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Previous: ENTERCOM COMMUNICATIONS CORP, S-1/A, 1998-12-08 |
Next: RIDGEWOOD FINANCIAL INC, 8-A12G, 1998-12-08 |
- --------------------------------------------------------------------------------
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) November 25, 1998
UPMFC Trust 1998-1 (Issuer in respect of Union Planters Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 1998-1)
UPMFC Trust 1998-1
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK 000-23849 13-4017742
- ---------------------------- ----------- ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
c/o The Bank of New York, as Trustee,
101 Barclay Street - 12E,
New York, New York 10286
- -------------------------------------- ------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 815-2297
- --------------------------------------------------------------------------------
<PAGE>
-2-
Item 5. OTHER EVENTS.
On November 25, 1998, a monthly remittance report was
delivered to each holder of Union Planters Mortgage Finance Corp., Mortgage
Pass-Through Certificates, Series 1998-1.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not Applicable.
(c) EXHIBITS
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
- ----------- ----------- -----------
99.1 99 Remittance Report to Certificateholders,
dated November 25, 1998.
<PAGE>
-3-
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.
UPMFC Trust 1998-1
By: The Bank of New York, as Trustee
By: /s/ Franklin B. Austin
----------------------------------
Name: Franklin B. Austin
Title: Assistant Vice President
Dated: November 25, 1998
<PAGE>
-4-
EXHIBIT INDEX
Exhibit Description
- ------- -----------
99.1 Remittance Report dated November 25, 1998
EXHIBIT 99.1
<PAGE>
Distribution Date: 11/25/98
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-2297
UNION PLANTERS
Union Planters Mortgage Finance Corp 1998-1
<TABLE>
<CAPTION>
CERTIFICATEHOLDER MONTHLY DISTRIBUTION SUMMARY
CERTIFICATE PASS CURRENT
CLASS RATE BEGINNING THROUGH PRINCIPAL INTEREST TOTAL REALIZED
CLASS CUSIP DESCRIPTION TYPE BALANCE RATE (%) DISTRIBUTION DISTRIBUTION DISTRIBUTION LOSSES
----- ----- ----------- ---- ------- -------- ------------ ------------ ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 908071AA1 Senior Fix-30/360 169,036,831.78 6.350000 5,795,217.53 894,486.57 6,689,704.09 0.00
A2 908071AB9 Senior Fix-30/360 19,915,000.00 6.450000 0.00 107,043.12 107,043.12 0.00
A3 908071AC7 Senior Fix-30/360 66,363,000.00 6.600000 0.00 364,996.50 364,996.50 0.00
A4 908071AD5 Senior Fix-30/360 66,347,000.00 6.800000 0.00 375,996.33 375,966.33 0.00
A5 908071AE3 Senior Fix-30/360 19,160,000.00 6.750000 0.00 107,775.00 107,775.00 0.00
X1 908071AF0 Strip IO Fix-30/360 351,232,140.08 0.995666 0.00 291,425.05 291,425.05 0.00
X2 BC0206484 Strip IO Fix-30/360 351,232,140.08 1.328543 0.00 388,855.93 388,855.93 0.00
B1 BC0206492 Senior Fix-30/360 1,824,950.87 6.950000 4,272.59 10,569.51 14,842.10 0.00
B2 BC0206500 Senior Fix-30/360 947,621.69 6.950000 2,218.58 5,488.31 7,706.89 0.00
B3 BC0206518 Senior Fix-30/360 947,621.69 6.950000 2,218.58 5,488.31 7,706.89 0.00
B4 BC0206526 Senior Fix-30/360 1,895,243.38 6.950000 4,437.16 10,976.62 15,413.78 0.00
B5 BC0206534 Senior Fix-30/360 1,895,243.38 6.950000 4,437.16 10,976.62 15,413.78 0.00
B6 BC0206542 Senior Fix-30/360 2,899,627.28 6.950000 6,788.26 16,793.67 23,581.94 0.00
R BC0206559 Senior Fix-30/360 0.00 6.950000 0.00 0.00 0.00 0.00
Totals 351,232,140.07 5,819,589.86 2,590,841.55 8,410,431.41 0.37
</TABLE>
CUMULATIVE
ENDING REALIZED
CLASS BALANCE LOSSES
A1 163,241,614.26 0.00
A2 19,915,000.00 0.00
A3 66,363,000.00 0.00
A4 66,347,000.00 0.00
A5 19,160,000.00 0.00
X1 345,412,549.84 0.00
X2 345,412,549.84 0.00
B1 1,820,678.27 0.00
B2 945,403.11 0.00
B3 945,403.11 0.00
B4 1,890,806.22 0.00
B5 1,890,806.22 0.00
B6 2,892,838.64 1.50
R 0.00 0.00
Totals 345,412,549.83 1.50
The Class B1 to Class B6 interests are based on the correct Ending balance.
There will be a REVISION from June 98 to Oct 98 payment dates.
The REVISED statements will affect the principal and interest payments of the
subordinate classes.
<PAGE>
Distribution Date: 11/25/98
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-2297
<TABLE>
<CAPTION>
UNION PLANTERS
Union Planters Mortgage Finance Corp 1998-1
CERTIFICATEHOLDER MONTHLY DISTRIBUTION SUMMARY
ORIGINAL BEGINNING SCHEDULED UNSCHEDULED NET CURRENT
CERTIFICATE CERTIFICATE PRINCIPAL ACCRETION PRINCIPAL PRINCIPAL REALIZED
CLASS CUSIP BALANCE BALANCE DISTRIBUTION PRINCIPAL ADJUSTMENTS DISTRIBUTION LOSSES
----- ----- ------- ------- ------------ --------- ----------- ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 908071AA1 198,644,000.00 169,036,831.78 5,795,217.53 0.00 0.00 5,795,217.53 0.00
A2 908071AB9 19,915,000.00 19,915,000.00 0.00 0.00 0.00 0.00 0.00
A3 908071AC7 66,363,000.00 66,363,000.00 0.00 0.00 0.00 0.00 0.00
A4 908071AD5 66,347,000.00 66,347,000.00 0.00 0.00 0.00 0.00 0.00
A5 908071AE3 19,160,000.00 19,160,000.00 0.00 0.00 0.00 0.00 0.00
X1 908071AF0 380,958,124.46 351,232,140.08 0.00 0.00 0.00 0.00 0.00
X2 BC0206484 380,958,124.46 351,232,140.08 0.00 0.00 0.00 0.00 0.00
B1 BC0206492 1,904,000.00 1,824,950.87 4,272.59 0.00 0.00 4,272.59 0.00
B2 BC0206500 952,000.00 947,621.69 2,218.58 0.00 0.00 2,218.58 0.00
B3 BC0206518 952,000.00 947,621.69 2,218.58 0.00 0.00 2,218.58 0.00
B4 BC0206526 1,904,000.00 1,895,243.38 4,437.16 0.00 0.00 4,437.16 0.00
B5 BC0206534 1,904,000.00 1,895,243.38 4,437.16 0.00 0.00 4,437.16 0.00
B6 BC0206542 2,913,024.46 2,899,627.28 6,788.26 0.00 0.00 6,788.26 0.37
R BC0206559 100.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals 380,958,124.46 351,232,140.07 5,819,589.86 0.00 0.00 5,819,589.86 0.37
</TABLE>
ENDING ENDING
CERTIFICATE CERTIFICATE
CLASS BALANCE FACTOR
A1 163,241,614.26 0.82177973790
A2 19,915,000.00 1.00000000000
A3 66,363,000.00 1.00000000000
A4 66,347,000.00 1.00000000000
A5 19,160,000.00 1.00000000000
X1 345,412,549.84 0.90669427337
X2 345,412,549.84 0.90669427337
B1 1,820,678.27 0.95623858965
B2 945,403.11 0.99307049465
B3 945,403.11 0.99307049465
B4 1,890,806.22 0.99307049465
B5 1,890,806.22 0.99307049465
B6 2,892,838.64 0.99307049561
R 0.00 0.00000000000
Totals 345,412,549.83
Page 2
<PAGE>
Distribution Date: 11/25/98
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-2297
UNION PLANTERS
Union Planters Mortgage Finance Corp 1998-1
<TABLE>
<CAPTION>
CERTIFICATEHOLDER MONTHLY DISTRIBUTION SUMMARY
BEGINNING PASS ACCRUED CUMULATIVE TOTAL NET
CERTIFICATE THROUGH OPTIMAL UNPAID DEFERRED INTEREST PREPAYMENT
CLASS BALANCE RATE (%) INTEREST INTEREST INTEREST DUE INT SHORTFALL
----- ------- -------- -------- -------- -------- --- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 169,036,831.78 6.350000 894,486.57 0.00 0.00 894,486.57 0.00
A2 19,915,000.00 6.450000 107,043.12 0.00 0.00 107,043.12 0.00
A3 66,363,000.00 6.600000 364,996.50 0.00 0.00 364,996.50 0.00
A4 66,347,000.00 6.800000 375,966.33 0.00 0.00 375,966.33 0.00
A5 19,160,000.00 6.750000 107,775.00 0.00 0.00 107,775.00 0.00
X1 351,232,140.08 0.995666 291,425.05 0.00 0.00 291,425.05 0.00
X2 351,232,140.08 1.328543 388,855.93 0.00 0.00 388,855.93 0.00
B1 1,824,950.87 6.950000 10,569.51 0.00 0.00 10,569.51 0.00
B2 947,621.69 6.950000 5,488.31 0.00 0.00 5,488.31 0.00
B3 947,621.69 6.950000 5,488.31 0.00 0.00 5,488.31 0.00
B4 1,895,243.38 6.950000 10,976.62 0.00 0.00 10,976.62 0.00
B5 1,895,243.38 6.950000 10,976.62 0.00 0.00 10,976.62 0.00
B6 2,899,627.28 6.950000 16,793.67 0.00 0.00 16,793.67 0.00
R 0.00 6.950000 0.00 0.00 0.00 0.00 0.00
Totals 351,232,140.07 2,590,841.55 0.00 0.00 2,590,841.55 0.00
</TABLE>
UNSCHEDULED
INTEREST
CLASS ADJUSTMENT INTEREST PAID
----- ---------- -------------
A1 0.00 894,486.57
A2 0.00 107,043.12
A3 0.00 364,996.50
A4 0.00 375,966.33
A5 0.00 107,775.00
X1 0.00 291,425.05
X2 0.00 388,855.93
B1 0.00 10,569.51
B2 0.00 5,488.31
B3 0.00 5,488.31
B4 0.00 10,976.62
B5 0.00 10,976.62
B6 0.00 16,793.67
R 0.00 0.00
Totals 0.00 2,590,841.55
Page 3
<PAGE>
Distribution Date: 11/25/98
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-2297
UNION PLANTERS
Union Planters Mortgage Finance Corp 1998-1
<TABLE>
<CAPTION>
CERTIFICATGEHOLDER MONTHLY DISTRIBUTION SUMMARY
ORIGINAL ENDING CERT. PASS
CERTIFICATE BEGINNING CERT. PRINCIPAL INTEREST NOTIONAL THROUGH
CLASS CUSIP BALANCE NOTIONAL BALANCE DISTRIBUTION DISTRIBUTION BALANCE RATE (%)
----- ----- ------- ---------------- ------------ ------------ ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 908071AA1 198,644,000.00 850.953624486 29.173886585 4.502962930 821.779737901 6.350000
A2 908071AB9 19,915,000.00 1,000.000000000 0.000000000 5.375000000 1,000.000000000 6.450000
A3 908071AC7 66,363,000.00 1,000.000000000 0.000000000 5.500000000 1,000.000000000 6.600000
A4 908071AD5 66,347,000.00 1,000.000000000 0.000000000 5.666666667 1,000.000000000 6.800000
A5 908071AE3 19,160,000.00 1,000.000000000 0.000000000 5.625000000 1,000.000000000 6.750000
X1 908071AF0 380,958,124.46 921.970467431 0.000000000 0.764979216 906.694273366 0.995666
X2 BC0206484 380,958,124.46 921.970467431 0.000000000 1.020731432 906.694273366 1.328543
B1 BC0206492 1,904,000.00 958.482598264 2.244008611 5.551211715 956.238589653 6.950000
B2 BC0206500 952,000.00 995.400936826 2.330442178 5.765030426 993.070494649 6.950000
B3 BC0206518 952,000.00 995.400936826 2.330442178 5.765030426 993.070494649 6.950000
B4 BC0206526 1,904,000.00 995.400936826 2.330442178 5.765030426 993.070494649 6.950000
B5 BC0206534 1,904,000.00 995.400936826 2.330442178 5.765030426 993.070494649 6.950000
B6 BC0206542 2,913,024.46 995.400937791 2.330314193 5.765030431 993.070495611 6.950000
R BC020659 100.00 0.000000000 0.000000000 0.000000000 0.000000000 6.950000
Totals 380,958,124.46 921.970467405 15.276193068 6.800856534 906.694273339
</TABLE>
Page 4
<PAGE>
Distribution Date: 11/25/98
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-2297
<TABLE>
<CAPTION>
UNION PLANTERS
Union Planters Mortgage Finance Corp 1998-1
<S> <C> <C>
POOL LEVEL DATA
Distribution Date 11/25/98
Cut-off Date 5/1/98
Determination Date 11/1/98
Accrual Period Begin 10/1/98
End 11/1/98
Number of Days in Accrual Period 31
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL INFORMATION
- -------------------------------------------------------------------------------------------------------
<S> <C>
GROUP 1
Cut-off Date Balance 0.00
Beginning Aggregate Pool Stated Principal Balance 351,232,140.08
Ending Aggregate Pool Stated Principal Balance 345,412,549.84
Beginning Aggregate Certificate Stated Principal Balance 351,232,140.08
Ending Aggregate Certificate Stated Principal Balance 345,412,549.84
Beginning Aggregate Loan Count 8,226
Loans Paid Off on Otherwise Removed Pursuant to Pooling and Servicing Agreement 133
Ending Aggregate Loan Count 8,093
Beginning Weighted Average Loan Rate (WAC) 9.863724%
Ending Weighted Average Loan Rate (WAC) 9.861992%
Beginning Net Weighted Average Loan Rate 8.851724%
Ending Net Weighted Average Loan Rate 8.849992%
Weighted Average Maturity (WAM) (Months) 213
Servicer Advances 0.00
Aggregate Pool Prepayment 4,997,282.20
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
CERTIFICATE ACCOUNT
BEGINNING BALANCE 0.00
DEPOSIT
Payments of Interest and Principal 8,703,124.86
Liquidation Proceeds 0.00
All Other Proceeds 0.00
Other Amounts 0.00
------------
TOTAL DEPOSITS 8,703,124.86
WITHDRAWALS
Reimbursement of Servicer Advances 0.00
Payment of Master Servicer Fees 292,693.45
Payment of Sub Servicer Fees 0.00
Payment of Other Fees 0.00
Payment of Insurance Premium(s) 0.00
Payment of Personal Mortgage Insurance 0.00
Other Permitted Withdrawal per the Pooling and Service Agreement 0.00
Payment of Principal and Interest 8,410,431.41
------------
TOTAL WITHDRAWALS 8,703,124.86
ENDING BALANCE 0.00
PREPAYMENT COMPENSATION
Total Gross Prepayment Interest Shortfall 0.00
Compensation for Gross PPIS from Servicing Fees 0.00
Other Gross PPIS Compensation 0.00
----
TOTAL NET PPIS (NON-SUPPORTED PPIS) 0.00
Master Servicing Fees Paid 292,693.45
Sub Servicing Fees Paid 0.00
Insurance Premium(s) Paid 0.00
Personal Mortgage Insurance Fees Paid 0.00
Other Fees Paid 0.00
------------
TOTAL FEES 292,693.45
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY INFORMATION
- ---------------------------------------------------------------------------------------------
GROUP 1
DELINQUENCY 30-59 DAYS 60-89 DAYS 90+ DAYS TOTALS
- ----------- ---------- ---------- -------- ------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 75,990,760.96 10,707,789.05 6,908,251.00 93,606,801.01
Percentage of Total Pool Balance 22.000000% 3.100000% 2.000000% 27.100000%
Number of Loans 1,753 248 153 2,154
Percentage of Total Loans 21.660694% 3.064377% 1.890523% 26.615594%
</TABLE>
Page 6
<PAGE>
<TABLE>
<CAPTION>
FORECLOSURE
- -----------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 0.00 0.00 0.00 23,488,053.39
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 6.800000%
Number of Loans 0 0 0 543
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 6.709502%
BANKRUPTCY
- ----------
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
REO
- ---
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Book value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION/CREDIT ENHANCEMENT INFORMATION
- ----------------------------------------------------------------------------------------------
PROTECTION ORIGINAL CURRENT
- ---------- -------- -------
<S> <C> <C>
Bankruptcy Loss 0.00 0.00
Bankruptcy Percentage 0.000000% 0.000000%
Credit/Fraud Loss 0.00 0.00
Credit/Fraud Loss Percentage 0.000000% 0.000000%
Special Hazard Loss 0.00 0.00
Special Hazard Loss Percentage 0.000000% 0.000000%
CREDIT SUPPORT ORIGINAL CURRENT
- -------------- -------- -------
Class A 380,958,124.46 345,412,549.84
Class A Percentage 100.0000000% 100.0000000%
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
THE
BANK OF Page Number: 3
NEW Payment Date: 11/25/98
YORK
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
UNION PLANTERS MORTGAGE FINANCE CORP.,
MORTGAGE-PASS THROUGH CERTIFICATES, SERIES 1998-1
COLLATERAL INFORMATION DELINQUENCY INFORMATION
- ------------------------------------ --------------------------------------------
TOTAL
----------------
Aggregate stated principal balance 345,412,549.86 Period Loan Count Ending Stated Balance
--------------- -------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aggregate Loan count 7,983 30 to 59 days 1,753 75,990,760.96
Weighted average loan rate (WAC) 9.863724% 60 to 90 days 248 10,707,789.05
Aggregate prepayment amount 4,997,282.20 91 or more 153 6,908,251.00
Scheduled principal amount 822,308.04 Foreclosure 543 23,488,053.39
Repurchased principal 0.00
Substituted principal 0.00 Totals 2,697 117,094,854.40
Net liquidation proceeds 0.00
</TABLE>
<TABLE>
<CAPTION>
REO INFORMATION
---------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------------- -------------- ------------------------- ----------------
<S> <C> <C> <C> <C> <C>
FEES AND ADVANCES n/a # 0.00 n/a
- ------------------------------- n/a # 0.00 n/a
TOTAL ------------------ -------------- ----------------------------------------
---------------- n/a 0.00 n/a
n/a 0.00 n/a
Monthly master servicing fees 292,693.45 n/a # 0.00 n/a
Compensating Interest 0.00 n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
TOTALS: 0.00 0.00
Aggregate advances n/a
Advances this Period n/a Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans 0
</TABLE>
<TABLE>
<CAPTION>
LOSSES & INSURANCE COVERAGES
- --------------------------------------
TOTAL
-------
<S> <C> <C> <C>
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00 OTHER INFORMATION
----------------------------
TOTAL
------------------
Available remittance amount 8,410,431.78
Principal remittance amount 5,819,590.24
Interest remittance amount 2,590,841.54
</TABLE>
AGGREGATE CERTIFICATE INFORMATION
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
---- ----------- ----------- --------------
Senior 97.036060% 100.000000% 335,026,614.26
Subordinate 2.963940% 0.00000% 10,385,935.60
Page 8
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