<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 1996-3
----------------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
DELAWARE 33-99344 59-3392265
- --------------- ---------------- ------------------
(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 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 settleamount of $352,000 in full compromise and settlement of
all claims of plainiff and class members. By reaching agreement
in priciple to settle the case, EquiCredit does 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 1996-3
(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 ]
-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
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
- --------------------------------------------------------------------------------
FROM AUG. 15, 1997
TO SEPT. 15, 1997
TOTAL
--------- --------------
(i) AVAILABLE PAYMENT AMOUNT........................... 16,916,632.32
Portions subject to bankrupty.................... 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)........... 14,959,808.82
CLASS A-2 PRINCIPAL BALANCE (Beginning)........... 106,470,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)........... 103,690,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)........... 92,740,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)........... 32,150,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)........... 60,110,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)........... 36,580,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)........... 20,460,000.00
CLASS A-9 PRINCIPAL BALANCE (Beginning)........... 59,000,000.00
POOL PRINCIPAL BALANCE (Beginning)................ 526,159,808.82
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS.................. 317
PRINCIPAL BALANCE OF MORTGAGES PREPAYING......... 13,108,291.34
<PAGE>
(iv) AMOUNT OF CURTAILMENTS RECEIVED.................. 88,850.36
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED........................ 765,564.87
(vi) INTEREST RECEIVED ON MORTGAGES................... 4,477,989.99
(vii) AGGREGATE ADVANCES............................... 3,724,481.22
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER..................................... 270
PRINCIPAL BALANCE.......................... 11,769,612.29
% OF PRINCIPAL............................. 2.300000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER..................................... 133
PRINCIPAL BALANCE.......................... 5,972,299.00
% OF PRINCIPAL............................. 1.170000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER..................................... 302
PRINCIPAL BALANCE.......................... 14,907,058.70
% OF PRINCIPAL............................. 2.910000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER..................................... 125
PRINCIPAL BALANCE.......................... 5,486,672.42
% OF PRINCIPAL............................. 1.070000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER..................................... 8
PRINCIPAL BALANCE.......................... 329,926.27
% OF PRINCIPAL............................. 0.06%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
<PAGE>
NUMBER..................................... 11
PRINCIPAL BALANCE.......................... 344,656.92
% OF PRINCIPAL............................. 0.07%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER..................................... 55
PRINCIPAL BALANCE.......................... 2,419,099.30
% OF PRINCIPAL............................. 0.47%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER..................................... 99
PRINCIPAL BALANCE.......................... 5,119,335.81
% OF PRINCIPAL............................. 1.000000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in
(viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER..................................... 1
PRINCIPAL BALANCE.......................... 12,426.52
% OF PRINCIPAL............................. 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER..................................... 2
PRINCIPAL BALANCE.......................... 106,355.21
% OF PRINCIPAL............................. 0.02%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR
MORE:
NUMBER..................................... 95
PRINCIPAL BALANCE.......................... 4,950,894.50
% OF PRINCIPAL............................. 0.97%
d. MORTGAGES IN REO (TOTAL-included in 90 days or
more in (viii)a. above):
NUMBER..................................... 0
PRINCIPAL BALANCE.......................... 0.00
% OF PRINCIPAL............................. 0.00%
e. MORTGAGE LOAN LOSSES......................... 37,186.65
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE.......... 910,161.19
<PAGE>
ENDING CLASS A-2 PRINCIPAL BALANCE.......... 106,470,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE.......... 103,690,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE.......... 92,740,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE.......... 32,150,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE.......... 60,110,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE.......... 36,580,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE.......... 20,460,000.00
ENDING CLASS A-9 PRINCIPAL BALANCE.......... 59,000,000.00
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE
LOANS...................................... 164.48273943
WEIGHTED AVERAGE MORTGAGE INTEREST RATE..... 10.80242906%
(xi) SERVICING FEES PAID......................... 249,115.61
SERVICING FEES ACCRUED...................... 258,642.07
(xii) SECTION 5.04 SERVICER PAYMENTS OR
REIMBSMTS.................................. 7,825.09
(xiii) POOL PRINCIPAL BALANCE (ENDING)............. 512,110,161.19
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER................................ (0.00)
TO REPRESENTATIVE.......................... 0.00
TO DEPOSITORS.............................. 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING
(BEGINNING)................................. 12,396
NUMBER OF MORTGAGES OUTSTANDING (END)....... 11,804
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS........................................ 4,658,549.97
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.11%...... 356,691.93
MORTGAGE INTEREST RATES LESS THAN 8.01%...... 233,101.30
<PAGE>
(xix) SUBORDINATED AMOUNT (REMAINING).............. 68,043,690.63
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS). 14,383,597.88
EXCESS SPREAD................................ 1,495,736.56
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS... 278,329.37
(xx) AGGREGATE MORTGAGE LOAN LOSSES............... 278,329.37
<PAGE>
- --------------------------------------------------------------------------------
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
- --------------------------------------------------------------------------------
FROM: Aug. 15, 1997
TO: Sept. 15, 1997
<TABLE>
<CAPTION>
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE
- ------------ ----- --------- ---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1... 5.790000% December 15, 2002 78,800,000.00 14,959,808.82 14,049,647.63 910,161.19
CLASS A-2... 6.100000% October 15, 2003 106,470,000.00 106,470,000.00 0.00 106,470,000.00
CLASS A-3... 6.260000% November 15, 2006 103,690,000.00 103,690,000.00 0.00 103,690,000.00
CLASS A-4... 6.470000% August 15, 2010 92,740,000.00 92,740,000.00 0.00 92,740,000.00
CLASS A-5... 6.710000% July 15, 2011 32,150,000.00 32,150,000.00 0.00 32,150,000.00
CLASS A-6... 6.880000% July 15, 2014 60,110,000.00 60,110,000.00 0.00 60,110,000.00
CLASS A-7... 7.140000% June 15, 2023 36,580,000.00 36,580,000.00 0.00 36,580,000.00
CLASS A-8... 7.410000% January 15, 2028 20,460,000.00 20,460,000.00 0.00 20,460,000.00
CLASS A-9... 6.890000% January 15, 2028 59,000,000.00 59,000,000.00 0.00 59,000,000.00
CLASS R..... VARIABLE January 15, 2028 0.00 0.00 0.00 0.00
---------------- ----------------- ---------------- ----------------
TOTAL............ 590,000,000.00 526,159,808.82 14,049,647.63 512,110,161.19
<CAPTION>
BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000
----- ---------- ---------- ----------
<S> <C> <C> <C> <C>
CLASS A-1... 268917CQ2 189.84528959 178.29502069 11.55026891
CLASS A-2... 288917CR0 1,000.00000000 0.00000000 1000.00000000
CLASS A-3... 268917CS8 1,000.00000000 0.00000000 1000.00000000
CLASS A-4... 268917CT6 1,000.00000000 0.00000000 1000.00000000
CLASS A-5... 268917CU3 1,000.00000000 0.00000000 1000.00000000
CLASS A-6... 268917CV1 1,000.00000000 0.00000000 1000.00000000
CLASS A-7... 268917CW9 1,000.00000000 0.00000000 1000.00000000
CLASS A-8... 268917CX7 1,000.00000000 0.00000000 1000.00000000
CLASS A-9... 268917CY5 1,000.00000000 0.00000000 1000.00000000
CLASS R
<CAPTION>
SECURITY INTEREST
DESCRIPTION PAYABLE
- ------------ ------------
<S> <C>
CLASS A-1... 72,181.08
CLASS A-2... 541,222.50
CLASS A-3... 540,916.17
CLASS A-4... 500,023.17
CLASS A-5... 179,772.08
CLASS A-6... 344,630.67
CLASS A-7... 217,651.00
CLASS A-8... 126,340.50
CLASS A-9... 338,758.33
CLASS R..... 0.00
------------
TOTAL....... 2,861,495.49
<CAPTION>
BALANCE
PER $1,000
-----------
<S> <C>
CLASS A-1... 0.91600352
CLASS A-2... 5.08333333
CLASS A-3... 5.21666667
CLASS A-4... 5.39166667
CLASS A-5... 5.59166667
CLASS A-6... 5.73333333
CLASS A-7... 5.95000000
CLASS A-8... 6.17500000
CLASS A-9... 5.74166667
CLASS R
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PYMT PER FROM DATE AUG. 15, 1997
PYMT PER TO DATE SEPT. 15, 1997
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
-------------- -------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
78,800,000.00 106,470,000.00 103,690,000.00 92,740,000.00 32,150,000.00
CLASS A-1 PRINCIPAL BALANCE
(Beginning).................... 14,959,808.82 189.84528959
CLASS A-2 PRINCIPAL BALANCE
(Beginning)................... 106,470,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning)................... 103,690,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(Beginning)................... 92,740,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning)................... 32,150,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning)................... 60,110,000.00
CLASS A-7 PRINCIPAL BALANCE
(Beginning)................... 36,580,000.00
CLASS A-8 PRINCIPAL BALANCE
(Beginning)................... 20,460,000.00
CLASS A-9 PRINCIPAL BALANCE
(Beginning)................... 59,000,000.00
Total POOL PRINCIPAL BALANCE
(Beginning)................... 526,159,808.82 6677.15493426 4941.85976162 5074.35441045 5673.49373323 16365.77943453
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS. 317
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING..................... 13,108,291.34 166.34887487
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED...................... 88,850.36 1.12754264
0.00000000 0.00000000 0.00000000
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF - MONTHLY PAYMENTS
RECEIVED-- Total Pool......... 765,564.87 9.71529023
ENDING CLASS A-1 PRINCIPAL
BALANCE....................... 910,161.19 11.55026891
ENDING CLASS A-2 PRINCIPAL
BALANCE.......................106,470,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE.......................103,690,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE....................... 92,740,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE....................... 32,150,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE....................... 60,110,000.00
ENDING CLASS A-7 PRINCIPAL
BALANCE....................... 36,580,000.00
ENDING CLASS A-8 PRINCIPAL
BALANCE....................... 20,460,000.00
ENDING CLASS A-9 PRINCIPAL
BALANCE....................... 59,000,000.00
Total POOL PRINCIPAL BALANCE
(Ending)......................512,110,161.19 6498.85991358 4809.90101615 4938.85776054 5521.99871889 15928.77639782
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
FROM AUG. 15, 1997
TO SEPT. 15, 1997
<TABLE>
<CAPTION>
TOTAL
----------------
<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT...................................................... 16,916,632.32
Portions subject to bankrupty............................................... 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)....................................... 14,959,808.82
CLASS A-2 PRINCIPAL BALANCE (Beginning)....................................... 106,470,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)....................................... 103,690,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning)....................................... 92,740,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)....................................... 32,150,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)....................................... 60,110,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)....................................... 36,580,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)....................................... 20,460,000.00
CLASS A-9 PRINCIPAL BALANCE (Beginning)....................................... 59,000,000.00
POOL PRINCIPAL BALANCE (Beginning)............................................ 526,159,808.82
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS............................................... 317
PRINCIPAL BALANCE OF MORTGAGES PREPAYING...................................... 13,108,291.34
<PAGE>
(iv) AMOUNT OF CURTAILMENTS RECEIVED............................................... 88,850.36
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED..................................................... 765,564.87
(vi) INTEREST RECEIVED ON MORTGAGES................................................ 4,477,989.99
(vii) AGGREGATE ADVANCES............................................................ 3,724,481.22
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER...................................................................... 270
PRINCIPAL BALANCE........................................................... 11,769,612.29
% OF PRINCIPAL.............................................................. 2.300000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER...................................................................... 133
PRINCIPAL BALANCE........................................................... 5,972,299.00
% OF PRINCIPAL.............................................................. 1.170000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER...................................................................... 302
PRINCIPAL BALANCE........................................................... 14,907,058.70
% OF PRINCIPAL.............................................................. 2.910000%
b. MORTGAGES IN BANKRUPTCY (TOTAL) NUMBER........................................ 125
PRINCIPAL BALANCE........................................................... 5,486,672.42
% OF PRINCIPAL.............................................................. 1.070000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER...................................................................... 8
PRINCIPAL BALANCE........................................................... 329,926.27
% OF PRINCIPAL.............................................................. 0.06%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
<PAGE>
NUMBER...................................................................... 11
PRINCIPAL BALANCE........................................................... 344,656.92
% OF PRINCIPAL.............................................................. 0.07%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER...................................................................... 55
PRINCIPAL BALANCE........................................................... 2,419,099.30
% OF PRINCIPAL.............................................................. 0.47%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER...................................................................... 99
PRINCIPAL BALANCE........................................................... 5,119,335.81
% OF PRINCIPAL.............................................................. 1.000000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER...................................................................... 1
PRINCIPAL BALANCE........................................................... 12,426.52
% OF PRINCIPAL.............................................................. 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER...................................................................... 2
PRINCIPAL BALANCE........................................................... 106,355.21
% OF PRINCIPAL.............................................................. 0.02%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER...................................................................... 95
PRINCIPAL BALANCE........................................................... 4,950,894.50
% OF PRINCIPAL.............................................................. 0.97%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER...................................................................... 0
PRINCIPAL BALANCE........................................................... 0.00
% OF PRINCIPAL.............................................................. 0.00%
e. MORTGAGE LOAN LOSSES.......................................................... 37,186.65
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE............................................ 910,161.19
<PAGE>
ENDING CLASS A-2 PRINCIPAL BALANCE............................................ 106,470,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE............................................ 103,690,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE............................................ 92,740,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE............................................ 32,150,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE............................................ 60,110,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE............................................ 36,580,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE............................................ 20,460,000.00
ENDING CLASS A-9 PRINCIPAL BALANCE............................................ 59,000,000.00
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS................................... 164.48273943
WEIGHTED AVERAGE MORTGAGE INTEREST RATE....................................... 10.80242906%
(xi) SERVICING FEES PAID........................................................... 249,115.61
SERVICING FEES ACCRUED........................................................ 258,642.07
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS................................... 7,825.09
(xiii) POOL PRINCIPAL BALANCE (ENDING)............................................... 512,110,161.19
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER.................................................................. (0.00)
TO REPRESENTATIVE............................................................ 0.00
TO DEPOSITORS................................................................ 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)................................... 12,396
NUMBER OF MORTGAGES OUTSTANDING (END)......................................... 11,804
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS.............................. 4,658,549.97
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.11%....................................... 356,691.93
MORTGAGE INTEREST RATES LESS THAN 8.01%....................................... 233,101.30
<PAGE>
(xix) SUBORDINATED AMOUNT (REMAINING)............................................... 68,043,690.63
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS).................................. 14,383,597.88
EXCESS SPREAD................................................................. 1,495,736.56
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS.................................... 278,329.37
(xx) AGGREGATE MORTGAGE LOAN LOSSES................................................ 278,329.37
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
FROM: Aug. 15, 1997
TO: Sept. 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........... 5.790000% December 15, 2002 78,800,000.00 14,959,808.82 14,049,647.63 910,161.19 72,181.08
CLASS A-2........... 6.100000% October 15, 2003 106,470,000.00 106,470,000.00 0.00 106,470,000.00 541,222.50
CLASS A-3........... 6.260000% November 15, 2006 103,690,000.00 103,690,000.00 0.00 103,690,000.00 540,916.17
CLASS A-4........... 6.470000% August 15, 2010 92,740,000.00 92,740,000.00 0.00 92,740,000.00 500,023.17
CLASS A-5........... 6.710000% July 15, 2011 32,150,000.00 32,150,000.00 0.00 32,150,000.00 179,772.08
CLASS A-6........... 6.880000% July 15, 2014 60,110,000.00 60,110,000.00 0.00 60,110,000.00 344,630.67
CLASS A-7........... 7.140000% June 15, 2023 36,580,000.00 36,580,000.00 0.00 36,580,000.00 217,651.00
CLASS A-8........... 7.410000% January 15, 2028 20,460,000.00 20,460,000.00 0.00 20,460,000.00 126,340.50
CLASS A-9........... 6.890000% January 15, 2028 59,000,000.00 59,000,000.00 0.00 59,000,000.00 338,758.33
CLASS R............. VARIABLE January 15, 2028 0.00 0.00 0.00 0.00 0.00
-------------- --------------- ------------- -------------- ------------
TOTAL............. 590,000,000.00 526,159,808.82 14,049,647.63 512,110,161.19 2,861,495.49
</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........... 268917CQ2 189.84528959 178.29502069 11.55026891 0.91600352
CLASS A-2........... 288917CR0 1,000.00000000 0.00000000 1000.00000000 5.08333333
CLASS A-3........... 268917CS8 1,000.00000000 0.00000000 1000.00000000 5.21666667
CLASS A-4........... 268917CT6 1,000.00000000 0.00000000 1000.00000000 5.39166667
CLASS A-5........... 268917CU3 1,000.00000000 0.00000000 1000.00000000 5.59166667
CLASS A-6........... 268917CV1 1,000.00000000 0.00000000 1000.00000000 5.73333333
CLASS A-7........... 268917CW9 1,000.00000000 0.00000000 1000.00000000 5.95000000
CLASS A-8........... 268917CX7 1,000.00000000 0.00000000 1000.00000000 6.17500000
CLASS A-9........... 268917CY5 1,000.00000000 0.00000000 1000.00000000 5.74166667
CLASS R.............
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
PYMT PER FROM DATE AUG. 15, 1997
PYMT PER TO DATE SEPT. 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
78,800,000.00 106,470,000.00 103,690,000.00 92,740,000.00 32,150,000.00
------------- -------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)................ 14,959,808.82 189.84528959
CLASS A-2 PRINCIPAL BALANCE
(Beginning)................106,470,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning)................103,690,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(Beginning)................ 92,740,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning)................ 32,150,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning)................ 60,110,000.00
CLASS A-7 PRINCIPAL BALANCE
(Beginning)................ 36,580,000.00
CLASS A-8 PRINCIPAL BALANCE
(Beginning)................ 20,460,000.00
CLASS A-9 PRINCIPAL BALANCE
(Beginning)................ 59,000,000.00
Total POOL PRINCIPAL BALANCE
(Beginning)................526,159,808.82 6677.15493426 4941.85976162 5074.35441045 5673.49373323 16365.77943453
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS................ 317
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING.................. 13,108,291.34 166.34887487
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED................... 88,850.36 1.12754264
0.00000000 0.00000000 0.00000000
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF - MONTHLY PAYMENTS
RECEIVED-- Total Pool...... 765,564.87 9.71529023
ENDING CLASS A-1 PRINCIPAL
BALANCE.................... 910,161.19 11.55026891
ENDING CLASS A-2 PRINCIPAL
BALANCE....................106,470,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE....................103,690,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE.................... 92,740,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE.................... 32,150,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE.................... 60,110,000.00
ENDING CLASS A-7 PRINCIPAL
BALANCE.................... 36,580,000.00
ENDING CLASS A-8 PRINCIPAL
BALANCE.................... 20,460,000.00
ENDING CLASS A-9 PRINCIPAL
BALANCE.................... 59,000,000.00
Total POOL PRINCIPAL BALANCE
(Ending)...................512,110,161.19 6498.85991358 4809.90101615 4938.85776054 5521.99871889 15928.77639782
</TABLE>
