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- --------------------------------------------------------------------------------
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) September 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 September 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 September
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: September 25, 1998
<PAGE>
-4-
EXHIBIT INDEX
-------------
Exhibit Description
- ------- -----------
99.1 Remittance Report dated September 25, 1998
EXHIBIT 99.1
<PAGE>
[LOGO OF THE BANK OF NEW YORK] Page Number: 1
Payment Date: 09/25/98
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
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 181,078,718.76 6.350000% 4,853,558.43 958,208.22 5,811,766.65 0.00 0.00
A-2 19,915,000.00 6.450000% 0.00 107,043.13 107,043.13 0.00 0.00
A-3 66,363,000.00 6.600000% 0.00 364,996.50 364,996.50 0.00 0.00
A-4 66,347,000.00 6.800000% 0.00 375,966.33 375,966.33 0.00 0.00
A-5 19,160,000.00 6.750000% 0.00 107,775.00 107,775.00 0.00 0.00
X-1 363,322,125.93 0.997136% N/A 301,901.39 301,901.39 0.00 0.00
X-2 363,322,125.93 1.335708% N/A 404,410.35 404,410.35 0.00 0.00
Residual R 0.00 6.950000% 0.00 0.00 0.00 0.00 0.00
====================================================================================================================================
Subordinate B-1 1,833,382.71 6.950000% 24,026.17 10,618.34 34,644.51 0.00 0.00
B-2 952,000.00 6.950000% 0.00 5,513.67 5,513.67 0.00 0.00
B-3 952,000.00 6.950000% 0.00 5,513.67 5,513.67 0.00 0.00
B-4 1,904,000.00 6.950000% 0.00 11,027.33 11,027.33 0.00 0.00
B-5 1,904,000.00 6.950000% 0.00 11,027.33 11,027.33 0.00 0.00
B-6 2,913,024.46 6.950000% 0.00 16,871.27 16,871.27 0.00 0.00
====================================================================================================================================
====================================================================================================================================
Totals - - 363,322,125.93 - 4,877,584.60 2,680,872.53 7,558,457.13 - -
====================================================================================================================================
</TABLE>
CLASS INFORMATION
==================================
Ending Cert./ Deferred
Type Class Code Name Notional Bal. Interest
================================================================
Senior A-1 176,225,160.33 0.00
A-2 19,915,000.00 0.00
A-3 66,363,000.00 0.00
A-4 66,347,000.00 0.00
A-5 19,160,000.00 0.00
X-1 358,444,541.33 0.00
X-2 358,444,541.33 0.00
Residual R 0.00 0.00
================================================================
Subordinate B-1 1,809,356.54 0.00
B-2 952,000.00 0.00
B-3 952,000.00 0.00
B-4 1,904,000.00 0.00
B-5 1,904,000.00 0.00
B-6 2,913,024.46 0.00
================================================================
================================================================
Totals - - 358,444,541.33 0.00
================================================================
<PAGE>
[LOGO OF THE BANK OF NEW YORK] Page Number: 2
Payment Date: 09/25/98
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 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 24.433451 4.823746 887.140615
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 0.997136% 908071AF0 0.000000 0.792479 940.902735
X-2 380,958,124.46 1.335708% PRIVATE 0.000000 1.061561 940.902735
Residual R 100.00 6.950000% PRIVATE 0.000000 0.000000 0.000000
================================================================================================================================
Subordinate B-1 1,904,000.00 6.950000% PRIVATE 12.618787 5.576860 950.292301
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>
[LOGO OF THE BANK OF NEW YORK] Page Number: 3
Payment Date: 09/25/98
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 358,444,541.33
Aggregate Loan count 8,226
Weighted average loan rate (WAC) 9.866531%
Aggregate prepayment amount 4,042,922.18
Scheduled principal amount 834,662.42
Repurchased principal 0.00
Substituted principal 0.00
Net liquidation proceeds 0.00
=========================================
FEES AND ADVANCES
=========================================
Total
-----
Monthly master servicing fees 302,768.44
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
<TABLE>
<CAPTION>
==============================================
DELINQUENCY INFORMATION
==============================================
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
<S> <C> <C>
30 to 59 days 1,755 76,348,687.30
60 to 90 days 260 11,470,225.32
91 or more 140 6,093,557.20
Foreclosure 432 18,997,560.69
--- -------------
Totals: 2,587 112,910,030.52
</TABLE>
<TABLE>
<CAPTION>
==============================================
REO INFORMATION
==============================================
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
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 7,558,457.13
Principal remittance amount 4,877,584.60
Interest remittance amount 2,680,872.53
</TABLE>
Aggregate Certificate Information
========================================================================
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
========================================================================
Senior 97.121451% 100.000000% 348,010,160.33
========================================================================
Subordinate 2.878549% 0.000000% 10,434,381.00
=======================================================================
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