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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): October 15, 1997
EQCC HOME EQUITY LOAN TRUST 1997-1
________________________________________________________________
(Exact name of registrant as specified in governing instruments)
Delaware 333-20675 59-3353406
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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
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
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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 1996-1 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.
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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 1997-1
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
October 15, 1997 BY: /s/ JOHN D. EVANS, JR.
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John D. Evans, Jr,
Senior Vice President
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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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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
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM Sept. 15, 1997
TO Oct. 15, 1997
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
------------- ------------- ----------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 16,503,872.33 10,692,464.62 5,811,407.70
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 162,777,787.94
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) 73,992,680.66
POOL PRINCIPAL BALANCE (Beginning) 538,992,468.60 464,999,787.94 73,992,680.66
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 239 185 54
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 12,007,754.05 7,212,499.33 4,795,254.72
(iv) AMOUNT OF CURTAILMENTS RECEIVED 721,101.17 138,976.00 582,125.17
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 712,389.14 669,306.84 43,082.30
(vi) INTEREST RECEIVED ON MORTGAGES 4,735,686.26 4,099,630.28 636,055.98
</TABLE>
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<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
------------- ------------- ----------------
<S> <C> <C> <C> <C>
(vii) AGGREGATE ADVANCES 3,688,885.40 3,169,702.49 519,182.91
(viii)a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 230 202 28
PRINCIPAL BALANCE 11,981,833.86 9,819,600.85 2,162,233.01
% OF PRINCIPAL 2.280000% 2.150000% 3.150000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 90 86 4
PRINCIPAL BALANCE 5,065,952.93 4,588,087.30 477,865.63
% OF PRINCIPAL 0.960000% 1.000000% 0.700000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 215 193 22
PRINCIPAL BALANCE 11,440,229.45 9,355,240.35 2,084,989.10
% OF PRINCIPAL 2.180000% 2.050000% 3.040000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 84 77 7
PRINCIPAL BALANCE 4,202,522.84 3,566,700.01 635,822.83
% OF PRINCIPAL 0.800000% 0.780000% 0.930000%
BANKRUPTCY MORTGAGE DELINQUENCIES
(included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 9 8 1
PRINCIPAL BALANCE 428,788.33 273,049.90 155,738.43
% OF PRINCIPAL 0.08% 0.06% 0.23%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 480,034.52 480,034.52 0.00
% OF PRINCIPAL 0.09% 0.11% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 38 37 1
PRINCIPAL BALANCE 2,007,292.99 1,883,831.88 123,461.11
% OF PRINCIPAL 0.38% 0.41% 0.18%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 27 23 4
PRINCIPAL BALANCE 1,683,118.43 1,271,645.25 411,473.18
% OF PRINCIPAL 0.320000% 0.280000% 0.600000%
FORECLOSURE MORTGAGE DELINQUENCIES
(included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0
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<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 27 23 4
PRINCIPAL BALANCE 1,683,118.43 1,271,645.25 411,473.18
% OF PRINCIPAL 0.32% 0.28% 0.60%
d. MORTGAGES IN REO (TOTAL-included in 90 days
or more in (viii) a.above):
NUMBER 0 0 0
PRINCIPAL BALANCE 0 0 0
% OF PRINCIPAL 0 0 0
e. MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 154,757,005.77
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 68,572,218.47
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 159.15934513 167.93348501 100.68671863
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.64487875% 10.707414% 10.228130%
(xi) SERVICING FEES PAID 267,924.94 229,807.67 38,117.27
SERVICING FEES ACCRUED 266,144.25 230,442.55 35,701.70
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 525,551,224.24 456,979,005.77 68,572,218.47
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS: 23,560.03
TO SERVICER
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
</TABLE>
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<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 11,388 892 10,496
NUMBER OF MORTGAGES OUTSTANDING (END) 11,149 10,311 838
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 4,724,415.42 4,114,335.04 610,080.38
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS less than 8.17% 907,163.49
PRINCIPAL BALANCE OF MORTGAGE LOANS less than 8.26% 1,563,613.94
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 78,716,167.46
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 23,594,877.56
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 16,721.54
EXCESS SPREAD 1,419,203.23 1,212,210.04 206,993.20
(xx) AGGREGATE MORTGAGE LOAN LOSSES 16,721.54
(xxi) LIBOR INTEREST CARRYOVER 0
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