- -------------------------------------------------------------------------------
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 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 June 25, 1998 and July 27, 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 June 25, 1998.
99.2 99 Remittance Report to Certificateholders,
dated July 27, 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: June 25, 1998
<PAGE>
-4-
EXHIBIT INDEX
-------------
Exhibit Description
- ------- -----------
99.1 Remittance Report dated June 25, 1998
99.2 Remittance Report dated July 27, 1998
EXHIBIT 99.1
<PAGE>
UNION PLANTERS
Page Number: 1
Payment Date: 06/25/98
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
<TABLE>
<CAPTION>
CURRENT PAYMENT INFORMATION
CLASS INFORMATION ------------------------------------------------------------------------------------------------------------
- ----------------------- Beginning Pass Thru Principal Interest Total Principal Interest Ending Cert Deferred
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls Notional Bal. Interest
- ----------------------- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 198,644,000.00 6.350000% 5,627,317.37 1,051,157.83 6,678,475.21 0.00 0.00 193,016,682.63 0.00
A-2 19,915,000.00 6.450000% 0.00 107,043.13 107,043.13 0.00 0.00 19,915,000.00 0.00
A-3 66,363,000.00 6.600000% 0.00 364,996.50 364,996.50 0.00 0.00 66,363,000.00 0.00
A-4 66,347,000.00 6.800000% 0.00 375,966.33 375,966.33 0.00 0.00 66,347,000.00 0.00
A-5 19,160,000.00 6.750000% 0.00 107,775.00 107,775.00 0.00 0.00 19,160,000.00 0.00
X-1 380,958,124.46 1.000581% N/A 317,649.43 317,649.43 0.00 0.00 375,307,343.25 0.00
X-2 380,958,124.46 1.346680% N/A 427,523.76 427,523.76 0.00 0.00 375,307,343.25 0.00
Residual R 100.00 6.950000% 100.00 0.58 100.58 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 1,904,000.00 6.950000% 23,363.84 11,027.33 34,391.17 0.00 0.00 1,880,636.16 0.00
B-2 952,000.00 6.950000% 0.00 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-3 952,000.00 6.950000% 0.00 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-4 1,904,000.00 6.950000% 0.00 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-5 1,904,000.00 6.950000% 0.00 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-6 2,913,024.46 6.950000% 0.00 16,871.27 16,871.27 0.00 0.00 2,913,024.46 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - - 380,958,124.46 - 5,650,781.21 2,813,093.16 8,463,874.37 - - 375,307,343.25 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
UNION PLANTERS
Page Number: 2
Payment Date: 06/25/98
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
<TABLE>
<CAPTION>
CURRENT PAYMENT INFORMATION FACTORS PER $1,000
CLASS INFORMATION -------------------------------------------------------------------------------
- ------------------------ Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------ -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 198,644,000.00 6.350000% 908071AA1 28.328655 5.291667 971.671345
A-2 19,915,000.00 6.450000% 908071AB9 0.000000 5.375000 1,000.000000
A-3 66,363,000.00 6.600000% 908071AC7 0.000000 5.500000 1,000.000000
A-4 66,347,000.00 6.800000% 908071AD5 0.000000 5.666667 1,000.000000
A-5 19,160,000.00 6.750000% 908071AE3 0.000000 5.625000 1,000.000000
X-1 380,958,124.46 1.000581% 908071AF0 0.000000 0.833817 985.166923
X-2 380,958,124.46 1.346680% PRIVATE 0.000000 1.122233 985.166923
Residual R 100.00 6.950000% PRIVAT 1,000.000000 5.791667 0.000000
- --------------------------------------------------------------------------------------------------------
Subordinate B-1 1,904,000.00 6.950000% PRIVATE 12.270922 5.791667 987.729078
B-2 952,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-3 952,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-4 1,904,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-5 1,904,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-6 2,913,024.46 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
Totals - - 380,958,124.46 - - - - -
- --------------------------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
UNION PLANTERS
Page Number: 3
Payment Date: 06/25/98
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
-------------------------------
TOTAL
-----
Aggregate stated principal balance 375,307,343.25
Aggregate Loan count 8,543
Weighted average loan rate (WAC) 9.873110%
Aggregate prepayment amount 4,805,437.66
Scheduled principal amount 845,343.55
Repurchased principal 0.00
Substituted principal 0.00
Net liquidation proceeds 0.00
-------------------------------
FEES AND ADVANCES
-------------------------------
TOTAL
-----
Monthly master servicing fees 317,465.10
Compensating Interest 0.00
Aggregate advances N/A
Advances this Period N/A
-------------------------------
LOSSES & INSURANCE COVERAGES
-------------------------------
TOTAL
-----
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
AGGREGATE CERTIFICATE INFORMATION
----------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
----------------------------------------------------
Senior 97.236173% 100.000000% 364,801,682.63
----------------------------------------------------
Subordinate 2.763827% 0.000000% 10,505,660.62
----------------------------------------------------
---------------------------------
DELINQUENCY INFORMATION
---------------------------------
PERIOD LOAN COUNT ENDING STATED BALANCE
------ ---------- ---------------------
30 to 59 days 2,165 94,952,757.84
60 to 90 days 307 13,511,064.36
91 or more 8 375,307.34
Foreclosure 168 7,506,146.87
--- ------------
TOTALS: 2,648 116,345,276.41
---------------------------------
REO INFORMATION
---------------------------------
REO DATE LOAN NUMBER ENDING STATED BALANCE BOOK VALUE
-------- ----------- --------------------- ----------
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
----
TOTALS: 0.00 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
---------------------------------
OTHER INFORMATION
---------------------------------
TOTAL
-----
Available remittance amount 8,463,874.36
Principal remittance amount 5,650,781.21
Interest remittance amount 2,813,093.15
Page 3
EXHIBIT 99.2
<PAGE>
UNION PLANTERS
Page Number: 1
Payment Date: 07/27/98
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
<TABLE>
<CAPTION>
CURRENT PAYMENT INFORMATION
CLASS INFORMATION ------------------------------------------------------------------------------------------------------------
- ----------------------- Beginning Pass Thru Principal Interest Total Principal Interest Ending Cert Deferred
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls Notional Bal. Interest
- ----------------------- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 193,016,682.63 6.350000% 5,581,330.12 1,021,379.95 6,602,710.07 0.00 0.00 187,435,352.50 0.00
A-2 19,915,000.00 6.450000% 0.00 107,043.13 107,043.13 0.00 0.00 19,915,000.00 0.00
A-3 66,363,000.00 6.600000% 0.00 364,996.50 364,996.50 0.00 0.00 66,363,000.00 0.00
A-4 66,347,000.00 6.800000% 0.00 375,966.33 375,966.33 0.00 0.00 66,347,000.00 0.00
A-5 19,160,000.00 6.750000% 0.00 107,775.00 107,775.00 0.00 0.00 19,160,000.00 0.00
X-1 375,307,343.25 1.000124% N/A 312,794.93 312,794.93 0.00 0.00 369,702,476.00 0.00
X-2 375,307,343.25 1.343834% N/A 420,292.46 420,292.46 0.00 0.00 369,702,476.00 0.00
Residual R 0.00 6.950000% 0.00 0.01 0.01 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 1,880,636.16 6.950000% 23,537.13 10,892.02 34,429.14 0.00 0.00 1,857,099.04 0.00
B-2 952,000.00 6.950000% 0.00 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-3 952,000.00 6.950000% 0.00 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-4 1,904,000.00 6.950000% 0.00 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-5 1,904,000.00 6.950000% 0.00 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-6 2,913,024.46 6.950000% 0.00 16,871.27 16,871.27 0.00 0.00 2,913,024.46 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - - 375,307,343.25 - 5,604,867.25 2,771,093.39 8,375,960.84 - - 369,702,476.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Page Number: 2
Payment Date: 07/27/98
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
<TABLE>
<CAPTION>
CURRENT PAYMENT INFORMATION
CLASS INFORMATION FACTORS PER $1,000
---------------------------------------------------------------------------
- -------------------------- Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 198,644,000.00 6.350000% 908071AA1 28.097149 5.141761 943.574196
A-2 19,915,000.00 6.450000% 908071AB9 0.000000 5.375000 1,000.000000
A-3 66,363,000.00 6.600000% 908071AC7 0.000000 5.500000 1,000.000000
A-4 66,347,000.00 6.800000% 908071AD5 0.000000 5.666667 1,000.000000
A-5 19,160,000.00 6.750000% 908071AE3 0.000000 5.625000 1,000.000000
X-1 380,958,124.46 1.000124% 908071AF0 0.000000 0.821074 970.454368
X-2 380,958,124.46 1.343834% PRIVATE 0.000000 1.103251 970.454368
Residual R 100.00 6.950000% PRIVATE 0.000000 0.100000 0.000000
- ------------------------------------------------------------------------------------------------------
Subordinate B-1 1,904,000.00 6.950000% PRIVATE 12.361936 5.720598 975.367142
B-2 952,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-3 952,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-4 1,904,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-5 1,904,000.00 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
B-6 2,913,024.46 6.950000% PRIVATE 0.000000 5.791667 1,000.000000
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
Totals - - 380,958,124.46 - - - - -
- -----------------------------------------------------------------------------------------------------
</TABLE>
Page 5
<PAGE>
Page Number: 3
Payment Date: 07/27/98
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
-------------------------------
TOTAL
-----
Aggregate stated principal balance 369,702,476.00
Aggregate Loan count 8,435
Weighted average loan r WAC) 9.872238%
Aggregate prepayment amount 4,764,019.95
Scheduled principal amount 840,847.30
Repurchased principal 0.00
Substituted principal 0.00
Net liquidation proceeds 0.00
-------------------------------
FEES AND ADVANCES
-------------------------------
TOTAL
-----
Monthly master servicing fees 312,756.12
Compensating Interest 0.00
Aggregate advances N/A
Advances this Period N/A
-------------------------------
LOSSES & INSURANCE COVERAGES
-------------------------------
TOTAL
-----
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
AGGREGATE CERTIFICATE INFORMATION
------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
------------------------------------------------------
Senior 97.200785% 100.000000% 359,220,352.50
------------------------------------------------------
Subordinate 2.799215% 0.000000% 10,482,123.50
------------------------------------------------------
---------------------------------
DELINQUENCY INFORMATION
---------------------------------
PERIOD LOAN COUNT ENDING STATED BALANCE
------ ----------- ---------------------
30 to 59 days 1,847 80,964,842.24
60 to 90 days 357 15,527,503.99
91 or more 48 1,848,512.38
Foreclosure 356 15,527,503.99
------ -------------
TOTALS: 2,608 113,868,362.61
---------------------------------
REO INFORMATION
---------------------------------
REO DATE LOAN NUMBER ENDING STATED BALANCE BOOK VALUE
-------- ----------- --------------------- ----------
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
n/a # 0.00 n/a
------
TOTALS: 0.00 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
---------------------------------
OTHER INFORMATION
---------------------------------
TOTAL
-----
Available remittance amount 8,375,960.83
Principal remittance amount 5,604,867.25
Interest remittance amount 2,771,093.58
Page 6
