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) March 17, 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
<PAGE>
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
1996-1, Monthly Report to Certificateholders for the
Distribution Date in March, 1997. Pages 6-8.
20.2 UCFC Funding Corporation, Manufactured
Housing Contract Pass-Through Certificates, Series
1996-2, Monthly Report to Certificateholders for the
Distribution Date in March, 1997. Pages 9-10.
PAGE 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.
UNITED COMPANIES LENDING CORPORATION,
as Servicer
By: /s/ Sherry E. Anderson
------------------------
Sherry E. Anderson
Secretary
Dated: March 25, 1997
PAGE 4
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description
- -------- ----------------------
20.1 UCFC Funding Corporation, Manufactured
Housing Contract Pass-Through Certificates, Series
1996-1, Monthly Report to Certificateholders for the
Distribution Date in March, 1997. Pages 6-8.
20.2 UCFC Funding Corporation, Manufactured
Housing Contract Pass-Through Certificates, Series
1996-2, Monthly Report to Certificateholders for the
Distribution Date in March, 1997. Pages 9-10.
PAGE 5
EXHIBIT 20.1
------------
UCFC Funding Corporation Administrator:
Manufactured Housing Contract The First National Bank
Pass-Through Certificates, Series 1996-1 of Chicago
Mail Suite 0126
Chicago, IL 60670-0126
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 17-Mar-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 $22,688,000.00 $19,710,327.03 $742,265.65 6.40000% $105,121.74 $0.00 $0.00 $18,968,061.38
A-2 $23,362,000.00 $23,362,000.00 $0.00 6.75000% $131,411.25 $0.00 $0.00 $23,362,000.00
A-3 $13,108,000.00 $13,108,000.00 $0.00 7.05000% $77,009.50 $0.00 $0.00 $13,108,000.00
A-4 $10,160,000.00 $10,160,000.00 $0.00 7.35000% $62,230.00 $0.00 $0.00 $10,160,000.00
A-5 $10,198,000.00 $10,198,000.00 $0.00 7.57500% $64,374.88 $0.00 $0.00 $10,198,000.00
A-6 $10,759,000.00 $10,759,000.00 $0.00 8.02000% $71,905.98 $0.00 $0.00 $10,759,000.00
M $10,350,000.00 $10,350,000.00 $0.00 7.90000% $68,137.50 $0.00 $0.00 $10,350,000.00
B-1 $8,050,000.00 $8,050,000.00 $0.00 8.00000% $53,666.67 $0.00 $0.00 $8,050,000.00
B-2 $6,325,000.00 $6,325,000.00 $0.00 10.30000% $54,289.58 $0.00 $0.00 $6,325,000.00
R $0.00 $0.00 $0.00 0.00000% $295,518.86 $0.00 $0.00 $0.00
===================================================================================================================
TOTAL: $115,000,000.00 $112,022,327.03 $742,265.65 $983,665.96 $0.00 $0.00 $111,280,061.38
===================================================================================================================
</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
- ------ ----- ----------- ----------- ----------- ---------- --------- -------------
90263AAA8 A-1 868.75559900 32.71622223 4.63336301 0.00000000 0.00000000 836.03937676
90263AAB8 A-2 1000.00000000 0.00000000 5.62500000 0.00000000 0.00000000 1000.00000000
90263AAC4 A-3 1000.00000000 0.00000000 5.87500000 0.00000000 0.00000000 1000.00000000
90263AAD2 A-4 1000.00000000 0.00000000 6.12500000 0.00000000 0.00000000 1000.00000000
90263AAE0 A-5 1000.00000000 0.00000000 6.31250049 0.00000000 0.00000000 1000.00000000
90263AAH3 A-6 1000.00000000 0.00000000 6.68333302 0.00000000 0.00000000 1000.00000000
90263AAF7 M 1000.00000000 0.00000000 6.58333333 0.00000000 0.00000000 1000.00000000
90263AAG5 B-1 1000.00000000 0.00000000 6.66666708 0.00000000 0.00000000 1000.00000000
100000783 B-2 1000.00000000 0.00000000 8.58333281 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
<PAGE>
UCFC Funding Corporation Administrator:
Manufactured Housing Contract The First National Bank
Pass-Through Certificates, Series 1996-1 of Chicago
Mail Suite 0126
Chicago, IL 60670-0126
STATEMENT TO CERTIFICATEHOLDERS
- --------------------------------------------------------------------------
Distribution Date: 17-Mar-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 170,490.13
Principal Prepayments 571,775.52
----------
Total Principal 742,265.65
==========
Interest
--------
Schedule interest received
plus Servicer Advances 984,412.78
Number Principal
Balance
------ ---------
Liquidated Contracts 3 84,568.78
Repurchased Contracts 0 0.00
(iii) Reserve Account withdrawal for Available
Funds Shortfall 0.00
(iv) Class Certificate Balances after
distributions Reported on Page 1
(v) Class Percentages Current Next
------- ----
Senior Class 77.929% 77.781%
Class M 9.239% 9.301%
Class B 12.832% 12.918%
(vi) Pool Principal Balance as of the end
of the Due Period 111,280,004.50
(vii) The Pool Factor (greater than 100%
during the Pre-Funding Period) 97.411%
(viii) Delinquency Information - as of the
end of the Due Period Principal
Number Balance
------ ---------
30 to 59 days 91 3,169,960.93
60 or more days 93 2,828,988.90
Principal
(ix) and (x) Repossessed Manufactured Homes (REOs) Number Balance
------ ---------
During the current Due Period 9 251,191.07
Aggregate REOs still in inventory 30 910,646.97
PAGE 7
<PAGE>
UCFC Funding Corporation Administrator:
Manufactured Housing Contract The First National Bank
Pass-Through Certificates, Series 1996-1 of Chicago
Mail Suite 0126
Chicago, IL 60670-0126
STATEMENT TO CERTIFICATEHOLDERS
- -------------------------------------------------------------------------
Distribution Date: 17-Mar-97
(xi) The Performance Test Criteria Current Ratio
-------- -------------
(1) Average 60 Day Delinquency Ratio 5.00% 1.27%
(2) Average 30 Day Delinquency Ratio 7.00% 2.38%
(3) Current Realized Loss Ratio:
Beginning 9/15/1997 2.75% Beginning
9/15/1997
(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
----- ---- ----------
10/01/2001 09/30/2002 7.00%
10/01/2002 09/30/2003 8.00%
10/01/2003 thereafter 9.00%
Has the Performance Test been satisfied? (Yes or No) YES
(xii) The Weighted Average Net Contract Rate
of all outstanding Contracts 10.53718%
(xiii) The outstanding Monthly Advance
reimbursable to the Servicer 77,044.49
(xiv) Reserve Account
Last Month's Ending Balance 1,724,999.15
Plus Deposits: Investment Earnings 6,991.47
From Amount Available,
to cover Specified
Requirement 0.00
Other 0.00
Less Withdrawals: To Certificate Account,
to cover Available Funds
Shortfall 0.00
To Class R, the excess deposit
over the Specified Requirement 6,991.47
Other 0.00
Ending Balance 1,724,999.15
Specified Reserve Account Requirement 1,724,999.15
Page 8
EXHIBIT 20.2
------------
United Companies Funding, Inc.
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 49,675,980.18 295,365.10 260,080.32 555,445.42 0.00 0.00 49,415,899.86
EI-1 0.00 0.00 148,904.74 0.00 148,904.74 0.00 0.00 0.00
R 0.00 0.00 57.41 0.00 57.41 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------
TOTALS: 50,000,000.00 49,675,980.18 444,327.25 260,080.32 704,407.57 0.00 0.00 49,415,899.86
=================================================================================================================
</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 993.519604 5.907302 5.201606 11.108908 988.317997 7.135000% 7.135000%
EI-1 0.000000 2.978095 0.000000 2.978095 0.000000 N/A N/A
R 0.000000 0.001148 0.000000 0.001148 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: February 28, 1997 FACTOR INFORMATION:
DISTRIBUTION DATE: March 17, 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: February 28, 1997 FACTOR INFORMATION:
DISTRIBUTION DATE: March 17, 1997 (800) 735-7777
Page 10 (c) COPYRIGHT 1997 Bankers Trust Company
