-----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,
 OECptCGnthJYQICEJ1SjfDLXMHxnEcC6j8fxaWggMOY9WVnCvcLbv4Ua1Lh5sM0g
 XHhCHENyKLbJifJkpBhjIg==

<SEC-DOCUMENT>0001181431-06-040318.txt : 20060705
<SEC-HEADER>0001181431-06-040318.hdr.sgml : 20060704
<ACCEPTANCE-DATETIME>20060705161618
ACCESSION NUMBER:		0001181431-06-040318
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060701
FILED AS OF DATE:		20060705
DATE AS OF CHANGE:		20060705

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED PAN AM FINANCIAL CORP
		CENTRAL INDEX KEY:			0001049231
		STANDARD INDUSTRIAL CLASSIFICATION:	MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]
		IRS NUMBER:				943211687
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3990 WESTERLY PLACE
		STREET 2:		SUITE 200
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		9492241917

	MAIL ADDRESS:	
		STREET 1:		3990 WESTERLY PLACE
		STREET 2:		SUITE 200
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Khazei Arash A
		CENTRAL INDEX KEY:			0001368074

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24051
		FILM NUMBER:		06944420

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		949-224-1227

	MAIL ADDRESS:	
		STREET 1:		3990 WESTERLY PLACE
		STREET 2:		SUITE 200
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd122963.xml
<DESCRIPTION>FORM 4 -ARASH
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-07-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001049231</issuerCik>
        <issuerName>UNITED PAN AM FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>UPFC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001368074</rptOwnerCik>
            <rptOwnerName>Khazei Arash A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3990 WESTERLY PLACE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 200</rptOwnerStreet2>
            <rptOwnerCity>NEWPORT BEACH</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92660</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President &amp; CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>30.40</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-07-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-07-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-07-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>50000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Options granted under the UPFC Amended and Restated 1997 Employee Stock Incentive Plan.</footnote>
        <footnote id="F2">The option vests in five equal annual installments beginning on July 1, 2007.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Arash A Khazei</signatureName>
        <signatureDate>2006-07-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----