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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) December 28, 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 December 28, 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 December 28, 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: December 28, 1998
<PAGE>
-4-
EXHIBIT INDEX
-------------
Exhibit Description
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99.1 Remittance Report dated December 28, 1998
EXHIBIT 99.1
<PAGE>
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[REPORT] FIRST COLUMN 10
[PDS] SIZE 80 SECOND COLUMN 10
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
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 163,241,614.26 6.350000% 6,290,762.04 863,820.21 7,154,582.25 0.00
A-2 19,915,000.00 6.450000% 0.00 107,043.13 107,043.13 0.00
A-3 66,363,000.00 6.600000% 0.00 364,996.50 364,996.50 0.00
A-4 66,347,000.00 6.800000% 0.00 375,966.33 375,966.33 0.00
A-5 19,160,000.00 6.750000% 0.00 107,775.00 107,775.00 0.00
X-1 345,412,549.84 0.994760% N/A 286,335.40 286,335.40 0.00
X-2 345,412,549.84 1.324770% N/A 381,326.74 381,326.74 0.00
</TABLE>
CLASS INFORMATION CURRENT PAYMENT INFORMATION
-----------------------------------------
- -------------------------------------- Interest Ending Cert./ Deferred
Type Class Code Name Shortfalls Notional Bal. Interest
- -------------------------------------------------------------------------------
Senior A-1 0.00 156,950,852.22 0.00
A-2 0.00 19,915,000.00 0.00
A-3 0.00 66,363,000.00 0.00
A-4 0.00 66,347,000.00 0.00
A-5 0.00 19,160,000.00 0.00
X-1 0.00 339,097,246.44 0.00
X-2 0.00 339,097,246.44 0.00
<TABLE>
<CAPTION>
Residual R 0.00 6.950000% 0.00 0.33 0.33 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Subordinate B-1 1,878,124.75 6.950000% 4,437.90 10,877.47 15,315.37 0.00
B-2 939,062.37 6.950000% 2,218.95 5,438.74 7,657.69 0.00
B-3 939,062.37 6.950000% 2,218.95 5,438.74 7,657.69 0.00
B-4 1,878,124.75 6.950000% 4,437.90 10,877.47 15,315.37 0.00
B-5 1,878,124.75 6.950000% 4,437.90 10,877.47 15,315.37 0.00
B-6 2,873,436.62 6.950000% 6,789.76 16,641.99 23,431.75 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - - 345,412,549.86 - 6,315,303.40 2,547,415.52 8,862,718.92 -
</TABLE>
Residual R 0.00 0.00 0.00
- ----------------------------------------------------------------------------
Subordinate B-1 0.00 1,873,686.85 0.00
B-2 0.00 936,843.42 0.00
B-3 0.00 936,843.42 0.00
B-4 0.00 1,873,686.85 0.00
B-5 0.00 1,873,686.85 0.00
B-6 0.00 2,866,646.86 0.00
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
Totals - - - 339,097,246.46 0.00
<PAGE>
Page Number: 2
Payment Date: 12/28/98
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 31.668523 4.348584 790.111215
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 0.994760% 908071AF0 0.000000 0.751619 890.116852
X-2 380,958,124.46 1.324770% PRIVATE 0.000000 1.000968 890.116852
Residual R 100.00 6.95000 PRIVATE 0.000000 3.300000 0.000000
- ------------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 1,904,000.00 6.95000 PRIVATE 2.330829 5.712958 984.079226
B-2 952,000.00 6.95000 PRIVATE 2.330829 5.712958 984.079226
B-3 952,000.00 6.95000 PRIVATE 2.330829 5.712958 984.079226
B-4 1,904,000.00 6.95000 PRIVATE 2.330829 5.712958 984.079226
B-5 1,904,000.00 6.95000 PRIVATE 2.330829 5.712958 984.079226
B-6 2,913,024.46 6.95000 PRIVATE 2.330829 5.712958 984.079226
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - - 380,958,124.46 - - - - -
</TABLE>
<PAGE>
Page Number: 3
Payment Date: 12/28/98
CORPORATE TRUST AND AGENCY SERVICES
101 BARCLAY STREET
NEW YORK, NEW YORK 10286
- ----------------------------------------------
COLLATERAL INFORMATION
- ----------------------------------------------
TOTAL
-----
Aggregate stated principal balance 339,097,246.46
Aggregate Loan count 7,868
Weighted average loan rate (WAC) 9.861993%
Aggregate prepayment amount 5,499,113.73
Scheduled principal amount 816,189.67
Repurchased principal 0.00
Substituted principal 0.00
Net liquidation proceeds 0.00
- ----------------------------------------------
FEES AND ADVANCES
- ----------------------------------------------
TOTAL
-----
Monthly master servicing fees 287,843.79
Compensating Interest 0.00
Aggregate advances N/A
Advances this Period N/A
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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.
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Senior 96.993179% 100.000000% 328,735,852.22
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Subordinate 3.006821% 0.000000% 10,361,394.24
- ---------------------------------------------
DELINQUENCY INFORMATION
- ---------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 1,589 68,497,643.78
60 to 90 days 289 10,410,285.47
91 or more 169 7,460,139.42
Foreclosure 489 21,024,029.28
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TOTALS: 2,536 107,392,097.95
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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 8,862,718.92
Principal remittance amount 6,315,303.40
Interest remittance amount 2,547,415.52
