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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): November 15, 1996
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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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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. Depostition 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
November 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
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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 PER $1,000 PER $1,000
AS TRUSTEE ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
REMITTANCE REPORT FOR 25,000,000.00 15,000,000.00
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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FROM OCT. 15, 1996
1000.00000000
TO Nov. 15, 1996 1000.00000000
8479.40067360 14132.33445600
TOTAL 9301.28393680 15502.13989467
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(i) AVAILABLE PAYMENT AMOUNT 5,470,344.47
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 10,951,743.74
CLASS A-2 PRINCIPAL BALANCE (Beginning) 44,647,621.63
CLASS A-3 PRINCIPAL BALANCE (Beginning) 55,599,365.36
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) 321,574,730.73
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 72
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,144,669.03
(iv) AMOUNT OF CURTAILMENTS RECEIVED 35,690.30
1000.00000000
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF 1000.00000000
MONTHLY PAYMENTS RECEIVED 462,113.06
8257.05579000 13761.75965000
(vi) INTEREST RECEIVED ON MORTGAGES 2,800,911.46
9038.57893040 15064.29821733
(vii) AGGREGATE ADVANCES 2,256,490.14
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 83
PRINCIPAL BALANCE 3,530,168.49
% OF PRINCIPAL 1.110000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 38
PRINCIPAL BALANCE 1,737,500.57
% OF PRINCIPAL 0.550000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 17
PRINCIPAL BALANCE 1,070,996.05
% OF PRINCIPAL 0.340000%
MORTGAGES IN FORECLOSURE:
NUMBER 3
PRINCIPAL BALANCE 199,354.89
% OF PRINCIPAL 0.060000%
MORTGAGES IN BANKRUPTCY
NUMBER 16
PRINCIPAL BALANCE 576,433.22
% OF PRINCIPAL 0.180000%
MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 9,960,635.94
ENDING CLASS A-2 PRINCIPAL BALANCE 43,817,493.24
ENDING CLASS A-3 PRINCIPAL BALANCE 53,778,129.17
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 172.67300945
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.79011982%
WEIGHTED AVERAGE NET MORTGAGE INTEREST RATE 10.09115322%
(xi) SERVICING FEES PAID 156,080.97
SERVICING FEES ACCRUED 160,026.74
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 317,932,258.34
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 7248
NUMBER OF MORTGAGES OUTSTANDING (END) 7176
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,890,856.75
(xviii)PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.30% 1,744,585.80
MORTGAGE INTEREST RATES LESS THAN 8.20% 1,540,951.98
(xix) SUBORDINATED AMOUNT (REMAINING) 33,182,021.00
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 4,749,823.25
EXCESS SPREAD 902,957.93
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
USED TO REDUCE PRINCIPAL BALANCES 0.00
(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
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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FROM: OCT. 15, 1996
TO: Nov. 15, 1996
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESC RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
CLASS A-1 5.900000% June 15, 2000 12,945,000.00 10,951,743.74 991,107.80 9,960,635.94 53,846.07
CLASS A-2 6.300000% July 15, 2005 45,164,000.00 44,647,621.63 830,128.39 43,817,493.24 234,400.01
CLASS A-3 6.200000% July 15, 2008 58,109,000.00 55,599,365.36 1,821,236.20 53,778,129.17 287,263.39
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
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TOTAL 326,594,000.00 321,574,730.73 3,642,472.39 317,932,258.34 1,801,377.72
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1 268917CH2 846.02114639 76.56298185 769.45816454 4.15960397
CLASS A-2 268917CJ8 988.56659353 18.38031164 970.18628188 5.18997462
CLASS A-3 268917CK5 956.81160165 31.34172323 925.46987842 4.94352661
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
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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CLASS A-1 PRINCIPAL BALANCE (Beginning) 10,951,743.74
CLASS A-2 PRINCIPAL BALANCE (Beginning) 44,647,621.63
CLASS A-3 PRINCIPAL BALANCE (Beginning) 55,599,365.36
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) 321,574,730.73
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 72
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,144,669.03
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 35,690.30
MONTHLY PAYMENTS RECEIVED 462,113.06
ENDING CLASS A-1 PRINCIPAL BALANCE 9,960,635.94
ENDING CLASS A-2 PRINCIPAL BALANCE 43,817,493.24
ENDING CLASS A-3 PRINCIPAL BALANCE 53,778,129.17
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) 317,932,258.34
PYMT PER FROM DATE OCT. 15, 1996
PYMT PER TO DATE Nov. 15, 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
12,945,000.00 45,164,000.00 58,109,000.00 113,126,000.00 30,202,000.00
CLASS A-1 PRINCIPAL BALANCE (Beginning) 846.02114639
CLASS A-2 PRINCIPAL BALANCE (Beginning) 988.56659353
CLASS A-3 PRINCIPAL BALANCE (Beginning) 956.81160165
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)
CLASS A-7 PRINCIPAL BALANCE (Beginning)
Total POOL PRINCIPAL BALANCE (Beginning) 24841.61689687 7120.15611394 5533.99182106 2842.62442524 10647.46476161
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 242.92537891 69.62777943 54.11672942 27.79793354 104.12121813
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 2.75707223 0.79023780 0.61419574 0.31549158 1.18171975
MONTHLY PAYMENTS RECEIVED 35.69818926 10.23188956 7.95252130 4.08494122 15.30074366
ENDING CLASS A-1 PRINCIPAL BALANCE 769.45816454
ENDING CLASS A-2 PRINCIPAL BALANCE 970.18628188
ENDING CLASS A-3 PRINCIPAL BALANCE 925.46987842
ENDING CLASS A-4 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
ENDING CLASS A-7 PRINCIPAL BALANCE
Total POOL PRINCIPAL BALANCE (Ending) 24560.23625647 7039.50620716 5471.30837461 2810.42605891 10526.86108006
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