Document:

<PAGE>

                                                                     Exhibit 4.1

                   ===========================================

                          EQCC RECEIVABLES CORPORATION,

                       EQUICREDIT CORPORATION OF AMERICA,

                   BANK OF AMERICA, N.A. (as Advancing Party),

                             FAIRBANKS CAPITAL CORP.

                                       AND

                        THE BANK OF NEW YORK (as Trustee)

                                   ----------

                               AMENDMENT NO. 1 TO

                         POOLING AND SERVICING AGREEMENT

                            Dated as of June 1, 2002

                                   ----------

                               EQCC TRUST 2001-1F,

                 EQCC ASSET BACKED CERTIFICATES, SERIES 2001-1F

                   ==========================================

<PAGE>

         AMENDMENT NO. 1 (this "Amendment"), dated as of June 1, 2002, to the
Pooling and Servicing Agreement, dated as of December 1, 2001 (as amended, the
"Pooling and Servicing Agreement"), by and among EQCC RECEIVABLES CORPORATION
(the "Depositor"), EQUICREDIT CORPORATION OF AMERICA, (the "Transferor"), BANK
OF AMERICA, N.A., as Advancing Party (the "Advancing Party"), FAIRBANKS CAPITAL
CORP. (the "Servicer"), and THE BANK OF NEW YORK, as Trustee (the "Trustee").

                              PRELIMINARY STATEMENT

         Section 13.02(b) of the Pooling and Servicing Agreement provides, inter
alia, that the Pooling and Servicing Agreement may be amended from time to time
by the Depositor, the Transferor, the Servicer, and the Trustee, with the
consent of the Certificate Insurer and the NIMS Insurer (if any), and the
Majority in Aggregate Voting Interest and the Holders of the majority of the
Percentage Interest in the Class R-I, Class R-II and Class R-III Certificates
for the purpose of adding any provision to or changing in any manner or
eliminating any of the provisions of the Pooling and Servicing Agreement.

         All capitalized terms not otherwise defined herein are defined in the
Pooling and Servicing Agreement. All Article, Section or Subsection references
herein shall mean Articles, Sections or Subsections of the Pooling and Servicing
Agreement, except as otherwise provided herein.

SECTION 1.   Amendments.
             -----------

(a)      Section 3.02, Assignment of Transfer Agreement; Representations and
         Warranties as to the Individual Mortgage Loans and the Mortgage Pool,
         is hereby amended by inserting the following:

             (ccc) Credit Insurance. No proceeds from any Mortgage Loan in
             Mortgage Loan Group 1, Mortgage Loan Group 2 or Mortgage Loan Group
             3 were used to finance single-premium credit insurance policies.

             (ddd) Prepayment Penalties. No Mortgage Loan in Mortgage Loan Group
             1, Mortgage Loan Group 2 or Mortgage Loan Group 3 will impose a
             prepayment premium for a term in excess of five years.

(b)      Section 3.02(bbb), Transfer Agreement, is hereby deleted in its
         entirety and replaced with the following:

             (bbb) Transfer Agreement. The representations and warranties with
             respect to the Mortgage Loans and Mortgage Pool set forth in
             Section 3.02, other than this Section 3.02(bbb), have been made to
             the Depositor by the Transferor pursuant to Section 3.02 of the
             Transfer Agreement with respect to the Mortgage Loans and the
             Mortgage Pool, and each of the Trustee and the Certificate Insurer
             and the NIMS Insurer is entitled to rely thereon.

<PAGE>

(c)      In Section 3.03, Purchase and Substitution, the last sentence of the
         first paragraph is hereby deleted in its entirety and replaced with the
         following:

             Notwithstanding the foregoing, the breach of the representation and
             warranty in each of Section 3.02(uu), Section 3.02(ccc) and Section
             3.02(ddd) shall constitute a Material Breach, and the related
             Mortgage Loan must be repurchased or substituted by no later than
             the third Business Day following the 60th day after the
             Transferor's receipt of actual knowledge that such Mortgage Loan is
             subject to HOEPA or that such representation was breached.

(d)      Section 5.01, Duties of the Servicer; Substitution Arrangements, is
         hereby amended by inserting the following:

                  (i) Credit Reporting. The Servicer, with respect to each
                  Mortgage Loan, will accurately and fully report the
                  Mortgagor's credit files to each of Equifax Information
                  Services, Experian and TransUnion LLC in a timely manner.

(e)      Section 13.02, Amendment, is hereby amended by inserting "the Advancing
         Party," after "the Transferor," wherever that term appears.

SECTION 2.   Acknowledgement; Consent and Ratification by Certificate Insurer.
             -----------------------------------------------------------------

         The Certificate Insurer, in satisfaction of the requirements under
Section 13.02(a) of the Pooling and Servicing Agreement, hereby consents to the
modifications contemplated in this Amendment. The Certificate Insurer affirms
and restates as of the date hereof that its obligations pursuant to the
Certificate Insurance Policies are unaffected by this Amendment and shall remain
in full force and effect.

SECTION 3.   Pooling and Servicing Agreement Ratification.
             ---------------------------------------------

         Except as modified hereby, the provisions of the Pooling and Servicing
Agreement are ratified and confirmed and remain in full force and effect, and
nothing herein shall be construed as a substitution or novation of the
obligations outstanding thereunder. Whenever the term "Pooling and Servicing
Agreement" is used in any of the Basic Documents, it shall mean and refer to the
Pooling and Servicing Agreement as modified pursuant to this Amendment.

SECTION 4.   Ratification by Guarantor.
             --------------------------

         Bank of America, N.A., as the guarantor under a Guaranty, dated as of
December 14, 2001, pursuant to which it guarantees the performance by the
Transferor of certain of the Transferor's obligations under the Pooling and
Servicing Agreement (the "Guaranty"), hereby approves, ratifies, confirms and
acknowledges this Amendment, and affirms and restates as of the date hereof that
its obligations pursuant to the Guaranty are unaffected by this Amendment and
shall remain in full force and effect.

                                       2

<PAGE>

SECTION 5.   Conditions Precedent.
             ---------------------

         The amendments contained in this Amendment shall not take effect until
the all of the Certificateholders have executed a written consent to this
Amendment.

SECTION 6.   Counterparts.
             -------------

         This Amendment may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all of such
counterparts shall together constitute but one and the same instrument.

SECTION 7.    Governing Law.
              --------------

         THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAWS PROVISION OF
SUCH LAWS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

                   Remainder of page intentionally left blank

                                       3

<PAGE>

         IN WITNESS WHEREOF, the Depositor, the Transferor, the Advancing Party,
the Servicer and the Trustee have caused this Amendment to be duly executed by
their respective officers thereunto duly authorized as of the date first above
written.

                            EQCC RECEIVABLES CORPORATION, as Depositor

                            By:
                                 -----------------------------------------------
                            Name:
                                 -----------------------------------------------
                            Title:
                                  ----------------------------------------------

                            EQUICREDIT CORPORATION OF AMERICA, as Transferor

                            By:
                                 -----------------------------------------------
                            Name:
                                 -----------------------------------------------
                            Title:
                                  ----------------------------------------------

                            BANK OF AMERICA, N.A., as Advancing Party

                            By:
                                 -----------------------------------------------
                            Name:
                                 -----------------------------------------------
                            Title:
                                  ----------------------------------------------

                            FAIRBANKS CAPITAL CORP., as Servicer

                            By:
                                 -----------------------------------------------
                            Name:
                                 -----------------------------------------------
                            Title:
                                  ----------------------------------------------

                            THE BANK OF NEW YORK, as Trustee

                            By:
                                 -----------------------------------------------
                            Name:
                                 -----------------------------------------------
                            Title:
                                  ----------------------------------------------

                            [1 of 2 Signature Pages]

              [AMENDMENT NO. 1 TO POOLING AND SERVICING AGREEMENT]

<PAGE>

For the purpose of Section 2 only,

AMBAC ASSURANCE CORPORATION,
as Certificate Insurer.

By:
     ------------------------------------------------
Name:
     ------------------------------------------------
Title:
      -----------------------------------------------

For the purpose of Section 4 only,

BANK OF AMERICA, N.A.,
as Guarantor.

By:
     ------------------------------------------------
Name:
     ------------------------------------------------
Title:
      -----------------------------------------------

                            [2 of 2 Signature Pages]

              [AMENDMENT NO. 1 TO POOLING AND SERVICING AGREEMENT]<PAGE>

                                                                    Exhibit 10.1

                   ===========================================

                          EQCC RECEIVABLES CORPORATION,

                                       AND

                       EQUICREDIT CORPORATION OF AMERICA,

                                   ----------

                               AMENDMENT NO. 1 TO

                               TRANSFER AGREEMENT

                            Dated as of June 1, 2002

                                   ----------

                               EQCC TRUST 2001-1F,

                 EQCC ASSET BACKED CERTIFICATES, SERIES 2001-1F

                   ==========================================

<PAGE>

         AMENDMENT NO. 1 (this "Amendment"), dated as of June 1, 2002, to the
Transfer Agreement, dated as of December 1, 2001 (as amended, the "Transfer
Agreement"), by and between EQCC RECEIVABLES CORPORATION (the "Tranferee") and
EQUICREDIT CORPORATION OF AMERICA, (the "Transferor").

                              PRELIMINARY STATEMENT

         Section 7.01 of the Transfer Agreement provides, inter alia, that the
Transfer Agreement may be amended from time to time by the Transferor and the
Transferee with the prior written consent of the Certificate Insurer; provided,
however, that such action shall not adversely affect the rights of the
Certificateholders under the Pooling and Servicing Agreement unless consented to
by a Majority in Voting Interest of the Certificates.

         All capitalized terms not otherwise defined herein are defined in the
Transfer Agreement. All Article, Section or Subsection references herein shall
mean Articles, Sections or Subsections of the Transfer Agreement, except as
otherwise provided herein.

SECTION 1.   Amendments.
             -----------

(a)      Section 3.02, Representations and Warranties as to the Individual
         Mortgage Loans and the Mortgage Pool, is hereby amended by inserting
         the following:

         (ddd) No proceeds from any Mortgage Loan in Mortgage Loan Group 1,
         Mortgage Loan Group 2 or Mortgage Loan Group 3 were used to finance
         single-premium credit insurance policies.

         (eee) No Mortgage Loan in Mortgage Loan Group 1, Mortgage Loan Group 2
         or Mortgage Loan Group 3 will impose a prepayment premium for a term in
         excess of five years.

(b)      In Section 3.03, Purchase and Substitution, the last sentence of the
         first paragraph is hereby deleted in its entirety and replaced with the
         following:

                  Notwithstanding the foregoing, the breach of the
                  representation and warranty in each of Section 3.02(uu),
                  3.02(yy), Section 3.02(ddd) and Section 3.02(eee) of the
                  Pooling and Servicing Agreement shall constitute a Material
                  Breach, and the related Mortgage Loan must be repurchased or
                  substituted by no later than the third Business Day following
                  the 60th day after the Transferor's receipt of actual
                  knowledge that such Mortgage Loan is subject to HOEPA or that
                  such representation was breached.

SECTION 2.   Acknowledgement; Consent and Ratification by Certificate Insurer.
             -----------------------------------------------------------------

         The Certificate Insurer, in satisfaction of the requirements under
Section 7.01 of the Transfer Agreement, hereby consents to the modifications
contemplated in this Amendment.

<PAGE>

SECTION 3.   Transfer Agreement Ratification.
             --------------------------------

         Except as modified hereby, the provisions of the Transfer Agreement are
ratified and confirmed and remain in full force and effect, and nothing herein
shall be construed as a substitution or novation of the obligations outstanding
thereunder. Whenever the term "Transfer Agreement" is used in any of the Basic
Documents, it shall mean and refer to the Transfer Agreement as modified
pursuant to this Amendment.

SECTION 4.   Ratification by Guarantor.
             --------------------------

         Bank of America, N.A., as the guarantor under a Guaranty, dated as of
December 14, 2001, pursuant to which it guarantees the performance by the
Transferor of certain of the Transferor's obligations under the Transfer
Agreement (the "Guaranty"), hereby approves, ratifies, confirms and acknowledges
this Amendment, and affirms and restates as of the date hereof that its
obligations pursuant to the Guaranty are unaffected by this Amendment and shall
remain in full force and effect.

SECTION 5.   Counterparts.
             -------------

         This Amendment may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all of such
counterparts shall together constitute but one and the same instrument.

SECTION 6.  Governing Law.
            --------------

         THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAWS PROVISION OF
SUCH LAWS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

                   Remainder of page intentionally left blank

<PAGE>

         IN WITNESS WHEREOF, the Transferee and the Transferor have caused this
Amendment to be duly executed by their respective officers thereunto duly
authorized as of the date first above written.

                                          EQCC RECEIVABLES CORPORATION, as
                                          Transferee

                                          By:
                                               ---------------------------------
                                          Name:
                                                 -------------------------------
                                          Title:
                                                  ------------------------------

                                          EQUICREDIT CORPORATION OF AMERICA, as
                                          Transferor

                                          By:
                                               ---------------------------------
                                          Name:
                                                 -------------------------------
                                          Title:
                                                  ------------------------------

For the purpose of Section 2 only,

AMBAC ASSURANCE CORPORATION,
as Certificate Insurer.

By:
     --------------------------------------
Name:
       ------------------------------------
Title:
        -----------------------------------

For the purpose of Section 4 only,

BANK OF AMERICA, N.A.,
as Guarantor.

By:
     --------------------------------------
Name:
       ------------------------------------
 Title:
         ----------------------------------

                    [Amendment No. 1 to Transfer Agreement]

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