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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, 1997
EQCC HOME EQUITY LOAN TRUST 1996-1
________________________________________________________________
(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
--------------
(Former name or former address, if changed since last report)
Total Number of Pages 11
Exhibit Index Located at Page 5
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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. 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.
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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
October 15, 1997 BY: /s/ JOHN D. EVANS, JR.
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John D. Evans, Jr.
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 August Remittance Date. 7
[ 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 BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
FROM Sept. 15, 1997
TO Oct. 15, 1997
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,441,423.27 6,469,082.25 972,341.02
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 5,436,361.11
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) 14,221,091.15
POOL PRINCIPAL BALANCE (Beginning) 190,397,452.26 176,176,361.11 14,221,091.15
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 155 146 9
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,954,854.14 5,136,729.31 818,124.83
(iv) AMOUNT OF CURTAILMENTS RECEIVED 35,602.16 18,627.28 16,974.88
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF MONTHLY
PAYMENTS RECEIVED 296,901.23 290,604.01 6,297.22
(vi) INTEREST RECEIVED ON MORTGAGES 1,702,362.72 1,563,400.67 138,962.05
(vii) AGGREGATE ADVANCES 1,202,807.07 1,095,618.31 107,188.76
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & 162
FORECLOSEURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 153 9
PRINCIPAL BALANCE 7,791,314.61 7,103,270.58 688,044.03
% OF PRINCIPAL 4.250000% 4.170000% 5.200000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 43 41 2
PRINCIPAL BALANCE 1,753,558.97 1,564,158.84 189,400.13
% OF PRINCIPAL 0.960000% 0.920000% 1.430000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE: 281
NUMBER 253 28
PRINCIPAL BALANCE 14,988,814.40 12,966,713.06 2,022,101.34
% OF PRINCIPAL 8.170000% 7.610000% 15.290000%
b. MORTGAGES IN BANKRUPTCY (TOTAL) 162
NUMBER 155 7
PRINCIPAL BALANCE 7,253,302.07 6,751,634.28 501,667.79
% OF PRINCIPAL 3.950000% 3.960000% 3.790000%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 19 19 0
PRINCIPAL BALANCE 774,364.85 774,364.85 0.00
% OF PRINCIPAL 0.42% 0.45% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS: 13
NUMBER 13 0
PRINCIPAL BALANCE 482,046.32 482,046.32 0.00
% OF PRINCIPAL 0.26% 0.28% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 85 80 5
PRINCIPAL BALANCE 4,274,369.14 3,936,344.08 338,025.06
% OF PRINCIPAL 2.33% 2.31% 2.56%
c. MORTGAGES IN FORECLOSURE (TOTAL): 108
NUMBER 93 15
PRINCIPAL BALANCE 6,169,843.02 4,855,313.98 1,314,529.04
% OF PRINCIPAL 3.360000% 2.850000% 9.940000%
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<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<C> <S> <C> <C> <C>
FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 67,750.12 67,750.12 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 2 2 0
PRINCIPAL BALANCE 33,952.12 33,952.12 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE: 101
NUMBER 86 15
PRINCIPAL BALANCE 5,965,727.31 4,651,198.27 1,314,529.04
% OF PRINCIPAL 3.25% 2.73% 9.94%
d. MORTGAGES IN REO:
NUMBER 30 26 4
PRINCIPAL BALANCE 1,483,385.61 1,296,590.19 186,795.42
% OF PRINCIPAL 0.81% 0.76% 1.41%
e. MORTGAGE LOAN LOSSES 255,232.11 173,543.00 81,689.11
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 0.00
ENDING CLASS A-2 PRINCIPAL BALANCE 92,442,390.66
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 13,225,665.18
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 163.88103270 164.00521109 162.28202972
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.97784305% 10.908263% 11.873799%
(xi) SERVICING FEES PAID 92,998.12 86,017.60 6,980.52
SERVICING FEES ACCRUED 88,948.47 83,310.09 5,638.38
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 102,718.03
(xiii) POOL PRINCIPAL BALANCE (ENDING) 183,528,055.84 170,302,390.66 13,225,665.18
(xiv) RESERVED
REIMBURSABLE AMOUNTS: 0.00
(xv) TO SERVICER
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 4230 4067 163
NUMBER OF MORTGAGES OUTSTANDING (END) 4075 3921 154
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 1,623,624.30 1,508,470.38 115,153.92
(xviii) SUBORDINATED AMOUNT (REMAINING) 26,775,503.13
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 8,495,691.81
EXCESS SPREAD 552,606.39 515,491.02 37,115.37
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 1,114,844.87
(xviiii) AGGREGATE MORTGAGE LOAN LOSSES 1,114,844.87
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