<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): August 15, 1997
---------------
EQCC HOME EQUITY LOAN TRUST 1996-3
-------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
Delaware 33-99344 59-3392265
-------- -------- ----------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
organization)
10401 Deerwood Park Boulevard, Jacksonville, Florida 32256
-------------------------------------------------------------------
(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
--------------
Not Applicable
--------------
(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
<PAGE>
-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.
<PAGE>
- 3 -
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]
<PAGE>
-4-
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
August 15, 1997 BY: /s/ TERENCE G. VANE, JR.
- --------------- -----------------------------
Terence G. Vane, Jr.
Senior Vice President
<PAGE>
-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------- ------- ------------
99 -- Trustee's Remittance Report in respect of the
August Remittance Date. 7
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
<PAGE>
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 JULY 15, 1997
TO AUG. 15, 1997
<TABLE>
<CAPTION>
TOTAL
- ------------------------------------------------------------------------- -------------
<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 8,633,354.84
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 2,161,420.60
CLASS A-2 PRINCIPAL BALANCE (Beginning) 28,012,661.84
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,174,082.45
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) 270,724,164.88
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 180
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,670,175.02
(iv) AMOUNT OF CURTAILMENTS RECEIVED 33,786.31
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 431,519.54
(vi) INTEREST RECEIVED ON MORTGAGES 2,343,035.66
(vii) AGGREGATE ADVANCES 1,783,067.40
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 168
PRINCIPAL BALANCE 7,031,921.76
% OF PRINCIPAL 2.670000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 65
PRINCIPAL BALANCE 3,023,717.44
% OF PRINCIPAL 1.150000%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TOTAL
-------------
<S> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 196
PRINCIPAL BALANCE 9,498,882.98
% OF PRINCIPAL 3.600000%
b. MORTGAGES IN BANKRUPTCY (TOTAL):
NUMBER 100
PRINCIPAL BALANCE 4,658,949.73
% OF PRINCIPAL 1.770000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 13
PRINCIPAL BALANCE 527,209.35
% OF PRINCIPAL 0.20%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 15
PRINCIPAL BALANCE 639,553.08
% OF PRINCIPAL 0.24%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 38
PRINCIPAL BALANCE 1,938,853.26
% OF PRINCIPAL 0.74%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 76
PRINCIPAL BALANCE 3,967,861.02
% OF PRINCIPAL 1.510000%
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 73
PRINCIPAL BALANCE 3,868,934.43
% OF PRINCIPAL 1.47%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii) a. above):
NUMBER 6
PRINCIPAL BALANCE 241,058.38
% OF PRINCIPAL 0.09%
e. MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 1,202,405.40
ENDING CLASS A-2 PRINCIPAL BALANCE 25,403,936.61
ENDING CLASS A-3 PRINCIPAL BALANCE 26,606,342.02
ENDING CLASS A-4 PRINCIPAL BALANCE 113,126,000.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Total
-------------
<S> <C> <C>
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 165.93041329
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.68260954%
WEIGHTED AVERAGE NET MORTGAGE INTEREST RATE 9.98381635%
(xi) SERVICING FEES PAID 131,849.35
SERVICING FEES ACCRUED 132,922.01
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 263,588,684.01
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6135
NUMBER OF MORTGAGES OUTSTANDING (END) 5955
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,371,190.92
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.30% 1,690,273.21
MORTGAGE INTEREST RATES LESS THAN 8.20% 1,490,765.90
(xix) SUBORDINATED AMOUNT (REMAINING) 33,077,796.37
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 11,299,654.54
EXCESS SPREAD 676,842.05
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 104,224.63
</TABLE>
