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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) April 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 April 29, 1998, the Registrant will cause the issuance and sale of
approximately $350,063,127 initial principal amount of Mortgage Pass-Through
Certificates, Series 1998-A, consisting of (i) Class SA-1, Class SA-2, Class
SA-3, Class SA-4, Class SA-5 and Class SA-X (the "Class SA Certificates"), (ii)
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and
Class A-X (the "Class A Certificates"), (iii) Class M, Class B-1 and Class B-2
(the "Senior Subordinate Certificates"), (iv) Class R-I and Class R-II (the
"Residual Certificates" and, together with the Class SA Certificates, the Class
A Certificates and the Senior Subordinate Certificates, the "Offered
Certificates"), and (v) Class B-3, Class B-4 and Class B-5 (the "Junior
Subordinate Certificates" and, together with the Offered Certificates, the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of
April 1, 1998, among the Registrant, First Union National Bank of North
Carolina, as seller, First Union Mortgage Corporation, as master servicer, and
Norwest Bank Minnesota, National Association, as trustee.
In connection with the sale of the Offered Certificates, the Registrant
has been advised by First Union Capital Markets, a division of Wheat First
Securities, Inc., and Donaldson, Lufkin & Jenrette Securities Corporation
(together, the "Underwriters"), that the Underwriters have furnished to
prospective investors certain computational materials and structural terms
sheets (together, the "Computational Materials") with respect to the Offered
Certificates following the effective date of Registration Statement No.
333-3574, which Computational Materials are being filed as exhibits to this
report.
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 (other than the collateral terms sheets)
were prepared by the Underwriters, based on assumptions that differ from the
assumptions set forth in the Prospectus Supplement. The Computational 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.
99.2* Structural Term Sheet.
* In accordance with Rule 311 of Regulation S-T, this exhibit is being
filed in paper under cover of Form S-E.
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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: April 28, 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
99.2* Structural Term Sheet
* In accordance with Rule 311 of Regulation S-T, this exhibit is being
filed in paper under cover of Form S-E.
