<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): May 15, 1997
------------
EQCC HOME EQUITY LOAN TRUST 1997-1
----------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
Delaware 333-20675 59-3353406
--------------- ---------------- -------------------
(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 11
Exhibit Index Located at Page 5
---
Page 1 of 11
<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 1996-1 to holders of
Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class
A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates and Class R
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 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 1996-1
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
May 15, 1997 BY: /s/ STEPHEN R. VETH
---------------------------
Stephen R. Veth
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 ]
<PAGE>
-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
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
PYMT PER FROM DATE April 15, 1997
PYMT PER TO DATE May 15, 1997
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
196,833,000.00 18,259,000.00 127,073,000.00
-------------- -------------- ---------------
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)................ 193,439,032.73 982.75712269
CLASS A-2 PRINCIPAL BALANCE (Beginning)................ 18,259,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning)................ 127,073,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)................ 47,407,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)................ 25,494,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)................ 33,989,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)................ 50,000,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning)................ 97,134,940.48
Fixed Rate POOL PRINCIPAL BALANCE (Beginning).......... 495,661,032.73 2518.18055270 27146.12151432 3900.60069983
Variable Rate POOL PRINCIPAL BALANCE (Beginning)....... 97,134,940.48
Total POOL PRINCIPAL BALANCE (Beginning)............... 592,795,973.21 3011.66965504 32465.96052413 4665.00336980
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS........................ 253
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING.... 4,103,288.77 20.84654895
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING..... 4,323,894.65
PRINCIPAL BALANCE OF MORTGAGES PREPAYING............... 8,427,183.42
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED............. 145,373.26 0.73856142
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED.......... 1,848.73
TOTAL AMOUNT OF CURTAILMENTS RECEIVED.................. 147,221.99
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED-Fixed Rate Pool.............. 821,727.39 4.17474402
MONTHLY PAYMENTS RECEIVED-Var. Rate Pool............... 60,607.05
MONTHLY PAYMENTS RECEIVED-Total Pool................... 882,334.44
ENDING CLASS A-1 PRINCIPAL BALANCE..................... 188,368,643.31 956.99726829
ENDING CLASS A-2 PRINCIPAL BALANCE..................... 18,259,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE..................... 127,073,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE..................... 47,407,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE..................... 25,494,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE..................... 33,989,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE..................... 50,000,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE..................... 92,748,590.05
Fixed Rate POOL PRINCIPAL BALANCE (Ending)............. 490,590,643.31 2492.42069831 26868.42890136 3860.69930914
Variable Rate POOL PRINCIPAL BALANCE (Ending).......... 92,748,590.05
Total POOL PRINCIPAL BALANCE (Ending).................. 583,339,233.36 2963.62517139 31948.03841174 4590.58362799
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
47,407,000.00 25,494,000.00
-------------- --------------
<S> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)................
CLASS A-2 PRINCIPAL BALANCE (Beginning)................
CLASS A-3 PRINCIPAL BALANCE (Beginning)................
CLASS A-4 PRINCIPAL BALANCE (Beginning)................ 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning)................ 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)................
CLASS A-7 PRINCIPAL BALANCE (Beginning)................
CLASS A-8 PRINCIPAL BALANCE (Beginning)................
Fixed Rate POOL PRINCIPAL BALANCE (Beginning).......... 10455.43976058 19442.26220797
Variable Rate POOL PRINCIPAL BALANCE (Beginning).......
Total POOL PRINCIPAL BALANCE (Beginning)............... 12504.39751956 23252.37205656
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS........................
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING....
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING.....
PRINCIPAL BALANCE OF MORTGAGES PREPAYING...............
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED.............
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED..........
TOTAL AMOUNT OF CURTAILMENTS RECEIVED..................
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED-Fixed Rate Pool..............
MONTHLY PAYMENTS RECEIVED-Var. Rate Pool...............
MONTHLY PAYMENTS RECEIVED-Total Pool...................
ENDING CLASS A-1 PRINCIPAL BALANCE.....................
ENDING CLASS A-2 PRINCIPAL BALANCE.....................
ENDING CLASS A-3 PRINCIPAL BALANCE.....................
ENDING CLASS A-4 PRINCIPAL BALANCE..................... 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE..................... 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE.....................
ENDING CLASS A-7 PRINCIPAL BALANCE.....................
ENDING CLASS A-8 PRINCIPAL BALANCE.....................
Fixed Rate POOL PRINCIPAL BALANCE (Ending)............. 10348.48531462 19243.37661058
Variable Rate POOL PRINCIPAL BALANCE (Ending)..........
Total POOL PRINCIPAL BALANCE (Ending).................. 12304.91769907 22881.43223347
(ii)......... CLASS A-1 PRINCIPAL BALANCE (Beginning) 193,439,032.73
CLASS A-2 PRINCIPAL BALANCE (Beginning) 18,259,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 127,073,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 47,407,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 25,494,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 33,989,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning) 50,000,000.00
CLASS A-8 PRINCIPAL BALANCE (Beginning) 97,134,940.48
POOL PRINCIPAL BALANCE (Beginning) 592,795,973.21 495,661,032.73 97,134,940.48
(iii)........ MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 253 165 88
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,427,183.42 4,103,288.77 4,323,894.65
(iv)......... AMOUNT OF CURTAILMENTS RECEIVED 147,221.99 145,373.26 1,848.73
(v).......... AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 882,334.44 821,727.39 60,607.05
(vi)......... INTEREST RECEIVED ON MORTGAGES 4,756,534.81 4,088,923.52 667,611.29
<PAGE>
(vii)........ AGGREGATE ADVANCES 3,974,147.33 3,324,837.21 649,310.12
(viii)....... MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 116 95 21
PRINCIPAL BALANCE 5,369,940.95 3,601,447.23 1,768,493.72
% OF PRINCIPAL 0.920000% 0.730000% 1.910000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 24 19 5
PRINCIPAL BALANCE 1,415,772.53 1,015,254.30 400,518.23
% OF PRINCIPAL 0.240000% 0.210000% 0.430000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 3 1 2
PRINCIPAL BALANCE 207,868.08 17,400.00 190,468.08
% OF PRINCIPAL 0.040000% 0.000200% 0.210000%
MORTGAGES IN FORECLOSURE:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.000000% 0.000000% 0.000000%
MORTGAGES IN BANKRUPTCY
NUMBER 27 19 8
PRINCIPAL BALANCE 1,478,423.75 987,909.32 490,514.43
% OF PRINCIPAL 0.250000% 0.200000% 0.530000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix)....... ENDING CLASS A-1 PRINCIPAL BALANCE 188,368,643.31
ENDING CLASS A-2 PRINCIPAL BALANCE 18,259,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 127,073,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 47,407,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 25,494,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 33,989,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 50,000,000.00
ENDING CLASS A-8 PRINCIPAL BALANCE 92,748,590.05
(x)....... WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 160.67347153 171.83720622 101.62326087
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.55138168% 10.724489% 9.635736%
(xi)....... SERVICING FEES PAID 271,989.99 229,492.17 42,497.82
SERVICING FEES ACCRUED 295,651.79 244,052.66 51,599.13
(xii)...... SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii)..... POOL PRINCIPAL BALANCE (ENDING) 583,339,233.36 490,590,643.31 92,748,590.05
(xiv)...... RESERVED
(xv)....... REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi)...... NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,398 11,203 1,195
NUMBER OF MORTGAGES OUTSTANDING (END) 12,145 11,038 1,107
(xvii)..... AGGREGATE INTEREST ACCRUED ON THE
MORTGAGE LOANS 5,143,305.48 4,389,532.31 753,773.17
<PAGE>
(xviii).... PRINCIPAL BALANCE OF MORTGAGE LOANS % 254,419.89
PRINCIPAL BALANCE OF MORTGAGE LOANS 5,376,768.74
(xviiiI)... SUBORDINATED AMOUNT (REMAINING) 78,732,889.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 16,636,746.98
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
EXCESS SPREAD 1,526,592.87 1,309,489.09 217,103.78
(xx)....... AGGREGATE MORTGAGE LOAN LOSSES 0.00
(xxi)...... LIBOR INTEREST CARRYOVER 0
</TABLE>
