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Previous: CYBERCASH INC, DEF 14A, 1997-05-28 |
Next: MOSSIMO INC, S-8, 1997-05-28 |
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)
May 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 May 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 May 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
May 23, 1997 ______________________________
Douglas R. Muir
Vice President
<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
May 23, 1997 /s/ DOUGLAS R. MUIR
-------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on May 15, 1997.............................. 5-10
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: MAY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 19
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH:APRIL 30, 1997
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------
Beginning Ending Scheduled Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing Pass Thru
Balance Principal Principal Principal Repurchased Balance Interest Fee Interest
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
159,453,493.76 (403,467.57) (569,878.71) (1,222,203.78) 0.00 157,257,943.70 1,503,319.44 132,877.91 1,370,441.53
====================================================================================================================================
<CAPTION>
Amount
Liquidation Reserve Available for
Proceeds Fund Draw Distribution
- ---------------------------------------------
<C> <C> <C>
872,791.21 0.00 3,349,456.93
=============================================
</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>
376,517.06 0.00 -1,517.06 1,494.54 376,494.54 0.00 0.00 376,494.54 1,494.54
===============================================================================================================================
</TABLE>
Reserve Fund Required Balance
- --------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------
375,000.00 375,000.00
================================
Certificate Account
- -------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------------------------------------------------------------------------------
945,555.93 2,202,205.03 1,860,873.77 (3,776,974.21) 4,303.31 1,235,963.83
================================================================================
P&I Advances at Distribution Date
- --------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------
1,819,921.01 1,631,469.66 1,379,057.83 1,567,509.18
====================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH:APRIL 30, 1997
Class B Crossover Test Test Met?
- -------------------------------------------- -------------
(a) Remittance date on or after April 2000 N
(b) Average 60 day Delinquency rate less than or equal to 5% Y
(c) Average 30 day Delinquency rate less than or equal to 7% Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
April 2000 -Sept. 2001 7% N
Oct 2001 -Sept. 2002 8% N
Oct 2002 - 9% N
(e) Current realized loss ratio less than or equal to 2.75% Y
(f) Are class B principal balances greater than or equal to 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 159,453,493.76
--------------
17.018% N
==============
REPORT DATE: MAY 6, 1997
POOL REPORT # 19
Page 2 of 6 `
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 6,974,660.45 157,257,943.70 4.44%
1st Preceding Mo 7,309,742.63 159,453,493.76 4.58%
2nd Preceding Mo 7,701,503.79 161,702,026.63 4.76%
Divided by 3
-----------
4.59%
===========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 8,698,581.01 157,257,943.70 5.53%
1st Preceding Mo 10,010,192.35 159,453,493.76 6.28%
2nd Preceding Mo 10,655,520.31 161,702,026.63 6.59%
Divided by 3
----------
6.13%
==========
Cumulative loss ratio:
Cumulative losses 2,498,632.63
---------------------
Divided by Initial Certificate Principal 187,144,958.00 1.335%
===========
Current realized loss ratio:
Liquidation Pool
Losses Balance
----------------------------------
Current Mo 349,412.57 159,453,493.76
1st Preceding Mo 325,156.39 161,702,026.63
2nd Preceding Mo 292,328.19 163,688,235.86
2.415%
============
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MAY 6, 1997
REMITTANCE REPORT POOL REPORT # 19
REPORTING MONTH:APRIL 30, 1997 Page 3 of 6
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
No. of Principal Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance # Balance
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 5,424 152,973,601.97 65 1,702,571.83 40 1,192,671.31 46 1,532,206.42 151 4,427,449.56
Repos 129 4,284,341.73 1 21,348.73 10 318,341.34 117 3,931,441.38 128 4,271,131.45
---------------------------------------------------------------------------------------------------------------------
Total 5,553 157,257,943.70 66 1,723,920.56 50 1,511,012.65 163 5,463,647.80 279 8,698,581.01
=====================================================================================================================
5.0% 5.53%
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
129 4,284,341.73 (1) (33,872.39) 34 1,045,502.28 531 14,763,420.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MAY 6, 1997
REMITTANCE REPORT POOL REPORT # 19
REPORTING MONTH: APRIL 30, 1997
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov.
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
075048-9 ROSS 7,260.91 2500.00 389.77 2,889.77 2,089.79 799.98 2,740.56
071582-1 SHERMAN 9,251.28 5000.00 83.29 5,083.29 972.85 4,110.44 1,837.92
072853-5 HARRELL 20,465.45 28,100.00 1,193.14 29,293.14 1,803.00 27,490.14 1,922.10
074984-6 FOUST 16,348.57 16,750.00 600.25 17,350.25 1,975.44 15,374.81 2,180.64
075210-5 TURNER 17,353.95 20,750.00 759.19 21,509.19 10,334.29 11,174.90 3,758.17
075319-4 BRANNON 26,573.26 25,500.00 1,746.29 27,246.29 2,755.00 24,491.29 3,275.28
075790-6 FERGUSON 25,992.93 22,900.00 2,088.94 24,988.94 7,385.90 17,603.04 5,537.87
071793-4 MCELWEE 26,218.67 16,500.00 1,560.86 18,060.86 2,492.00 15,568.86 2,949.30
073093-7 WRIGHT 22,010.72 20,700.00 590.90 21,290.90 6,714.70 14,576.20 3,287.62
073352-7 RAYMER 21,529.36 19,500.00 617.87 20,117.87 2,661.57 17,456.30 1,690.86
073429-3 MAPP 27,701.84 26,900.00 857.24 27,757.24 3,647.00 24,110.24 1,683.95
074113-2 HUDSON 29,083.14 26,900.00 1,353.49 28,253.49 2,747.00 25,506.49 2,175.06
074116-5 BROWN 22,107.22 21,500.00 672.67 22,172.67 4,180.31 17,992.36 2,664.00
074121-5 GRAHAM 23,932.95 21,500.00 1,370.97 22,870.97 4,325.09 18,545.88 2,446.00
074552-1 LYLES 22,949.68 22,500.00 1,111.97 23,611.97 2,317.83 21,294.14 2,853.20
075219-6 CAMPBELL 18,286.27 18,500.00 604.00 19,104.00 2,793.75 16,310.25 2,838.70
075356-6 MOORE 31,655.56 35,500.00 778.79 36,278.79 5,633.18 30,645.61 5,242.86
075697-3 MORGAN 27,958.80 29,775.00 1,081.43 30,856.43 5,597.33 25,259.10 5,561.44
075782-3 THOMAS 25,415.93 26,500.00 1,349.34 27,849.34 3,413.35 24,435.99 2,129.19
075985-2 CLARK 28,308.01 24,900.00 1,210.42 26,110.42 2,308.00 23,802.42 3,812.71
076195-7 AUTON 19,395.90 19,250.00 522.35 19,772.35 577.50 19,194.85 1,972.32
076470-4 PICKENS 26,444.59 24,500.00 1,454.86 25,954.86 3,041.58 22,913.28 2,840.22
077556-9 RUSSELL 22,481.88 25,550.00 692.25 26,242.25 5,991.17 20,251.08 4,516.32
071141-6 SHARVER 26,435.07 24,100.00 1,238.06 25,338.06 1,523.00 23,815.06 2,250.96
071303-2 HONEY 26,656.48 23,900.00 520.33 24,420.33 2,583.08 21,837.25 2,960.28
072095-3 RUSZCZYK 55,869.26 43,500.00 0.00 43,500.00 2,665.33 40,834.67 4,461.84
072563-0 STEELE 33,129.18 22,500.00 179.40 22,679.40 3,596.69 19,082.71 5,836.14
073144-8 MOORE 22,175.99 21,900.00 0.00 21,900.00 2,842.00 19,058.00 1,233.30
073266-9 SAURO 25,065.78 23,900.00 582.82 24,482.82 1,552.00 22,930.82 1,031.04
073276-8 LONG 35,136.68 29,900.00 1,706.62 31,606.62 3,418.50 28,188.12 8,054.00
073628-0 HUDSON 49,187.52 54,100.00 1,574.32 55,674.32 11,155.29 44,519.03 8,175.98
074437-5 COON 35,138.11 28,900.00 1,773.71 30,673.71 1,729.96 28,943.75 4,683.00
074646-1 SIMS 32,821.03 26,450.00 1,654.63 28,104.63 1,333.00 26,771.63 2,871.92
075031-5 JOHNSON 24,788.45 21,200.00 849.19 22,049.19 636.00 21,413.19 1,956.29
075272-5 LEE 33,598.01 28,700.00 1,262.90 29,962.90 1,902.30 28,060.60 2,204.82
075972-0 PERALES 36,346.62 32,500.00 1,868.90 34,368.90 1,888.75 32,480.15 4,367.99
076048-8 BACIGALUPO 42,175.76 38,900.00 2,183.77 41,083.77 7,103.00 33,980.77 5,033.49
076165-0 MAST 25,528.72 27,786.00 336.96 28,122.96 2,966.16 25,156.80 1,891.96
076473-8 WILLIAMS 29,702.78 25,000.00 2,092.98 27,092.98 3,954.80 23,138.18 3,953.40
076553-7 REDIFER 43,677.31 39,900.00 1,312.97 41,212.97 6,839.68 34,373.29 6,512.55
076604-8 TELLO 29,723.37 25,900.00 1,546.35 27,446.35 4,388.25 23,058.10 1,948.02
076618-8 MOORE 41,001.52 41,900.00 1,062.02 42,962.02 9,038.53 33,923.49 4,633.75
076891-1 BEARD 21,995.41 20,100.00 989.39 21,089.39 963.00 20,126.39 1,238.65
077164-2 KERLEY 33,323.86 32,500.00 1,153.07 33,653.07 3,809.00 29,844.07 2,436.84
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
================================================================================================================
1,222,203.78 1,135,511.00 46,578.67 1,182,089.67 161,645.95 1,020,443.72 147,652.51
================================================================================================================
<CAPTION>
Net Current
Pass Thru Period Net Cumulative
Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------
<C> <C> <C>
(1,940.58) (9,201.49)
2,272.52 (6,978.76)
25,568.04 5,102.59
13,194.17 (3,154.40)
7,416.73 (9,937.22)
21,216.01 (5,357.25)
12,065.17 (13,927.76)
12,619.56 (13,599.11)
11,288.58 (10,722.14)
15,765.44 (5,763.92)
22,426.29 (5,275.55)
23,331.43 (5,751.71)
15,328.36 (6,778.86)
16,099.88 (7,833.07)
18,440.94 (4,508.74)
13,471.55 (4,814.72)
25,402.75 (6,252.81)
19,697.66 (8,261.14)
22,306.80 (3,109.13)
19,989.71 (8,318.30)
17,222.53 (2,173.37)
20,073.06 (6,371.53)
15,734.76 (6,747.12)
21,564.10 (4,870.97)
18,876.97 (7,779.51)
36,372.83 (19,496.43)
13,246.57 (19,882.61)
17,824.70 (4,351.29)
21,899.78 (3,166.00)
20,134.12 (15,002.56)
36,343.05 (12,844.47)
24,260.75 (10,877.36)
23,899.71 (8,921.32)
19,456.90 (5,331.55)
25,855.78 (7,742.23)
28,112.16 (8,234.46)
28,947.28 (13,228.48)
23,264.84 (2,263.88)
19,184.78 (10,518.00)
27,860.74 (15,816.57)
21,110.08 (8,613.29)
29,289.74 (11,711.78)
18,887.74 (3,107.67)
27,407.23 (5,916.63)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
==============================
872,791.21 (349,412.57) (2,498,632.63)
================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: MAY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 19
REMITTANCE REPORT
REPORTING MONTH: APRIL 30, 1997 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current Accelerated
Cert. Certificate Certificate Principal Principal Writedown
Class Balances Balances Payable Distribution Amounts
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 52,393,000.00 24,701,536.01 (2,195,550.06) 0.00 0.00
A-1 Outstanding Writedown 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
A-2 Outstanding Writedown 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
A-3 Outstanding Writedown 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
A-4 Outstanding Writedown 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
B-1 Outstanding Writedown 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
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------
187,144,958.00 159,453,494.01 (2,195,550.06) 0.00 0.00
================================================================================================
<CAPTION>
Ending Principal Paid
Certificate Pool Per $1,000
Balances Factor Denomination
- -----------------------------------------------------------------------
<C> <C> <C>
22,505,985.95 42.95609% 88.88
0.00 0.00 0.00
62,169,000.00 100.00000% 0.00
0.00 0.00 0.00
29,540,000.00 100.00000% 0.00
0.00 0.00 0.00
15,907,000.00 100.00000% 0.00
0.00 0.00 0.00
19,650,000.00 100.00000% 0.00
0.00 0.00 0.00
7,485,958.00 100.00000% 0.00
0.00 0.00 0.00
- --------------
157,257,943.95
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MAY 6, 1997
REMITTANCE REPORT POOL REPORT # 19
REPORTING MONTH:APRIL 30, 1997
Page 6 of 6
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% 0.00 128,653.83 128,653.83 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 2,149,220.06 460,763.04 111,350.47 349,412.57
R 0.00 0.00 0.00 0.00
Service Fee 0.00 132,877.91 132,877.91 0.00
----------------------------------------------------------------------------------
2,149,220.06 1,503,319.44 1,153,906.87 349,412.57
Less Reserve Fund Deposit 0.00
---------------------
1,153,906.87
=====================
<CAPTION>
Interest Paid
Ending Per $1,000 Cert. TOTAL
Balance Denomination Class DISTRIBUTION
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.00 5.21 A-1 2,324,203.89
0.00 0.00
0.00 0.00
0.00 5.38 A-2 334,158.38
0.00 0.00
0.00 0.00
0.00 5.75 A-3 169,855.00
0.00 0.00
0.00 0.00
0.00 6.25 A-4 99,418.75
0.00 0.00
0.00 0.00
0.00 6.29 B-1 123,631.25
0.00 0.00
0.00 0.00
0.00 7.21 B-2 53,961.28
0.00 0.00
0.00 0.00
2,498,632.63 X 111,350.47
0.00 R
0.00 132,877.91
- ------------------- ---------------------
2,498,632.63 3,349,456.93
0.00
---------------------
3,349,456.93
=====================
</TABLE>
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