<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------------
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): October 15, 1996
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EQCC HOME EQUITY LOAN TRUST 1996-A
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(Exact name of registrant as specified in governing instruments)
33-99344-01
Delaware 33-99344 59-3400385
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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 11
Exhibit Index Located at Page 5
Page 1 of 10
SEC96-2
<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 1996-2 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.
(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 and intends to
vigorously contest this action. Depostition of John T. Hayt was taken by
Plaintiff's attorney June 25, 1996. Deposition of Plaintiff was taken by
EquiCredit August 22, 1996. Plaintiff has filed motion for class certification.
EquiCredit is preparing to file opposition to motion for class certification.
<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]
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-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 1996-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
October 15, 1996 BY: /s/ STEPHEN R. VETH
-------------------------
Stephen R. Veth
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
<PAGE>
-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1996-A
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<TABLE>
<CAPTION>
FROM:
TO: OCT. 15, 1996
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 6.450000% Sept. 15, 2010 72,800,000.00 72,800,000.00 2,066,280.41 70,733,719.59 391,300.00
CLASS A-2 6.950000% Jan. 15, 2012 37,600,000.00 37,600,000.00 0.00 37,600,000.00 217,766.67
CLASS A-3 7.350000% Nov. 15, 2019 24,200,000.00 24,200,000.00 0.00 24,200,000.00 148,225.00
CLASS A-4 7.680000% Dec. 15, 2022 9,250,000.00 9,250,000.00 0.00 9,250,000.00 59,200.00
CLASS A-5 7.850000% Sept. 15, 2027 13,794,000.00 13,794,000.00 0.00 13,794,000.00 90,235.75
CLASS A-6 5.810000% Sept. 15, 2027 13,219,000.00 13,219,000.00 7,468.85 13,211,531.15 42,667.99
CLASS R VARIABLE Sept. 15, 2027 0.00 0.00 0.00 0.00 0.00
---------------- --------------- -------------- --------------- -------------
TOTAL 170,863,000.00 170,863,000.00 2,073,749.26 168,789,250.74 949,395.41
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 294424AA4 1,000.00000000 28.38297266 971.61702734 5.37500000
CLASS A-2 294424AB2 1,000.00000000 0.00000000 1000.00000000 5.79166667
CLASS A-3 294424AC0 1,000.00000000 0.00000000 1000.00000000 6.12500000
CLASS A-4 294424AD8 1,000.00000000 0.00000000 1000.00000000 6.40000000
CLASS A-5 294424AE6 1,000.00000000 0.00000000 1000.00000000 6.54166667
CLASS A-6 294424AF3 1,000.00000000 0.56500870 999.43499130 3.22777778
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
<TABLE>
<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE
AS TRUSTEE PYMT PER TO DATE
OCT. 15, 1996
EQUICREDIT FUNDING TRUST 1996-A PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
72,800,000.00 37,600,000.00 24,200,000.00
------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 72,800,000.00 1000.00000000
CLASS A-2 PRINCIPAL BALANCE (Beginning) 37,600,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 24,200,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 13,794,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 13,219,000.00
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 157,644,672.65 2165.44880014 4192.67746410 6514.24267149
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 13,219,031.52
Total POOL PRINCIPAL BALANCE (Beginning) 170,863,704.17 2347.02890343 4544.24745133 7060.48364339
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 38
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 1,747,157.46 23.99941566
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 0.00
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 1,747,157.46
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 168,034.40
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 1,199.73
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 169,234.13
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 151,761.20
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 6,300.64
MONTHLY PAYMENTS RECEIVED - Total Pool 158,061.84
ENDING CLASS A-1 PRINCIPAL BALANCE 70,733,719.59 971.61702734
ENDING CLASS A-2 PRINCIPAL BALANCE 37,600,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE 24,200,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE 9,250,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 13,794,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 13,211,531.15
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 155,577,719.59 2137.05658777 4137.70530824 6428.83138802
Variable Rate POOL PRINCIPAL BALANCE (Ending) 13,211,531.15
Total POOL PRINCIPAL BALANCE (Ending) 168,789,250.74 2318.53366401 4489.07581755 6974.76242727
<CAPTION>
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5 CLASS A-6
9,250,000.00 13,794,000.00 13,219,000.00
----------------------------------------------
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)
CLASS A-2 PRINCIPAL BALANCE (Beginning)
CLASS A-3 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 1000.00000000
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 17042.66731351 11428.49591489
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 1000.00238445
Total POOL PRINCIPAL BALANCE (Beginning) 18471.75180216 12386.81340945 12925.61496104
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 999.43499130
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 16819.21292865 11278.65155792
Variable Rate POOL PRINCIPAL BALANCE (Ending) 12768.68526179
Total POOL PRINCIPAL BALANCE (Ending) 18247.48656649 12236.42531100
</TABLE>
<PAGE>
Page 1
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1996-A
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<TABLE>
<CAPTION>
FROM
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 3,037,914.61 2,986,645.29 51,269.33
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 72,800,000.00
CLASS A-2 PRINCIPAL BALANCE (Beginning) 37,600,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 24,200,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 9,250,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 13,794,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 13,219,000.00
POOL PRINCIPAL BALANCE (Beginning) 170,863,704.17 157,644,672.65 13,219,031.52
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 38 38 0
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 1,747,157.46 1,747,157.46 0.00
(iv) AMOUNT OF CURTAILMENTS RECEIVED 169,234.13 168,034.40 1,199.73
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 158,061.84 151,761.20 6,300.64
(vi) INTEREST RECEIVED ON MORTGAGES 256,314.87 247,808.31 8,506.56
(vii) AGGREGATE ADVANCES 1,228,866.61 1,133,252.11 95,614.50
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 113 110 3
PRINCIPAL BALANCE 5,274,532.06 5,057,845.97 216,686.09
% OF PRINCIPAL 3.120000% 3.250000% 1.620000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 5 5 0
PRINCIPAL BALANCE 292,469.74 292,469.74 0.00
% OF PRINCIPAL 0.170000% 0.190000% 0.000000%
</TABLE>
<PAGE>
Page 2
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1996-A
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<TABLE>
<CAPTION>
FROM
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 1 1 0
PRINCIPAL BALANCE 65,499.02 65,499.02 0.00
% OF PRINCIPAL 0.040000% 0.040000% 0.000000%
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 12 11 1
PRINCIPAL BALANCE 1,107,619.52 1,047,805.11 59,814.41
% OF PRINCIPAL 0.660000% 0.670000% 0.450000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 70,733,719.59
ENDING CLASS A-2 PRINCIPAL BALANCE 37,600,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 24,200,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 9,250,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 13,794,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 13,211,531.15
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 238.93513471 230.64544906 335.22621512
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.345212% 9.976126%
</TABLE>
<PAGE>
Page 3
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQUICREDIT FUNDING TRUST 1996-A
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FROM
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(xi) SERVICING FEES PAID 13,725.78 13,248.48 477.30
SERVICING FEES ACCRUED 81,722.05 75,096.52 6,625.53
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 168,789,250.74 155,577,719.59 13,211,531.15
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 704.17
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 3355 3229 126
NUMBER OF MORTGAGES OUTSTANDING (END) 3317 3191 126
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 1,553,177.75 1,442,908.46 110,269.29
(xviii) SUBORDINATED AMOUNT (REMAINING) 18,077,380.00
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 2,606,338.61
EXCESS SPREAD 507,994.52
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.45% 3,052,609.58
PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.55% 4,143,642.65
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
</TABLE>
