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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): June 15, 1997
EQCC HOME EQUITY LOAN TRUST 1996-A
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(Exact name of registrant as specified in governing instruments)
33-99344
Delaware 33-99344-01 59-3400385
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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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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 1996-1 to holders of
Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class
A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates and Class R
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 total settlement amount of $352,000 in
full compromise and settlement of all claims of plaintiff and class members. By
reaching agreement in principle 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-A
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
June 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
- --------- ---------------------------------------------------- ---------------
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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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1996-A
<TABLE>
<CAPTION>
FROM May 15, 1997
TO June 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------------------------------------------------- --------------- --------------- -----------------
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 3,995,999.93 3,385,613.93 610,386.00
Portions subject to bankruptcy 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 49,300,978.62
CLASS A-2 PRINCIPAL BALANCE (Beginning) 37,600,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 24,200,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 9,250,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 13,794,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 10,419,905.26
POOL PRINCIPAL BALANCE (Beginning) 144,564,883.88 134,144,978.62 10,419,905.26
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 65 60 5
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,957,077.59 2,407,485.10 549,592.49
(iv) AMOUNT OF CURTAILMENTS RECEIVED 30,865.66 30,865.66 0.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 160,303.93 155,882.25 4,421.68
(vi) INTEREST RECEIVED ON MORTGAGES 1,258,122.30 1,173,434.03 84,688.27
(vii) AGGREGATE ADVANCES 1,034,734.54 962,006.91 72,727.83
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 144 139 5
PRINCIPAL BALANCE 6,797,498.37 6,455,358.89 342,139.48
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% OF PRINCIPAL 4.810000% 4.910000% 3.470000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 48 48 0
PRINCIPAL BALANCE 2,226,400.97 2,226,400.97 0.00
% OF PRINCIPAL 1.570000% 1.690000% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 101 93 8
PRINCIPAL BALANCE 5,868,545.12 5,120,153.39 748,391.73
% OF PRINCIPAL 4.150000% 3.890000% 7.590000%
MORTGAGES IN FORECLOSURE
NUMBER 30 28 2
PRINCIPAL BALANCE 1,920,078.35 1,783,510.08 136,568.27
% OF PRINCIPAL 1.360000% 1.360000% 1.380000%
MORTGAGE IN BANKRUPTCY
NUMBER 54 62 2
PRINCIPAL BALANCE 3,240,892.94 2,996,369.93 244,523.01
% OF PRINCIPAL 2.290000% 2.280000% 2.480000%
MORTGAGE LOAN LOSSES 21,787.04 21,787.04 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 46,684,958.57
ENDING CLASS A-2 PRINCIPAL BALANCE 37,600,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 24,200,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 9,250,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 13,794,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 9,865,891.09
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 230.78639424 223.27617181 330.91031884
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.21401075% 11.267491% 10.501032%
(xi) SERVICING FEES PAID 67,257.02 62,403.31 4,853.71
SERVICING FEES ACCRUED 71,126.04 65,983.23 5,142.81
(xii) SECTION 5.04 SERVICER PAYMENTS OR
REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 141,394,849.66 131,528,958.57 9,865,891.09
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(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 2903 2800 103
NUMBER OF MORTGAGES OUTSTANDING (END) 2838 2740 0
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 1,334,121.43 1,243,817.87 90,303.56
(xviii) SUBORDINATED AMOUNT (REMAINING) 17,949,779.22
SPREAD ACCOUNT BALANCE (AFTER
DISTRIBUTIONS) 5,229,892.47
EXCESS SPREAD 415,242.64
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 127,800.78
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.45% 2,773,303.50
PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.55% 3,826,973.22
(xx) AGGREGATE MORTGAGE LOAN LOSSES 127,600.78
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