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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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8-K
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 15, 1997
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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 1996-2 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.
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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
April 15, 1997 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Executive Vice President
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INDEX TO EXHIBITS
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SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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99 -- Trustee's Remittance Report in respect 7
of the August 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
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<TABLE>
<CAPTION>
FROM MARCH 17, 1997
TO APRIL 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 5,020,273.55 4,781,247.35 239,026.19
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 56,542,588.61
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) 11,265,403.17
POOL PRINCIPAL BALANCE (Beginning) 152,651,991.78 141,386,588.61 11,265,403.17
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 71 69 2
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,917,272.33 3,737,634.50 179,637.83
(iv) AMOUNT OF CURTAILMENTS RECEIVED 29,524.12 29,524.12 0.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 174,483.42 169,013.00 5,470.42
(vi) INTEREST RECEIVED ON MORTGAGES 1,416,000.58 1,321,681.95 94,318.63
(vii) AGGREGATE ADVANCES 1,068,747.21 988,324.55 80,422.66
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 144 140 4
PRINCIPAL BALANCE 7,112,742.76 6,712,929.26 399,813.50
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% OF PRINCIPAL 4.790000% 4.880000% 3.610000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 31 29 2
PRINCIPAL BALANCE 1,581,332.45 1,423,067.76 158,264.69
% OF PRINCIPAL 1.060000% 1.040000% 1.430000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 82 78 4
PRINCIPAL BALANCE 4,517,000.02 4,217,635.37 299,364.65
% OF PRINCIPAL 3.040000% 3.070000% 2.700000%
MORTGAGES IN FORECLOSURE:
NUMBER 24 24 0
PRINCIPAL BALANCE 1,363,419.74 1,363,419.74 0.00
% OF PRINCIPAL 0.920000% 0.990000% 0.000000%
MORTGAGES IN BANKRUPTCY
NUMBER 50 49 1
PRINCIPAL BALANCE 2,275,616.53 2,203,566.83 72,049.70
% OF PRINCIPAL 1.530000% 1.600000% 0.650000%
MORTGAGE LOAN LOSSES 23,737.79 23,737.79 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 52,582,679.20
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 11,080,294.92
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 232.08442435 224.20267647 329.84016511
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.293522% 10.398114%
(xi) SERVICING FEES PAID 75,561.12 70,053.82 5,507.30
SERVICING FEES ACCRUED 74,515.21 69,155.71 5,359.50
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 148,506,974.12 137,426,679.20 11,080,294.92
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(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 15,116.23
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 3044 2933 0
NUMBER OF MORTGAGES OUTSTANDING (END) 2973 2864 0
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 1,399,838.44 1,306,504.16 93,334.28
(xviii) SUBORDINATED AMOUNT (REMAINING) 18,031,274.71
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 4,757,145.96
EXCESS SPREAD 441,445.78
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 46,105.29
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.45% 2,785,050.30
PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.55% 3,847,911.07
(xx) AGGREGATE MORTGAGE LOAN LOSSES 46105.29
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