<PAGE>
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): January 15, 1997
----------------
EQCC HOME EQUITY LOAN TRUST 1996-4
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
33-99344
DELAWARE 33-99344-01 59-3413237
- ----------------- --------------- ------------
(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
---------------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Total Number of Pages -9-
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Exhibit Index Located at Page 5
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Page 1 of 9
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-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.
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-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]
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-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 1996-4
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
January 15, 1997 BY: /s/ RODOLFO F. ENGMANN
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Rodolfo F. Engmann
Executive Vice President
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-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------ ------- ----------------
99 -- Trustee's Remittance Report in respect of 7
the August Remittance Date.
[ 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>
EquiCredit Corporation Secondary Marketing Department
EQCC 1996-4
MONTHLY RECAP & DISTRIBUTION
COMPANY 436
FINAL
CUTOFF DATE: DECEMBER 1, 1996
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Due Period December, 1996
Monthly Payment Date January, 15, 1997
Fixed Rate Group Co. 436
Remittance Number 1
- --------------------------------------------------------------------------------
Class A-1 Principal Balance-BOM 78,800,000.00
Class A-2 Principal Balance-BOM 106,470,000.00
Class A-3 Principal Balance-BOM 103,690,000.00
Class A-4 Principal Balance-BOM 92,740,000.00
Class A-5 Principal Balance-BOM 32,150,000.00
Class A-6 Principal Balance-BOM 60,110,000.00
Class A-7 Principal Balance-BOM 36,580,000.00
Class A-8 Principal Balance-BOM 20,460,000.00
Class A-9 Principal Balance-BOM 59,000,000.00
----------------
Total Class A Principal Balance - BOM 590,000,000.00
Class A-1 Principal Balance - EOM 73,949,303.05
Class A-2 Principal Balance - EOM 106,470,000.00
Class A-3 Principal Balance - EOM 103,690,000.00
Class A-4 Principal Balance - EOM 92,740,000.00
Class A-5 Principal Balance - EOM 32,150,000.00
Class A-6 Principal Balance - EOM 60,110,000.00
Class A-7 Principal Balance - EOM 36,580,000.00
Class A-8 Principal Balance - EOM 20,460,000.00
Class A-9 Principal Balance - EOM 59,000,000.00
----------------
Total Class A Principal Balance - EOM 585,149,303.05
Number of Accounts BOM 13,526
Number of Accounts EOM 13,434
Class A-1 Principal Remittance 4,850,696.95
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 0.00
Class A-7 Principal Remittance 0.00
Class A-8 Principal Remittance 0.00
Class A-9 Principal Remittance 0.00
--------------
Total Class A Remittance Amount 4,850,696.95
Class A-1 Cert.ificate Pass-Thru Rate 5.790%
Class A-2 Cert.ificate Pass-Thru Rate 6.100%
Class A-3 Cert.ificate Pass-Thru Rate 6.260%
Class A-4 Cert.ificate Pass-Thru Rate 6.470%
Class A-5 Cert.ificate Pass-Thru Rate 6.710%
Class A-6 Cert.ificate Pass-Thru Rate 6.880%
Class A-7 Cert.ificate Pass-Thru Rate 7.140%
Class A-8 Cert.ificate Pass-Thru Rate 7.410%
Class A-9 Cert.ificate Pass-Thru Rate 6.890%
WAC BOM 10.825819%
WAC EOM 10.850420%
WAP BOM 6.446%
WAP EOM 6.452%
WAM BOM 171.81
WAM EOM 171.64
WANMIR 10.15%
Curtailments 46,525.83
Prepayment Amount 4,055,099.04 4,101,624.87
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Liquidated Principal 0.00
Number of Prepayments & Liquidations 92
Number of Liquidated accounts only 0
1
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EQCC 1996-4
MONTHLY RECAP & DISTRIBUTION
COMPANY 436
FINAL
CUTOFF DATE: DECEMBER 1, 1996
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Aggregate Interest Accrued 5,271,904.24
Less, Class A-1 Interest Accrued (380,210.00)
Less, Class A-2 Interest Accrued (541,222.50)
Less, Class A-3 Interest Accrued (540,916.17)
Less, Class A-4 Interest Accrued (500,023.17)
Less, Class A-5 Interest Accrued (179,772.08)
Less, Class A-6 Interest Accrued (344,630.67)
Less, Class A-7 Interest Accrued (217,651.00)
Less, Class A-8 Interest Accrued (126,340.50)
Less, Class A-9 Interest Accrued (338,758.33)
---------------
(3,169,524.42)
Less, Monthly Premium (48,762.44)
Less, LOC Fees 0.00
Less, Service Fees Accrued (290,732.40)
----------------
Excess Spread 1,762,884.98
Spread Account Balance Previous Month 1,227,200.00
Investment Earnings 177.49
Spread Account Amount - Mortgage Loan Losses 0.00
Spread Account Amount - Advances 0.00
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Spread Account Balance Before Distribution 2,990,262.47
LOC Account Balance Before Distribution 0.00
Specified Spread Account Requirement 26,384,808.00
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Spread Account Excess/(Deficit) (23,394,545.53)
Reimbursable Amounts Due Servicer from Current Month 0.00
Reimbursable Amounts from Previous Months 0.00
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Reimbursable Amounts Wired to Servicer 0.00
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Spread Account Excess Wired to Servicer 0.00
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Reimbursable Amounts Carried Forward 0.00
Spread Account Balance After Distribution 2,990,262.47
Interest Collected 5,130,858.25
Less, Pre-Cutoff Interest (4,170,235.85)
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Total Post Cutoff Interest Collected 960,622.40
Plus, Principal Collected 4,850,868.25
Plus, Liquidation Proceeds 0.00
Plus, Advances 4,073,220.66
Less, Recovery 0.00
Less, Service Fee Collected (52,671.22)
Less, Excess Spread (1,762,884.98)
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Available Payment Amount 8,069,155.11
Plus, Spread Account Amount 0.00
Less, Class A Interest Remittance (3,169,524.42)
Less, Class A Principal Remittance (4,850,696.95)
Less, Monthly Premium (48,762.44)
Less, LOC Fees 0.00
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COLLECTION EXCESS (SHORTAGE) 171.30
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Total Due Class R 0.00
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Class R Wire 99.9999% 0.00
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Reimbursement To Servicer from Spread 0.00
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Reimbursement To Servicer from Collections 171.30
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2
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EQCC 1996-4
MONTHLY RECAP & DISTRIBUTION
COMPANY 436
FINAL
CUTOFF DATE: DECEMBER 1, 1996
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Monthly Advance (from MTG1711) 4,073,220.66
Recovery (from MTG1711) 0.00
Mortgage Loan Losses (Liq. Reports) 0.00
P&I Account Shortage (Before Adjustment) 0.00
P&I Account Shortage (FINAL) 0.00
Advances Recovered (FINAL) 0.00
Original Recovery Difference 0.00
CPR 8.03%
% Outstanding to Org. UPB 177.32%
Class A1 Final Pmt Date. Nov. 15, 2022
Outstanding Advances 0.00
UPB of three largest outstanding loans 1,014,497.59
UPB of loans over 90 days delinquent 390,732.73
Aggregate Loan Losses 0.00
No. Months Since Closing 1
<TABLE>
<CAPTION>
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WAP EOM BASE SPREAD REQUIREMENT
--------------------------------- ------------------------------------
<S> <C> <C>
CLASS A1 4,281,664.65 Calc (a) 26,384,808.00
CLASS A2 6,494,670.00 Calc (b) 0.00
CLASS A3 6,490,994.00 Calc (c) 0.00
CLASS A4 6,000,278.00 Calc (d) 0.00
CLASS A5 2,157,265.00
CLASS A6 4,135,568.00
CLASS A7 2,611,812.00 CLASS A-9 REMITTANCE AMOUNT
CLASS A8 1,516,086.00 ------------------------------------
CLASS A9 4,065,100.00 1/97 thru 12/99 (a) 0.00*
37,753,437.65 1/97 thru 12/99 (b) 600,000,000.00*
WAP EOM 6.452% 1/97 thru 12/99 (c) 600,000,000.00*
1/00 thru 12/01 (a) 600,000,000.00*
1/00 thru 12/01 (b) 600,000,000.00*
-------------------------------- 1/00 thru 12/01 (c) 600,000,000.00*
SPECIFIED SPREAD CALC. 1/02 thru 12/02 (a) 600,000,000.00*
1/02 thru 120/2 (b) 600,000,000.00*
Calc (X)(a) 26,384,808.00 1/02 thru 12/02 (c) 600,000,000.00*
Calc (X)(b) 1,014,497.59 2/03 thru 12/03 (a) 600,000,000.00*
Calc (X)(c) 0.00 2/03 thru 12/03 (b) 600,000,000.00*
Calc (Y)(a) 0.00 2/03 thru 12/03 (c) 600,000,000.00*
Calc (Y)(b) 0.00 1/04 forward (a) 600,000,000.00*
Calc (Y)(c) 0.00 1/04 forward (b) 600,000,000.00*
1/04 forward (c) 600,000,000.00*
--------------------------------- ------------------------------------
WILL CHANGE 12/1/2001 (CHECK RESTRICTIONS) SUBORDINATED AMOUNT * Since the Class A9 Lockout Remittance
is a "lesser of" function. The default,
Dec. 1, 1996 68,322,020.00 if the test is false, was set at an amt.
Cumm. ES Recpts. 0.00 greater than the remittance could
--------------- possibly be to insure that it would
Current Sub. Amt. 68,322,020.00 never be the lesser choice. In this case
--------------- a default value of zero would be
--------------- seleted in error.
---------------------------------
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