- -------------------------------------------------------------------------------
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) August 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
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(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
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 815-2297
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<PAGE>
-2-
Item 5. OTHER EVENTS.
On August 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. Exhibi No. Description
- ----------- ----------- -----------
99.1 99 Remittance Report to Certificateholders,
dated August 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: August 25, 1998
<PAGE>
-4-
EXHIBIT INDEX
-------------
Exhibit Description
- ------- -----------
99.1 Remittance Report dated August 25, 1998
EXHIBIT 99.1
------------
[LOGO DELETED] Page Number: 1
Payment Date: 08/25/98
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
Type Class Code Name Cert. Bal. Rate Dist. Amt.
===================================================================================================
<S> <C> <C> <C> <C>
Senior A-1 187,435,352.50 6.350000% 6,356,633.74
A-2 19,915,000.00 6.450000% 0.00
A-3 66,363,000.00 6.600000% 0.00
A-4 66,347,000.00 6.800000% 0.00
A-5 19,160,000.00 6.750000% 0.00
X-1 369,702,476.00 0.998673% N/A
X-2 369,702,476.00 1.340031% N/A
Residual R 0.00 6.950000% 0.00
===================================================================================================
Subordinate B-1 1,857,099.04 6.950000% 23,716.33
B-2 952,000.00 6.950000% 0.00
B-3 952,000.00 6.950000% 0.00
B-4 1,904,000.00 6.950000% 0.00
B-5 1,904,000.00 6.950000% 0.00
B-6 2,913,024.46 6.950000% 0.00
===================================================================================================
===================================================================================================
Totals - - 369,702,476.00 - 6,380,350.07
===================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================================================
======================================== Interest Total Principal Interest Ending Cert./ Deferred
Type Class Code Name Dist. Amt. Dist. Losses Shortfalls Notional Bal. Interest
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 991,845.41 7,348,479.15 0.00 0.00 181,078,718.76 0.00
A-2 107,043.13 107,043.13 0.00 0.00 19,915,000.00 0.00
A-3 364,996.50 364,996.50 0.00 0.00 66,363,000.00 0.00
A-4 375,966.33 375,966.33 0.00 0.00 66,347,000.00 0.00
A-5 107,775.00 107,775.00 0.00 0.00 19,160,000.00 0.00
X-1 307,676.45 307,676.45 0.00 0.00 363,322,125.93 0.00
X-2 412,843.98 412,843.98 0.00 0.00 363,322,125.93 0.00
Residual R 0.00 0.00 0.00 0.00 0.00 0.00
===================================================================================================================================
Subordinate B-1 10,755.70 34,472.03 0.00 0.00 1,833,382.71 0.00
B-2 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-3 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-4 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-5 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-6 16,871.27 16,871.27 0.00 0.00 2,913,024.46 0.00
===================================================================================================================================
===================================================================================================================================
Totals - - 2,728,855.76 9,109,205.83 - - 363,322,125.93 0.00
===================================================================================================================================
</TABLE>
<PAGE>
Page Number: 2
[LOGO DELETED] Payment Date: 08/25/98
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
<TABLE>
<CAPTION>
UNION PLANTERS MORTGAGE FINANCE CORP.,
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-1
CLASS INFORMATION CURRENT PAYMENT 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 32.000130 4.993080 911.574066
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 0.998673% 908071AF0 0.000000 0.807639 953.706202
X-2 380,958,124.46 1.340031% PRIVATE 0.000000 1.083699 953.706202
Residual R 100.00 6.950000% PRIVATE 0.000000 0.000000 0.000000
============================================================================================================================
Subordinate B-1 1,904,000.00 6.950000% PRIVATE 12.456054 5.649001 962.911088
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 DELETED] Page Number: 3
Payment Date: 08/25/98
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 363,322,125.93
Aggregate Loan count 8,318
Weighted average loan rate (WAC) 9.869465
Aggregate prepayment amount 5,543,879.78
Scheduled principal amount 836,470.29
Repurchased principal 0.00
Substituted principal 0.00
Net liquidation proceeds 0.00
===============================
FEES AND ADVANCES
===============================
TOTAL
-----
Monthly master servicing fees 308,085.40
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
===============================
DELINQUENCY INFORMATION
===============================
PERIOD LOAN COUNT ENDING STATED BALANCE
- ------ ---------- ---------------------
30 to 59 days 1,826 79,930,867.70
60 to 90 days 280 12,352,952.28
91 or more 114 4,723,187.64
Foreclosure 467 20,346,039.05
--- -------------
TOTALS: 2,687 117,353,046.68
===============================
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 9,109,205.83
Principal remittance amount 6,380,350.07
Interest remittance amount 2,728,855.76
AGGREGATE CERTIFICATE INFORMATION
==============================================================
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
==============================================================
Senior 97.164714% 100.000000% 352,863,718.76
==============================================================
Subordinate 2.835286% 0.000000% 10,458,407.17
==============================================================
