SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549



                            Form 10-Q



     [ x ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF
              THE SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended September 30, 2005

     [   ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF
              THE SECURITIES EXCHANGE ACT OF 1934

         For the transition period from _________ to _________


                  Commission file number 000-32409


                       UNITED MORTGAGE TRUST


          (Exact Name of Registrant as Specified in its
                      Governing Instruments)

     (a Maryland trust)        (IRS Employer Identification
                                     Number 75-6496585)


                        5740 Prospect Avenue
                            Suite 1000
                        Dallas, Texas 75206
                          (214) 237-9305



Indicated by check mark whether the issuer (1) filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during the past 12
months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes [ X ]      No [   ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act) Yes [ X ]  No [   ]

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act)  Yes [  ]      No [ X  ]

                             7,035,494

              Number of shares of Registrant's shares of
        beneficial interest outstanding as of November 5, 2005.

                               (i)


<Page>
TABLE OF CONTENTS

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

      Consolidated Balance Sheets: September 30, 2005 and December 31, 2004

      Unaudited Consolidated Statements of Income: Three Months and Nine Months
      ended September 30, 2005 and 2004

      Unaudited Consolidated Statements of Cash Flows: Nine Months Ended
      September 30, 2005 and September 30, 2004

      Notes to Consolidated Financial Statements

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

PART II OTHER INFORMATION

Item 1. Legal Proceedings

Item 2. Unregistered sales of Equity Securities and Use of Proceeds

Item 3. Defaults upon Senior Securities

Item 4. Submission of Matters to a Vote of Security Holders

Item 5. Other Information

Item 6. Exhibits

SIGNATURE

EXHIBITS




                             (ii)


<Page>
PART I  -- FINANCIAL INFORMATION
<TABLE>
                           UNITED MORTGAGE TRUST
                              BALANCE SHEETS
<Caption>
                                           September 30,  December 31,
                                             2005              2004
                                           ----------------------------
                                           (Unaudited)       (Audited)
<S>                                        <C>              <C>
ASSETS

Cash And Cash Equivalents                  $  7,179,472     $  1,331,798

Mortgage investments:
  Investment in trust receivables             8,195,295       17,749,231
  Residential mortgages and contracts
    for deed foreclosed                       1,648,737          867,591
  Interim mortgages                          66,602,744       73,747,536
  Interim mortgages foreclosed                2,426,532        2,025,830
  Reserve for loan losses                    (1,201,726)        (921,500)
                                            -----------      -----------
Total mortgage investments, net              77,671,582       93,468,688

Line-of-credit receivable, affiliate         29,084,100       28,721,639
Accrued interest receivable                     102,286          630,531
Accrued interest receivable, affiliate        4,510,535        3,375,970
Receivable from affiliate                       386,890          379,298
Equipment, less accumulated depreciation
  of $10,820 and $8,156, respectively            15,037           17,700
Other assets                                  1,854,606        1,272,637
                                           ------------     ------------
Total Assets                               $120,804,508     $129,198,261
                                           ------------     ------------
LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
  Line-of'credit, payable                  $  5,206,143     $ 12,030,000
  Distributions payable                         813,929          937,846
  Accounts payable and accrued
    liabilities                                   --              75,098
                                            -----------     ------------
Total Liabilities                             6,020,072       13,042,944
                                            -----------     ------------

Commitments and contingencies                    --               --

Shareholders' equity:
  Shares of beneficial interest; $.01 par
    value; 100,000,000 shares authorized;
    7,815,392 and 7,683,050 shares
    issued; 7,022,860 and 7,040,743
    outstanding, respectively                    78,154           76,831
  Additional paid-in capital                137,384,258      134,750,434
  Advisor's reimbursement                       397,588          397,588
  Cumulative distributions in excess
    of earnings                              (7,312,120)      (6,386,352)
                                            -----------     ------------
                                            130,547,880      128,838,501
  Less treasury stock, 792,532 and
     642,307 shares, respectively,
     at cost                                (15,763,444)     (12,683,184)
                                            -----------     ------------

Total Shareholders' Equity                  114,784,436      116,155,317
                                           ------------     ------------
Total Liabilities and Shareholders'
  Equity                                   $120,804,508     $129,198,261
                                           ------------     ------------
<FN>
See accompanying notes to consolidated financial statements.
</FN>
</Table>

                                  -1-



<Page>
<TABLE>
                           UNITED MORTGAGE TRUST
                          CONSOLIDATED STATEMENTS OF INCOME
                                    (unaudited)

<CAPTION>
                                 Three Months Ended       Nine Months Ended
                                    September 30,            September 30,
                               2005              2004   2005              2004
                               ----------------------   ----------------------
                                     (unaudited)              (unaudited)
<S>                            <C>         <C>          <C>         <C>
Revenues:
  Interest income              $3,877,168  $3,404,317   $11,143,743  $9,899,471


Expense:
  Reserve for and loss from
    sales of foreclosed
    properties                    720,568     522,124     2,444,108   1,181,101
  Interest expense                160,606      10,322       273,547      39,197
  Loan servicing fee                8,235      24,293        99,919      85,269
  Management fee                  260,449     302,686       725,368     706,132
  General and administrative      126,869      82,442       453,418     298,251
                               ----------  ----------    ----------  ----------
                                1,276,727     941,867     3,996,360   2,309,950
                               ----------  ----------    ----------  ----------
Net income                     $2,600,441  $2,462,450   $ 7,147,383  $7,589,521
                               ==========  ==========   ===========  ==========
Net income per share
   of beneficial interest           $0.37       $0.35         $1.02       $1.08
                                    =====       =====         =====       =====
Weighted average
    shares outstanding          6,999,276   7,049,777     7,022,454   7,053,240
                               ==========  ==========   ===========  ==========

Cash distributions declared
   per share of beneficial
   interest                        $ 0.35       $0.40         $1.15       $1.32
                                   ======       =====         =====       =====

<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>

                                  -2-


<Page>
<TABLE>
                         UNITED MORTGAGE TRUST
                CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (unaudited)
<CAPTION>
                                                  Nine Months Ended
                                                    September 30,
                                                  2005          2004
                                              ------------------------

<S>                                          <C>            <C>
Cash flows from operating activities:
  Net income                                  $ 7,147,383   $ 7,589,521
  Adjustments to reconcile net income
    to net cash provided by operating
    activities:
      Reserve for and loss from sales
        of foreclosed properties                2,444,108     1,181,101
      Depreciation                                  2,664         2,658
      Net amortization of discount on
        mortgage investments                       11,670        29,804
      Changes in assets and liabilities:
        Accrued interest receivable              (606,320)     (225,911)
        Other assets                             (581,966)   (1,035,298)
        Accounts payable and accrued
          liabilities                             (75,098)     (146,529)
         Net cash provided by                 -----------    ----------
             operating activities               8,342,441     7,395,346
                                              -----------    ----------
Cash flows from investing activities:
  Investment in residential mortgages
    and contracts for deed                       (635,893)     (781,185)
  Principal receipts on residential
    mortgages and contracts for deed              863,125     5,164,308
  Proceeds from sale of mortgage
    loans, securitization                       7,260,871     9,455,520
  Line-of-credit receivable, affiliate           (362,461)  (10,060,350)
  Investment in interim mortgages             (56,800,155)  (59,229,988)
  Principal receipts on interim mortgages      62,653,465    55,746,812
  Receivable from affiliate                        (7,592)   (2,042,446)
         Net cash provided by (used in)       -----------   -----------
             investing activities:             12,971,270    (1,747,329)
                                              -----------   -----------
Cash flows from financing activities:
  Proceeds from issuance of shares of
    beneficial interest                         2,635,148     3,071,526
  Purchases of treasury stock                  (3,080,260)   (2,801,583)
  Shares of beneficial interest redeemed           --          (611,970)
  Net borrowings (payments) on line-
    of-credit, payable                         (6,823,857)    1,480,000
  Dividends                                    (8,197,068)   (9,438,038)
        Net cash used in financing            -----------   -----------
             activities:                      (15,466,037)   (8,300,065)
                                              -----------   -----------
Net increase (decrease) in cash                 5,847,674    (2,652,048)

Cash and cash equivalents
  at beginning of period                        1,331,798     4,199,455
                                              -----------   -----------
Cash and cash equivalents at end
  of period                                   $ 7,179,472    $1,547,407
                                              -----------   -----------
Interest paid                                 $   273,547   $    39,197
                                              -----------   -----------
<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>

                                  -3-


<Page>
                            UNITED MORTGAGE TRUST
                 Notes to Consolidated Financial Statements
                             September 30, 2005
                                (Unaudited)

1. Description of Business

The Company

United Mortgage Trust (the 'Company') is a Maryland real estate investment
trust which qualifies as a real estate investment trust (a 'REIT') under
federal income tax laws. The Company invests exclusively in first lien,
fixed rate mortgages secured by single-family residential property
throughout the United States ('Mortgage Investments') and in secured loans
to affiliated partnerships that (a) originate and acquire loans for the
acquisition and development of single-family home lots, which we refer to
as land development loans, and (b) enter into participation agreements with
single-family residential real estate developers which we refer to as
equity participations.  Such loans are originated by others to the
Company's specifications or to specifications approved by the Company.
Most, if not all, of such loans are not insured or guaranteed by a
federally owned or guaranteed mortgage agency.

On September 1, 2005, the Company announced that it had entered into an
Agreement and Plan of Merger dated September 1, 2005 ('Merger Agreement')
with UMT Holdings, L.P., a Delaware limited partnership, pursuant to which
the Company would merge with and into UMT Holdings ('Merger'). UMT Holdings
would survive the Merger and the general partner of UMT Holdings would
manage the business of the combined company following the Merger. A copy of
the press release announcing the Merger was included as an exhibit to the
Company's Current Report on Form 8-K filed with the Securities and Exchange
Commission on September 2, 2005.

If the Merger is consummated, each share of beneficial interest of the
Company will be converted into the right to receive one 8.5% Class A Senior
Subordinated Debenture of UMT Holdings in the original principal amount of
$20.00.

UMTH is a real estate finance company based in Dallas, Texas. UMTH
originates and purchases interim mortgage loans, provides asset management
services, and services residential mortgages. UMTH also holds profit
participation interests in United Development Funding, L.P. and United
Development Funding II, L.P., which originate and purchase real estate
acquisition and development loans, and make real estate related equity
investments. UMTH's partners include persons who are officers and
shareholders of the Company, and officers and owners of UMT Advisors, Inc.,
the Company's advisor and manager.


                                  -4-


<Page>
On September 7, 2005 UMT Holdings filed with the Securities and Commission
a registration statement on Form S-4 concerning the proposed Merger that
includes a proxy statement/prospectus.  The Company will send the proxy
statement to its shareholders to seek their approval of the proposed
Merger.

2. Basis of Presentation

The accompanying unaudited financial statements were prepared in accordance
with accounting principles generally accepted in the United States of
America for interim financial information and with the instructions to Form
10-Q of Regulation S-X. They do not include all information and footnotes
required by accounting principles generally accepted in the United States
of America for complete financial statements. However, except as disclosed
herein, there has been no material change in information disclosed in the
notes to the financial statements for the year ended December 31, 2004
included in the Company's 10-K filed with the Securities and Exchange
Commission. The interim unaudited financial statements should be read in
conjunction with those financial statements. In the opinion of management,
all adjustments considered necessary for a fair presentation, consisting
solely of normal recurring adjustments, were made. Operating results for
the three months and nine months ended September 30, 2005 are not
necessarily indicative of the results that may be expected for the year
ended December 31, 2005.

3. Line-of-Credit, Payable

On November 8, 2004, with Trustee approval, the Company entered into a loan
agreement with a bank providing the Company a $15,000,000 line-of-credit
with a three year term. The line-of-credit payable was collateralized by
certain interim mortgages. Interest is charged at the higher of the Prime
Rate and the Fed Funds Rate plus one half of one percent on any given day.
Interest on the outstanding balance was 7.25% on September 30, 2005.

4. Related Party Transactions

a). Fees paid to the Advisor, a related party: On January 1, 2001, the
Company entered into an Advisory Agreement with the Advisor whereby the
Advisor provides the Company with day-to-day management and administrative
services subject to the supervision and review by the Trustees. In
consideration for these services, the Company paid the Advisor a trust
administration fee of $260,449 and $302,686 for the quarters ended
September 30, 2005 and 2004, respectively, and $725,368 and $706,132 for
the nine month respective periods.  The fee was calculated as 1/12th of 1/2
of 1% paid monthly of the first $50,000,000 of income producing assets and
1/12th of 1% of income producing assets in excess of $50,000,000, paid
monthly. A two percent fee in the amount of $145,512 in 2005 and $188,000
in 2004 was paid to the Advisor as compensation for facilitating the
Bayview securitization.


                                  -5-


<page>
b). Loan servicing fees paid to an affiliate: Under the terms of a Mortgage
Servicing Agreement with Prospect Service Corp. ('PSC'), the Company
incurred loan servicing fees of $8,235 and $24,293 in the quarters ended
September 30, 2005 and 2004, and $36,346 and $85,269 for the respective
nine-month periods. During the three months ended September 30, 2005 the
Company paid a loan servicing fee to UMTH Land Development for sourcing a
significant loan package in the amount of $63,573.

c). Purchasing Mortgage Investments from affiliates:

The Company purchases interim mortgages from various sources including
affiliates listed below. In addition, the Company extended a line of credit
to United Development Funding, which is collateralized by the affiliate's
real estate assets:
<Table>
<Caption>
                              Three Months                 Nine Months
Affiliated Company       2005              2004     2005                2004
---------------------    ----------------------     ------------------------
<S>                      <C>         <C>            <C>          <C>
Capital Reserve Corp.    $   49,000  $  137,000     $   460,000  $ 1,475,000
Ready America Funding     3,074,000   8,176,000      12,275,000   16,335,000
REO Property Company        274,000     357,000         448,000      805,000
Ready Mortgage Corp.          --          3,000         912,000      453,000
South Central Mortgage        --          --               --          2,000
UMTH Lending              8,989,000   3,724,000      17,245,000   12,217,000
United Development
  Funding                 4,640,000   6,165,000      15,295,000    6,165,000
</Table>

d). SCMI Recourse Agreement: SCMI has agreed that, if the obligor on any
residential mortgage or contract for deed sold to the Company by SCMI or its
affiliates, and that has had less than 12 payments made on it, defaults in
the making of any payment or other obligation thereon during the period
ending before the 12th payment after the Company bought that residential
mortgage or contract for deed, then SCMI shall buy that Mortgage Investment
from the Company or advance on a month-to-month basis, all lost interest,
tax and insurance escrow payments, as well as any costs incurred by it
related to curing the default or obtaining title of the property securing the
defaulted obligation. Seventy-four loans are secured by the agreement at
September 30, 2005.

e.) Line-of-Credit Receivable, Affiliate:  On January 1, 2005, but effective
September 30, 2004, the Company entered into a First Amended and Restated
Secured Line of Credit Promissory Note and an Amended and Restated Security
Agreement (collectively, the 'Amendment') with United Development Funding,
L.P., ('UDF'). The Amendment amended an existing revolving line-of-credit
facility ('LOC') to extend the term by an additional five years and to
increase the LOC to $30 million. The purpose of the LOC is to finance UDF's
investments in real estate development projects. The Amendment has two
components:  the Long Term Investment portion ('LTI') and the Bridge-Loan
Investment portion ('BLI').

                                  -6-


<page>
The LOC is secured by the pledge of all of UDF's land development loans and
equity investments.  Those UDF loans may be first lien loans or subordinate
loans.  The LTI portion may not exceed $12,000,000 and bears interest at an
annualized percentage rate of 15% with interest payable monthly.  The BLI
portion may not exceed $18,000,000 and is secured by the assignment of
first lien loans made by UDF to developers for the acquisition of pre-
development residential real estate.  The BLI portion is additionally
secured by the pledge of all of UDF's land development loans and equity
investments.  The BLI portion bears interest at an annualized percentage
rate of 13.5% with interest payable monthly.

The LOC is subordinate to UDF Senior Debt which consists of a loan guaranty
to Colonial Bank in the amount of approximately $8,750,000 and a
$10,000,000 line-of-credit provided by Coppermark Bank.

UDF may use the LOC proceeds to finance  either: (a) indebtedness
associated with any real estate development project upon which Borrower has
a first priority lien to the extent such indebtedness, including
indebtedness financed by funds advanced hereunder and indebtedness financed
by funds advanced from any other source, including without limitation
Senior Debt, exceeds 85% of the appraised value of such real estate
development project; or (b) indebtedness associated with any real estate
development project upon which Borrower has a junior priority lien to the
extent such indebtedness, including indebtedness financed by funds advanced
hereunder and indebtedness financed by funds advanced from any other
source, including without limitation Senior Debt, exceeds 80% of 85% of the
appraised value of such real estate development project.

The Amendment represents a further increase in the Company's LOC to UDF and
in the land development loans made or to be made by UDF representing
approximately 25% of the Company's entire portfolio.  The Company's
Trustees have approved this change in the Company's investment policy
represented by the increase in the LOC based upon the changed interest rate
environment which has resulted in lower yields from the Company's
traditional mortgage investments as well as experience to date with loans
made to UDF.

The Company monitors the LOC for collectibility on a continuing basis based
on the affiliate's payment history. No valuation allowance or charge to
earnings was recorded for the periods ending September 30, 2005 and 2004
based on the Company's evaluation. The Company's LOC balances to UDF were
$29,084,100 and $28,721,639 at September 30, 2005 and December 31, 2004,
respectively.

5. Investment in Trust Receivable

Prior to the Bayview securitization referenced in Note 6, all residential
mortgages and contracts for deed were transferred to a qualified special
purpose entity, wholly-owned by the Company, which is consolidated in the
Company's financial statements.

                                  -7-


<Page>
6. Bayview Securitization

On January 28, 2005, United Mortgage Trust and two of its wholly-owned
subsidiaries, UMT LT Trust as the 'Seller' and UMT Funding Trust as the
'Depositor,' both Maryland real estate investment trusts, simultaneously
entered into agreements described below for the securitization of
$9,686,070 principal amount of United Mortgage Trust mortgage loans through
the private issuance of $7,260,871 in 9.25% Class A Notes (the 'Notes').
The Notes, together with $2,425,199 in Class B Certificates (the
'Certificates'), collectively referred to as the 'Securities' were issued
by Wachovia Bank as Trustee (the 'Trustee') pursuant to a Trust Agreement
dated as of January 1, 2005 between the Bank and the Depositor. The Class A
Notes were then sold by the Depositor to Bayview Financial, L.P.
('Bayview'), pursuant to a Purchase Agreement dated as of January 26, 2005
(the 'Note Purchase Agreement') between Bayview, the Depositor and United
Mortgage Trust. The Notes were sold pursuant to an exemption from the
registration requirements of the Securities Act of 1933, as amended.
The Securities evidence the entire beneficial ownership interest in a Trust
Fund created under the Trust Agreement, which consists of a pool of
performing first lien residential mortgage loans and contracts for deed
(the 'Mortgage Loans') with an aggregate principal balance of $9,686,070 as
of January 1, 2005. United Mortgage Trust transferred the Mortgage Loans
(excluding the servicing rights) to the Seller as a capital contribution
and the Seller sold the Mortgage Loans to the Depositor pursuant to a
Mortgage Loan Sale Agreement dated as of January 1, 2005. The Mortgage Loan
Sale Agreement includes a right on the part of the Depositor to require the
Seller to repurchase certain Mortgage Loans upon the Seller's breach of a
representation or warranty with respect to certain characteristics of the
Mortgage Loans. United Mortgage Trust has agreed to guarantee the
obligations of the Seller under the Mortgage Loan Sale Agreement, including
the obligation of the Seller to repurchase Mortgage Loans as to which the
Seller has breached a representation or warranty. The Class B Certificates
give the Depositor the right to receipt of all remaining monthly interest
after all payments due on the Class A Notes and all principal and interest
on the Mortgage Loans have been made and after retirement of the Class A
Notes. The Class B Certificates will be retained by the Depositor.
Simultaneously with the Depositor's conveyance of the Mortgage Loans to the
Trustee and pursuant to the terms of a Servicing Rights Transfer Agreement
dated as of January 1, 2005 United Mortgage Trust, as owner of the
servicing rights to the Mortgage Loans, transferred the servicing rights to
the Mortgage Loans to Bayview and, pursuant to a SubServicing Agreement
dated as of January 1, 2005 PSC agreed with Bayview to act as sub-servicer
of the Mortgage Loans.

The Company did not record a servicing asset or liability for the servicing
rights retained as the fees that will be recorded will fairly compensate
the assigned servicer for the costs to be incurred with such service, and
the Company will pay all associated fees directly to PSC.

                                  -8-


<Page>
Gain or loss on the sale of the mortgage loans depends in part on the
previous carrying value of the loans involved in the transfer, allocated
between the assets sold and the retained interests based on their relative
fair market value at the date of transfer.  To obtain fair values, quoted
market prices are used if available.  However, quotes were not available
for the Company's retained interests, so the Company estimated fair value
based on the present value of future expected cash flows using management's
best estimate of the key assumptions: credit losses, prepayment speeds and
discount rates commensurate with the risks involved.  The Company used an
expected weighted-average life of 5.5 years.  Based on expected credit
losses of 1.5%, prepayment speed of 18.2% and a discount rate of 11.0%, no
gain or loss was recognized related to the sale of these mortgage loans as
the carrying value approximated the fair value at the date of the
securitization.

The sensitivity to an immediate 10% and 20% adverse change in the
assumptions used to measure fair value of the securitized mortgage loans is
as follows:

Prepayment speed assumption (annual rate):
Impact on fair value of 10% adverse change             $ 15,000
Impact on fair value of 20% adverse change               30,000

Expected credit losses (over remaining life of loans):
Impact on fair value of 10% adverse change               12,000
Impact on fair value of 20% adverse change               24,000

Residual cash flows discount rate (annual):
Impact on fair value of 10% adverse change              221,000
Impact on fair value of 20% adverse change              433,000

These sensitivities are hypothetical and should be used with caution.
Changes in fair value based on a 10 percent variation in assumptions
generally cannot be extrapolated because the relationship of the change in
assumption to the change in fair value may not be linear.  Also, in this
table, the effect of a variation in a particular assumption on the fair
value of the retained interest is calculated without changing any other
assumption; in reality, changes in one factor may result in changes in
another (for example, increases in market interest rates may result in
lower prepayments and increased credit losses), which might magnify or
counteract the sensitivities.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

     The following section contains statements that are not historical
facts and are forward-looking statements within the meaning of Section 27A
of the Securities Act and Section 21E of the Exchange Act. Our actual
results may differ materially from those included in the forward-looking
statements. We intend these forward-looking statements to be covered by the
safe-harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995, and are including this
statement for purposes of complying with those safe-harbor provisions.
Forward-looking statements, which are based on our assumptions and describe
future plans, strategies and expectations for ourselves, are generally
identifiable by use of the words 'believe,' 'expect,' 'intend,'
'anticipate,' 'estimate,' 'project,'

                                  -9-


<Page>
'prospects,' or similar expressions as well as any statements referring to
the proposed merger with UMT Holdings, L.P. Our ability to predict results
or the actual effect of our future plans or strategies is inherently
uncertain. Factors which could have a material adverse affect on our
operations and our future prospects on a consolidated basis include,
without limitation, the following: the pending proposed merger with UMT
Holdings, L.P., changes in interest rates, economic conditions generally
and conditions in the real estate and mortgage markets specifically; supply
and demand for mortgages; legislative/regulatory changes (including changes
to laws governing the taxation of REITs); availability of capital;
competition; and policies and guidelines applicable to REITs. These risks
and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements.
Additional information concerning us and our business, including additional
factors that could materially affect our financial results, is included
herein and in our other filings with the SEC.


RESULTS OF OPERATIONS FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER
30, 2005 AND 2004

     United Mortgage Trust (the 'Company') is a Maryland real estate
investment trust which qualifies as a real estate investment trust (a
'REIT') under federal income tax laws. The Company invests exclusively in
first lien, fixed rate mortgages secured by single-family residential
property throughout the United States ('Mortgage Investments') and in
secured loans to affiliated partnerships that (a) originate and acquire
loans for the acquisition and development of single-family home lots, which
we refer to as land development loans, and (b) enter into participation
agreements with single-family residential real estate developers which we
refer to as equity participations.  Such loans are originated by others to
the Company's specifications or to specifications approved by the Company.
Most, if not all, of such loans are not insured or guaranteed by a
federally owned or guaranteed mortgage agency.

On September 1, 2005, the Company announced that it had entered into an
Agreement and Plan of Merger dated September 1, 2005 ('Merger Agreement')
with UMT Holdings, L.P., a Delaware limited partnership, pursuant to which
the Company would merge with and into UMT Holdings ('Merger'). UMT Holdings
would survive the Merger and the general partner of UMT Holdings would
manage the business of the combined company following the Merger. A copy of
the press release announcing the Merger was included as an exhibit to the
Company's Current Report on Form 8-K filed with the Securities and Exchange
Commission on September 2, 2005

If the Merger is consummated, each share of beneficial interest of the
Company will be converted into the right to receive one 8.5% Class A Senior
Subordinated Debenture of UMT Holdings in the original principal amount of
$20.00.

                                 -10-




<Page>
UMTH is a real estate finance company based in Dallas, Texas. UMTH
originates and purchases interim mortgage loans, provides asset management
services, and services residential mortgages. UMTH also holds profit
participation interests in United Development Funding, L.P. and United
Development Funding II, L.P., which originate and purchase real estate
acquisition and development loans, and make real estate related equity
investments. UMTH's partners include persons who are officers and
shareholders of the Company, and officers and owners of UMT Advisors, Inc.,
the Company's advisor and manager.

     On September 7, 2005 UMT Holdings filed with the Securities and Commission
a registration statement on Form S-4 concerning the proposed Merger that
includes a proxy statement/prospectus.  The Company will send the proxy
statement to its shareholders to seek their approval of the proposed
Merger.

OFF BALANCE SHEET TRANSACTION

     On January 28, 2005, United Mortgage Trust and two of its wholly-owned
subsidiaries, UMT LT Trust as the 'Seller' and UMT Funding Trust as the
'Depositor,' both Maryland real estate investment trusts, simultaneously
entered into agreements described below for the securitization of
$9,686,070 principal amount of United Mortgage Trust mortgage loans through
the private issuance of $7,260,871 in 9.25% Class A Notes (the 'Notes').
The Notes, together with $2,425,199 in Class B Certificates (the
'Certificates'), collectively referred to as the 'Securities' were issued
by Wachovia Bank as Trustee (the 'Trustee') pursuant to a Trust Agreement
dated as of January 1, 2005 between the Bank and the Depositor. The Class A
Notes were then sold by the Depositor to Bayview Financial, L.P.
('Bayview'), pursuant to a Purchase Agreement dated as of January 26, 2005
(the 'Note Purchase Agreement') between Bayview, the Depositor and United
Mortgage Trust. The Notes were sold pursuant to an exemption from the
registration requirements of the Securities Act of 1933, as amended.

      The Securities evidence the entire beneficial ownership interest in a
Trust Fund created under the Trust Agreement, which consists of a pool of
performing first lien residential mortgage loans and contracts for deed
(the 'Mortgage Loans') with an aggregate principal balance of $9,686,070 as
of January 1, 2005. United Mortgage Trust transferred the Mortgage Loans
(excluding the servicing rights) to the Seller as a capital contribution
and the Seller sold the Mortgage Loans to the Depositor pursuant to a
Mortgage Loan Sale Agreement dated as of January 1, 2005. The Mortgage Loan
Sale Agreement includes a right on the part of the Depositor to require the
Seller to repurchase certain Mortgage Loans upon the Seller's breach of a
representation or warranty with respect to certain characteristics of the
Mortgage Loans. United Mortgage Trust has agreed to guarantee the
obligations of the Seller under the Mortgage Loan Sale Agreement, including
the obligation of the Seller to repurchase Mortgage Loans as to which the
Seller has breached a representation or warranty. The Class B Certificates
give the

                                 -11-


<Page>
Depositor the right to receipt all remaining monthly interest after all
payments due on the Class A Notes and all principal and interest on the
Mortgage Loans have been paid and after retirement of the Class A Notes.
The Class B Certificates will be retained by the Depositor.

     Simultaneously with the Depositor's conveyance of the Mortgage Loans
to the Trustee and pursuant to the terms of a Servicing Rights Transfer
Agreement dated as of January 1, 2005 United Mortgage Trust, as owner of
the servicing rights to the Mortgage Loans, transferred the servicing
rights to the Mortgage Loans to Bayview and, pursuant to a SubServicing
Agreement dated as of January 1, 2005 Prospect Service Corp agreed with
Bayview to act as sub-servicer of the Mortgage Loans.

LOANS PURCHASED

     We did not acquire residential mortgages or contracts for deed during
the third quarter 2005. During the 2004 quarter we purchased four
residential mortgages. During the nine-month periods of 2005 and 2004, we
acquired 13 new residential mortgages with an aggregate principal balance
of $239,000 and three residential mortgages with an aggregate unpaid
principal balance of $124,000, respectively. In addition, during the nine-
month period of 2004, 54 contracts for deed were refinanced into notes and
deeds of trust and were retained by us.

     At the end of the September 2005 quarter, and with the culmination of
the two Bayview Securitizations (one in April 2004 and the other described
above), our mortgage portfolio changed significantly. We owned outright 7
contracts for deed, 36 residential mortgage loans, two rental properties
and had nine foreclosed properties. The balance of our interest in
residential mortgages (420 individual loans) were securitized and held in
trust on behalf of Bayview (Senior piece) and UMT LT Trust (Subordinate
piece). Adding the four categories, the total unpaid principal balance on
our books at September 30, 2005 was approximately $9,844,000, and the yield
was 9.29%. We used the proceeds from the sale of the securitizations to pay
down our line-of-credit; fund the UDF line-of-credit; and invest in interim
mortgage loans. The unpaid balance on the UDF line-of-credit was
approximately $29,084,000 and the yield for the quarter was 13.11%. Interim
mortgages totaled approximately $69,029,000, which included approximately
$2,427,000 foreclosed (954 active loans and 32 foreclosed loans at the end
of the quarter) and the yield was 12.87%.

      At the end of the September 30, 2004, and after the close of the
first Bayview Securitization, our mortgage portfolio in the aggregate
consisted of 232 residential mortgages, nine contracts for deed, two rental
properties owned outright and 52 foreclosed properties. The balance of our
interest in residential mortgages (275 loans) were securitized and held in
trust on behalf of Bayview (Senior piece) and UMT LT Trust (Subordinate
piece). Adding all four categories, the total unpaid principal balance on
our books at September 30, 2004 was approximately $25,717,000, and the
yield was 8.82%. We used the proceeds from the sale of the securitizations
to pay down our line-of-credit; fund the UDF line-of-credit; and invest in
interim mortgage loans.

                                  -12-


<Page>
The unpaid balance on the UDF line-of-credit was approximately $16,154,000
and the yield for the quarter was 12.92%. Interim mortgages totaled
approximately $77,984,000 (1,023 active loans and 31 foreclosed properties
at the end of the quarter) and the yield was 12.28%.

     The following table illustrates percentage of our portfolio dedicated
to each loan category:
-------------------------------------------------------
                                       September 30,
Loan Category                       2005          2004
--------------------------         --------------------
Interim Mortgages                    64%           63%
UDF Line-of-credit                   28%           21%
Securitized Loans                     4%            3%
Residential Mortgages/CFDs            4%           14%
-------------------------------------------------------

     All of the properties that are security for the mortgage investments
are located in the United States. Each of the properties was adequately
covered by a mortgagee's title insurance policy and hazard insurance.

     During the three and nine months ended September 30, 2005 and 2004 our
investments generated approximately $3,877,000 and $3,404,000 and
$11,144,000 and $9,899,000 of interest income, respectively, 14% and 13%
increases. The rise was attributed to the changing mix of the portfolio
shifting away from lower yield residential mortgages and toward UDF and
interim mortgages, which are higher yield types of investments.

     Operating expenses for the three-month and nine-month periods were
approximately $1,277,000 and $942,000 and $3,996,000 and $2,310,000,
respectively, 36% and 73% increases, respectively. Increases can be
primarily attributed to the following three categories:

Loan losses - $721,000 compared to $522,000 for the comparable three
months (38% decrease) and $2,444,000 and $1,181,000 for the comparable
nine-month periods (107% increase), which included actual losses
incurred of $622,000 and $474,000 for the comparable three-month
periods and $2,164,000 and $1,191,000 during the comparable nine-month
periods. Loan losses increase or decrease depending on the number of
foreclosed properties sold in a given period and the price the
property is sold for versus our basis in the property. An additional
reserve for interim mortgages was recorded during the quarter based on
the increased number of interims reclassified as foreclosed during the
2005 quarter.

Interest expense - $161,000 and $10,000 for the comparable three
months (1,510% increase) and $274,000 and $39,000 for the comparable
nine-month periods (603% increase). Increases and decrease in interest
expense related to usage of our credit facility and interest rates.
The more we use our credit facility, the higher our interest expense.

                             -13-


<Page>
Management fee - $260,000 and $303,000 for the comparable three months
(14% decrease) and $725,000 and $706,000 for the comparable nine-month
periods (3% increase). The trust management fee is calculated as a
percentage of income producing assets. It will therefore increase or
decrease when use of our credit line fluctuates and when our cash
balances increase or decrease, driving our asset base up and down.

General and administrative - $127,000 and $82,000 for the comparable
three months (55% increase) and $453,000 and $298,000 for the
comparable nine-month periods (52% increase). The increase during the
comparable period was due to higher accounting service fee, legal
fees, amortization expense of securitization transaction costs,
postage expenses and printing expenses.


    We are maintaining a loss reserve on interim mortgages of approximately
1% of cash flow for the nine month period (1% of new funding of interim
mortgages) after losses are realized during the period.  We are maintaining
a loss reserve on our long-term loans of approximately 40% of the value of
foreclosed properties.

     Of the approximate $344,000,000 interim mortgages we have acquired, we
have recorded losses of $1,884,000, 0.55% of the total. Of the $54,000,000
residential mortgages and contracts for deed we have acquired, we have
recorded approximately $5,595,000 in losses, or 10.46% of the total. We
anticipate loan losses to continue and therefore are continuing to monitor
the adequacy of our loan loss reserve and we expect to adjust its level as
needed.

     Our default rate as of September 30, 2005 and 2004 was 3.77% and 3.75%
of income producing assets. The most significant portion of our defaults,
as a percentage of type of asset is amongst residential mortgages and
contracts for deed.

     Operating expenses, less interest expense, as a percentage of income
were 28.79% and 27.36% for the comparable three-month periods and 33.41%
and 22.94% for the comparable nine-month periods, and operating expenses as
a percentage of invested assets were 1.01% and 0.73% and 3.31% and 1.79%
for the comparable three and nine-month periods, respectively.

     Net income for the three and nine months ended September 30, 2005 and
2004 was approximately $2,600,000 and $2,462,000, and $7,147,000 and
$7,590,000, a 6% increase between quarters and an 6% decrease between nine-
month periods, respectively. Net income per weighted average share of
beneficial interest was $0.37 and $0.35 and $1.02 and $1.08, respectively,
for the comparable three and nine months, an increase of 6% between
quarters and a decrease of 5% between nine-month comparable periods.

    Distributions to shareholders per share of beneficial interest during
the comparable periods were $0.35 and $0.40 per share during the comparable
quarters, respectively and $1.15 and $1.32 for the comparable nine month

                                -15-


<Page>
periods, respectively. We have lowered our dividend to a 7% annualized rate
for the third quarter of 2005 in order to recapture capital distributed in
the past. In both the June and September quarters of 2005 we have achieved
that goal retaining approximately $0.02 per weighted share.

CAPITAL RESOURCES AND LIQUIDITY FOR THE THREE MONTHS AND NINE MONTHS ENDED
September 30, 2005 AND 2004

     We utilize funds made available from our dividend reinvestment plan,
funds made available on our bank line of credit and repayment of principal
on our loans to purchase Mortgage Investments.

--------------------------------------------------------------------
                                         For the Three Months ended
                                                September 30,
                                           2005              2004
                                        ----------------------------
Shares issued                                40,727           49,800
Gross proceeds from reinvestment           $814,540         $996,000
Treasury shares purchased               $(1,112,000)     $(1,322,000)
Principal receipts from Residential
  Mortgages and Contracts for Deed          $83,000          $90,000
Principal receipts from
  Interim Mortgages                     $25,254,000      $20,845,000
Net borrowings (payments on)
  line-of-credit, payable               $(3,460,800)      $1,480,000
--------------------------------------------------------------------

--------------------------------------------------------------------
                                         For the Nine Months ended
                                                September 30,
                                           2005              2004
                                        ----------------------------
Shares issued                               132,352          163,600
Gross proceeds from reinvestment         $2,647,000       $3,072,000
Treasury shares purchased               $(3,080,000)     $(2,802,000)
Shares redeemed ' rescission offer           --            $(611,000)
Principal receipts from Residential
  Mortgages and Contracts for Deed         $863,000       $5,164,000
Principal receipts from
  Interim Mortgages                     $62,653,000      $55,747,000
Proceeds from the Bayview
  Securitization                         $7,261,000       $9,456,000
Net borrowings (payments on)
  line-of-credit, payable               $(6,824,000)      $1,480,000
--------------------------------------------------------------------

     As of September 30, 2005, we had issued an aggregate of 7,815,392
shares of beneficial interest and repurchased into treasury, through our
Share Repurchase Plan, 792,532 shares. Total shares outstanding were
7,022,860. Total capital raised was $156,020,810.

                                 -16-


<page>
     As of September 30, 2004, we had issued an aggregate of 7,634,470
shares of beneficial interest and repurchased into treasury, through our
Share Repurchase Plan, 582,053 shares. Total shares outstanding were
7,052,417. Total capital raised was $152,437,230.

     On November 8, 2004, with Trustee approval, the Company entered into a
loan agreement with a bank providing the Company a $15,000,000 line-of-
credit with a three year term. The line-of-credit payable was
collateralized by certain interim mortgages. Interest is charged at the
higher of the Prime Rate and the Fed Funds Rate plus one half of one
percent on any given day. Interest on the outstanding balance was 7.25%.

Item 3. Quantitative and Qualitative Disclosure About Market Risk.

     A discussion of quantitative and qualitative disclosures about market
risk may be found in Item 7A of our 2004 Annual Report on Form 10-K.  There
have been no material changes in this information since the filing of our
2004 Annual Report on Form 10-K.

Item 4. CONTROLS AND PROCEDURES

     We maintain disclosure controls and procedures designed to ensure that
information disclosed in our annual and periodic reports is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms. In addition, we
designed these disclosure controls and procedures to ensure that this
information is accumulated and communicated to our management, including
our chief executive officer (our "CEO") and chief financial officer (our
"CFO"), to allow timely decisions regarding required disclosure. SEC rules
require that we disclose the conclusions of our CEO and CFO about the
effectiveness of our disclosure controls and procedures.

     We do not expect that our disclosure controls and procedures will
prevent all errors or fraud. A control system, no matter how well conceived
and operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. In addition, the design of
disclosure controls and procedures must reflect the fact that there are
resource constraints, and the benefits of controls must be considered
relative to their costs. Because of the inherent limitation in a cost-
effective control system, misstatements due to error or fraud could occur
and not be detected.

      We evaluate the effectiveness of our disclosure controls and
procedures as of the end of each fiscal quarter. Based on our most recent
evaluation, our CEO and CFO believe, and have certified, that our
disclosure controls and procedures are effective to (1) ensure that
material information relating to us is made known to management, including
the CEO and CFO, particularly during the period when our periodic reports
are being prepared, and (2) provide reasonable assurance that our financial
statements fairly present all material respects our financial condition and
results of operations.

                                  -17-


<Page>
      Since the date of this most recent evaluation, there have been no
significant changes in our internal controls or in other factors that could
significantly affect the internal controls subsequent to the date we
completed our evaluation.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Dividend Reinvestment Plan

     On November, 14, 2003 we filed an S-3 registration with the SEC to
register 511,000 shares issuable under our Dividend Reinvestment Plan.
The Company maintains the plan as a means of providing the Company's
shareholders with a convenient and inexpensive way to increase their
investment in the Company by reinvesting their dividends to purchase
additional shares. There are no commissions or fees paid from
the proceeds. We have used proceeds from the plan primarily to
repurchase shares under our share redemption plan and, to the extent
that proceeds exceed share repurchases, we invest the proceeds in
mortgage investments.

       As of September 30, 2005, 397,665 shares have been reinvested
representing $7,953,300 in proceeds to the Company since the plan's
inception.


Share Redemption Plan

	On December 5, 2003, the Company announced adoption of a Share
Redemption Plan to provide its shareholders with the benefit of limited
liquidity. Under that Plan, shareholders who held the shares for at least
one year were eligible to request that we repurchase their shares. The Plan
provided that in any consecutive twelve (12) month period we may not
repurchase more than 5% of the outstanding shares at the beginning of the
twelve (12) month period. The repurchase price was based on the value of
the Company's properties or fixed pricing schedule, as determined by the
Trustees' business judgment based on the Company's book value, operations
and general market and economic conditions and could not, in any event,
exceed any current public offering price.

	Concurrently with the announcement of the entry into the Merger
Agreement with UMT Holdings, L.P., on September 2, 2006, the Company's
Board of Trustees suspended the Share Redemption Plan. Since that date,
the Company has made a limited number of redemptions outside of the
suspended Plan upon a showing of hardship by the requesting shareholders.

The following is a summary of redemptions made during the third quarter
of 2005:



<Table>
<Caption>
                                                                  Maximum Number
                                             Total number of     of shares that
                                            shares purchased     may be purchased
       Total number of       Price per    as part of publicly    under announced
       shares purchased        Share        announced plan            plan (1)
---------------------------------------------------------------------------------
        2005       2004     2005    2004      2005      2004       2005    2004
     --------------------  --------------  --------------------  --------------

  <C>        <C>        <C>     <C>     <C>        <C>        <C>         <C>
Jul   7,117.41  19,310.67  $18.00  $19.90   7,117.41  19,310.67	 5% of outstanding
Aug  44,372.21  30,324.24  $19.31  $19.96  44,372.21  30,324.24  shares in any given
Sep   7,068.00  16,374.61  $18.00  $19.88   7,068.00  16,374.61  year.
</table>

(1) The Plan provided that in any consecutive twelve (12) month period we
may not repurchase more than 5% of the outstanding shares at the beginning
of the twelve (12) month period.

                                 -18-


Item 3. Defaults Upon Senior Debentures.

Not applicable.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit 31.1  Certification  Pursuant to Section 302 of the  Sarbanes-
Oxley  Act of 2002.

Exhibit 31.2  Certification  Pursuant to Section 302 of the  Sarbanes-
Oxley  Act of 2002.

Exhibit 32.1  Certification Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.

Exhibit 32.2  Certification Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.

SIGNATURES

     In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, there under
duly authorized.


                                        UNITED MORTGAGE TRUST
                                        (Registrant)


Date:  November 8, 2005                   /S/Christine A. Griffin
                                         Christine A. Griffin
                                              President

                                  -19-



<page>
Exhibit 31. Certification of Chief Executive Officer and Chief Financial
Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

       I, Christine A. Griffin, certify that:

       1. I have reviewed this quarterly report on Form 10-Q of United
Mortgage Trust;

       2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period
covered by this report;

       3. Based on my knowledge, the consolidated financial statements,
and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in
this report;

       4. I am responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) for the registrant and have:

       (a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which
this report is being prepared;

       (b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;

       (c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation;
and

       (d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

       5. I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of trustees:

       (a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to
record, process, summarize and report financial information; and

       (b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
control over financial reporting.

       November 8, 2005

       /s/ Christine Griffin
       ------------------------------------
       Christine Griffin
       President and Chief Executive Officer


Exhibit 31.2 Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002

       I, Christine A. Griffin, certify that:

       1. I have reviewed this quarterly report on Form 10-Q of United
Mortgage Trust;

       2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period
covered by this report;

       3. Based on my knowledge, the consolidated financial statements,
and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in
this report;

       4. I am responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) for the registrant and have:

       (a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which
this report is being prepared;

       (b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;

       (c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such evaluation;
and

       (d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.

       5. I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors
and the audit committee of the registrant's board of trustees:

       (a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to
record, process, summarize and report financial information; and

       (b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal
control over financial reporting.

       November 8, 2005                        /s/ Christine Griffin
                                          -----------------------
                                          Christine Griffin
                                          Chief Financial Officer


Exhibit 32.1 Certification pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002

       I, Christine A. Griffin, Chief Executive Officer of United Mortgage
Trust (the "registrant"), have executed this certification for furnishing
to the Securities and Exchange Commission in connection with the filing
with the Commission of the registrant's Quarterly Report on Form 10-Q for
the period ended September 30, 2005 (the "Report"). I hereby certify
that:

(1)      the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)      the information contained in the Report fairly presents,
in all material respects, the financial condition and results of
operations of the of the registrant as of and for the end of that
period.


       November 8, 2005


       /s/ Christine A Griffin
       -----------------------
       Christine A Griffin
       Chief Executive Officer


Exhibit 32.2 Certification pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002

       I, Christine A. Griffin, Chief Financial Officer of United Mortgage
Trust (the "registrant"), have executed this certification for furnishing
to the Securities and Exchange Commission in connection with the filing
with the Commission of the registrant's Quarterly Report on Form 10-Q for
the period ended September 30, 2005 (the "Report"). I hereby certify
that:

(1)      the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)      the information contained in the Report fairly presents,
in all material respects, the financial condition and results of
operations of the of the registrant as of and for the end of that
period.


       November 8, 2005


       /s/ Christine A Griffin
       -----------------------
       Christine A Griffin
       Chief Financial Officer