<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): January 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
- ------------------- ----------------- -------------------
(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 9
Exhibit Index Located at Page 5
Page 1 of 9
<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
idstribution 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
January 15, 1997 BY: /s/ RODOLFO F. ENGMANN
- ----------------- --------------------------------
Rodolfo F. Engmann
Executive 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 ]
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-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
<TABLE>
<CAPTION>
EFT 1996-A 02/13/97
Monthly Recap & Distribution 02:27 PM
Company 434 & 435
FINAL
CUTOFF DATE: September 1, 1996
- ---------------------------------------------------------------------------------------------------------------------
Due Period December, 1996 December, 1996
Monthly Payment Date January 15 January 15
Group Fixed Rate Group (Co. 434) Adjustable Rate Group (Co. 435)
Remittance Number 4 4
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Class A-1 Principal Balance-BOM 65,457,134.17 N/A
Class A-2 Principal Balance-BOM 37,600,000.00 N/A
Class A-3 Principal Balance-BOM 24,200,000.00 N/A
Class A-4 Principal Balance-BOM 9,250,000.00 N/A
Class A-5 Principal Balance-BOM 13,794,000.00 N/A
Class A-6 Principal Balance-BOM N/A 12,913,958.78
--------------- ---------------
Total Class A Principal Balance - BOM 150,301,134.17 12,913,958.78
Class A-1 Principal Balance - EOM 62,158,859.19 N/A
Class A-2 Principal Balance - EOM 37,600,000.00 N/A
Class A-3 Principal Balance - EOM 24,200,000.00 N/A
Class A-4 Principal Balance - EOM 9,250,000.00 N/A
Class A-5 Principal Balance - EOM 13,794,000.00 N/A
Class A-6 Principal Balance - EOM N/A 12,257,397.64
--------------- ---------------
Total Class A Principal Balance - EOM 147,002,859.19 12,257,397.64
Number of Accounts BOM 3090 121
Number of Accounts EOM 3026 117
Class A-1 Principal Remittance 3,298,274.98 N/A
Class A-2 Principal Remittance 0.00 N/A
Class A-3 Principal Remittance 0.00 N/A
Class A-4 Principal Remittance 0.00 N/A
Class A-5 Principal Remittance 0.00 N/A
Class A-6 Principal Remittance N/A 656,561.14
--------------- ---------------
Total Class A Remittance Amount 3,298,274.98 656,561.14
Class A-1 Cert.ificate Pass-Thru Rate 6.450% N/A
Class A-2 Cert.ificate Pass-Thru Rate 6.950% N/A
Class A-3 Cert.ificate Pass-Thru Rate 7.350% N/A
Class A-4 Cert.ificate Pass-Thru Rate 7.680% N/A
Class A-5 Cert.ificate Pass-Thru Rate 7.850% N/A
Class A-6 Cert.ificate Pass-Thru Rate N/A 5.915470%
Net Funds Cap N/A 100,932.12
WAC BOM 11.327196% 10.078885%
WAC EOM 11.321542% 10.190057%
WAP BOM 5.924% 5.998%
WAP EOM 6.935% 5.998%
WAM BOM 228.52 332.76
WAM EOM 227.35 333.16
Curtailments 63,484.68 0.00
Prepayment Amount 3,031,899.47 3,095,384.15 650,147.72 650,147.72
--------------- ---------------
Number of Prepayments 64 4
Aggregate Interest Accrued 1,395,103.42 104,515.24
Less, Class A-1 Interest Accrued (351,832.10) N/A
Less, Class A-2 Interest Accrued (217,766.67) N/A
Less, Class A-3 Interest Accrued (148,225.00) N/A
Less, Class A-4 Interest Accrued (59,200.00) N/A
Less, Class A-5 Interest Accrued (90,235.75) N/A
Less, Class A-6 Interest Accrued N/A (867,259.52) (63,660.11) (63,660.11)
Less, Monthly Premium --------------- (12,250.24) --------------- (1,021.45)
Less, LOC Fees 0.00 0.00
Less, Service Fees Accrued (73,664.35) (6,194.49)
--------------- ---------------
Excess Spread 441,929.31 33,639.19
Spread Account Balance Previous Month
Investment Earnings
Spread Account Amount - Mortgage Loan Losses
Spread Account Amount - Advances
Spread Account Balance Before Distribution
LOC Account Balance Before Distribution
Specified Spread Account Requirement
Spread Account Excess/(Deficit)
Reimbursable Amounts Due Servicer
Reimbursable Amounts from Previous Months
Reimbursable Amounts Wired to Servicer
Spread Account Excess Wired to Servicer
Reimbursable Amounts Carried Forward
Spread Account Balance After Distribution
</TABLE>
<TABLE>
<CAPTION>
EFT 1996-A 02/13/97
Monthly Recap & Distribution 02:27 PM
Company 434 & 435
CUTOFF DATE: September 1, 1996 ERR
- ---------------------------------------------------------------------------------------
Due Period December, 1996
Monthly Payment Date January 15
Group Aggregate (Co. 426 & 427)
Remittance Number 4
- ---------------------------------------------------------------------------------------
<S> <C>
Class A-1 Principal Balance-BOM 65,457,134.17
Class A-2 Principal Balance-BOM 37,600,000.00
Class A-3 Principal Balance-BOM 24,200,000.00
Class A-4 Principal Balance-BOM 9,250,000.00
Class A-5 Principal Balance-BOM 13,794,000.00
Class A-6 Principal Balance-BOM 12,913,958.78
---------------
Total Class A Principal Balance - BOM 163,215,092.95
Class A-1 Principal Balance - EOM 62,158,859.19
Class A-2 Principal Balance - EOM 37,600,000.00
Class A-3 Principal Balance - EOM 24,200,000.00
Class A-4 Principal Balance - EOM 9,250,000.00
Class A-5 Principal Balance - EOM 13,794,000.00
Class A-6 Principal Balance - EOM 12,257,397.64
---------------
Total Class A Principal Balance - EOM 159,260,256.3
Number of Accounts BOM 3211
Number of Accounts EOM 3143
Class A-1 Principal Remittance 3,298,274.98
Class A-2 Principal Remittance 0.00
Class A-3 Principal Remittance 0.00
Class A-4 Principal Remittance 0.00
Class A-5 Principal Remittance 0.00
Class A-6 Principal Remittance 656,561.14
---------------
Total Class A Remittance Amount 3,954,836.12
Class A-1 Certificate Pass-Thru Rate 6.4500%
Class A-2 Certificate Pass-Thru Rate 6.9500%
Class A-3 Certificate Pass-Thru Rate 7.3500%
Class A-4 Certificate Pass-Thru Rate 7.6800%
Class A-5 Certificate Pass-Thru Rate 7.8500%
Class A-6 Certificate Pass-Thru Rate 5.9155%
Net Funds Cap 100,932.12
WAC BOM 11.228427%
WAC EOM 11.234458%
WAP BOM 6.851%
WAP EOM 6.863%
WAM BOM 236.77
WAM EOM 235.77
Curtailments 63,484.68
Prepayment Amount 3,682,047.19 3,745,531.87
---------------
Number of Prepayments 68
Aggregate Interest Accrued 1,499,618.66
Less, Class A-1 Interest Accrued (351,832.10)
Less, Class A-2 Interest Accrued (217,766.67)
Less, Class A-3 Interest Accrued (148,225.00)
Less, Class A-4 Interest Accrued (59,200.00)
Less, Class A-5 Interest Accrued (90,235.75)
Less, Class A-6 Interest Accrued (63,660.11) (930,919.63)
---------------
Less, Monthly Premium (13,271.69)
Less, LOC Fees 0.00
Less, Service Fees Accrued (79,858.84)
---------------
Excess Spread 475,568.50
Spread Account Balance Previous Month 3,522,478.21
Investment Earnings 14,000.95
Spread Account Amount - Mortgage Loan Losses (22,367.50)
Spread Account Amount - Advances 0.00
---------------
Spread Account Balance Before Distribution 3,989,680.15
LOC Account Balance Before Distribution 0.00
Specified Spread Account Requirement 8,160,934.00
---------------
Spread Account Excess/(Deficit) (4,171,253.84)
Reimbursable Amounts Due Servicer 0.00
Reimbursable Amounts from Previous Months 0.00
---------------
Reimbursable Amounts Wired to Servicer 0.00
---------------
Spread Account Excess Wired to Servicer 0.00
---------------
Reimbursable Amounts Carried Forward 0.00
Spread Account Balance After Distribution 3,989,680.15
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
EFT 1996-A 02/13/97
Monthly Recap & Distribution 02:27 PM
Company 434 & 435
FINAL
CUTOFF DATE: September 1, 1996
- ---------------------------------------------------------------------------------------------------------------------
Due Period December, 1996 December, 1996
Monthly Payment Date January 15 January 15
Group Fixed Rate Group (Co. 434) Adjustable Rate Group (Co. 435)
Remittance Number 4 4
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Interest Collected 1,442,509.82 108,167.11
Less, Pre-Cutoff Interest (8,511.21) (614.33)
--------------- ---------------
Total Post Cutoff Interest Collected 1,433,998.61 107,552.78
Plus, Principal Collected 3,273,570.64 656,561.14
Plus, Liquidation Proceeds 2,336.84 0.00
Plus, Advances 1,046,608.40 88,405.81
Less, Recovery (1,046,608.40) (88,405.81)
Less, Service Fee Collected (75,816.50) (6,428.83)
Less, Excess Spread (441,929.31) (33,639.19)
--------------- ---------------
Available Payment Amount 4,192,160.28 724,045.90
Plus, Spread Account Amount 22,367.50 0.00
Less, Class A Interest Remittance (867,259.52) (63,660.11)
Less, Class A Principal Remittance (3,298,274.98) (656,561.14)
Less, Monthly Premium (12,250.24) (1,021.45)
Less, LOC Fees 0.00 0.00
Additional Amounts Deposited at Closing --------------- ---------------
Collection Excess (Shortage) 36,743.04 2,803.20
- -------------------------------------------- --------------- ---------------
Total Due Class R
- --------------------------------------------
Class R Wire 99.9999%
- --------------------------------------------
Reimbursement To Servicer from Spread
- --------------------------------------------
Reimbursement To Servicer from Excess Coll.
- --------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
EFT 1996-A 02/13/97
Monthly Recap & Distribution 02:27 PM
Company 434 & 435
CUTOFF DATE: September 1, 1996 ERR
- ---------------------------------------------------------------------------------------------
Due Period December, 1996
Monthly Payment Date January 15
Group Aggregate (Co. 426 & 427)
Remittance Number 4
- ---------------------------------------------------------------------------------------------
<S> <C>
Interest Collected 1,550,676.93
Less, Pre-Cutoff Interest (9,125.54)
---------------
Total Post Cutoff Interest Collected 1,541,551.39
Plus, Principal Collected 3,930,131.78
Plus, Liquidation Proceeds 2,336.84
Plus, Advances 1,135,014.21
Less, Recovery (1,135,014.21)
Less, Service Fee Collected (82,245.33)
Less, Excess Spread (475,568.50)
Available Payment Amount 4,916,206.18
Plus, Spread Account Amount 22,367.50
Less, Class A Interest Remittance (930,919.63)
Less, Class A Principal Remittance (3,954,836.12)
Less, Monthly Premium (13,271.69)
Less, LOC Fees 0.00
Additional Amounts Deposited At Closing
---------------
Collection Excess (Shortage) 39,546.24
- -------------------------------------------- ---------------
Total Due Class R 0.00
- -------------------------------------------- --------------
Class R Wire 99.9999% 0.00
- -------------------------------------------- --------------
Reimbursement To Servicer from Spread 0.00
- -------------------------------------------- --------------
Reimbursement To Servicer from Excess Coll. 39,546.24
- --------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
EFT 1996-A 02/13/97
Monthly Recap & Distribution 02:27 PM
Company 434 & 435
FINAL
CUTOFF DATE: September 1, 1996
- ---------------------------------------------------------------------------------------------------------------------
Due Period December, 1996 December, 1996
Monthly Payment Date January 15 January 15
Group Fixed Rate Group (Co. 434) Adjustable Rate Group (Co. 435)
Remittance Number 4 4
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Monthly Advance (from MTG1711) 1,046,608.40 88,405.81
Recovery (from MTG1711) (1,083,351.44) (91,209.01)
Mortgage Loan Losses (Liq. Reports) 22,367.50 0.00
P&I Account Shortage (Before Adjustment) 0.00 0.00
P&I Account Shortage (After Adjustment) 0.00 0.00
Advances Recovered 36,743.04 2,803.20 (should = line 106)
Original Recovery Difference 36,743.04 2,803.20
Outstanding Advances
CPR
% Outstanding to Org UPB
Class A1 Final Payment Date
Days in Due Period (Last Dist. Date to Curr Dist Date) n/a 30
Don't include distribution date twice.
Libor as stated by Trustee 2 days prior to Dist. DECEMBER 13 5.605470%
UPB of three largest outstanding loans
UPB of loans over 90 days delinquent
Base Spread Account Requirement
Aggregate Loan Losses
Payment Number
--------------- ---------------
WAP WAP
CLASS A1 4,009,246.42 CLASS A1 4,009,246.42
CLASS A2 2,613,200.00 CLASS A2 2,613,200.00
CLASS A3 1,778,700.00 CLASS A3 1,778,700.00
CLASS A4 710,400.00 CLASS A4 710,400.00
CLASS A5 1,082,829.00 CLASS A5 1,082,829.00
---------------
CLASS A6 735,153.27
10,194,375.42 ---------------
Will Change 8/1/2000 WAP EOM 6.935% 10,929,528.69
--------------- WAP EOM 6.863%
---------------
</TABLE>
<TABLE>
<CAPTION>
EFT 1996-A
Monthly Recap & Distribution
Company 434 & 435
CUTOFF DATE: September 1, 1996 ERR
- -------------------------------------------------------------------------------------------------
Due Period December, 1996
Monthly Payment Date January 15
Group Aggregate (Co. 426 & 427)
Remittance Number 4
- -------------------------------------------------------------------------------------------------
<S> <C>
Monthly Advance (from MTG1711) 1,135,014.21
Recovery (from MTG1711) (1,174,560.45)
Mortgage Loan Losses (Liq. Reports) 22,367.50
P&I Account Shortage (Before Adjustment) 0.00
P&I Account Shortage (After Adjustment) 0.00
Advances Recovered 39,546.24
Original Recovery Difference 39,546.24
Outstanding Advances 146,735.97
CPR 24.46%
% Outstanding to Org UPB 93.21%
Class A1 Final Payment Date September 15, 2010
Days in Due Period (Last Dist. Date to Curr Dist Date) n/a
Don't include distribution date twice.
Libor as stated by Trustee 2 days prior to Dist.
UPB of three largest outstanding loans 1,107,558.03
UPB of loans over 90 days delinquent 2,373,894.03
Base Spread Account Requirement 8,160,934.00
Aggregate Loan Losses 22,367.50
Payment Number 4
-----------------------------------------
SPECIFIED SPREAD CALC.
Calc. (X)(a) 8,160,934.00
Calc. (X)(b) 1,107,558.03
Calc. (X)(c) 0.00
Calc (Y)(a) 0.00
Calc (Y)(b) 0.00
Calc (Y)(c) 0.00
-----------------------------------------
-----------------------------------------
SUBORDINATED AMOUNT
August 1, 1995 18,077,380.00
Cumm. ES Recpts. 22,367.50
-------------
Current Sub. Amt. 18,055,012.50
-------------
-----------------------------------------
-----------------------------------------
BASE SPREAD REQUIREMENT
(X) 8,160,934.00
(Y)(a) 0.00
(Y)(b) 0.00
(Y)(c) 0.00
(Y)(d) 0.00
0.00
-----------------------------------------
</TABLE>
3