<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): November 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
-------------------------------------------------------------------------
(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
----------------
Not Applicable
-------------------------------------------------------------------------
(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
<PAGE>
-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..
Depostition of John T. Hayt was taken by Plaintiff's attorney June 25,
1996. Deposition of Plaintiff was taken by EquiCredit August 22, 1996.
Plaubtuff has filed motion for class certification. EquiCredit is
preparing to file opposition to motion for class certification.
<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 August Remittance Date.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
-4-
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
November 15, 1996 BY: /s/ STEPHEN R. VETH
- ----------------- ---------------------------
Stephen R. Veth
Senior Vice President
<PAGE>
-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
------ ------- -------------
99 -- Trustee's Remittance Report in respect of the
August Remittance Date. 7
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
- --------------------------------------------------------------
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- --------------------------------------------------------------
<TABLE>
<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
25,000,000.00 15,000,000.00
FROM OCT. 15, 1996
TO NOV. 15, 1996 1000.00000000 1000.00000000
8479.40067360 14132.33445600
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP 9301.28393680 15502.13989467
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 8,853,218.50 7,349,121.38 1,504,097.12
Portions subject to
bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE
(Beginning) 71,933,247.31
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) 26,991,765.80
POOL PRINCIPAL BALANCE
(Beginning) 269,665,013.11 242,673,247.31 26,991,765.80
(iii) MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 146 130 16
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 7,032,579.12 5,680,099.50 1,352,479.62
(iv) AMOUNT OF CURTAILMENTS
RECEIVED 66,532.24 64,252.43 2,279.81
(v) AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF MONTHLY PAYMENTS
RECEIVED 378,426.81 364,704.0 13,722.80 1000.00000000 1000.00000000
(vi) INTEREST RECEIVED ON
MORTGAGES 2,431,668.31 2,207,794.71 223,873.60 8257.05579000 13761.75965000
(vii) AGGREGATE ADVANCES 1,943,484.58 1,742,307.22 201,177.36 9038.57893040 15064.29821733
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 127 116 11
PRINCIPAL BALANCE 5,271,691.14 4,494,805.27 776,885.87
% OF PRINCIPAL 2.010000% 1.900000% 3.030000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 78 69 9
PRINCIPAL BALANCE 4,108,365.82 3,337,449.32 770,916.50
% OF PRINCIPAL 1.570000% 1.410000% 3.010000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 165 154 11
PRINCIPAL BALANCE 7,971,845.35 7,052,626.81 919,218.54
% OF PRINCIPAL 3.040000% 2.980000% 3.590000%
MORTGAGES IN FORECLOSURE:
NUMBER 71 67 4
PRINCIPAL BALANCE 3,683,306.19 3,381,470.08 301,836.11
% OF PRINCIPAL 1.400000% 1.430000% 1.180000%
MORTGAGES IN BANKRUPTCY
NUMBER 81 78 3
PRINCIPAL BALANCE 3,133,751.60 2,953,072.93 180,678.67
% OF PRINCIPAL 1.200000% 1.250000% 0.710000%
MORTGAGE LOAN LOSSES 20,164.39 20,164.39 0.00
(ix) ENDING CLASS A-1
PRINCIPAL BALANCE 65,804,026.98
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 25,623,283.57
<PAGE>
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 169.24338908 170.49925090 157.64976909
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 11.027586% 10.508756%
(xi) SERVICING FEES PAID 133,043.04 120,073.64 12,969.40
SERVICING FEES ACCRUED 132,322.40 119,233.69 13,088.71
(xii) SECTION 5.04 SERVICER
PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE
(ENDING) 262,167,310.55 236,544,026.98 25,623,283.57
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 14,003.09
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING) 5846 5546 300
NUMBER OF MORTGAGES OUTSTANDING
(END) 5700 5416 284
(xvii) AGGREGATE INTEREST ACCRUED ON THE
MORTGAGE LOANS 2,422,490.05 2,192,951.67 229,538.38
(xviii) SUBORDINATED AMOUNT
(REMAINING) 27,845,985.01
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 5,956,225.89
EXCESS SPREAD 928,490.41
CUMMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 44,362.99
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 44,362.99
AMOUNTS DISTRIBUTABLE TO FIXED RATE HOLDER CLASSES
USED TO REDUCE 0.00
(xii) MAXIMUM CAPITAL 0.00
REQUIRED CAPITAL 0.00
REINVESTMENT IN 0.00
AMOUNT DEPOSITED 0.00
REMAINING AMOUNT 0.00
</TABLE>
