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) May 15, 1998
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.
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
1998-1, Monthly Report to Certificateholders for the
Distribution Date in May, 1998. Pages 5-7.
PAGE 2
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: May 18, 1998
PAGE 3
EXHIBIT INDEX
Exhibit
No. Description
- -------- ---------------------------------------------------
20.1 UCFC Funding Corporation, Manufactured
Housing Contract Pass-Through Certificates, Series
1998-1, Monthly Report to Certificateholders for the
Distribution Date in May, 1998. Pages 5-7.
PAGE 4
EXHIBIT 20.1
------------
MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES
SERIES 1998-1
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 22,400,000.00 21,998,828.88 114,577.23 368,044.19 482,621.42 0.00 0.00 21,630,784.69
A-2 16,750,000.00 16,750,000.00 87,658.33 0.00 87,658.33 0.00 0.00 16,750,000.00
A-3 36,850,000.00 36,850,000.00 206,052.92 0.00 206,052.92 0.00 0.00 36,850,000.00
M 8,500,000.00 8,500,000.00 49,441.67 0.00 49,441.67 0.00 0.00 8,500,000.00
B-1 8,000,000.00 8,000,000.00 50,466.67 0.00 50,466.67 0.00 0.00 8,000,000.00
B-2 7,500,000.00 7,500,000.00 50,187.50 0.00 50,187.50 0.00 0.00 7,500,000.00
R 0.00 0.00 111,384.38 0.00 111,384.38 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
TOTALS: 100,000,000.00 99,598,828.88 669,768.70 368,044.19 1,037,812.89 0.00 0.00 99,230,784.69
=====================================================================================================================
</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 90263ABP4 982.090575 5.115055 16.430544 21.545599 965.660031 6.250000% 6.250000%
A-2 90263ABQ2 1,000.000000 5.233333 0.000000 5.233333 1,000.000000 6.280000% 6.280000%
A-3 90263ABR0 1,000.000000 5.591667 0.000000 5.591667 1,000.000000 6.710000% 6.710000%
M 90263ABS8 1,000.000000 5.816667 0.000000 5.816667 1,000.000000 6.980000% 6.980000%
B-1 90263ABT6 1,000.000000 6.308334 0.000000 6.308334 1,000.000000 7.570000% 7.143314%
B-2 1,000.000000 6.691667 0.000000 6.691667 1,000.000000 8.030000% 7.143314%
R 0.000000 1.113844 0.000000 1.113844 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: April 30, 1998 FACTOR INFORMATION:
DISTRIBUTION DATE: May 15, 1998 (800) 735-7777
Page 5
(c) COPYRIGHT 1998 Bankers Trust Company
UCFC FUNDING CORPORATION
MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES
SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
- --------------------------------------------------------------------------
Distribution Date: May 15, 1998
MORTGAGE POOL INFORMATION:
- -------------------------
BEGINNING NUMBER OF LOANS IN POOL 1,960
ENDING NUMBER OF LOANS IN POOL 2,359
BEGINNING BALANCE OF POOL 82,883,157.14
LESS: SCHEDULED PRINCIPAL 94,392.43
PRINCIPAL PREPAYMENTS 230,711.97
REPURCHASES 0.00
LIQUIDATIONS 0.00
OTHER UNSCHEDULED PRINCIPAL 0.00 (325,104.40)
--------------
ADD: SUBSEQUENT LOANS ADDED AFTER DUE DATE 16,851,930.43
--------------
ENDING BALANCE OF POOL 99,409,983.17
==============
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 261
WEIGHTED AVERAGE NET CONTRACT RATE 8.706035%
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 105.908362%
<TABLE>
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
LOANS
DELINQUENT,BANKRUPTCY, LOANS IN LOANS
FORECLOSURE, AND REO 30 TO 59 60 TO 89 90 PLUS IN FORE- IN
LOAN INFORMATION DAYS DAYS DAYS BANKRUPTCY CLOSURE REO
- -----------------------------------------------------------------------------------------------------------
SUB-POOL 1 PRINCIPAL BALANCE 752,192.25 160,618.90 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.7567% 0.1616% 0.0000% 0.0000% 0.0000% 0.0000%
- ----------------------------------------------------------------------------------------------------------
SUB-POOL 1 NUMBER OF LOANS 20 4 0 0 0 0
PERCENTAGE OF LOANS 0.8478% 0.1696% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
BOOK VALUE OF REO PROPERTIES NA
INCOME RECEIVED FROM REO PROPERTIES DURING DUE PERIOD NA
Page 6 (c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC FUNDING CORPORATION
Manufactured Housing Contract Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
- ------------------------------------------------------------------
Distribution Date: May 15, 1998
- ------------------------------------------------------------------
OTHER CERTIFICATE INFORMATION:
UNPAID INTEREST REMAINING UNSCHEDULED
INCLUDED IN UNPAID PRINCIPAL
CLASS DISTRIBUTION INTEREST DISTRIBUTED
- ----- -------------- ------------ -----------
CLASS A-1 0.00 0.00 273,651.76
CLASS A-2 0.00 0.00 0.00
CLASS A-3 0.00 0.00 0.00
CLASS M 0.00 0.00 0.00
CLASS B-1 0.00 0.00 0.00
CLASS B-2 0.00 0.00 0.00
CLASS R 0.00 0.00 0.00
MISCELLANEOUS INFORMATION
- -------------------------
SENIOR PERCENTAGE 91.210463%
CLASS M PERCENTAGE 10.255304%
CLASS B PERCENTAGE 18.700848%
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 42,939.79
OVERCOLLATERALIZATION REDUCTION AMOUNT 0
OUTSTANDING MONTHLY ADVANCES REIMBURSABLE
TO THE SERVICER 0.00
COMPENSATING INTEREST FROM SERVICER INCLUDED
IN DISTRIBUTION 1362.65
HAS THE PERFORMANCE TEST BEEN SATISFIED? NOT APPLICABLE
(HAS EACH OF THE FOUR RATIO TESTS BELOW BEEN PASSED?)
CURRENT TARGET TEST
RATIO TEST RATIO RATIO PASSED?
---------- ------- ------- ------
AVG. 60-DAY DEL. RATIO 0.00% 5.00% YES
AVG. 30-DAY DEL. RATIO 0.00% 7.00% YES
CURRENT REALIZED LOSS RATIO 0.00% 2.75% YES
CUMULATIVE REALIZED LOSSES* 0.00% N/A N/A
*CUMULATIVE REALIZED LOSSES
TARGET RATIO LOOKUP TABLE: START MONTH END MONTH TARGET RATIO
----------- --------- ------------
Apr-98 Mar-2003 N/A
Apr-2003 Mar-2004 7.00%
Apr-2004 Mar-2005 8.00%
Apr-2005 - 9.00%
Page 7
(c) COPYRIGHT 1998 Bankers Trust Company
