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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): December 15, 1997
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EQCC HOME EQUITY LOAN TRUST 1996-4
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(Exact name of registrant as specified in governing instruments)
33-99344
Delaware 33-99344-01 59-3413237
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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 9
Exhibit Index Located at Page 5
Page 1 of 9
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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.
2
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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]
3
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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 1996-4
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
December 15, 1997 BY: /s/ JOHN D. EVANS, JR.
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John D. Evans, Jr
Senior Vice President
4
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<TABLE>
<CAPTION>
INDEX TO EXHIBITS
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Sequentially
EXHIBIT Numbered
NUMBER Exhibit Page
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<S> <C> <C>
99-- Trustee's Remittance Report in respect of the August Remittance Date. 7
</TABLE>
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
5
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EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
6
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
<TABLE>
<S> <C>
FROM Dec. 15, 1997
TO Jan. 15, 1998
</TABLE>
<TABLE>
<CAPTION>
TOTAL
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<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT............................................ 19,344,947.15
Portions subject to bankrupty..................................... 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)............................. 0.00
CLASS A-2 PRINCIPAL BALANCE (Beginning)............................. 63,478,644.27
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).................................. 468,208,644.27
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS..................................... 376
PRINCIPAL BALANCE OF MORTGAGES PREPAYING............................ 15,807,477.76
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(iv) AMOUNT OF CURTAILMENTS RECEIVED..................................... 263,656.27
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED........................................... 733,010.03
(vi) INTEREST RECEIVED ON MORTGAGES...................................... 4,170,693.11
(vii) AGGREGATE ADVANCES.................................................. 3,022,080.33
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 273
PRINCIPAL BALANCE................................................ 11,560,629.58
% OF PRINCIPAL................................................... 2.560000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 123
PRINCIPAL BALANCE................................................ 5,423,574.96
% OF PRINCIPAL................................................... 1.200000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER........................................................... 432
PRINCIPAL BALANCE................................................ 21,367,225.67
% OF PRINCIPAL................................................... 4.740000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER........................................................... 199
PRINCIPAL BALANCE................................................ 8,796,187.87
% OF PRINCIPAL................................................... 1.950000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER........................................................... 23
PRINCIPAL BALANCE................................................ 834,968.08
% OF PRINCIPAL................................................... 0.19%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
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NUMBER.............................................................. 18
PRINCIPAL BALANCE................................................... 793,712.14
% OF PRINCIPAL...................................................... 0.18%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER........................................................... 94
PRINCIPAL BALANCE................................................ 4,613,735.15
% OF PRINCIPAL................................................... 1.02%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER........................................................... 171
PRINCIPAL BALANCE................................................ 8,622,416.16
% OF PRINCIPAL................................................... 1.910000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER........................................................... 2
PRINCIPAL BALANCE................................................ 32,100.25
% OF PRINCIPAL................................................... 0.01%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER........................................................... 2
PRINCIPAL BALANCE................................................ 163,037.66
% OF PRINCIPAL................................................... 0.04%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER........................................................... 162
PRINCIPAL BALANCE................................................ 8,247,763.08
% OF PRINCIPAL................................................... 1.83%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii) a. above):
NUMBER........................................................... 7
PRINCIPAL BALANCE................................................ 324,920.22
% OF PRINCIPAL................................................... 0.07%
e. MORTGAGE LOAN LOSSES 141,204.66
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE.................................. 0.00
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ENDING CLASS A-2 PRINCIPAL BALANCE.................................. 46,420,137.18
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......................... 160.98151658
WEIGHTED AVERAGE MORTGAGE INTEREST RATE............................. 10.76721179%
(xi) SERVICING FEES PAID................................................. 232,595.29
SERVICING FEES ACCRUED.............................................. 227,416.08
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS......................... 16,697.48
(xiii) POOL PRINCIPAL BALANCE (ENDING)..................................... 451,150,137.18
(xiv) RESERVED............................................................
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER....................................................... 0.00
TO REPRESENTATIVE................................................. 0.00
TO DEPOSITORS..................................................... 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)......................... 10,815
NUMBER OF MORTGAGES OUTSTANDING (END)............................... 10,439
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS.................... 4,081,386.29
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.11%............................. 354,443.92
MORTGAGE INTEREST RATES LESS THAN 8.01%............................. 231,723.67
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(xix) SUBORDINATED AMOUNT (REMAINING)..................................... 67,503,944.02
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)........................ 19,293,256.86
EXCESS SPREAD....................................................... 1,245,599.34
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS.......................... 818,075.98
(xx) AGGREGATE MORTGAGE LOAN LOSSES...................................... 818,075.98
</TABLE>
