<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): September 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)
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 11
Exhibit Index Located at Page 5
Page 1 of 11
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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 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.
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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 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
September 15, 1996 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Senior Vice President
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INDEX TO EXHIBITS
<TABLE>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
------- ------- ------------
<S> <C> <C>
99 -- Trustee's Remittance Report in respect of the August Remittance Date. 7
</TABLE>
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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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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FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION AS AGENT FOR
BANK OF AMERICA ILLINOIS - TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
FROM AUG. 15, 1996
TO SEPT. 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
---------------------------------------------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,710,471.73 6,778,318.85 932,152.88
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 62577551.29
CLASS A-2 PRINCIPAL BALANCE (Beginning) 85000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30000000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 25,000,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 15,000,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 21,367,420.54
POOL PRINCIPAL BALANCE (Beginning) 238944971.83 217,577,551.29 21,367,420.54
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 141 130 11
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6031693.96 5,220,876.96 810,817.00
(iv) AMOUNT OF CURTAILMENTS RECEIVED 36445.42 35,999.07 446.35
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 341,922.73 332,847.12 9,075.61
(vi) INTEREST RECEIVED ON MORTGAGES 1,982,462.62 1826741.06 155721.56
(vii) AGGREGATE ADVANCES 1,748,808.42 1585236.62 163571.80
<PAGE>
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 111 102 9
PRINCIPAL BALANCE 5,489,039.87 4,539,655.84 949,384.03
% OF PRINCIPAL 2.360000% 2.140000% 4.620000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 51 48 3
PRINCIPAL BALANCE 2,016,906.50 1,804,623.47 212,283.03
% OF PRINCIPAL 0.870000% 0.850000% 1.030000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 155 134 21
PRINCIPAL BALANCE 8,261,900.49 6,254,155.71 2,007,744.78
% OF PRINCIPAL 3.550000% 2.950000% 9.770000%
MORTGAGES IN FORECLOSURE:
NUMBER 64 54 10
PRINCIPAL BALANCE 3,339,163.10 2,423,133.09 916,030.01
% OF PRINCIPAL 1.440000% 1.140000% 4.460000%
MORTGAGES IN BANKRUPTCY
NUMBER 74 67 7
PRINCIPAL BALANCE 3,704,368.87 3,072,007.98 632,360.89
% OF PRINCIPAL 1.590000% 1.450000% 3.080000%
MORTGAGE LOAN LOSSES 2,799.30 2,799.30 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 56,985,016.84
ENDING CLASS A-2 PRINCIPAL BALANCE 85,000,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 30,000,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 25,000,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 15,000,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 20,547,081.58
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 164.83823507 164.45516552 168.79037805
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.935665% 10.626254%
<PAGE>
(xi) SERVICING FEES PAID 109407.01 100,481.94 8,925.07
SERVICING FEES ACCRUED 117,729.33 107,256.60 10,472.73
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 22,687.20
(xiii) POOL PRINCIPAL BALANCE (ENDING) 232,532,098.42 211985016.84 20547081.58
(xiv) OTHER INFORAMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5259 5010 249
NUMBER OF MORTGAGES OUTSTANDING (END) 5118 4880 238
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,141,370.01 1,956,334.42 185,035.59
(xviii) SUBORDINATED AMOUNT (REMAINING) 22,097,219.02
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 4,027,495.95
EXCESS SPREAD 723,243.06
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 43,063.47
(xix) PRINCIPAL BALANCE OF MORGTAGE LOANS @ < 7.95% 25,812.98 25,812.98
PRINCIPAL BALANCE OF MORGTAGE LOANS @ < 7.85% 25,812.98 25,812.98
(xx) AGGREGAGATE MORTGAGE LOAN LOSSES SINCE CUTOFF 43,063.47
(xxi) AMOUNT OF WITHDRAWALS FROM PRE-FUNDING ACCOUNT
USED TO PURCHASE MORTGAGE LOANS 0.00
PRINCIPAL BALANCE OF MORTGAGES PURCHASED 0.00
REMAINING PRE-FUNDED AMOUNT 0.00
AMOUNTS DISTRIBUTABLE TO FIXED RATE HOLDER CLASSES
USED TO REDUCE PRINCIPAL BALANCES 0.00
<PAGE>
(xii) MAXIMUM CAPITALIZED INTEREST WITHDRAWAL 0.00
REQUIRED CAPITALIZED INTEREST AMOUNT 0.00
REINVESTMENT INCOME DISTRIBUTED TO RECEIVABLES 0.00
AMOUNT DEPOSITED IN COLLECTIONS 0.00
REMAINING AMOUNT IN CAPITALIZED INTEREST ACCOUNT 0.00
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE AUG. 15, 1996
AS TRUSTEE PYMT PER TO DATE SEPT. 15, 1996
<TABLE>
<CAPTION>
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES,
SERIES 1996 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
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
<S> <C> <C> <C> <C> <C>
108,420,000.00 92,880,000.00 30,290,000.00 36,870,000.00 10,700.000.00
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 83,890,764.40 773.75728094
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 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning) 10,700,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning) 28,883,043.92
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning) 254,630,764.40 2348.55897805 2741.50263135 8406.42999010 6906.17749932 23797.26770093
Variable Rate POOL PRINCIPAL
BALANCE (Beginning) 28,883,043.92
Total POOL PRINCIPAL BALANCE
(Beginning) 283,513,808.32 2614.95857148 3052.47424978 9359.98046616 7689.55270735 26496.61760000
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 158
PRINCIPAL BALANCE OF Fixed Rate
MORTGAGES PREPAYING 5,510,369.03 50.82428546
PRINCIPAL BALANCE OF Var. Rate
MORTGAGES PREPAYING 1,375,559.48
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 6,885,928.51
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 29,018.34 0.26764748
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 1,829.88
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 30,848.22
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 350,427.60 3.23213060321
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 15,170.74
MONTHLY PAYMENTS RECEIVED -
Total Pool 365,598.34
ENDING CLASS A-1 PRINCIPAL
BALANCE 78,000,949.43 719.43321740
ENDING CLASS A-2 PRINCIPAL
BALANCE 92,880,000.00 1000
ENDING CLASS A-3 PRINCIPAL
BALANCE 30,290,000.00 1000
ENDING CLASS A-4 PRINCIPAL
BALANCE 36,870,000.00 1000
ENDING CLASS A-5 PRINCIPAL
BALANCE 10,700,000.00 1000
ENDING CLASS A-6 PRINCIPAL
BALANCE 27,490,483.82
Fixed Rate POOL PRINCIPAL
BALANCE (Ending) 248,740,949.43 2294.2349145 2678.08946415 8211.98248366 6746.43204312 23246.8177037
Variable Rate POOL PRINCIPAL
BALANCE (Ending) 27,490,483.82
Total POOL PRINCIPAL
BALANCE (Ending) 276,231,433.25 2547.79038231 2974.06797211 9119.55870749 7492.03778817 25816.0217991
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
FROM AUG. 15, 1996
TO SEPT. 15, 1996
<TABLE>
<CAPTION>
TOTAL
- ----- ----------------------------------------------------------- ------------
<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 5,852,973.76
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 115250848.63
CLASS A-2 PRINCIPAL BALANCE (Beginning) 103241000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 40703000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 46,564,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 15,936,000.00
0.00
POOL PRINCIPAL BALANCE (Beginning) 321694848.63
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 89
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3748232.23
(iv) AMOUNT OF CURTAILMENTS RECEIVED 28034.83
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 445,991.82
(vi) INTEREST RECEIVED ON MORTGAGES 2,672,149.77
(vii) AGGREGATE ADVANCES 2,105,087.58
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 87
PRINCIPAL BALANCE 3,957,958.24
% OF PRINCIPAL 1.250000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 33
PRINCIPAL BALANCE 1,442,766.61
% OF PRINCIPAL 0.450000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 42
<PAGE>
PRINCIPAL BALANCE 1,834,192.57
% OF PRINCIPAL 0.580000%
MORTGAGES IN FORECLOSURE:
NUMBER 3
PRINCIPAL BALANCE 91,982.85
% OF PRINCIPAL 0.030000%
MORTGAGES IN BANKRUPTCY
NUMBER 21
PRINCIPAL BALANCE 871,534.11
% OF PRINCIPAL 0.270000%
MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 111,028,589.75
ENDING CLASS A-2 PRINCIPAL BALANCE 103,241,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 40,703,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 46,564,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 15,936,000.00
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 170.38090873
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.58057126%
(xi) SERVICING FEES PAID 151435.13
SERVICING FEES ACCRUED 159,636.85
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 317,472,589.75
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6798
NUMBER OF MORTGAGES OUTSTANDING (END) 6709
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,817,269.94
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.45% 518,823.86
MORTGAGE INTEREST RATES LESS THAN 8.55% 2,278,317.54
(xix) SUBORDINATED AMOUNT (REMAINING) 32,175,000.00
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 5,433,478.43
EXCESS SPREAD 827,140.46
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CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
</TABLE>
