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) June 16, 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 June, 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 June, 1997. Page 9.
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: July 2, 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 June, 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 June, 1997. Page 9.
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: 16-Jun-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 $14,509,015.48 $730,400.01 6.63500% $80,222.76 $0.00 $0.00 $13,778,615.47
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% $198,220.51 $0.00 $0.00 $0.00
=================================================================================================================
TOTAL: $75,000,000.00 $74,409,015.48 $730,400.01 $645,010.67 $0.00 $0.00 $73,678,615.47
=================================================================================================================
</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-1 960.86195232 48.37086159 5.31276556 0.00000000 0.00000000 912.49109073
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: 16-Jun-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 119,042.68
Principal Prepayments 609,957.74
----------
Total Principal 729,000.42
==========
Interest
--------
Schedule interest received
plus Servicer Advances 645,510.67
Number Principal
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 76.819% 76.588%
Class M 9.576% 9.670%
Class B 13.607% 13.742%
(vi) Pool Principal Balance as of the end
of the Due Period 73,678,615.47
(vii) The Pool Factor (greater than 100%
during the Pre-Funding Period) 99.214%
(viii) Delinquency Information - as of the
end of the Due Period Principal
Number Balance
------ ---------
30 to 59 days 48 1,416,361.83
60 or more days 11 333,972.10
Principal
(ix) and (x) Repossessed Manufactured Homes Number Balance
------ ---------
During the current Due Period 0 0.00
Aggregate repossessions still in inventory 0 0.00
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: 16-Jun-97
(xi) The Performance Test Criteria Current Ratio
-------- -------------
(1) Average 60 Day Delinquency Ratio 5.00% 0.10%
(2) Average 30 Day Delinquency Ratio 7.00% 0.64%
(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 0.00%
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 10.40240%
(xiii) The outstanding Monthly Advance
reimbursable to the Servicer 13,914.23
(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 8 254,226.69
----------------------------------------------------------------
Broken down into: 30 to 59 days 0 0.00
60 or more days 8 254,226.69
(xvi) Contracts relating to Obligors in bankruptcy
Principal
Number Balance
------ ---------
Bankruptcy 8 251,882.49
----------------------------------------------------------------
Broken down into: 0-29 days 6 192,128.69
30 to 59 days 0 0.00
60 or more days 2 59,753.80
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 0.00
Cumulative Realized Losses 0.00
(xxi) Weighted average maturity 209
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: 18-Jun-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
