<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): SEPTEMBER 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
- --------------- ----------------- ------------------
(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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Items 1 through 4, Item 6, and Item 8 are not included because
they are not applicable.
Item 5. OTHER EVENTS.
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(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.
<PAGE>
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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
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(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
SEPTEMBER 15, 1997 BY: /s/ TERENCE G. VANE, JR.
- ------------------ ---------------------------
Terence G. Vane, Jr.
Senior Vice President
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INDEX TO EXHIBITS
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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 ]
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
FROM AUG. 15, 1997
TO SEPT. 15, 1997
<TABLE>
<CAPTION>
TOTAL
--------------
<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT................................................. 9,647,503.69
Portions subject to bankrupty.......................................... 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning).................................. 1,202,405.40
CLASS A-2 PRINCIPAL BALANCE (Beginning).................................. 25,403,936.61
CLASS A-3 PRINCIPAL BALANCE (Beginning).................................. 26,606,342.02
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).......................................263,588,684.01
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS.......................................... 180
PRINCIPAL BALANCE OF MORTGAGES PREPAYING................................. 7,634,539.40
(iv) AMOUNT OF CURTAILMENTS RECEIVED.......................................... 10,847.14
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED................................................ 411,818.22
(vi) INTEREST RECEIVED ON MORTGAGES........................................... 2,228,690.85
(vii) AGGREGATE ADVANCES....................................................... 1,830,125.96
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER................................................................. 143
PRINCIPAL BALANCE...................................................... 5,273,799.66
% OF PRINCIPAL......................................................... 2.070000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER................................................................. 70
PRINCIPAL BALANCE...................................................... 3,136,761.11
% OF PRINCIPAL......................................................... 1.230000%
<PAGE>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER................................................................. 204
PRINCIPAL BALANCE...................................................... 10,347,164.07
% OF PRINCIPAL......................................................... 4.050000%
b. MORTGAGES IN BANKRUPTCY (TOTAL):
NUMBER................................................................. 102
PRINCIPAL BALANCE...................................................... 4,629,370.85
% OF PRINCIPAL......................................................... 1.810000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER................................................................. 7
PRINCIPAL BALANCE...................................................... 319,369.55
% OF PRINCIPAL......................................................... 0.13%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER................................................................. 15
PRINCIPAL BALANCE...................................................... 624,148.77
% OF PRINCIPAL......................................................... 0.24%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER................................................................. 43
PRINCIPAL BALANCE...................................................... 2,092,328.23
% OF PRINCIPAL......................................................... 0.82%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER................................................................. 82
PRINCIPAL BALANCE...................................................... 4,381,026.58
% OF PRINCIPAL......................................................... 1.720000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER................................................................. 0
PRINCIPAL BALANCE...................................................... 0.00
% OF PRINCIPAL......................................................... 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER................................................................. 0
PRINCIPAL BALANCE...................................................... 0.00
% OF PRINCIPAL......................................................... 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER................................................................. 79
PRINCIPAL BALANCE...................................................... 4,285,965.25
% OF PRINCIPAL......................................................... 1.68%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER................................................................. 7
PRINCIPAL BALANCE...................................................... 265,820.76
% OF PRINCIPAL......................................................... 0.10%
e. MORTGAGE LOAN LOSSES..................................................... 77,516.99
<PAGE>
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE....................................... 246,850.40
ENDING CLASS A-2 PRINCIPAL BALANCE....................................... 22,258,930.84
ENDING CLASS A-3 PRINCIPAL BALANCE....................................... 22,505,781.25
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.............................. 165.21363965
WEIGHTED AVERAGE MORTGAGE INTEREST RATE.................................. 10.67029307%
WEIGHTED AVERAGE NET MORTGAGE INTEREST RATE.............................. 9.97153618%
(xi) SERVICING FEES PAID...................................................... 125,083.38
SERVICING FEES ACCRUED................................................... 128,927.93
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.............................. 13,847.89
(xiii) POOL PRINCIPAL BALANCE (ENDING)..........................................255,387,562.47
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER............................................................. 0.00
TO REPRESENTATIVE....................................................... 0.00
TO DEPOSITORS........................................................... 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING).............................. 5955
NUMBER OF MORTGAGES OUTSTANDING (END).................................... 5775
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS......................... 2,293,890.09
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.30%.................................. 1,686,915.78
MORTGAGE INTEREST RATES LESS THAN 8.20%.................................. 1,487,859.18
(xix) SUBORDINATED AMOUNT (REMAINING).......................................... 33,000,279.38
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)............................. 11,912,071.15
EXCESS SPREAD............................................................ 641,063.02
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS............................... 181,741.62
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-3
FROM: Aug. 15, 1997
TO: Sept. 15, 1997
<TABLE>
<CAPTION>
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
- -------------------- --------- ------------------ ---------------- ------------- ------------ -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1........... 5.900000% June 15, 2000 12,945,000.00 1,202,405.40 955,555.00 246,850.40 5,911.83
CLASS A-2........... 6.300000% July 15, 2005 45,164,000.00 25,403,936.61 3,145,005.77 22,258,930.84 133,370.67
CLASS A-3........... 6.200000% July 15, 2008 58,109,000.00 26,606,342.02 4,100,560.77 22,505,781.25 137,466.10
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............. 326,594,000.00 263,588,684.02 8,201,121.54 255,387,562.48 1,502,616.84
</TABLE>
<TABLE>
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
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<S> <C> <C> <C> <C> <C>
CLASS A-1........... 268917CH2 92.88570104 73.81653148 19.06916956 0.45668803
CLASS A-2........... 268917CJ8 562.48199019 69.63523536 492.84675483 2.95303045
CLASS A-3........... 268917CK5 457.86955575 70.56670688 387.30284887 2.36565937
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
PYMT PER FROM DATE AUG. 15, 1997
PYMT PER TO DATE SEPT. 15, 1997
<TABLE>
<CAPTION>
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
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<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)................ 1,202,405.40 92.88570104
CLASS A-2 PRINCIPAL BALANCE
(Beginning)................ 25,403,936.61 562.48199019
CLASS A-3 PRINCIPAL BALANCE
(Beginning)................ 26,606,342.02 457.86955575
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)................263,588,684.01 20362.20038702 5836.25639912 4536.10772875 2330.04511792 8727.52413781
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS................ 180
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING.................. 7,634,539.40 589.76743144 169.04037286 131.38308007 67.48704453 252.78257731
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED................... 10,847.14 0.83794052 0.24017226 0.18666885 0.09588547 0.35915304
MONTHLY PAYMENTS RECEIVED.... 411,818.22 31.81291773 9.11828492 7.08699547 3.64034988 13.63546189
ENDING CLASS A-1 PRINCIPAL
BALANCE.................... 246,850.40 19.06916956
ENDING CLASS A-2 PRINCIPAL
BALANCE.................... 22,258,930.84 492.84675483
ENDING CLASS A-3 PRINCIPAL
BALANCE.................... 22,505,781.25 387.30284887
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)...................255,387,562.47 19728.66453998 5654.67103157 4394.97431499 2257.54965675 8455.98180485
</TABLE>
