UCFC ACCEPTANCE CORP
8-K, 1996-06-25
ASSET-BACKED SECURITIES
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<PAGE>   1



                       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 17, 1996
                                                -------------------------------

                         UCFC ACCEPTANCE CORPORATION
- - -------------------------------------------------------------------------------
             (Exact name of registrant as specified in its Charter)




         LOUISIANA                   33-77966             72-1235336     
      ----------------            ---------------     -------------------
(State or other jurisdiction        (Commission           (IRS Employer
  of incorporation)                  File Number)           ID Number)


    4041 ESSEN LANE, BATON ROUGE, LOUISIANA                      70809  
- - -------------------------------------------------------------------------------
  (Address of principal executive offices)                     (Zip Code)


(Registrant's Telephone Number,                            (504)924-6007  
    including area code)                                   -------------


                                     N/A
- - -------------------------------------------------------------------------------
        (Former name or former address, if changed since last report)





                                       1
<PAGE>   2
Item 5.  Other Events.

         UCFC Acceptance Corporation (the "Company") from time to time acts as
depositor into and sponsor of trusts (each, a "Trust"), the purpose of which is
to issue one or more series of Home Equity Loan Pass-Through Certificates (the
"Certificates"), to be issued in series (each a "Series").

         The assets of each Trust will consist primarily of one or more pools
of mortgage loans and certain other mortgage-related assets which may include
fixed-or adjustable-rate home equity loans, or participations or other
beneficial interests in such home equity loans secured primarily by first or
second liens on one- to four-family residential properties ("Home Equity
Loans"). Each Series of Certificates will represent interests in the related
Trust and are not obligations of the Company.  Holders of Certificates will not
have any recourse to the assets of the Company except to the limited extent
provided under the pooling and servicing agreement related to each Series of
Certificates (each, a "Pooling Agreement").  Pursuant to the Pooling Agreement
for each Series of Certificates, United Companies Lending Corporation(R) (the
"Servicer") will service the related Home Equity Loans on behalf of the
applicable Trust.

         On each Distribution Date for a Series of Certificates, the related
Trustee will forward with each distribution to each holder of record of
Certificates of such Series a statement (the "Monthly Statement") setting forth
information required under the related Pooling Agreement.

         Pursuant to a request for No-Action granted by the Securities and
Exchange Commission on November 12, 1993, the Servicer is filing this report on
Form 8-K on behalf of the Company.





                                       2
<PAGE>   3
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

  (c)    Exhibits

<TABLE>
<CAPTION>
   Exhibit No.
   -----------
   <S>          <C>
   20.1         UCFC Loan Trust 1996-A-1, Remics I, II and III, Monthly Report
                to Certificateholders for the Distribution Date in June, 1996. 
                Pages 5 - 7.
                
   20.2         UCFC Loan Trust Series 1996-A, Reserve Fund Trust Statement to
                Certificateholders for the Distribution Date in June, 1996.
                Pages 8.
                
   20.3         UCFC Loan Trust 1996-A, Monthly Report to Certificateholders
                for the Distribution Date in June, 1996.  Page 9 - 10.
                
   20.4         UCFC Loan Trust 1996-A, Statement To Certificate Insurer for
                the Distribution Date in June, 1996.  Page 11.
</TABLE>





                                       3
<PAGE>   4

                                   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.


                            UNITED COMPANIES LENDING CORPORATION(R), as Servicer


                            By:      /s/ Sherry E.  Anderson
                               -----------------------------
                                     Sherry E. Anderson
                                     Secretary


Dated: June 17, 1996




                                       4

<PAGE>   5

                                EXHIBIT INDEX


<TABLE>
<CAPTION>
  Exhibit No.      Description
  -----------      -----------
  <S>              <C>
  20.1             UCFC Loan Trust 1996-A-1, Remics I, II and III, Monthly
                   Report to Certificateholders for the Distribution Date in
                   June, 1996.  Pages 5 - 7.

  20.2             UCFC Loan Trust Series 1996-A, Reserve Fund Trust Statement
                   to Certificateholders for the Distribution Date in June,
                   1996. Pages 8.

  20.3             UCFC Loan Trust 1996-A, Monthly Report to Certificateholders
                   for the Distribution Date in June, 1996.  Page 9 - 10.

  20.4             UCFC Loan Trust 1996-A, Statement To Certificate Insurer for
                   the Distribution Date in June, 1996.  Page 11.
</TABLE>




<PAGE>   1
                                                                    Exhibit 20.1


                                    UCFC
                               UCFC Loan Trust
                               Series 1996-A1
                                   REMIC I
                      Statement  To  Certificateholders

<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
                                                     DISTRIBUTIONS IN DOLLARS
                                  PRIOR                                                                                 CURRENT
             ORIGINAL           PRINCIPAL                                                     REALIZED     DEFERRED     PRINCIPAL
CLASS        FACE VALUE          BALANCE        INTEREST       PRINCIPAL          TOTAL         LOSSES     INTEREST      BALANCE
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>              <C>           <C>               <C>               <C>          <C>      <C>
 A-1L      49,752,000.00      45,738,201.18    390,173.73    3,084,262.47      3,474,436.20       0.00        0.00     42,653,938.71
 A-2L      31,412,000.00      31,412,000.00    274,625.93            0.00        274,625.93       0.00        0.00     31,412,000.00
 A-3L      86,332,000.00      86,332,000.00    769,164.09            0.00        769,164.09       0.00        0.00     86,332,000.00
 A-4L      27,625,000.00      27,625,000.00    248,999.07            0.00        248,999.07       0.00        0.00     27,625,000.00
 A-5L      40,326,000.00      40,326,000.00    370,201.05            0.00        370,201.05       0.00        0.00     40,326,000.00
 A-6L      39,704,000.00      39,704,000.00    371,108.30            0.00        371,108.30       0.00        0.00     39,704,000.00
 A-7L      25,418,000.00      25,418,000.00    246,581.06            0.00        246,581.06       0.00        0.00     25,418,000.00
 A-8L      24,431,000.00      24,431,000.00    242,910.29            0.00        242,910.29       0.00        0.00     24,431,000.00
 R-I*               0.00               0.00        122.88            0.00            122.88       0.00        0.00              0.00
                                                                                                                   
                                                                                                                   
*Note:  The Class R-1 represents the beneficial ownership of the R-I and R-II Interests.

- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS    325,000,000.00     320,986,201.18  2,913,886.40    3,084,262.47      5,998,148.87       0.00         0.00   317,901,938.71
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
              FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                                                   PASS-THROUGH
                             PRIOR                                                        CURRENT                 RATES
                            PRINCIPAL                                                    PRINCIPAL
CLASS          CUSIP         BALANCE        INTEREST         PRINCIPAL       TOTAL        BALANCE         CURRENT        NEXT
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>        <C>               <C>            <C>             <C>         <C>               <C>         <C>
  A-1L                      919.323870      7.842373       61.992733        69.835106     857.331137     8.365020%    8.365020%
  A-2L                    1,000.000000      8.742707        0.000000         8.742707   1,000.000000     8.365020%    8.365020%
  A-3L                    1,000.000000      8.909374        0.000000         8.909374   1,000.000000     8.365020%    8.365020%
  A-4L                    1,000.000000      9.013541        0.000000         9.013541   1,000.000000     8.365020%    8.365020%
  A-5L                    1,000.000000      9.180208        0.000000         9.180208   1,000.000000     8.365020%    8.365020%
  A-6L                    1,000.000000      9.346874        0.000000         9.346874   1,000.000000     8.365020%    8.365020%
  A-7L                    1,000.000000      9.701041        0.000000         9.701041   1,000.000000     8.365020%    8.365020%
  A-8L                    1,000.000000      9.942707        0.000000         9.942707   1,000.000000     8.365020%    8.365020%
  R-I*                        0.000000      0.000378        0.000000         0.000378       0.000000     0.000000%    0.000000%
                                                                        
                                                                        
- - -----------------------------------------------------------------------------------------------------------------------------------
SELLER:                     UCFC Acceptance Corporation                ADMINISTRATOR:                            Vince Valdes
SERVICER:                United Companies Lending Corporation                                                Bankers Trust Company
LEAD UNDERWRITER:           UCFC Acceptance Corporation                                                          3 Park Plaza
RECORD DATE:                      May 31, 1996                                                                 Irvine, CA 92714
DISTRIBUTION DATE:               June 17, 1996                                       FACTOR INFORMATION:         (800) 735-7777
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                        Page 5



<PAGE>   2

                                     UCFC
                               UCFC Loan Trust
                                Series 1996-A1
                                   REMIC II
                       Statement To Certificateholders

<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
                                                     DISTRIBUTIONS IN DOLLARS
                                PRIOR                                                                                  CURRENT
            ORIGINAL           PRINCIPAL                                                       REALIZED    DEFERRED    PRINCIPAL
CLASS       FACE VALUE          BALANCE         INTEREST    PRINCIPAL           TOTAL          LOSSES      INTEREST     BALANCE
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>                <C>              <C>           <C>               <C>                <C>        <C>       <C>
 A-1      49,752,000.00      45,738,201.18    229,643.89    3,084,262.47      3,313,906.36       0.00        0.00     42,653,938.71
 A-2      31,412,000.00      31,412,000.00    156,405.58            0.00        156,405.58       0.00        0.00     31,412,000.00
 A-3      86,332,000.00      86,332,000.00    444,250.08            0.00        444,250.08       0.00        0.00     86,332,000.00
 A-4      27,625,000.00      27,625,000.00    145,031.25            0.00        145,031.25       0.00        0.00     27,625,000.00
 A-5      40,326,000.00      40,326,000.00    218,432.50            0.00        218,432.50       0.00        0.00     40,326,000.00
 A-6      39,704,000.00      39,704,000.00    221,680.67            0.00        221,680.67       0.00        0.00     39,704,000.00
 A-7      25,418,000.00      25,418,000.00    150,919.38            0.00        150,919.38       0.00        0.00     25,418,000.00
 A-8      24,431,000.00      24,431,000.00    150,963.22            0.00        150,963.22       0.00        0.00     24,431,000.00
 EI-1              0.00               0.00    160,529.84            0.00        160,529.84       0.00        0.00              0.00
 EI-2              0.00               0.00    118,220.35            0.00        118,220.35       0.00        0.00              0.00
 EI-3              0.00               0.00    324,914.01            0.00        324,914.01       0.00        0.00              0.00
 EI-4              0.00               0.00    103,967.82            0.00        103,967.82       0.00        0.00              0.00
 EI-5              0.00               0.00    151,768.55            0.00        151,768.55       0.00        0.00              0.00
 EI-6              0.00               0.00    149,427.63            0.00        149,427.63       0.00        0.00              0.00
 EI-7              0.00               0.00     95,661.68            0.00         95,661.68       0.00        0.00              0.00
 EI-8              0.00               0.00     91,947.07            0.00         91,947.07       0.00        0.00              0.00
 R-II*             0.00               0.00        122.88            0.00            122.88       0.00        0.00              0.00
 R-1*              0.00               0.00        122.88            0.00            122.88       0.00        0.00              0.00
                                                                                                                     
*Note:  The Class R-1 represents the beneficial ownership of the R-I and R-II Interests.
- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS   325,000,000.00     320,986,201.18  2,914,009.28    3,084,262.47      5,998,271.75       0.00        0.00    317,901,938.71
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
                   FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                                            PASS-THROUGH
                          PRIOR                                                        CURRENT                   RATES
                         PRINCIPAL                                                    PRINCIPAL
 CLASS     CUSIP          BALANCE       INTEREST         PRINCIPAL      TOTAL          BALANCE          CURRENT             NEXT
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>           <C>               <C>            <C>             <C>          <C>                <C>             <C>
 A-1     90263BCU0       919.323870      4.615772       61.992733       66.608505       857.331137      6.025000%       6.025000%
 A-2     90263BCV8     1,000.000000      4.979167        0.000000        4.979167     1,000.000000      5.975000%       5.975000%
 A-3     90263BCW6     1,000.000000      5.145833        0.000000        5.145833     1,000.000000      6.175000%       6.175000%
 A-4     90263BCX4     1,000.000000      5.250000        0.000000        5.250000     1,000.000000      6.300000%       6.300000%
 A-5     90263BCY2     1,000.000000      5.416667        0.000000        5.416667     1,000.000000      6.500000%       6.500000%
 A-6     90263BCZ9     1,000.000000      5.583333        0.000000        5.583333     1,000.000000      6.700000%       6.700000%
 A-7     90263BDA3     1,000.000000      5.937500        0.000000        5.937500     1,000.000000      7.125000%       7.125000%
 A-8     90263BDB1     1,000.000000      6.179167        0.000000        6.179167     1,000.000000      7.415000%       7.415000%
 EI-1                      0.000000      0.493938        0.000000        0.493938         0.000000      4.515929%       4.508150%
 EI-2                      0.000000      0.363755        0.000000        0.363755         0.000000      4.515929%       4.508150%
 EI-3                      0.000000      0.999735        0.000000        0.999735         0.000000      4.515929%       4.508150%
 EI-4                      0.000000      0.319901        0.000000        0.319901         0.000000      4.515929%       4.508150%
 EI-5                      0.000000      0.466980        0.000000        0.466980         0.000000      4.515929%       4.508150%
 EI-6                      0.000000      0.459777        0.000000        0.459777         0.000000      4.515929%       4.508150%
 EI-7                      0.000000      0.294344        0.000000        0.294344         0.000000      4.515929%       4.508150%
 EI-8                      0.000000      0.282914        0.000000        0.282914         0.000000      4.515929%       4.508150%
 R-II*                     0.000000      0.000378        0.000000        0.000378         0.000000      0.000000%       0.000000%
 R-1*                      0.000000      0.000378        0.000000        0.000378         0.000000      0.000000%       0.000000%
                                                                                                                    
- - -----------------------------------------------------------------------------------------------------------------------------------
SELLER:                      UCFC Acceptance Corporation            ADMINISTRATOR:                               Vince Valdes
SERVICER:                United Companies Lending Corporation                                                Bankers Trust Company
LEAD UNDERWRITER:            UCFC Acceptance Corporation                                                         3 Park Plaza
RECORD DATE:                      May 31, 1996                                                                 Irvine, CA 92714
DISTRIBUTION DATE:               June 17, 1996                                FACTOR INFORMATION:               (800) 735-7777
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                    Page 6

<PAGE>   3

                                     UCFC
                               UCFC Loan Trust
                                Series 1996-A1
                                  REMIC III
                       Statement To Certificateholders

<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
                                                     DISTRIBUTIONS IN DOLLARS
                                PRIOR                                                                                  CURRENT
              ORIGINAL        PRINCIPAL                                                     REALIZED     DEFERRED      PRINCIPAL
 CLASS       FACE VALUE        BALANCE         INTEREST      PRINCIPAL        TOTAL          LOSSES      INTEREST       BALANCE
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>                 <C>              <C>            <C>            <C>                <C>          <C>       <C>  
  A-9    100,000,000.00      98,684,811.76    492,663.36     575,564.87     1,068,228.23       0.00         0.00      98,109,246.89
  R-2              0.00               0.00          4.46           0.00             4.46       0.00         0.00               0.00


- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS   100,000,000.00      98,684,811.76    492,667.82     575,564.87     1,068,232.69        0.00        0.00      98,109,246.89
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
                         FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                                       PASS-THROUGH
                           PRIOR                                                          CURRENT                 RATES
                          PRINCIPAL                                                      PRINCIPAL
CLASS       CUSIP          BALANCE        INTEREST        PRINCIPAL        TOTAL          BALANCE          CURRENT        NEXT
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>             <C>            <C>               <C>              <C>             <C>          <C>
  A-9     90263BDC9       986.848118      4.926634       5.755649          10.682282        981.092469      5.797500%    5.860000%
  R-2                       0.000000      0.000045       0.000000           0.000045          0.000000      0.000000%    0.000000%


- - -----------------------------------------------------------------------------------------------------------------------------------
SELLER:                         UCFC Acceptance Corporation               ADMINISTRATOR:                         Vince Valdes
SERVICER:                  United Companies Lending Corporation                                              Bankers Trust Company
LEAD UNDERWRITER:               UCFC Acceptance Corporation                                                        3 Park Plaza
RECORD DATE:                          May 31, 1996                                                               Irvine, CA 92714
DISTRIBUTION DATE:                    June 17, 1996                             FACTOR INFORMATION:               (800) 735-7777
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                    Page 7



<PAGE>   1
                                                                    Exhibit 20.2

                                     UCFC
                               UCFC Loan Trust
                                Series 1996-A
                              Reserve Fund Trust
                       Statement To Certificateholders

<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
                                                     DISTRIBUTIONS IN DOLLARS
                                    PRIOR                                                                             CURRENT
               ORIGINAL            PRINCIPAL                                               REALIZED     DEFERRED      PRINCIPAL
CLASS         FACE VALUE            BALANCE      INTEREST         PRINCIPAL       TOTAL     LOSSES      INTEREST       BALANCE
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                  <C>           <C>               <C>            <C>        <C>          <C>          <C>
 A             0.00                 0.00          0.00              0.00           0.00       0.00          0.00        0.00
 B             0.00                 0.00          0.00              0.00           0.00       0.00          0.00        0.00





- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS         0.00                 0.00          0.00              0.00            0.00      0.00          0.00        0.00
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
                          FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                                     PASS-THROUGH
                                  PRIOR                                                  CURRENT                 RATES
                                 PRINCIPAL                                              PRINCIPAL
 CLASS       CUSIP               BALANCE       INTEREST       PRINCIPAL     TOTAL        BALANCE        CURRENT            NEXT
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>                 <C>           <C>            <C>           <C>          <C>            <C>             <C>
 A                               0.000000      0.000000       0.000000      0.000000     0.000000       0.000000%       0.000000%
 B                               0.000000      0.000000       0.000000      0.000000     0.000000       0.000000%       0.000000%





- - -----------------------------------------------------------------------------------------------------------------------------------
SELLER:                            UCFC Acceptance Corporation              ADMINISTRATOR:                      Vince Valdes
SERVICER:                     United Companies Lending Corporation                                          Bankers Trust Company
LEAD UNDERWRITER:                  UCFC Acceptance Corporation                                                 3 Park Plaza
RECORD DATE:                           May 31, 1996                                                           Irvine, CA 92714
DISTRIBUTION DATE:                     June 17, 1996                              FACTOR INFORMATION:           (800) 735-7777
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                    Page 8



<PAGE>   1
                                                                    Exhibit 20.3

                                     UCFC
                               UCFC Loan Trust
                                Series 1996-A

                       Statement To Certificateholders



<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date:                    June 17, 1996
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>                                                <C>
LOAN GROUP 1 PRINCIPAL BALANCE:                    317,924,484.90
TOTAL PRINCIPAL:                                     3,084,262.47
PREPAYMENTS:                                         2,542,835.21
NET LIQUIDATION PROCEEDS:                                    0.00
TOTAL INTEREST:                                      1,751,888.75
                                                     
LOAN GROUP 2 PRINCIPAL BALANCE:                     98,109,271.89
TOTAL PRINCIPAL:                                       575,564.87
PREPAYMENTS:                                           433,425.82
NET LIQUIDATION PROCEEDS:                                    0.00
TOTAL INTEREST:                                        503,604.48


CLASS A-1 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-2 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-3 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-4 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-5 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-6 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-7 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-8 CARRY-FORWARD AMOUNT:                              0.00
CLASS A-9 CARRY-FORWARD AMOUNT:                              0.00





SUBSTITUTION AMOUNTS GROUP 1:                                0.00
LOAN PURCHASE PRICES GROUP 1:                                0.00

SUBSTITUTION AMOUNTS GROUP 2:                                0.00
LOAN PURCHASE PRICES GROUP 2:                                0.00




RESERVE ACCOUNT BALANCE:                            15,709,471.78
                                                    
INSURED PAYMENT GROUP 1:                                     0.00
INSURED PAYMENT GROUP 2:                                     0.00


SERVICING FEES DUE GROUP 1:                            133,753.64
SERVICING FEES DUE GROUP 2:                             42,489.30


GUARANTEE FEES DUE GROUP 1:                                  0.00
GUARANTEE FEES DUE GROUP 2:                                  0.00
</TABLE>

                                        Page 9


<PAGE>   2


                                     UCFC
                               UCFC Loan Trust
                                Series 1996-A

                       Statement To Certificateholders



<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date:                    June 17, 1996
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>                                                <C>
NET REALIZED LOSSES GROUP 1:                       0.00
NET REALIZED LOSSES GROUP 2:                       0.00


CUMULATIVE RESERVE ACCOUNT WITHDRAWALS:            0.00
                                                   
SUBORDINATED AMOUNT:                               0.00
</TABLE>




<TABLE>
<S>                                            <C>                 <C>               <C>                        <C>
- - -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT AND                                                                                                       LOANS
FORECLOSURE LOAN                                 30 TO 59           60 TO 89          90 AND OVER                      IN
INFORMATION                                        DAYS               DAYS               DAYS                     FORECLOSURE
- - -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE - GROUP 1                     3,598,019.54       1,206,527.01           0.00                      0.00
NUMBER OF LOANS                                           74                 24              0                         0
- - -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE - GROUP 2                       710,714.78         421,632.23           0.00                      0.00
NUMBER OF LOANS                                            8                  3              0                         0
- - -----------------------------------------------------------------------------------------------------------------------------------
AGGREGATE PRINCIPAL BALANCE                     4,308,734.32       1,628,159.24           0.00                      0.00
AGGREGATE NUMBER OF LOANS                                 82                 27              0                         0
Note: Quantity and Principal Balance of Foreclosures are Included in the Delinquency Figures.
- - -----------------------------------------------------------------------------------------------------------------------------------



LOANS IN BANKRUPTCY PROCEEDINGS-GROUP 1:                                       9
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY PROCEEDINGS-GROUP 1:         573,264.78

LOANS IN BANKRUPTCY PROCEEDINGS-GROUP 2:                                       0
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY PROCEEDINGS-GROUP 2:               0.00




REO LOANS - GROUP 1:                                                           0
PRINCIPAL BALANCE OF REO LOANS - GROUP 1:                                   0.00

REO LOANS - GROUP 2:                                                           0
PRINCIPAL BALANCE OF REO LOANS - GROUP 2:                                   0.00




BOOK VALUE OF REO PROPERTY:                                                 0.00
REO PROCEEDS:                                                               0.00

REO PROPERTY MATTERS:                                   (SEE ATTACHMENTS IF ANY)
                                               
OTHER FORECLOSURE INFORMATION:                          (SEE ATTACHMENTS IF ANY)
</TABLE>

                                   Page 10



<PAGE>   1
                                                                    EXHIBIT 20.4

                                     UCFC
                               UCFC LOAN TRUST
                                SERIES 1996-A

                       STATEMENT TO CERTIFICATE INSURER



<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------
DISTRIBUTION DATE:                    JUNE 17, 1996
- - ------------------------------------------------------------------------------
<S>                                                               <C>
CLASS A-1 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-2 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-3 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-4 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-5 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-6 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-7 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-8 INTEREST SHORTFALL AMOUNT:                              0.00
CLASS A-9 INTEREST SHORTFALL AMOUNT:                              0.00

CLASS A-1 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-2 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-3 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-4 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-5 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-6 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-7 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-8 PRINCIPAL SHORTFALL AMOUNT:                             0.00
CLASS A-9 PRINCIPAL SHORTFALL AMOUNT:                             0.00

CLASS A-1 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-2 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-3 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-4 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-5 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-6 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-7 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-8 CARRY-FORWARD AMOUNT:                                   0.00
CLASS A-9 CARRY-FORWARD AMOUNT:                                   0.00
</TABLE>





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