-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LY3uTOB5mKXyCsIsY2j+SFUUg0KGeXyl2Jx51CYvbqDdVU2vNCzSUP6uM4Zp2EGY uzaZsxY3LzlcAFGHGm7r6Q== 0001018545-99-000003.txt : 19990111 0001018545-99-000003.hdr.sgml : 19990111 ACCESSION NUMBER: 0001018545-99-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19981215 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UCFC FUNDING CORP CENTRAL INDEX KEY: 0001018545 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 721328674 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-07939 FILM NUMBER: 99502547 BUSINESS ADDRESS: STREET 1: 4041 ESSEN LANE STREET 2: P.O. BOX 1591 CITY: BOTON ROUGE STATE: LA ZIP: 70809 BUSINESS PHONE: 5049870000 MAIL ADDRESS: STREET 1: 4041 ESSEN LANE CITY: BATON ROUGE STATE: LA ZIP: 70809 8-K 1 UCFC FUNDING CORP-FORM 8K - DECEMBER SERIES 1998-1, 1998-2 AND 1998-3 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 15, 1998 UCFC FUNDING CORPORATION (Exact name of registrant as specified in its Charter) Louisiana 333-07939 72-1328674 ----------------- ------------ ------------- (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 Item 5. Other Events. UCFC Funding 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 Manufactured Housing Contract 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 manufactured housing installment sale contracts and installment loan agreements (collectively, the "Contracts") which include fixed-rate contracts secured by either (1) security interests in the manufactured homes purchased with the proceeds of such contracts or (2) with respect to certain of the contracts, liens on the real estate to which the related manufactured homes are deemed permanently affixed. 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 Contracts 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. The information contained in these Monthly Statements to Certificateholders is filed herewith as an Exhibit to this report on Form 8-K. The Servicer is filing this report on Form 8-K on behalf of the Company. PAGE 2 Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits Exhibit No. ---------- 20.1 UCFC Funding Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Monthly Report to Certificateholders for the Distribution Date in December, 1998. Pages 6-8 20.2 UCFC Funding Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-2, Monthly Report to Certificateholders for the Distribution Date in December, 1998. Pages 9-11 20.3 UCFC Funding Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-3, Monthly Report to Certificateholders for the Distribution Date in December, 1998. Pages 12-14 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. UNITED COMPANIES LENDING CORPORATION, as Servicer By: /s/ Sherry E. Anderson ------------------------ Sherry E. Anderson Secretary Dated: January 6, 1999 PAGE 4 EXHIBIT INDEX Exhibit No. Description - -------- --------------------------------------------------- 20.1 UCFC Funding Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Monthly Report to Certificateholders for the Distribution Date in December, 1998. Pages 6-8 20.2 UCFC Funding Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-2, Monthly Report to Certificateholders for the Distribution Date in December, 1998. Pages 9-11 20.3 UCFC Funding Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-3, Monthly Report to Certificateholders for the Distribution Date in December, 1998. Pages 12-14 PAGE 5 EX-20.1 2 EXHIBIT 20.1 ------------ UCFC FUNDING CORPORATION MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES SERIES 1998-1 STATEMENT TO CERTIFICATEHOLDERS - ---------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS c> PRIOR CURRENT ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - ----- -------------- ------------- ---------- ---------- ------------ ------ -------- ------------- A-1 22,400,000.00 18,856,004.81 98,208.36 453,653.70 551,862.06 0.00 0.00 18,402,351.11 A-2 16,750,000.00 16,750,000.00 87,658.33 0.00 87,658.33 0.00 0.00 16,750,000.00 A-3 36,850,000.00 36,850,000.00 206,052.92 0.00 206,052.92 0.00 0.00 36,850,000.00 M 8,500,000.00 8,500,000.00 49,441.67 0.00 49,441.67 0.00 0.00 8,500,000.00 B-1 8,000,000.00 8,000,000.00 50,466.67 0.00 50,466.67 0.00 0.00 8,000,000.00 B-2 7,500,000.00 7,500,000.00 50,187.50 0.00 50,187.50 0.00 0.00 7,500,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - --------------------------------------------------------------------------------------------------------------------- TOTALS: 100,000,000.00 96,456,004.81 542,015.45 453,653.70 995,669.15 0.00 0.00 96,002,351.11 =====================================================================================================================
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH PRIOR CURRENT RATES PRINCIPAL PRINCIPAL ---------------------- CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - ------ ----- ------------ -------- ----------- ---------- ---------- -------- --------- A-1 90263ABP4 841.785929 4.384302 20.252397 24.636699 821.533532 6.250000% 6.250000% A-2 90263ABQ2 1,000.000000 5.233333 0.000000 5.233333 1,000.000000 6.280000% 6.280000% A-3 90263ABR0 1,000.000000 5.591667 0.000000 5.591667 1,000.000000 6.710000% 6.710000% M 90263ABS8 1,000.000000 5.816667 0.000000 5.816667 1,000.000000 6.980000% 6.980000% B-1 90263ABT6 1,000.000000 6.308334 0.000000 6.308334 1,000.000000 7.570000% 7.570000% B-2 1,000.000000 6.691667 0.000000 6.691667 1,000.000000 8.030000% 8.030000% R 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000% - ----------------------------------------------------------------------------------------------------------
SELLER: UCFC Funding Corporation ADMINISTRATOR: SERVICER: United Companies Lending Bankers Trust Company Corporation 3 Park Plaza LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714 RECORD DATE: November 30, 1998 FACTOR INFORMATION: DISTRIBUTION DATE: December 15, 1998 (800) 735-7777 Page 6 (c) COPYRIGHT 1998 Bankers Trust Company UCFC FUNDING CORPORATION MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES SERIES 1998-1 STATEMENT TO CERTIFICATEHOLDERS - -------------------------------------------------------------------------- Distribution Date: December 15, 1998 MORTGAGE POOL INFORMATION: - ------------------------- BEGINNING NUMBER OF LOANS IN POOL 2,323 ENDING NUMBER OF LOANS IN POOL 2,315 BEGINNING BALANCE OF POOL 97,617,620.49 LESS: SCHEDULED PRINCIPAL 99,991.68 PRINCIPAL PREPAYMENTS 231,768.87 REPURCHASES 0.00 LIQUIDATIONS 0.00 OTHER UNSCHEDULED PRINCIPAL 0.00 (331,760.55) -------------- ADD: SUBSEQUENT LOANS ADDED AFTER DUE DATE 0.00 -------------- ENDING BALANCE OF POOL 97,285,859.94 ============== WEIGHTED AVERAGE REMAINING TERM TO MATURITY 308 WEIGHTED AVERAGE NET CONTRACT RATE 8.682107% CURRENT REALIZED LOSSES ON THE POOL 42,363.57 CUMULATIVE REALIZED LOSSES ON THE POOL 45,045.30 NUMBER OF MANUFACTURED HOMES REPOSSESSED DURING CURRENT DUE PERIOD 4 NUMBER OF MANUFACTURED HOMES ABOVE THAT REMAIN IN INVENTORY 16 BALANCE OF MANUFACTURED HOMES REPOSSESSED DURING CURRENT DUE PERIOD 203,357.93 BALANCE OF MANUFACTURED HOMES ABOVE THAT REMAIN IN INVENTORY 592,580.53 POOL FACTOR 102.565584% - -----------------------------------------------------------------------------------------------------------
LOANS DELINQUENT,BANKRUPTCY, LOANS IN LOANS FORECLOSURE, AND REO 30 TO 59 60 TO 89 90 PLUS IN FORE- IN LOAN INFORMATION DAYS DAYS DAYS BANKRUPTCY CLOSURE REO - ------------------------------------------------------------------------------------------------------------ SUB-POOL 1 PRINCIPAL BALANCE 2,781,522.77 1,194,264.78 2,695,402.01 1,802,761.87 0.00 1,207,797.23 PERCENTAGE OF POOL BALANCE 2.8591% 1.2276% 2.7706% 1.8531% 0.0000% 1.2415% - ------------------------------------------------------------------------------------------------------------ SUB-POOL 1 NUMBER OF LOANS 65 23 62 39 0 33 PERCENTAGE OF LOANS 2.8078% 0.9935% 2.6782% 1.6847% 0.0000% 1.4255% - ------------------------------------------------------------------------------------------------------------
BOOK VALUE OF REO PROPERTIES NA INCOME RECEIVED FROM REO PROPERTIES DURING DUE PERIOD NA Page 7 (c) COPYRIGHT 1998 Bankers Trust Company UCFC FUNDING CORPORATION Manufactured Housing Contract Pass-Through Certificates Series 1998-1 Statement To Certificateholders - ------------------------------------------------------------------ Distribution Date: December 15, 1998 - ------------------------------------------------------------------ OTHER CERTIFICATE INFORMATION: UNPAID INTEREST REMAINING UNSCHEDULED INCLUDED IN UNPAID PRINCIPAL CLASS DISTRIBUTION INTEREST DISTRIBUTED - ----- -------------- ------------ ----------- CLASS A-1 0.00 0.00 353,662.02 CLASS A-2 0.00 0.00 0.00 CLASS A-3 0.00 0.00 0.00 CLASS M 0.00 0.00 0.00 CLASS B-1 0.00 0.00 0.00 CLASS B-2 0.00 0.00 0.00 CLASS R 0.00 0.00 0.00 MISCELLANEOUS INFORMATION - ------------------------- SENIOR PERCENTAGE 74.224310% CLASS M PERCENTAGE 8.707444% CLASS B PERCENTAGE 15.878281% ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 121,893.15 OVERCOLLATERALIZATION REDUCTION AMOUNT 0 OUTSTANDING MONTHLY ADVANCES REIMBURSABLE TO THE SERVICER 0.00 COMPENSATING INTEREST FROM SERVICER INCLUDED IN DISTRIBUTION 942.85 HAS THE PERFORMANCE TEST BEEN SATISFIED? NOT APPLICABLE (HAS EACH OF THE FOUR RATIO TESTS BELOW BEEN PASSED?) CURRENT TARGET TEST RATIO TEST RATIO RATIO PASSED? ---------- ------- ------- ------ AVG. 60-DAY DEL. RATIO 5.67% 5.00% NO AVG. 30-DAY DEL. RATIO 8.18% 7.00% NO CURRENT REALIZED LOSS RATIO 0.09% 2.75% YES CUMULATIVE REALIZED LOSSES* 0.05% N/A N/A *CUMULATIVE REALIZED LOSSES TARGET RATIO LOOKUP TABLE: START MONTH END MONTH TARGET RATIO ----------- --------- ------------ Apr-98 Mar-2003 N/A Apr-2003 Mar-2004 7.00% Apr-2004 Mar-2005 8.00% Apr-2005 - 9.00% Page 8 (c) COPYRIGHT 1998 Bankers Trust Company EX-20.2 3 EXHIBIT 20.2 ------------ UCFC FUNDING CORPORATION MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES SERIES 1998-2 STATEMENT TO CERTIFICATEHOLDERS - ---------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS c> PRIOR CURRENT ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - ----- -------------- ------------- ---------- ---------- ------------ ------ -------- ------------- A-1 23,250,000.00 20,266,610.46 87,144.45 748,411.93 835,556.38 0.00 0.00 19,518,198.53 A-2 19,500,000.00 19,500,000.00 98,800.00 0.00 98,800.00 0.00 0.00 19,500,000.00 A-3 13,300,000.00 13,300,000.00 68,306.58 0.00 68,306.58 0.00 0.00 13,300,000.00 A-4 24,250,000.00 24,250,000.00 133,112.29 0.00 133,112.29 0.00 0.00 24,250,000.00 M-1 9,900,000.00 9,900,000.00 55,489.50 0.00 55,489.50 0.00 0.00 9,900,000.00 M-2 4,400,000.00 4,400,000.00 25,919.67 0.00 25,919.67 0.00 0.00 4,400,000.00 B-1 6,600,000.00 6,600,000.00 40,216.00 0.00 40,216.00 0.00 0.00 6,600,000.00 B-2 8,800,000.00 8,800,000.00 61,600.00 0.00 61,600.00 0.00 0.00 8,800,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - --------------------------------------------------------------------------------------------------------------------- TOTALS: 110,000,000.00 107,016,610.46 570,588.49 748,411.93 1,319,000.42 0.00 0.00 106,268,198.53 =====================================================================================================================
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH PRIOR CURRENT RATES PRINCIPAL PRINCIPAL ---------------------- CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - ------ ----- ------------ -------- ----------- ---------- ---------- -------- --------- A-1 90263ABU3 871.682170 3.748148 32.189760 35.937909 839.492410 5.337810% 5.595470% A-2 90263ABV1 1,000.000000 5.066667 0.000000 5.066667 1,000.000000 6.080000% 6.080000% A-3 90263ABW9 1,000.000000 5.135833 0.000000 5.135833 1,000.000000 6.163000% 6.163000% A-4 90263ABX7 1,000.000000 5.489167 0.000000 5.489167 1,000.000000 6.587000% 6.587000% M-1 90263ABY5 1,000.000000 5.605000 0.000000 5.605000 1,000.000000 6.726000% 6.726000% M-2 90263ACA6 1,000.000000 5.890834 0.000000 5.890834 1,000.000000 7.069000% 7.069000% B-1 90263ABZ2 1,000.000000 6.093333 0.000000 6.093333 1,000.000000 7.312000% 7.312000% B-2 UC9802101 1,000.000000 7.000000 0.000000 7.000000 1,000.000000 8.400000% 6.486855% R UC9802102 0.000000 0.000000 0.000000 0.000000 0.000000 N/A N/A - ----------------------------------------------------------------------------------------------------------
SELLER: UCFC Funding Corporation ADMINISTRATOR: SERVICER: United Companies Lending Bankers Trust Company Corporation 3 Park Plaza LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714 RECORD DATE: November 30, 1998 FACTOR INFORMATION: DISTRIBUTION DATE: December 15, 1998 (800) 735-7777 Page 9 (c) COPYRIGHT 1998 Bankers Trust Company UCFC FUNDING CORPORATION MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES SERIES 1998-2 STATEMENT TO CERTIFICATEHOLDERS - -------------------------------------------------------------------------- Distribution Date: December 15, 1998 MORTGAGE POOL INFORMATION: - ------------------------- BEGINNING NUMBER OF LOANS IN POOL 2,541 ENDING NUMBER OF LOANS IN POOL 2,529 BEGINNING BALANCE OF POOL 107,886,183.81 LESS: SCHEDULED PRINCIPAL 126,695.65 PRINCIPAL PREPAYMENTS 436,413.20 REPURCHASES 0.00 LIQUIDATIONS 0.00 OTHER UNSCHEDULED PRINCIPAL 0.00 (563,108.85) ADD: SUBSEQUENT LOANS ADDED AFTER DUE DATE 0.00 --------------- ENDING BALANCE OF POOL 107,323,074.96 =============== WEIGHTED AVERAGE REMAINING TERM TO MATURITY 307 WEIGHTED AVERAGE NET CONTRACT RATE 8.544800% CURRENT REALIZED LOSSES ON THE POOL 12,330.01 CUMULATIVE REALIZED LOSSES ON THE POOL 28,055.24 NUMBER OF MANUFACTURED HOMES REPOSSESSED DURING CURRENT DUE PERIOD 3 NUMBER OF MANUFACTURED HOMES ABOVE THAT REMAIN IN INVENTORY 6 BALANCE OF MANUFACTURED HOMES REPOSSESSED DURING CURRENT DUE PERIOD 136,594.51 BALANCE OF MANUFACTURED HOMES ABOVE THAT REMAIN IN INVENTORY 235,885.02 POOL FACTOR 97.287828% - -------------------------------------------------------------------------------------------------------------
LOANS DELINQUENT,BANKRUPTCY, LOANS IN LOANS FORECLOSURE, AND REO 30 TO 59 60 TO 89 90 PLUS IN FORE- IN LOAN INFORMATION DAYS DAYS DAYS BANKRUPTCY CLOSURE REO - ------------------------------------------------------------------------------------------------------------- SUB-POOL 1 PRINCIPAL BALANCE 1,474,669.38 889,794.38 641,403.10 1,311,668.95 0.00 235,885.02 PERCENTAGE OF POOL BALANCE 1.3740% 0.8291% 0.5976% 1.2222% 0.0000% 0.2198% - ------------------------------------------------------------------------------------------------------------- SUB-POOL 1 NUMBER OF LOANS 35 21 16 23 0 6 PERCENTAGE OF LOANS 1.3839% 0.8304% 0.6327% 0.9095% 0.0000% 0.2372% - -------------------------------------------------------------------------------------------------------------
BOOK VALUE OF REO PROPERTIES N/A INCOME RECEIVED FROM REO PROPERTIES DURING DUE PERIOD N/A Page 10 (c) COPYRIGHT 1998 Bankers Trust Company UCFC FUNDING CORPORATION Manufactured Housing Contract Pass-Through Certificates Series 1998-2 Statement To Certificateholders - ------------------------------------------------------------------ Distribution Date: December 15, 1998 - ------------------------------------------------------------------ OTHER CERTIFICATE INFORMATION: INTEREST REDUCTION CARRYOVER REMAINING UNSCHEDULED OF PRINCIPAL INCLUDED IN INTEREST PRINCIPAL CLASS SHORTFALL DISTRIBUTION CARRYOVER DISTRIBUTED - ----- ------------ -------------- ------------ ----------- CLASS A-1 0.00 0.00 0.00 621,716.28 CLASS A-2 0.00 0.00 0.00 0.00 CLASS A-3 0.00 0.00 0.00 0.00 CLASS A-4 0.00 0.00 0.00 0.00 CLASS M-1 0.00 0.00 0.00 0.00 CLASS M-2 0.00 0.00 0.00 0.00 CLASS B-1 0.00 0.00 0.00 0.00 CLASS B-2 0.00 0.00 0.00 0.00 MISCELLANEOUS INFORMATION - ------------------------- SENIOR PERCENTAGE 72.247299% CLASS M-1 PERCENTAGE 9.250900% CLASS M-2 PERCENTAGE 4.111511% CLASS B-1 PERCENTAGE 6.167267% CLASS B-2 PERCENTAGE 8.223023% ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 197,633.09 OVERCOLLATERALIZATION REDUCTION AMOUNT 0 OUTSTANDING MONTHLY ADVANCES REIMBURSABLE TO THE SERVICER 0.00 COMPENSATING INTEREST FROM SERVICER INCLUDED IN DISTRIBUTION 1780.1 HAS THE PERFORMANCE TEST BEEN SATISFIED? NOT APPLICABLE (HAS EACH OF THE FOUR RATIO TESTS BELOW BEEN PASSED?) CURRENT TARGET TEST RATIO TEST RATIO RATIO PASSED? ---------- ------- ------- ------ AVG. 60-DAY DEL. RATIO 1.76% 5.00% YES AVG. 30-DAY DEL. RATIO 3.07% 7.00% YES CURRENT REALIZED LOSS RATIO 0.05% 2.75% YES CUMULATIVE REALIZED LOSSES* 0.03% N/A N/A *CUMULATIVE REALIZED LOSSES TARGET RATIO LOOKUP TABLE: START MONTH END MONTH TARGET RATIO ----------- --------- ------------ Jul-98 Jun-2003 N/A Jul-2003 Jun-2004 7.00% Jul-2004 Jun-2005 8.00% Jul-2005 - 9.00% Page 11 (c) COPYRIGHT 1998 Bankers Trust Company EX-20.3 4 EXHIBIT 20.3 ------------ UCFC FUNDING CORPORATION MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES SERIES 1998-3 STATEMENT TO CERTIFICATEHOLDERS - ---------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS c> PRIOR CURRENT ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - ----- -------------- ------------- ---------- ---------- ------------ ------ -------- -------------- A-1 110,625,000.00 109,750,672.13 569,514.53 637,147.54 1,206,662.07 0.00 0.00 109,113,524.59 M-1 13,125,000.00 13,125,000.00 71,159.38 0.00 71,159.38 0.00 0.00 13,125,000.00 M-2 5,250,000.00 5,250,000.00 31,561.25 0.00 31,561.25 0.00 0.00 5,250,000.00 B-1 6,375,000.00 6,375,000.00 33,503.00 0.00 33,503.00 0.00 0.00 6,375,000.00 B-2 14,625,000.00 14,625,000.00 87,140.63 0.00 87,140.63 0.00 0.00 14,625,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------- TOTALS: 150,000,000.00 149,125,672.13 792,878.79 637,147.54 1,430,026.33 0.00 0.00 148,488,524.59 ======================================================================================================================
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH PRIOR CURRENT RATES PRINCIPAL PRINCIPAL ---------------------- CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - ------ ----- ------------ -------- ----------- ---------- ---------- -------- --------- A-1 90263ACB4 992.096471 5.148154 5.759526 10.907680 986.336945 6.227000% 6.227000% M-1 90263ACC2 1,000.000000 5.421667 0.000000 5.421667 1,000.000000 6.506000% 6.506000% M-2 90263ACD0 1,000.000000 6.011667 0.000000 6.011667 1,000.000000 7.214000% 7.214000% B-1 90263ACE8 1,000.000000 5.255373 0.000000 5.255373 1,000.000000 6.523910% 6.785470% B-2 UC9803101 1,000.000000 5.958334 0.000000 5.958334 1,000.000000 7.150000% 7.150000% R UC9803102 0.000000 0.000000 0.000000 0.000000 0.000000 N/A N/A - ---------------------------------------------------------------------------------------------------------- This statement is available on Bankers Trust's Website, http://online.bankerstrust.com/invr/. We begin posting statements on the Web at 7:00 pm. Eastern Time on the business day before each distribution date.
SELLER: UCFC Funding Corporation ADMINISTRATOR: SERVICER: United Companies Lending Bankers Trust Company Corporation 3 Park Plaza LEAD UNDERWRITER: Prudential Securities Incorporated Irvine, CA 92714 RECORD DATE: November 30, 1998 FACTOR INFORMATION: DISTRIBUTION DATE: December 15, 1998 (800) 735-7777 Page 12 (c) COPYRIGHT 1998 Bankers Trust Company UCFC FUNDING CORPORATION MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES SERIES 1998-3 STATEMENT TO CERTIFICATEHOLDERS - -------------------------------------------------------------------------- Distribution Date: December 15, 1998 MORTGAGE POOL INFORMATION: - ------------------------- BEGINNING NUMBER OF LOANS IN POOL 2,806 ENDING NUMBER OF LOANS IN POOL 2,799 BEGINNING BALANCE OF POOL 149,435,484.57 LESS: SCHEDULED PRINCIPAL 146,438.66 PRINCIPAL PREPAYMENTS 316,834.14 REPURCHASES 0.00 LIQUIDATIONS 0.00 OTHER UNSCHEDULED PRINCIPAL 0.00 (463,272.80) ADD: SUBSEQUENT LOANS ADDED AFTER DUE DATE 0.00 --------------- ENDING BALANCE OF POOL 148,972,211.77 =============== WEIGHTED AVERAGE REMAINING TERM TO MATURITY 328 WEIGHTED AVERAGE NET CONTRACT RATE 7.763245% CURRENT REALIZED LOSSES ON THE POOL 0.00 CUMULATIVE REALIZED LOSSES ON THE POOL 0.00 NUMBER OF MANUFACTURED HOMES REPOSSESSED DURING CURRENT DUE PERIOD 0 NUMBER OF MANUFACTURED HOMES ABOVE THAT REMAIN IN INVENTORY 0 BALANCE OF MANUFACTURED HOMES REPOSSESSED DURING CURRENT DUE PERIOD 0.00 BALANCE OF MANUFACTURED HOMES ABOVE THAT REMAIN IN INVENTORY 0.00 POOL FACTOR 139.118120% - -----------------------------------------------------------------------------------------------------------
LOANS DELINQUENT,BANKRUPTCY, LOANS IN LOANS FORECLOSURE, AND REO 30 TO 59 60 TO 89 90 PLUS IN FORE- IN LOAN INFORMATION DAYS DAYS DAYS BANKRUPTCY CLOSURE REO - ----------------------------------------------------------------------------------------------------------- SUB-POOL 1 PRINCIPAL BALANCE 1,478,327.90 243,954.06 167,793.38 565,820.78 0.00 0.00 PERCENTAGE OF POOL BALANCE 0.9924% 0.1638% 0.1126% 0.3798% 0.0000% 0.0000% - ----------------------------------------------------------------------------------------------------------- SUB-POOL 1 NUMBER OF LOANS 30 5 4 10 0 0 PERCENTAGE OF LOANS 1.0718% 0.1786% 0.1429% 0.3573% 0.0000% 0.0000% - -----------------------------------------------------------------------------------------------------------
BOOK VALUE OF REO PROPERTIES N/A INCOME RECEIVED FROM REO PROPERTIES DURING DUE PERIOD N/A Page 13 (c) COPYRIGHT 1998 Bankers Trust Company UCFC FUNDING CORPORATION Manufactured Housing Contract Pass-Through Certificates Series 1998-3 Statement To Certificateholders - ------------------------------------------------------------------ Distribution Date: December 15, 1998 - ------------------------------------------------------------------ OTHER CERTIFICATE INFORMATION: INTEREST REDUCTION CARRYOVER REMAINING UNSCHEDULED OF PRINCIPAL INCLUDED IN INTEREST PRINCIPAL CLASS SHORTFALL DISTRIBUTION CARRYOVER DISTRIBUTED - ----- ------------ -------------- ------------ ----------- CLASS A-1 0.00 0.00 0.00 490,708.88 CLASS M-1 0.00 0.00 0.00 0.00 CLASS M-2 0.00 0.00 0.00 0.00 CLASS B-1 0.00 0.00 0.00 0.00 CLASS B-2 0.00 0.00 0.00 0.00 MISCELLANEOUS INFORMATION - ------------------------- SENIOR PERCENTAGE 73.596096% CLASS M-1 PERCENTAGE 8.801301% CLASS M-2 PERCENTAGE 3.520521% CLASS B-1 PERCENTAGE 4.274918% CLASS B-2 PERCENTAGE 9.807165% ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 173,874.74 OVERCOLLATERALIZATION REDUCTION AMOUNT 0 OUTSTANDING MONTHLY ADVANCES REIMBURSABLE TO THE SERVICER 0.00 COMPENSATING INTEREST FROM SERVICER INCLUDED IN DISTRIBUTION 1232.1 HAS THE PERFORMANCE TEST BEEN SATISFIED? NOT APPLICABLE (HAS EACH OF THE FOUR RATIO TESTS BELOW BEEN PASSED?) CURRENT TARGET TEST RATIO TEST RATIO RATIO PASSED? ---------- ------- ------- ------ AVG. 60-DAY DEL. RATIO 0.23% 5.00% YES AVG. 30-DAY DEL. RATIO 0.72% 7.00% YES CURRENT REALIZED LOSS RATIO 0.00% 2.75% YES CUMULATIVE REALIZED LOSSES* 0.00% N/A N/A *CUMULATIVE REALIZED LOSSES TARGET RATIO LOOKUP TABLE: START MONTH END MONTH TARGET RATIO ----------- --------- ------------ Oct-98 Sep-2003 N/A Oct-2003 Sep-2004 7.00% Oct-2004 Sep-2005 8.00% Oct-2005 - 9.00% Page 14 (c) COPYRIGHT 1998 Bankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----