|
|
|
|
|
|
|
|
|
|
Previous: PRIDE AUTOMOTIVE GROUP INC, 10KSB, 1997-02-26 |
Next: VOLKSWAGEN CREDIT AUTO RECEIVABLES CORP, 8-K, 1997-02-26 |
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) February 18, 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>
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) February 18, 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 February 18,
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 February 18, 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
February 21, 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
February 21, 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 February 18, 1997.................... 5-10
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on February 18, 1997..........
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: FEBRUARY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 16
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Jan-97
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
165,649,747.56 (406,319.90) (636,467.20) (918,724.60) 0.00 163,688,235.86 1,562,326.88
====================================================================================================================================
</TABLE>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- -------------------------------------------------------------------------------
138,041.46 1,424,285.42 633,200.19 0.00 3,238,314.17
===============================================================================
<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>
376,509.15 0.00 -1,509.15 1,488.70 376,488.70 0.00 0.00 376,488.70 1,488.70
====================================================================================================================================
</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
- -------------------------------------------------------------------------------
404,130.31 1,972,374.90 1,589,674.85 (3,431,621.57) 1,915.93 536,474.42
===============================================================================
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -------------------------------------------------------------------------------
2,244,946.74 2,108,820.96 1,822,414.87 1,958,540.65
===============================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: FEBRUARY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #16
REMITTANCE REPORT
REPORTING MONTH: Jan-97 Page 2 of 6 `
<TABLE>
<CAPTION>
Class B Crossover Test Test Met? Average 60 day delinquency ratio:
- ----------------------------------------------------------------- ---------------
<S> <C> <C> <C> <C> <C>
(a) Remittance date on or after April 2000 N Over 60s Pool Balance %
-----------------------------------------------
(b) Average 60 day Delinquency rate <= 5% Y Current Mo 8,204,944.85 163,688,235.86 5.01%
1st Preceding Mo 7,750,932.07 165,649,747.56 4.68%
(c) Average 30 day Delinquency rate <= 7% Y 2nd Preceding Mo 7,253,290.13 167,499,590.84 4.33%
Divided by 3
--------
(d) Cumulative losses do not exceed the following 4.67%
percent of the initial 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 Over 30s Pool Balance %
-----------------------------------
Current Mo 11,526,214.07 163,688,235.86 7.04%
1st Preceding Mo 10,987,655.26 165,649,747.56 6.63%
(e) Current realized loss ratio <= 2.75% Y 2nd Preceding Mo 10,070,358.18 167,499,590.84 6.01%
Divided by 3
-------
(f) Are class B principal balances >= 25.375% 6.56%
of stated scheduled pool balance ======
Cumulative loss ratio:
Beginning B-1 balance 19,650,000.00
Beginning B-2 balance 7,485,958.00 Cumulative losses 1,531,735.48
------------
Divided by Initial Certificate
Principal 187,144,958.00 0.818%
----------------- ========
27,135,958.00
Divided by beginning pool
balance 165,649,747.56
------------------
16.382% N Current realized loss ratio:
==================
Liquidation Pool
Losses Balance
------------
Current Mo 285,524.41 165,649,747.56
1st Preceding Mo 191,132.83 167,499,590.84
2nd Preceding Mo 166,055.76 168,987,760.80
1.545%
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 16
REPORTING MONTH: Jan-97 Page 3 of 6
<TABLE>
<CAPTION>
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> <C>
Excluding Repos 5,585 158,855,925.82 114 3,289,725.43 52 1,633,030.65 57 1,779,644.55 223 6,702,400.63
Repos 156 4,832,310.04 2 31,543.79 17 486,712.39 136 4,305,557.26 155 4,823,813.44
-----------------------------------------------------------------------------------------------------------------
Total 5,741 163,688,235.86 116 3,321,269.22 69 2,119,743.04 193 6,085,201.81 378 11,526,214.07
=================================================================================================================
6.6% 7.04%
====================
</TABLE>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ------------------------------------------------------------------------------
156 4,832,310.04 (1) (5,271.08) 29 708,016.75 432 11,827,198.64
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 16
REPORTING MONTH: Jan-97
REPOSSESSION LIQUIDATION REPORT Page 4 of 6
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov.
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
072185-2 ATCHISON 7,257.73 0.01 718.46 718.47 0.00 718.47 1,819.12
074666-9 MOSHER 6,769.91 1,800.00 363.51 2,163.51 0.00 2,163.51 1,574.22
075175-0 WAVERLY 3,591.62 500.00 257.49 757.49 761.00 (3.51) 2,334.80
075784-9 NEAL 15,312.11 4,259.00 718.95 4,977.95 0.00 4,977.95 3,118.29
076672-5 BEAUCHAMP 9,912.32 9,500.00 362.66 9,862.66 2,267.99 7,594.67 1,722.96
077267-3 ROBBINS 7,954.17 1,650.00 352.51 2,002.51 0.00 2,002.51 1,176.85
072164-7 PATRICK 10,112.68 2,700.00 700.99 3,400.99 0.00 3,400.99 1,948.94
073789-0 DAVIS 15,047.51 17,900.00 0.00 17,900.00 537.00 17,363.00 2,243.22
074645-3 KEY 20,070.63 19,700.00 764.78 20,464.78 2,085.05 18,379.73 2,018.73
074654-5 CANTRELL 31,656.97 21,000.00 1,026.15 22,026.15 17,099.31 4,926.84 7,120.65
074670-1 MCCALL 11,410.22 6,535.00 0.00 6,535.00 0.00 6,535.00 1,114.75
074925-9 SMITH 23,546.14 25,700.00 2,541.95 28,241.95 4,369.75 23,872.20 2,995.44
075362-4 WILLIAMS 23,496.88 27,500.00 2,054.22 29,554.22 4,513.33 25,040.89 3,841.31
076921-6 BRILEY 23,838.12 26,900.00 1,199.35 28,099.35 6,405.96 21,693.39 2,171.34
071610-0 PETERS 18,801.02 19,900.00 649.26 20,549.26 4,774.45 15,774.81 1,675.03
072700-8 MOORE 20,801.72 18,900.00 1,187.86 20,087.86 2,727.57 17,360.29 1,892.31
072791-7 BUENROSTRO 29,910.35 28,900.00 1,592.56 30,492.56 3,753.28 26,739.28 3,035.36
073552-2 CAVNESS 34,096.94 34,900.00 1,556.75 36,456.75 3,621.14 32,835.61 4,638.70
073729-6 TAYLOR 25,375.68 24,500.00 751.51 25,251.51 1,925.59 23,325.92 1,569.20
073853-4 HOLDEN 21,201.71 17,000.00 636.19 17,636.19 5,956.46 11,679.73 1,928.57
073895-5 KURDZIEL 21,681.66 15,000.00 0.00 15,000.00 2,815.40 12,184.60 2,600.82
074148-8 GRIFFIN 21,179.73 19,700.00 1,312.09 21,012.09 2,367.44 18,644.65 1,462.25
074370-8 MORTON 25,937.88 23,500.00 1,408.61 24,908.61 2,242.00 22,666.61 1,973.34
074544-8 PICKETT 28,309.56 24,700.00 2,107.61 26,807.61 7,386.94 19,420.67 5,238.45
075776-5 FRAZIER 20,551.11 25,900.00 997.36 26,897.36 2,965.00 23,932.36 2,397.04
076129-6 COLE 31,829.89 28,500.00 363.84 28,863.84 2,485.00 26,378.84 2,320.44
076227-8 DONALDSON 23,601.37 22,500.00 0.00 22,500.00 1,390.00 21,110.00 2,237.34
076437-3 MULLENS 23,448.73 28,500.00 1,799.54 30,299.54 4,947.76 25,351.78 2,171.44
076543-8 JENNINGS 25,194.52 25,600.00 1,818.73 27,418.73 1,915.04 25,503.69 2,035.04
077189-9 RAMSEY 27,246.84 22,500.00 2,902.15 25,402.15 693.15 24,709.00 1,655.25
078618-6 LEFLEUR 24,208.16 15,059.66 1,316.83 16,376.49 5,802.53 10,573.96 4,883.40
072172-0 RENDON 43,931.23 45,900.00 936.73 46,836.73 8,514.00 38,322.73 4,529.91
072393-2 TYON 46,306.87 40,900.00 1,005.81 41,905.81 7,745.36 34,160.45 7,896.00
073382-4 PURCELL 28,054.52 25,900.00 1,315.19 27,215.19 1,077.00 26,138.19 1,601.65
073387-3 SHELTON 29,918.09 29,900.00 617.04 30,517.04 1,697.00 28,820.04 2,391.34
074169-4 REED 33,510.69 32,700.00 1,781.57 34,481.57 3,657.47 30,824.10 3,336.75
074254-4 HALE 25,655.10 22,300.00 1,205.62 23,505.62 3,103.00 20,402.62 2,716.02
075714-6 CONWAY 21,707.81 20,900.00 1,352.22 22,252.22 627.00 21,625.22 1,549.26
076965-3 JACKSON 28,251.64 26,500.00 1,130.24 27,630.24 5,088.47 22,541.77 3,571.88
077447-1 ESTES 28,034.77 25,700.00 2,244.72 27,944.72 4,729.12 23,215.60 3,200.56
======================================================================================================
918,724.60 831,903.67 43,051.05 874,954.72 132,046.56 742,908.16 109,707.97
======================================================================================================
</TABLE>
Net Current
Pass Thru Period Net Cumulative
Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------
(1,100.65) (8,358.38)
589.29 (6,180.62)
(2,338.31) (5,929.93)
1,859.66 (13,452.45)
5,871.71 (4,040.61)
825.66 (7,128.51)
1,452.05 (8,660.63)
15,119.78 72.27
16,361.00 (3,709.63)
(2,193.81) (33,850.78)
5,420.25 (5,989.97)
20,876.76 (2,669.38)
21,199.58 (2,297.30)
19,522.05 (4,316.07)
14,099.78 (4,701.24)
15,467.98 (5,333.74)
23,703.92 (6,206.43)
28,196.91 (5,900.03)
21,756.72 (3,618.96)
9,751.16 (11,450.55)
9,583.78 (12,097.88)
17,182.40 (3,997.33)
20,693.27 (5,244.61)
14,182.22 (14,127.34)
21,535.32 984.21
24,058.40 (7,771.49)
18,872.66 (4,728.71)
23,180.34 (268.39)
23,468.65 (1,725.87)
23,053.75 (4,193.09)
5,690.56 (18,517.60)
33,792.82 (10,138.41)
26,264.45 (20,042.42)
24,536.54 (3,517.98)
26,428.70 (3,489.39)
27,487.35 (6,023.34)
17,686.60 (7,968.50)
20,075.96 (1,631.85)
18,969.89 (9,281.75)
20,015.04 (8,019.73)
=================================================
633,200.19 (285,524.41) (1,531,735.48)
==================================================
0.01
======
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 16
REPORTING MONTH: Jan-97
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Current Accelerated Ending
Cert. Certificate Certificate Principal Principal Writedown Certificate Pool
Class Balances Balances Payable Distribution Amounts Balances Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 52,393,000.00 30,897,789.81 (1,961,511.70) 0.00 0.00 28,936,278.11 55.22928%
A-1 Outstanding Writedown 0.00 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 62,169,000.00 100.00000%
A-2 Outstanding Writedown 0.00 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 29,540,000.00 100.00000%
A-3 Outstanding Writedown 0.00 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 15,907,000.00 100.00000%
A-4 Outstanding Writedown 0.00 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 19,650,000.00 100.00000%
B-1 Outstanding Writedown 0.00 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 7,485,958.00 100.00000%
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------
187,144,958.00 165,649,747.81 (1,961,511.70) 0.00 0.00 163,688,236.11
========================================================================================
</TABLE>
Principal Paid
Per $1,000
Denomination
-----------------
A-1 63.48
A-1 Outstanding Writedown 0.00
A-2 0.00
A-2 Outstanding Writedown 0.00
A-3 0.00
A-3 Outstanding Writedown 0.00
A-4 0.00
A-4 Outstanding Writedown 0.00
B-1 0.00
B-1 Outstanding Writedown 0.00
B-2 0.00
B-2 Outstanding Writedown 0.00
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 16
REPORTING MONTH: Jan-97
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000
Class Rate Balance Accrual Paid Shortfall Balance Denomination
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.25% 0.00 160,925.99 160,925.99 0.00 0.00 5.21
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6.45% 0.00 334,158.38 334,158.38 0.00 0.00 5.38
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-3 6.90% 0.00 169,855.00 169,855.00 0.00 0.00 5.75
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-4 7.50% 0.00 99,418.75 99,418.75 0.00 0.00 6.25
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 7.55% 0.00 123,631.25 123,631.25 0.00 0.00 6.29
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-2 8.65% 0.00 53,961.28 53,961.28 0.00 0.00 7.21
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
X 1,246,211.07 482,334.78 196,810.37 285,524.41 1,531,735.48
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 138,041.46 138,041.46 0.00 0.00
-----------------------------------------------------------------------
1,246,211.07 1,562,326.88 1,276,802.47 285,524.41 1,531,735.48
Less Reserve Fund Deposit 0.00
------
1,276,802.47
============
</TABLE>
Cert. TOTAL Cert. Interest at
Class DISTRIBUTION Class 22 days
- ----------------------------------------------------------------------
A-1 2,122,437.69 A-1 200112.153
A-2 334,158.38 A-2 245049.475
A-3 169,855.00 A-3 124560.333
A-4 99,418.75 A-4 72907.0833
B-1 123,631.25 B-1 90662.9167
733291.961
B-2 53,961.28
X 196,810.37
R
138,041.46
-----------
3,238,314.17
0.00
---------
3,238,314.17
=========
|
|