<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): March 15, 1997
--------------
EQCC HOME EQUITY LOAN TRUST 1996-A
(Exact name of registrant as specified in governing instruments)
33-99344
Delaware 33-99344-01 59-3400385
- --------------- ----------------- ------------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) 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 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 hoes 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-A
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
March 15, 1997 BY: /s/ STEPHEN R. VETH
Stephen R. Veth
Executive Vice President
<PAGE>
-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
------- ------- -------------
99 -- Trustee's Remittance Report in respect of the 7
August Remittance Date.
[ 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>
<TABLE>
<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE FEBRUARY 18, 1997
AS TRUSTEE PYMT PER TO DATE MARCH 17, 1997
EQUICREDIT FUNDING TRUST 1996-A PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2
<S> <C> <C> <C>
72,800,000.00 37,600,000.00
CLASS A-1 PRINCIPAL BALANCE (BEGINNING) 59,185,263.49 812.98438860
CLASS A-2 PRINCIPAL BALANCE (BEGINNING) 37,600,000.00 1000.00000000
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) 11,688,701.41
FIXED RATE POOL PRINCIPAL BALANCE (BEGINNING) 144,029,263.49 1978.42394904 3830.56551835
VARIABLE RATE POOL PRINCIPAL BALANCE (BEGINNING) 11,688,701.41
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 155,717,964.90 2138.98303434 4141.43523670
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 49
PRINCIPAL BALANCE OF FIXED RATE MORTGAGES PREPAYING 2,419,695.55 33.23757624
PRINCIPAL BALANCE OF VAR. RATE MORTGAGES PREPAYING 328,351.09
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,748,046.64
AMOUNT OF FIXED RATE CURTAILMENTS RECEIVED 63,418.53 0.87113365
AMOUNT OF VARIABLE RATE CURTAILMENTS RECEIVED 89,464.13
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 152,882.66
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - FIXED RATE POOL 159,560.80 2.19176923
MONTHLY PAYMENTS RECEIVED - VAR. RATE POOL 5,483.02
MONTHLY PAYMENTS RECEIVED - TOTAL POOL 165,043.82
ENDING CLASS A-1 PRINCIPAL BALANCE 56,542,588.61 776.68390948
ENDING CLASS A-2 PRINCIPAL BALANCE 37,600,000.00 1000.00000000
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 11,265,403.17
FIXED RATE POOL PRINCIPAL BALANCE (ENDING) 141,386,588.61 1942.12346992 3760.28161197
VARIABLE RATE POOL PRINCIPAL BALANCE (ENDING) 11,265,403.17
TOTAL POOL PRINCIPAL BALANCE (ENDING) 152,651,991.78 2096.86801896 4059.89339840
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE FEBRUARY 18, 1997
AS TRUSTEE PYMT PER TO DATE MARCH 17, 1997
EQUICREDIT FUNDING TRUST 1996-A PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5
<S> <C> <C> <C>
24,200,000.00 9,250,000.00 13,794,000.00
CLASS A-1 PRINCIPAL BALANCE (BEGINNING)
CLASS A-2 PRINCIPAL BALANCE (BEGINNING)
CLASS A-3 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)
FIXED RATE POOL PRINCIPAL BALANCE (BEGINNING) 5951.62245826 15570.73118811 10441.44290924
VARIABLE RATE POOL PRINCIPAL BALANCE (BEGINNING)
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 6434.62664876 16834.37458378 11288.81868204
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF FIXED RATE MORTGAGES PREPAYING
PRINCIPAL BALANCE OF VAR. RATE MORTGAGES PREPAYING
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF FIXED RATE CURTAILMENTS RECEIVED
AMOUNT OF VARIABLE RATE CURTAILMENTS RECEIVED
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - FIXED RATE POOL
MONTHLY PAYMENTS RECEIVED - VAR. RATE POOL
MONTHLY PAYMENTS RECEIVED - TOTAL POOL
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
ENDING CLASS A-3 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
FIXED RATE POOL PRINCIPAL BALANCE (ENDING) 5842.42101694 15285.03660649 10249.86143323
VARIABLE RATE POOL PRINCIPAL BALANCE (ENDING)
TOTAL POOL PRINCIPAL BALANCE (ENDING) 6307.93354463 16502.91803027 11066.55007829
</TABLE>
