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Previous: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1995-B, 10-K405, 1997-01-22 |
Next: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1995-B, 8-K, 1997-01-22 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 15, 1997.
OMI Trust 1995-B
(Exact name of registrant as specified in charter)
Pennsylvania 33-83660 23-2824328
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o PNC Bank, National Association
Corporate Trust Department
Attention: Constantine Hromych
1700 Market Street
Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8738
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
OMI Trust 1995-B
Form 8-K
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
OMI Trust 1995-B (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1995-B (the "Certificates"), makes monthly distributions
to holders of the Certificates. The latest distribution was made on January 15,
1997. Oakwood Acceptance Corporation, as Servicer for the Trust, has prepared a
monthly Remittance Report and delivered it to the Trustee.
Remittance Report. . . . . . . . . . . . .Exhibit 20.1
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibits
20.1 Monthly Remittance Report relating to the
Distribution Date occurring on January 15, 1997.
Item 8. Change in Fiscal Year.
Not Applicable.
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OMI TRUST 1995-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
January 29, 1996 /s/ DOUGLAS R. MUIR
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on January 15, 1997............................ 5-10
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: JANUARY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 15
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Dec-96
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
167,499,590.84 (406,067.91) (578,769.86) (865,005.51) 0.00 165,649,747.56
============================================================================================================================
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- -----------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
1,579,961.16 139,582.99 1,440,378.17 673,872.68 0.00 3,238,671.61
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Reserve Fund as of Cutoff Date
- --------------------------------------------------------------------
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
376,480.82 0.00 -1,480.82 1,509.15 376,509.15 0.00 0.00 376,509.15 1,509.15
====================================================================================================================================
<CAPTION>
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
<C> <C>
375,000.00 375,000.00
======================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
132,554.08 1,835,291.52 1,518,411.54 (3,083,943.96) 1,817.13 404,130.31
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
1,238,425.68 1,127,805.02 2,134,326.08 2,244,946.74
==================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: JANUARY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 15
REMITTANCE REPORT
REPORTING MONTH: Dec-96 Page 2 of 6
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ----------------------------------------------------------------- ---------------
<S> <C> <C>
(a) Remittance date on or after April 2000 N
(b) Average 60 day Delinquency rate <= 5% Y
(c) Average 30 day Delinquency rate <= 7% Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Average 30 day delinquency ratio:
April 2000 -Sept. 2001 7% N
Oct 2001 -Sept. 2002 8% N
Oct 2002 - 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Are class B principal balances >= 25.375%
of stated scheduled pool balance
Beginning B-1 balance 19,650,000.00
Beginning B-2 balance 7,485,958.00
-------------------
27,135,958.00
Divided by beginning pool
balance 167,499,590.84
-------------------
16.201% N
===================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
<S> <C> <C> <C>
Current Mo 7,750,932.07 165,649,747.56 4.68%
1st Preceding Mo 7,253,290.13 167,499,590.84 4.33%
2nd Preceding Mo 6,933,991.77 168,987,760.80 4.10%
Divided by 3
-------------
4.37%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 10,987,655.26 165,649,747.56 6.63%
1st Preceding Mo 10,070,358.18 167,499,590.84 6.01%
2nd Preceding Mo 9,519,780.79 168,987,760.80 5.63%
Divided by 3
-------------
6.09%
=============
Cumulative loss ratio:
Cumulative losses 1,246,211.07
------------------------
Divided by Initial Certificate Principal 187,144,958.00 0.666%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 191,132.83 167,499,590.84
1st Preceding Mo 166,055.76 168,987,760.80
2nd Preceding Mo 136,524.50 170,502,156.40
1.174%
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JANUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: Dec-96 Page 3 of 6
<TABLE>
<CAPTION>
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 5,635 160,571,471.72 106 3,036,772.52 42 1,269,971.07 55 1,602,635.83
Repos 168 5,078,275.84 6 199,950.67 21 588,228.73 141 4,290,096.44
----------------------------------------------------------------------------------------------------------------------
Total 5,803 165,649,747.56 112 3,236,723.19 63 1,858,199.80 196 5,892,732.27
======================================================================================================================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- -------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
203 5,909,379.42 168 5,078,275.84 0 0.00 40 1,160,894.62 404 11,124,452.97
168 5,078,275.84
- ------------------------
371 10,987,655.26
=======================
6.4% 6.63%
===============================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JANUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: Dec-96
Page 4 of 6
<TABLE>
<CAPTION>
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
073963-1 CRAINE 6,876.81 5,255.00 441.37 5,696.37 0.00 5,696.37
073730-4 JONES 22,575.04 23,700.00 1,688.98 25,388.98 3,787.50 21,601.48
075419-2 GALYON 28,822.46 29,900.00 1,384.59 31,284.59 2,242.00 29,042.59
075670-0 DUNLAP 25,670.48 21,900.00 1,874.26 23,774.26 2,208.86 21,565.40
075678-3 FUNDERBURK 15,446.58 15,778.00 1,172.70 16,950.70 2,737.27 14,213.43
077117-0 CAGLE 17,686.53 20,500.00 0.00 20,500.00 2,718.42 17,781.58
063000-4 JULIOUS 21,621.77 25,500.00 761.29 26,261.29 3,195.05 23,066.24
071221-6 WALKER 29,569.12 28,700.00 1,592.79 30,292.79 3,679.02 26,613.77
071665-4 RINGO 40,950.34 39,900.00 2,158.17 42,058.17 7,559.95 34,498.22
072472-4 COMPTON 30,711.53 29,604.67 1,099.52 30,704.19 888.14 29,816.05
073252-9 AGUILAR 26,569.79 24,500.00 1,546.17 26,046.17 2,868.00 23,178.17
073728-8 GONZALEZ 23,659.92 26,900.00 854.84 27,754.84 2,382.00 25,372.84
073925-0 HOLLOWAY 20,218.06 19,900.00 677.50 20,577.50 7,129.94 13,447.56
074549-7 JOHNSON 31,642.09 33,400.00 987.55 34,387.55 4,509.80 29,877.75
074564-6 JONES 25,829.88 25,900.00 0.00 25,900.00 5,364.15 20,535.85
075600-7 TUCKER 32,763.56 44,900.00 2,227.44 47,127.44 7,894.20 39,233.24
075669-2 MOBERL 29,298.95 24,100.00 1,099.10 25,199.10 1,353.00 23,846.10
076528-9 JORDAN 24,141.44 21,100.00 1,735.23 22,835.23 2,649.02 20,186.21
077013-1 HACKER 31,780.63 25,900.00 2,902.43 28,802.43 6,320.81 22,481.62
078503-0 WILLIAMS 27,562.05 25,995.00 2,284.31 28,279.31 6,153.72 22,125.59
072785-9 MITCHELL 33,835.91 28,500.00 1,600.06 30,100.06 2,593.03 27,507.03
072789-1 RACE 34,619.12 32,500.00 1,253.24 33,753.24 2,022.95 31,730.29
073036-6 SAWYER 33,612.51 19,409.05 1,398.83 20,807.88 550.00 20,257.88
073696-7 BLAIR 26,698.09 25,500.00 1,202.53 26,702.53 1,813.14 24,889.39
073979-7 BROWN 24,817.08 24,100.00 1,103.37 25,203.37 3,001.57 22,201.80
075422-6 ADAMS 21,966.14 19,900.00 1,579.09 21,479.09 5,220.92 16,258.17
075652-8 POSTON 37,130.05 36,100.00 3,255.63 39,355.63 5,075.08 34,280.55
076043-9 CLAIR 26,042.01 24,900.00 1,137.83 26,037.83 822.00 25,215.83
076471-2 MOSLEY 31,849.13 28,500.00 774.79 29,274.79 5,307.28 23,967.51
772764 NEWHART 24,936.98 25,150.00 0.00 25,150.00 2,940.72 22,209.28
776823 STADTLANDER 21,133.04 19,900.00 1,645.47 21,545.47 986.02 20,559.45
783860 VEHORN 34,968.42 32,500.00 1,249.42 33,749.42 3,951.35 29,798.07
==================================================================================================
865,005.51 830,291.72 42,688.50 872,980.22 109,924.91 763,055.31
==================================================================================================
<CAPTION>
Net Current
Account Unrecov. Pass Thru Period Net Cumulative
Number Advances Proceeds Gain/(Loss) Gain/(Loss)
- ---------- ------------------------------------------------------------------------
<S> <C> <C> <C>
073963-1 1,028.15 4,668.22 (2,208.59)
073730-4 2,500.61 19,100.87 (3,474.17)
075419-2 4,141.40 24,901.19 (3,921.27)
075670-0 4,364.80 17,200.60 (8,469.88)
075678-3 3,235.50 10,977.93 (4,468.65)
077117-0 3,173.28 14,608.30 (3,078.23)
063000-4 1,078.44 21,987.80 366.03
071221-6 3,417.57 23,196.20 (6,372.92)
071665-4 4,101.60 30,396.62 (10,553.72)
072472-4 2,330.76 27,485.29 (3,226.24)
073252-9 2,381.82 20,796.35 (5,773.44)
073728-8 1,965.96 23,406.88 (253.04)
073925-0 2,046.88 11,400.68 (8,817.38)
074549-7 2,992.05 26,885.70 (4,756.39)
074564-6 2,861.37 17,674.48 (8,155.40)
075600-7 2,976.48 36,256.76 3,493.20
075669-2 2,884.24 20,961.86 (8,337.09)
076528-9 2,399.60 17,786.61 (6,354.83)
077013-1 3,826.30 18,655.32 (13,125.31)
078503-0 3,712.39 18,413.20 (9,148.85)
072785-9 2,307.13 25,199.90 (8,636.01)
072789-1 3,366.80 28,363.49 (6,255.63)
073036-6 2,603.16 17,654.72 (15,957.79)
073696-7 2,658.42 22,230.97 (4,467.12)
073979-7 2,264.24 19,937.56 (4,879.52)
075422-6 1,941.76 14,316.41 (7,649.73)
075652-8 4,860.60 29,419.95 (7,710.10)
076043-9 1,918.42 23,297.41 (2,744.60)
076471-2 2,412.48 21,555.03 (10,294.10)
772764 2,438.91 19,770.37 (5,166.61)
776823 2,293.50 18,265.95 (2,867.09)
783860 2,698.01 27,100.06 (7,868.36)
=================================================
89,182.63 673,872.68 (191,132.83) (1,246,211.07)
===================================================================
As a percentage of the aggregate cut-off date principal balance 0.01
==================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JANUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: Dec-96
Page 5 of 6
<TABLE>
<CAPTION>
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current Accelerated Ending
Cert. Certificate Certificate Principal Principal Writedown Certificate
Class Balances Balances Payable Distribution Amounts Balances
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 52,393,000.00 32,747,633.09 (1,849,843.28) 0.00 0.00 30,897,789.81
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-2 62,169,000.00 62,169,000.00 0.00 0.00 0.00 62,169,000.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-3 29,540,000.00 29,540,000.00 0.00 0.00 0.00 29,540,000.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-4 15,907,000.00 15,907,000.00 0.00 0.00 0.00 15,907,000.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-1 19,650,000.00 19,650,000.00 0.00 0.00 0.00 19,650,000.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-2 7,485,958.00 7,485,958.00 0.00 0.00 0.00 7,485,958.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------
187,144,958.00 167,499,591.09 (1,849,843.28) 0.00 0.00 165,649,747.81
====================================================================================================
<CAPTION>
Principal Paid
Cert. Pool Per $1,000
Class Factor Denomination
- ---------------------------- --------------------------------
<C> <C> <C>
A-1 58.97313% 56.49
A-1 Outstanding Writedown 0.00 0.00
A-2 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00
B-1 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JANUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 15
REPORTING MONTH: Dec-96
Page 6 of 6
<TABLE>
<CAPTION>
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 6.25% 0.00 170,560.59 170,560.59 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-2 6.45% 0.00 334,158.38 334,158.38 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-3 6.90% 0.00 169,855.00 169,855.00 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-4 7.50% 0.00 99,418.75 99,418.75 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-1 7.55% 0.00 123,631.25 123,631.25 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-2 8.65% 0.00 53,961.28 53,961.28 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
X 1,055,078.24 488,792.92 297,660.09 191,132.83
R 0.00 0.00 0.00 0.00
Service Fee 0.00 139,582.99 139,582.99 0.00
---------------------------------------------------------------------------------
1,055,078.24 1,579,961.16 1,388,828.33 191,132.83
Less Reserve Fund Deposit 0.00
----------------------
1,388,828.33
======================
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
----------------------------------------------------------------------------------
<S> <C> <C>
A-1 0.00 5.21 A-1 2,020,403.87
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 5.38 A-2 334,158.38
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.75 A-3 169,855.00
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 6.25 A-4 99,418.75
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
B-1 0.00 6.29 B-1 123,631.25
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 7.21 B-2 53,961.28
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 1,246,211.07 X 297,660.09
R 0.00 R
Service Fee 0.00 139,582.99
-------------- ----------------------
1,246,211.07 3,238,671.61
Less Reserve Fund Deposit 0.00
----------------------
3,238,671.61
======================
</TABLE>
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