<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): March 15, 1997
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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
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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. 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 settleamount of $352,000 in full
compromise and settlement of all claims of plainiff and class members.
By reaching agreement in priciple 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 1996-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
March 15, 1997 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Executive 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
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
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PYMT PER FROM DATE FEBRUARY 18, 1997
PYMT PER TO DATE MARCH 17, 1997
<TABLE>
<CAPTION>
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>
CLASS A-1 PRINCIPAL BALANCE (BEGINNING) 7,009,134.37 541.45495326
CLASS A-2 PRINCIPAL BALANCE (BEGINNING) 39,860,576.86 882.57410460
CLASS A-3 PRINCIPAL BALANCE (BEGINNING) 46,869,711.24 806.58265054
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 304,115,422.47 23492.88701970 6733.58033987 5233.53391850
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 109
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,707,795.41 363.67674083 104.23778695 81.01663099
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 20,036.36 1.54780688 0.44363564 0.34480648
MONTHLY PAYMENTS RECEIVED 449,313.21 34.70940209 9.94848131 7.73224819
ENDING CLASS A-1 PRINCIPAL BALANCE 6,032,502.86 466.01026342
ENDING CLASS A-2 PRINCIPAL BALANCE 38,238,221.13 846.65266861
ENDING CLASS A-3 PRINCIPAL BALANCE 44,270,724.00 761.85657979
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) 298,917,447.98 23091.34399228 6618.48923877 5144.08177701
<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
113,126,000.00 30,202,000.00
<S> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (BEGINNING) 7,009,134.37
CLASS A-2 PRINCIPAL BALANCE (BEGINNING) 39,860,576.86
CLASS A-3 PRINCIPAL BALANCE (BEGINNING) 46,869,711.24
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 113,126,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 113,126,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (BEGINNING) 30,202,000.00 1000.00000000
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) 304,115,422.47 2688.28936292 10069.38025528
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 109
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,707,795.41 41.61550316 155.87694226
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 20,036.36 0.17711543 0.66341169
MONTHLY PAYMENTS RECEIVED 449,313.21 3.97179437 14.87693563
ENDING CLASS A-1 PRINCIPAL BALANCE 6,032,502.86
ENDING CLASS A-2 PRINCIPAL BALANCE 38,238,221.13
ENDING CLASS A-3 PRINCIPAL BALANCE 44,270,724.00
ENDING CLASS A-4 PRINCIPAL BALANCE 113,126,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 30,202,000.00 1000.00000000
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) 298,917,447.98 2642.34082333 9897.27329250
</TABLE>
