<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): June 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)
<TABLE>
<S> <C> <C>
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)
</TABLE>
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 June 15, 1996, (the "June 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 June 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 June
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
June 15, 1996 BY: /s/ JOHN P. SILSBY, II
- ------------- -----------------------------
John P. Silsby, II
Senior Vice President
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
------- ------- ------------
99 -- Trustee's Remittance Report in respect of the
June Remittance Date. 7
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT 99
Trustee's Remittance Report in respect of the June 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: MAY 15, 1996
TO: JUNE 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 97,949,505.18 3,994,508.28 93,954,996.90 457,913.94
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 5.789690% Feb. 15, 2027 32,464,000.00 30,635,544.40 827,815.22 29,807,729.18 162,589.45*
CLASS R VARIABLE Mar. 15, 2027 0.00 0.00 0.00 0.00 1,056,056.86
-------------- -------------- ------------ -------------- ------------
TOTAL 311,624,000.00 299,325,049.58 4,822,323.50 294,502,726.08 2,546,622.66
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BV2 903.42653735 36.84290980 866.58362756 4.22351906
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 943.67743963 25.49948312 918.17795651 5.00829985
CLASS R
</TABLE>
*Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- -----------------------------------------------------------------------------
CLASS A-1 PRINCIPAL BALANCE (Beginning) 97,949,505.18
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 30,890,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 30,635,544.40
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 268,689,505.18
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 30,635,544.40
Total POOL PRINCIPAL BALANCE (Beginning) 299,325,049.58
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 96
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 3,612,341.80
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 807,082.45
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,419,424.26
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 19,386.77
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 2,991.80
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 22,377.67
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 362,780.71
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 17,740.97
MONTHLY PAYMENTS RECEIVED - Total Pool 380,521.68
ENDING CLASS A-1 PRINCIPAL BALANCE 93,954,996.90
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 29,807,729.18
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 264,694,996.90
Variable Rate POOL PRINCIPAL BALANCE (Ending) 29,807,729.18
Total POOL PRINCIPAL BALANCE (Ending) 294,502,726.08
PYMT PER FROM DATE MAY 15, 1996
PYMT PER TO DATE JUNE 16, 1996
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5 CLASS A-6
108,420,000.00 92,880,000.00 30,290,000.00 36,870,000.00 10,700,000.00 32,464,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 903.42653735
CLASS A-2 PRINCIPAL
BALANCE (Beginning) 1000.00000000
CLASS A-4 PRINCIPAL
BALANCE (Beginning) 1000.00000000 1000.00000000
CLASS A-5 PRINCIPAL
BALANCE (Beginning) 1000.00000000
CLASS A-6 PRINCIPAL
BALANCE (Beginning) 943.67743963
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning) 2478.22823446 2892.86719617 8870.56801519 7287.48318904 25111.16870841
Variable Rate POOL
PRINCIPAL BALANCE
(Beginning) 943.67743963
Total POOL PRINCIPAL
BALANCE (Beginning) 2760.79182420 3222.70725215 9881.97588577 8118.39027882 27974.30369907 9220.21468642
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS
PRINCIPAL BALANCE OF
Fixed Rate MORTGAGES
PREPAYING 33.31803911
PRINCIPAL BALANCE OF
Variable Rate MORTGAGES
PREPAYING 24.86084432
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 0.17880253
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 0.09215747
TOTAL AMOUNT OF
CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF -
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 3.34606816
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 0.54648133
MONTHLY PAYMENTS RECEIVED -
Total Pool
ENDING CLASS A-1 PRINCIPAL
BALANCE 866.58362756
ENDING CLASS A-2 PRINCIPAL
BALANCE 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE 918.17795651
Fixed Rate POOL PRINCIPAL
BALANCE (Ending) 2441.38532466 2849.86000108 8738.69253549 7179.14285056 24737.85017757
Variable Rate POOL
PRINCIPAL BALANCE (Ending) 918.17795651
Total POOL PRINCIPAL
BALANCE (Ending) 2716.31365136 3170.78731783 9722.77075206 7987.59766965 27523.61925981 9071.67096106
</TABLE>
<PAGE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- -----------------------------------------------------------------------------
FROM: MAY 15, 1996
TO: JUNE 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------- ---------------------------------------- -------------- -------------- -------------
<C> <S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 6,337,431.19 5,344,542.55 992,888.64
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 97,949,505.18
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) 30,635,544.40
POOL PRINCIPAL BALANCE (Beginning) 299,325,049.58 268,689,505.18 30,635,544.40
(iii) NORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 96 90 6
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,419,424.25 3,612,341.80 807,082.45
(iv) AMOUNT OF CURTAILMENTS RECEIVED 22,377.57 19,385.77 2,991.80
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 380,521.68 362,780.71 17,740.97
(vi) INTEREST RECEIVED ON MORTGAGES 2,546,463.39 2,318,278.06 228,185.33
(vii) AGGREGATE ADVANCES 2,173,882.75 1,963,957.57 209,925.18
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 128 120 8
PRINCIPAL BALANCE 5,082,536.03 4,410,232.85 672,303.18
% OF PRINCIPAL 1.730000% 1.670000% 2.260000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 47 44 3
PRINCIPAL BALANCE 2,123,541.03 1,857,978.70 265,562.33
% OF PRINCIPAL 0.720000% 0.700000% 0.890000%
</TABLE>
<PAGE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- -----------------------------------------------------------------------------
FROM: MAY 15, 1996
TO: JUNE 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------- ---------------------------------------- -------------- -------------- -------------
<C> <S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 54 52 2
PRINCIPAL BALANCE 2,537,180.46 2,385,180.46 152,000.00
% OF PRINCIPAL 0.860000% 0.900000% 0.510000%
MORTGAGES IN FORECLOSURE:
NUMBER 10 10 0
PRINCIPAL BALANCE 454,126.97 454,126.97 0.00
% OF PRINCIPAL 0.150000% 0.170000% 0.000000%
MORTGAGES IN BANKRUPTCY:
NUMBER 34 33 1
PRINCIPAL BALANCE 1,296,851.54 1,216,938.51 79,913.03
% OF PRINCIPAL 0.440000% 0.460000% 0.270000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 93,954,996.90
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 29,807,729.18
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 173.70838663 175.18213869 160.62135162
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.080916% 9.940774%
</TABLE>
<PAGE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
- -----------------------------------------------------------------------------
FROM: MAY 15, 1996
TO: JUNE 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------- ---------------------------------------- -------------- -------------- -------------
<C> <S> <C> <C> <C>
(xi) SERVICING FEES PAID 139,943.61 125,739.46 14,204.15
SERVICING FEES ACCRUED 148,496.71 133,330.09 15,166.62
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 294,502,726.08 264,694,996.90 29,807,729.18
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6455 6115 340
NUMBER OF MORTGAGES OUTSTANDING (END) 6359 6025 334
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 2,715,709.99 2,464,135.57 251,574.42
(xviii) SUBORDINATED AMOUNT (REMAINING) 27,890,348.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 1,000,000.00
EXCESS SPREAD 1,052,105.59
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 0.00
</TABLE>
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