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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): December 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)
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<S> <C> <C>
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 8
Exhibit Index Located at Page 5
Page 1 of 8
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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. 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 hoes 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 1996-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
December 15, 1996 BY: /s/ RODOLFO F. ENGMANN
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Rodolfo F. Engmann
Executive Vice President
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INDEX TO EXHIBITS
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SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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<S> <C> <C>
99 -- Trustee's Remittance Report in respect of the August
Remittance Date. 7
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[ 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
EQUICREDIT FUNDING TRUST 1996-A
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<CAPTION>
FROM NOV. 15, 1996
TO DEC. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 3,424,905.30 3,075,162.21 349,743.09
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 67,640,774.70
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) 13,198,015.92
POOL PRINCIPAL BALANCE (Beginning) 165,682,790.62 152,484,774.70 13,198,015.92
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 47 43 4
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,123,774.67 1,845,485.91 278,288.76
(iv) AMOUNT OF CURTAILMENTS RECEIVED 179,194.02 179,194.02 0.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 164,728.98 158,960.60 5,768.38
(vi) INTEREST RECEIVED ON MORTGAGES 1,381,198.61 1,289,740.71 91,457.90
(vii) AGGREGATE ADVANCES 1,213,525.58 1,118,253.99 95,271.59
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 135 130 5
PRINCIPAL BALANCE 6,223,815.01 5,898,405.31 325,409.70
% OF PRINCIPAL 3.810000% 3.920000% 2.520000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 37 35 2
PRINCIPAL BALANCE 2,042,216.74 1,674,156.64 368,060.10
% OF PRINCIPAL 1.250000% 1.110000% 2.850000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 26 26 0
PRINCIPAL BALANCE 1,191,965.04 1,191,965.04 0.00
% OF PRINCIPAL 0.730000% 0.790000% 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 21 20 1
PRINCIPAL BALANCE 1,428,593.87 1,368,825.35 59,768.52
% OF PRINCIPAL 0.880000% 0.910000% 0.460000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 65,457,134.17
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 12,913,958.78
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE
LOANS 236.76552904 228.51759643 332.76038600
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.327196% 10.078885%
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(xi) SERVICING FEES PAID 74,071.26 68,519.53 5,551.73
SERVICING FEES ACCRUED 81,717.04 75,190.62 6,526.42
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 163,215,092.95 150,301,134.17 12,913,958.78
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 3258 3133 125
NUMBER OF MORTGAGES OUTSTANDING (END) 3211 3090 121
(xvii) AGGREGATE INTEREST ACCRUED ON THE
MORTGAGE LOANS 1,534,106.13 1,424,159.66 109,946.47
(SUBORDINATED AMOUNT (REMAINING) 18,077,380.00
SPREAD ACCOUNT BALANCE( AFTER
DISTRIBUTIONS) 3,522,478.20
EXCESS SPREAD 495,181.46
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.45% 3,039,136.47
PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.55% 4,121,361.91
(AGGREGATE MORTGAGE LOAN LOSSES 0
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