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) OCTOBER 29, 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
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended, UCFC
Funding Corporation(R) (the "Depositor") filed a prospectus, dated September 18,
1998, and prospectus supplement dated September 18, 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
1998-3 (the "Certificates") on September 23, 1998 (the "Closing Date").
The Certificates were issued pursuant to a pooling and servicing agreement (the
"Pooling and Servicing Agreement"), dated as of September 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
$24,626,949.80 (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 December 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 $24,623,903.66, which are being
transferred to the Trust on October 30, 1998.
<PAGE>
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.
<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: October 29, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT PAGE
99.1 Statistical Information
concerning the Subsequent Contracts.
Exhibit 99.1
UCFC MANUFACTURED HOUSING CONTRACT PASS-THROUGH
CERTIFICATES - PREFUNDING, SERIES 1998-3
As of the subsequent Cut-off Date, in respect of the Subsequent Contracts
expected to be sold to the Trust on October 30, 1998: the Contract balances
ranged from $9,946.00 to $139,525.34; the average Contract Balance was
$46,636.18; the Contract Rates ranged from 6.25% to 14.00% per annum; the
weighted average Contract Rate was 8.76% per annum; the original Loan-to-Value
Ratios ranged from 19.07% to 97.90%; the weighted average original Loan-to-Value
Ratio was 84.42%; the original terms to stated maturity ranged from 60 to 360
months; the weighted average original term to stated maturity was 321 months;
the remaining terms to stated maturity ranged from 60 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 125 months; the
weighted average number of months since origination was 5 months; 91.37% and
8.63% of the Contracts are secured by new and used Manufactured Homes,
respectively; 36.80% 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; 26.99% and 73.01% 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 Principal Date Pool
of Balance Principal
State Contracts Outstanding Balance
Alabama.................. 2 $ 80,673.16 0.33%
Arizona.................. 6 252,669.12 1.03
Arkansas................. 31 1,334,384.13 5.42
California............... 2 114,855.12 0.47
Colorado................. 11 624,446.47 2.54
Florida.................. 38 2,245,093.04 9.12
Georgia.................. 27 1,414,122.69 5.74
Illinois................. 25 862,454.50 3.50
Indiana.................. 16 943,288.25 3.83
Iowa..................... 25 815,982.49 3.31
Kansas................... 8 397,233.49 1.61
Kentucky................. 3 174,693.47 0.71
Louisiana................ 26 1,142,329.19 4.64
Maine.................... 3 234,918.80 0.95
Maryland................. 1 22,204.00 0.09
Michigan................. 5 243,528.84 0.99
Minnesota................ 33 1,423,251.26 5.78
Mississippi.............. 12 444,162.77 1.80
Missouri................. 14 912,207.71 3.70
Montana.................. 2 69,601.60 0.28
New Mexico............... 17 768,734.26 3.12
North Carolina........... 37 1,648,265.56 6.69
North Dakota............. 2 95,017.41 0.39
Ohio..................... 12 567,950.76 2.31
Oklahoma................. 12 405,423.34 1.65
Oregon................... 1 105,846.73 0.43
Pennsylvania............. 12 486,892.92 1.98
South Carolina........... 54 2,440,063.60 9.91
Tennessee................ 14 848,468.00 3.45
Texas.................... 47 2,029,488.23 8.24
Utah..................... 1 50,797.67 0.21
Virginia................. 3 170,495.36 0.69
Washington............... 2 113,029.72 0.46
West Virginia............ 10 449,280.52 1.82
Wisconsin................ 13 600,490.88 2.44
Wyoming.................. 1 91,558.60 0.37
-------- -------------- --------
Total.................. 528 $24,623,903.66 100.00%
===== ============== ========
<PAGE>
UCFC MANUFACTURED HOUSING CONTRACT PASS-THROUGH
CERTIFICATES - PREFUNDING, SERIES 1998-3
Aggregate % of Cut-off
Number Principal Date Pool
Range of Contract of Balance Principal
Amounts Contracts Outstanding Balance
$ 5,000.01 - 10,000.00.... 1 $ 9,946.00 0.04%
10,000.01 - 15,000.00.... 12 153,744.02 0.62
15,000.01 - 20,000.00.... 25 439,744.63 1.79
20,000.01 - 25,000.00.... 35 799,445.38 3.25
25,000.01 - 30,000.00.... 49 1,350,754.45 5.49
30,000.01 - 35,000.00.... 54 1,779,203.52 7.23
35,000.01 - 40,000.00.... 62 2,313,901.54 9.40
40,000.01 - 45,000.00.... 46 1,960,010.40 7.96
45,000.01 - 50,000.00.... 47 2,231,005.50 9.06
50,000.01 - 55,000.00.... 47 2,473,819.36 10.05
55,000.01 - 60,000.00.... 35 2,009,825.12 8.16
60,000.01 - 65,000.00.... 26 1,621,764.14 6.59
65,000.01 - 70,000.00.... 17 1,143,264.33 4.64
70,000.01 - 75,000.00.... 17 1,232,891.84 5.01
75,000.01 - 80,000.00.... 12 935,800.37 3.80
80,000.01 - 85,000.00.... 6 486,139.18 1.97
85,000.01 - 90,000.00.... 10 878,743.69 3.57
90,000.01 - 95,000.00.... 9 830,464.62 3.37
95,000.01 - 100,000.00... 2 195,082.65 0.79
100,000.01 - 105,000.00... 5 510,645.26 2.07
105,000.01 - 110,000.00... 6 649,325.04 2.64
110,000.01 - 115,000.00... 1 111,787.53 0.45
115,000.01 - 120,000.00... 1 117,515.45 0.48
120,000.01 - 125,000.00... 1 121,733.50 0.49
130,000.01 - 135,000.00... 1 127,820.80 0.52
135,000.01 - 140,000.00... 1 139,525.34 0.57
------- -------------- --------
Total.................. 528 $24,623,903.66 100.00%
====== ============== ======
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
Range of Aggregate % of Cut-off
Original Number Principal Date Pool
Loan-to Value of Balance Principal
Ratios Contracts Outstanding Balance
15.01 - 20.00%........ 1 $ 10,076.00 0.04%
20.01 - 40.00......... 3 46,385.42 0.19
40.01 - 45.00......... 1 26,500.00 0.11
45.01 - 50.00......... 2 63,004.75 0.26
50.01 - 55.00......... 10 264,816.60 1.08
55.01 - 60.00......... 6 165,594.48 0.67
60.01 - 65.00......... 7 318,635.93 1.29
65.01 - 70.00......... 20 796,847.63 3.24
70.01 - 75.00......... 31 1,481,034.98 6.01
75.01 - 80.00......... 63 2,674,360.74 10.86
80.01 - 85.00......... 91 4,036,977.58 16.39
85.01 - 90.00......... 179 8,551,242.79 34.73
90.01 - 95.00......... 112 5,981,146.09 24.29
95.01 - 100.00........ 2 207,280.67 0.84
------- -------------- --------
Totals:............ 528 $24,623,903.66 100.00%
======= ============== ========
<PAGE>
UCFC MANUFACTURED HOUSING CONTRACT PASS-THROUGH
CERTIFICATES - PREFUNDING, SERIES 1998-3
CONTRACT RATES
Number Aggregate % of Cut-off
Ranges of of Principal Date Pool
Contract Rates Contracts Balance Outstanding Principal Balance
6.01 - 6.50%.... 4 $ 367,795.93 1.49%
6.51 - 7.00..... 50 3,925,837.93 15.94
7.01 - 7.50..... 26 1,444,597.70 5.87
7.51 - 8.00..... 92 5,243,737.28 21.30
8.01 - 8.50..... 35 1,695,252.69 6.88
8.51 - 9.00..... 64 3,181,360.96 12.92
9.01 - 9.50..... 38 1,688,590.27 6.86
9.51 - 10.00.... 58 2,459,772.09 9.99
10.01 - 10.50.... 36 1,102,173.05 4.48
10.51 - 11.00.... 61 1,902,878.32 7.73
11.01 - 11.50.... 16 532,514.73 2.16
11.51 - 12.00.... 18 415,129.79 1.69
12.01 - 12.50.... 21 457,902.10 1.86
12.51 - 13.00.... 6 119,685.93 0.49
13.01 - 13.50.... 2 65,659.06 0.27
13.51 - 14.00.... 1 21,015.83 0.09
------- -------------- --------
Totals:....... 528 $24,623,903.66 100.00%
======= ============== ========
REMAINING TERMS TO MATURITY
Number Aggregate Principal % of Cut-off
Range of Remaining of Balance Date Pool
Months to Maturity Contracts Outstanding Principal Balance
60 or less...... 1 $ 10,135.14 0.04%
73 - 84........ 10 159,211.62 0.65
109 - 120........ 12 210,371.64 0.85
121 - 180........ 42 1,090,082.05 4.43
181 - 228........ 3 153,000.46 0.62
229 - 240........ 97 3,130,488.09 12.71
241 - 288........ 7 351,528.97 1.43
289 - 300........ 109 4,359,184.66 17.70
301 - 334........ 11 923,897.80 3.75
337 - 348........ 21 1,355,427.46 5.50
349 - 360........ 215 12,880,575.77 52.31
----- -------------- --------
Totals:........ 528 $24,623,903.66 100.00%
===== ============== ========
<PAGE>
UCFC MANUFACTURED HOUSING CONTRACT PASS-THROUGH
CERTIFICATES - PREFUNDING, SERIES 1998-3
ORIGINAL TERMS TO MATURITY
Number Aggregate % of Cut-off
Range of Original of Principal Balance Date Pool
Months to Maturity Contracts Outstanding Principal Balance
60 or less....... 1 $ 10,135.14 0.04%
73 - 84......... 10 159,211.62 0.65
109 - 120......... 12 210,371.64 0.85
121 - 144......... 5 124,057.43 0.50
145 - 180......... 37 966,024.62 3.92
181 - 240......... 99 3,236,269.77 13.14
241 - 300......... 114 4,571,584.44 18.57
301 - 360......... 250 15,346,249.00 62.32
----- -------------- ---------
Totals:........ 528 $24,623,903.66 100.00%
===== ============== =========
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.... 442 $18,926,336.47 76.86%
7 - 12........... 49 3,193,025.11 12.97
13 - 18........... 10 605,061.17 2.46
19 - 24........... 12 751,202.68 3.05
25 - 30........... 6 493,507.63 2.00
31 - 36........... 1 111,787.53 0.45
37 - 42........... 3 227,335.44 0.92
43 - 54........... 1 60,333.13 0.25
55 - 60........... 1 68,966.53 0.28
85 - and above.... 3 186,347.97 0.76
------- ---------------- -------
Totals:........ 528 $24,623,903.66 100.00%
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