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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                    FORM 10-Q

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

                  For the quarterly period ended June 30, 2000

                                       OR

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

             For the transition period from          to
                                            --------     --------

                       Commission File Number  000-23849
                                              -----------

                      UNION PLANTERS MORTGAGE FINANCE CORP.
             (Exact name of registrant as specified in its charter)

            Delaware                                       62-1712370
--------------------------------               ---------------------------------
(State or other Jurisdiction of                (IRS Employer Identification No.)
Incorporation or Organization)

                      Union Planters Administrative Center
                           7130 Goodlett Farms Parkway
                            Cordova, Tennessee 38018
                 ----------------------------------------------
                    (Address of principal executive offices)

       Registrant's telephone number, including area code:  (901) 580-6000
                                                          ------------------

                                       N/A
                                  (former name)

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

                               Yes [X]     No [ ]

As of July 20, 2000, the latest practicable date, there were 1,000 shares of
Union Planters Mortgage Finance Corp. common stock outstanding.

The registrant meets the conditions set forth in General Instruction H(1)(a) and
(b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced
disclosure format.


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                      UNION PLANTERS MORTGAGE FINANCE CORP.

                                    FORM 10-Q

                                      INDEX

<TABLE>
<CAPTION>
                                                                                                    Page
                                                                                                    ----

<S>                                                                                                 <C>
PART I.  FINANCIAL INFORMATION

      Item 1.   Financial Statements (Unaudited)

                Balance Sheet June 30, 2000 and December 31, 1999 .................................   3

                Statement of Operations for the three and six months
                ended June 30, 2000 and 1999 ......................................................   4

                Statement of Changes in Shareholder's Equity
                for the six months ended June 30, 2000 and 1999 ...................................   5

                Statement of Cash Flows for the six months
                ended June 30, 2000 and 1999 ......................................................   6

                Notes to Unaudited Financial Statements ...........................................   7

      Item 2.   Management's Discussion and Analysis of
                Financial Condition and Results of Operations .....................................   8

PART II. OTHER INFORMATION

      Item 1.   Legal Proceedings .................................................................   9

      Item 5.   Other Information .................................................................   9

      Item 6.   Exhibits and Reports on Form 8-K ..................................................   9

      Signatures ..................................................................................  11
</TABLE>


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<PAGE>   3

                      UNION PLANTERS MORTGAGE FINANCE CORP.
                                  BALANCE SHEET
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   JUNE 30,    DECEMBER 31,
                                                                     2000          1999
                                                                   --------    ------------
                                                                    (DOLLARS IN THOUSANDS)

<S>                                                                <C>         <C>
Cash .......................................................        $  435        $  489
Deferred income taxes ......................................            45            45
                                                                    ------        ------
        TOTAL ASSETS .......................................        $  480        $  534
                                                                    ======        ======

Accrued expenses ...........................................        $  124        $  128
Tax and other payables to affiliates .......................             6            46
                                                                    ------        ------
        TOTAL LIABILITIES ..................................           130           174
                                                                    ------        ------

Shareholder's equity
  Common stock, par value $.01 per share,
     1,000 shares authorized, issued, and outstanding ......            --            --
  Additional paid-in capital ...............................            10            10
  Retained earnings ........................................           340           350
                                                                    ------        ------
        TOTAL SHAREHOLDER'S EQUITY .........................           350           360
                                                                    ------        ------
        TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY .........        $  480        $  534
                                                                    ======        ======
</TABLE>

---------------

The accompanying notes are an integral part of these financial statements.


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<PAGE>   4

                      UNION PLANTERS MORTGAGE FINANCE CORP.
                             STATEMENT OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                             THREE MONTHS ENDED       SIX MONTHS ENDED
                                                                  JUNE 30,                JUNE 30,
                                                             ------------------      ------------------
                                                              2000        1999        2000        1999
                                                             ------      ------      ------      ------
                                                                       (DOLLARS IN THOUSANDS)

<S>                                                          <C>         <C>         <C>         <C>
NONINTEREST INCOME
  Net gain on the sale of residential mortgages .......      $   --      $   --      $   --      $4,442
                                                             ------      ------      ------      ------

NONINTEREST EXPENSE
                                                             ------      ------      ------      ------
  Accounting and auditing fees ........................          15          --          15          --
                                                             ------      ------      ------      ------

       EARNINGS BEFORE INCOME TAXES (LOSS) ............         (15)         --         (15)      4,442
Income taxes (credit) .................................          (5)         --          (5)      1,555
                                                             ------      ------      ------      ------
       NET EARNINGS (LOSS) ............................      $  (10)     $   --      $  (10)     $2,887
                                                             ======      ======      ======      ======
</TABLE>

---------------

The accompanying notes are an integral part of these financial statements.


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<PAGE>   5

                      UNION PLANTERS MORTGAGE FINANCE CORP.
                  STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                      ADDITIONAL
                                            COMMON     PAID-IN     RETAINED
                                            STOCK      CAPITAL     EARNINGS     TOTAL
                                            ------    ----------   --------     ------
                                                      (DOLLARS IN THOUSANDS)

<S>                                         <C>       <C>          <C>          <C>
BALANCE, JANUARY 1, 2000 ..............     $   --      $   10      $  350      $  360

Net earnings (loss) ...................         --          --         (10)        (10)
                                            ------      ------      ------      ------

BALANCE, JUNE 30, 2000 ................     $   --      $   10      $  340      $  350
                                            ======      ======      ======      ======
</TABLE>

--------------------

The accompanying notes are an integral part of these financial statements.


                                        5
<PAGE>   6

                      UNION PLANTERS MORTGAGE FINANCE CORP.
                             STATEMENT OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                        SIX MONTHS ENDED
                                                                            JUNE 30,
                                                                    ------------------------
                                                                     2000            1999
                                                                    ------        ----------
                                                                     (DOLLARS IN THOUSANDS)
<S>                                                                 <C>           <C>
OPERATING ACTIVITIES
  Net earnings (loss) ......................................        $  (10)       $    2,887
  Deferred income tax benefit ..............................            --               (49)
  Gain on sale of loans ....................................            --            (4,442)
  Net increase (decrease) in other liabilities .............           (44)              195
                                                                    ------        ----------
        Net cash used in operating activities ..............           (54)           (1,409)
                                                                    ------        ----------

INVESTING ACTIVITIES
  Purchase of loans from parent company ....................            --          (132,467)
  Net proceeds from sale of loans to a trust ...............            --           136,909
                                                                    ------        ----------
        Net cash provided by investing activities ..........            --             4,442
                                                                    ------        ----------

FINANCING ACTIVITIES
  Issuance of notes payable to parent company ..............            --           132,467
  Repayment of notes payable to parent company .............            --          (132,467)
  Cash dividends paid ......................................            --            (3,000)
                                                                    ------        ----------
        Net cash used by financing activities ..............            --            (3,000)
                                                                    ------        ----------
Net increase (decrease) in cash ............................           (54)               33
Cash at beginning of period ................................           489               502
                                                                    ------        ----------
Cash at end of period ......................................        $  435        $      535
                                                                    ======        ==========
</TABLE>

---------------

The accompanying notes are an integral part of these financial statements.


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                      UNION PLANTERS MORTGAGE FINANCE CORP.
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         BASIS OF PRESENTATION. The financial statements include the accounts of
the Company. The Company was established September 5, 1997 as a wholly owned,
limited-purpose finance subsidiary of Union Planters Bank, National Association
(the "Bank"), which in turn is a subsidiary of Union Planters Corporation
("UPC"). The Company was organized to facilitate the securitization of loans and
other assets through the issuance and sale of collateralized bonds and
pass-through securities through trusts established by the Company. Securities
issued through trusts will be secured primarily by residential mortgage loans
and mortgage-backed certificates of various types. These financial statements do
not include the accounts of the trusts established to carry out the issuance and
sale of collateralized bonds and pass-through securities.

         USE OF ESTIMATES. The accounting and reporting policies of Union
Planters Mortgage Finance Corp. (the "Company") conform with generally accepted
accounting principles and general practice within the financial services
industry in the United States. The preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes; actual results could differ from these
estimates.

NOTE 2. SALE OF LOANS

         In February 1999, the Company securitized approximately $132 million in
principal amount of previously defaulted FHA insured and VA guaranteed mortgage
loans serviced by the Bank. The transaction was accounted for as a sale in
accordance with the provisions of Statement of Financial Accounting Standards
("SFAS") No. 125, "Accounting for Transfer and Servicing of Financial Assets and
Extinguishment of Liabilities." There were no securitizations in the first six
months of 2000. The following summarizes the gains for the six months ended June
30, 1999.

<TABLE>

                  <S>                                             <C>
                  Proceeds from sale of loans ............        $  137,817
                  Principal balance of loans .............          (132,467)
                                                                  ----------
                        Gain .............................             5,350
                  Costs ..................................              (908)
                                                                  ----------
                        Net gain on the sale of loans ....        $    4,442
                                                                  ==========
</TABLE>

NOTE 3. INCOME TAXES

         Income taxes are computed on a separate company basis. The Company
files a consolidated federal income tax return with the Bank and UPC. Deferred
income taxes are provided in accordance with SFAS No. 109, "Accounting for
Income Taxes." The components of income tax expense (credit) are as follows.

<TABLE>
<CAPTION>
                                                                      SIX MONTHS ENDED
                                                                          JUNE 30,
                                                                   ----------------------
                                                                    2000           1999
                                                                   ------        --------

         <S>                                                       <C>           <C>
         Current tax (credit) .............................         $ (5)        $  1,604
         Deferred tax (credit) ............................           --              (49)
                                                                    ----         --------
                   Total income tax expense (credit) ......         $ (5)        $  1,555
                                                                    ====         ========
</TABLE>

         The deferred tax asset is composed of accrued expenses that have not
been paid. The Company's effective tax rate does not differ from the federal
statutory rate of 35%.


                                       7
<PAGE>   8

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

                      UNION PLANTERS MORTGAGE FINANCE CORP.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

         The following discussion and analysis should be read in conjunction
with the financial statements and related notes thereto.

GENERAL

         Union Planters Mortgage Finance Corp. (the "Company") was established
September 5, 1997 as a wholly owned, limited purpose, finance subsidiary of
Union Planters Bank, National Association (the "Bank"), which in turn is a
subsidiary of Union Planters Corporation. There was essentially no business
activity on the part of the Company until May 1998. The Company was organized to
facilitate the securitization of loans and other assets through the issuance and
sale of collateralized bonds and pass-through securities. Securities issued will
be secured primarily by residential mortgage loans and mortgage-backed
certificates of various types. In the future, the Company may finance other
types of loans and assets.

         There were no transactions in the first six months of 2000.

         In February 1999, the Company securitized approximately $132 million in
principal amount of previously defaulted FHA-insured and VA-guaranteed mortgage
loans serviced by the Bank. The loans securitized had a weighted-average
maturity of 222 months and a weighted-average interest rate of 9.67% per annum.
The loans will continue to be serviced by the Bank for a one percent fee.
Affiliates of the Company purchased all of the subordinated securities issued in
this transaction, with an approximate market value of $9.3 million. This
securitization, treated as a sale, resulted in a total gain of approximately
$5.4 million before costs and expenses. Securitization costs and expenses
accrued by the Company were approximately $954,000 and the balance of the
accrual was $240,000 at June 30, 1999. Securitization costs and expenses
included underwriting costs, legal and accounting fees, as well as cost to
prepare, record and deliver loan documents and files. Credit losses not covered
by insurance or guarantees are absorbed by subordinated security holders or, in
limited circumstances, the Bank as servicer. Therefore, the Company carries no
loan loss reserves.


                                       8
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                      UNION PLANTERS MORTGAGE FINANCE CORP.

                           PART II - OTHER INFORMATION

ITEM 1 -- LEGAL PROCEEDINGS

         None.

ITEM 5 -- OTHER INFORMATION

         None.

ITEM 6 -- EXHIBITS AND REPORTS ON FORM 8-K

         (a)      EXHIBITS

<TABLE>
         <S>      <C>
         3.1      Certificate of Incorporation of the Registrant (Incorporated
                  herein by reference to the Exhibits to Registrant's
                  Registration Statement No. 333-35471 on Form S-3, filed
                  September 12, 1997).

         3.2      Amended and Restated Bylaws of the Registrant (Incorporated
                  herein by reference to the Exhibits to Pre-Effective Amendment
                  No. 3 to the Registrant's Registration Statement No. 333-35471
                  on Form S-3, filed January 16, 1998).

         4.1      Standard Terms to Pooling and Servicing Agreement (January
                  1998 Edition) (Incorporated herein by reference to the
                  Exhibits to Pre-Effective Amendment No. 3 to the Registrant's
                  Registration Statement No. 333-35471 on Form S-3, filed
                  January 16, 1998).

         4.2      Form of Indenture between Registrant and Trustee (Incorporated
                  herein by reference to the Exhibits to Pre-Effective Amendment
                  No. 3 to the Registrant's Registration Statement No. 333-35471
                  on Form S-3, filed January 16, 1998).

         4.3      Form of Trust Agreement between Registrant and Trustee
                  (Incorporated herein by reference to the Exhibits to
                  Pre-Effective Amendment No. 3 to the Registrant's Registration
                  Statement No. 333-35471 on Form S-3, filed January 16, 1998).

         4.4      Form of Deposit Trust Agreement between Registrant and Trustee
                  (Incorporated herein by reference to the Exhibits to
                  Pre-Effective Amendment No. 3 to the Registrant's Registration
                  Statement No. 333-35471 on Form S-3, filed January 16, 1998).

         4.5      Standard Terms to Pooling and Servicing Agreement (May 1998
                  Edition) (Incorporated herein by reference to Exhibit to the
                  Registrant's Current Report on Form 8-K , filed June 11,
                  1998).

         4.6      Copy of the Series 1998-1 Pooling and Servicing Agreement,
                  dated as of May 1, 1998, by and among the Registrant, Union
                  Planters Bank, N.A., as Master Servicer, The Bank of New York,
                  as Contract of Insurance Holder, and The Bank of New York, as
                  Trustee (Incorporated herein by reference to Exhibit to the
                  Registrant's Current Report on Form 8-K , filed June 11,
                  1998).

         4.7      Copy of Series 1999-1 Pooling and Servicing Agreement, dated
                  as of February 1, 1999, by and among the Registrant, Union
                  Planters Bank, N.A., as Master Servicer, and Contract of
                  Insurance Holder, and The Bank of New York, as Trustee
                  (Incorporated herein by reference to Exhibit to the
                  Registrant's Current Report on Form 8-K, filed March 2, 1999).

         27       Financial Data Schedule (for SEC use only)
</TABLE>


                                       9
<PAGE>   10

<TABLE>
         <S>      <C>
         99.1     Form of Sales Agreement between the Registrant, as Purchaser,
                  and the Seller (Incorporated herein by reference to the
                  Exhibits to Pre-Effective Amendment No. 3 to the Registrant's
                  Registration Statement No. 333-35471 on Form S-3, filed
                  January 16, 1998).

         99.2     Form of Supplemental Servicing Agreement (Incorporated herein
                  by reference to the Exhibits to Pre-Effective Amendment No. 3
                  to the Registrant's Registration Statement No. 333-35471 on
                  Form S-3, filed January 16, 1998).

         (b)      REPORTS ON FORM 8-K
                  None.
</TABLE>


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                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        UNION PLANTERS MORTGAGE FINANCE CORP.
                                                     (REGISTRANT)


Date:       July 20, 2000               By:        /s/ Douglas R. Miller
      -------------------------            -------------------------------------
                                                   Douglas R. Miller
                                                   President and
                                                   Chief Executive Officer


                                        By:        /s/ Mark Mosteller
                                           -------------------------------------
                                                   Mark Mosteller
                                                   Vice President and
                                                   Secretary


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