<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-A
- -------------------------------------------------------------------------------
(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-A
(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
EQUICREDIT FUNDING TRUST 1997-A
FROM AUGUST 15, 1997
TO SEPTEMBER 15, 1997
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----------------- -------------- --------------
<S> <C> <C> <C> <C>
(i) a. AVAILABLE PAYMENT AMOUNT............................. 4,814,587.53 4,785,548.68 29,038.85
Portions subject to bankrupty...................... 10,123,000.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning).............. 76,757,515.52
CLASS A-2 PRINCIPAL BALANCE (Beginning).............. 50,383,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning).............. 14,255,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning).............. 10,123,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning).............. 9,524,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning).............. 18,942,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning).............. 4,993,620.70
POOL PRINCIPAL BALANCE (Beginning)................... 184,978,136.22 179,984,515.52 4,993,620.70
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS...................... 78 78 0
PRINCIPAL BALANCE OF MORTGAGES PREPAYING............. 3,415,968.17 3,415,968.17 0.00
(iv) AMOUNT OF CURTAILMENTS RECEIVED...................... 110,578.01 109,992.25 585.76
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED............................ 236,913.63 234,169.41 2,744.22
(vi) INTEREST RECEIVED ON MORTGAGES....................... 1,601,341.43 1,562,379.80 38,961.63
(vii) AGGREGATE ADVANCES................................... 1,239,938.38 1,205,861.36 34,077.02
(viii) a. DELINQUENCY INFORMATION (INCLUDE BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER............................................. 149 148 1
PRINCIPAL BALANCE.................................. 6,453,690.99 6,407,028.45 46,662.54
% OF PRINCIPAL..................................... 3.560000% 3.640000% 0.940000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER............................................. 25 24 1
PRINCIPAL BALANCE.................................. 1,218,086.21 1,156,954.73 61,131.48
% OF PRINCIPAL..................................... 0.670000% 0.660000% 301.230000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER............................................. 34 34 0
PRINCIPAL BALANCE.................................. 1,991,121.56 1,991,121.56 0.00
% OF PRINCIPAL..................................... 1.100000% 1.130000% 0.000000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER.............................................. 16 16 0
PRINCIPAL BALANCE................................... 786,688.80 786,688.80 0.00
% OF PRINCIPAL...................................... 0.430000% 0.450000% 0.000000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER............................................. 2 2 0
PRINCIPAL BALANCE.................................. 148,351.65 148,351.65 0.00
% OF PRINCIPAL..................................... 0.08% 0.08% 0.00%
BANKRUPTCY 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%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER............................................. 5 5 0
PRINCIPAL BALANCE.................................. 314,259.13 314,259.13 0.00
% OF PRINCIPAL..................................... 0.17% 0.18% 0.00%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER............................................. 1 1 0
PRINCIPAL BALANCE.................................. 81,848.11 81,848.11 0.00
% OF PRINCIPAL..................................... 0.050000% 0.050000% 0.000000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER............................................. 0 0 0
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............................................. 1 1 0
PRINCIPAL BALANCE.................................. 81,848.11 81,848.11 0.00
% OF PRINCIPAL..................................... 0.05% 0.05% 0.00%
d. MORTGAGES IN REO:
NUMBER............................................. 0 0 0
PRINCIPAL BALANCE.................................. 0.00 0.00 0.00
% OF PRINCIPAL..................................... 0.00% 0.00% 0.00%
e. MORTGAGE LOAN LOSSES................................. 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE................... 72,997,385.69
ENDING CLASS A-2 PRINCIPAL BALANCE................... 50,383,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE................... 14,255,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE................... 10,123,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE................... 9,524,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE................... 18,942,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE................... 4,990,290.72
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS.......... 199.86885579 200.09256177 191.96902574
WEIGHTED AVERAGE MORTGAGE INTEREST RATE.............. 11.28507311% 11.335839% 9.492355%
(xi) SERVICING FEES PAID.................................. 85,199.51 82,696.54 2,502.97
SERVICING FEES ACCRUED............................... 91,316.17 88,821.32 2,494.85
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS.......... 353,031.36
(xiii) POOL PRINCIPAL BALANCE (ENDING)...................... 181,214,676.41 176,224,385.69 4,990,290.72
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER......................................... 0.00
TO REPRESENTATIVE................................... 0.00
TO DEPOSITORS....................................... 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING).......... 4224 4170 54
NUMBER OF MORTGAGES OUTSTANDING (END)................ 4146 4092 54
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS..... 1,717,929.20 1,678,455.08 39,474.12
(xviii) SUBORDINATED AMOUNT (REMAINING)...................... 20,524,368.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS)......... 2,865,779.10
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS........... 0.00
EXCESS SPREAD........................................ 575,485.31 564,214.91 11,270.40
(xx) AGGREGATE MORTGAGE LOAN LOSSES....................... 0.00
(xxi) RESERVED
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1997-A
FROM: AUGUST 15, 1997
TO: SEPTEMBER 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........... 6.300000% Dec. 15, 2010 86,192,000.00 76,757,515.52 3,760,129.83 72,997,385.69 402,976.96
CLASS A-2........... 6.830000% Jan. 15, 2014 50,383,000.00 50,383,000.00 0.00 50,383,000.00 286,763.24
CLASS A-3........... 7.160000% May 15, 2020 14,255,000.00 14,255,000.00 0.00 14,255,000.00 85,054.83
CLASS A-4........... 7.340000% Mar. 15, 2024 10,123,000.00 10,123,000.00 0.00 10,123,000.00 61,919.02
CLASS A-5........... 7.620000% June 15, 2028 9,524,000.00 9,524,000.00 0.00 9,524,000.00 60,477.40
CLASS A-6........... 7.100000% June 15, 2028 18,942,000.00 18,942,000.00 0.00 18,942,000.00 112,073.50
CLASS A-7........... 5.872340% April 15, 2028 5,124,000.00 4,993,620.70 3,329.98 4,990,290.72 25,251.43*
CLASS R.. VARIABLE June 15, 2028 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ -------------- ------------
TOTAL.......... 194,543,000.00 184,978,136.22 3,763,459.81 181,214,676.41 1,034,516.38
</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........... 294424AG1 890.54106553 43.62504444 846.91602109 4.67534059
CLASS A-2........... 294424AH9 1,000.00000000 0.00000000 1000.00000000 5.69166667
CLASS A-3........... 294424AJ5 1,000.00000000 0.00000000 1000.00000000 5.96666667
CLASS A-4........... 294424AK2 1,000.00000000 0.00000000 1000.00000000 6.11666667
CLASS A-5........... 294424AL0 1,000.00000000 0.00000000 1000.00000000 6.35000000
CLASS A-6........... 294424AM8 1,000.00000000 0.00000000 1000.00000000 5.91666667
CLASS A-7........... 294424AN6 974.55517174 0.64987900 973.90529274 4.92806941
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
PYMT PER FROM DATE AUGUST 15, 1997
PYMT PER TO DATE SEPTEMBER 15, 1997
EQUICREDIT FUNDING TRUST 1997-A
<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
86,192,000.00 50,383,000.00 14,255,000.00
------------- ------------- -------------
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)......................... 76,757,515.52 890.54106553
CLASS A-2 PRINCIPAL BALANCE (Beginning)......................... 50,383,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning)......................... 14,255,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)......................... 10,123,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning)......................... 9,524,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning)......................... 18,942,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning)......................... 4,993,620.70
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)...................179,984,515.52 2088.18121775 3572.32629101 12626.06211996
Variable Rate POOL PRINCIPAL BALANCE (Beginning)................ 4,993,620.70
Total POOL PRINCIPAL BALANCE (Beginning)........................184,978,136.22 2146.11722921 3671.43949785 12976.36872817
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS................................. 78
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING............. 3,415,968.17 39.63207920 67.80001528 239.63298281
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING.............. 0.00
PRINCIPAL BALANCE OF MORTGAGES PREPAYING........................ 3,415,968.17 39.63207920 67.80001528 239.63298281
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED...................... 109,992.25 1.27613062 2.18312228 7.71604700
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED................... 585.76
TOTAL AMOUNT OF CURTAILMENTS RECEIVED........................... 110,578.01 1.28292661 2.19474843 7.75713855
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED--Fixed Rate Pool.................... 234,169.41 2.71683463 4.64778616 16.42717713
MONTHLY PAYMENTS RECEIVED--Var. Rate Pool....................... 2,744.22
MONTHLY PAYMENTS RECEIVED--Total Pool........................... 236,913.63 2.74867308 4.70225334 16.61968643
ENDING CLASS A-1 PRINCIPAL BALANCE.............................. 72,997,385.69 846.91602109
ENDING CLASS A-2 PRINCIPAL BALANCE.............................. 50,383,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE.............................. 14,255,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE.............................. 10,123,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE.............................. 9,524,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE.............................. 18,942,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE.............................. 4,990,290.72
Fixed Rate POOL PRINCIPAL BALANCE (Ending)......................176,224,385.69 2044.55617331 3497.69536729 12362.28591301
Variable Rate POOL PRINCIPAL BALANCE (Ending)................... 4,990,290.72
Total POOL PRINCIPAL BALANCE (Ending)...........................181,214,676.41 2102.45355033 3596.74248080 12712.35892038
<CAPTION>
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5 CLASS A-6 CLASS A-7
10,123,000.00 9,524,000.00 18,942,000.00 5,124,000.00
--------------- -------------- -------------- -----------
<S> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)............... 76,757,515.52
CLASS A-2 PRINCIPAL BALANCE (Beginning)............... 50,383,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning)............... 14,255,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning)............... 10,123,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning)............... 9,524,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)............... 18,942,000.00 1000.00000000
CLASS A-7 PRINCIPAL BALANCE (Beginning)............... 4,993,620.70 974.55517174
Fixed Rate POOL PRINCIPAL BALANCE (Beginning).........179,984,515.52 17779.76049788 18897.99616968 9501.87496146
Variable Rate POOL PRINCIPAL BALANCE (Beginning)...... 4,993,620.70 974.55517174
Total POOL PRINCIPAL BALANCE (Beginning)..............184,978,136.22 18273.05504495 19422.31585678 9765.50185936 36100.33884075
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS....................... 78
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING... 3,415,968.17 337.44622839 358.66948446 180.33830483
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING.... 0.00 0.00000000 0.00000000
PRINCIPAL BALANCE OF MORTGAGES PREPAYING.............. 3,415,968.17 337.44622839 358.66948446 180.33830483 666.66045472
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED............ 109,992.25 10.86557839 11.54895527 5.80679179
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED......... 585.76 0.03092387 0.11431694
TOTAL AMOUNT OF CURTAILMENTS RECEIVED................. 110,578.01 10.92344266 11.61045884 5.83771566 21.58040788
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED--Fixed Rate Pool.......... 234,169.41 23.13241233 24.58729630 12.36244378
MONTHLY PAYMENTS RECEIVED--Var. Rate Pool............. 2,744.22 0.14487488 0.53556206
MONTHLY PAYMENTS RECEIVED--Total Pool................. 236,913.63 23.40349995 24.87543364 12.50731866 46.23607143
ENDING CLASS A-1 PRINCIPAL BALANCE.................... 72,997,385.69
ENDING CLASS A-2 PRINCIPAL BALANCE.................... 50,383,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE.................... 14,255,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE.................... 10,123,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE.................... 9,524,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE.................... 18,942,000.00 1000.00000000
ENDING CLASS A-7 PRINCIPAL BALANCE.................... 4,990,290.72 973.90529274
Fixed Rate POOL PRINCIPAL BALANCE (Ending)............176,224,385.69 17408.31627877 18503.19043364 9303.36742107
Variable Rate POOL PRINCIPAL BALANCE (Ending)......... 4,990,290.72 973.90529274
Total POOL PRINCIPAL BALANCE (Ending).................181,214,676.41 17901.28187395 19027.16047984 9566.81852022 35365.86190671
</TABLE>
