<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 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 1997-1
(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 ]
<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
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
FROM Aug. 15, 1997
TO Sept. 15, 1997
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----------------- ---------------- ----------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT....................... 17,545,724.60 11,021,552.38 6,524,172.22
Portions subject to bankrupty................ 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning)........ 171,083,249.74
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)........ 80,097,734.10
POOL PRINCIPAL BALANCE (Beginning)............. 553,402,983.84 473,305,249.74 80,097,734.10
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS................ 245 177 68
PRINCIPAL BALANCE OF MORTGAGES PREPAYING....... 13,548,292.17 7,487,693.47 6,060,598.70
(iv) AMOUNT OF CURTAILMENTS RECEIVED................ 177,268.68 176,362.03 906.65
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED...................... 684,954.39 641,406.30 43,548.09
(vi) INTEREST RECEIVED ON MORTGAGES................. 4,600,927.77 3,952,826.74 648,101.03
<PAGE>
(vii) AGGREGATE ADVANCES............................. 3,852,314.04 3,294,308.26 558,005.78
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER....................................... 212 194 18
PRINCIPAL BALANCE............................ 10,383,985.98 8,611,675.94 1,772,310.04
% OF PRINCIPAL............................... 1.930000% 1.850000% 2.400000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER....................................... 102 94 8
PRINCIPAL BALANCE............................ 5,155,875.81 4,309,140.08 846,735.73
% OF PRINCIPAL............................... 0.960000% 0.930000% 1.140000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER....................................... 155 136 19
PRINCIPAL BALANCE............................ 8,294,848.19 6,699,705.96 1,595,142.23
% OF PRINCIPAL............................... 1.540000% 1.440000% 2.160000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER....................................... 76 68 8
PRINCIPAL BALANCE............................ 3,558,958.35 2,925,057.31 633,901.04
% OF PRINCIPAL............................... 0.660000% 0.630000% 0.860000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER....................................... 6 5 1
PRINCIPAL BALANCE............................ 440,141.04 284,311.85 155,829.19
% OF PRINCIPAL............................... 0.08% 0.06% 0.21%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER....................................... 10 10 0
PRINCIPAL BALANCE............................ 486,077.88 486,077.88 0.00
% OF PRINCIPAL............................... 0.09% 0.10% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER....................................... 23 21 2
PRINCIPAL BALANCE............................ 1,231,065.73 1,054,211.15 176,854.58
% OF PRINCIPAL............................... 0.23% 0.23% 0.24%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER....................................... 6 3 3
PRINCIPAL BALANCE............................ 512,305.04 201,179.01 311,126.03
% OF PRINCIPAL............................... 0.100000% 0.040000% 0.420000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER....................................... 0 0 0
<PAGE>
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....................................... 6 3 3
PRINCIPAL BALANCE............................ 512,305.04 201,179.01 311,126.03
% OF PRINCIPAL............................... 0.10% 0.40% 0.42%
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............. 162,777,787.94
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............. 73,992,680.66
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS.... 159.42879898 168.81704180 100.42891022
WEIGHTED AVERAGE MORTGAGE INTEREST RATE........ 10.61513657% 10.710697% 10.014595%
(xi) SERVICING FEES PAID............................ 260,677.87 221,421.30 39,256.57
SERVICING FEES ACCRUED......................... 272,428.72 234,270.83 38,157.89
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.... 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING)................ 538,992,468.60 464,999,787.94 73,992,680.66
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER................................... 8,682.39
TO REPRESENTATIVE............................. 0.00
TO DEPOSITORS................................. 0.00
<PAGE>
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING).... 11,633 960 10,673
NUMBER OF MORTGAGES OUTSTANDING (END).......... 11,388 10,496 892
(xvii) AGGREGATE INTEREST ACCRUED ON THE
MORTGAGE LOANS................................. 4,822,285.16 4,183,965.20 638,319.96
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS
LESS THAN 8.17%................................ 1,746,059.55
PRINCIPAL BALANCE OF MORTGAGE LOANS
LESS THAN 8.26%................................ 2,568,763.04
(xviiii) SUBORDINATED AMOUNT (REMAINING)................ 78,716,167.46
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)... 22,083,528.27
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS..... 16,721.54
EXCESS SPREAD.................................. 1,423,329.47 1,233,603.79 189,725.68
(xx) AGGREGATE MORTGAGE LOAN LOSSES................. 16,721.54
(xxi) LIBOR INTEREST CARRYOVER....................... 0
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
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........... 6.310000% May 15, 2005 196,833,000.00 171,083,249.74 8,305,461.80 162,777,787.94 899,612.75
CLASS A-2........... 6.610000% June 15, 2006 18,259,000.00 18,259,000.00 0.00 18,259,000.00 100,576.66
CLASS A-3........... 6.840000% Sept. 15, 2011 127,073,000.00 127,073,000.00 0.00 127,073,000.00 724,316.10
CLASS A-4........... 7.160000% Mar. 15, 2013 47,407,000.00 47,407,000.00 0.00 47,407,000.00 282,861.77
CLASS A-5........... 7.310000% Oct. 15, 2019 25,494,000.00 25,494,000.00 0.00 25,494,000.00 155,300.95
CLASS A-6........... 7.560000% May 15, 2028 33,989,000.00 33,989,000.00 0.00 33,989,000.00 214,130.70
CLASS A-7........... 7.120000% May 15, 2028 50,000,000.00 50,000,000.00 0.00 50,000,000.00 296,666.67
CLASS A-8........... 5.852340% Nov. 15, 2027 101,043,000.00 80,097,734.10 6,105,053.44 73,992,680.66 403,653.73*
CLASS R............. VARIABLE May 15, 2028 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------- -------------- ------------
TOTAL......... 600,098,000.00 553,402,983.84 14,410,515.24 538,992,468.60 3,077,119.33
</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........... 268917CZ2 869.17970940 42.19547434 826.98423506 4.57043664
CLASS A-2........... 268917DA6 1,000.00000000 0.00000000 1000.00000000 5.50833333
CLASS A-3........... 268917DB4 1,000.00000000 0.00000000 1000.00000000 5.70000000
CLASS A-4........... 268917DC2 1,000.00000000 0.00000000 1000.00000000 5.96666667
CLASS A-5........... 268917DD0 1,000.00000000 0.00000000 1000.00000000 6.09166667
CLASS A-6........... 268917DE8 1,000.00000000 0.00000000 1000.00000000 6.30000000
CLASS A-7........... 268917DF5 1,000.00000000 0.00000000 1000.00000000 5.93333333
CLASS A-8........... 268917DG3 792.70938214 60.42035015 732.28903200 3.99487082
CLASS R.............
</TABLE>
- ------------------------
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
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
196,833,000.00 18,259,000.00 127,073,000.00 47,407,000.00 25,494,000.00
------------------------ -------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)................171,083,249.74 869.17970940
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 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning)................ 25,494,000.00 1000.00000000
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)................ 80,097,734.10
FIXED RATE POOL PRINCIPAL
BALANCE (Beginning)........473,305,249.74 2404.60313941 25921.75090312 3724.67203686 9983.86841057 18565.35850553
VARIABLE RATE POOL PRINCIPAL
BALANCE (Beginning)........ 80,097,734.10
TOTAL POOL PRINCIPAL
BALANCE (Beginning)........553,402,983.84 2811.53558519 30308.50450956 4355.00054174 11673.44450904 21707.18537068
MORTGAGES:
NUMBER OF
PRINCIPAL PREPAYMENTS...... 245
PRINCIPAL BALANCE OF FIXED
RATE MORTGAGES PREPAYING... 7,487,693.47 38.04084412
PRINCIPAL BALANCE OF VAR.
RATE MORTGAGES PREPAYING... 6,060,598.70
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING........ 13,548,292.17
AMOUNT OF FIXED RATE
CURTAILMENTS RECEIVED...... 176,362.03 0.89599828
AMOUNT OF VARIABLE RATE
CURTAILMENTS RECEIVED...... 906.65
TOTAL AMOUNT OF
CURTAILMENTS RECEIVED...... 177,268.68
AGGREGATE AMOUNT OF
PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED--
Fixed Rate Pool.............. 641,406.30 3.25863194
MONTHLY PAYMENTS RECEIVED--
Var. Rate Pool............... 43,548.09
MONTHLY PAYMENTS RECEIVED--
Total Pool................... 684,954.39
ENDING CLASS A-1 PRINCIPAL
BALANCE....................162,777,787.94 826.98423506
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 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE.................... 25,494,000.00 1000.00000000
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.................... 73,992,680.66
Fixed Rate POOL PRINCIPAL
BALANCE (Ending)...........464,999,787.94 2362.40766508 25466.88142505 3659.31226885 9808.67357015 18239.57746685
Variable Rate POOL PRINCIPAL
BALANCE (Ending)........... 73,992,680.66
Total POOL PRINCIPAL
BALANCE (Ending)...........538,992,468.60 2738.32369877 29519.27644449 4241.59710245 11369.47009091 21141.93412568
</TABLE>
