,512,321.24 2,289,287.66 223,033.38
(vii) AGGREGATE ADVANCES 2,178,283.50 1,958,307.67 219,975.93
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 147 140 7
PRINCIPAL BALANCE 6,044,255.52 5,379,618.69 664,636.84
% OF PRINCIPAL 2.090000% 2.070000% 2.260000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 60 55 5
PRINCIPAL BALANCE 2,722,437.40 2,323,686.53 398,750.87
% OF PRINCIPAL 0.940000% 0.890000% 1.360000%
</TABLE>
<PAGE>
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 JUNE 15, 1996
TO JULY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 85 80 5
PRINCIPAL BALANCE 3,999,182.11 3,581,619.76 417,562.33
% OF PRINCIPAL 1.3800005% 1.380000% 1.420000%
MORTGAGES IN FORECLOSURE:
NUMBER 23 23 0
PRINCIPAL BALANCE 1,055,244.07 1.055,244.07 0.00
% OF PRINCIPAL 0.360000% 0.410000% 0.000000%
MORTGAGES IN BANKRUPTCY
NUMBER 42 39 3
PRINCIPAL BALANCE 1.706,311.87 1,517,446.89 188,864.98
% OF PRINCIPAL 0.590000% 0.580000% 0.640000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 89,040,703.11
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 29,374,987.48
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 172.70743468 174.08176200 160.55343060
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.074897% 10.185938%
</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 JUNE 16, 1996
TO JULY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------- --------------------------------------------------- --------------------- ----------------- ----------------
<C> <C> <C> <C> <C>
(xi) SERVICING FEES PAID 137,922.53 124,404.58 13,517.95
SERVICING FEES ACCRUED 145,110.35 130,294.64 14,816.71
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 289,155,690.59 259,780,703.11 29,374,987.48
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6359 6025 334
NUMBER OF MORTGAGES OUTSTANDING (END) 6251 5929 328
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,658,036.43 2,406,371.60 251,664.83
(xviii) SUBORDINATED AMOUNT (REMAINING) 27,890,348.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 2,047,828.93
EXCESS SPREAD 1,043,761.39
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 0.00
</TABLE>
