<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) June 16, 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 1998-2.
In connection with the offering of the Manufactured Housing Contract
Pass-Through Certificates, Series 1998-2 of the Depositor, Credit Suisse First
Boston Corporation prepared certain materials (the "Computational Materials")
some or all of which were distributed by Credit Suisse First Boston
Corporation and First Chicago Capital Markets, Inc. (the "Underwriters") to
their potential investors. Although the Depositor provided the Underwriters
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 FUNDING CORP.
By: /s/ H.C. McCall, III
--------------------------
Name: H. C. McCall, III
Title: President
Dated: June 16, 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
June 12, 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 $101,200,000
aggregate principal amount of Manufactured Housing Contract Pass-Through
Certificates, Series 1998-2 (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 June
12, 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 June 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 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>
STROOCK & STROOCK & LAVAN LLP
180 Maiden Lane
New York, New York 10038-4982
212-806-5598
June 16, 1998
VIA EDGAR
- ---------
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: UCFC Funding Corporation(R)
Manufactured Housing Contract Pass-Through
Certificates, Series 1998-2
Current Report on Form 8-K
------------------------------------------
Ladies and Gentlemen:
On behalf of UCFC Funding Corporation, a Louisiana corporation (the
"Company"), we transmit herewith for filing under the Securities Exchange Act
of 1934, as amended, a Current Report on Form 8-K of the Company, including
the exhibits thereto.
Please acknowledge receipt of this transmission by notifying the person
indicated in the "Notify" line in the submission header of the
above-referenced filing.
Very truly yours,
/s/ Denise Apicella
- -------------------
Denise Apicella
<PAGE>
UCFC Manufactured Housing Contract Pass-Through Certificates,
Series 1998-2
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
- -------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
- -------------------------------------------------------------------------------
To Call:
A1 SENIOR FLT 23,250,000 FLOAT<3> 1.08 N/A 100-00 7/98 7/00 1.01
A2 SENIOR 19,500,000 6.2300 3.05 6.227 99-31+ 7/00 7/02 2.69
A3 SENIOR 13,300,000 6.3200 5.01 6.349 99-31+ 7/02 12/04 4.16
A4 SENIOR 24,250,000 6.7350 11.97 6.801 99-31 12/04 5/15 7.79
M1 AA MEZZ 9,900,000 6.8650 10.89 6.929 99-31+ 7/03 5/15 7.19
M2 A SUB 4,400,000 7.1600 10.89 7.231 99-31+ 7/03 5/15 7.07
B1 BBB SUB 6,600,000 7.5900 6.97 7.660 99-31 7/03 9/07 5.20
B2 BB SUB 8,800,000 ------ 13.83 ----- ------ 9/07 5/15 ----
- ------------------------------
To Maturity:
A4 SENIOR 24,250,000 6.7350 12.72 6.801 99-31 12/04 11/22 7.99
M1 AA MEZZ 9,900,000 6.8650 11.43 6.930 99-31+ 7/03 2/21 7.33
M2 A SUB 4,400,000 7.1600 11.34 7.231 99-31+ 7/03 8/19 7.19
B1 BBB SUB 6,600,000 7.5900 6.97 7.660 99-31 7/03 9/07 5.20
B2 BB SUB 8,800,000 ------ 15.42 ----- ------ 9/07 9/25 ----
------------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 175% MHP.
(2) Coupon and price are assumed for computational materials.
(3) A1 coupon based on 1 month LIBOR.
(4) 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.
CREDIT | FIRST
SUISSE | BOSTON
1 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Offered
Certificates: The Class A-1, Class A-2, Class A-3 and
Class A-4 Certificates (collectively, the "Senior
Certificates"), the Class M-1, Class M-2 and the Class B-1
Certificates.
Depositor: UCFC Funding Corporation, a Louisiana corporation.
Servicer: United Companies Lending Corporation, a Louisiana
corporation ("United Companies" or the"Servicer"), an
indirect, wholly-owned subsidiary of United Companies
Financial Corporation.
Originators: The Contracts were, and any Subsequent Contract will have
been, originated or purchased by United Companies Funding,
Inc. ("UCFI"), United Companies or UNICOR Mortgage, Inc.
Each Originator is a Louisiana corporation and an
affiliate of the Depositor.
Trustee: Bankers Trust Company of California, N.A.
Underwriters: Credit Suisse First Boston (Lead),
First Chicago Capital Markets, Inc.
Expected Pricing
Date: Friday, June 12, 1998.
Settlement Method: DTC/Cedel/Euroclear settlement.
Closing Date: Wednesday, June 17, 1998.
Cut-Off Date: The opening of business on June 1, 1998, except that
the Cut-off Date with respect to any Contract dated on or
after June 1, 1998, will be the date of such Contract.
Record Date: Last day of each calendar month.
Remittance Date: The 15th day of each month or if such 15th day is
not a business day, the next succeeding business day,
beginning in July 1998.
Payment Delay: Class A-1: 0 days
All other Classes: 14 days.
Interest Accrual
Period: The Interest Accrual Period on the Class A-1 Certificates
will be the period commencing on the preceeding Remittance
Date (or, in the case of the first Interest Accrual
Period, beginning on the Closing Date) and ending on the
day preceding such Remittance Date. Interest on the Class
A-1 Certificates will be calculated on the basis of a
360-day year and the actual number of days elapsed during
the Interest Accrual Period. The Interest Accrual Period
on the other Classes of Offered Certificates will be the
calendar month preceding the month of such Remittance
Date. Interest will be calculated on the basis of a
360-day year consisting of twelve 30-day months.
Remittance Rate: The Remittance Rate for each Class of Offered
Certificates is subject to a maximum rate on each
Remittance Date equal to the weighted average of the Net
Contract Rates of the Contracts in the Contract Pool.
Cut-Off Date Pool
Principal Balance: $82,566,614.90
Pre-Funded Amount: $27,433,385.10. Expected to fund in 1 month.
Prepayment
Assumption: 175% of the MH Prepayment Model
Gross WAC: 8.93%
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.
CREDIT | FIRST
SUISSE | BOSTON
2 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Remaining Term: 316.54 months
Seasoning: 1.67 months
Servicing Fee: 0.50%
Tax Status: REMIC regular interests.
ERISA Eligibility: Class A Certificates are ERISA eligible.
Class M-1, Class M-2 and Class B-1 Certificates are not
ERISA eligible.
SMMEA Eligibility: Class A and Class M-1 Certificates will be
SMMEA eligible after the Pre-Funding Period. Class M-2 and
Class B-1 Certificates are not SMMEA eligible.
Denominations: Denominations of $25,000 and integral multiples of $1,000
in excess thereof.
Final Scheduled
Remittance Date: Class A-1 - Mar. 2009 Remittance Date.
Class A-2 - Feb. 2015 Remittance Date.
Class A-3 - Aug. 2019 Remittance Date.
Class A-4 - Sept. 2029 Remittance Date.
Class M-1 - Sept. 2029 Remittance Date.
Class M-2 - Sept. 2029 Remittance Date.
Class B-1 - Mar. 2022 Remittance Date.
Optional
Termination: Clean-up call at the option of the Servicer when the
outstanding Pool Principal Balance is less than 10% of the
Aggregate Cut-off Date Pool Principal Balance.
Auction Sale: 90 days after the 10% Optional Termination Date if
the servicer has not exercised the optional termination,
the Trustee will solicit bids for the remaining Contracts
in the Trust.
Over-
collateralization: Excess interest collections will be applied, to the
extent available, to make accelerated payments of
principal to the Certificates to create
overcollateralization until the Target
Overcollateralization Amount is reached. The Target
Overcollateralization Amount will mean (i) for any
Distribution Date prior to the Cross-over Date, 2.00% of
the Aggregate Cut-off Date Pool Principal Balance and (ii)
for any Distribution Date on or after the Cross-over Date,
the lesser of (a) 2.00% of the Aggregate Cut-off Date Pool
Principal Balance and (b) 3.50% of the then outstanding
Pool Principal Balance, provided, however, that in no
event shall the Target Overcollateralization Amount be
less than 0.75% of the Aggregate Pool Principal Balance.
Ratings and
Subordination: Class A1 - A4: Aaa/AAA 27.00% Class M1: Aa3/AA- 18.00%
Class M2: A2/A 14.00% Class B-1: Baa2/BBB 8.00%
Pre-Funding
Account: On the Closing Date, $27,433,385.10 million in cash (the
"Pre-Funded Amount") will be deposited in the Pre-Funding
Account and may be used only to (i) acquire additional
manufactured housing installment sales contracts and
manufactured housing installment loan agreements
(collectively, the "Subsequent Contracts") and (ii) make
accelerated payments of principal on the Senior
Certificates.
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.
CREDIT | FIRST
SUISSE | BOSTON
3 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Pre-Funding Period: During the period (the "Pre-Funding Period") from the
Closing Date to the earliest to occur of (1) the Funding
Termination Date (defined below), (2) an Event of default
under the Agreement and (3) September 15, 1998, amounts on
deposit in the Pre-Funding Account may be withdrawn from
time to time to acquire Subsequent Contracts in accordance
with the Agreement. The "Funding Termination Date" will be
the date on which the Pre-Funded Amount has been reduced
to less than $100,000. Any Pre-Funded amount remaining in
the Pre-Funding Account at the end of the Pre-Funding
Period will be distributed on the Remittance Date or
immediately following the end of such Pre-Funding Period
to the Classes of Senior Certificates then entitled to
distributions of principal.
Cross-over Date: The later to occur of (a) the Remittance Date ocurring in
July 2003 or (b) the first Remittance Date on which the
then-current credit enhancement for the Class A
Certificates is equal to or exceeds 1.88 times the initial
credit enhancement for the Class A Certificates.
Performance Test: The Average 60-Day Delinquency Ratio is less than or
equal to 5%; the Average 30-Day Delinquency Ratio is less
than or equal to 7%, the Current Realized Loss Ratio is
less than or equal to 2.75%; and the Cummulative Realized
Losses are less than or equal to the applicable percentage
of the Aggregate Cut-off Date Pool Principal Balance set
forth in the Pooling and Servicing Agreement.
Priority of
Distribution: Distributions on the Certificates will be made on each
Remittance Date from Available Funds in the following
order of priority: (i) interest on each Class of Senior
Certificates; (ii) interest on each Class of Subordinated
Certificates; (iii) sequentially, to principal of each
Class of Senior Certificates; (iv) interest on certain
Writedown Amounts in respect of each Class of Subordinated
Certificates and then principal of each such Class of
Subordinated Certificates in the order of their Class
designations (i.e., first interest on Writedown Amounts in
respect to the Class M Certificates and then to principal
of the Class M Certificates) and (v) sequentially, to each
Class of Senior Certificates, the Accelarated Principal
Distribution Amount for such Remittance Date.
------- ---------- ----------- ------------
A-2 A-2 A-3 A-4
------- ---------- ----------- ------------
M-1
-------------------------
M-2
-------------------------
B-1 B-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.
CREDIT | FIRST
SUISSE | BOSTON
4 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
As of the Cut-off Date: the Contract balances ranged from $5,007.50 to
$136,293.86 the average Contract Balance was $43,456.11; the Contract Rates
ranged from 5.90% to 14.00% per annum; the weighted average Contract Rate was
8.93% per annum; the original Loan-to-Value Ratios ranged from 20.40% to
99.75%; the weighted average original Loan-to-Value Ratio was 84.76%; 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 317 months; the number of months since
origination of the Contracts ranged from 0 to 70 months; the weighted average
number of months since origination was 2 months; 87.63% and 12.37% of the
Contracts are secured by new and used Manufactured Homes, respectively; 33.55%
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; 95.54% of
the Contracts were originated in connection with the purchase of the related
Manufactured Home; 27.13% and 72.87% of the Contracts are secured by
Manufactured Homes which are single wide, and multi wide, respectively.
Geographical Distribution of Manufactured Homes
Aggregate % of Cut-off
Number of Principal Balance Date Pool
State Contracts Outstanding Principal Balance
- ----- --------- ----------- -----------------
Alabama............. 3 $ 59,066.92 0.07%
Arizona............. 38 1,234,920.67 1.50
Arkansas............ 83 3,478,164.66 4.21
Colorado............ 34 1,613,780.87 1.95
Florida............. 128 5,748,155.49 6.96
Georgia............. 109 5,254,326.53 6.36
Idaho............... 2 47,224.30 0.06
Illinois............ 46 1,808,245.35 2.19
Indiana............. 30 1,068,057.67 1.29
Iowa................ 53 1,480,349.61 1.79
Kentucky............ 16 656,434.45 0.80
Louisiana........... 65 2,811,402.10 3.41
Maine............... 6 509,239.14 0.62
Massachusetts....... 2 178,279.79 0.22
Michigan............ 16 698,866.21 0.85
Minnesota........... 80 2,529,736.54 3.06
Mississippi......... 77 2,911,710.85 3.53
Missouri............ 33 1,339,697.46 1.62
Montana............. 2 66,798.72 0.08
Nebraska............ 1 36,873.91 0.04
Nevada.............. 9 651,749.96 0.79
New Hampshire....... 1 37,755.34 0.05
New Mexico.......... 74 4,231,865.09 5.13
North Carolina...... 192 9,447,570.87 11.44
North Dakota........ 6 189,794.56 0.23
Ohio................ 50 2,142,460.00 2.59
Oklahoma............ 44 1,569,570.82 1.90
Oregon.............. 6 444,888.14 0.54
Pennsylvania........ 27 750,382.37 0.91
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.
CREDIT | FIRST
SUISSE | BOSTON
5 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Geographical Distribution of Manufactured Homes (Cont.)
Aggregate % of Cut-off
Number of Principal Balance Date Pool
State Contracts Outstanding Principal Balance
- ----- --------- ----------- -----------------
South Carolina...... 301 14,394,977.58 17.43
South Dakota........ 25 764,265.86 0.93
Tennessee........... 77 3,524,593.99 4.27
Texas............... 189 7,324,506.26 8.87
Utah................ 1 22,476.00 0.03
Virginia............ 8 288,084.62 0.35
Washington.......... 12 1,036,680.22 1.26
West Virginia....... 37 1,554,332.73 1.88
Wisconsin........... 12 432,275.45 0.52
Wyoming............. 5 227,053.80 0.27
--------- --------------- --------
Total............ 1,900 $82,566,614.90 100.00%
===== ============== ======
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
- ------- --------- ----------- -----------------
$ 5,000.01 - 10,000.00... 56 $ 444,526.55 0.54%
10,000.01 - 15,000.00... 83 1,020,260.03 1.24
15,000.01 - 20,000.00... 98 1,711,530.11 2.07
20,000.01 - 25,000.00... 155 3,527,194.75 4.27
25,000.01 - 30,000.00... 197 5,398,189.30 6.54
30,000.01 - 35,000.00... 227 7,308,258.34 8.85
35,000.01 - 40,000.00... 164 6,126,269.82 7.42
40,000.01 - 45,000.00... 155 6,572,264.52 7.96
45,000.01 - 50,000.00... 124 5,881,333.05 7.12
50,000.01 - 55,000.00... 142 7,453,534.20 9.03
55,000.01 - 60,000.00... 109 6,256,734.65 7.58
60,000.01 - 65,000.00... 89 5,559,917.07 6.73
65,000.01 - 70,000.00... 65 4,376,758.03 5.30
70,000.01 - 75,000.00... 43 3,099,198.28 3.75
75,000.01 - 80,000.00... 38 2,947,403.42 3.57
80,000.01 - 85,000.00... 30 2,472,822.52 2.99
85,000.01 - 90,000.00... 28 2,439,442.40 2.95
90,000.01 - 95,000.00... 35 3,231,327.97 3.91
95,000.01 - 100,000.00... 13 1,253,596.25 1.52
100,000.01 - 105,000.00... 16 1,638,086.33 1.98
105,000.01 - 110,000.00... 9 960,673.31 1.16
110,000.01 - 115,000.00... 10 1,118,662.17 1.35
115,000.01 - 120,000.00... 4 470,429.49 0.57
120,000.01 - 125,000.00... 1 121,702.07 0.15
125,000.01 - 130,000.00... 5 634,912.13 0.77
130,000.01 - 135,000.00... 2 269,133.01 0.33
135,000.01 - 140,000.00... 2 272,455.13 0.33
----- -------------- ------
Total................ 1,900 $82,566,614.90 100.00%
===== ============== ======
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.
CREDIT | FIRST
SUISSE | BOSTON
6 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
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
- -------------------- --------- ----------- -----------------
20.01 - 25.00%.... 1 $ 9,893.82 0.01%
25.01 - 30.00..... 3 24,728.80 0.03
30.01 - 35.00..... 8 92,854.71 0.11
35.01 - 40.00..... 5 59,715.42 0.07
40.01 - 45.00..... 6 137,188.57 0.17
45.01 - 50.00..... 17 381,740.12 0.46
50.01 - 55.00..... 18 482,789.43 0.58
55.01 - 60.00..... 22 617,436.37 0.75
60.01 - 65.00..... 28 895,083.98 1.08
65.01 - 70.00..... 72 2,153,573.08 2.61
70.01 - 75.00..... 94 3,589,214.76 4.35
75.01 - 80.00..... 224 8,443,362.76 10.23
80.01 - 85.00..... 367 15,875,459.08 19.23
85.01 - 90.00..... 666 29,827,988.35 36.13
90.01 - 95.00..... 351 18,883,854.04 22.87
95.01 - 100.00...... 18 1,091,731.61 1.32
----- -------------- ------
Totals:........ 1,900 $82,566,614.90 100.00%
===== ============== ======
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.
CREDIT | FIRST
SUISSE | BOSTON
7 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Contract Rates
Number Aggregate % of Cut-off
Ranges of of Principal Balance Date Pool
Contract Rates Contracts Outstanding Principal Balance
-------------- --------- ----------- -----------------
5.51 - 6.00%..... 1 $ 84,841.33 0.10%
6.01 - 6.50...... 11 1,050,059.53 1.27
6.51 - 7.00...... 149 11,861,727.83 14.37
7.01 - 7.50...... 116 7,870,043.07 9.53
7.51 - 8.00...... 230 13,043,523.21 15.80
8.01 - 8.50...... 70 2,920,668.95 3.54
8.51 - 9.00...... 177 8,306,613.43 10.06
9.01 - 9.50...... 149 6,395,466.98 7.75
9.51 - 10.00...... 236 10,772,062.14 13.05
10.01 - 10.50...... 231 7,129,114.62 8.63
10.51 - 11.00...... 238 7,024,926.36 8.51
11.01 - 11.50...... 90 2,153,867.18 2.61
11.51 - 12.00...... 144 3,064,543.86 3.71
12.01 - 12.50...... 25 425,217.60 0.51
12.51 - 13.00...... 25 357,453.42 0.43
13.01 - 13.50...... 4 55,775.49 0.07
13.51 - 14.00...... 4 50,709.90 0.06
----- -------------- ------
Totals:....... 1,900 $82,566,614.90 100.00%
===== ============== ======
Remaining Terms to Maturity
Number Aggregate % of Cut-off
Range of Remaining of Principal Balance Date Pool
Months to Maturity Contracts Outstanding Principal Balance
- ------------------ --------- ----------- -----------------
60 or less........ 48 $ 418,543.79 0.51%
61 - 72.......... 3 36,686.51 0.04
73 - 84.......... 36 503,039.97 0.61
85 - 96.......... 3 42,015.10 0.05
109 - 120.......... 105 1,735,684.29 2.10
121 - 180.......... 181 4,487,787.59 5.44
181 - 228.......... 5 130,207.20 0.16
229 - 240.......... 271 8,446,803.90 10.23
241 - 288.......... 10 366,527.26 0.44
289 - 300.......... 412 14,716,518.40 17.82
301 - 334.......... 9 539,377.16 0.65
335 - 336.......... 1 39,688.19 0.05
337 - 348.......... 19 1,313,723.32 1.59
349 - 360.......... 797 49,790,012.22 60.30
----- -------------- ------
Totals:....... 1,900 $82,566,614.90 100.00%
===== ============== ======
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.
CREDIT | FIRST
SUISSE | BOSTON
8 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Original Terms to Maturity
Number of Aggregate % of Cut-off
Range of Original of Principal Balance Date Pool
Months to Maturity Contracts Outstanding Principal Balance
------------------ --------- ----------- -----------------
60 or less........ 48 $ 418,543.79 0.51%
61 - 72.......... 3 36,686.51 0.04
73 - 84.......... 35 473,009.07 0.57
85 - 96.......... 4 72,046.00 0.09
109 - 120.......... 105 1,735,684.29 2.10
121 - 144.......... 12 280,621.15 0.34
145 - 180.......... 169 4,207,166.44 5.10
181 - 240.......... 276 8,577,011.10 10.39
241 - 300.......... 421 15,019,073.96 18.19
301 - 360.......... 827 51,746,772.59 62.67
----- -------------- ------
Totals:....... 1,900 $82,566,614.90 100.00%
===== ============== ======
Distribution of Contract Ages (In Months)
Number Aggregate % of Cut-off
Range of of Principal Balance Date Pool
Contract Ages Contracts Outstanding Principal Balance
------------- --------- ----------- -----------------
0 - 6 months... 1,817 $78,390,665.57 94.94%
7 - 12.......... 41 1,932,242.58 2.34
13 - 18.......... 18 974,312.30 1.18
19 - 24.......... 10 487,571.27 0.59
25 - 30.......... 3 145,590.02 0.18
31 - 36.......... 5 284,873.99 0.35
37 - 42.......... 3 162,971.05 0.20
43 - 54.......... 2 124,416.42 0.15
67 - 72.......... 1 63,971.70 0.08
----- -------------- ------
Totals:....... 1,900 $82,566,614.90 100.00%
===== ============== ======
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.
CREDIT | FIRST
SUISSE | BOSTON
9 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
-------------------------------------------------------------------
A1 SENIOR FLOATER
Price: 100-00 Coupon: FLOAT Original Par: 23,250,000
-------------------------------------------------------------------
To Call:
Bond Yield: N/A N/A N/A N/A N/A
Average Life: 5.59 1.58 1.08 0.83 0.65
Duration: 4.43 1.45 1.01 0.79 0.62
First Prin Pay: 7/98 7/98 7/98 7/98 7/98
Last Prin Pay: 3/09 8/01 7/00 1/00 9/99
-------------------------------------------------------------------
A2 SENIOR
Price: 99-31+ Coupon: 6.2300 Original Par: 19,500,000
-------------------------------------------------------------------
To Call:
Bond Yield: 6.29 6.25 6.23 6.20 6.17
Average Life: 13.87 4.68 3.05 2.29 1.74
Duration: 9.00 3.93 2.69 2.07 1.60
First Prin Pay: 3/09 8/01 7/00 1/00 9/99
Last Prin Pay: 2/15 9/04 7/02 6/01 9/00
-------------------------------------------------------------------
A3 SENIOR
Price: 99-31+ Coupon: 6.3200 Original Par: 13,300,000
-------------------------------------------------------------------
To Call:
Bond Yield: 6.38 6.37 6.35 6.33 6.31
Average Life: 18.56 7.81 5.01 3.59 2.68
Duration: 10.62 5.97 4.16 3.12 2.39
First Prin Pay: 2/15 9/04 7/02 6/01 9/00
Last Prin Pay: 8/19 8/08 12/04 9/02 7/01
-------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
10 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
-------------------------------------------------------------------
A4 SENIOR
Price: 99-31 Coupon: 6.7350 Original Par: 24,250,000
-------------------------------------------------------------------
To Call:
Bond Yield: 6.81 6.81 6.80 6.79 6.77
Average Life: 25.44 17.00 11.97 7.71 4.41
Duration: 11.80 9.65 7.79 5.66 3.66
First Prin Pay: 8/19 8/08 12/04 9/02 7/01
Last Prin Pay: 7/26 11/20 5/15 4/11 12/07
-------------------------------------
To Maturity:
Bond Yield: 6.81 6.81 6.80 6.79 6.77
Average Life: 25.59 17.60 12.72 8.21 4.51
Duration: 11.83 9.77 7.99 5.83 3.70
First Prin Pay: 8/19 8/08 12/04 9/02 7/01
Last Prin Pay: 11/27 5/26 11/22 7/18 10/13
-------------------------------------------------------------------
M1 AA MEZZ
Price: 99-31+ Coupon: 6.8650 Original Par: 9,900,000
-------------------------------------------------------------------
To Call:
Bond Yield: 6.94 6.94 6.93 6.93 6.92
Average Life: 24.23 15.30 10.89 9.18 7.75
Duration: 11.41 8.91 7.19 6.48 5.78
First Prin Pay: 10/16 1/06 7/03 7/03 8/03
Last Prin Pay: 7/26 11/20 5/15 4/11 12/07
-------------------------------------
To Maturity:
Bond Yield: 6.94 6.94 6.93 6.93 6.92
Average Life: 24.34 15.73 11.43 9.86 8.56
Duration: 11.43 8.99 7.33 6.72 6.15
First Prin Pay: 10/16 1/06 7/03 7/03 8/03
Last Prin Pay: 8/27 4/25 2/21 5/17 8/13
-------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
11 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
-------------------------------------------------------------------
M2 A SUB
Price: 99-31+ Coupon: 7.1600 Original Par: 4,400,000
-------------------------------------------------------------------
To Call:
Bond Yield: 7.24 7.24 7.23 7.23 7.22
Average Life: 24.23 15.30 10.89 9.18 7.75
Duration: 11.10 8.73 7.07 6.39 5.71
First Prin Pay: 10/16 1/06 7/03 7/03 8/03
Last Prin Pay: 7/26 11/20 5/15 4/11 12/07
---------------------------
To Maturity:
Bond Yield: 7.24 7.24 7.23 7.23 7.22
Average Life: 24.33 15.67 11.34 9.79 8.51
Duration: 11.12 8.79 7.19 6.60 6.05
First Prin Pay: 10/16 1/06 7/03 7/03 8/03
Last Prin Pay: 6/27 4/24 8/19 1/16 8/12
-------------------------------------------------------------------
B1 BBB SUB
Price: 99-31 Coupon: 7.5900 Original Par: 6,600,000
-------------------------------------------------------------------
To Call:
Bond Yield: 7.69 7.67 7.66 7.66 7.66
Average Life: 21.11 10.36 6.97 6.48 6.14
Duration: 10.17 6.89 5.20 4.93 4.74
First Prin Pay: 10/16 1/06 7/03 7/03 8/03
Last Prin Pay: 3/22 1/12 9/07 8/06 10/05
---------------------------
To Maturity:
Bond Yield: 7.69 7.67 7.66 7.66 7.66
Average Life: 21.11 10.36 6.97 6.48 6.14
Duration: 10.17 6.89 5.20 4.93 4.74
First Prin Pay: 10/16 1/06 7/03 7/03 8/03
Last Prin Pay: 3/22 1/12 9/07 8/06 10/05
-------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
12 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED 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
June 15, 1999 86 66 51 37 17
June 15, 2000 79 35 3 0 0
June 15, 2001 72 4 0 0 0
June 15, 2002 65 0 0 0 0
June 15, 2003 57 0 0 0 0
June 15, 2004 48 0 0 0 0
June 15, 2005 40 0 0 0 0
June 15, 2006 30 0 0 0 0
June 15, 2007 20 0 0 0 0
June 15, 2008 8 0 0 0 0
June 15, 2009 0 0 0 0 0
June 15, 2010 0 0 0 0 0
June 15, 2011 0 0 0 0 0
June 15, 2012 0 0 0 0 0
June 15, 2013 0 0 0 0 0
June 15, 2014 0 0 0 0 0
June 15, 2015 0 0 0 0 0
June 15, 2016 0 0 0 0 0
June 15, 2017 0 0 0 0 0
June 15, 2018 0 0 0 0 0
June 15, 2019 0 0 0 0 0
June 15, 2020 0 0 0 0 0
June 15, 2021 0 0 0 0 0
June 15, 2022 0 0 0 0 0
June 15, 2023 0 0 0 0 0
June 15, 2024 0 0 0 0 0
June 15, 2025 0 0 0 0 0
June 15, 2026 0 0 0 0 0
June 15, 2027 0 0 0 0 0
June 15, 2028 0 0 0 0 0
Avg Life In Years: 5.6 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.
CREDIT | FIRST
SUISSE | BOSTON
13 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED 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
June 15, 1999 100 100 100 100 100
June 15, 2000 100 100 100 67 21
June 15, 2001 100 100 50 0 0
June 15, 2002 100 70 1 0 0
June 15, 2003 100 38 0 0 0
June 15, 2004 100 7 0 0 0
June 15, 2005 100 0 0 0 0
June 15, 2006 100 0 0 0 0
June 15, 2007 100 0 0 0 0
June 15, 2008 100 0 0 0 0
June 15, 2009 96 0 0 0 0
June 15, 2010 82 0 0 0 0
June 15, 2011 66 0 0 0 0
June 15, 2012 48 0 0 0 0
June 15, 2013 30 0 0 0 0
June 15, 2014 12 0 0 0 0
June 15, 2015 0 0 0 0 0
June 15, 2016 0 0 0 0 0
June 15, 2017 0 0 0 0 0
June 15, 2018 0 0 0 0 0
June 15, 2019 0 0 0 0 0
June 15, 2020 0 0 0 0 0
June 15, 2021 0 0 0 0 0
June 15, 2022 0 0 0 0 0
June 15, 2023 0 0 0 0 0
June 15, 2024 0 0 0 0 0
June 15, 2025 0 0 0 0 0
June 15, 2026 0 0 0 0 0
June 15, 2027 0 0 0 0 0
June 15, 2028 0 0 0 0 0
Avg Life In Years: 13.9 4.7 3.0 2.3 1.7
- -----------------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
14 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED 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
June 15, 1999 100 100 100 100 100
June 15, 2000 100 100 100 100 100
June 15, 2001 100 100 100 98 9
June 15, 2002 100 100 100 13 0
June 15, 2003 100 100 38 0 0
June 15, 2004 100 100 11 0 0
June 15, 2005 100 68 0 0 0
June 15, 2006 100 38 0 0 0
June 15, 2007 100 20 0 0 0
June 15, 2008 100 2 0 0 0
June 15, 2009 100 0 0 0 0
June 15, 2010 100 0 0 0 0
June 15, 2011 100 0 0 0 0
June 15, 2012 100 0 0 0 0
June 15, 2013 100 0 0 0 0
June 15, 2014 100 0 0 0 0
June 15, 2015 88 0 0 0 0
June 15, 2016 57 0 0 0 0
June 15, 2017 36 0 0 0 0
June 15, 2018 18 0 0 0 0
June 15, 2019 2 0 0 0 0
June 15, 2020 0 0 0 0 0
June 15, 2021 0 0 0 0 0
June 15, 2022 0 0 0 0 0
June 15, 2023 0 0 0 0 0
June 15, 2024 0 0 0 0 0
June 15, 2025 0 0 0 0 0
June 15, 2026 0 0 0 0 0
June 15, 2027 0 0 0 0 0
June 15, 2028 0 0 0 0 0
Avg Life In Years: 18.6 7.8 5.0 3.6 2.7
- -----------------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
15 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-4
-----------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
-----------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
June 15, 1999 100 100 100 100 100
June 15, 2000 100 100 100 100 100
June 15, 2001 100 100 100 100 100
June 15, 2002 100 100 100 100 52
June 15, 2003 100 100 100 68 11
June 15, 2004 100 100 100 57 9
June 15, 2005 100 100 93 48 7
June 15, 2006 100 100 82 39 5
June 15, 2007 100 100 71 33 4
June 15, 2008 100 100 62 27 3
June 15, 2009 100 92 54 22 2
June 15, 2010 100 84 47 18 2
June 15, 2011 100 76 40 14 1
June 15, 2012 100 69 34 11 1
June 15, 2013 100 61 29 9 1
June 15, 2014 100 55 24 7 0
June 15, 2015 100 49 20 5 0
June 15, 2016 100 43 17 4 0
June 15, 2017 100 37 14 3 0
June 15, 2018 100 32 11 0 0
June 15, 2019 100 27 9 0 0
June 15, 2020 91 23 7 0 0
June 15, 2021 80 19 4 0 0
June 15, 2022 69 15 1 0 0
June 15, 2023 56 11 0 0 0
June 15, 2024 46 8 0 0 0
June 15, 2025 34 5 0 0 0
June 15, 2026 22 0 0 0 0
June 15, 2027 8 0 0 0 0
June 15, 2028 0 0 0 0 0
Avg Life In Years: 25.6 17.6 12.7 8.2 4.5
- ------------------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
16 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M-1
-----------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
-----------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
June 15, 1999 100 100 100 100 100
June 15, 2000 100 100 100 100 100
June 15, 2001 100 100 100 100 100
June 15, 2002 100 100 100 100 100
June 15, 2003 100 100 100 100 100
June 15, 2004 100 100 88 84 80
June 15, 2005 100 100 77 70 61
June 15, 2006 100 96 67 58 47
June 15, 2007 100 88 59 48 36
June 15, 2008 100 80 51 40 27
June 15, 2009 100 73 44 32 20
June 15, 2010 100 67 38 26 15
June 15, 2011 100 60 33 21 10
June 15, 2012 100 54 28 17 7
June 15, 2013 100 49 24 13 1
June 15, 2014 100 44 20 11 0
June 15, 2015 100 39 17 8 0
June 15, 2016 100 34 14 4 0
June 15, 2017 94 30 11 0 0
June 15, 2018 87 25 9 0 0
June 15, 2019 80 22 7 0 0
June 15, 2020 72 18 3 0 0
June 15, 2021 64 15 0 0 0
June 15, 2022 54 12 0 0 0
June 15, 2023 45 9 0 0 0
June 15, 2024 36 5 0 0 0
June 15, 2025 27 0 0 0 0
June 15, 2026 17 0 0 0 0
June 15, 2027 5 0 0 0 0
June 15, 2028 0 0 0 0 0
Avg Life In Years: 24.3 15.7 11.4 9.9 8.6
- ------------------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
17 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M-2
----------------------------------------------------------------------------
Percent of MHP: 0 100 175 250 350
----------------------------------------------------------------------------
Initial Percent 100 100 100 100 100
June 15, 1999 100 100 100 100 100
June 15, 2000 100 100 100 100 100
June 15, 2001 100 100 100 100 100
June 15, 2002 100 100 100 100 100
June 15, 2003 100 100 100 100 100
June 15, 2004 100 100 88 84 80
June 15, 2005 100 100 77 70 61
June 15, 2006 100 96 67 58 47
June 15, 2007 100 88 59 48 36
June 15, 2008 100 80 51 40 27
June 15, 2009 100 73 44 32 20
June 15, 2010 100 67 38 26 15
June 15, 2011 100 60 33 21 10
June 15, 2012 100 54 28 17 2
June 15, 2013 100 49 24 13 0
June 15, 2014 100 44 20 11 0
June 15, 2015 100 39 17 5 0
June 15, 2016 100 34 14 0 0
June 15, 2017 94 30 11 0 0
June 15, 2018 87 25 9 0 0
June 15, 2019 80 22 1 0 0
June 15, 2020 72 18 0 0 0
June 15, 2021 64 15 0 0 0
June 15, 2022 54 12 0 0 0
June 15, 2023 45 8 0 0 0
June 15, 2024 36 0 0 0 0
June 15, 2025 27 0 0 0 0
June 15, 2026 17 0 0 0 0
June 15, 2027 0 0 0 0 0
June 15, 2028 0 0 0 0 0
Avg Life In Years: 24.3 15.7 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.
CREDIT | FIRST
SUISSE | BOSTON
18 of 21
<PAGE>
UCFC MANUFACTURED HOUSING COTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-2
REVISED 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
June 15, 1999 100 100 100 100 100
June 15, 2000 100 100 100 100 100
June 15, 2001 100 100 100 100 100
June 15, 2002 100 100 100 100 100
June 15, 2003 100 100 100 100 100
June 15, 2004 100 100 72 63 53
June 15, 2005 100 100 46 30 10
June 15, 2006 100 90 24 3 0
June 15, 2007 100 72 4 0 0
June 15, 2008 100 54 0 0 0
June 15, 2009 100 37 0 0 0
June 15, 2010 100 22 0 0 0
June 15, 2011 100 7 0 0 0
June 15, 2012 100 0 0 0 0
June 15, 2013 100 0 0 0 0
June 15, 2014 100 0 0 0 0
June 15, 2015 100 0 0 0 0
June 15, 2016 100 0 0 0 0
June 15, 2017 87 0 0 0 0
June 15, 2018 69 0 0 0 0
June 15, 2019 52 0 0 0 0
June 15, 2020 34 0 0 0 0
June 15, 2021 15 0 0 0 0
June 15, 2022 0 0 0 0 0
June 15, 2023 0 0 0 0 0
June 15, 2024 0 0 0 0 0
June 15, 2025 0 0 0 0 0
June 15, 2026 0 0 0 0 0
June 15, 2027 0 0 0 0 0
June 15, 2028 0 0 0 0 0
Avg Life In Years: 21.1 10.4 7.0 6.5 6.1
- -----------------------------------------------------------------------------
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.
CREDIT | FIRST
SUISSE | BOSTON
19 of 21
