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) September 15, 1997
UCFC FUNDING CORPORATION
(Exact name of registrant as specified in its Charter)
Louisiana 333-07939 72-1328674
----------------- ------------ -------------
(State or other (Commission (IRS Employer
jurisdiction File Number) ID Number)
of incorporation)
4041 Essen Lane, Baton Rouge, Louisiana 70809
- --------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(Registrant's Telephone Number, (504) 987-0000
including area code) --------------
N/A
- -----------------------------------------------------------------
(Former name or former address, if changed since last report)
PAGE 1
Item 5. Other Events.
UCFC Funding Corporation (the "Company") from time to time
acts as depositor into and sponsor of trusts (each, a "Trust"),
the purpose of which is to issue one or more series of
Manufactured Housing Contract Pass-Through Certificates (the
"Certificates"), to be issued in series (each a "Series").
The assets of each Trust will consist primarily of one or
more pools of manufactured housing installment sale contracts and
installment loan agreements (collectively, the "Contracts") which
include fixed-rate contracts secured by either (1) security
interests in the manufactured homes purchased with the proceeds
of such contracts or (2) with respect to certain of the
contracts, liens on the real estate to which the related
manufactured homes are deemed permanently affixed. Each Series
of Certificates will represent interests in the related Trust and
are not obligations of the Company. Holders of Certificates will
not have any recourse to the assets of the Company except to the
limited extent provided under the pooling and servicing agreement
related to each Series of Certificates (each, a "Pooling
Agreement"). Pursuant to the Pooling Agreement for each Series of
Certificates, United Companies Lending Corporation (the
"Servicer") will service the related Contracts on behalf of the
applicable Trust.
On each Distribution Date for a Series of Certificates, the
related Trustee will forward with each distribution to each
holder of record of Certificates of such Series a statement (the
"Monthly Statement") setting forth information required under the
related Pooling Agreement. The information contained in these
Monthly Statements to Certificateholders is filed herewith as an
Exhibit to this report on Form 8-K. The Servicer is filing this
report on Form 8-K on behalf of the Company.
PAGE 2
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits
Exhibit No.
----------
20.1 UCFC Funding Corporation, Manufactured
Housing Contract Pass-Through Certificates, Series
1997-1, Monthly Report to Certificateholders for the
Distribution Date in September, 1997. Pages 6-8.
20.2 UCFC Funding Corporation, Manufactured
Housing Subordinate Pass-Through Certificates,
Series 1997 RS1, Monthly Report to Certificateholders
for the Payment Date in September, 1997. Page 9.
20.3 UCFC Funding Corporation, Manufactured
Housing Subordinate Pass-Through Certificates,
Series 1997-2, Monthly Report to Certificateholders
for the Distribution Date in September, 1997. Page 10-12.
PAGE 3
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.
UNITED COMPANIES LENDING CORPORATION,
as Servicer
By: /s/ Sherry E. Anderson
------------------------
Sherry E. Anderson
Secretary
Dated: October 8, 1997
PAGE 4
EXHIBIT INDEX
Exhibit
No. Description
- -------- ----------------------
20.1 UCFC Funding Corporation, Manufactured
Housing Contract Pass-Through Certificates, Series
1997-1, Monthly Report to Certificateholders for the
Distribution Date in September, 1997. Pages 6-8.
20.2 UCFC Funding Corporation, Manufactured
Housing Subordinate Pass-Through Certificates,
Series 1997 RS1, Monthly Report to Certificateholders
for the Payment Date in September, 1997. Page 9.
20.3 UCFC Funding Corporation, Manufactured
Housing Subordinate Pass-Through Certificates,
Series 1997-2, Monthly Report to Certificateholders
for the Distribution Date in September, 1997. Page 10-12.
PAGE 5
EXHIBIT 20.1
------------
UCFC Funding Corporation Administrator:
Manufactured Housing Contract The First National Bank
Pass-Through Certificates, Series 1997-1 of Chicago
Mail Suite 0126
Chicago, IL 60670-0126
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 15-Sep-97
<TABLE>
<CAPTION>
DISTRIBUTION SUMMARY
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class Class Remaining
Interest Unpaid Class
Distribution Interest Unpaid
Original Beginning Principal Remittance Amount Amounts Interest Remaining
Class Face Value Balance Distribution Rate Distributed Paid (1) Amount Balance
- ----- ----------- --------- ------------ ----------- ----------- --------- ------- -------------
A-1 $15,100,000.00 $12,601,987.86 $336,465.98 6.63500% $69,678.49 $0.00 $0.00 $12,265,521.88
A-2 $15,600,000.00 $15,600,000.00 $0.00 6.85000% $89,050.00 $0.00 $0.00 $15,600,000.00
A-3 $10,100,000.00 $10,100,000.00 $0.00 7.05500% $59,379.58 $0.00 $0.00 $10,100,000.00
A-4 $16,950,000.00 $16,950,000.00 $0.00 7.45000% $105,231.25 $0.00 $0.00 $16,950,000.00
M $7,125,000.00 $7,125,000.00 $0.00 7.67500% $45,570.31 $0.00 $0.00 $7,125,000.00
B-1 $6,187,000.00 $6,187,000.00 $0.00 7.68500% $39,622.58 $0.00 $0.00 $6,187,000.00
B-2 $3,938,000.00 $3,938,000.00 $0.00 8.44500% $27,713.68 $0.00 $0.00 $3,938,000.00
R $0.00 $0.00 $0.00 0.00000% $191,243.07 $0.00 $0.00 $0.00
=================================================================================================================
TOTAL: $75,000,000.00 $72,501,987.86 $336,465.98 $627,488.96 $0.00 $0.00 $72,165,521.88
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNITS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class Class Remaining
Interest Unpaid Class
Distribution Interest Unpaid
Beginning Principal Amount Amounts Interest Remaining
CUSIP Class Balance Distribution Distributed Paid (1) Amounts Balance
- ------ ----- ----------- ----------- ----------- ---------- --------- -------------
90263AAK6 A-1 834.56873245 22.28251523 4.61446954 0.00000000 0.00000000 812.28621722
90263AAL4 A-2 1000.00000000 0.00000000 5.70833333 0.00000000 0.00000000 1000.00000000
90263AAM2 A-3 1000.00000000 0.00000000 5.87916634 0.00000000 0.00000000 1000.00000000
90263AAN0 A-4 1000.00000000 0.00000000 6.20833333 0.00000000 0.00000000 1000.00000000
90263AAP5 M 1000.00000000 0.00000000 6.39583298 0.00000000 0.00000000 1000.00000000
90263AAQ3 B-1 1000.00000000 0.00000000 6.40416680 0.00000000 0.00000000 1000.00000000
Not Applicable B-2 1000.00000000 0.00000000 7.03750127 0.00000000 0.00000000 1000.00000000
- -------------------------------------------------------------------------------------------------------
(1) The Class Unpaid Interest Amount is identified separately
here, and is already included in the Class Interest
Distribution Amount Distributed column.
</TABLE>
PAGE 6
UCFC Funding Corporation Administrator:
Manufactured Housing Contract The First National Bank
Pass-Through Certificates, Series 1997-1 of Chicago
Mail Suite 0126
Chicago, IL 60670-0126
STATEMENT TO CERTIFICATEHOLDERS
- --------------------------------------------------------------------------
Distribution Date: 15-Sep-97
Statement to Certificateholders
Pooling and Servicing Agreement Dated September 1, 1996
(Pursuant to Section 5.03)
(i) Class Interest Distribution Amounts and Reported on Page 1
Class Unpaid Interest Amounts
(ii) Collections Principal
---------
Scheduled principal received 113,582.22
Principal Prepayments 222,883.76
----------
Total Principal 336,465.98
==========
Interest
--------
Schedule interest received
plus Servicer Advances 627,988.96
Principal
Number Balance
------ ---------
Liquidated Contracts 0 0.00
Repurchased Contracts 0 0.00
Principal Interest Total
--------- -------- -----
(iii) Guarantor payment to cover
Liquidation Loss Amount 0.00 0.00 0.00
(iv) Class Certificate Balances after
distributions Reported on Page 1
(v) Class Percentages Current Next
------- ----
Senior Class 76.208% 76.097%
Class M 9.827% 9.873%
Class B 13.965% 14.030%
(vi) Pool Principal Balance as of the end
of the Due Period 72,165,521.88
(vii) The Pool Factor (greater than 100%
during the Pre-Funding Period) 96.671%
(viii) Delinquency Information - as of the
end of the Due Period Principal
Number Balance
------ ------------
30 to 59 days 75 2,553,599.11
60 or more days 50 1,621,815.02
Principal
(ix) and (x) Repossessed Manufactured Homes Number Balance
------ ---------
During the current Due Period 2 46,210.22
Aggregate repossessions still in inventory 6 194,307.08
PAGE 7
<PAGE>
UCFC Funding Corporation Administrator:
Manufactured Housing Contract The First National Bank
Pass-Through Certificates, Series 1997-1 of Chicago
Mail Suite 0126
Chicago, IL 60670-0126
STATEMENT TO CERTIFICATEHOLDERS
- -------------------------------------------------------------------------
Distribution Date: 15-Sep-97
(xi) The Performance Test Criteria Current Ratio
-------- -------------
(1) Average 60 Day Delinquency Ratio 5.00% 1.11%
(2) Average 30 Day Delinquency Ratio 7.00% 2.43%
(3) Current Realized Loss Ratio:
Beginning March 1998 2.75% Beginning
3/15/1998
(4) Cumulative Realized Losses
(as a percent of the Cut-off Date
Pool Balance) - Based upon the Not yet
table below. applicable 0.03%
Cumulative Realized Losses Criteria Table
-----------------------------------------
From: To: Percentage
----- ---- ----------
04/01/2002 03/31/2003 7.00%
04/01/2003 03/31/2004 8.00%
04/01/2004 thereafter 9.00%
Has the Performance Test been satisfied? (Yes or No) YES
(xii) The Weighted Average Net Contract Rate
of all outstanding Contracts 10.38601%
(xiii) The outstanding Monthly Advance
reimbursable to the Servicer 45,606.99
(xiv) Reimbursement Amount paid to Guarantor
Reimbursement Amount at beginning of period 0.00
Reimbursement Amount paid this period 0.00
Total Reimbursement Amount paid to date 0.00
(xv) Foreclosures Commenced during current Due Period
Principal
Number Balance
------ ------------
Foreclosures 26 754,892.84
- ---------------------------------------------------------------
Broken down into: 30 to 59 days 6 148,124.32
60 or more days 20 606,768.52
(xvi) Contracts relating to Obligors in bankruptcy
Principal
Number Balance
------ ------------
0 Bankruptcy 25 1,127,392.41
- ---------------------------------------------------------------
Broken down into: 0-29 days 9 434,585.38
30 to 59 days 7 310,340.82
60 or more days 9 382,466.21
Foreclosures
(xvii) REO Activity
Principal
Number Balance
------ -------------
REO Property 0 0.00
- ---------------------------------------------------------------
Broken down into: 30 to 59 days
60 or more days
Foreclosures
Bankruptcy
(xviii) Book Value of REO and income received from
REO in Due Period
Aggregate Book Value
Income Received
(xiv) and (xx) Realized Losses
Realized Loss during the Due Period 6,066.50
Cumulative Realized Losses 19,223.56
(xxi) Weighted average maturity 206
Page 8
EXHIBIT 20.2
------------
UCFC Funding Corporation Administrator:
Manufactured Housing Subordinate The First National Bank
Pass-Through Certificates, Series 1997-RS1 of Chicago
Mail Suite 0126
Chicago, IL 60670-0126
STATEMENT TO CERTIFICATEHOLDERS
- -------------------------------------------------------------------------
Payment Date: 17-Sep-97
1) Available Funds for Payment Date 54,289.58
2) Interest Distributed:
Class A Certificate 44,802.08
Class S Certificate 9,487.50
3) Principal Distributed:
Class A Certificate -0-
4) Guarantee Payments -0-
5) Certificate Principal Balance
Class A Certificate 6,325,000.00
6) Withdrawals from Certificate Account
for Interest Distribution to
Certificateholders: 54,289.58
Page 9
EXHIBIT 20.3
------------
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates
Series 1997-2
Statement To Certificateholders
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS IN DOLLARS
<S> <C> <C> <C> <C> <C> <C> c> <C>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- -------------- ------------- ---------- ---------- ------------ ------ -------- ---------------
A-1 14,400,000.00 13,928,542.15 74,169.49 599,935.58 674,105.07 0.00 0.00 13,328,606.57
A-2 15,900,000.00 15,900,000.00 87,648.75 0.00 87,648.75 0.00 0.00 15,900,000.00
A-3 10,000,000.00 10,000,000.00 56,416.67 0.00 56,416.67 0.00 0.00 10,000,000.00
A-4 17,450,000.00 17,450,000.00 104,554.58 0.00 104,554.58 0.00 0.00 17,450,000.00
M 7,125,000.00 7,125,000.00 43,818.75 0.00 43,818.75 0.00 0.00 7,125,000.00
B-1 6,000,000.00 5,936,353.19 36,459.10 88,617.11 125,076.21 0.00 0.00 5,847,736.08
B-2 4,125,000.00 4,125,000.00 28,118.75 0.00 28,118.75 0.00 0.00 4,125,000.00
R 0.00 0.00 142,210.64 0.00 142,210.64 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
TOTALS: 75,000,000.00 74,464,895.34 573,396.73 688,552.69 1,261,949.42 0.00 0.00 73,776,342.65
===================================================================================================================
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------------------------------
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ----------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------ ----- ------------ -------- ----------- ---------- ---------- -------- ---------
A-1 90263AAR1 967.259872 5.150659 41.662193 46.812852 925.597678 6.390000% 6.390000%
A-2 90263AAS9 1,000.000000 5.512500 0.000000 5.512500 1,000.000000 6.615000% 6.615000%
A-3 90263AAT7 1,000.000000 5.641667 0.000000 5.641667 1,000.000000 6.770000% 6.770000%
A-4 90263AAU4 1,000.000000 5.991666 0.000000 5.991666 1,000.000000 7.190000% 7.190000%
M 90263AAV2 1,000.000000 6.150000 0.000000 6.150000 1,000.000000 7.380000% 7.380000%
B-1 90263AAW0 989.392198 6.076517 14.769518 20.846035 974.622680 7.370000% 7.370000%
B-2 UC9702101 1,000.000000 6.816667 0.000000 6.816667 1,000.000000 8.180000% 8.180000%
R UC9702102 0.000000 1.896142 0.000000 1.896142 0.000000 0.000000% 0.000000%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
SELLER: UCFC Funding Corporation ADMINISTRATOR:
SERVICER: United Companies Lending Bankers Trust Company
Corporation 3 Park Plaza
LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714
RECORD DATE: August 29, 1997 FACTOR INFORMATION:
DISTRIBUTION DATE: September 15, 1997 (800) 735-7777
Page 10
(c) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
UCFC FUNDING CORPORATION
Manufactured Housing Contract Pass-Through Certificates
Series 1997-2
Statement To Certificateholders
DISTRIBUTION DATE: September 15, 1997
MORTGAGE POOL INFORMATION:
- -------------------------
BEGINNING NUMBER OF LOANS IN POOL 2,109
ENDING NUMBER OF LOANS IN POOL 2,279
BEGINNING BALANCE OF POOL 68,115,105.94
LESS: SCHEDULED PRINCIPAL 100,439.19
PRINCIPAL PREPAYMENTS 130,938.44
REPURCHASES 340,611.18
LIQUIDATIONS 0.00
OTHER UNSCHEDULED PRINCIPAL 0.00
--------------
(571,988.81)
ADD: SUBSEQUENT LOANS ADDED
AFTER DUE DATE: 6,385,489.44
--------------
ENDING BALANCE OF POOL 73,928,606.57
==============
WEIGHTED AVERAGE REMAINING TERM TO MATURITY* 231
WEIGHTED AVERAGE NET CONTRACT RATE* 10.533967%
*DOES NOT INCLUDE SUBSEQUENT MORTGAGE LOANS ADDED AFTER DUE DATE.
CURRENT REALIZED LOSSES ON THE POOL 0.00
CUMULATIVE REALIZED LOSSES ON THE POOL 0.00
NUMBER OF MANUFACTURED HOMES REPOSSESSED
DURING CURRENT DUE PERIOD 0
NUMBER OF MANUFACTURED HOMES ABOVE THAT
REMAIN IN INVENTORY 0
BALANCE OF MANUFACTURED HOMES REPOSSESSED
DURING CURRENT DUE PERIOD 0.00
BALANCE OF MANUFACTURED HOMES ABOVE THAT
REMAIN IN INVENTORY 0.00
POOL FACTOR 99.323537%
<TABLE>
- ----------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT,BANKRUPTCY, LOANS LOANS LOANS
FORECLOSURE, AND REO 30 TO 59 60 TO 89 90 PLUS IN IN IN
LOAN INFORMATION* DAYS DAYS DAYS BANKRUPTCY FORECLOSURE REO
- ----------------------------------------------------------------------------------------------------
SUB-POOL 1 PRINCIPAL BALANCE 926,212.70 255,974.29 178,778.61 282,475.54 0.00 0.00
PERCENTAGE OF POOL BALANCE 1.2528% 0.3462% 0.2418% 0.3821% 0.0000% 0.0000%
- ----------------------------------------------------------------------------------------------------
SUB-POOL 1 NUMBER OF LOANS 29 11 6 9 0 0
PERCENTAGE OF LOANS 1.2725% 0.4827% 0.2633% 0.3949% 0.0000% 0.0000%
- ----------------------------------------------------------------------------------------------------
*Bankruptcy, Foreclosure and REO loans are included in the Delinquency numbers.
</TABLE>
BOOK VALUE OF REO PROPERTIES NA
INCOME RECEIVED FROM REO PROPERTIES DURING DUE PERIOD NA
Page 11 (c) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
UCFC FUNDING CORPORATION
Manufactured Housing Contract Pass-Through Certificates
Series 1997-2
Statement To Certificateholders
- ------------------------------------------------------------------
Distribution Date: September 15, 1997
- ------------------------------------------------------------------
UNPAID INTEREST REMAINING UNSCHEDULED
INCLUDED IN UNPAID PRINCIPAL
CLASS DISTRIBUTION INTEREST DISTRIBUTED
- ----- -------------- ------------ -----------
CLASS A-1 0.00 0.00 499,496.39
CLASS A-2 0.00 0.00 0.00
CLASS A-3 0.00 0.00 0.00
CLASS A-4 0.00 0.00 0.00
CLASS M 0.00 0.00 0.00
CLASS B-1 0.00 0.00 88,617.11
CLASS B-2 0.00 0.00 0.00
CLASS R 0.00 0.00 0.00
MISCELLANEOUS INFORMATION
- -------------------------
SENIOR PERCENTAGE 84.090807%
CLASS M PERCENTAGE 10.460235%
CLASS B PERCENTAGE 14.771104%
LIQUIDATION LOSS AMOUNT ALLOCABLE TO INTEREST 0.00
LIQUIDATION LOSS AMOUNT ALLOCABLE TO PRINCIPAL 0.00
REIMBURSEMENT AMOUNT PAID TO THE GUARANTOR 0.00
REMAINING REIMBURSEMENT AMOUNTS 0.00
OUTSTANDING MONTHLY ADVANCES
REIMBURSABLE TO THE SERVICER 0.00
HAS THE PERFORMANCE TEST BEEN MET? N/A
Page 12
(c) COPYRIGHT 1997 Bankers Trust Company
