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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 24, 1998
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
(Exact name of registrant as specified in its charter)
North Carolina 333-3574 56-1967773
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Address of principal executive offices:
One First Union Center
301 South College Street
Charlotte, NC 28255
Registrant's telephone number, including area code (704) 383-3624
Not applicable
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(Former Name or Former Address, if Changed Since Last Report.)
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Item 5. Other Events.
On or about July 30, 1998, the Registrant will cause the issuance and
sale of approximately $478,463,913 initial principal amount of Mortgage
Pass-Through Certificates, Series 1998-B (the "Certificates"), consisting of (i)
Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-6, Class
1A-7, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-11, Class 1A-12, Class
1A-PO, Class 1A-WIO, Class A-R, Class 1M, Class 1B-1 and Class 1B-2
(collectively, the "Group 1 Offered Certificates"), (ii) Class 1B-3, Class 1B-4
and Class 1B-5 (collectively with the Group 1 Offered Certificates, the "Group 1
Certificates"), (iii) Class 2A, Class 2M, Class 2B-1 and Class 2B-2 (the "Group
2 Offered Certificates") and (iv) Class 2B-3, Class 2B-4 and Class 2B-5
(collectively with the Group 2 Offered Certificates, the "Group 2 Certificates")
pursuant to a Pooling and Servicing Agreement to be dated as of July 1, 1998,
among the Registrant, First Union National Bank, as seller, master servicer and
trust administrator, and Norwest Bank Minnesota, National Association, as
trustee and document custodian.
In connection with the sale of the Group 1 Offered Certificates, the
Registrant has been advised by First Union Capital Markets, a division of Wheat
First Securities, Inc., and Salomon Brothers Inc (together, the "Group 1
Underwriters"), that the Group 1 Underwriters have furnished to prospective
investors certain computational materials and structural terms sheets (together,
the "Computational Materials for Group 1 Certificates") with respect to the
Group 1 Offered Certificates following the effective date of Registration
Statement No. 333-3574, which Computational Materials for Group 1 Certificates
are being filed as exhibits to this report.
In connection with the sale of the Group 2 Offered Certificates, the
Registrant has been advised by First Union Capital Markets, a division of Wheat
First Securities, Inc., and PaineWebber Incorporated (together, the "Group 2
Underwriters"), that the Group 2 Underwriters have furnished to prospective
investors certain computational materials and structural terms sheets (together,
the "Computational Materials for Group 2 Certificates") with respect to the
Group 2 Offered Certificates following the effective date of Registration
Statement No. 333-3574, which Computational Materials for Group 2 Certificates
are being filed as exhibits to this report.
The Group 1 Underwriters and the Group 2 Underwriters are collectively
referred to herein as the "Underwriters." The Computational Materials for Group
1 Certificates and the Computational Materials for Group 2 Certificates are
collectively referred to herein as the "Computational Materials."
The Computational Materials have been provided to the Registrant by the
Underwriters. The information in the Computational Materials is preliminary and
may be superseded by the final Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the Securities
and Exchange Commission.
The Computational Materials were prepared by the Underwriters, based on
assumptions that differ from the assumptions set forth in the Prospectus
Supplement. The Computational
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Materials may not include, and do not purport to include, information based on
assumptions representing a complete set of possible scenarios.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Offered Certificates (the "Mortgage Loans") may differ from
the assumptions used in the Computational Materials, which are hypothetical in
nature and which were provided to investors only to give a general sense of how
the yield, average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of a particular class of Offered Certificates
might vary under varying prepayment and other scenarios. Any difference between
such assumptions and the actual characteristics and performance of the Mortgage
Loans will affect the actual yield, average life, duration, expected maturity,
interest rate sensitivity and cash flow characteristics of the Offered
Certificates.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1* Computational Materials for Group 1 Certificates.
99.2* Computational Materials for Group 2 Certificates.
*In accordance with Rule 311 of Regulation S-T, this exhibit is being
filed in paper under cover of Form SE.
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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 by the
undersigned thereunto duly authorized.
FIRST UNION RESIDENTIAL
SECURITIZATION TRANSACTIONS, INC.
By: /s/ Patrick J. Tadie
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Name: Patrick J. Tadie
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Its: Vice President
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Dated: July 24 , 1998
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FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
EXHIBIT INDEX
Sequentially
Exhibit No Exhibit Description Numbered Page
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99.1* Computational Materials
for Group 1 Certificates
99.2* Computational Materials
for Group 2 Certificates
*In accordance with Rule 311 of Regulation S-T, this exhibit is being
filed in paper under cover of Form SE.
