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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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8-K
-----------------------
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 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
--------------
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
<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
November 15, 1997 BY: /s/ JOHN D. EVANS, JR.
------------------------------
John D. Evans, 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>
-6-
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 Oct. 15, 1997
TO Nov. 15, 1997
<TABLE>
<CAPTION>
TOTAL
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<S><C><C>
(i) AVAILABLE PAYMENT AMOUNT 9,411,224.97
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 0.00
CLASS A-2 PRINCIPAL BALANCE (Beginning) 18,837,736.65
CLASS A-3 PRINCIPAL BALANCE (Beginning) 18,837,736.66
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) 248,051,473.30
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 176
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 7,502,350.26
(iv) AMOUNT OF CURTAILMENTS RECEIVED 17,603.11
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 419,043.39
(vi) INTEREST RECEIVED ON MORTGAGES 2,183,762.23
(vii) AGGREGATE ADVANCES 1,646,184.50
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 155
PRINCIPAL BALANCE 6,336,438.86
% OF PRINCIPAL 2.640000%
<PAGE>
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 51
PRINCIPAL BALANCE 1,982,139.98
% OF PRINCIPAL 0.830000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 229
PRINCIPAL BALANCE 11,436,665.65
% OF PRINCIPAL 4.760000%
b. MORTGAGES IN BANKRUPTCY (TOTAL):
NUMBER 99
PRINCIPAL BALANCE 4,422,276.34
% OF PRINCIPAL 1.840000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 11
PRINCIPAL BALANCE 481,803.10
% OF PRINCIPAL 0.20%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 8
PRINCIPAL BALANCE 281,555.71
% OF PRINCIPAL 0.12%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 47
PRINCIPAL BALANCE 2,323,590.18
% OF PRINCIPAL 0.97%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 88
PRINCIPAL BALANCE 4,836,289.29
% OF PRINCIPAL 2.010000%
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 1
PRINCIPAL BALANCE 58,405.08
% OF PRINCIPAL 0.02%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 87
PRINCIPAL BALANCE 4,777,884.21
% OF PRINCIPAL 1.99%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER 10
PRINCIPAL BALANCE 402,904.98
% OF PRINCIPAL 0.17%
e. MORTGAGE LOAN LOSSES 28,905.94
<PAGE>
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 0.00
ENDING CLASS A-2 PRINCIPAL BALANCE 14,853,358.07
ENDING CLASS A-3 PRINCIPAL BALANCE 14,853,358.08
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 164.07345686
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.65030880%
WEIGHTED AVERAGE NET MORTGAGE INTEREST RATE 9.95160102%
(xi) SERVICING FEES PAID 122,851.12
SERVICING FEES ACCRUED 121,144.45
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 378,647.65
(xiii) POOL PRINCIPAL BALANCE (ENDING) 240,082,716.14
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 86,545.41
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5609
NUMBER OF MORTGAGES OUTSTANDING (END) 5433
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,152,783.38
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.30% 1,661,379.83
MORTGAGE INTEREST RATES LESS THAN 8.20% 1,463,010.29
(xix) SUBORDINATED AMOUNT (REMAINING) 32,901,481.22
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 12,631,425.00
EXCESS SPREAD 589,537.36
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 280,539.78
</TABLE>
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