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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): November 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
Delaware 33-99344-01 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 10
Exhibit Index Located at Page 5
Page 1 of 10
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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 1996-2 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. Deposition 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 cerification.
EquiCredit is preparing to file opppsition to motion for class cerotication.
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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 1996-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
NOVEMBER 15, 1996 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Senior Vice President
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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99 -- Trustee's Remittance Report in respect of the
August Remittance Date. 7
[ 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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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
<TABLE>
<S> <C> <C>
PER $1,000 PER $1,000
AS TRUSTEE ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
REMITTANCE REPORT FOR 25,000,000.00 15,000,000.00
EQUICREDIT FUNDING TRUST 1996-A
FROM OCT. 15, 1996
1000.00000000
TO NOV. 15, 1996 1000.00000000
8479.40067360 14132.33445600
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
<C>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
9301.28393680 15502.13989467
____________________________________________________________________________________________
(i) AVAILABLE PAYMENT AMOUNT 3,991,646.51 3,919,218.05 72,428.46
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 70,733,719.59
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) 13,211,531.15
POOL PRINCIPAL BALANCE (Beginning) 168,789,250.74 155,577,719.59 13,211,531.15
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 59 58 1
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,897,496.08 2,890,866.07 6,630.01
(iv) AMOUNT OF CURTAILMENTS RECEIVED 23,485.76 23,485.76 0.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
1000.00000000
MONTHLY PAYMENTS RECEIVED 185,478.28 178,593.06 6,885.22 1000.00000000
(vi) INTEREST RECEIVED ON MORTGAGES 1,351,218.60 1,249,910.82 101,307.78 8257.05579000 13761.75965000
(vii) AGGREGATE ADVANCES 1,087,632.78 1,002,688.66 84,944.12 9038.57893040 15064.29821733
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 122 120 2
PRINCIPAL BALANCE 5,504,514.82 5,136,454.72 368,060.10
% OF PRINCIPAL 3.320000% 3.370000% 2.790000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 31 31 0
PRINCIPAL BALANCE 1,267,424.58 1,267,424.58 0.00
% OF PRINCIPAL 0.760000% 0.830000% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 4 4 0
PRINCIPAL BALANCE 230,423.14 230,423.14 0.00
% OF PRINCIPAL 0.140000% 0.150000% 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 17 16 1
PRINCIPAL BALANCE 1,200,289.55 1,140,497.98 59,791.57
% OF PRINCIPAL 0.720000% 0.750000% 0.450000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 67,640,774.70
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 13,198,015.92
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 237.78185397 229.45553846 333.98088505
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 11.335444% 10.046638%
(xi) SERVICING FEES PAID 72,453.71 66,373.27 6,080.44
SERVICING FEES ACCRUED 83,554.05 76,911.27 6,642.78
(xii) SECTION 5.04 SERVICER PAYMENTS
OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 165,682,790.62 152,484,774.70 13,198,015.92
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 3317 3191 126
NUMBER OF MORTGAGES OUTSTANDING (END) 3258 3133 125
(xvii) AGGREGATE INTEREST ACCRUED ON THE
MORTGAGE LOANS 1,546,175.41 1,434,942.15 111,233.26
(xviii)SUBORDINATED AMOUNT (REMAINING) 18,077,380.00
SPREAD ACCOUNT BALANCE( AFTER
DISTRIBUTIONS) 3,015,802.30
EXCESS SPREAD 488,428.50
CUMMULATIVE EXCESS SPREAD ACCOUNT
RECEIPTS 0.00
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(xix) PRINCIPAL BALANCE OF MORTGAGE
LOANS < 8.45% 3,045,532.73
PRINCIPAL BALANCE OF MORTGAGE
LOANS < 8.55% 4,129,890.58
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
USED TO REDUCE PRINCIPAL BALANCES 0.00
(xii) MAXIMUM CAPITALIZED INTEREST WITHDRAWAL 0.00
REQUIRED CAPITALIZED INTEREST AMOUNT 0.00
REINVESTMENT INCOME DISTRIBUTED TO
RECEIVABLES 0.00
AMOUNT DEPOSITED IN COLLECTIONS 0.00
REMAINING AMOUNT IN CAPITALIZED INTEREST
ACCOUNT 0.00
</TABLE>
