<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) 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 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)
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Item 5. Other Events
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended, UCFC
Funding Corporation(R) (the "Depositor") filed a prospectus, dated March 24,
1998, and prospectus supplement dated March 24, 1998 (together the prospectus
and the prospectus supplement are referred to herein as the "Prospectus") with
the Securities and Exchange Commission relating to the issuance of its
Manufactured Housing Contract Pass-Through Certificates, Series 1998-1 (the
"Certificates") on March 26, 1998 (the "Closing Date").
The Certificates were issued pursuant to a pooling and servicing agreement (the
"Pooling and Servicing Agreement"), dated as of March 1, 1998 (the "Initial
Cut-off Date"), among the Depositor, United Companies Lending Corporation(R), as
servicer, and Bankers Trust Company of California, N.A., as trustee (the
"Trustee").
On the Closing Date, the corpus of the Trust consisted primarily of (i) a pool
of actuarial manufactured housing installment sales contracts and manufactured
housing installment loan agreements (collectively, the "Contracts"); and (ii)
amounts on deposit in a pre-funding account (the "Pre-Funding Account") and a
capitalized interest account. On the Closing Date, cash in the amount of
$16,852,716.58 (the "Initial Deposit") was deposited in the Pre-Funding Account
in the name of the Trustee. The Initial Deposit was intended to be used for the
purchase of additional manufactured housing installment sales contracts and
manufactured housing installment loan agreements satisfying the criteria
specified in the Pooling and Servicing Agreement (the "Subsequent Contracts") on
or before June 10, 1998.
The description of the Contracts in the Prospectus contained information only
with respect to the Contracts as of the Initial Cut-off Date. This Current
Report on Form 8-K is being filed to file a description of the Subsequent
Contracts with a aggregate principal balance of $16,851,930.43, which are being
transferred to the Trust on May 15, 1998.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Statistical Information concerning the Subsequent Contracts.
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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: May 15, 1998
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EXHIBIT INDEX
Exhibit Page
- ------- ----
99.1 Statistical Information concerning the Subsequent
Contracts.
<PAGE>
UCFC Manufactured Housing Contract Pass-Through
Certificates - Prefunding, Series 1998-1
As of the subsequent Cut-off Date, in respect of the Subsequent Contracts
expected to be sold to the Trust on May 15, 1998: the Contract balances ranged
from $5,931.73 to $127,168.54; the average Contract Balance was $41,816.20; the
Contract Rates ranged from 6.65% to 13.50% per annum; the weighted average
Contract Rate was 9.16% per annum; the original Loan-to-Value Ratios ranged from
37.43% to 100.00%; the weighted average original Loan-to-Value Ratio was 85.65%;
the original terms to stated maturity ranged from 60 to 360 months; the weighted
average original term to stated maturity was 316 months; the remaining terms to
stated maturity ranged from 59 to 360 months; the weighted average remaining
term to stated maturity was 314 months; the number of months since origination
of the Contracts ranged from 0 to 34 months; the weighted average number of
months since origination was 1 months; 86.33% and 13.67% of the Contracts are
secured by new and used Manufactured Homes, respectively; 25.18% 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; 31.92%,
66.84%, and 1.24% of the Contracts are secured by Manufactured Homes which are
single wide, double wide, and triple wide, respectively.
Geographical Distribution of Manufactured Homes
Aggregate % of Cut-off
Number of Principal Balance Date Pool
State Contracts Outstanding Principal Balance
- ----- --------- ----------- -----------------
Arizona.................... 3 $ 105,361.86 0.63%
Arkansas................... 9 400,258.77 2.38
Colorado................... 13 465,828.33 2.76
Florida.................... 34 1,704,390.43 10.11
Georgia.................... 37 1,670,183.46 9.91
Illinois................... 4 139,326.83 0.83
Indiana.................... 4 145,633.49 0.86
Iowa....................... 15 561,728.43 3.33
Kansas..................... 3 101,623.74 0.60
Kentucky................... 3 108,523.07 0.64
Louisiana.................. 11 418,797.34 2.49
Maine...................... 2 162,030.50 0.96
Michigan................... 2 95,253.91 0.57
Minnesota.................. 18 616,123.50 3.66
Mississippi................ 8 326,709.48 1.94
Missouri................... 14 565,838.05 3.36
Montana.................... 1 62,008.69 0.37
New Mexico................. 11 599,098.53 3.56
North Carolina............. 37 1,423,314.12 8.45
North Dakota............... 1 38,950.29 0.23
Ohio....................... 9 464,802.14 2.76
Oklahoma................... 1 36,484.07 0.22
Pennsylvania............... 5 159,821.68 0.95
South Carolina............. 65 3,038,699.53 18.03
South Dakota............... 2 53,014.24 0.31
Tennessee.................. 14 635,167.38 3.77
Texas...................... 57 1,926,175.39 11.43
Virginia................... 5 236,867.26 1.41
Washington................. 1 39,797.86 0.24
West Virginia.............. 10 344,825.58 2.05
Wisconsin.................. 2 89,893.70 0.53
Wyoming.................... 2 115,398.78 0.68
--- -------------- ------
Total................... 403 $16,851,930.43 100.00%
=== ============== ======
<PAGE>
UCFC Manufactured Housing Contract Pass-Through
Certificates - Prefunding, Series 1998-1
Distribution of Contract Amounts
Aggregate Principal % of Cut-off
Range of Contract Number of Balance Date Pool
Amounts Contracts Outstanding Principal Balance
- ------- --------- ----------- -----------------
$ 5,000.01 - 10,000.00...... 3 $ 22,565.30 0.13%
10,000.01 - 15,000.00...... 6 77,297.13 0.46
15,000.01 - 20,000.00...... 17 305,480.84 1.81
20,000.01 - 25,000.00...... 47 1,053,860.92 6.25
25,000.01 - 30,000.00...... 52 1,427,044.94 8.47
30,000.01 - 35,000.00...... 53 1,711,005.73 10.15
35,000.01 - 40,000.00...... 47 1,750,804.57 10.39
40,000.01 - 45,000.00...... 24 1,025,001.22 6.08
45,000.01 - 50,000.00...... 32 1,518,774.68 9.01
50,000.01 - 55,000.00...... 33 1,730,478.55 10.27
55,000.01 - 60,000.00...... 30 1,708,202.32 10.14
60,000.01 - 65,000.00...... 15 932,628.81 5.53
65,000.01 - 70,000.00...... 11 739,474.06 4.39
70,000.01 - 75,000.00...... 8 577,021.21 3.42
75,000.01 - 80,000.00...... 5 391,827.22 2.33
80,000.01 - 85,000.00...... 5 411,587.50 2.44
85,000.01 - 90,000.00...... 5 433,098.61 2.57
90,000.01 - 95,000.00...... 4 370,170.15 2.20
95,000.01 - 100,000.00....... 1 98,143.61 0.58
100,000.01 - 105,000.00........ 1 103,417.62 0.61
105,000.01 - 110,000.00........ 1 108,693.06 0.64
110,000.01 - 115,000.00........ 1 110,548.30 0.66
115,000.01 - 120,000.00........ 1 117,635.54 0.70
125,000.01 - 130,000.00........ 1 127,168.54 0.75
--- ------------- ------
Total..................... 403 $16,851,930.43 100.00%
=== ============== ======
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
- -------------------- --------- ----------- -----------------
35.01 - 40.00%........... 1 $ 14,832.53 0.09%
40.01 - 45.00............ 1 9,424.57 0.06
45.01 - 50.00............ 3 54,631.52 0.32
50.01 - 55.00............ 3 83,489.55 0.50
55.01 - 60.00............ 2 37,731.92 0.22
60.01 - 65.00............ 9 234,395.89 1.39
65.01 - 70.00............ 11 361,222.00 2.14
70.01 - 75.00............ 12 319,770.23 1.90
75.01 - 80.00............ 42 1,725,729.34 10.24
80.01 - 85.00............ 78 3,126,745.06 18.55
85.01 - 90.00............ 162 6,973,617.20 41.38
90.01 - 95.00............ 74 3,574,899.40 21.21
95.01 - 100.00............ 5 335,441.22 1.99
--- ------------ ------
Totals:............... 403 $16,851,930.43 100.00%
=== ============== ======
<PAGE>
UCFC Manufactured Housing Contract Pass-Through
Certificates - Prefunding, Series 1998-1
Contract Rates
Number Aggregate Principal % of Cut-off
Ranges of of Balance Date Pool
Contract Rates Contracts Outstanding Principal Balance
- -------------- --------- ----------- -----------------
6.51 - 7.00%............ 22 $ 1,676,702.07 9.95%
7.01 - 7.50............. 24 1,606,815.67 9.53
7.51 - 8.00............. 66 3,582,891.13 21.26
8.01 - 8.50............. 10 423,325.36 2.51
8.51 - 9.00............. 22 1,092,974.55 6.49
9.01 - 9.50............. 20 837,637.67 4.97
9.51 - 10.00............. 53 2,311,549.09 13.72
10.01 - 10.50............. 63 1,860,815.09 11.04
10.51 - 11.00............. 55 1,731,165.59 10.27
11.01 - 11.50............. 24 647,251.65 3.84
11.51 - 12.00............. 34 812,509.81 4.82
12.01 - 12.50............. 4 90,779.98 0.54
12.51 - 13.00............. 5 155,416.13 0.92
13.01 - 13.50............. 1 22,096.64 0.13
--- -------------- --------
Totals:.............. 403 $16,851,930.43 100.00%
=== ============== ======
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............. 3 $ 22,565.30 0.13%
73 - 84............... 4 74,121.42 0.44
85 - 96............... 1 12,986.75 0.08
109 - 120............... 11 253,741.62 1.51
121 - 180............... 41 1,027,767.44 6.10
181 - 228............... 1 27,898.65 0.17
229 - 240............... 73 2,081,846.11 12.35
241 - 288............... 1 35,081.95 0.21
289 - 300............... 101 3,508,602.06 20.82
301 - 334............... 3 154,819.68 0.92
335 - 348............... 1 79,266.35 0.47
349 - 360............... 163 9,573,233.10 56.81
--- ------------- ------
Totals:............ 403 $16,851,930.43 100.00%
=== ============== ======
<PAGE>
UCFC Manufactured Housing Contract Pass-Through
Certificates - Prefunding, Series 1998-1
Original Terms to Maturity
Number Aggregate Principal % of Cut-off
Range of Original of Balance Date Pool
Months to Maturity Contracts Outstanding Principal Balance
- ------------------ --------- ----------- -----------------
60 or less.............. 3 $ 22,565.30 0.13%
73 - 84................ 4 74,121.42 0.44
85 - 96................ 1 12,986.75 0.08
109 - 120................ 11 253,741.62 1.51
121 - 144................ 7 171,494.64 1.02
145 - 180................ 34 856,272.80 5.08
181 - 240................ 74 2,109,744.76 12.52
241 - 300................ 102 3,543,684.01 21.03
301 - 360................ 167 9,807,319.13 58.20
--- -------------- ------
Totals:............... 403 $16,851,930.43 100.00%
=== ============== ======
Distribution of Contract Ages (In Months)
Number Aggregate Principal % of Cut-off
Range of of Balance Date Pool
Contract Ages Contracts Outstanding Principal Balance
- ------------- --------- ----------- -----------------
0 - 6 months......... 392 $16,226,148.39 96.29%
7 - 12................ 6 356,614.06 2.12
13 - 18................ 1 79,266.35 0.47
19 - 24................ 1 35,081.95 0.21
25 - 30................ 2 100,376.52 0.60
31 - 36................ 1 54,443.16 0.32
--- -------------- ------
Totals:........... 403 $16,851,930.43 100.00%
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