<PAGE>
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 24, 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 of incorporation) File Number) ID Number)
4041 Essen Lane, Baton Rouge, Louisiana 70809
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (504) 924-6007
--------------
N/A
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
------------
Filing of Computational Materials.
- ----------------------------------
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended, UCFC
Funding Corporation(R) (the "Depositor") is filing a prospectus and prospectus
supplement with the Securities and Exchange Commission relating to its
Manufactured Housing Contract Pass Through Certificates, Series 1998-1.
In connection with the offering of the Manufactured Housing Contract
Pass-Through Certificates, Series 1998-1 of the Depositor, Credit Suisse First
Boston Corporation (the "Underwriter") prepared and distributed certain
materials (the "Computational Materials") to their potential investors. Although
the Depositor provided the Underwriter with certain information regarding the
characteristics of the Manufactured Housing Contracts in the related portfolio,
it did not participate in the preparation of the Computational Materials. The
Computational Materials are attached hereto as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
-------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
8.1 Opinion of Stroock & Stroock & Lavan LLP with respect to
certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in Exhibit
8.1)
99.1 Computational Materials.
<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.
UCFC ACCEPTANCE CORPORATION
By: /s/ H.C. McCall, III
-------------------------------
Name: H. C. McCall, III
Title: President
Dated: March 24, 1998
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Page
- ------- ----
8.1 Opinion of Stroock & Stroock & Lavan LLP
23.1 Consent of Stroock & Stroock & Lavan LLP
99.1 Computational Materials.
<PAGE>
Exhibit 8.1
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
March 24, 1998
UCFC Funding Corporation(R)
4041 Essen Lane
Baton Rouge, Louisiana 70809
RE: UCFC Funding Corporation
Registration Statement on Form S-3
(File No. 333-07939)
----------------------------------
Ladies and Gentlemen:
We have acted as special counsel for UCFC Funding Corporation(R), a Louisiana
Corporation ("the Company") in connection with the issuance of $92,500,000
aggregate principal amount of UCFC MH Trust 1998-1 Manufactured Housing Contract
Pass-through Certificates, Series 1998-1 (the "Certificates"). A Registration
Statement on Form S-3 relating to the Certificates (No. 333-07939) (the
"Registration Statement") has been filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the "Securities Act").
As set forth in the Prospectus dated March 24, 1998 and the Prospectus
Supplement dated March 24, 1998, the Certificates will be issued by a trust
established by the Company pursuant to the provisions of a Pooling and Servicing
Agreement dated as of March 1, 1998 (the "Pooling and Servicing Agreement")
among the Company, as Depositor, United Companies Lending Corporation(R), as the
Servicer, and Bankers Trust Company of California, N.A., as the Trustee.
We have examined a form of the Pooling and Servicing Agreement, a form of the
Certificates, and a form of the Prospectus and Prospectus Supplement referred to
above. We also have
<PAGE>
examined such other documents, papers, statutes and authorities as we have
deemed necessary to form the basis for the opinions hereinafter expressed. In
our examination of such material, we have assumed the genuineness of all
signatures, the authenticity of all documents submitted to us as originals and
the conformity to original documents of copies of documents submitted to us.
On the basis of the foregoing, we are of the opinion that the information in the
Prospectus Supplement under the caption "Federal Income Tax Considerations," and
in the Prospectus under the caption "Federal Income Tax Considerations," to the
extent that such information constitutes matters of law or legal conclusions, is
correct in all material respects.
This opinion is based on current provisions of the Internal Revenue Code of
1986, as amended, the Treasury regulations promulgated thereunder, and judicial
and administrative interpretations thereof.
<PAGE>
Except as provided below, this opinion is solely for the benefit of the
addressee hereof and may not be relied upon in any manner by any other person or
entity.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, to the references to us in the Prospectus Supplement,
and to the filing of this opinion as an exhibit to an application made by or on
behalf of the Company or any dealer in connection with the registration of the
Certificates under the securities or blue sky laws of any state or jurisdiction.
In giving such permission, we do not admit hereby that we come within the
category of persons whose consent is required under Section 7 of the Securities
Act or the General Rules and Regulations of the Securities and Exchange
Commission thereunder.
Very truly yours,
/s/ Stroock & Stroock & Lavan LLP
STROOCK & STROOCK & LAVAN LLP
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
- ------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
- ------------------------------------------------------------------------------
To Call:
A1 SENIOR 22,400,000 6.2500 1.10 6.125 4/98 6/00 1.02
A2 SENIOR 16,750,000 6.2500 3.10 6.260 6/00 4/02 2.73
A3 SENIOR 36,850,000 6.6500 9.55 6.730 4/02 11/14 6.54
M AA MEZZ 8,500,000 6.9500 10.78 7.031 4/03 11/14 7.10
B1 BBB SUB 8,000,000 7.6750 7.41 7.770 4/03 8/08 5.40
B2 BB SUB 7,500,000 ------ 14.37 ----- 8/08 11/14 ----
-------------------------------
To Maturity:
A3 SENIOR 36,850,000 6.6500 10.00 6.730 4/02 12/21 6.67
M AA MEZZ 8,500,000 6.9500 11.34 7.031 4/03 12/21 7.25
B1 BBB SUB 8,000,000 7.6750 7.41 7.770 4/03 8/08 5.40
B2 BB SUB 7,500,000 ------ 16.03 ----- 8/08 6/24 ----
- ------------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 175% MHP.
(2) Coupon and price assumed for computational materials.
(3) B2 Certificates are not being offered.
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
As of the Cut-off Date: the Contract balances ranged from $4,879.36 to
$167,050.84; the average Contract Balance was $42,481.32; the Contract Rates
ranged from 6.15% to 14.00% per annum; the weighted average Contract Rate was
9.22% per annum; the original Loan-to-Value Ratios ranged from 14.04% to
100.00%; the weighted average original Loan-to-Value Ratio was 86.08%; the
original terms to stated maturity ranged from 60 to 360 months; the weighted
average original term to stated maturity was 318 months; the remaining terms to
stated maturity ranged from 58 to 360 months; the weighted average remaining
term to stated maturity was 316 months; the number of months since origination
of the Contracts ranged from 0 to 83 months; the weighted average number of
months since origination was 2 months; 85.63% and 14.37% of the Contracts are
secured by new and used Manufactured Homes, respectively; 37.32% of the
Contracts are Land-and-Home Contracts; 100.00% of the Contracts are secured by
Manufactured Homes which are the Obligors' primary residences based on
representations at the time of the origination of such Contracts; 85.64% of the
Contracts were originated in connection with the purchase of the related
Manufactured Home; 28.93%, 68.74%, 2.21% and 0.13% of the Contracts are secured
by Manufactured Homes which are single wide, double wide, triple wide and
quadruple wide, respectively.
Geographical Distribution of Manufactured Homes
Aggregate % of Cut-off
Number of Principal Balance Date Pool
State Contracts Outstanding Principal Balance
- ----- --------- ----------- -----------------
Arizona.................... 7 $ 176,227.33 0.23%
Arkansas................... 84 3,160,268.76 4.20
California................. 4 74,162.47 0.10
Colorado................... 15 701,641.33 0.93
Florida.................... 161 7,016,410.96 9.32
Georgia.................... 138 6,089,190.44 8.09
Illinois................... 14 489,105.90 0.65
Indiana.................... 10 331,219.82 0.44
Iowa....................... 37 1,276,711.44 1.70
Kansas..................... 4 167,358.57 0.22
Kentucky................... 17 725,440.99 0.96
Louisiana.................. 69 2,609,161.42 3.47
Maine...................... 15 893,898.63 1.19
Maryland................... 2 78,567.40 0.10
Massachusetts.............. 1 94,950.88 0.13
Michigan................... 18 668,929.91 0.89
Minnesota.................. 55 1,951,704.71 2.59
Mississippi................ 50 1,973,002.34 2.62
Missouri................... 56 2,192,527.01 2.91
Nebraska................... 4 201,048.49 0.27
Nevada..................... 5 241,131.73 0.32
New Hampshire.............. 4 137,293.85 0.18
New Jersey................. 1 64,647.47 0.09
New Mexico................. 76 3,845,396.62 5.11
New York................... 5 96,140.70 0.13
North Carolina............. 175 7,867,636.63 10.45
North Dakota............... 2 51,044.50 0.07
Ohio....................... 39 1,695,362.86 2.25
Oklahoma................... 22 844,779.92 1.12
Oregon..................... 8 559,505.03 0.74
Pennsylvania............... 36 1,623,434.75 2.16
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Geographical Distribution of Manufactured Homes (Cont.)
Aggregate % of Cut-off
Number of Principal Balance Date Pool
State Contracts Outstanding Principal Balance
- ----- --------- ----------- -----------------
Puerto Rico................ 1 53,716.45 0.07
South Carolina............. 319 14,659,452.56 19.47
South Dakota............... 6 334,926.76 0.44
Tennessee.................. 54 2,165,381.95 2.88
Texas...................... 190 6,834,605.80 9.08
Utah....................... 2 95,038.10 0.13
Virginia................... 10 433,421.04 0.58
Washington................. 14 1,112,814.53 1.48
West Virginia.............. 28 1,229,929.22 1.63
Wisconsin.................. 13 399,078.88 0.53
Wyoming.................... 1 60,636.00 0.08
-------- -------------- --------
Total................... 1,772 $75,276,904.15 100.00%
===== ============== ======
Distribution of Contract Amounts As of Cut-off Date
Aggregate Principal % of Cut-off
Range of Contract Number of Balance Date Pool
Amounts Contracts Outstanding Principal Balance
- ------- --------- ----------- -----------------
$ 0.01 - 5,000.00.. 2 $ 9,817.32 0.01%
5,000.01 - 10,000.00.. 43 342,801.51 0.46
10,000.01 - 15,000.00.. 95 1,193,065.82 1.58
15,000.01 - 20,000.00.. 116 2,025,120.66 2.69
20,000.01 - 25,000.00.. 142 3,235,927.98 4.30
25,000.01 - 30,000.00.. 185 5,130,806.26 6.82
30,000.01 - 35,000.00.. 192 6,250,256.54 8.30
35,000.01 - 40,000.00.. 170 6,340,706.66 8.42
40,000.01 - 45,000.00.. 141 5,993,107.48 7.96
45,000.01 - 50,000.00.. 136 6,488,728.43 8.62
50,000.01 - 55,000.00.. 108 5,677,907.56 7.54
55,000.01 - 60,000.00.. 99 5,726,468.66 7.61
60,000.01 - 65,000.00.. 67 4,173,265.25 5.54
65,000.01 - 70,000.00.. 56 3,781,847.17 5.02
70,000.01 - 75,000.00.. 53 3,840,678.00 5.10
75,000.01 - 80,000.00.. 37 2,859,473.91 3.80
80,000.01 - 85,000.00.. 35 2,893,437.22 3.84
85,000.01 - 90,000.00.. 21 1,841,337.45 2.45
90,000.01 - 95,000.00.. 25 2,315,392.94 3.08
95,000.01 - 100,000.00.. 15 1,459,922.79 1.94
100,000.01 - 105,000.00.. 15 1,527,008.83 2.03
105,000.01 - 110,000.00.. 9 969,542.01 1.29
110,000.01 - 115,000.00.. 6 671,597.46 0.89
115,000.01 - 120,000.00.. 2 232,854.22 0.31
125,000.01 - 130,000.00.. 1 128,781.18 0.17
165,000.01 - 170,000.00.. 1 167,050.84 0.22
-------- -------------- ------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Total................ 1,772 $75,276,904.15 100.00%
===== ============== ======
Distribution of Original Loan-to-Value Ratios
Aggregate Principal % of Cut-off
Range of Original Number of Balance Date Pool
Loan-to Value Ratios Contracts Outstanding Principal Balance
- -------------------- --------- ----------- -----------------
10.01 - 15.00%......... 2 $ 10,111.44 0.01%
15.01 - 20.00.......... 1 9,870.43 0.01
20.01 - 25.00.......... 4 34,959.54 0.05
25.01 - 30.00.......... 4 32,618.72 0.04
30.01 - 35.00.......... 4 45,839.69 0.06
35.01 - 40.00.......... 9 90,084.38 0.12
40.01 - 45.00.......... 13 218,351.73 0.29
45.01 - 50.00.......... 8 137,527.12 0.18
50.01 - 55.00.......... 15 362,763.02 0.48
55.01 - 60.00.......... 27 664,490.35 0.88
60.01 - 65.00.......... 41 1,145,249.76 1.52
65.01 - 70.00.......... 62 2,011,459.86 2.67
70.01 - 75.00.......... 92 2,784,899.84 3.70
75.01 - 80.00.......... 190 6,538,218.78 8.69
80.01 - 85.00.......... 306 12,379,251.29 16.44
85.01 - 90.00.......... 522 22,560,563.25 29.97
90.01 - 95.00.......... 325 18,073,775.57 24.01
95.01 - 100.00........... 147 8,176,869.38 10.86
------ --------------- -------
Totals:............. 1,772 $75,276,904.15 100.00%
===== ============== ======
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Contract Rates
Number Aggregate Principal % of Cut-off
Ranges of of Balance Date Pool
Contract Rates Contracts Outstanding Principal Balance
-------------- --------- ----------- -----------------
6.01 - 6.50%..... 8 $ 632,220.03 0.84%
6.51 - 7.00...... 87 6,768,441.52 8.99
7.01 - 7.50...... 112 8,193,955.33 10.89
7.51 - 8.00...... 124 6,847,465.80 9.10
8.01 - 8.50...... 119 6,676,744.63 8.87
8.51 - 9.00...... 156 7,791,928.47 10.35
9.01 - 9.50...... 122 6,437,214.45 8.55
9.51 - 10.00...... 178 7,637,017.61 10.15
10.01 - 10.50...... 200 7,615,053.39 10.12
10.51 - 11.00...... 291 8,770,893.62 11.65
11.01 - 11.50...... 100 2,626,903.99 3.49
11.51 - 12.00...... 111 2,472,006.31 3.28
12.01 - 12.50...... 89 1,603,212.21 2.13
12.51 - 13.00...... 54 828,843.55 1.10
13.01 - 13.50...... 14 293,431.28 0.39
13.51 - 14.00...... 7 81,571.96 0.11
-------- ------------------ --------
Totals:....... 1,772 $75,276,904.15 100.00%
===== ============== ======
Remaining Terms to Maturity
Number Aggregate Principal % of Cut-off
Ranges of Remaining of Balance Date Pool
Months to Maturity Contracts Outstanding Principal Balance
------------------ --------- ----------- -----------------
60 or less..... 38 $ 315,450.26 0.42%
61 - 72....... 2 25,728.74 0.03
73 - 84....... 33 427,159.81 0.57
85 - 96....... 2 36,303.67 0.05
97 - 108....... 1 9,041.42 0.01
109 - 120....... 98 1,520,164.20 2.02
121 - 180....... 186 4,347,179.38 5.77
181 - 228....... 4 120,312.30 0.16
229 - 240....... 223 6,869,134.15 9.13
241 - 288....... 5 216,294.45 0.29
289 - 300....... 428 15,340,998.32 20.38
301 - 334....... 8 554,736.59 0.74
335 - 336....... 3 173,237.51 0.23
337 - 348....... 18 1,343,843.03 1.79
349 - 360....... 723 43,977,320.32 58.42
------ -------------- -------
Totals:.... 1,772 $75,276,904.15 100.00%
===== ============== ======
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Original Terms to Maturity
Number Aggregate Principal % of Cut-off
Ranges of Original of Balance Date Pool
Months to Maturity Contracts Outstanding Principal Balance
------------------ --------- ----------- -----------------
60 or less........ 38 $ 315,450.26 0.42%
61 - 72.......... 2 25,728.74 0.03
73 - 84.......... 33 427,159.81 0.57
85 - 96.......... 2 36,303.67 0.05
109 - 120.......... 99 1,529,205.62 2.03
121 - 144.......... 15 313,526.11 0.42
145 - 180.......... 171 4,033,653.27 5.36
181 - 240.......... 227 6,989,446.45 9.28
241 - 300.......... 429 15,323,808.67 20.36
301 - 360.......... 756 46,282,621.55 61.48
----- -------------- ------
Totals:....... 1,772 $75,276,904.15 100.00%
===== ============== ======
Distribution of Contract Ages (In Months)
Number Aggregate Principal % of Cut-off
Ranges of of Balance Date Pool
Contract Ages Contracts Outstanding Principal Balance
------------- --------- ----------- -----------------
0 - 6 months.... 1,694 $70,740,040.99 93.97%
7 - 12........... 45 2,337,181.39 3.10
13 - 18........... 12 843,439.52 1.12
19 - 24........... 7 488,440.56 0.65
25 - 30........... 4 266,434.19 0.35
31 - 36........... 2 71,780.67 0.10
37 - 42........... 3 203,196.51 0.27
43 - 54........... 1 92,906.22 0.12
61 - 66........... 1 47,221.06 0.06
67 - 72........... 1 76,097.27 0.10
73 - 78........... 1 58,885.67 0.08
79 - 84........... 1 51,280.10 0.07
------- ------------------ -------
Totals:....... 1,772 $75,276,904.15 100.00%
===== ============== ======
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
-------------------------------------------------------------------
A1 SENIOR
Price: 99-31 Coupon: 6.2500 Original Par: 22,400,000
-------------------------------------------------------------------
To Call:
Bond Yield: 6.28 6.19 6.13 6.06 5.99
Average Life: 5.76 1.64 1.10 0.84 0.65
Duration: 4.46 1.49 1.02 0.79 0.61
First Prin Pay: 4/98 4/98 4/98 4/98 4/98
Last Prin Pay: 3/09 8/01 6/00 11/99 7/99
-------------------------------------------------------------------
A2 SENIOR
Price: 99-30+ Coupon: 6.2500 Original Par: 16,750,000
-------------------------------------------------------------------
To Call:
Bond Yield: 6.31 6.28 6.26 6.24 6.21
Average Life: 13.68 4.77 3.10 2.32 1.75
Duration: 8.90 3.99 2.73 2.09 1.61
First Prin Pay: 3/09 8/01 6/00 11/99 7/99
Last Prin Pay: 5/14 7/04 4/02 3/01 6/00
-------------------------------------------------------------------
A3 SENIOR
Price: 99-26+ Coupon: 6.6500 Original Par: 36,850,000
-------------------------------------------------------------------
To Call:
Bond Yield: 6.74 6.73 6.73 6.73 6.72
Average Life: 22.51 14.07 9.55 6.46 4.09
Duration: 11.23 8.52 6.54 4.88 3.40
First Prin Pay: 5/14 7/04 4/02 3/01 6/00
Last Prin Pay: 6/25 12/19 11/14 12/10 8/07
---------------------------
To Maturity:
Bond Yield: 6.74 6.73 6.73 6.73 6.72
Average Life: 22.68 14.44 10.00 6.80 4.21
Duration: 11.26 8.60 6.67 5.00 3.45
First Prin Pay: 5/14 7/04 4/02 3/01 6/00
Last Prin Pay: 8/27 4/25 12/21 1/18 6/13
-------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
-------------------------------------------------------------------
M AA MEZZ
Price: 99-28 Coupon: 6.9500 Original Par: 8,500,000
-------------------------------------------------------------------
To Call:
Bond Yield: 7.04 7.03 7.03 7.03 7.03
Average Life: 22.70 14.35 10.78 9.12 7.69
Duration: 10.99 8.47 7.10 6.41 5.72
First Prin Pay: 9/14 10/04 4/03 4/03 5/03
Last Prin Pay: 6/25 12/19 11/14 12/10 8/07
---------------------------
To Maturity:
Bond Yield: 7.04 7.03 7.03 7.03 7.03
Average Life: 22.88 14.72 11.34 9.82 8.51
Duration: 11.01 8.55 7.25 6.65 6.09
First Prin Pay: 9/14 10/04 4/03 4/03 5/03
Last Prin Pay: 8/27 4/25 12/21 1/18 6/13
-------------------------------------------------------------------
B1 BBB SUB
Price: 99-27+ Coupon: 7.6750 Original Par: 8,000,000
-------------------------------------------------------------------
To Call:
Bond Yield: 7.78 7.78 7.77 7.77 7.77
Average Life: 19.96 10.02 7.41 6.80 6.36
Duration: 9.83 6.66 5.40 5.09 4.84
First Prin Pay: 9/14 10/04 4/03 4/03 5/03
Last Prin Pay: 5/21 5/12 8/08 3/07 2/06
---------------------------
To Maturity:
Bond Yield: 7.78 7.78 7.77 7.77 7.77
Average Life: 19.96 10.02 7.41 6.80 6.36
Duration: 9.83 6.66 5.40 5.09 4.84
First Prin Pay: 9/14 10/04 4/03 4/03 5/03
Last Prin Pay: 5/21 5/12 8/08 3/07 2/06
-------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1
----------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
----------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
March 15, 1999 86 67 53 39 20
March 15, 2000 80 38 8 0 0
March 15, 2001 74 9 0 0 0
March 15, 2002 67 0 0 0 0
March 15, 2003 59 0 0 0 0
March 15, 2004 51 0 0 0 0
March 15, 2005 42 0 0 0 0
March 15, 2006 33 0 0 0 0
March 15, 2007 22 0 0 0 0
March 15, 2008 11 0 0 0 0
March 15, 2009 0 0 0 0 0
March 15, 2010 0 0 0 0 0
March 15, 2011 0 0 0 0 0
March 15, 2012 0 0 0 0 0
March 15, 2013 0 0 0 0 0
March 15, 2014 0 0 0 0 0
March 15, 2015 0 0 0 0 0
March 15, 2016 0 0 0 0 0
March 15, 2017 0 0 0 0 0
March 15, 2018 0 0 0 0 0
March 15, 2019 0 0 0 0 0
March 15, 2020 0 0 0 0 0
March 15, 2021 0 0 0 0 0
March 15, 2022 0 0 0 0 0
March 15, 2023 0 0 0 0 0
March 15, 2024 0 0 0 0 0
March 15, 2025 0 0 0 0 0
March 15, 2026 0 0 0 0 0
March 15, 2027 0 0 0 0 0
March 15, 2028 0 0 0 0 0
Avg Life In Years: 5.8 1.6 1.1 0.8 0.6
- -----------------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-2
----------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
----------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
March 15, 1999 100 100 100 100 100
March 15, 2000 100 100 100 73 24
March 15, 2001 100 100 54 0 0
March 15, 2002 100 76 3 0 0
March 15, 2003 100 41 0 0 0
March 15, 2004 100 8 0 0 0
March 15, 2005 100 0 0 0 0
March 15, 2006 100 0 0 0 0
March 15, 2007 100 0 0 0 0
March 15, 2008 100 0 0 0 0
March 15, 2009 99 0 0 0 0
March 15, 2010 83 0 0 0 0
March 15, 2011 65 0 0 0 0
March 15, 2012 45 0 0 0 0
March 15, 2013 23 0 0 0 0
March 15, 2014 2 0 0 0 0
March 15, 2015 0 0 0 0 0
March 15, 2016 0 0 0 0 0
March 15, 2017 0 0 0 0 0
March 15, 2018 0 0 0 0 0
March 15, 2019 0 0 0 0 0
March 15, 2020 0 0 0 0 0
March 15, 2021 0 0 0 0 0
March 15, 2022 0 0 0 0 0
March 15, 2023 0 0 0 0 0
March 15, 2024 0 0 0 0 0
March 15, 2025 0 0 0 0 0
March 15, 2026 0 0 0 0 0
March 15, 2027 0 0 0 0 0
March 15, 2028 0 0 0 0 0
Avg Life In Years: 13.7 4.8 3.1 2.3 1.8
- -----------------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-3
----------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
----------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
March 15, 1999 100 100 100 100 100
March 15, 2000 100 100 100 100 100
March 15, 2001 100 100 100 100 71
March 15, 2002 100 100 100 72 39
March 15, 2003 100 100 80 48 15
March 15, 2004 100 100 70 41 12
March 15, 2005 100 92 62 34 9
March 15, 2006 100 85 54 28 7
March 15, 2007 100 78 47 23 5
March 15, 2008 100 71 41 19 4
March 15, 2009 100 64 35 16 3
March 15, 2010 100 58 31 13 2
March 15, 2011 100 53 26 10 1
March 15, 2012 100 47 22 8 1
March 15, 2013 100 42 19 6 0
March 15, 2014 100 38 16 5 0
March 15, 2015 93 33 13 4 0
March 15, 2016 87 29 11 2 0
March 15, 2017 80 25 9 1 0
March 15, 2018 72 21 7 0 0
March 15, 2019 65 17 5 0 0
March 15, 2020 57 14 3 0 0
March 15, 2021 48 11 1 0 0
March 15, 2022 38 8 0 0 0
March 15, 2023 28 4 0 0 0
March 15, 2024 21 2 0 0 0
March 15, 2025 16 0 0 0 0
March 15, 2026 10 0 0 0 0
March 15, 2027 3 0 0 0 0
March 15, 2028 0 0 0 0 0
Avg Life In Years: 22.7 14.4 10.0 6.8 4.2
- -----------------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
--------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
March 15, 1999 100 100 100 100 100
March 15, 2000 100 100 100 100 100
March 15, 2001 100 100 100 100 100
March 15, 2002 100 100 100 100 100
March 15, 2003 100 100 100 100 100
March 15, 2004 100 100 88 84 80
March 15, 2005 100 96 77 70 61
March 15, 2006 100 88 67 58 47
March 15, 2007 100 80 59 48 35
March 15, 2008 100 73 51 39 26
March 15, 2009 100 67 44 32 20
March 15, 2010 100 60 38 26 14
March 15, 2011 100 55 32 21 10
March 15, 2012 100 49 28 17 6
March 15, 2013 100 44 23 13 1
March 15, 2014 100 39 19 10 0
March 15, 2015 96 34 16 8 0
March 15, 2016 89 30 13 4 0
March 15, 2017 82 26 11 2 0
March 15, 2018 74 22 8 0 0
March 15, 2019 67 18 6 0 0
March 15, 2020 58 15 3 0 0
March 15, 2021 49 11 1 0 0
March 15, 2022 40 8 0 0 0
March 15, 2023 29 4 0 0 0
March 15, 2024 22 2 0 0 0
March 15, 2025 17 0 0 0 0
March 15, 2026 11 0 0 0 0
March 15, 2027 3 0 0 0 0
March 15, 2028 0 0 0 0 0
Avg Life In Years: 22.9 14.7 11.3 9.8 8.5
- ---------------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-1
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-1
------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
March 15, 1999 100 100 100 100 100
March 15, 2000 100 100 100 100 100
March 15, 2001 100 100 100 100 100
March 15, 2002 100 100 100 100 100
March 15, 2003 100 100 100 100 100
March 15, 2004 100 100 76 69 61
March 15, 2005 100 92 55 42 25
March 15, 2006 100 76 36 19 0
March 15, 2007 100 62 20 0 0
March 15, 2008 100 48 5 0 0
March 15, 2009 100 35 0 0 0
March 15, 2010 100 23 0 0 0
March 15, 2011 100 12 0 0 0
March 15, 2012 100 1 0 0 0
March 15, 2013 100 0 0 0 0
March 15, 2014 100 0 0 0 0
March 15, 2015 93 0 0 0 0
March 15, 2016 79 0 0 0 0
March 15, 2017 65 0 0 0 0
March 15, 2018 50 0 0 0 0
March 15, 2019 35 0 0 0 0
March 15, 2020 19 0 0 0 0
March 15, 2021 2 0 0 0 0
March 15, 2022 0 0 0 0 0
March 15, 2023 0 0 0 0 0
March 15, 2024 0 0 0 0 0
March 15, 2025 0 0 0 0 0
March 15, 2026 0 0 0 0 0
March 15, 2027 0 0 0 0 0
March 15, 2028 0 0 0 0 0
Avg Life In Years: 20.0 10.0 7.4 6.8 6.4
- -------------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
