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
JULY 30, 1998
- -------------------------------------------------------------------------------
Date of Report (Date of earliest event reported)
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC., (as
depositor under the Pooling and Servicing Agreement dated as of July
1, 1998, which forms FURST Mortgage Loan Trust 1998-B, which issued
Mortgage Pass-Through Certificates, Series 1998-B).
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
NORTH CAROLINA 333-3574 56-1967773
- ------------------------------ ------------------------- -------------------
(State or Other Jurisdiction of (Commission File Numbers) (I.R.S. Employer
Incorporation) Identification No.)
301 SOUTH COLLEGE STREET, CHARLOTTE, NORTH CAROLINA 28228-0600
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (ZIP code)
(704) 383-3624
- -------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
- -------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Exhibit Index appears on Page 5
2
ITEM 5. OTHER EVENTS.
On July 30, 1998 (the "Closing Date"), a single series of
certificates, entitled First Union Residential Securitization Transactions,
Inc., FURST Mortgage Loan Trust 1998-B, Mortgage Pass-Through Certificates,
Series 1998-B (the "Certificates"), issued pursuant to a Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement") dated as of July 1, 1998,
attached hereto as Exhibit 4.1, among First Union Residential Securitization
Transactions, Inc. as depositor (the "Registrant"), First Union National Bank
as seller (the "Seller"), as master servicer and as trust administrator, and
Norwest Bank Minnesota, National Association as trustee (in such capacity, the
"Trustee") and document custodian. The Certificates consist of twenty-eight
classes identified as the "Class 1A-1 Certificates," the "Class 1A-2
Certificates," the "Class 1A-3 Certificates," the "Class 1A-4 Certificates,"
the "Class 1A-5 Certificates," the "Class 1A-6 Certificates," the "Class 1A-7
Certificates," the "Class 1A-8 Certificates," the "Class 1A-9 Certificates,"
the "Class 1A-10 Certificates," the "Class 1A-11 Certificates," the "Class
1A-12 Certificates," the "Class 1A-PO Certificates," the "Class 1A-WIO
Certificates," the "Class A-R Certificates," the "Class 1M Certificates," the
"Class 1B-1 Certificates," the "Class 1B-2 Certificates," the "Class 1B-3
Certificates," the "Class 1B-4 Certificates," the "Class 1B-5 Certificates,"
the "Class 2A Certificates," the "Class 2M Certificates," the "Class 2B-1
Certificates," the "Class 2B-2 Certificates," the "Class 2B-3 Certificates,"
the "Class 2B-4 Certificates" and the "Class 2B-5 Certificates," respectively,
and were issued in exchange for, and evidence the entire beneficial ownership
interest in, the assets of a trust fund (the "Trust Fund") consisting primarily
of two pools of fixed-rate, first-lien mortgage loans (the "Mortgage Loans")
secured by mortgages, security deeds or deeds of trust on primarily one- to
four-family residential properties, all monies received thereunder on or after
a specified cut-off date, security interests in the properties which secure the
Mortgage Loans and certain other property. The aggregate principal balance of
the Mortgage Loans that were conveyed to the Trust Fund on the Closing Date as
of July 1, 1998 (the "Cut-Off Date") was $478,463,912.73.
The Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class
1A-6, Class 1A-7, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-11, Class
1A-12, Class 1A-PO, Class 1A-WIO, Class A-R, Class 1M, Class 1B-1, Class 1B-2,
Class 2A, Class 2M, Class 2B-1 and Class 2B-2 Certificates were publicly
offered, as described in a Prospectus, dated July 24, 1998, and a Prospectus
Supplement, dated July 24, 1998, as previously filed with the Securities and
Exchange Commission pursuant to Rule 424(b)(5).
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits:
1.1(a) Underwriting Agreement, dated July 24, 1998, among
First Union Residential Securitization Transactions,
Inc., First Union National Bank, First Union Capital
Markets, a division of Wheat First Securities, Inc.
and Salomon Brothers Inc.
1.1(b) Underwriting Agreement, dated July 24, 1998, among
First Union Residential Securitization Transactions,
Inc., First Union National Bank, First Union Capital
Markets, a division of Wheat First Securities, Inc.,
and PaineWebber Incorporated.
4.1 Pooling and Servicing Agreement, dated as of July 1,
1998, among First Union Residential Securitization
Transactions, Inc. as depositor, First Union National
Bank as seller, master
2
3
servicer and as trust administrator and Norwest Bank
Minnesota, National Association, as trustee and
document custodian.
4.2 Mortgage Loan Purchase Agreement, dated as of July 1,
1998, between First Union Residential Securitization
Transactions, Inc. and First Union National Bank.
8.1 Opinion of Kilpatrick Stockton LLP as to tax matters.
3
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 hereunto duly authorized.
FIRST UNION RESIDENTIAL SECURITIZATION
TRANSACTIONS, INC.
By: /s/ Pearl Wilson Bassard
---------------------------------
Pearl Wilson Bassard, Vice
President
Date: August 13, 1998
4
5
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
1.1(a) Underwriting Agreement, dated July 24, 1998, among
First Union Residential Securitization Transactions,
Inc., First Union National Bank, First Union Capital
Markets, a division of Wheat First Securities, Inc.
and Salomon Brothers Inc.
1.1(b) Underwriting Agreement, dated July 24, 1998, among
First Union Residential Securitization Transactions,
Inc., First Union National Bank, First Union Capital
Markets, a division of Wheat First Securities, Inc.,
and PaineWebber Incorporated
4.1 Pooling and Servicing Agreement, dated as of July 1,
1998, among First Union Residential Securitization
Transactions, Inc. as depositor, First Union National
Bank as seller, master servicer and trust
administrator and Norwest Bank Minnesota, National
Association, as trustee and document custodian.
4.2 Mortgage Loan Purchase Agreement, dated as of April
1, 1998, between First Union Residential
Securitization Transactions, Inc. and First Union
National Bank.
8.1 Opinion of Kilpatrick Stockton LLP as to tax matters.
5