<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
------------------
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
SEPTEMBER 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>
-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
EQUICREDIT FUNDING TRUST 1996-A
FROM AUGUST 15, 1997
TO SEPTEMBER 15, 1997
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
-------------- ------------- -------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT............................................. 4,518,862.91 4,073,555.63 445,307.28
Portions subject to bankrupty...................................... 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning).............................. 39,646,532.41
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).............................. 9,428,965.95
POOL PRINCIPAL BALANCE (Beginning)...................................133,919,498.36 124,490,532.41 9,428,965.95
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS...................................... 78 74 4
PRINCIPAL BALANCE OF MORTGAGES PREPAYING............................. 3,391,110.34 2,998,864.79 392,245.55
(iv) AMOUNT OF CURTAILMENTS RECEIVED...................................... 119,813.78 119,813.78 0.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED............................................ 148,985.82 145,087.37 3,898.45
(vi) INTEREST RECEIVED ON MORTGAGES....................................... 1,145,145.76 1,071,291.66 73,854.10
(vii) AGGREGATE ADVANCES................................................... 951,967.99 883,600.82 68,367.17
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORCLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER............................................................. 149 142 7
PRINCIPAL BALANCE.................................................. 8,219,729.17 7,257,787.45 961,941.72
<PAGE>
% OF PRINCIPAL..................................................... 6.320000% 5.990000% 10.650000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER............................................................. 47 47 0
PRINCIPAL BALANCE.................................................. 2,169,171.55 2,169,171.55 0.00
% OF PRINCIPAL..................................................... 1.670000% 1.790000% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER............................................................. 135 127 8
PRINCIPAL BALANCE.................................................. 7,602,582.10 6,913,593.15 688,988.95
% OF PRINCIPAL..................................................... 5.840000% 5.710000% 7.630000%
b. MORTGAGES IN BANKRUPTCY (TOTAL):
NUMBER............................................................. 75 72 3
PRINCIPAL BALANCE.................................................. 3,730,542.77 3,568,514.87 162,027.90
% OF PRINCIPAL..................................................... 2.870000% 2.950000% 1.790000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS :
NUMBER............................................................. 10 10 0
PRINCIPAL BALANCE.................................................. 486,810.54 486,810.54 0.00
% OF PRINCIPAL..................................................... 0.37% 0.40% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS :
NUMBER............................................................. 8 8 0
PRINCIPAL BALANCE.................................................. 275,193.77 275,193.77 0.00
% OF PRINCIPAL..................................................... 0.21% 0.23% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER............................................................. 31 29 2
PRINCIPAL BALANCE.................................................. 1,561,788.48 1,443,482.49 118,305.99
% OF PRINCIPAL..................................................... 1.20% 1.19% 1.31%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER............................................................. 35 31 4
PRINCIPAL BALANCE.................................................. 2,182,882.72 1,843,729.96 339,152.76
% OF PRINCIPAL..................................................... 1.680000% 1.520000% 3.750000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS :
NUMBER............................................................. 0 0 0
PRINCIPAL BALANCE.................................................. 0.00 0.00 0.00
% OF PRINCIPAL..................................................... 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS :
NUMBER............................................................. 0 0 0
PRINCIPAL BALANCE.................................................. 0.00 0.00 0.00
<PAGE>
% OF PRINCIPAL..................................................... 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER............................................................. 35 31 4
PRINCIPAL BALANCE.................................................. 2,182,882.62 1,843,729.86 339,152.76
% OF PRINCIPAL..................................................... 1.68% 1.52% 3.75%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER............................................................. 0 0 0
PRINCIPAL BALANCE.................................................. 0.00 0.00 0.00
% OF PRINCIPAL..................................................... 0.00% 0.00% 0.00%
e. MORTGAGE LOAN LOSSES................................................. 42,484.62 42,484.62 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE................................... 36,269,112.45
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................................... 9,032,821.95
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS.......................... 0.00000000 221.36029239 332.18698547
WEIGHTED AVERAGE MORTGAGE INTEREST RATE.............................. 0.00000000% 11.232057% 10.673748%
(xi) SERVICING FEES PAID.................................................. 61,167.29 56,986.57 4,180.72
SERVICING FEES ACCRUED............................................... 65,088.45 60,482.43 4,606.02
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.......................... 5,688.92
(xiii) POOL PRINCIPAL BALANCE (ENDING)......................................130,145,934.40 121,113,112.45 9,032,821.95
(xiv) RESERVED.............................................................
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER......................................................... (0.00)
TO REPRESENTATIVE................................................... 0.00
TO DEPOSITORS....................................................... 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING).......................... 2685 2591 0
NUMBER OF MORTGAGES OUTSTANDING (END)................................ 2607 2517 90
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS..................... 1,218,291.87 1,135,820.44 82,471.43
(xviii) SUBORDINATED AMOUNT (REMAINING)...................................... 17,793,882.64
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)......................... 6,292,330.01
EXCESS SPREAD........................................................ 365,419.85
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS........................... 283,497.36
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS LESS THAN 8.45%.................. 2,742,882.45
PRINCIPAL BALANCE OF MORTGAGE LOANS LESS THAN 8.55%.................. 3,721,057.43
(xx) AGGREGATE MORTGAGE LOAN LOSSES....................................... 283,497.36
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1996-A
FROM: August 15, 1997
TO: September 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> <C>
CLASS A-1........... 6.450000% Sept. 15, 2010 72,800,000.00 39,646,532.41 3,377,419.96 36,269,112.45 213,100.11
CLASS A-2........... 6.950000% Jan. 15, 2012 37,600,000.00 37,600,000.00 0.00 37,600,000.00 217,766.67
CLASS A-3........... 7.350000% Nov. 15, 2019 24,200,000.00 24,200,000.00 0.00 24,200,000.00 148,225.00
CLASS A-4........... 7.680000% Dec. 15, 2022 9,250,000.00 9,250,000.00 0.00 9,250,000.00 59,200.00
CLASS A-5........... 7.850000% Sept. 15, 2027 13,794,000.00 13,794,000.00 0.00 13,794,000.00 90,235.75
CLASS A-6........... 5.962340% Sept. 15, 2027 13,219,000.00 9,428,965.95 396,144.00 9,032,821.95 48,410.55 *
CLASS R............. VARIABLE Sept. 15, 2027 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ -------------- -----------
TOTAL.......... 170,863,000.00 133,919,498.36 3,773,563.96 130,145,934.40 776,938.08
</TABLE>
<TABLE>
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
--------- -------------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C>
CLASS A-1........... 294424AA4 544.59522541 46.39313132 498.20209409 2.92719934
CLASS A-2........... 294424AB2 1,000.00000000 0.00000000 1000.00000000 5.79166667
CLASS A-3........... 294424AC0 1,000.00000000 0.00000000 1000.00000000 6.12500000
CLASS A-4........... 294424AD8 1,000.00000000 0.00000000 1000.00000000 6.40000000
CLASS A-5........... 294424AE6 1,000.00000000 0.00000000 1000.00000000 6.54166667
CLASS A-6........... 294424AF3 713.28889856 29.96777366 683.32112490 3.66219441
CLASS R.............
</TABLE>
- ------------------------
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1996-A
PYMT PER FROM DATE August 15, 1997
PYMT PER TO DATE September 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
72,800,000.00 37,600,000.00 24,200,000.00 9,250,000.00 13,794,000.00
------------- ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)................ 39,646,532.41 544.59522541
CLASS A-2 PRINCIPAL BALANCE
(Beginning)................ 37,600,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning)................ 24,200,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(Beginning)................ 9,250,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning)................ 13,794,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning)................ 9,428,965.95
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning)........124,490,532.41 1710.03478585 3310.91841516 5144.23687645 13458.43593622 9024.97697622
Variable Rate POOL PRINCIPAL
BALANCE (Beginning)........ 9,428,965.95
Total POOL PRINCIPAL
BALANCE (Beginning)........133,919,498.36 1839.55354890 3561.68878617 5533.86356860 14477.78360649 9708.53257648
MORTGAGES: NUMBER OF
PRINCIPAL PREPAYMENTS...... 78
PRINCIPAL BALANCE OF Fixed
Rate MORTGAGES PREPAYING... 2,998,864.79 41.19319766
PRINCIPAL BALANCE OF Var.
Rate MORTGAGES PREPAYING... 392,245.55
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING........ 3,391,110.34
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED...... 119,813.78 1.64579368
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED...... 0.00
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED................... 119,813.78
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF - MONTHLY
PAYMENTS RECEIVED--
Fixed Rate Pool............ 145,087.37 1.99295838
MONTHLY PAYMENTS RECEIVED--
Var. Rate Pool............. 3,898.45
MONTHLY PAYMENTS RECEIVED--
Total Pool................. 148,985.82
ENDING CLASS A-1 PRINCIPAL
BALANCE.................... 36,269,112.45 498.20209409
ENDING CLASS A-2 PRINCIPAL
BALANCE.................... 37,600,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE.................... 24,200,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE.................... 9,250,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE.................... 13,794,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE.................... 9,032,821.95
Fixed Rate POOL PRINCIPAL
BALANCE (Ending)...........121,113,112.45 1663.64165453 3221.09341622 5004.67406818 13093.30945405 8780.12994418
Variable Rate POOL PRINCIPAL
BALANCE (Ending)........... 9,032,821.95
Total POOL PRINCIPAL BALANCE
(Ending)...................130,145,934.40 1787.71887912 3461.32804255 5377.93117355 14069.83074595 9434.96697115
</TABLE>
