<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): SEPTEMBER 15, 1997
------------------
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
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Exhibit Index Located at Page 5
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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.
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(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. The parties have agreed in principle to settle the action and a
settlement agreement is being negotiated and will be presented to the court
for approval. The agreement contemplates payment by EquiCredit of the total
settlement amount of $352,000 in full compromise and settlement of all
claims of plaintiff and class members. By reaching agreement in principle
to settle the case, EquiCredit does not admit to any wrongdoing and in fact
specifically denies any liability or wrongdoing whatsoever.
<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
SEPTEMBER 15, 1997 BY: /s/ TERENCE G. VANE, JR.
- ------------------ ---------------------------
Terence G. Vane, Jr.
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
FROM Aug. 15, 1997
TO Sept. 15, 1997
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
------------------------------------- ---------------- ----------------
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT......................... 6,465,326.64 5,595,862.52 869,464.12
Portions subject to bankrupty................... 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning).......... 10,250,799.51
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).......... 15,012,901.53
POOL PRINCIPAL BALANCE (Beginning)............... 196,003,701.04 180,990,799.51 15,012,901.53
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS.................. 123 117 6
PRINCIPAL BALANCE OF MORTGAGES PREPAYING......... 5,119,524.22 4,333,747.39 785,776.83
(iv) AMOUNT OF CURTAILMENTS RECEIVED.................. 46,528.70 46,513.66 15.04
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED....................... 288,252.87 282,234.36 6,018.51
(vi) INTEREST RECEIVED ON MORTGAGES................... 1,651,594.95 1,519,693.64 131,901.31
(vii) AGGREGATE ADVANCES............................... 1,420,038.37 1,289,645.04 130,393.33
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSEURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER....................................... 156 148 8
PRINCIPAL BALANCE............................ 7,397,801.20 6,712,592.99 685,208.21
% OF PRINCIPAL............................... 3.890000% 3.810000% 4.820000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER....................................... 67 65 2
PRINCIPAL BALANCE............................ 3,129,954.53 2,993,437.07 136,517.46
% OF PRINCIPAL............................... 1.640000% 1.700000% 0.960000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER....................................... 282 253 29
PRINCIPAL BALANCE............................ 14,751,513.89 12,514,262.31 2,237,251.58
% OF PRINCIPAL............................... 7.750000% 7.100000% 15.730000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER....................................... 155 150 5
PRINCIPAL BALANCE............................ 6,926,676.82 6,603,500.96 323,175.86
% OF PRINCIPAL............................... 3.640000% 3.750000% 2.270000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER...................................... 12 12 0
PRINCIPAL BALANCE........................... 530,256.82 530,256.82 0.00
% OF PRINCIPAL.............................. 0.28% 0.30% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER...................................... 15 15 0
PRINCIPAL BALANCE........................... 507,547.85 507,547.85 0.00
% OF PRINCIPAL.............................. 0.27% 0.29% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER...................................... 80 76 4
PRINCIPAL BALANCE........................... 4,139,469.23 3,883,232.29 256,236.94
% OF PRINCIPAL.............................. 2.17% 2.20% 1.80%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER...................................... 101 84 17
PRINCIPAL BALANCE........................... 5,716,291.11 4,318,811.11 1,397,480.00
% OF PRINCIPAL.............................. 3.000000% 2.450000% 9.830000%
<PAGE>
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER...................................... 0 0 0
PRINCIPAL BALANCE........................... 0.00 0.00 0.00
% OF PRINCIPAL.............................. 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER...................................... 0 0 0
PRINCIPAL BALANCE........................... 0.00 0.00 0.00
% OF PRINCIPAL.............................. 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER...................................... 97 80 17
PRINCIPAL BALANCE........................... 5,569,383.63 4,171,903.63 1,397,480.00
% OF PRINCIPAL.............................. 2.93% 2.37% 9.83%
d. MORTGAGES IN REO:
NUMBER...................................... 26 25 1
PRINCIPAL BALANCE........................... 1,387,889.13 1,325,780.10 62,109.03
% OF PRINCIPAL.............................. 0.73% 0.75% 0.44%
e. MORTGAGE LOAN LOSSES.......................... 138,804.54 138,804.54 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE............ 5,436,361.11
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............ 14,221,091.15
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS... 164.48813823 164.60800793 163.00314621
WEIGHTED AVERAGE MORTGAGE INTEREST RATE....... 10.98974955% 10.923240% 11.813699%
(xi) SERVICING FEES PAID........................... 90,591.53 83,896.00 6,695.53
SERVICING FEES ACCRUED........................ 95,667.99 88,316.55 7,351.44
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS... 6,501.71
(xiii) POOL PRINCIPAL BALANCE (ENDING)............... 190,397,452.26 176,176,361.11 14,221,091.15
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER.................................. 45,921.09
TO REPRESENTATIVE............................ 0.00
TO DEPOSITORS................................ 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)... 4353 4184 169
NUMBER OF MORTGAGES OUTSTANDING (END)......... 4230 4067 163
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS........................................ 1,750,631.52 1,605,506.03 145,125.49
(xviii) SUBORDINATED AMOUNT (REMAINING)............... 27,030,735.24
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS).. 8,317,654.09
EXCESS SPREAD................................. 643,385.98 584,523.21 58,862.77
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS.... 859,612.76
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES................ 859,612.76
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
FROM: Aug. 15, 1997
TO: Sept. 15, 1997
<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 10,250,799.51 4,814,438.40 5,436,361.11 47,922.49
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........... 6.012340% Feb. 15, 2027 32,464,000.00 15,012,901.53 791,810.38 14,221,091.15 77,726.19
CLASS R............. VARIABLE Mar. 15, 2027 0.00 0.00 0.00 0.00 265,723.20
-------------- -------------- -------------- -------------- ------------
TOTAL........ 311,624,000.00 196,003,701.04 5,606,248.78 190,397,452.26 1,261,434.29
</TABLE>
<TABLE>
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
---------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
CLASS A-1........... 268917BV2 94.54712701 44.40544549 50.14168152 0.44200782
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 462.44768143 24.39041338 438.05726805 2.39422704
CLASS R
</TABLE>
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* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
PYMT PER FROM DATE Aug. 15, 1997
PYMT PER TO DATE Sept. 15, 1997
<TABLE>
<CAPTION>
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
108,420,000.00 92,880,000.00 30,290,000.00 36,870,000.00 10,700,000.00
-------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)................ 10,250,799.51 94.54712701
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)................ 15,012,901.53
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning)........180,990,799.51 1669.34882411 1948.65201884 5975.26574810 4908.89068375 16915.02799159
Variable Rate POOL PRINCIPAL
BALANCE (Beginning)........ 15,012,901.53
Total POOL PRINCIPAL BALANCE
(Beginning)................196,003,701.04 1807.81867773 2110.28963221 6470.90462331 5316.07542826 18318.10290093
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS.................. 123
PRINCIPAL BALANCE OF Fixed
Rate MORTGAGES PREPAYING... 4,333,747.39 39.97184459
PRINCIPAL BALANCE OF Var.
Rate MORTGAGES PREPAYING.... 785,776.83
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING......... 5,119,524.22
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED....... 46,513.66 0.42901365
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED....... 15.04
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED.................... 46,528.70
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED--
Fixed Rate Pool............ 282,234.36 2.60315772
MONTHLY PAYMENTS RECEIVED--
Var. Rate Pool............. 6,018.51
MONTHLY PAYMENTS RECEIVED--
Total Pool................. 288,252.87
ENDING CLASS A-1 PRINCIPAL
BALANCE..................... 5,436,361.11 50.14168152
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 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE..................... 10,700,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE..................... 14,221,091.15
Fixed Rate POOL PRINCIPAL
BALANCE (Ending)........... 176,176,361.11 1624.94337862 1896.81698008 5816.32093463 4778.31193680 16465.08047757
Variable Rate POOL PRINCIPAL
BALANCE (Ending)............ 14,221,091.15
Total POOL PRINCIPAL BALANCE
(Ending).................... 190,397,452.26 1756.11005589 2049.92950323 6285.81882668 5164.02094548 17794.15441682
</TABLE>
