<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5 OMB APPROVAL
-----------------------------
[X] Check this box if no longer OMB NUMBER: 3235-0362
subject to Section 16. Form 4 Expires: September 30, 1998
or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response ...... 1.0
-----------------------------
[_] Form 3 Holdings Reported
[X] Form 4 Transactions Reported
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person*
Greco Michael H.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
442 South Main Street
- --------------------------------------------------------------------------------
(Street)
Davidson NC 28036
- --------------------------------------------------------------------------------
(City) (State) (Zip)
- --------------------------------------------------------------------------------
2. Issuer Name and Ticker or Trading Symbol
The WMF Group, Ltd (WMFG)
- --------------------------------------------------------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
- --------------------------------------------------------------------------------
4. Statement for Month/Year
May, 1999
- --------------------------------------------------------------------------------
5. If Amendment, Date of Original (Month/Year)
- --------------------------------------------------------------------------------
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
----- ------
Officer (give X Other (Specify
----- title below) ------ below)
Former Executive Vice President, Capital Markets
------------------------------------------------
- --------------------------------------------------------------------------------
7. Individual or Joint/Group Reporting
(check applicable line)
X Form Filed by One Reporting Person
- ---
Form Filed by More than One Reporting Person
- ---
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Table 1 -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
(Instr. 3) action action or Disposed of (D) Securities Form: of Indirect
Date Code Beneficially Direct Beneficial
(Instr. 8) (Instr. 3,4 and 5) Owned at end (D) or Ownership
(Month/ -------------------------- Of Issuer's Indirect (Instr. 4)
Day/ Amount (A) or Price Fiscal Year (I)
Year) (D) (Instr. 3 and 4) (Instr. 4)
- -------------------------- ---------- ------ ---- -------- ------ ------ ---------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
</TABLE>
* If the form is filed by more than one person, see instruction 4(b)(v).
(Print or Type Responses)
(Over)
SEC 2270 (9/96)
<PAGE>
FORM 5 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative 6. Date Exercisable
(Instr. 3) or Exercise Date Code Securities Acquired (A) and Expiration
Price of (Month/Day/ (Instr. 8) or Disposed of (D) Date
Derivative Year) (Instr. 3, 4, and 5) (Month/Day/
Security Year)
-------------------------- -------------------
(A) (D) Date Expiration
Exer- Date
cisable
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Options to acquire Common $11.63 2/1/99 D 43,500 (1) 2/16/08
Stock
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
Options to acquire Common $9.15 2/1/99 A 43,500 (1) 2/16/08
Stock
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
- ------------------------------- -------------- -------------- --------------- --------------- ---------- -------------------
</TABLE>
<TABLE>
<CAPTION>
7. Title and Amount of 8. Price of Derivative 9. Number of Derivative 10. Ownership of 11. Nature of
Underlying Securities Security (Instr. 5) Securities Beneficially Derivative Security; Indirect Beneficial
(Instr. 3 and 4) Owned at End of Year Direct (D) or Ownership (Instr. 4)
(Instr. 4) Indirect (I) (Instr. 4)
- ------------------------
Title Amount or
Number of
Shares
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
<S> <C> <C> <C> <C>
Common Stock, 43,500 (2) O D
par value
$.01 per
share
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
Common Stock, 43,500 (2) 17,400(3) D
par value
$.01 per
share
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
- ------------------------ ---------------------- -------------------------- --------------------------- ------------------------
</TABLE>
Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Michael H. Greco May 10, 1999
- ------------------------------- --------------
**Signature of Reporting Person Date
Michael H. Greco
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
Page 2 of 3
SEC 2270 (9/96)
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Name and Address of Reporting Person Issuer Name and Ticker or Trading Symbol Statement for Month/Year
<S> <C> <C>
Michael H. Greco The WMF Group, Ltd. (WMFG) May, 1999
442 South Main Street
Davidson, North Carolina 28036
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1. Options were granted to Mr. Greco on February 16, 1998 to purchase common
stock at a price of $11.63 per share, based on the closing price of the stock on
February 13, 1998. The options were repriced on February 1, 1999 to provide for
a per share price of $9.15. The options vested in 20% increments beginning on
February 16, 1998, with the remaining options vesting on January 31 of the
following four years.
2. On February 1, 1999, Mr. Greco exchanged options to acquire 43,500 shares of
common stock at a price of $11.63 per share for options to acquire 43,500 shares
of common stock at a price of $9.15 per share. The terms of the options are
otherwise identical.
3. Mr. Greco terminated his employment with the Company on April 28, 1999. As a
result, all of his unvested options expired and he retained only the 17,400
options that vested prior to that date.
