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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) October 26, 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
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(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>
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Item 5. OTHER EVENTS.
On October 26, 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.
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(a) Financial Statements.
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Not applicable.
(b) PRO FORMA Financial Information.
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Not Applicable.
(c) Exhibits
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Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
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99.1 99 Remittance Report to Certificateholders,
dated October 26, 1998.
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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
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Name: Franklin B. Austin
Title: Assistant Vice President
Dated: October 26, 1998
<PAGE>
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EXHIBIT INDEX
Exhibit Description
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99.1 Remittance Report dated October 26, 1998
EXHIBIT 99.1
<PAGE>
Page Number: 1
Payment Date: 10/26/98
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
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 Shortfall Notional Bal. Interest
- ---- ---------- ---- ---------- ---- ---------- ---------- ----- ------ --------- ------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 176,225,160.33 6.35% 7,188,328.55 932,524.81 8,120,853.35 0.00 0.00 169,036,831.78 0.00
A-2 19,915,000.00 6.45% 0.00 107,043.13 107,043.13 0.00 0.00 19,915,000.00 0.00
A-3 66,363,000.00 6.60% 0.00 364,996.50 364,996.50 0.00 0.00 66,363,000.00 0.00
A-4 66,347,000.00 6.80% 0.00 375,966.33 375,966.33 0.00 0.00 66,347,000.00 0.00
A-5 19,160,000.00 6.75% 0.00 107,775.00 107,775.00 0.00 0.00 19,160,000.00 0.00
X-1 358,444,541.33 1.N/A 297,633.05 297,633.05 0.00 0.00 351,232,140.08 0.00
X-2 358,444,541.33 1.N/A 398,099.38 398,099.38 0.00 0.00 351,232,140.08 0.00
Residual R 0 00 6.95% 0 00 0.00 0.00 0.00 0.00 0.00 0.00
Subordinate B-1 1,809,356.54 6.95% 24,072.70 10,479.19 34,551.89 0.00 0.00 1,785,283.84 0.00
B-2 952,000.00 6.95% 0.00 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-3 952,000.00 6.95% 0.00 5,513.67 5,513.67 0.00 0.00 952,000.00 0.00
B-4 1,904,000.00 6.95% 0.00 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-5 1,904,000.00 6.95% 0.00 11,027.33 11,027.33 0.00 0.00 1,904,000.00 0.00
B-6 2,913,024.46 6.95% 0.00 16,871.27 16,871.27 0.00 0.00 2,913,024.46 0.00
Totals - - 358,444,541.33 - 7,212,401.25 2,644,470.65 9,856,871.90 - - 351,232,140.09 0.00
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 10/26/98
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
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> <C>
Senior A-1 198,644,000.00 6.350000% 908071AA1 36.186991 4.694452 850.953624
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 0.996415% 908071AF0 0.000000 0.781275 921.970467
X-2 380,958,124.46 1.332756% PRIVATE 0.000000 1.044995 921.970467
Residual R 100.00 6.950000% PRIVATE 0.000000 0.000000 0.000000
Subordinate B-1 1,904,000.00 6.950000% PRIVATE 12.643225 5.503776 937.649076
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>
Page Number: 3
Payment Date: 10/26/98
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
<TABLE>
<CAPTION>
UNION PLANTERS MORTGAGE FINANCE CORP.,
PASS-THROUGH CERTIFICATES, SERIES 1998-1
COLLATERAL INFORMATION DELINQUENCY INFORMATION
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Total
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<S> <C> <C> <C> <C>
Aggregate stated principal balance 351,232,140.09 PERIOD LOAN COUNT ENDING STATED BALANCE
Aggregate Loan count 7,776 30 to 59 days 1,788 77,622,302.96
Weighted average loan rate (WAC) 9.865154%7% 60 to 90 days 261 11,239,428.48
Aggregate prepayment amount 6,385,449.51 91 or more 134 5,619,714.24
Scheduled principal amount 826,951.74 Foreclosure 521 22,478,856.97
Repurchased principal 0.00
Substituted principal 0.00 TOTALS: 2,704 116,960,302.65
Net liquidation proceeds 0.00
REO INFORMATION
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REO Date Loan Number Ending Stated Balance Book Value
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FEES AND ADVANCES n/a # 0.00 n/a
TOTAL n/a # 0.00 n/a
Monthly master servicing fees 298,703.78 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
n/a # 0.00 n/a
Aggregate advances n/a n/a # 0.00 n/a
Advances this Period n/a TOTALS: 0.00 0.00
Current Total Outstanding Balance: 0.00
LOSSES & INSURANCE COVERAGES Current Total Outstanding Number of Loans: 0
TOTAL
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00 OTHER INFORMATION
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Total
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Available remittance amount 9,856,871.90
Principal remittance amount 7,212,401.25
Interest remittance amount 2,644,470.65
AGGREGATE CERTIFICATE INFORMATION
Class Aggregate Aggregate Aggregate
Type Percentag Prepay Pct. End Cert. Bal.
---- --------- ----------- --------------
Senior 97.088983% 100.000000% 340,821,831.78
Subordinate 2.91107%% 0.000000% 10,410,308.30
</TABLE>
