<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): April 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
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Exhibit Index Located at Page 5
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Page 1 of 10
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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. 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
APRIL 15, 1997 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Executive Vice President
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INDEX TO EXHIBITS
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EQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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99 -- Trustee's Remittance Report in respect of the August 7
Remittance Date.
[ 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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<TABLE>
<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE MARCH 15, 1997
AS TRUSTEE PYMT PER TO DATE APRIL 15, 1997
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES,
SERIES 1996-3 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) 6,032,502.86 466.01026342
CLASS A-2 PRINCIPAL BALANCE (BEGINNING) 38,238,221.13 846.65266872
CLASS A-3 PRINCIPAL BALANCE (BEGINNING) 44,270,724.00 761.85657988
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) 298,917,447.98 23091.34399228 6618.48923877 5144.08177701
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 122
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,899,328.72 378.47267053 108.47862723 84.31273503
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 127,547.45 9.85302820 2.82409552 2.19496894
MONTHLY PAYMENTS RECEIVED 474,488.51 36.65419158 10.50590094 8.16549089
ENDING CLASS A-1 PRINCIPAL BALANCE 5,059,436.92 390.84101352
ENDING CLASS A-2 PRINCIPAL BALANCE 36,460,604.73 807.29352427
ENDING CLASS A-3 PRINCIPAL BALANCE 41,520,041.66 714.51998245
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) 293,416,083.30 22666.36410197 6496.68061509 5049.40858215
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)
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)
CLASS A-7 PRINCIPAL BALANCE (BEGINNING)
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 2642.34082333 9897.27329250
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 43.30860032 162.21868486
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 1.12748130 4.22314582
MONTHLY PAYMENTS RECEIVED 4.19433649 15.71049964
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
ENDING CLASS A-3 PRINCIPAL BALANCE
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) 2593.71040521 9715.12096219
</TABLE>
