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) November 16, 1998
------------------
UCFC ACCEPTANCE CORPORATION
- -----------------------------------------------------------------
(Exact name of registrant as specified in its Charter)
Louisiana 333-07081 72-1235336
--------- --------- ----------
(State or other (Commission (IRS Employer
jurisdiction File Number) ID Number)
of incorporation)
4041 Essen Lane, Baton Rouge, Louisiana 70809
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(Registrant's Telephone Number, (225)987-0000
- ------------------------------- -------------
including area code)
N/A
- ---------------------------------------------------------------
(Former name or former address, if changed since last report)
PAGE 1
<PAGE>
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 (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.
PAGE 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
- -----------------------------------------------------------------
(c) Exhibits
--------
20.1 UCFC Acceptance Corporation, Home Equity
Loan Asset-Backed Certificates, Series 1998-A1
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 6-8.
20.2 UCFC Home Equity Loan Owner Trust, Home Equity
Loan Asset-Backed Notes, Series 1998-AA
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 9-11.
20.3 UCFC Acceptance Corporation, Home Equity
Loan Asset-Backed Certificates, Series 1998-B1
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 12-14.
20.4 UCFC Home Equity Loan Owner Trust 1998-BA,
Asset-Backed Notes, Series 1998-BA
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 15-17.
20.5 UCFC Acceptance Corporation, Home Equity
Loan Asset-Backed Certificates, Series 1998-C1
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 18-20.
Page 3
<PAGE>
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, as
Servicer
By: /s/ SHERRY E. ANDERSON
-----------------------
Sherry E. Anderson
Secretary
Dated: November 30, 1998
PAGE 4
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description
------- -----------
20.1 UCFC Acceptance Corporation, Home Equity
Loan Asset-Backed Certificates, Series 1998-A1
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 6-8.
20.2 UCFC Home Equity Loan Owner Trust, Home Equity
Loan Asset-Backed Notes, Series 1998-AA
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 9-11.
20.3 UCFC Acceptance Corporation, Home Equity
Loan Asset-Backed Certificates, Series 1998-B1
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 12-14.
20.4 UCFC Home Equity Loan Owner Trust 1998-BA,
Asset-Backed Notes, Series 1998-BA
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 15-17.
20.5 UCFC Acceptance Corporation, Home Equity
Loan Asset-Backed Certificates, Series 1998-C1
Monthly Report to Certificateholders for the
Distribution Date in November, 1998. Pages 18-20.
PAGE 5
UCFC Acceptance Corporation EXHIBIT 20.1
Home Equity Loan Asset-Backed Certificates
Series 1998-A1
Statement To Certificateholders
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS IN DOLLARS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- -------------- ------------- ------------ ------------ ------------ -------- -------- ---------------
*A1 131,000,000.00 96,311,495.56 485,396.24 7,247,561.14 7,732,957.38 0.00 0.00 89,063,934.42
A2 46,000,000.00 46,000,000.00 235,175.00 0.00 235,175.00 0.00 0.00 46,000,000.00
A3 46,000,000.00 46,000,000.00 239,775.00 0.00 239,775.00 0.00 0.00 46,000,000.00
A4 14,000,000.00 14,000,000.00 74,608.33 0.00 74,608.33 0.00 0.00 14,000,000.00
A5 24,000,000.00 24,000,000.00 129,800.00 0.00 129,800.00 0.00 0.00 24,000,000.00
A6 16,000,000.00 16,000,000.00 89,666.67 0.00 89,666.67 0.00 0.00 16,000,000.00
A7 15,500,000.00 15,500,000.00 88,737.50 0.00 88,737.50 0.00 0.00 15,500,000.00
A8 32,500,000.00 32,500,000.00 173,739.58 0.00 173,739.58 0.00 0.00 32,500,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
TOTALS: 325,000,000.00 290,311,495.56 1,516,898.32 7,247,561.14 8,764,459.46 0.00 0.00 283,063,934.42
======================================================================================================================
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ----------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------ ----- ------------ -------- ----------- ---------- ---------- -------- ---------
*A1 90263BFW3 735.202256 3.705315 55.324894 59.030209 679.877362 5.669840% 5.357810%
A2 90263BFX1 1,000.000000 5.112500 0.000000 5.112500 1,000.000000 6.135000% 6.135000%
A3 90263BFY9 1,000.000000 5.212500 0.000000 5.212500 1,000.000000 6.255000% 6.255000%
A4 90263BFZ6 1,000.000000 5.329166 0.000000 5.329166 1,000.000000 6.395000% 6.395000%
A5 90263BGA0 1,000.000000 5.408333 0.000000 5.408333 1,000.000000 6.490000% 6.490000%
A6 90263BGB8 1,000.000000 5.604167 0.000000 5.604167 1,000.000000 6.725000% 6.725000%
A7 90263BGC6 1,000.000000 5.725000 0.000000 5.725000 1,000.000000 6.870000% 6.870000%
A8 90263BGD4 1,000.000000 5.345833 0.000000 5.345833 1,000.000000 6.415000% 6.415000%
R 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- ------------------------------------------------------------------------------------------------------
</TABLE>
SELLER: UCFC Acceptance Corporation ADMINISTRATOR:
SERVICER: United Companies Lending Bankers Trust Company
Corporation 3 Park Plaza
LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714
RECORD DATE: October 30, 1998 FACTOR INFORMATION:
DISTRIBUTION DATE: November 16, 1998 (800) 735-7777
Page 6
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC Acceptance Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-A1
Statement To Certificateholders
Distribution Date: November 16, 1998
PRINCIPAL BALANCE: 292,971,904.34
TOTAL PRINCIPAL: 6,096,022.83
PREPAYMENTS: 5,524,573.31
NET LIQUIDATION PROCEEDS: 0.00
TOTAL INTEREST: 2,827,777.54
SUBSTITUTION AMOUNTS: 0.00
LOAN PURCHASE PRICES: 0.00
TOTAL DUE
---------
SERVICING FEES: 98,124.91
GUARANTEE FEES DUE: 684,757.62
GROUP INSURED PAYMENT RELATING
TO THE CURRENT PAYMENT DATE: 0.00
PRIOR MONTH REQUIRED OVERCOLLATERALIZATION AMOUNT 16,250,000.00
REQUIRED OVERCOLLATERALIZATION AMOUNT 16,250,000.00
PRIOR MONTH OVERCOLLATERALIZATION AMOUNT 8,756,431.61
OVERCOLLATERALIZATION AMOUNT 9,907,969.92
OVERCOLLATERALIZATION INCREASE AMOUNT 1,151,538.31
WEIGHTED AVERAGE COUPON RATE 11.3464%
WEIGHTED AVERAGE REMAINING TERM 236
REALIZED LOSSES FOR THE RELATED REMITTANCE PERIOD: 0.00
CUMULATIVE REALIZED LOSSES AS OF THE
CURRENT PAYMENT DATE: 0.00
CUMULATIVE REALIZED LOSSES AS A
PERCENTAGE OF ORIGINAL LOAN GROUP BALANCE: 0.0000%
CLASS A-1 LIBOR RATE FOR THE RELATED
ACCRUAL PERIOD: 5.6698%
CLASS A-1 LIBOR RATE FOR THE RELATED
NEXT ACCRUAL PERIOD: 5.3578%
LIBOR INTEREST CARRYOVER INCLUDED
IN CURRENT DISTRIBUTION 0.00
LIBOR INTEREST CARRYOVER AFTER
PAYMENT DATE 0.00
DELINQUENCY ADVANCES 696,515.67
SERVICING ADVANCES 0.00
NUMBER OF DELINQUENT HOME EQUITY LOANS
PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0
AGGREGATE BALANCE OF DELINQUENT HOME EQUITY
LOANS PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0.00
Page 7
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC Acceptance Corporation
Home Equity Loan Asset-Backed Certificates
Series 1998-A1
Statement To Certificateholders
Distribution Date: November 16, 1998
<TABLE>
- -----------------------------------------------------------------------------------
<CAPTION>
DELINQUENT AND LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 AND OVER IN
INFORMATION DAYS DAYS DAYS FORE-
CLOSURE
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 9,896,205.48 3,977,667.56 9,966,149.77 0.00
NUMBER OF LOANS 256 103 226 0
Note: Quantity and Principal Balance of Foreclosures and Bankruptcies
are Included in the Delinquency Figures.
- -----------------------------------------------------------------------------------
</TABLE>
LOANS IN BANKRUPTCY PROCEEDINGS: 79
PRINCIPAL BALANCE OF LOANS IN
BANKRUPTCY PROCEEDINGS: 3,366,688.96
REO LOANS: 2
PRINCIPAL BALANCE OF REO LOANS: 91,400.00
BOOK VALUE OF REO PROPERTY, IF AVAILABLE: 0.00
REO PROCEEDS: 0.00
REO PROPERTY MATTERS: (SEE ATTACHMENTS IF ANY)
OTHER FORECLOSURE INFORMATION: (SEE ATTACHMENTS IF ANY)
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
PRINCIPAL SHORTFALL AMOUNT (OVERCOLLATERALIZATION DEFICIT): 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
Page 8
(c) COPYRIGHT 1998 Bankers Trust Company
UCFC HOME EQUITY LOAN OWNER TRUST EXHIBIT 20.2
Home Equity Loan Asset-Backed Notes
Series 1998-AA
Statement To Certificateholders
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS IN DOLLARS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- -------------- ------------- ------------ ------------ ------------ -------- -------- ---------------
*Notes 300,000,000.00 275,054,766.60 1,413,131.15 5,575,619.28 6,988,750.43 0.00 0.00 269,479,147.32
- ----------------------------------------------------------------------------------------------------------------------
TOTALS: 300,000,000.00 275,054,766.60 1,413,131.15 5,575,619.28 6,988,750.43 0.00 0.00 269,479,147.32
======================================================================================================================
</TABLE>
<TABLE>
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ----------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------ ----- ------------ -------- ----------- ---------- ---------- -------- ---------
*Notes 902632AA6 916.849222 4.710437 18.585398 23.295835 898.263824 5.779840% 5.467810%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
SELLER: UCFC Acceptance Corporation ADMINISTRATOR:
SERVICER: United Companies Lending Bankers Trust Company
Corporation 3 Park Plaza
LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714
RECORD DATE: October 30, 1998 FACTOR INFORMATION:
DISTRIBUTION DATE: November 16, 1998 (800) 735-7777
Page 9
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC HOME EQUITY LOAN OWNER TRUST
Home Equity Loan Asset-Backed Notes
Series 1998-AA
Statement To Certificateholders
Distribution Date: November 16, 1998
LOAN GROUP PRINCIPAL BALANCE: 269,479,147.32
TOTAL PRINCIPAL: 5,575,619.28
PREPAYMENTS: 5,271,369.94
NET LIQUIDATION PROCEEDS: 0.00
TOTAL INTEREST: 2,313,305.42
SUBSTITUTION AMOUNTS: 0.00
LOAN PURCHASE PRICES: 0.00
LIBOR INTEREST CARRYOVER INCLUDED
IN CURRENT DISTRIBUTION 0.00
LIBOR INTEREST CARRYOVER AFTER
PAYMENT DATE 0.00
INTEREST CARRY-FORWARD AMOUNT 0.00
PRINCIPAL CARRY-FORWARD AMOUNT 0.00
RESERVE ACCOUNT BALANCE AS OF PAYMENT DATE 7,194,103.07
SPECIFIED RESERVE ACCOUNT REQUIREMENT 15,000,000.00
RESERVE ACCOUNT ADDITIONS 790,597.16
RESERVE ACCOUNT WITHDRAWALS 0.00
CUMULATIVE RESERVE ACCOUNT WITHDRAWALS 0.00
INSURED PAYMENT RELATING TO THE CURRENT PAYMENT DATE: 0.00
TOTAL DUE
---------
SERVICING FEES: 95,689.62
GUARANTEE FEES DUE: 451,534.16
REALIZED LOSSES FOR THE RELATED REMITTANCE PERIOD: 0.00
CUMULATIVE REALIZED LOSSES AS OF THE
CURRENT PAYMENT DATE: 0.00
CUMULATIVE REALIZED LOSSES AS A
PERCENTAGE OF ORIGINAL LOAN GROUP BALANCE: 0.0000%
SUBORDINATED AMOUNT 36,000,000.00
WEIGHTED AVERAGE COUPON RATE 10.0924%
WEIGHTED AVERAGE REMAINING TERM 333
LIBOR RATE FOR THE RELATED ACCRUAL PERIOD: 5.7798%
LIBOR RATE FOR THE RELATED NEXT ACCRUAL PERIOD: 5.4678%
DELINQUENCY ADVANCES 392,983.52
SERVICING ADVANCES 0.00
NUMBER OF DELINQUENT HOME EQUITY LOANS
PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0
AGGREGATE BALANCE OF DELINQUENT HOME EQUITY
LOANS PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0.00
Page 10
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC HOME EQUITY LOAN OWNER TRUST
Home Equity Loan Asset-Backed Notes
Series 1998-AA
Statement To Certificateholders
Distribution Date: November 16, 1998
<TABLE>
- -----------------------------------------------------------------------------------
<CAPTION>
DELINQUENT AND LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 AND OVER IN
INFORMATION DAYS DAYS DAYS FORE-
CLOSURE
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE GROUP 2: 6,649,424.11 3,144,860.35 6,093,492.79 0.00
NUMBER OF LOANS 91 38 69 0
- -----------------------------------------------------------------------------------
</TABLE>
LOANS IN BANKRUPTCY PROCEEDINGS - GROUP 2 6
PRINCIPAL BALANCE OF LOANS IN
BANKRUPTCY PROCEEDINGS - GROUP 2 555,130.14
REO LOANS - GROUP 2 0
PRINCIPAL BALANCE OF REO LOANS - GROUP 2 0.00
BOOK VALUE OF REO PROPERTY, IF AVAILABLE: 0.00
REO PROCEEDS: 0.00
REO PROPERTY MATTERS: (SEE ATTACHMENTS, IF ANY)
OTHER FORECLOSURE INFORMATION: (SEE ATTACHMENTS, IF ANY)
Page 11
(c) COPYRIGHT 1998 Bankers Trust Company
UCFC ACCEPTANCE CORPORATION EXHIBIT 20.3
Home Equity Loan Asset-Backed Certificates
Series 1998-B1
Statement To Certificateholders
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS IN DOLLARS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- -------------- ------------- ------------ ------------ ------------ -------- -------- --------------
A1 138,000,000.00 121,225,375.38 586,040.10 6,701,743.70 7,287,783.80 0.00 0.00 114,523,631.68
A2 58,000,000.00 58,000,000.00 290,241.67 0.00 290,241.67 0.00 0.00 58,000,000.00
A3 57,000,000.00 57,000,000.00 290,700.00 0.00 290,700.00 0.00 0.00 57,000,000.00
A4 20,000,000.00 20,000,000.00 103,666.67 0.00 103,666.67 0.00 0.00 20,000,000.00
A5 28,000,000.00 28,000,000.00 146,183.33 0.00 146,183.33 0.00 0.00 28,000,000.00
A6 17,000,000.00 17,000,000.00 90,595.83 0.00 90,595.83 0.00 0.00 17,000,000.00
A7 19,500,000.00 19,500,000.00 106,112.50 0.00 106,112.50 0.00 0.00 19,500,000.00
A8 37,500,000.00 37,500,000.00 193,125.00 0.00 193,125.00 0.00 0.00 37,500,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
TOTALS: 375,000,000.00 358,225,375.38 1,806,665.10 6,701,743.70 8,508,408.80 0.00 0.00 351,523,631.68
======================================================================================================================
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ----------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------ ----- ------------ -------- ----------- ---------- ---------- -------- ---------
A1 90263BGE2 878.444749 4.246667 48.563360 52.810028 829.881389 5.438590% 5.307810%
A2 90263BGF9 1,000.000000 5.004167 0.000000 5.004167 1,000.000000 6.005000% 6.005000%
A3 90263BGG7 1,000.000000 5.100000 0.000000 5.100000 1,000.000000 6.120000% 6.120000%
A4 90263BGH5 1,000.000000 5.183334 0.000000 5.183334 1,000.000000 6.220000% 6.220000%
A5 90263BGJ1 1,000.000000 5.220833 0.000000 5.220833 1,000.000000 6.265000% 6.265000%
A6 90263BGK8 1,000.000000 5.329166 0.000000 5.329166 1,000.000000 6.395000% 6.395000%
A7 90263BGL6 1,000.000000 5.441667 0.000000 5.441667 1,000.000000 6.530000% 6.530000%
A8 90263BGM4 1,000.000000 5.150000 0.000000 5.150000 1,000.000000 6.180000% 6.180000%
R 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- ------------------------------------------------------------------------------------------------------
</TABLE>
SELLER: UCFC Acceptance Corporation ADMINISTRATOR:
SERVICER: United Companies Lending Bankers Trust Company
Corporation 3 Park Plaza
LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714
RECORD DATE: October 30, 1998 FACTOR INFORMATION:
DISTRIBUTION DATE: November 16, 1998 (800) 735-7777
Page 12
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC ACCEPTANCE CORPORATION
Home Equity Loan Asset-Backed Certificates
Series 1998-B1
Statement To Certificateholders
Distribution Date: November 16, 1998
PRINCIPAL BALANCE: 358,271,430.18
TOTAL PRINCIPAL: 5,328,605.39
PREPAYMENTS: 4,681,842.64
NET LIQUIDATION PROCEEDS: 0.00
TOTAL INTEREST: 3,374,399.66
SUBSTITUTION AMOUNTS: 0.00
LOAN PURCHASE PRICES: 0.00
TOTAL DUE
---------
SERVICING FEES: 18,166.12
GUARANTEE FEES DUE: 832,926.62
GROUP INSURED PAYMENT RELATING TO THE CURRENT PAYMENT DATE: 0.00
PRIOR MONTH REQUIRED OVERCOLLATERALIZATION AMOUNT 18,187,500.00
REQUIRED OVERCOLLATERALIZATION AMOUNT 18,187,500.00
PRIOR MONTH OVERCOLLATERALIZATION AMOUNT 5,374,660.19
OVERCOLLATERALIZATION AMOUNT 6,747,798.50
OVERCOLLATERALIZATION INCREASE AMOUNT 1,373,138.31
WEIGHTED AVERAGE COUPON RATE 11.1366%
WEIGHTED AVERAGE REMAINING TERM 244
REALIZED LOSSES FOR THE RELATED REMITTANCE PERIOD: 0.00
CUMULATIVE REALIZED LOSSES AS OF THE
CURRENT PAYMENT DATE: 0.00
CUMULATIVE REALIZED LOSSES AS A
PERCENTAGE OF ORIGINAL LOAN GROUP BALANCE: 0.0000%
CLASS A-1 LIBOR RATE FOR THE RELATED ACCRUAL PERIOD: 5.4386%
CLASS A-1 LIBOR RATE FOR THE RELATED NEXT ACCRUAL PERIOD: 5.3078%
LIBOR INTEREST CARRYOVER INCLUDED
IN CURRENT DISTRIBUTION 0.00
LIBOR INTEREST CARRYOVER AFTER
PAYMENT DATE 0.00
DELINQUENCY ADVANCES 2,828,634.59
SERVICING ADVANCES 0.00
NUMBER OF DELINQUENT HOME EQUITY LOANS
PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0
AGGREGATE BALANCE OF DELINQUENT HOME EQUITY
LOANS PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0.00
Page 13
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC ACCEPTANCE CORPORATION
Home Equity Loan Asset-Backed Certificates
Series 1998-B1
Statement To Certificateholders
Distribution Date: November 16, 1998
<TABLE>
- -----------------------------------------------------------------------------------
<CAPTION>
DELINQUENT AND LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 AND OVER IN
INFORMATION DAYS DAYS DAYS FORE-
CLOSURE
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 30,200,535.22 8,669,390.92 6,948,706.71 0.00
NUMBER OF LOANS 720 191 154 0
- -----------------------------------------------------------------------------------
Note: Quantity and Principal Balance of Foreclosures and Bankruptcies
are Included in the Delinquency Figures.
</TABLE>
LOANS IN BANKRUPTCY PROCEEDINGS: 34
PRINCIPAL BALANCE OF LOANS IN
BANKRUPTCY PROCEEDINGS: 1,726,283.48
REO LOANS: 0
PRINCIPAL BALANCE OF REO LOANS: 0.00
BOOK VALUE OF REO PROPERTY, IF AVAILABLE: 0.00
REO PROCEEDS: 0.00
REO PROPERTY MATTERS: (SEE ATTACHMENTS, IF ANY)
OTHER FORECLOSURE INFORMATION: (SEE ATTACHMENTS, IF ANY)
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-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-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
Page 14
(c) COPYRIGHT 1998 Bankers Trust Company
EXHIBIT 20.4
UCFC HOME EQUITY LOAN OWNER TRUST 1998-BA
Asset-Backed Notes
Series 1998-BA
Statement To Certificateholders
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS IN DOLLARS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- -------------- ------------- ------------ ------------ ------------ -------- -------- ---------------
Notes 900,000,000.00 898,105,485.25 4,463,335.25 6,979,320.50 11,442,655.75 0.00 0.00 891,126,164.75
- ----------------------------------------------------------------------------------------------------------------------
TOTALS: 900,000,000.00 898,105,485.25 4,463,335.25 6,979,320.50 11,442,655.75 0.00 0.00 891,126,164.75
======================================================================================================================
</TABLE>
<TABLE>
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ----------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------ ----- ------------ -------- ----------- ---------- ---------- -------- ---------
Notes 902632AB4 997.894984 4.959261 7.754801 12.714062 990.140183 5.668590% 5.537810%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
SELLER: UCFC Acceptance Corporation ADMINISTRATOR:
SERVICER: United Companies Lending Bankers Trust Company
Corporation 3 Park Plaza
LEAD UNDERWRITER: Morgan Stanley Dean Witter Irvine, CA 92714
RECORD DATE: October 30, 1998 FACTOR INFORMATION:
DISTRIBUTION DATE: November 16, 1998 (800) 735-7777
Page 15
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC HOME EQUITY LOAN OWNER TRUST 1998-BA
Asset-Backed Notes
Series 1998-BA
Statement To Certificateholders
Distribution Date: November 16, 1998
PRINCIPAL BALANCE: 792,033,476.49
TOTAL PRINCIPAL: 6,979,320.50
PREPAYMENTS: 6,317,546.10
NET LIQUIDATION PROCEEDS: 0.00
TOTAL INTEREST: 6,635,136.21
LIBOR INTEREST CARRYOVER INCLUDED
IN CURRENT DISTRIBUTION 0.00
LIBOR INTEREST CARRYOVER AFTER
PAYMENT DATE 0.00
INTEREST CARRY-FORWARD AMOUNT 0.00
PRINCIPAL CARRY-FORWARD AMOUNT 0.00
CURRENT SUBSTITUTION ADJUSTMENT AMOUNTS: 0.00
CURRENT LOAN PURCHASE PRICES: 0.00
RESERVE ACCOUNT BALANCE AS OF PAYMENT DATE 17,703,213.20
SPECIFIED RESERVE ACCOUNT REQUIREMENT 63,630,000.00
RESERVE ACCOUNT ADDITIONS 0.00
RESERVE ACCOUNT WITHDRAWALS 914.43
CUMULATIVE RESERVE ACCOUNT WITHDRAWALS 914.43
INSURED PAYMENT RELATING TO THE CURRENT PAYMENT DATE: 0.00
CURRENT SERVICING FEES: 301,094.73
REALIZED LOSSES FOR THE RELATED REMITTANCE PERIOD: 0.00
CUMULATIVE REALIZED LOSSES AS OF THE
CURRENT PAYMENT DATE: 0.00
CUMULATIVE REALIZED LOSSES AS A
PERCENTAGE OF ORIGINAL LOAN GROUP BALANCE: 0.0000%
INITIAL CUMULATIVE RESERVE FUND WITHDRAWALS: 1,902.13
SUBORDINATED AMOUNT 144,000,000.00
LIBOR RATE FOR THE RELATED ACCRUAL PERIOD: 5.4086%
LIBOR RATE FOR THE RELATED NEXT ACCRUAL PERIOD: 5.2778%
WEIGHTED AVERAGE COUPON RATE 9.9650%
WEIGHTED AVERAGE REMAINING TERM 255
CURRENT LETTER OF CREDIT RESERVE AVAILABLE: 0.00
CUMULATIVE LETTER OF CREDIT RESERVE DRAWS: 0.00
CURRENT INTEREST SHORTFALL: 0.00
CURRENT PRINCIPAL SHORTFALL: 0.00
CURRENT CARRYFORWARD AMOUNT: 0.00
Page 16
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC HOME EQUITY LOAN OWNER TRUST 1998-BA
Asset-Backed Notes
Series 1998-BA
Statement To Certificateholders
Distribution Date: November 16, 1998
<TABLE>
- -----------------------------------------------------------------------------------
<CAPTION>
DELINQUENT AND LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 AND OVER IN
INFORMATION DAYS DAYS DAYS FORE-
CLOSURE
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 11,449,944.86 3,747,369.03 177,400.00 0.00
NUMBER OF LOANS 160 53 2 0
- -----------------------------------------------------------------------------------
Note: Quantity and Principal Balance of Foreclosures and Bankruptcies
are Included in the Delinquency Figures.
</TABLE>
LOANS IN BANKRUPTCY PROCEEDINGS 18
PRINCIPAL BALANCE OF LOANS IN
BANKRUPTCY PROCEEDINGS 1,252,747.91
REO LOANS 0
PRINCIPAL BALANCE OF REO LOANS 0.00
BOOK VALUE OF REO PROPERTY, IF AVAILABLE: 0.00
REO PROCEEDS: 0.00
REO PROPERTY MATTERS: (SEE ATTACHMENTS, IF ANY)
OTHER FORECLOSURE INFORMATION: (SEE ATTACHMENTS, IF ANY)
DELINQUENCY ADVANCES: 0.00
SERVICING ADVANCES: 0.00
AGGREGATE EXCESS INTEREST: 2,319,828.59
NUMBER OF DELINQUENT HOME EQUITY LOANS PURCHASED
BY SERVICER PURSUANT TO SEC 4.13(f): 0
AGGREGATE BALANCE OF DELINQUENT HOME EQUITY
LOANS PURCHASED BY SERVICER PURSUANT TO SEC 4.13 (f): 0.00
INITIAL SUBORDINATED AMOUNT: 144,000,000.00
CURRENT SUBORDINATED AMOUNT: 144,000,000.00
CURRENT RESERVE ACCOUNT BALANCE: 17,703,213.20
INITIAL SPECIFIED RESERVE ACCOUNT REQUIREMENT: 63,630,000.00
CURRENT SPECIFIED RESERVE ACCOUNT REQUIREMENT: 63,630,000.00
PRIOR CROSS WITHDRAWALS: 0.00
CURRENT CROSS WITHDRAWALS: 0.00
TOTAL CROSS WITHDRAWALS: 0.00
Page 17
(c) COPYRIGHT 1998 Bankers Trust Company
UCFC ACCEPTANCE CORPORATION EXHIBIT 20.5
Home Equity Loan Asset-Backed Certificates
Series 1998-C1
Statement To Certificateholders
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTIONS IN DOLLARS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- -------------- ------------- ------------ ------------ ------------ -------- -------- --------------
A1 156,000,000.00 154,808,552.17 760,776.01 4,333,930.24 5,094,706.25 0.00 0.00 150,474,621.93
A2 42,000,000.00 42,000,000.00 201,775.00 0.00 201,775.00 0.00 0.00 42,000,000.00
A3 74,000,000.00 74,000,000.00 361,983.33 0.00 361,983.33 0.00 0.00 74,000,000.00
A4 23,000,000.00 23,000,000.00 114,233.33 0.00 114,233.33 0.00 0.00 23,000,000.00
A5 47,000,000.00 47,000,000.00 239,700.00 0.00 239,700.00 0.00 0.00 47,000,000.00
A6 40,500,000.00 40,500,000.00 217,518.75 0.00 217,518.75 0.00 0.00 40,500,000.00
A7 42,500,000.00 42,500,000.00 210,197.92 0.00 210,197.92 0.00 0.00 42,500,000.00
R 0.00 0.00 3,148.60 0.00 3,148.60 0.00 0.00 0.00
This statement is also available on Bankers Trust's Website,
http.online.bankerstrust.com/invr/. We begin posting statements
to the Web at 7:00 PM Eastern Time on the business day before
each distribution date.
- ------------------------------------------------------------------------------------------------------------------------
TOTALS: 425,000,000.00 423,808,552.17 2,109,332.94 4,333,930.24 6,443,263.18 0.00 0.00 419,474,621.93
========================================================================================================================
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ----------------------
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------ ----- ------------ -------- ----------- ---------- ---------- -------- ---------
A1 90263BGN2 992.362514 4.876769 27.781604 32.658373 964.580910 5.528590% 5.397810%
A2 90263BGP7 1,000.000000 4.804167 0.000000 4.804167 1,000.000000 5.765000% 5.765000%
A3 90263BGQ5 1,000.000000 4.891667 0.000000 4.891667 1,000.000000 5.870000% 5.870000%
A4 90263BGR3 1,000.000000 4.966667 0.000000 4.966667 1,000.000000 5.960000% 5.960000%
A5 90263BGS1 1,000.000000 5.100000 0.000000 5.100000 1,000.000000 6.120000% 6.120000%
A6 90263BGT9 1,000.000000 5.370833 0.000000 5.370833 1,000.000000 6.445000% 6.445000%
A7 90263BGU6 1,000.000000 4.945833 0.000000 4.945833 1,000.000000 5.935000% 5.935000%
R UC98C1101 0.000000 0.007408 0.000000 0.007408 0.000000 0.000000% 0.000000%
- ------------------------------------------------------------------------------------------------------
</TABLE>
SELLER: UCFC Acceptance Corporation ADMINISTRATOR:
SERVICER: United Companies Lending Bankers Trust Company
Corporation 3 Park Plaza
LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714
RECORD DATE: October 30, 1998 FACTOR INFORMATION:
DISTRIBUTION DATE: November 16, 1998 (800) 735-7777
Page 18
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC ACCEPTANCE CORPORATION
Home Equity Loan Asset-Backed Certificates
Series 1998-C1
Statement To Certificateholders
Distribution Date: November 16, 1998
PRINCIPAL BALANCE: 416,719,793.08
TOTAL PRINCIPAL: 4,333,930.24
PREPAYMENTS: 3,758,030.50
NET LIQUIDATION PROCEEDS: 0.00
TOTAL INTEREST: 3,756,151.80
SUBSTITUTION AMOUNTS: 0.00
LOAN PURCHASE PRICES: 0.00
TOTAL DUE
---------
SERVICING FEES: 148,024.82
GUARANTEE FEES DUE: 955,004.40
GROUP INSURED PAYMENT RELATING TO THE CURRENT PAYMENT DATE: 0.00
WEIGHTED AVERAGE COUPON RATE 10.7050%
WEIGHTED AVERAGE REMAINING TERM 255
REALIZED LOSSES FOR THE RELATED REMITTANCE PERIOD: 0.00
CUMULATIVE REALIZED LOSSES AS OF THE
CURRENT PAYMENT DATE: 0.00
CUMULATIVE REALIZED LOSSES AS A
PERCENTAGE OF ORIGINAL LOAN GROUP BALANCE: 0.0000%
CLASS A-1 LIBOR RATE FOR THE RELATED ACCRUAL PERIOD: 5.4086%
CLASS A-1 LIBOR RATE FOR THE RELATED NEXT ACCRUAL PERIOD: 5.2778%
DELINQUENCY ADVANCES 548,511.60
SERVICING ADVANCES 0.00
NUMBER OF DELINQUENT HOME EQUITY LOANS
PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0
AGGREGATE BALANCE OF DELINQUENT HOME EQUITY
LOANS PURCHASED BY SERVICER PURSUANT TO SEC 4.13(f): 0.00
Page 19
(c) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
UCFC ACCEPTANCE CORPORATION
Home Equity Loan Asset-backed Notes
Series 1998-C1
Statement To Certificateholders
Distribution Date: November 16, 1998
<TABLE>
- -----------------------------------------------------------------------------------
<CAPTION>
DELINQUENT AND LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 AND OVER IN
INFORMATION DAYS DAYS DAYS FORE-
CLOSURE
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 7,022,847.50 682,513.84 0.00 0.00
NUMBER OF LOANS 121 6 0 0
- -----------------------------------------------------------------------------------
Note: Quantity and Principal Balance of Foreclosures and
Bankruptcies are Included in the Delinquency Figures.
</TABLE>
LOANS IN BANKRUPTCY PROCEEDINGS 4
PRINCIPAL BALANCE OF LOANS IN
BANKRUPTCY PROCEEDINGS 188,777.28
REO LOANS 0
PRINCIPAL BALANCE OF REO LOANS 0.00
BOOK VALUE OF REO PROPERTY, IF AVAILABLE: 0.00
REO PROCEEDS: 0.00
REO PROPERTY MATTERS: (SEE ATTACHMENTS, IF ANY)
OTHER FORECLOSURE INFORMATION: (SEE ATTACHMENTS, IF ANY)
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-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
Page 20
(c) COPYRIGHT 1998 Bankers Trust Company
