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) January 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)924-6007
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 1996-2,
Monthly Report to Certificateholders for the
Distribution Date in February, 1997. Pages 6-7.
20.2 UCFC Funding Corporation, Manufactured Housing
Contract Pass-Through Certificates, Series 1996-2,
Trustee's Remittance Report for the Distribution
Date in February, 1997. Page 8.
20.3 UCFC Funding Corporation, Manufactured Housing
Contract Pass-Through Certificates, Series 1996-2,
Monthly Report to Certificateholders for the
Distribution Date in January, 1997. Pages 9-10
20.4 UCFC Funding Corporation, Manufactured Housing
Contract Pass-Through Certificates, Series 1996-2,
Trustee's Remittance Report for the Distribution
Date in January, 1997. Page 11.
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: February 19, 1997
PAGE 4
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description
------- -----------
20.1 UCFC Funding Corporation, Manufactured Housing
Contract Pass-Through Certificates, Series 1996-2,
Monthly Report to Certificateholders for the
Distribution Date in February, 1997. Pages 6-7.
20.2 UCFC Funding Corporation, Manufactured Housing
Contract Pass-Through Certificates, Series 1996-2,
Trustee's Remittance for the Distribution Date in
February, 1997. Page 8.
20.3 UCFC Funding Corporation, Manufactured Housing
Contract Pass-Through Certificates, Series 1996-2,
Monthly Report to Certificateholders for the
Distribution Date in January, 1997. Pages 9-10
20.4 UCFC Funding Corporation, Manufactured Housing
Contract Pass-Through Certificates, Series 1996-2,
Trustee's Remittance for the Distribution Date in
January, 1997. Page 11.
PAGE 5
EXHIBIT 20.1
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates
Series 1996-2
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 50,000,000.00 49,939,826.43 296,933.88 263,846.25 560,780.13 0.00 0.00 49,675,980.18
EI-1 0.00 0.00 146,808.56 0.00 146,808.56 0.00 0.00 0.00
R 0.00 0.00 72.16 0.00 72.16 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------
TOTALS: 50,000,000.00 49,939,826.43 443,814.60 263,846.25 707,660.85 0.00 0.00 49,675,980.18
=================================================================================================================
</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 90263AAJ9 998.796529 5.938678 5.276925 11.215603 993.519604 7.135000% 7.135000%
EI-1 0.000000 2.936171 0.000000 2.936171 0.000000 N/A N/A
R 0.000000 0.001443 0.000000 0.001443 0.000000 N/A N/A
- --------------------------------------------------------------------------------------------------------
</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: January 31, 1997 FACTOR INFORMATION:
DISTRIBUTION DATE: February 18, 1997 (800) 735-7777
Page 6
(c) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
UCFC FUNDING CORPORATION
Manufactured Housing Contract Pass-Through Certificates
Series 1996-2
Statement To Certificateholders
<TABLE>
- ------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION 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
- ----- ---------- ---------- -------- --------- ----- ------ -------- ----------
AMH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BMH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------
TOTALS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
================================================================================================
</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
- ----- ----- -------- -------- ---------- -------- ---------- -------- ---------
AMH 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
BMH 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- ----------------------------------------------------------------------------------------------
TOTALS 0.000000 0.000000 0.000000 0.000000 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: January 31, 1997 FACTOR INFORMATION:
DISTRIBUTION DATE: February 18, 1997 (800) 735-7777
Page 7 (c) COPYRIGHT 1997 Bankers Trust Company
EXHIBIT 20.2
UCFC FUNDING CORPORATION
Manufactured Housing Contract Pass-Through Certificates
Series 1996-2
Trustee's Remittance Report
Distribution Date: February 18, 1997
CLASS UNPAID INTEREST AMOUNTS INCLUDED IN
CLASS A DISTRIBUTION: 0.00
PER $1,000 OF ORIGINAL CLASS AMOUNT 0.000000
REMAINING CLASS UNPAID INTERESTS AMOUNTS: 0.00
PER $1,000 OF ORIGINAL CLASS AMOUNT 0.000000
PRINCIPAL DISTRIBUTIONS
PRINCIPAL PREPAYMENTS: 169,663.43
LIQUIDATED CONTRACTS: 0.00
REPURCHASED CONTRACTS: 0.00
AMOUNT OF DISTRIBUTION REPRESENTING A WITHDRAWAL
FROM RESERVE ACCOUNT: 0.00
PER $1,000 OF ORIGINAL CLASS AMOUNT 0.000000
POOL PRINCIPAL BALANCE OF CONTRACTS: 49,675,980.18
POOL FACTOR: 0.993530
<TABLE>
- -------------------------------------------------------------------------------------
DELINQUENT AND LOANS LOANS LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 + REO IN IN
INFORMATION DAYS DEL. DAYS DEL. LOANS BANK- FORE-
RUPTCY CLOSURE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PRINCIPAL BALANCE - GROUP 1 483,494.27 31,888.00 0.00 93,862.61 0.00
NUMBER OF LOANS 15 1 0 2 0
Note: Quantity and Principal Balance of Foreclosures are Included in
the Delinquency Figures.
- -----------------------------------------------------------------------------------
</TABLE>
WEIGHTED AVERAGE NET CONTRACT RATE: 10.99982%
OUTSTANDING MONTHLY ADVANCES: 0.00
RESERVE ACCOUNT BALANCE: 3,703,692.07
SPECIFIED RESERVE ACCOUNT REQUIREMENT: 6,500,000.00
INSURED PAYMENTS: 0.00
CUMULATIVE RESERVE ACCOUNT WITHDRAWALS: 0.00
SUBORDINATED AMOUNT: 12,904,864.03
BOOK VALUE OF REO PROPERTIES: 0.00
INCOME RECEIVED FROM REO PROPERTIES: 0.00
CURRENT PERIOD REALIZED LOSSES: 0.00
CUMULATIVE REALIZED LOSSES: 0.00
WEIGHTED AVERAGE MATURITY OF THE CONTRACTS: 200
WERE ANY MANUFACTURED HOMES REPOSSESSED DURING THE
PRECEDING DUE PERIOD? NO
Page 8
(c) COPYRIGHT 1997 Bankers Trust Company
EXHIBIT 20.3
UCFC Funding Corporation
Manufactured Housing Contract Pass-Through Certificates
Series 1996-2
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 50,000,000.00 50,000,000.00 297,291.67 60,173.57 357,465.24 0.00 0.00 49,939,826.43
EI-1 0.00 0.00 126,967.88 0.00 126,967.88 0.00 0.00 0.00
R 0.00 0.00 157,928.87 0.00 157,928.87 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------
TOTALS: 50,000,000.00 50,000,000.00 582,188.42 60,173.57 642,361.99 0.00 0.00 49,939,826.43
=================================================================================================================
</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 90263AAJ9 1,000.000000 5.945833 1.203471 7.149305 998.796529 7.135000% 7.135000%
EI-1 0.000000 2.539358 0.000000 2.539358 0.000000 N/A N/A
R 0.000000 3.158577 0.000000 3.158577 0.000000 N/A N/A
- ------------------------------------------------------------------------------------------------------
</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: December 31, 1996 FACTOR INFORMATION:
DISTRIBUTION DATE: January 15, 1997 (800) 735-7777
Page 9
(c) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
UCFC FUNDING CORPORATION
Manufactured Housing Contract Pass-Through Certificates
Series 1996-2
Statement To Certificateholders
<TABLE>
- ------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION 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
- ----- ---------- ---------- -------- --------- ----- ------ -------- ----------
AMH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BMH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------
TOTALS 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
================================================================================================
</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
- ----- ----- -------- -------- ---------- -------- ---------- -------- ---------
AMH 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
BMH 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- ----------------------------------------------------------------------------------------------
TOTALS 0.000000 0.000000 0.000000 0.000000 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: December 31, 1996 FACTOR INFORMATION:
DISTRIBUTION DATE: January 15, 1997 (800) 735-7777
Page 10 (c) COPYRIGHT 1997 Bankers Trust Company
EXHIBIT 20.4
UCFC FUNDING CORPORATION
Manufactured Housing Contract Pass-Through Certificates
Series 1996-2
Trustee's Remittance Report
Distribution Date: January 15, 1997
CLASS UNPAID INTEREST AMOUNTS INCLUDED IN
CLASS A DISTRIBUTION: 0.00
PER $1,000 OF ORIGINAL CLASS AMOUNT 0.000000
REMAINING CLASS UNPAID INTERESTS AMOUNTS: 0.00
PER $1,000 OF ORIGINAL CLASS AMOUNT 0.000000
PRINCIPAL DISTRIBUTIONS
PRINCIPAL PREPAYMENTS: 0.00
LIQUIDATED CONTRACTS: 0.00
REPURCHASED CONTRACTS: 0.00
AMOUNT OF DISTRIBUTION REPRESENTING A WITHDRAWAL
FROM RESERVE ACCOUNT: 0.00
PER $1,000 OF ORIGINAL CLASS AMOUNT 0.000000
POOL PRINCIPAL BALANCE OF CONTRACTS: 42,412,653.97
POOL FACTOR: 0.865586
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------------
DELINQUENT AND LOANS LOANS LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 + REO IN IN
INFORMATION DAYS DEL. DAYS DEL. LOANS BANK- FORE-
RUPTCY CLOSURE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PRINCIPAL BALANCE - GROUP 1 213,159.13 54,766.29 0.00 72,683.24 0.00
NUMBER OF LOANS 6 1 0 1 0
Note: Quantity and Principal Balance of Foreclosures are Included in
the Delinquency Figures.
- -----------------------------------------------------------------------------------
</TABLE>
WEIGHTED AVERAGE NET CONTRACT RATE: 10.98727%
OUTSTANDING MONTHLY ADVANCES: 0.00
RESERVE ACCOUNT BALANCE: 3,556,883.51
SPECIFIED RESERVE ACCOUNT REQUIREMENT: 6,500,000.00
INSURED PAYMENTS: 0.00
CUMULATIVE RESERVE ACCOUNT WITHDRAWALS: 0.00
SUBORDINATED AMOUNT: 12,904,864.03
BOOK VALUE OF REO PROPERTIES: 0.00
INCOME RECEIVED FROM REO PROPERTIES: 0.00
CURRENT PERIOD REALIZED LOSSES: 0.00
CUMULATIVE REALIZED LOSSES: 0.00
WEIGHTED AVERAGE MATURITY OF THE CONTRACTS: 232
WERE ANY MANUFACTURED HOMES REPOSSESSED DURING THE
PRECEDING DUE PERIOD? NO
Page 11
(c) COPYRIGHT 1997 Bankers Trust Company
