**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-Q**

**000-32409**

**UNITED      MORTGAGE TRUST**

| **Maryland**                                                                  | **75-6493585**                                      |
|-------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) | (I.R.S.                Employer Identification No.) |

**1702      N. Collins Blvd, Suite 100**

**Richardson,      Texas 75080**

**(214)      237-9305**

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**UNITED      MORTGAGE TRUST**

**INDEX**

**PART      I - FINANCIAL INFORMATION**

|                                           |                                                                                                                                              | **Page** |
|------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| **ITEM                1.**                     | **Financial                Statements**                                                                                                           |     |
|                                           |                                                                                                                                              |     |
|                                           | **UNITED                MORTGAGE TRUST:**                                                                                                         |     |
|                                           | Consolidated                Balance Sheets as of March 31, 2007 (unaudited) and December 31,                2006                                  |  1  |
|                                           | Consolidated                Statements of Income for the three months ended March 31, 2007 and                2006                (unaudited)     |  2  |
|                                           | Consolidated                Statements of Cash Flows for the three months ended March 31, 2007                and                2006 (unaudited) |  3  |
|                                           | Notes                to Consolidated Financial Statements (unaudited)                                                                             |  4  |
|                                           |                                                                                                                                              |     |
| **ITEM                2.**                     | **Management’s                Discussion and Analysis of Financial Condition and Results of                Operations**                     | 7   |
| **ITEM                3.**                     | **Quantitative                and Qualitative Disclosures about Market Risk**                                                                     |  13 |
| **ITEM                4.**                     | **Controls                and Procedures**                                                                                                        |  13 |
|                                           |                                                                                                                                              |     |
| **PART                II - OTHER INFORMATION** |
|                                           |                                                                                                                                              |     |
| **ITEM                1.**                     | **Legal                Proceedings**                                                                                                              |  13 |
| **ITEM                1A.**                    | **Risk                Factors**                                                                                                                   |  13 |
| **ITEM                2.**                     | **Unregistered                Sales of Equity Securities and Use of Proceeds**                                                                    |  13 |
| **ITEM                3.**                     | **Defaults                Upon Senior Securities**                                                                                                |  13 |
| **ITEM                4.**                     | **Submission                of Matters to a Vote of Security Holders**                                                                            |  13 |
| **ITEM                5.**                     | **Other                Information**                                                                                                              |  14 |
| **ITEM                6.**                     | **Exhibits**                                                                                                                                      |  14 |

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**PART      I -- FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS**

**UNITED      MORTGAGE TRUST**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                                                                                                                                                                         |   | **March                31, 2007** |        | **December                31,****2006** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-------------|-----------------------------------------|--------|
|                                                                                                                                                                                                                                                         |   | **(unaudited)**                   |        | **(audited)**                           |   |
| **Assets**                                                                                                                                                                                                                                                   |
| Cash                  and cash equivalents                                                                                                                                                                                                                   |   | $                                 | 105,689     |                                    | $      | 3,661,724 |   |
| Mortgage                  investments:                                                                                                                                                                                                                       |   |                              |        |                                    |   |   |   |
| Investment                  in trust receivable                                                                                                                                                                                                              |   |                              | 6,018,263   |                                    |   | 5,473,508 |   |
| Interim                  mortgages, affiliates                                                                                                                                                                                                               |   |                              | 68,789,944  |                                    |   | 64,883,388 |   |
| Interim                  mortgages                                                                                                                                                                                                                           |   |                              | 16,227,621  |                                    |   | 17,825,519 |   |
| Allowance                  for loan losses                                                                                                                                                                                                                   |   |                              | (1,009,007  | )                                       |   | (1,011,975 | ) |
|                                                                                                                                                                                                                                                         |   |                              |        |                                    |   |   |   |
| Total                  mortgage investments                                                                                                                                                                                                                  |   |                              | 90,026,821  |                                    |   | 87,170,440 |   |
|                                                                                                                                                                                                                                                         |   |                              |        |                                    |   |   |   |
| Line                  of credit receivable, affiliate                                                                                                                                                                                                        |   |                              | 34,106,189  |                                    |   | 33,056,189 |   |
| Accrued                  interest receivable                                                                                                                                                                                                                 |   |                              | 340,054     |                                    |   | 390,315 |   |
| Accrued                  interest receivable, affiliate                                                                                                                                                                                                      |   |                              | 4,248,160   |                                    |   | 3,331,204 |   |
| Receivable                  from affiliate                                                                                                                                                                                                                   |   |                              | 136,611     |                                    |   | 230,861 |   |
| Recourse                  obligations, affiliates                                                                                                                                                                                                            |   |                              | 12,620,655  |                                    |   | 11,975,234 |   |
| Residential                  mortgages and contracts for deed foreclosed                                                                                                                                                                                     |   |                              | 136,779     |                                    |   | 359,517 |   |
| Interim                  mortgages foreclosed                                                                                                                                                                                                                |   |                              | 416,174     |                                    |   | 776,643 |   |
| Equipment,                  less accumulated depreciation of $23,054 and $22,120,                  respectively                                                                                                                                              |   |                              | 2,803       |                                    |   | 3,737 |   |
| Other                  assets                                                                                                                                                                                                                                |   |                              | 687,294     |                                    |   | 757,382 |   |
|                                                                                                                                                                                                                                                         |   |                              |        |                                    |   |   |   |
| Total                  assets                                                                                                                                                                                                                                |   | $                                 | 142,827,229 |                                    | $      | 141,713,246 |   |
|                                                                                                                                                                                                                                                         |   |                              |        |                                    |   |   |   |
| **Liabilities                  and Shareholders' Equity**                                                                                                                                                                                                    |
| Liabilities:                                                                                                                                                                                                                                                 |   |                              |        |                                    |   |   |   |
| Line                  of credit payable                                                                                                                                                                                                                      |   | $                                 | 28,222,623  |                                    | $      | 27,976,642 |   |
| Dividend                  payable                                                                                                                                                                                                                            |   |                              | 831,846     |                                    |   | 806,000 |   |
| Accounts                  payable and accrued liabilities                                                                                                                                                                                                    |   |                              | 118,313     |                                    |   | 4,718 |   |
|                                                                                                                                                                                                                                                         |   |                              |        |                                    |   |   |   |
| Total                  liabilities                                                                                                                                                                                                                           |   |                              | 29,172,782  |                                    |   | 28,787,360 |   |
|                                                                                                                                                                                                                                                         |   |                              |        |                                    |   |   |   |
| Commitments                  and contingencies                                                                                                                                                                                                               |   |                              |        |                                    |   |   |   |
|                                                                                                                                                                                                                                                         |   |                              |        |                                    |   |   |   |
| Shareholders'                  equity:                                                                                                                                                                                                                       |   |                              |        |                                    |   |   |   |
| Shares                  of beneficial interest; $.01 par value; 100,000,000 shares authorized;                  8,016,472 and 7,985,423 shares issued, respectively; and 6,895,529                  and                  6,917,443 outstanding, respectively |   |                              | 80,165      |                                    |   | 79,854 |   |
| Additional                  paid-in capital                                                                                                                                                                                                                  |   |                              | 141,404,361 |                                    |   | 140,783,690 |   |
| Advisor's                  reimbursement                                                                                                                                                                                                                     |   |                              | 397,588     |                                    |   | 397,588 |   |

| Cumulative                  distributions in excess of earnings                                                                 |   |  $ | (6,323,751  | )      |  $ | (7,366,618  | )      |
|---------------------------------------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|-------------|--------|
|                                                                                                                            |   |    |        |   |    |        |   |
|                                                                                                                            |   |    | 135,558,363 |   |    | 133,894,514 |   |
| Less                  treasury stock of 1,120,943 and 1,067,980 shares, respectively,                  at                  cost |   |    | (21,903,916 | )      |    | (20,968,628 | )      |
|                                                                                                                            |   |    |        |   |    |        |   |
| Total                  shareholders' equity                                                                                     |   |    | 113,654,447 |   |    | 112,925,886 |   |
|                                                                                                                            |   |    |        |   |    |        |   |
| Total                  liabilities and shareholders' equity                                                                     |   | $       | 142,827,229 |   | $       | 141,713,246 |   |

----

**UNITED      MORTGAGE TRUST**

**CONSOLIDATED      STATEMENTS OF INCOME**

**(unaudited)**

|                                                          |   | **Three                Months Ended****March                31,** |      |
|---------------------------------------------------------------|--------|-------------------------------------------------------------------|-----------|
|                                                          |   | **2007**                                                          |      | **2006** |   |
| **Revenues:**                                                 |   |                                                              |      |   |   |   |   |
| Interest                  income derived from affiliates      |   | $                                                                 | 3,752,865 |   | $ | 3,014,549 |   |
| Interest                  income                              |   |                                                              | 762,478   |   |   | 1,064,005 |   |
|                                                          |   |                                                              | 4,515,343 |   |   | 4,078,554 |   |
| **Expenses:**                                                 |   |                                                              |      |   |   |   |   |
| Trust                  administration fee                     |   |                                                              | 182,451   |   |   | 260,595 |   |
| Loan                  servicing fee                           |   |                                                              | 2,925     |   |   | 23,395 |   |
| General                  and administrative                   |   |                                                              | 202,438   |   |   | 246,790 |   |
| Provision                  for loan losses                    |   |                                                              | 207,311   |   |   | 787,375 |   |
| Interest                  expense                             |   |                                                              | 409,994   |   |   | 280,035 |   |
|                                                          |   |                                                              | 1,005,119 |   |   | 1,598,191 |   |
|                                                          |   |                                                              |      |   |   |   |   |
| Net                  income                                   |   | $                                                                 | 3,510,224 |   | $ | 2,480,364 |   |
|                                                          |   |                                                              |      |   |   |   |   |
| Net                  income per share of beneficial interest  |   | $                                                                 | 0.51      |   | $ | 0.35 |   |
|                                                          |   |                                                              |      |   |   |   |   |
| Weighted                  average shares outstanding          |   |                                                              | 6,891,364 |   |   | 7,066,402 |   |
|                                                          |   |                                                              |      |   |   |   |   |
| Distributions                  per weighted share outstanding |   | $                                                                 | 0.36      |   | $ | 0.35 |   |

----

**United      Mortgage Trust**

**Consolidate      Statements of Cash Flow**

**(unaudited)**

|                                                                              |   | **For                the Three Months Ended** |        |
|-----------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|
|                                                                              |   | **March                31,**                  |        |
|                                                                              |   | **2007**                                      |        |   | **2006** |   |
| **Operating                Activities**                                           |   |                                          |        |   |   |   |
| Net                income                                                         |   | $                                             | 3,510,224   |   |   | $ | 2,480,364 |   |
| Adjustments                to reconcile net income                                |   |                                          |        |   |   |   |   |   |
|   to                net cash provided by operating activities:          |   |                                          |        |   |   |   |   |   |
| Provision                for loan losses                                          |   |                                          | 207,311     |   |   |   | 787,375 |   |
| Depreciation                                                                      |   |                                          | 934         |   |   |   | 888 |   |
| Net                amortization of discount on mortgage investments               |   |                                          | -           |   |   |   | (2,161 | ) |
| Changes                in assets and liabilities:                                 |   |                                          |        |   |   |   |   |   |
| Accrued                interest receivable                                        |   |                                          | (866,695    | ) |   |   | (486,867 | ) |
| Other                assets                                                       |   |                                          | 70,088      |   |   |   | 42,230 |   |
| Accounts                payable and accrued liabilities                           |   |                                          | 113,595     |   |   |   | (114,445 | ) |
| Net                cash provided by (used in) operating activities                |   |                                          | 3,035,457   |   |   |   | 2,707,384 |   |
|                                                                              |   |                                          |        |   |   |   |   |   |
| **Investing                Activities**                                           |   |                                          |        |   |   |   |   |   |
| Investment                in residential mortgages and contracts for deed         |   |                                          | (563,422    | ) |   |   | - |   |
| Principal                receipts on residential mortgages and contracts for deed |   |                                          | 2,508       |   |   |   | 738,564 |   |
| Investment                in interim mortgage notes                               |   |                                          | (23,221,409 | ) |   |   | (24,477,637 | ) |
| Principal                receipts on interim mortgage notes                       |   |                                          | 20,417,715  |   |   |   | 18,624,795 |   |
| Recourse                obligations, affiliates, net                              |   |                                          | 238,703     |   |   |   | 444,088 |   |
| Line                of credit receivable, affiliate, net                          |   |                                          | (1,050,000  | ) |   |   | 413,819 |   |
| Receivable                from affiliate                                          |   |                                          | 94,250      |   |   |   | (6,043 | ) |
| Net                cash provided by (used in) investing activities                |   |                                          | (4,081,656  | ) |   |   | (4,262,414 | ) |
|                                                                              |   |                                          |        |   |   |   |   |   |
| **Financing                Activities**                                           |   |                                          |        |   |   |   |   |   |
| Proceeds                from issuance of shares of beneficial interest            |   |                                          | 620,982     |   |   |   | 701,197 |   |
| Purchase                of treasury stock                                         |   |                                          | (935,288    | ) |   |   | (366,653 | ) |
| Net                borrowings (payments) on line of credit, payable               |   |                                          | 245,981     |   |   |   | 639,904 |   |
| Dividends                                                                         |   |                                          | (2,441,511  | ) |   |   | (2,482,465 | ) |
| Net                cash provided by (used in) financing activities                |   |                                          | (2,509,836  | ) |   |   | (1,508,017 | ) |
|                                                                              |   |                                          |        |   |   |   |   |   |
| Net                increase (decrease) in cash                                    |   |                                          | (3,556,035  | ) |   |   | (3,063,047 | ) |
| Cash                at beginning of year                                          |   |                                          | 3,661,724   |   |   |   | 5,548,431 |   |
| Cash                at end of year                                                |   | $                                             | 105,689     |   |   | $ | 2,485,374 |   |
|                                                                              |   |                                          |        |   |   |   |   |   |
| **Supplemental                Disclosure of Cash Flow Information**               |   |                                          |        |   |   |   |   |   |
| Cash                paid during the year for interest                             |   | $                                             | 409,994     |   |   | $ | 280,035 |   |
|                                                                              |   |                                          |        |   |   |   |   |   |
| **Supplemental                Disclosure of Cash Flow Information**               |   |                                          |        |   |   |   |   |   |
| Transfer                of loans into recourse obligations, affiliates            |   | $                                             | 884,124     |   |   | $ | 1,613,769 |   |

----

**UNITED      MORTGAGE TRUST**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

|   | **1.                Nature of Business** |
|--------|------------------------------------------|

| **2.** | **Basis                of                Presentation** |
|--------|---------------------------------------------------------|

**3.      Line of Credit Payable**

**4.      Related Party Transactions**

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**UNITED        MORTGAGE TRUST**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

| **Name** |   | **Principal                Balance at March 31, 2007** |      | **Principal                Balance at December 31, 2006** |   | **Maximum                Note Amount** |   |
|----------|--------|--------------------------------------------------------|-----------|-----------------------------------------------------------|--------|----------------------------------------|--------|
|     |   |                                                   |      |                                                      |   |                                   |   |   |   |   |
| CRG      |   | $                                                      | 3,825,024 |                                                      | $      | 3,456,891                              |   | $ | 3,372,904 |   |
| SCMI     |   | $                                                      | 3,455,497 |                                                      | $      | 3,426,879                              |   | $ | 3,448,643 |   |
| RAFC     |   | $                                                      | 5,340,134 |                                                      | $      | 5,091,463                              |   | $ | 5,274,436 |   |

----

**UNITED          MORTGAGE TRUST**

**NOTES          TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

----

|   | **ITEM                2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS                OF OPERATIONS** |
|--------|---------------------------------------------------------------------------------------------------------------------------------------|

**RESULTS      OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND      2006**

**General      Investment Information**

**The chart below**

----

**Loans      Purchased**

|                                                                                                                | **Three                Months Ended****March                31,** |
|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|
|                                                                                                                | **2007**                                                          |   | **2006** |
| **Interim                  Mortgages**                                                                              |                                                              |   |   |   |   |
| Funded                  with affiliates                                                                             | $                                                                 | 21,056,000 |   | $ | 18,604,000 |
| Funded                  with others                                                                                 | $                                                                 | 2,165,000 |   | $ | 5,874,000 |
| Total                  funded                                                                                       | $                                                                 | 23,221,000 |   | $ | 24,478,000 |
|                                                                                                                |                                                              |   |   |   |   |
| Number                  of loans funded with affiliates                                                             |                                                              | 274 |   |   | 186 |
| Number                  of loans funded with others                                                                 |                                                              | 5 |   |   | 25 |
| Total                  number of loans funded                                                                       |                                                              | 279 |   |   | 211 |
|                                                                                                                |                                                              |   |   |   |   |
| Principal                  paid off with affiliates                                                                 | $                                                                 | 17,150,000 |   | $ | 14,845,000 |
| Principal                  paid off with others                                                                     | $                                                                 | 4,123,000 |   | $ | 3,780,000 |
| Total                  principal paid off                                                                           | $                                                                 | 21,273,000 |   | $ | 18,625,000 |
|                                                                                                                |                                                              |   |   |   |   |
| Number                  of loans with affiliates paid off                                                           |                                                              | 205 |   |   | 251 |
| Number                  of loans with others paid off                                                               |                                                              | 37 |   |   | 33 |
| Total                  number of loans paid off                                                                     |                                                              | 242 |   |   | 284 |
|                                                                                                                |                                                              |   |   |   |   |
| **Line                  of Credit, Affiliate**                                                                      |                                                              |   |   |   |   |
| Draws                  funded                                                                                       | $                                                                 | 1,750,000 |   | $ | 5,109,000 |
| Pay                  downs                                                                                          | $                                                                 | 700,000 |   | $ | 5,523,000 |
| Total                  change in balance                                                                            | $                                                                 | 1,050,000 |   | $ | (414,000 |
|                                                                                                                |                                                              |   |   |   |   |
| **Investment                  in Trust Receivable (Residential Mortgages and Contracts for                  Deed)** |                                                              |   |   |   |   |
| Purchase                  price                                                                                     | $                                                                 | 563,000 |   | $ | -- |
| Number                  purchased from other sources                                                                |                                                              | 11 |   |   | -- |
| Aggregate                  principal balance                                                                        | $                                                                 | 563,000 |   | $ | -- |
| Average                  principal balance                                                                          | $                                                                 | 51,000 |   | $ | -- |

----

|                                                                                          | ** March                31,** |                        |
|-----------------------------------------------------------------------------------------------|------------------------------------|-----------------------------|
|                                                                                          | **2007**                           |                        | **2006** |   |
| **Interim                  Mortgages**                                                        |                               |                        |   |   |   |   |
| Unpaid                  principal balance, affiliates                                         | $                                  | 68,790,000                  |   | $ | 51,373,000 |   |
| Unpaid                  principal balance, others                                             | $                                  | 16,227,000                  |   | $ | 26,039,000 |   |
|                                                                                          |                               |                        |   |   |   |   |
| Loans                  foreclosed, others (not including reserve write                  down) | $                                  | 771,000                     |   | $ | 1,604,000 |   |
|                                                                                          |                               |                        |   |   |   |   |
| Number                  of loans outstanding, affiliates                                      |                               | 922                         |   |   | 677 |   |
| Number                  of loans outstanding, others                                          |                               | 205                         |   |   | 296 |   |
|                                                                                          |                               |                        |   |   |   |   |
| Average                  unpaid principal balance                                             | $                                  | 75,000                      |   | $ | 80,000 |   |
| Remaining                  term in months: less than                                          |                               | 12                          |   |   | 12 |   |
| Yield                  on investments                                                         |                               | 13.60                       | % |   | 12.98 | % |
|                                                                                          |                               |                        |   |   |   |   |
| **Line                  of Credit, Affiliate**                                                | $                                  |  34,106,000            |   | $ | 29,903,000  |   |
| Term                  remaining in months                                                     |                               | 36                          |   |   | 48 |   |
| Yield                  on investments                                                         |                               | 14.00                       | % |   | 14.31 | % |
|                                                                                          |                               |                        |   |   |   |   |
| **Recourse                  Obligations, Affiliates**                                         | $                                  | 12,621,000                  |   | $ | 10,434,000 |   |
|                                                                                          |                               |                        |   |   |   |   |
| **Investment                  in Trust Receivable**                                           |                               |                        |   |   |   |   |
| Loans                  owned outright                                                         |                               |  68                    |   |   |  20 |   |
| Rental                  properties                                                            |                               | 1                           |   |   | 2 |   |
| Unpaid                  principal balance on loans owned outright                             | $                                  | 2,507,000                   |   | $ | 966,000 |   |
| Securitized                  loans “B” piece balance                              | $                                  | 3,511,000                   |   | $ | 3,709,000 |   |
| Foreclosed                  properties (not including reserve write down)                     | $                                  | 250,000                     |   | $ | 1,134,000 |   |
| Term                  remaining: less than                                                    |                               | 360                  months |   |   | 360                  months |   |
| Yield                  on investments                                                         |                               | 13.37                       | % |   | 12.83 | % |
|                                                                                          |                               |                        |   |   |   |   |

|                                                                        | **March                31,** |   |
|-----------------------------------------------------------------------------|------------------------------|--------|
|                                                                        | **2007**                     |   | **2006** |   |
| Interim                  mortgages with affiliates                          |                         | 50     | % |   | 42 | % |
| Interim                  mortgages with others                              |                         | 12     | % |   | 21 | % |
| Line                  of Credit, Affiliate                                  |                         | 25     | % |   | 24 | % |
| Recourse                  obligations, affiliates                           |                         | 9      | % |   | 9 | % |
| Trust                  receivable - loans owned outright                    |                         | 2      | % |   | 1 | % |
| Trust                  receivable - securitized loans “B” piece |                         | 2      | % |   | 3 | % |

----

----

----

**CAPITAL      RESOURCES AND LIQUIDITY FOR**

**THE      THREE MONTHS ENDED MARCH 31, 2007 AND 2006**

|                                                                                                       | **Three                  Months Ended****March                  31,** |         |
|------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|--------------|
|                                                                                                       | **2007**                                                              |         | **2006** |   |
|                                                                                                       |                                                                  |         |   |   |   |   |
| Shares                    issued in dividend reinvestment                                                  |                                                                  | 31,049       |   |   | 35,100 |   |
| Gross                    proceeds                                                                          | $                                                                     | 621,000      |   | $ | 701,000 |   |
| Share                    repurchases                                                                       | $                                                                     | (935,000     | ) | $ | (367,000 | ) |
| Principal                    receipts from Residential Mortgages and Contracts for                    Deed | $                                                                     |  31,000 |   | $ | 739,000 |   |
| Principal                    receipts from Interim Mortgages                                               | $                                                                     | 21,273,000   |   | $ | 18,625,000 |   |
| Funding                    on Line of Credit, Affiliate                                                    | $                                                                     | 1,750,000    |   | $ | 5,109,000 |   |
| Net                    advances (payments) on Line of Credit payable                                       | $                                                                     | 246,000      |   | $ | 640,000 |   |
|                                                                                                       |                                                                  |         |   |   |   |   |

**Critical      Accounting Policies and Estimates**

----

**ITEM      3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK**

**ITEM      4. CONTROLS AND PROCEDURES**

**Evaluation      of Disclosure Controls and Procedures**

**Changes      in Internal Controls Over Financial Reporting**

**PART      II - OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS**

**ITEM      1A. RISK FACTORS**

**ITEM      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS**

|     | **Total                number of shares purchased** | **Average                price per share** | **Total                number of shares purchased as part of publicly announced                plan** | **Total                number of shares purchased outside of publicly announced                plan** |
|----------|-----------------------------------------------------|--------------------------------------------|-------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|
|     |                                                |                                       |                                                                                                  |                                                                                                  |   |   |   |   |
| January  |                                                | 17,777                                     |  $                                                                                               | 18.44                                                                                                 |   | 10,187 |   | 7,590 |
| February |                                                | 20,555                                     | $                                                                                                     | 18.21                                                                                                 |   | 10,517 |   | 10,038 |
| March    |                                                | 14,631                                     | $                                                                                                     | 19.22                                                                                                 |   | 11,507 |   | 3,124 |
|     |                                                |                                       |                                                                                                  |                                                                                                  |   |   |   |   |
| Total    |                                                | 52,963                                     | $                                                                                                     | 18.57                                                                                                 |   | 32,211 |   | 20,752 |

**ITEM      3. DEFAULTS UPON SENIOR SECURITIES**

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

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**ITEM      5. OTHER INFORMATION**

**ITEM      6. EXHIBITS**

|   | Exhibit                31.1 Certification of Chief Executive Officer pursuant to Section                302 of                the Sarbanes-Oxley Act of 2002 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Exhibit                31.2 Certification of Chief Executive Officer pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SIGNATURE**

|                                     |                                                                      |                                           |
|------------------------------------------|---------------------------------------------------------------------------|------------------------------------------------|
|                                     | **UNITED                  MORTGAGE TRUST**                                |
|                                |                                                                 |                                      |
| Date: May                  11, 2007 | By                                                              | /s/ Christine                  A. Griffin |
|                                     | *President                  and Chief Executive                  Officer* |

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