<PAGE>
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) December 27, 1996
UCFC Funding Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Louisiana 333-7939 72-1328674
- --------------------------------------------------------------------------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
4041 Essen Lane, Baton Rouge, Louisiana 70809
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (504) 924-6007
- --------------------------------------------------------------------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Filing of Computational Materials and Consent of Independent Accountants.*
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
UCFC Funding Corporation (the "Depositor") is filing a prospectus and prospectus
supplement with the Securities and Exchange Commission relating to its
Manufactured Housing Contract Pass-Through Certificates, Series 1996-2.
In connection with the offering of the Manufactured Housing Contract
Pass-Through Certificates, Series 1996-2, Prudential Securities Incorporated,
the underwriter of the Offered Certificates (the "Underwriter"), has prepared
certain materials (the "Computational Materials") for distribution to its
potential investors. Although the Depositor provided the Underwriter with
certain information regarding the characteristics of the Manufactured Housing
Contracts in the related portfolio, it did not participate in the preparation of
the Computational Materials. The Computational Materials are attached hereto as
Exhibit 99.1.
Also included for filing as Exhibit 23.1 attached hereto is the Consent
of Coopers & Lybrand L.L.P., independent accountants for MBIA Insurance
Corporation, insurer of the Offered Certificates.
- --------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated December 23, 1996, and
Prospectus Supplement dated December 23, 1996, of UCFC Funding
Corporation, relating to its Manufactured Housing Contract Pass-Through
Certificates, Series 1996-2.
-2-
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
8.1 Opinion of Stroock & Stroock & Lavan with respect to
certain tax matters.
23.1 Consent of Coopers & Lybrand, L.L.P.
23.2 Consent of Stroock & Stroock & Lavan (included in
Exhibit 8.1).
99.1 Computational Materials.
-3-
<PAGE>
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.
UCFC ACCEPTANCE CORPORATION
By: /s/ H.C. McCall, III
--------------------------
Name: H. C. McCall, III
Title: President
Dated: December 27, 1996
<PAGE>
EXHIBIT INDEX
Exhibit Page
8.1 Opinion of Stroock & Stroock & Lavan with respect
to certain tax matters.
23.1 Consent of Coopers & Lybrand, L.L.P.
23.2 Consent of Stroock & Stroock & Lavan (included in
Exhibit 8.1).
99.1 Computational Materials.
<PAGE>
Stroock & Stroock & Lavan
7 Hanover Square
New York, New York 10004
December 23, 1996
UCFC Funding Corporation
4041 Essen Lane
Baton Rouge, Louisiana 70809
Re: UCFC Funding Corporation
Registration Statement on Form S-3
(File No. 333-07939)
-----------------------------------
Gentlemen:
We have acted as special counsel for UCFC Funding Corporation, a Louisiana
corporation (the "Company"), in connection with the issuance from time to time
in one or more series of Manufactured Housing Contract Pass-Through Certificates
(the "Certificates"). A Registration Statement on Form S-3 relating to the
Certificates the "Registration Statement") has been filed with the Securities
and Exchange Commission (the "Commission") under the Securities Act of 1933, as
amended (the "Securities Act"). As set forth in the Registration Statement, the
issuer with respect to a series of Certificates (the "Issuer") will be a trust
established by the Company. Each series of Certificates is to be issued
pursuant to a Pooling and Servicing Agreement (each, a "Pooling and Servicing
Agreement") among the Issuer, a master servicer and an independent trustee (the
"Trustee").
We have examined copies of the articles of incorporation and by-laws of the
Company, forms of the Pooling and Servicing Agreement and forms of the
Certificates included therein, as well as the Registration Statement and the
agreements and other documents filed as exhibits thereto. We also have examined
the original or reproduced or certified copies of all such records of the
Company, all such agreements, certificates of officers and representatives of
the Company and others, and such other documents, papers, statutes and
authorities as we deemed necessary to form the basis of the opinions hereinafter
expressed. In such examinations, we have assumed the genuineness of all
signatures, the authenticity of all documents submitted to us as originals and
the conformity to original documents of
<PAGE>
December 23, 1996
Page 2
copies of documents supplied to us by the Company and others. As to certain
matters of fact relevant to the opinions hereinafter expressed, we have relied
upon statements and certificates of officers of the Company and others.
Based upon the foregoing, we are of the opinion that:
1. When each Pooling and Servicing Agreement has been duly authorized by all
necessary action and has been duly executed and delivered, each will constitute
the valid and binding obligation of the Issuer, enforceable in accordance with
its terms, subject to the effect of bankruptcy, insolvency, moratorium,
fraudulent conveyance and similar laws relating to or affecting creditors'
rights generally and court decisions with respect thereto and we express no
opinion with respect to the application of equitable principles in any
proceeding, whether at law or in equity.
2. When the issuance, execution and delivery of each series of Certificates has
been authorized by all necessary action of the Issuer in accordance with the
provisions of the Pooling and Servicing Agreement, and when such Certificates
have been duly executed, authenticated and delivered by the Trustee and sold as
described in the Registration Statement, (a) such Certificates will constitute
the valid and binding obligations of the Issuer, enforceable in accordance with
their terms, subject to the effect of bankruptcy, insolvency, moratorium,
fraudulent conveyance and similar laws relating to or affecting creditors'
rights generally and court decisions with respect thereto and we express no
opinion with respect to the application of equitable principles in any
proceeding, whether at law or in equity, and (b) the holders of such
Certificates will be entitled to the benefits provided by the Pooling and
Servicing Agreement.
3. The information in the Prospectus under the caption "Federal Income Tax
Considerations," to the extent that it constitutes matters of law or legal
conclusions, is correct in all material respects.
In rendering the foregoing opinions, we express no opinion as to the laws of any
jurisdiction other than the State of New York and the federal laws of the United
States of America.
<PAGE>
December 23, 1996
Page 3
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, to the reference to us in the prospectus and the
related prospectus supplement forming a part of the Registration Statement, and
to the filing of this opinion as an exhibit to any application made by or on
behalf of the Company or any dealer in connection with the registration of the
Certificates under the securities or blue sky laws of any state or
jurisdiction. In giving such permission, we do not admit hereby that we come
within the category or persons whose consent is required under Section 7 of the
Securities Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ Stroock & Stroock & Lavan
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prosepctus Supplement of
our report dated January 22, 1996, on our audits of the consolidated financial
statements of MBIA Insurance Corporation and Subsidiaries as of December 31,
1995 and 1994 and for the three years ended December 31, 1995. We also consent
to the reference to our firm under the caption "Report of Experts".
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.
December 26, 1996
New York, New York
<PAGE>
Preliminary
Marketing Memorandum for:
$ 50,000,000
UCFC Funding Corporation
(Depositor)
Manufactured Housing Contract Pass-Through Certificates,
Series 1996-2
The information included herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the transaction, and not by or as agent
for UCFC Funding Corporation or any of its affiliates (collectively, the
"Depositor"). The Depositor has not prepared, reviewed or participated in the
preparation hereof, is not responsible for the accuracy hereof and has not
authorized the dissemination hereof. The analysis in this report is accurate to
the best of PSI's knowledge and is based on information provided by the
Depositor. PSI makes no representations as to the accuracy of such information
provided by the Depositor. All opinions and conclusions in this report reflect
PSI's judgment as of this date and are subject to change. All analyses are based
on certain assumptions noted herein and different assumptions could yield
substantially different results. You are cautioned that there is no universally
accepted method for analyzing financial instruments. You should review the
assumptions; there may be differences between these assumptions and your actual
business practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis. The
decision to adopt any strategy remains your responsibility. PSI (or any of its
affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon referred
to herein, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in the
securities referred to herein. Neither the information nor the opinions
expressed shall be construed to be, or constitute, an offer to sell or buy or a
solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. Finally, PSI has not addressed the
legal, accounting and tax implications of the analysis with respect to you and
PSI strongly urges you to seek advice from your counsel, accountant and tax
advisor.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
PRICING INFORMATION
-----------------------------------
Class: A
Approximate
Face Amount: $ 50,000,000
Coupon: 7.135%
Price: 99-31
Yield: 7.18%
Spread: 90 Bp
Exp Avg Life
to Maturity: 6.54 yrs
Exp Avg Life
to 10% call: 6.17 yrs
Exp 1st Prin Pmt: 01/15/97
Exp Mat: 12/15/10
Stated Mat: 04/15/28
Pricing Speed: 175% MHP
Pricing Date: 12/18/96
Investor
Settle Date: 12/31/96
Pmt Delay: 14 days
Cut-off Date: 12/01/96
Dated Date: 12/01/96
Int Pmt: 30/360
Pmt Terms: Monthly
1st Int. Pmt Date: 01/15/97
Expected
Rating: AAA/Aaa/AAA
(S&P/Moody's/Fitch)
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
Title of Certificates: Manufactured Housing Contract Pass-Through Certificates,
Series 1996-2
Offered Certificates: Class A Certificates.
Certificate Balance: $ 50,000,000
Depositor: UCFC Funding Corporation, a Louisiana corporation.
Servicer: United Companies Lending Corporation, a Louisiana
corporation, an indirect, wholly-owned subsidiary of
United Companies Financial Corporation.
Originators: The Contracts were, and any Subsequent Contracts will
have been, originated or purchased by United Companies
Funding, Inc. ("UCFI"), United Companies or UNICOR
Mortgage, Inc. ("UNICOR," and collectively with UCFI and
United Companies, the "Originators") Each Originator is
a Louisiana corporation and an affiliate of the
Depositor.
Trustee: Bankers Trust Company of California, N.A.
Sole Manager: Prudential Securities Incorporated
Securities Offered: 100% MBIA-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: TBD
Investor
Settlement Date: 12/31/96
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Pass-Through Rate: TBD %
Payment Date: The 15th day of each month (or, if any such date is not
a business day, the first business day thereafter)
commencing on January 15, 1997. The payment delay will
be 14 days for the Certificates.
Interest Accrual: The "Interest Accrual Period" for the Certificates will
be the calendar month preceding the month of such
Remittance Date. Interest will be calculated on the
basis of a 360-day year consisting of twelve 30-day
months.
Optional Termination: The Servicer has the option to purchase from the Trust
all remaining Contracts and all other property in the
Trust on any Remittance Date when the Pool Principal
Balance is less than 10% of the Aggregate Cut-off Date
Pool Principal Balance.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
Pre-Funding Account: Approximately $ 6,984,000 of additional manufactured
housing installment sales contracts and manufactured
housing installment loan agreements (collectively, the
"Subsequent Contracts") may be purchased by the Trust
prior to March 15, 1997. Any amount no so used will be
distributed on the Remittance Date at or immediately
following the end of such Pre-Funding Period to the
Certificate Holders.
Certificate Insurer: MBIA Insurance Corporation ("MBIA"). MBIA's
claims-paying ability is rated "AAA" by Standard &
Poor's, "Aaa" by Moody's Investors Service and "AAA" by
Fitch Investors Service, Inc.
Certificate Insurance
Policy: The Certificate Insurance Policy will provide 100%
coverage of timely interest and ultimate principal
payments due on the Certificates.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: Prior to the termination of the Pre-Funding Period, the
Offered Certificates may not be purchased by a pension
or other employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended
("ERISA").
Upon termination of the Pre-Funding Period, the
Certificates will be ERISA eligible. However, the
investors should consult with their counsel with respect
to the consequences under ERISA and the Code of the
Plan's acquisition and ownership of such Certificates.
SMMEA Considerations: The Certificates will not constitute "mortgage related
securities" for purposes of the Secondary Mortgage
Market Enhancement Act of 1984 ("SMMEA").
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus") Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
Deal ID/CUSIP UCFCMH62 Coupon 7.135
Class A PASS THRU Accr 0.59458 1st Pmt 01/15/97
Collateral 100%WL (Real) Factor 1.000000000 on 12/31/96
WAM (Orig) (19.431) Mat 04/15/28 Settle 12/31/96
MHP 175 MHP 125 MHP 150 MHP 200 MHP 225 MHP 250 MHP 275
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-21+ 7.249 7.248 7.248 7.249 7.250 7.250 7.251
99-22 7.245 7.245 7.245 7.245 7.246 7.246 7.246
99-22+ 7.242 7.242 7.242 7.242 7.242 7.242 7.242
99-23 7.238 7.239 7.238 7.238 7.238 7.237 7.237
99-23+ 7.235 7.236 7.235 7.234 7.234 7.233 7.233
99-24 7.231 7.233 7.232 7.230 7.230 7.229 7.228
99-24+ 7.228 7.229 7.229 7.227 7.226 7.225 7.224
99-25 7.224 7.226 7.225 7.223 7.222 7.221 7.219
99-25+ 7.221 7.223 7.222 7.219 7.218 7.216 7.215
99-26 7.217 7.220 7.219 7.215 7.214 7.212 7.210
99-26+ 7.214 7.217 7.215 7.212 7.210 7.208 7.206
99-27 7.210 7.214 7.212 7.208 7.206 7.204 7.201
99-27+ 7.207 7.211 7.209 7.204 7.202 7.199 7.197
99-28 7.203 7.208 7.206 7.200 7.198 7.195 7.192
99-28+ 7.200 7.205 7.202 7.197 7.194 7.191 7.188
99-29 7.196 7.202 7.199 7.193 7.190 7.187 7.183
99-29+ 7.193 7.199 7.196 7.189 7.186 7.182 7.179
99-30 7.189 7.196 7.192 7.185 7.182 7.178 7.175
99-30+ 7.185 7.193 7.189 7.182 7.178 7.174 7.170
99-31 7.182 7.190 7.186 7.178 7.174 7.170 7.166
99-31+ 7.178 7.187 7.183 7.174 7.170 7.166 7.161
100-00 7.175 7.184 7.179 7.171 7.166 7.161 7.157
100-00+ 7.171 7.180 7.176 7.167 7.162 7.157 7.152
100-01 7.168 7.177 7.173 7.163 7.158 7.153 7.148
100-01+ 7.164 7.174 7.169 7.159 7.154 7.149 7.143
100-02 7.161 7.171 7.166 7.156 7.150 7.145 7.139
100-02+ 7.157 7.168 7.163 7.152 7.146 7.140 7.134
100-03 7.154 7.165 7.160 7.148 7.142 7.136 7.130
100-03+ 7.150 7.162 7.156 7.144 7.138 7.132 7.126
100-04 7.147 7.159 7.153 7.141 7.134 7.128 7.121
100-04+ 7.143 7.156 7.150 7.137 7.130 7.124 7.117
100-05 7.140 7.153 7.146 7.133 7.126 7.119 7.112
100-05+ 7.137 7.150 7.143 7.129 7.122 7.115 7.108
100-06 7.133 7.147 7.140 7.126 7.118 7.111 7.103
100-06+ 7.130 7.144 7.137 7.122 7.114 7.107 7.099
100-07 7.126 7.141 7.133 7.118 7.110 7.103 7.094
100-07+ 7.123 7.138 7.130 7.115 7.106 7.098 7.090
100-08 7.119 7.135 7.127 7.111 7.103 7.094 7.085
100-08+ 7.116 7.132 7.124 7.107 7.099 7.090 7.081
Avg. Life 6.172 7.407 6.732 5.669 5.231 4.855 4.517
Mod. Dur. 4.433 5.080 4.734 4.157 3.907 3.686 3.482
1st Pmt. 0.042 0.042 0.042 0.042 0.042 0.042 0.042
Last Pmt. 12/15/10 02/15/13 11/15/11 12/15/09 01/15/09 04/15/08 07/15/07
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
- --------------------------------------------------------------------------------
- UCFCMH62
- Cut Off Date of Tape is 12/2/96
- FIX
- $43,016,213.43
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,307
Aggregate Unpaid Principal Balance: $43,016,213.43
Aggregate Original Principal Balance: $43,061,224.65
Weighted Average Gross Coupon: 11.492%
Gross Coupon Range: 8.250% - 16.750%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $32,912.18
Average Original Principal Balance: $32,946.61
Maximum Unpaid Principal Balance: $114,849.53
Minimum Unpaid Principal Balance: $5,000.00
Maximum Original Principal Balance: $114,957.23
Minimum Original Principal Balance: $5,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 233.500
Stated Rem Term Range: 54.000 - 360.000
Weighted Avg. Amortized Rem. Term: 233.683
Amortized Rem Term Range: 56.000 - 360.055
Weighted Average Age (First Pay thru Last Pay): 0.446
Age Range: 0.000 - 58.000
Weighted Average Original Term: 233.946
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 80.227
Original LTV Range: 18.000% - 100.000%
Weighted Average Current LTV: 80.155
Current LTV Range: 18.000% - 100.000%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THE DESCRIPTION OF THE COLLATERAL HEREIN SUPERSEDES ANY PRIOR DESCRIPTIONS OF
THE COLLATERAL AND WILL BE SUPERSEDED BY THE DESCRIPTION THEREOF IN THE
PROSPECTUS SUPPLEMENT
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
GEOGRAPHICAL DISTRIBUTION
--------------------------------------------
Total
# % Current
State Loans Pool Balance
AL 2 .09 $37,593
AR 8 .51 $219,958
AZ 9 1.13 $486,832
CA 6 .47 $201,047
CO 14 1.27 $544,259
FL 157 12.18 $5,240,647
GA 115 9.02 $3,880,874
IA 2 .06 $27,900
IL 1 .06 $24,750
IN 17 1.76 $756,189
KS 2 .13 $57,003
KY 11 .82 $351,900
LA 65 4.12 $1,774,224
MA 1 .11 $49,200
MD 5 .40 $172,337
ME 5 .39 $168,875
MI 31 2.44 $1,050,281
MN 34 2.13 $915,500
MO 4 .33 $143,250
MS 21 1.47 $632,127
NC 236 19.05 $8,195,940
NH 2 .14 $59,900
NM 21 1.82 $783,469
NY 6 .78 $336,933
OH 10 .78 $335,225
OK 6 .40 $172,900
OR 4 .40 $173,337
PA 22 1.26 $542,302
SC 208 14.60 $6,281,935
TN 38 3.05 $1,311,409
TX 203 15.12 $6,504,166
VA 11 .89 $384,075
VT 2 .23 $99,100
WA 2 .24 $104,346
WI 4 .29 $126,286
WV 16 1.28 $551,727
Unknown 6 .74 $318,417
- ---------------------------------------------
Total.. 1,307 100.00% $43,016,213
=============================================
CURRENT MORTGAGE AMOUNT
- ----------------------------------------------------------------------------
Total
Current # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 5,000 1 .01 $5,000.00
5,000 < Balance <= 10,000 53 .99 $427,301.29
10,000 < Balance <= 15,000 120 3.51 $1,508,026.28
15,000 < Balance <= 20,000 109 4.52 $1,942,718.67
20,000 < Balance <= 25,000 159 8.39 $3,610,515.13
25,000 < Balance <= 30,000 189 12.15 $5,227,588.27
30,000 < Balance <= 35,000 154 11.62 $4,997,846.95
35,000 < Balance <= 40,000 137 12.00 $5,161,991.72
40,000 < Balance <= 45,000 105 10.34 $4,447,453.68
45,000 < Balance <= 50,000 93 10.24 $4,406,578.38
50,000 < Balance <= 55,000 65 7.89 $3,393,249.91
55,000 < Balance <= 60,000 54 7.21 $3,099,448.28
60,000 < Balance <= 65,000 23 3.36 $1,443,546.71
65,000 < Balance <= 70,000 16 2.51 $1,079,725.74
70,000 < Balance <= 75,000 17 2.87 $1,234,501.27
75,000 < Balance <= 80,000 4 .71 $306,928.77
80,000 < Balance <= 85,000 4 .77 $330,658.87
90,000 < Balance <= 95,000 3 .65 $278,283.98
110,000 < Balance <= 115,000 1 .27 $114,849.53
- ----------------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THE DESCRIPTION OF THE COLLATERAL HEREIN SUPERSEDES ANY PRIOR DESCRIPTIONS OF
THE COLLATERAL AND WILL BE SUPERSEDED BY THE DESCRIPTION THEREOF IN THE
PROSPECTUS SUPPLEMENT
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
GROSS COUPON
- ------------------------------------------------------------------
Total
Gross # % Current
Coupon Loan Pool Balance
8.00% < Gross Coupon <= 8.25% 10 1.08 $464,780.97
8.25% < Gross Coupon <= 8.50% 9 .99 $426,961.46
8.50% < Gross Coupon <= 8.75% 4 .48 $205,868.79
8.75% < Gross Coupon <= 9.00% 7 .84 $359,803.50
9.00% < Gross Coupon <= 9.25% 11 1.13 $487,663.77
9.25% < Gross Coupon <= 9.50% 11 .99 $424,517.81
9.50% < Gross Coupon <= 9.75% 22 2.44 $1,047,858.66
9.75% < Gross Coupon <= 10.00% 44 4.30 $1,850,194.88
10.00% < Gross Coupon <= 10.25% 63 6.06 $2,605,897.10
10.25% < Gross Coupon <= 10.50% 128 11.01 $4,736,632.44
10.50% < Gross Coupon <= 10.75% 88 6.86 $2,952,861.50
10.75% < Gross Coupon <= 11.00% 144 10.61 $4,565,296.72
11.00% < Gross Coupon <= 11.25% 71 4.79 $2,061,487.31
11.25% < Gross Coupon <= 11.50% 73 5.61 $2,413,108.39
11.50% < Gross Coupon <= 11.75% 81 5.15 $2,214,902.43
11.75% < Gross Coupon <= 12.00% 121 8.16 $3,510,970.24
12.00% < Gross Coupon <= 12.25% 81 4.58 $1,971,242.84
12.25% < Gross Coupon <= 12.50% 73 6.95 $2,990,161.58
12.50% < Gross Coupon <= 12.75% 35 2.15 $926,244.09
12.75% < Gross Coupon <= 13.00% 22 1.26 $540,193.25
13.00% < Gross Coupon <= 13.25% 34 2.89 $1,243,729.49
13.25% < Gross Coupon <= 13.50% 43 3.96 $1,702,218.35
13.50% < Gross Coupon <= 13.75% 10 .81 $346,555.43
13.75% < Gross Coupon <= 14.00% 21 1.36 $585,457.86
14.00% < Gross Coupon <= 14.25% 4 .18 $75,734.97
14.25% < Gross Coupon <= 14.50% 14 .99 $427,253.46
14.50% < Gross Coupon <= 14.75% 17 .93 $399,500.00
14.75% < Gross Coupon <= 15.00% 26 1.13 $484,916.65
15.00% < Gross Coupon <= 15.25% 17 .98 $423,468.81
15.25% < Gross Coupon <= 15.50% 22 1.30 $559,230.68
16.50% < Gross Coupon <= 16.75% 1 .03 $11,500.00
- ------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
==================================================================
REMAINING TERM
- ------------------------------------------------------------------
Total
# % Current
Remaining Term Loan Pool Balance
48 < Rem Term <= 60 30 .84 $363,388.50
60 < Rem Term <= 72 6 .19 $80,174.06
72 < Rem Term <= 84 41 1.19 $512,734.51
84 < Rem Term <= 96 10 .36 $153,450.16
96 < Rem Term <= 108 4 .18 $78,679.91
108 < Rem Term <= 120 157 7.56 $3,251,623.51
120 < Rem Term <= 132 1 .05 $20,729.17
132 < Rem Term <= 144 150 9.02 $3,881,161.42
168 < Rem Term <= 180 294 21.68 $9,324,510.40
192 < Rem Term <= 204 1 .07 $31,600.00
228 < Rem Term <= 240 315 27.53 $11,843,910.54
276 < Rem Term <= 288 2 .15 $65,019.00
288 < Rem Term <= 300 154 13.90 $5,978,763.41
336 < Rem Term <= 348 1 .15 $62,541.13
348 < Rem Term <= 360 141 17.13 $7,367,927.71
- ------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
==================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THE DESCRIPTION OF THE COLLATERAL HEREIN SUPERSEDES ANY PRIOR DESCRIPTIONS OF
THE COLLATERAL AND WILL BE SUPERSEDED BY THE DESCRIPTION THEREOF IN THE
PROSPECTUS SUPPLEMENT
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
ORIGINAL MATURITY
- ------------------------------------------------------------------
Total
Original # % Current
Maturity Loan Pool Balance
50 < Original Maturity <= 60 30 .84 $363,388.50
70 < Original Maturity <= 80 5 .16 $68,589.00
80 < Original Maturity <= 90 42 1.22 $524,319.57
90 < Original Maturity <= 100 9 .28 $119,087.23
100 < Original Maturity <= 110 2 .13 $54,197.19
110 < Original Maturity <= 120 158 7.58 $3,260,764.57
140 < Original Maturity <= 150 153 9.19 $3,951,595.18
170 < Original Maturity <= 180 294 21.68 $9,324,510.40
200 < Original Maturity <= 210 1 .07 $31,600.00
230 < Original Maturity <= 240 315 27.53 $11,843,910.54
290 < Original Maturity <= 300 156 14.05 $6,043,782.41
350 < Original Maturity <= 360 142 17.27 $7,430,468.84
- ------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
==================================================================
LOAN AGE IN MONTHS
- ------------------------------------------------------------------
Total
# % Current
Age of Loan Loan Pool Balance
0 = Age 964 74.59 $32,085,758.30
0 < Age <= 12 338 25.20 $10,839,295.25
12 < Age <= 24 3 .10 $41,455.29
36 < Age <= 48 1 .04 $15,341.66
48 < Age <= 60 1 .08 $34,362.93
- ------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
==================================================================
ORIGINAL LTV RANGE
- ------------------------------------------------------------------
Total
LTV # % Current
RANGE Loan Pool Balance
15.000 < LTV <= 20.000 2 .05 $21,448.75
20.000 < LTV <= 25.000 1 .02 $8,946.15
25.000 < LTV <= 30.000 6 .16 $70,573.92
30.000 < LTV <= 35.000 10 .32 $138,120.15
35.000 < LTV <= 40.000 7 .23 $100,444.01
40.000 < LTV <= 45.000 18 .61 $262,525.56
45.000 < LTV <= 50.000 27 1.27 $547,850.28
50.000 < LTV <= 55.000 27 1.14 $492,383.30
55.000 < LTV <= 60.000 43 2.66 $1,145,237.75
60.000 < LTV <= 65.000 63 3.69 $1,588,303.22
65.000 < LTV <= 70.000 109 7.44 $3,201,762.22
70.000 < LTV <= 75.000 195 14.66 $6,304,308.37
75.000 < LTV <= 80.000 254 23.12 $9,945,202.78
80.000 < LTV <= 85.000 114 8.72 $3,748,951.95
85.000 < LTV <= 90.000 132 11.18 $4,808,818.50
90.000 < LTV <= 95.000 142 11.91 $5,121,377.84
95.000 < LTV <= 100.000 157 12.81 $5,509,958.68
- ------------------------------------------------------------------
Total..... 1,307 100.00 $43,016,213.43
==================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THE DESCRIPTION OF THE COLLATERAL HEREIN SUPERSEDES ANY PRIOR DESCRIPTIONS OF
THE COLLATERAL AND WILL BE SUPERSEDED BY THE DESCRIPTION THEREOF IN THE
PROSPECTUS SUPPLEMENT
<PAGE>
PROPERTY-TYPE
- --------------------------------------------------------------------
Total
# % Current
Loan Pool Balance
Man.Hsg/Land-and-Home 643 57.25 $24,625,642.79
Man.Hsg/Chattel Contract 664 42.75 $18,390,570.64
- ---------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
=====================================================================
NEW/USED
- ------------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
New 496 41.31 $17,768,559.99
Used 811 58.69 $25,247,653.44
- ------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
==================================================================
UNITS
- --------------------------------------------------------------------
Total
# % Current
Loan Feature Loan Pool Balance
1 641 36.11 $15,533,676.12
2 601 57.21 $24,607,526.85
3 3 .34 $145,505.21
0 * 62 6.35 $2,729,505.25
- --------------------------------------------------------------------
Total..... 1,307 100.00% $43,016,213.43
====================================================================
*unknown
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THE DESCRIPTION OF THE COLLATERAL HEREIN SUPERSEDES ANY PRIOR DESCRIPTIONS OF
THE COLLATERAL AND WILL BE SUPERSEDED BY THE DESCRIPTION THEREOF IN THE
PROSPECTUS SUPPLEMENT
<PAGE>
Preliminary
Marketing Memorandum for:
$[50,000,000]
UCFC Funding Corporation
(Depositor)
Manufactured Housing Contract Pass-Through Certificates,
Series 1996-2
The information included herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the transaction, and not by or as agent
for UCFC Funding Corporation or any of its affiliates (collectively, the
"Depositor"). The Depositor has not prepared, reviewed or participated in the
preparation hereof, is not responsible for the accuracy hereof and has not
authorized the dissemination hereof. The analysis in this report is accurate
to the best of PSI's knowledge and is based on information provided by the
Depositor. PSI makes no representations as to the accuracy of such
information provided by the Depositor. All opinions and conclusions in this
report reflect PSI's judgment as of this date and are subject to change. All
analyses are based on certain assumptions noted herein and different
assumptions could yield substantially different results. You are cautioned
that there is no universally accepted method for analyzing financial
instruments. You should review the assumptions; there may be differences
between these assumptions and your actual business practices. Further, PSI
does not guarantee any results and there is no guarantee as to the liquidity
of the instruments involved in this analysis. The decision to adopt any
strategy remains your responsibility. PSI (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PSI may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed
to be, or constitute, an offer to sell or buy or a solicitation of an offer to
sell or buy any securities, commodities or derivative instruments mentioned
herein. Finally, PSI has not addressed the legal, accounting and tax
implications of the analysis with respect to you and PSI strongly urges you to
seek advice from your counsel, accountant and tax advisor.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
PRICING INFORMATION
-----------------------------------
Class: A
Approximate
Face Amount: [50,000,000]
Coupon: TBD
Price: TBD
Yield: TBD
Spread: TBD
Exp Avg Life
to Maturity: [6.54] yrs
Exp Avg Life
to 10% call: [6.17] yrs
Exp 1st Prin Pmt: [01/15/97]
Exp Mat: [12/15/10]
Stated Mat: [04/15/28]
Pricing Speed: 175% MHP
Pricing Date: TBD
Investor
Settle Date: [12/31/96]
Pmt Delay: 14 days
Cut-off Date: [12/01/96]
Dated Date: [12/01/96]
Int Pmt: 30/360
Pmt Terms: Monthly
1st Int. Pmt Date: [01/15/97]
Expected
Rating: AAA/Aaa/AAA
(S&P/Moody's/Fitch)
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
Title of Certificates: Manufactured Housing Contract Pass-Through
Certificates, Series 1996-2
Offered Certificates: Class A Certificates.
Certificate Balance: $ [50,000,000]
Depositor: UCFC Funding Corporation, a Louisiana corporation.
Servicer: United Companies Lending Corporation, a Louisiana
corporation, an indirect, wholly-owned subsidiary of
United Companies Financial Corporation.
Originators: The Contracts were, and any Subsequent Contracts will
have been, originated or purchased by United Companies
Funding, Inc. ("UCFI"), United Companies or UNICOR
Mortgage, Inc. ("UNICOR," and collectively with UCFI
and United Companies, the "Originators") Each
Originator is a Louisiana corporation and an affiliate
of the Depositor.
Trustee: [Bankers Trust Company of California, N.A.]
Sole Manager: Prudential Securities Incorporated
Securities Offered: 100% MBIA-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: TBD
Investor
Settlement Date: [12/31/96]
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Pass-Through Rate: TBD %
Payment Date: The 15th day of each month (or, if any such date is not
a business day, the first business day thereafter)
commencing on January 15, 1997. The payment delay will
be 14 days for the Certificates.
Interest Accrual: The "Interest Accrual Period" for the Certificates will
be the calendar month preceding the month of such
Remittance Date. Interest will be calculated on the
basis of a 360-day year consisting of twelve 30-day
months.
Optional Termination: The Servicer has the option to purchase from the Trust
all remaining Contracts and all other property in the
Trust on any Remittance Date when the Pool Principal
Balance is less than 10% of the Aggregate Cut-off Date
Pool Principal Balance.
Coupon Step-Up: [If the Servicer does not exercise its option to call
on the Certificates at the 10% cleanup call date, then
the coupon on the Certificates shall be raised by 50
bps.]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
Pre-Funding Account: On the Closing Date, the Trustee will establish and
thereafter maintain with itself a trust account (the
"Pre-Funding Account"). On the Closing date,
approximately $[6,984,000] in cash (the "Pre-Funded
Amount") will be deposited in the Pre-Funding Account
which may be used only to (i) acquire additional
manufactured housing installment sales contracts and
manufactured housing installment loan agreements
(collectively, the "Subsequent Contracts") and (ii)
make accelerated payments of principal on the
Certificates. During the period (the "Pre-Funding
Period") from the Closing Date to the earliest to
occur of (i) the Funding Termination Date (defined
below), (ii) an Event of Default under the Agreement
and (iii) March 15, 1997, amounts on deposit in the
Pre-Funding Account may be withdrawn from time to time
to acquire Subsequent Contracts in accordance with the
Agreement. The "Funding Termination Date" will be the
date on which the Pre Funded amount has been reduced to
less than $100,000. Any Pre-Funded amount remaining
in the Pre-Funding Account at the end of the
Pre-Funding Period will be distributed on the
Remittance Date at or immediately following the end of
such Pre-Funding Period to the Certificate Holders.
The Manufactured
Housing Program: The Contracts were originated or purchased by the
Originators in accordance with the policies and
procedures described under the "The Manufactured
Housing Program" in the Prospectus. As described
therein, United Companies has originated or purchased
Land-and-Home Contracts for several years. However,
the volume and performance of those Contracts have not
been tracked separately from the home equity loans
originated by United Companies and affiliates. In May
1995, United Companies Financial Corporation, the
ultimate parent of the Depositor and United Companies,
established United Companies Funding, Inc., a Louisiana
corporation headquartered in Minneapolis, Minnesota
("UCFI"), to originate and purchase manufactured
housing contracts which are secured by the related
Manufactured Home ("Chattel Contracts").
[Because UCFI has less than 18 months of operating
history, the Depositor believes that historical
information regarding the Contracts originated by UCFI
does not have any predictive value in assessing the
possible performance of the Contract Pool.]
Certificate Insurer: MBIA Insurance Corporation ("MBIA"). MBIA's
claims-paying ability is rated "AAA" by Standard &
Poor's, "Aaa" by Moody's Investors Service and "AAA" by
Fitch Investors Service, Inc.
Certificate Insurance
Policy: The Certificate Insurance Policy will provide 100%
coverage of timely interest and ultimate principal
payments due on the Certificates.
Reserve Account: A Reserve account will be available to cover losses
prior to any draw on the Certificate Insurance Policy.
The initial deposit and maintenance levels of the
reserve account will be sized by the surety provider.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: Prior to the termination of the Pre-Funding Period, the
Offered Certificates may not be purchased by a pension
or other employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended
("ERISA").
Upon termination of the Pre-Funding Period, the
Certificates will be ERISA eligible. However, the
investors should consult with their counsel with
respect to the consequences under ERISA and the Code
of the Plan's acquisition and ownership of such
Certificates.
SMMEA Considerations: [Prior to the termination of the Pre-Funding Period,
the Certificates will not constitute "mortgage related
securities" for purposes of the Secondary Mortgage
Market Enhancement Act of 1984 ("SMMEA").]
[Upon termination of the Pre-Funding Period, the
Certificates will be SMMEA Eligible so long as they
are rated in one of the two highest rating categories
by at least one nationally recognized statistical
rating organization and, as such , will be "legal
investments" for certain types of institutional
investors to the extent provided in SMMEA.]
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus") Complete information with
respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is
qualified in its entirety by the information appearing
in the Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
Deal ID/CUSIP UCFCMH62 Coupon N/A
Class A PASS THRU Accr 0.58500 1st Pmt 01/15/97
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) /
WAM (Orig) Mat 04/15/28 Settle 12/31/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
MHP 125 MHP 150 MHP 175 MHP 200 MHP 225 MHP 250 MHP 275
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 7.124 7.124 7.124 7.124 7.124 7.125 7.125
99-23 7.121 7.121 7.121 7.121 7.120 7.120 7.120
99-23+ 7.118 7.118 7.117 7.117 7.117 7.116 7.116
99-24 7.115 7.114 7.114 7.113 7.113 7.112 7.111
99-24+ 7.112 7.111 7.110 7.109 7.109 7.108 7.107
99-25 7.109 7.108 7.107 7.106 7.105 7.103 7.102
99-25+ 7.106 7.105 7.103 7.102 7.101 7.099 7.098
99-26 7.103 7.101 7.100 7.098 7.097 7.095 7.093
99-26+ 7.100 7.098 7.096 7.095 7.093 7.091 7.089
99-27 7.097 7.095 7.093 7.091 7.089 7.087 7.084
99-27+ 7.094 7.092 7.089 7.087 7.085 7.082 7.080
99-28 7.091 7.088 7.086 7.083 7.081 7.078 7.076
99-28+ 7.088 7.085 7.082 7.080 7.077 7.074 7.071
99-29 7.085 7.082 7.079 7.076 7.073 7.070 7.067
99-29+ 7.082 7.078 7.075 7.072 7.069 7.066 7.062
99-30 7.078 7.075 7.072 7.068 7.065 7.061 7.058
99-30+ 7.075 7.072 7.068 7.065 7.061 7.057 7.053
99-31 7.072 7.069 7.065 7.061 7.057 7.053 7.049
99-31+ 7.069 7.065 7.061 7.057 7.053 7.049 7.044
100-00 7.066 7.062 7.058 7.054 7.049 7.045 7.040
100-00+ 7.063 7.059 7.054 7.050 7.045 7.040 7.036
100-01 7.060 7.056 7.051 7.046 7.041 7.036 7.031
100-01+ 7.057 7.052 7.047 7.042 7.037 7.032 7.027
100-02 7.054 7.049 7.044 7.039 7.033 7.028 7.022
100-02+ 7.051 7.046 7.041 7.035 7.029 7.024 7.018
100-03 7.048 7.043 7.037 7.031 7.025 7.019 7.013
100-03+ 7.045 7.039 7.034 7.028 7.021 7.015 7.009
100-04 7.042 7.036 7.030 7.024 7.017 7.011 7.004
100-04+ 7.039 7.033 7.027 7.020 7.014 7.007 7.000
100-05 7.036 7.030 7.023 7.016 7.010 7.003 6.996
100-05+ 7.033 7.026 7.020 7.013 7.006 6.999 6.991
100-06 7.030 7.023 7.016 7.009 7.002 6.994 6.987
100-06+ 7.027 7.020 7.013 7.005 6.998 6.990 6.982
100-07 7.024 7.017 7.009 7.002 6.994 6.986 6.978
100-07+ 7.021 7.013 7.006 6.998 6.990 6.982 6.973
100-08 7.018 7.010 7.002 6.994 6.986 6.978 6.969
100-08+ 7.015 7.007 6.999 6.990 6.982 6.973 6.965
100-09 7.012 7.004 6.995 6.987 6.978 6.969 6.960
100-09+ 7.009 7.000 6.992 6.983 6.974 6.965 6.956
Avg. Life 7.407 6.732 6.172 5.669 5.231 4.855 4.517
Mod. Dur. 5.109 4.760 4.456 4.177 3.925 3.702 3.496
1st Pmt. 0.042 0.042 0.042 0.042 0.042 0.042 0.042
Last Pmt. 02/15/13 11/15/11 12/15/10 12/15/09 01/15/09 04/15/08 07/15/07
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
________________________________________________________________________________
- UCFCMH62
- Cut Off Date of Tape is 12/2/96
- FIX
- $43,016,213.43
- Mortgage Summary Report
________________________________________________________________________________
Number of Mortgage Loans: 1,307
Aggregate Unpaid Principal Balance: $43,016,213.43
Aggregate Original Principal Balance: $43,061,224.65
Weighted Average Gross Coupon: 11.492%
Gross Coupon Range: 8.250% - 16.750%
________________________________________________________________________________
Average Unpaid Principal Balance: $32,912.18
Average Original Principal Balance: $32,946.61
Maximum Unpaid Principal Balance: $114,849.53
Minimum Unpaid Principal Balance: $5,000.00
Maximum Original Principal Balance: $114,957.23
Minimum Original Principal Balance: $5,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 233.500
Stated Rem Term Range: 54.000 - 360.000
Weighted Avg. Amortized Rem. Term: 233.683
Amortized Rem Term Range: 56.000 - 360.055
Weighted Average Age (First Pay thru Last Pay): 0.446
Age Range: 0.000 - 58.000
Weighted Average Original Term: 233.946
Original Term Range: 60.000 - 360.000
Weighted Average Original LTV: 80.227
Original LTV Range: 18.000% - 100.000%
Weighted Average Current LTV: 80.155
Current LTV Range: 18.000% - 100.000%
________________________________________________________________________________
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
GEOGRAPHICAL DISTRIBUTION
____________________________________________
Total
# % Current
State Loans Pool Balance
AL 2 .09 $37,593
AR 8 .51 $219,958
AZ 9 1.13 $486,832
CA 6 .47 $201,047
CO 14 1.27 $544,259
FL 157 12.18 $5,240,647
GA 115 9.02 $3,880,874
IA 2 .06 $27,900
IL 1 .06 $24,750
IN 17 1.76 $756,189
KS 2 .13 $57,003
KY 11 .82 $351,900
LA 65 4.12 $1,774,224
MA 1 .11 $49,200
MD 5 .40 $172,337
ME 5 .39 $168,875
MI 31 2.44 $1,050,281
MN 34 2.13 $915,500
MO 4 .33 $143,250
MS 21 1.47 $632,127
NC 236 19.05 $8,195,940
NH 2 .14 $59,900
NM 21 1.82 $783,469
NY 6 .78 $336,933
OH 10 .78 $335,225
OK 6 .40 $172,900
OR 4 .40 $173,337
PA 22 1.26 $542,302
SC 208 14.60 $6,281,935
TN 38 3.05 $1,311,409
TX 203 15.12 $6,504,166
VA 11 .89 $384,075
VT 2 .23 $99,100
WA 2 .24 $104,346
WI 4 .29 $126,286
WV 16 1.28 $551,727
Unknown 6 .74 $318,417
_____________________________________________
Total.. 1,307 100.00% $43,016,213
=============================================
CURRENT MORTGAGE AMOUNT
____________________________________________________________________________
Total
Current # % Current
Mortgage Amt. Loan Pool Balance
Balance <= 5,000 1 .01 $5,000.00
5,000 < Balance <= 10,000 53 .99 $427,301.29
10,000 < Balance <= 15,000 120 3.51 $1,508,026.28
15,000 < Balance <= 20,000 109 4.52 $1,942,718.67
20,000 < Balance <= 25,000 159 8.39 $3,610,515.13
25,000 < Balance <= 30,000 189 12.15 $5,227,588.27
30,000 < Balance <= 35,000 154 11.62 $4,997,846.95
35,000 < Balance <= 40,000 137 12.00 $5,161,991.72
40,000 < Balance <= 45,000 105 10.34 $4,447,453.68
45,000 < Balance <= 50,000 93 10.24 $4,406,578.38
50,000 < Balance <= 55,000 65 7.89 $3,393,249.91
55,000 < Balance <= 60,000 54 7.21 $3,099,448.28
60,000 < Balance <= 65,000 23 3.36 $1,443,546.71
65,000 < Balance <= 70,000 16 2.51 $1,079,725.74
70,000 < Balance <= 75,000 17 2.87 $1,234,501.27
75,000 < Balance <= 80,000 4 .71 $306,928.77
80,000 < Balance <= 85,000 4 .77 $330,658.87
90,000 < Balance <= 95,000 3 .65 $278,283.98
110,000 < Balance <= 115,000 1 .27 $114,849.53
____________________________________________________________________________
Total..... 1,307 100.00% $43,016,213.43
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
GROSS COUPON
__________________________________________________________________
Total
Gross # % Current
Coupon Loan Pool Balance
8.00% < Gross Coupon <= 8.25% 10 1.08 $464,780.97
8.25% < Gross Coupon <= 8.50% 9 .99 $426,961.46
8.50% < Gross Coupon <= 8.75% 4 .48 $205,868.79
8.75% < Gross Coupon <= 9.00% 7 .84 $359,803.50
9.00% < Gross Coupon <= 9.25% 11 1.13 $487,663.77
9.25% < Gross Coupon <= 9.50% 11 .99 $424,517.81
9.50% < Gross Coupon <= 9.75% 22 2.44 $1,047,858.66
9.75% < Gross Coupon <= 10.00% 44 4.30 $1,850,194.88
10.00% < Gross Coupon <= 10.25% 63 6.06 $2,605,897.10
10.25% < Gross Coupon <= 10.50% 128 11.01 $4,736,632.44
10.50% < Gross Coupon <= 10.75% 88 6.86 $2,952,861.50
10.75% < Gross Coupon <= 11.00% 144 10.61 $4,565,296.72
11.00% < Gross Coupon <= 11.25% 71 4.79 $2,061,487.31
11.25% < Gross Coupon <= 11.50% 73 5.61 $2,413,108.39
11.50% < Gross Coupon <= 11.75% 81 5.15 $2,214,902.43
11.75% < Gross Coupon <= 12.00% 121 8.16 $3,510,970.24
12.00% < Gross Coupon <= 12.25% 81 4.58 $1,971,242.84
12.25% < Gross Coupon <= 12.50% 73 6.95 $2,990,161.58
12.50% < Gross Coupon <= 12.75% 35 2.15 $926,244.09
12.75% < Gross Coupon <= 13.00% 22 1.26 $540,193.25
13.00% < Gross Coupon <= 13.25% 34 2.89 $1,243,729.49
13.25% < Gross Coupon <= 13.50% 43 3.96 $1,702,218.35
13.50% < Gross Coupon <= 13.75% 10 .81 $346,555.43
13.75% < Gross Coupon <= 14.00% 21 1.36 $585,457.86
14.00% < Gross Coupon <= 14.25% 4 .18 $75,734.97
14.25% < Gross Coupon <= 14.50% 14 .99 $427,253.46
14.50% < Gross Coupon <= 14.75% 17 .93 $399,500.00
14.75% < Gross Coupon <= 15.00% 26 1.13 $484,916.65
15.00% < Gross Coupon <= 15.25% 17 .98 $423,468.81
15.25% < Gross Coupon <= 15.50% 22 1.30 $559,230.68
16.50% < Gross Coupon <= 16.75% 1 .03 $11,500.00
__________________________________________________________________
Total..... 1,307 100.00% $43,016,213.43
==================================================================
REMAINING TERM
__________________________________________________________________
Total
# % Current
Remaining Term Loan Pool Balance
48 < Rem Term <= 60 30 .84 $363,388.50
60 < Rem Term <= 72 6 .19 $80,174.06
72 < Rem Term <= 84 41 1.19 $512,734.51
84 < Rem Term <= 96 10 .36 $153,450.16
96 < Rem Term <= 108 4 .18 $78,679.91
108 < Rem Term <= 120 157 7.56 $3,251,623.51
120 < Rem Term <= 132 1 .05 $20,729.17
132 < Rem Term <= 144 150 9.02 $3,881,161.42
168 < Rem Term <= 180 294 21.68 $9,324,510.40
192 < Rem Term <= 204 1 .07 $31,600.00
228 < Rem Term <= 240 315 27.53 $11,843,910.54
276 < Rem Term <= 288 2 .15 $65,019.00
288 < Rem Term <= 300 154 13.90 $5,978,763.41
336 < Rem Term <= 348 1 .15 $62,541.13
348 < Rem Term <= 360 141 17.13 $7,367,927.71
__________________________________________________________________
Total..... 1,307 100.00% $43,016,213.43
==================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates Series 1996-2
ORIGINAL MATURITY
__________________________________________________________________
Total
Original # % Current
Maturity Loan Pool Balance
50 < Original Maturity <= 60 30 .84 $363,388.50
70 < Original Maturity <= 80 5 .16 $68,589.00
80 < Original Maturity <= 90 42 1.22 $524,319.57
90 < Original Maturity <= 100 9 .28 $119,087.23
100 < Original Maturity <= 110 2 .13 $54,197.19
110 < Original Maturity <= 120 158 7.58 $3,260,764.57
140 < Original Maturity <= 150 153 9.19 $3,951,595.18
170 < Original Maturity <= 180 294 21.68 $9,324,510.40
200 < Original Maturity <= 210 1 .07 $31,600.00
230 < Original Maturity <= 240 315 27.53 $11,843,910.54
290 < Original Maturity <= 300 156 14.05 $6,043,782.41
350 < Original Maturity <= 360 142 17.27 $7,430,468.84
__________________________________________________________________
Total..... 1,307 100.00% $43,016,213.43
==================================================================
LOAN AGE IN MONTHS
__________________________________________________________________
Total
# % Current
Age of Loan Loan Pool Balance
0 = Age 964 74.59 $32,085,758.30
0 < Age <= 12 338 25.20 $10,839,295.25
12 < Age <= 24 3 .10 $41,455.29
36 < Age <= 48 1 .04 $15,341.66
48 < Age <= 60 1 .08 $34,362.93
__________________________________________________________________
Total..... 1,307 100.00% $43,016,213.43
==================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
