**UNITED STATES SECURITIES AND EXCHANGECOMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-K**

x   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2001

OR

 ̈   TRANSITION REPORT PURSUANT TO SECTION 13 OR15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to__________

| Commission File Number: 333-46210                     |
|-------------------------------------------------------|
|                                                       |
| **UNION PLANTERS HOME EQUITY CORP.**                  |
| (Exact name of registrant as specified in itscharter) |

|           Delaware           |  |           52-227306           |
|----------------------------------------------------------------------------------------------------------------------------------|--|-----------------------------------------------------------------------------------------------------------------------------------|
| (State or other Jurisdiction of Incorporation orOrganization)                                                                    |  | (IRS Employer Identification No.)                                                                                                 |

| Union Planters Corporation               |
|------------------------------------------|
| 6200 Poplar Ave.                         |
| Memphis, Tennessee 38119                 |
| (Address of principal executive offices) |

Registrant’s telephone number, includingarea code:        (901)580-6000            

Securities registered pursuant to Section 12(b)of the Act:             None                  

Securities registered pursuant to Section 12(g)of the Act:         Common Stock, par value $0.01 per share

Indicate by check mark whether the Registrant (i) has filed allreports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (orfor such short period that the Registrant was required to file suchreport) and (ii) has been subject to such filing requirements forthe past 90 days:

Yes  x              No ̈

Indicate by check mark if disclosure of delinquent filerspursuant to Item 405 of Regulation S-K (§229.405 of thischapter) is not contained herein and will not be contained, to thebest of registrant’s knowledge, in definitive proxy orinformation statements incorporated by reference in Part III ofthis Form 10-K or any amendment to this Form 10-K. x

Aggregate market value of voting stock held by nonaffiliates ofthe Registrant as of the latest practicable date, February 28,2002:  NONE

As of February 28, 2002, the latest practicable date, there were1,000 shares of Union Planters Home Equity Corp. common stockoutstanding, all of which are owned by Union Planters Bank,National Association, a wholly-owned subsidiary of Union PlantersCorporation.

The registrant meets the conditions set forth in GeneralInstruction I(1)(a) and (b) of Form 10-K and, therefore, isfurnishing the abbreviated narrative disclosure specified inParagraph (2) of General Instruction I.

**PART I**

***Item 1-Business***

Union Planters Home Equity Corp, (UPHEC or the Company) wasincorporated in Delaware on August 30, 2000, as a wholly-owned,limited-purpose financing subsidiary of Union Planters Bank,National Association (the Bank), which in turn is a subsidiary ofUnion Planters Corporation (UPC).  The Company was organizedto facilitate the securitization of loans and other assets throughthe issuance and sale of collateralized bonds and pass-throughsecurities through trusts established by the Company. Securities issued through trusts will be secured primarily byresidential mortgage loans and mortgage-backed certificates ofvarious types. In the future, the Company may finance other typesof loans and assets.

The Company competes in a national market with other privateconduits and various financial firms.  Economic conditions,interest rates, regulatory changes and market dynamics allinfluence the securities market. 

***Item 2-Properties***

UPHEC has no physical properties.

***Item 3-Legal Proceedings***

None.

***Item 4-Submission of Matters to a Vote of SecurityHolders***

Information in response to this Item is omitted pursuant toGeneral Instruction I.

****

**PART II**

***Item 5-Market for Registrant’s Common Equity andRelated Stockholder Matters***

All of UPHEC’s outstanding common stock is owned by theBank.  Accordingly, there is no market for its commonstock.

***Item 6-Selected Financial Data***

Information in response to this Item is omitted pursuant toGeneral Instruction I.

**

***Item 7-Management’s Discussion and Analysis ofFinancial Condition and Results of Operation***

UPHEC filed a registration statement with the Securities andExchange Commission on Form S-3, which was declared effective inApril 2001.  However, there has been no business activity ofthe Company to date.

Results of Operations

During 2001, UPHEC incurred $168,000 of expenses related to theformation of the Company.

***Item 7A-Quantitative and Qualitative Disclosures AboutMarket Risks***

Not Applicable.

***Item 8-Financial Statements and SupplementaryData***

AUDITED FINANCIAL STATEMENTS

UNION PLANTERS HOME EQUITY CORP.
|                                                                                                                                                        | Page |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|------|
| Report of IndependentAccountants..............................................................................................................         | 4    |
| Balance Sheet - December 31, 2001 and2000.................................................................................................             | 5    |
| Statement of Operations - For the periods ended December 31,2001 and 2000.......................................                                       | 6    |
| Statement of Shareholder’s Equity - For periods year endedDecember 31, 2001 and 2000....................                                         | 7    |
| Statement of Cash Flows - For the periods ended December 31,2001 and 2000......................................                                        | 8    |
| Notes to FinancialStatements.......................................................................................................................... | 9    |

****

**REPORT OF INDEPENDENT ACCOUNTANTS**

To the Board of Directors and Shareholder of Union Planters HomeEquity Corp.

In our opinion, the accompanying balance sheet and the relatedstatements of operations, changes in shareholder’s equity andcash flows present fairly, in all material respects, the financialposition of Union Planters Home Equity Corp. at December 31, 2001and 2000 the results of its operations and its cash flows for theyear ended December 31, 2001 and the period from August 30, 2000(inception) to December 31, 2000, in conformity with accountingprinciples generally accepted in the United States of America.These financial statements are the responsibility of Union PlantersHome Equity Corp.’s management; our responsibility is toexpress an opinion on these financial statements based on ouraudits. We conducted our audits of these statements in accordancewith auditing standards generally accepted in the United States ofAmerica, which require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in thefinancial statements, assessing the accounting principles used andsignificant estimates made by management and evaluating the overallfinancial statement presentation. We believe that our auditsprovide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Memphis, Tennessee

March 18, 2002

****

**  Union Planters Home EquityCorp.**

**Balance Sheet**

****

****

****

|                                                                                                                                                            |                                                                                                               | **December 31,**                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|
|                                                                                                                                                                 | **   2001**                                                                     | **   2000   **                                           |   |
|                                                                                                                                                            |                                                                                                               | **(Dollars in thousands)**                                                             |
|                                                                                                                                                                 |                                                                                                               |                                                                                        |   |
| Cash                                                                                                                                                            |   $          133                                  |   $         10                  |   |
|           **Totalassets**......................................................................................... |   $          133                                  |   $         10                  |   |
|                                                                                                                                                                 |                                                                                                               |                                                                                        |   |
| Payable toaffiliates......................................................................................                                                      |   $            58                       |   $         —             |   |
|           **Totalliabilities**...................................................................................  |                 58            |              —  |   |
|                                                                                                                                                                 |                                                                                                               |                                                                                        |   |
| Shareholder’s equity                                                                                                                                      |                                                                                                               |                                                                                        |   |
|   Common stock, par value $.01 per share,                                                                                                                  |                                                                                                               |                                                                                        |   |
|      1,000 shares authorized, issued andoutstanding..............................                                                           |                  — |              —  |   |
|   Additional paid-incapital..........................................................................                                                      |                178                 |               10 |   |
|   AccumulatedDeficit..................................................................................                                                     |              (103)                           |              —  |   |
|           **Totalshareholder’sequity**...............................................................        |                 75            |              10       |   |
|                                                                                                                                                                 |                                                                                                               |                                                                                        |   |
|           **Totalliabilities and shareholder’sequity**.....................................                  |   $          133                                  |   $         10                  |   |

____________________

The notes to the balance sheet are an integral part of thesefinancial statements.

**Union Planters Home Equity Corp.**

**Statement of Operations**

****

|                                                                                                                        | **Year Ended**                                                                                 | **Period of**                                                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                        | **December 31,**                                                                               | **    August 30 – December 31,**                                                                                                                                                                |
|                                                                                                                        | **   2001  **                                                              | **   2000  **                                                                                                                                                                                         |
|                                                                                                                        | **  (Dollars in thousands)**                                                         |                                                                                                                                                                                                                           |
|                                                                                                                        |                                                                                                |                                                                                                                                                                                                                           |
| **Noninterestincome**..............................................                                               |   $            —   |                   $               —            |
|                                                                                                                        |                                                                                                |                                                                                                                                                                                                                           |
| **Noninterestexpense**.............................................                                                    |               168        |                                    — |
|                                                                                                                        |                                                                                                |                                                                                                                                                                                                                           |
|          L**oss beforeincome taxes**............................               |               (168)      |                                    — |
| Applicable income tax benefit..............................                                                            |                (65) |                                    — |
|          **Netloss**.......................................................... |   $         (103)                       |                   $               —            |

____________________

The accompanying notes are an integral part of these financialstatements.

**Union Planters Home Equity Corp.**

**Statement of Changes in Shareholder’sEquity**

|                                                                      |                                                                                                                     | **Additional**                                                                                                       |                                                                                                                     |                                                                                                                       |
|----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|
|                                                                      | **Common**                                                                                                          | **Paid-in**                                                                                                          | **Accumulated**                                                                                                     |                                                                                                                       |
|                                                                      | **   Stock   **                                                                       | **  Capital  **                                                                                  | **    Deficit     **                                                   | **Total**                                                                                                             |
|                                                                      | **(Dollars in thousands)**                                                                                          |                                                                                                                 |
| **Balance, August 30, 2000**.............................            |   $              —            |   $              —             |   $              —            |   $              —              |
| Capitalinvestment...........................................         |                   — |                    10 |                   — |                     10 |
| **Balance, December 31, 2000**........................               |                   — |                    10 |                   — |                     10 |
| Netloss............................................................. |                   — |                  168            |                (103)                     |                    65  |
| **Balance, December 31, 2001**........................               |   $              —            |   $             178                       |   $           (103)                                |   $               75             |

____________________

The accompanying notes are an integral part of these financialstatements.

**Union Planters Home Equity Corp.**

**Statement of Cash Flows**

|                                                                                                                                         |                                                                                                                            | **Period of**                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         | **Year Ended December 31,**                                                                                                | **    August 30 – December 31,**                                                                       |
|                                                                                                                                         | **2001**                                                                                                                   | **2000**                                                                                                                         |
|                                                                                                                                         | **  (Dollars in thousands)**                                                                                     |                                                                                                                                  |
| **Operating activities**                                                                                                                |                                                                                                                            |                                                                                                                                  |
|   Netloss........................................................................................................                  |   $            (103)                                 |   $                —             |
|   Net increase in payable toaffiliates.........................................................                                    |                     58 |                     —  |
|           Net cashused by operatingactivities............................................. |                   (45)           |                     —  |
|                                                                                                                                         |                                                                                                                            |                                                                                                                                  |
| **Financing activities**                                                                                                                |                                                                                                                            |                                                                                                                                  |
| ** ** Additional paid-incapital..........................................................................                          |                   168            |                     10       |
|           Net cashprovided by financingactivities......................................    |                   168            |                     10       |
| Net increase incash.....................................................................................                                |                    123      |                      10 |
| Cash at beginning ofyear...........................................................................                                     |                     10 |                     —  |
| Cash at end ofyear......................................................................................                                |   $              133                       |   $                10                  |

____________________

The accompanying notes are an integral part of these financialstatements.

**UNION PLANTERS HOME EQUITY CORP.**

**Notes to Financial Statements**

****

**Note 1.  Business and Summary of Significant AccountingPolicies**

         

***Business.***  Union Planters Home Equity Corp,(UPHEC or the Company) was incorporated in Delaware on August 30,2000, as a wholly-owned, limited-purpose financing subsidiary ofUnion Planters Bank, National Association (the Bank), which in turnis a subsidiary of Union Planters Corporation (UPC).  TheCompany was organized to facilitate the securitization of loans andother assets through the issuance and sale of collateralized bondsand pass-through securities through trusts established by theCompany.  Securities issued through trusts will be securedprimarily by residential mortgage loans and mortgage-backedcertificates of various types. In the future, the Company mayfinance other types of loans and assets.

        

***Use of Estimates.***  The accounting andreporting policies of UPHEC conform to accounting principlesgenerally accepted in the United States of America and generalpractice within the financial services industry.  Thisrequires management to make estimates and assumptions that affectthe amounts reported in the financial statements and accompanyingnotes; actual results could differ from these estimates.

***Basis of Presentation.***  The financialstatements include the accounts of UPHEC.  These financialstatements do not include the accounts of any trusts established tocarry out the issuance and sale of collateralized bonds andpass-through securities.

**Note 2.  Income Taxes**

Income taxes are computed on a separate company basis. UPHEC will file a consolidated federal income tax return with UPBand UPC.  There are no deferred income taxes as provided inaccordance with Statement of Financial Accounting Standards No.109, “Accounting for Income Taxes.”  UPHEC’seffective tax rate does not differ from the federal statutory rateof 35%.

**Note 3.  Related Party**

UPHEC is financially dependent on agreements with UPB to effectcertain of its operations, including providing loans and otherassets for securitization and sale.  UPHEC is also financiallydependent on agreements with UPC.

***Item 9-Changes in and Disagreements with Accountants onAccounting and Financial Disclosure***

None.

**PART III**

***Item 10-Directors and Executive Officers of theRegistrant***

Information in response to this Item is omitted pursuant toGeneral Instruction I.

***Item 11-Executive Compensation***

Information in response to this Item is omitted pursuant toGeneral Instruction I.

***Item 12-Security Ownership of Certain Beneficial Ownersand Management***

****

Information in response to this Item is omitted pursuant toGeneral Instruction I.

***Item 13-Certain Relationships and RelatedTransactions***

Information in response to this Item is omitted pursuant toGeneral Instruction I.

**PART IV**

***Item 14-Exhibits, Financial Statement Schedules andReports on Form 8-K***
| (a) (1) | Index to financial statements is included in Item 8. |
|---------|------------------------------------------------------|
| (a) (2) | Not applicable.                                      |
| (a) (3) | Exhibits.                                            |
| 3.1    | Certificate of Incorporation of the Registrant (Incorporatedherein by reference to the Exhibits to Registrant’sRegistration Statement No. 333-46210 on Form S-3, filed September20, 2000)                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2    | Bylaws of the Registrant (Incorporated herein by reference tothe Exhibits to the Registrant’s Registration Statement No.333-46210 on Form S-3, filed September 20, 2000)                                                   |
| 4.1    | Standard Terms to Pooling and Servicing Agreement (September2000 Edition) (Incorporated herein by reference to the Exhibits tothe Registrant’s Registration Statement No. 333-46210 on FormS-3, filed September 20, 2000)  |
| 4.1(a) | Form of Series Supplement to the Pooling and Servicing Agreement(Incorporated herein by reference to the Exhibits to theRegistrant’s Registration Statement No. 333-46210 on FormS-3, filed September 20, 2000)            |
| 4.2    | Form of Indenture between Registrant and Trustee (Incorporatedherein by reference to the Exhibits to the Registrant’sRegistration Statement No. 333-46210 on Form S-3, filed September20, 2000)                            |
| 4.2(a) | Form of Series Supplement to the Indenture between Registrantand Trustee (Incorporated herein by reference to the Exhibits tothe Registrant’s Registration Statement No. 333-46210 on FormS-3, filed September 20, 2000)   |
| 4.3    | Form of Trust Agreement between Registrant and Trustee(Incorporated herein by reference to the Exhibits to theRegistrant’s Registration Statement No. 333-46210 on FormS-3, filed September 20, 2000)                      |
| 4.4    | Form of Deposit Trust Agreement between Registrant and Trustee(Incorporated herein by reference to the Exhibits to theRegistrant’s Registration Statement No. 333-46210 on FormS-3, filed September 20, 2000)              |
| 99.1   | Form of Sales Agreement between the Registrant, as Purchaser andthe Seller (Incorporated herein by reference to the Exhibits to theRegistrant’s Registration Statement No. 333-46210 on FormS-3, filed September 20, 2000) |
| 99.2   | Form of Servicing Agreement (Incorporated herein by reference tothe Exhibits to the Registrant’s Registration Statement No.333-46210 on Form S-3, filed September 20, 2000)                                                |
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The Registrant filed the following current reports on Form 8-Kfor the fourth quarter of 2001.

          None.

(c)                  Exhibits

          Pleaserefer to Item 14(a)(3) herein above.

(d)                  Additional financial statements

         (1)                  Separate Financial Statements of subsidiaries not consolidated andfifty-percent-or-less persons.

                           None.

         (2)                  Affiliates whose securities are pledged as collateral

                           None.

         (3)                  Schedules

                           None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of thesecurities Exchange Act of 1934, the Registrant has duly causedthis report to be signed on its behalf by the undersigned,thereunto duly authorized.

|                                                                                                                                | **UNION PLANTERS HOME EQUITY CORP.**                                                                                                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                | *(Registrant)*                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                |                                                                                                                                                                                                                                                                                                                                         |
| Dated:        March18,2002           | By: /s/ Norman J.Burglin                                                                     |
|                                                                                                                                | Norman J. Burglin                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                | President and Chief Executive Officer                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                |                                                                                                                                                                                                                                                                                                                                         |
| Dated:        March18,2002           | By: /s/ Bobby L.Doxey                                                    |
|                                                                                                                                | Bobby L. Doxey                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                | Senior Executive Vice President,                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                | Chief Financial Officer and Chief Accounting Officer                                                                                                                                                                                                                                                                                    |

Pursuant to the requirements of the Securities Exchange Act of1934, this report has been signed below by the following persons onbehalf of the Registrant and in the capacities and on March 18,2001.

| By: /s/ Norman J.Burglin                                                | By: /s/ Bobby L.Doxey                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Norman J. Burglin                                                                                                                                                                                                                                                                                                  | Bobby L. Doxey                                                                                                                                                                                                                                                                                                                          |
| President and Chief Executive Officer                                                                                                                                                                                                                                                                              | Senior Executive Vice President,                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                    | Chief Financial Officer and Chief Accounting Officer                                                                                                                                                                                                                                                                                    |