<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): October 15, 1996
EQCC HOME EQUITY LOAN TRUST 1996-3
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(Exact name of registrant as specified in governing instruments)
Delaware 33-99344 59-3392265
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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 10
Exhibit Index Located at Page 5
Page 1 of 10
SEC96-2
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-2-
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 1996-2 to holders of
Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class
A-4 Certificates and Class A-5 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. Deposition of John T. Hayt was taken by Plaintiff's attorney
June 25, 1996. Deposition of Plaintiff was taken by EquiCredit August 22,
1996. Plaintiff 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 1996-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
October 15, 1996 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
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
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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
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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<TABLE>
<CAPTION>
FROM: SEPT. 15, 1996
TO: OCT. 15, 1996
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 5.900000% JUNE 15, 2000 12,945,000.00 11,946,524.52 994,780.78 10,951,743.74 58,737.08
CLASS A-2 6.300000% JULY 15, 2005 45,164,000.00 44,885,353.32 237,731.69 44,647,621.63 235,648.10
CLASS A-3 6.200000% JULY 15, 2008 58,109,000.00 56,831,877.84 1,232,512.48 55,599,365.37 293,631.37
CLASS A-4 6.700000% JULY 15, 2008 113,126,000.00 113,126,000.00 0.00 113,126,000.00 631,620.17
CLASS A-5 7.050000% MARCH 15, 2010 30,202,000.00 30,202,000.00 0.00 30,202,000.00 177,436.75
CLASS A-6 7.400000% DECEMBER 15, 2019 46,956,000.00 46,956,000.00 0.00 46,956,000.00 289,562.00
CLASS A-7 7.600000% SEPTEMBER 15, 2027 20,092,000.00 20,092,000.00 0.00 20,092,000.00 127,249.33
CLASS R VARIABLE SEPTEMBER 15, 2027 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ -------------- ------------
TOTAL 326,594,000.00 324,039,755.68 2,465,024.95 321,574,730.73 1,813,884.80
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
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CLASS A-1 268917CH2 922.86786559 76.84671920 846.02114639 4.53743367
CLASS A-2 268917CJ8 993.83033655 5.26374314 988.56659342 5.21760927
CLASS A-3 268917CK5 978.02195598 21.21035425 956.81160173 5.05311344
CLASS A-4 268917CL3 1,000.00000000 0.00000000 1000.00000000 5.58333333
CLASS A-5 268917CM1 1,000.00000000 0.00000000 1000.00000000 5.87500000
CLASS A-6 268917CN9 1,000.00000000 0.00000000 1000.00000000 6.16666667
CLASS A-7 268917CP4 1,000.00000000 0.00000000 1000.00000000 6.33333333
CLASS R
</TABLE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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<TABLE>
<CAPTION>
PYMT PER FROM DATE SEPT. 15, 1996
PYMT PER TO DATE OCT. 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
12,945,000.00 45,164,000.00 58,109,000.00
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (BEGINNING) 11,946,524.52 922.86786559
CLASS A-2 PRINCIPAL BALANCE (BEGINNING) 44,885,353.32 993.83033655
CLASS A-3 PRINCIPAL BALANCE (BEGINNING) 156,831,877.84 978.02195598
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 113,126,000.00
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 113,126,000.00
CLASS A-5 PRINCIPAL BALANCE (BEGINNING) 30,202,000.00
CLASS A-6 PRINCIPAL BALANCE (BEGINNING) 46,956,000.00
CLASS A-7 PRINCIPAL BALANCE (BEGINNING) 20,092,000.00
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 324,039,755.68 25032.03983623 7174.73553450 5576.41252956
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 51
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 1,995,367.81 154.14197065 44.18049353 34.33836084
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 30,649.35 2.36765933 0.67862346 0.52744583
MONTHLY PAYMENTS RECEIVED 439,007.79 33.91330939 9.72030356 7.55490182
ENDING CLASS A-1 PRINCIPAL BALANCE 10,951,743.74 846.02114639
ENDING CLASS A-2 PRINCIPAL BALANCE 44,647,621.63 988.56659342
ENDING CLASS A-3 PRINCIPAL BALANCE 55,599,365.37 956.81160173
ENDING CLASS A-4 PRINCIPAL BALANCE 113,126,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 30,202,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 46,956,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 20,092,000.00
TOTAL POOL PRINCIPAL BALANCE (ENDING) 321,574,730.73 24841.61689687 7120.15611394 5533.99182106
</TABLE>
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5 CLASS A-6 CLASS A-7
113,126,000.00 30,202,000.00 46,956,000.00 20,092,000.00
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (BEGINNING)
CLASS A-2 PRINCIPAL BALANCE (BEGINNING)
CLASS A-3 PRINCIPAL BALANCE (BEGINNING)
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (BEGINNING) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (BEGINNING) 1000.00000000
CLASS A-7 PRINCIPAL BALANCE (BEGINNING) 1000.00000000
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 2864.41450842 10729.08269916 6900.92332567 16127.79990444
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 17.63845456 66.06740646 42.49441626 99.31155734
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 0.27093109 1.01481193 0.65272489 1.52545043
MONTHLY PAYMENTS RECEIVED 3.88069754 14.53571916 9.34934385 21.84988005
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
ENDING CLASS A-3 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE 1000.00000000
TOTAL POOL PRINCIPAL BALANCE (ENDING) 2842.62442524 10647.46476161 6848.42684066 16005.11301662
</TABLE>
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Page 1
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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<TABLE>
<CAPTION>
FROM SEPT. 15, 1996
TO OCT. 15, 1996
TOTAL
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<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 4,305,707.65
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 11,946,524.52
CLASS A-2 PRINCIPAL BALANCE (Beginning) 44,885,353.32
CLASS A-3 PRINCIPAL BALANCE (Beginning) 56,831,877.84
CLASS A-4 PRINCIPAL BALANCE (Beginning) 113,126,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 30,202,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 46,956,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning) 20,092,000.00
POOL PRINCIPAL BALANCE (Beginning) 324,039,755.68
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 51
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 1,995,367.81
(iv) AMOUNT OF CURTAILMENTS RECEIVED 30,649.35
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 439,007.79
(vi) INTEREST RECEIVED ON MORTGAGES 2,586,559.44
(vii) AGGREGATE ADVANCES 2,280,640.80
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 60
PRINCIPAL BALANCE 2,684,364.32
% OF PRINCIPAL 0.830000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 18
PRINCIPAL BALANCE 799,274.38
% OF PRINCIPAL 0.250000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 2
PRINCIPAL BALANCE 62,299.73
% OF PRINCIPAL 0.020000%
MORTGAGES IN FORECLOSURE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
MORTGAGES IN BANKRUPTCY
NUMBER 9
PRINCIPAL BALANCE 301,914.95
% OF PRINCIPAL 0.090000%
</TABLE>
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Page 2
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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<TABLE>
<CAPTION>
FROM SEPT. 15, 1996
TO OCT. 15, 1996
TOTAL
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<S> <C> <C>
MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 10,951,743.74
ENDING CLASS A-2 PRINCIPAL BALANCE 44,647,621.63
ENDING CLASS A-3 PRINCIPAL BALANCE 55,599,365.37
ENDING CLASS A-4 PRINCIPAL BALANCE 113,126,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 30,202,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 46,956,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 20,092,000.00
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 173.53200000
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.79431976%
WEIGHTED AVERAGE NET MORTGAGE INTEREST RATE Not Available
(xi) SERVICING FEES PAID 144,396.27
SERVICING FEES ACCRUED 161,339.82
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 321,574,730.73
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 7299
NUMBER OF MORTGAGES OUTSTANDING (END) 7248
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,906,144.61
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.30% 1,747,685.42
MORTGAGE INTEREST RATES LESS THAN 8.20% 1,543,766.58
(xix) SUBORDINATED AMOUNT (REMAINING) 33,182,021.00
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 3,832,424.48
EXCESS SPREAD 904,122.09
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
</TABLE>
