<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): October 15, 1996
---------------------
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
----------------
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 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. Plaintiff has filed motion for class
certification. EquiCredit is preparing to file opposition to motion for class
certification.
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- 3 -
AS OF OCTOBER 1, 1993, OLD STONE CREDIT CORPORATION IS N/K/A EQUICREDIT
CORPORATION OF AMERICA.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(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
October 15, 1996 BY: /s/ STEPHEN R. VETH
-----------------------------
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 August
Remittance Date. 7
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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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<TABLE>
<CAPTION>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- ----------------------------------------------------------------------------------------------------------------------------------
FROM: SEPT. 15, 1996
TO: OCT. 15, 1996
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 78,000,949.43 6,067,702.12 71,933,247.31 364,654.44
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 5.863910% Feb. 15, 2027 32,464,000.00 27,490,483.82 498,718.02 26,991,765.80 129,856.94 *
CLASS R VARIABLE Mar. 15, 2027 0.00 0.00 0.00 0.00 0.00
-------------- -------------- -------------- -------------- --------------
TOTAL 311,624,000.00 276,231,433.25 6,566,420.14 269,665,013.11 1,364,573.80
</TABLE>
<TABLE>
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
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<S> <C> <C> <C> <C> <C>
CLASS A-1 268917BV2 719.43321740 55.96478620 663.46843119 3.36335029
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 846.79903339 15.36218642 831.43684697 4.00002906
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 SEPT. 15, 1996
AS TRUSTEE PYMT PER TO DATE OCT. 15, 1996
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- --------------------------------------------------------------
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
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<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 78,000,949.43 719.43321740
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-4 PRINCIPAL BALANCE (Beginning) 36,870,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 27,490,483.82
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 248,740,949.43 2294.23491450 2678.08946415 8211.98248366
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 27,490,483.82
Total POOL PRINCIPAL BALANCE (Beginning) 276,231,433.25 2547.79038231 2974.06797211 9119.55870749
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 131
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 5,662,209.28 52.22476739
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 484,548.53
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,146,757.81
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 33,776.82 0.31153680
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 178.87
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 33,955.69
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 347,517.42 3.20528888
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 13,990.62
MONTHLY PAYMENTS RECEIVED - Total Pool 361,508.04
ENDING CLASS A-1 PRINCIPAL BALANCE 71,933,247.31 663.46843119
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 26,991,765.80
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 242,673,247.31 2238.27012830 2612.76106062 8011.66217597
Variable Rate POOL PRINCIPAL BALANCE (Ending) 26,991,766.80
Total POOL PRINCIPAL BALANCE (Ending) 269,666,013.11 2487.22572505 2903.37008086 8902.77362529
<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
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<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 78,000,949.43
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 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 27,490,483.82 846.79903339
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 248,740,949.43 6746.43204312 23246.81770374 846.79903339
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 27,490,483.82
Total POOL PRINCIPAL BALANCE (Beginning) 276,231,433.25 7492.03778817 25816.02179907
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 131
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 5,662,209.28
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 484,548.53 14.92571864
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,146,757.81
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 33,776.82
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 178.87 0.00550980
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 33,955.69
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 347,517.42
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 13,990.62 0.4309578
MONTHLY PAYMENTS RECEIVED - Total Pool 361,508.04
ENDING CLASS A-1 PRINCIPAL BALANCE 71,933,247.31
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 26,991,765.80 831.43684697
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 242,673,247.31 6581.86187442 22679.74273925
Variable Rate POOL PRINCIPAL BALANCE (Ending) 26,991,765.80 831.43684697
Total POOL PRINCIPAL BALANCE (Ending) 269,665,013.11 7313.94122891 25202.33767383 8306.58616036
</TABLE>
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<TABLE>
<CAPTION>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- ------------------------------------------------------------------------------------------------------------------------
FROM SEPT. 15, 1996
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------- -------------------------------------------------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,929,267.42 7,298,443.15 630,824.28
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 78,000,949.43
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) 27,490,483.82
POOL PRINCIPAL BALANCE (Beginning) 276,231,433.25 248,740,949.43 27,490,483.82
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 131 123 8
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,146,757.81 5,662,209.28 484,548.53
(iv) AMOUNT OF CURTAILMENTS RECEIVED 33,955.69 33,776.82 178.87
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 361,508.04 347,517.42 13,990.62
(vi) INTEREST RECEIVED ON MORTGAGES 2,399,577.13 2,182,646.70 216,930.43
(vii) AGGREGATE ADVANCES 2,040,977.66 1,833,320.21 207,657.45
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 148 135 13
PRINCIPAL BALANCE 7,138,700.19 5,948,476.07 1,190,224.12
% OF PRINCIPAL 2.650000% 2.450000% 4.410000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 54 51 3
PRINCIPAL BALANCE 2,386,618.05 2,153,929.58 232,688.47
% OF PRINCIPAL 0.890000% 0.890000% 0.860000%
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<CAPTION>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- ------------------------------------------------------------------------------------------------------------------------
FROM SEPT. 15, 1996
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------- -------------------------------------------------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 146 135 11
PRINCIPAL BALANCE 7,180,835.04 6,313,656.97 867,178.07
% OF PRINCIPAL 2.660000% 2.600000% 3.210000%
MORTGAGES IN FORECLOSURE:
NUMBER 60 56 4
PRINCIPAL BALANCE 3,167,277.12 2,939,538.34 227,738.78
% OF PRINCIPAL 1.170000% 1.210000% 0.840000%
MORTGAGES IN BANKRUPTCY
NUMBER 61 58 3
PRINCIPAL BALANCE 2,347,046.78 2,192,060.33 154,986.45
% OF PRINCIPAL 0.870000% 0.900000% 0.570000%
MORTGAGE LOAN LOSSES 24,198.60 24,198.60 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 71,933,247.31
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 26,991,765.80
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 170.36692783 171.70826540 158.30744479
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.046368% 10.454196%
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<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- ------------------------------------------------------------------------------------------------------------------------
FROM SEPT. 15, 1996
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -------- -------------------------------------------------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
(xi) SERVICING FEES PAID 131,177.01 118,747.43 12,429.58
SERVICING FEES ACCRUED 135,994.55 122,422.71 13,571.84
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 269,665,013.11 242,673,247.31 26,991,765.80
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5977 5669 308
NUMBER OF MORTGAGES OUTSTANDING (END) 5846 5546 300
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,494,022.08 2,256,938.97 237,083.11
(xviii) SUBORDINATED AMOUNT (REMAINING) 27,866,149.40
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 5,028,459.42
EXCESS SPREAD 970,981.65
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 24,198.60
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 24,198.60
</TABLE>
