<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): April 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
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(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 12
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Exhibit Index Located at Page 5
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Page 1 of 12
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sec96-1
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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 April 15, 1996, (the "April 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 April Remittance Date, attached hereto as Exhibit 99, is
hereby incorporated by reference.
(c) 1. On September 1, 1995, a complaint was filed in the Circuit Court of
Jefferson County, Alabama by Nellie Chappell, as plaintiff, against Old Stone
Credit Corporation of Alabama, EquiCredit Corporation of Alabama, EquiCredit
Corporation/Ala. & Miss. and other named and unnamed defendants alleging that
plaintiff was charged for brokerage and loan origination fees exceeding the
5% cap allowed under Alabama law (ALA. CODE (1975) Section5-19-4(g).
Plaintiff claims that such fees were fraudulently misrepresented, concealed
and suppressed by defendants in order to induce plaintiff to refinance her
home. A settlement was reached in April 1996. The amount of settlement
payment to the plaintiff was not material and the Company admitted to no
wrong doing.
2. 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 April
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
APRIL 15, 1996 BY: /s/ JOHN P. SILSBY, II
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John P. Silsby, II
Senior Vice President
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Sequentially
EXHIBIT Numbered
NUMBER Exhibit Page
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<S> <C> <C>
99 -- Trustee's Remittance Report in respect of the April Remittance Date. 7
</TABLE>
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT 99
Trustee's Remittance Report in respect of the April 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: MAR.15, 1996
TO: APR.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 108,420,000.00 104,335,296.52 3,514,995.36 100,820,301.16 487,767.51
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 5.735000% FEB. 15, 2027 32,464,000.00 31,978,083.29 853,166.24 31,124,917.05 157,922.88*
CLASS R VARIABLE MAR. 15, 2027 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ -------------- ------------
TOTAL 311,624,000.00 307,053,379.81 4,368,161.60 302,685,218.21 1,515,752.80
</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 962.325.18465 32.42017488 929.90500978 4.49887024
CLASS A-2 268917BWO 1,000.00000000 0.00000000 1000.00000000 4.65000000
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 985.03213683 26.28037950 958.75175733 4.86455385
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
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PYMT PER FROM DATE MAR. 15,1996
PYMT PER TO DATE APR. 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
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<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 104,335,296.52 962.32518465
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 39,890,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 31,978,083.29
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 275,075,296.52 2537.12688176 2961.62033290 9081.38978277
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 31,978,083.29
Total POOL PRINCIPAL BALANCE (Beginning) 307,053,379.81 2632.07323197 3305.91494197 10137.12049554
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 84
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 3,111,802.84 28.70137281
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 833,332.41
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,945,136.25
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 17,542.28 0.16179930
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 1,594.70
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 19,136.98
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 386,650.24 3.55700277
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 18,239.13
MONTHLY PAYMENTS RECEIVED - Total Pool 403,869.37
ENDING CLASS A-1 PRINCIPAL BALANCE 100,820,301.16 929.90500978
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 31,124,917.06
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 271,560,301.16 2504.70670688 2923.77585228 8965.34503665
Variable Rate POOL PRINCIPAL BALANCE (Ending) 31,124,917.06
Total POOL PRINCIPAL BALANCE (Ending) 302,686,216.21 2791.78397168 3258.88477832 9992.90915187
</TABLE>
<TABLE>
<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
----------------------------------------------------------
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)
CLASS A-2 PRINCIPAL BALANCE (Beginning)
CLASS A-4 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 985.03213683
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 7460.68067589 25707.97163738
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 985.03213683
Total POOL PRINCIPAL BALANCE (Beginning) 8328.00053729 28696.57755234 9458.27315827
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 25.66943106
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.04912210
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 0.56182633
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 958.75175733
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 7365.34584106 25379.46739813
Variable Rate POOL PRINCIPAL BALANCE (Ending) 958.75175733
Total POOL PRINCIPAL BALANCE (Ending) 8209.52585327 28286.33815047 9323.71914151
</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
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FROM MAR. 15, 1996
TO APR. 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 4,722,577.10 3,825,167.09 897,410.01
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 104,335,296.52
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) 31,976,083.29
POOL PRINCIPAL BALANCE (Beginning) 307,053,379.81 275,075,296.52 31,978,083.29
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 84 76 8
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,945,135.25 3,111,802.84 833,332.41
(iv) AMOUNT OF CURTAILMENTS RECEIVED 19,136.98 17,542.28 1,594.70
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 403,889.37 385,650.24 18,239.13
(vi) INTEREST RECEIVED ON MORTGAGES 2,742,317.74 2,494,265.45 248,052.29
(vii) AGGREGATE ADVANCES 972,329.92 877,049.89 95,280.03
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 69 66 3
PRINCIPAL BALANCE 2,803,117.41 2,347,712.10 455,405.31
% OF PRINCIPAL 0.930000% 0.860000% 1.460000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 33 32 1
PRINCIPAL BALANCE 1,504,160.94 1,392,160.94 112,000.00
% OF PRICIPAL 0.500000% 0.510000% 0.360000%
</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 MAR.15, 1996
TO APR. 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 19 17 2
PRINCIPAL BALANCE 914,252.88 732,252.88 182,000.00
% OF PRINCIPAL 0.300000% 0.270000 0.580000%
MORTGAGES IN FORECLOSURE:
NUMBER 4 4 0
PRINCIPAL BALANCE 162,775.51 162,775.51 0.00
% OF PRINCIPAL 0.050000% 0.060000% 0.000000%
MORTGAGES IN BANKRUPTCY:
NUMBER 16 16 0
PRINCIPAL BALANCE 675,562.71 675,562.71 0.00
% OF PRINCIPAL 0.220000% 0.250000% 0.000000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 100,820,301.16
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 31,124,917.05
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 176.34272111 177.81785296 163.47241381
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.090506% 9.642329%
</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 MAR.15, 1996
TO APR. 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(xi) SERVICING FEES PAID 151,080.67 135,658.52 15,422.15
SERVICING FEES ACCRUED 150,929.50 135,616.14 15,313.36
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 302,685,218.21 271,560.301.16 31,124,917.05
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6606 6252 354
NUMBER OF MORTGAGES OUTSTANDING (END) 6522 6176 346
(xvii) AGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,750,496.17 2,504,242.02 246,254.15
(xviii) SUBORDINATED AMOUNT (REMAINING) 27,890,348.00
SPREAD ACCOUNT BALANCE 1,004,212.20
EXCESS SPREAD 1,058,590.10
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 0.00
</TABLE>
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