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) March 17, 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) March 17, 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 March 17,
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 March 17, 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
March 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
March 21, 1997 /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 March 17, 1997............................................................. 5-10
</TABLE>
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on March 17, 1997.................................................................
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: MARCH 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 17
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: FEBRUARY 28, 1997
<TABLE>
<CAPTION>
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>
163,688,235.86 (405,100.95) (592,514.89) (988,593.39) 0.00 161,702,026.63 1,543,562.55 136,406.86 1,407,155.69
====================================================================================================================================
Amount
Liquidation Reserve Available for
Proceeds Fund Draw Distribution
- ------------------------------------------
<C> <C> <C>
696,265.20 0.00 3,237,443.59
==========================================
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
- ------------------------------------------------------------------------------------------------------------------------------------
376,488.70 0.00 -1,488.70 1,355.52 376,355.52 0.00 0.00 376,355.52 1,355.52
====================================================================================================================================
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
<C> <C>
375,000.00 375,000.00
======================================
</TABLE>
Certificate Account
- --------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------------------------------------------------------------------------------
536,474.42 1,996,119.57 1,578,798.10 (3,525,754.51) 2,680.47 588,318.05
================================================================================
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
1,958,540.65 1,799,739.66 1,530,910.74 1,689,711.73
================================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: MARCH 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 17
REMITTANCE REPORT
REPORTING MONTH: FEBRUARY 28, 1997 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 7,701,503.79 161,702,026.63 4.76%
1st Preceding Mo 8,204,944.85 163,688,235.86 5.01%
(c) Average 30 day Delinquency rate 7% Y 2nd Preceding Mo 7,750,932.07 165,649,747.56 4.68%
Divided by 3
------
(d) Cumulative losses do not exceed the following 4.82%
======
percent of the intitial principal balance of all
Certificates
Average 30 day delinquency ratio:
April 2000 7% N
Oct 2001 8% N
Oct 2002 - 9% N Over 30s Pool Balance %
---------------------------------------
Current Mo 10,655,520.31 161,702,026.63 6.59%
1st Preceding Mo 11,526,214.07 163,688,235.86 7.04%
(e) Current realized loss ratio 2.75% Y 2nd Preceding Mo 10,987,655.26 165,649,747.56 6.63%
Divided by 3
------
(f) Are class B principal balances 25.375% 6.75%
======
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 1,824,063.67 0.975%
-------------- Dividend by Initial =====
27,135,958.00 Certificate Principal 187,144,959.00 1.870%
Divided by beginning pool =====
balance 163,688,235.86
---------------
16.578% N Current realized loss ratio:
===============
Liquidation Pool
Losses Balance
-------------------------------------
Current Mo 292,328.19 163,688,235.86
1st Preceding Mo 285,524.41 165,649,747.56
2nd Preceding Mo 191,132.83 167,499,590.84
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 17
REPORTING MONTH: FEBRUARY 28, 1997 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>
Excluding Repos 5,533 157,020,018.68 101 2,895,312.15 31 977,788.43 62 2,100,411.78 194 5,973,512.36
Repos 150 4,682,007.95 3 58,704.37 12 333,799.29 135 4,289,504.29 150 4,682,007.95
----------------------------------------------------------------------------------------------------------------------
Total 5,683 161,702,026.63 104 2,954,016.52 43 1,311,587.72 197 6,389,916.07 344 10,655,520.31
======================================================================================================================
6.1% 6.59%
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>
150 4,682,007.95 -2 (63,263.52) 32 955,032.64 462 12,718,967.76
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 17
REPORTING MONTH: FEBRUARY 28, 1997
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net Net Current
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov. Pass Thru Period Net Cumulative
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
075596-GIPSON 8,639.27 2,000.00 638.32 2,638.32 0.00 2,638.32 1,841.91 796.41 (7,842.86)
072212-MCGEE 27,756.08 29,900.00 0.00 29,900.00 3,405.40 26,494.60 4,057.02 22,437.58 (5,318.50)
072960-JAMESON 19,015.32 9,000.00 752.15 9,752.15 1,142.87 8,609.28 2,512.53 6,096.75 (12,918.57)
072990-SCHENK 26,292.69 13,500.00 1,787.24 15,287.24 3,699.00 11,588.24 3,308.16 8,280.08 (18,012.61)
074033-MATTHEWS 10,116.12 3,864.08 268.40 4,132.48 250.11 3,882.37 651.68 3,230.69 (6,885.43)
074322-WALKER 11,207.56 2,500.00 792.11 3,292.11 0.00 3,292.11 1,277.57 2,014.54 (9,193.02)
075088-HOWELL 19,047.40 19,500.00 987.25 20,487.25 5,663.81 14,823.44 2,196.88 12,626.56 (6,420.84)
075164-SIZEMORE 13,039.58 12,900.00 416.87 13,316.87 2,105.38 11,211.49 1,674.18 9,537.31 (3,502.27)
075386-BARRITEAU 16,222.11 17,500.00 1,158.95 18,658.95 2,570.91 16,088.04 3,009.78 13,078.26 (3,143.85)
075657-BROWN 9,873.26 12,975.00 403.82 13,378.82 2,844.25 10,534.57 1,291.01 9,243.56 (629.70)
078277-WILSON 21,903.68 24,900.00 1,631.55 26,531.55 3,765.50 22,766.05 4,520.75 18,245.30 (3,658.38)
071952-BATTLE 20,262.03 19,860.00 888.08 20,748.08 7,585.86 13,162.22 2,581.80 10,580.42 (9,681.61)
072175-FULMER 19,124.38 15,000.00 584.46 15,584.46 4,574.73 11,009.73 1,768.41 9,241.32 (9,883.06)
072184-COMBS 21,422.98 18,900.00 563.31 19,463.31 2,146.38 17,316.93 2,263.92 15,053.01 (6,369.97)
073753-MURPHY 28,213.59 26,500.00 1,453.83 27,953.83 4,508.24 23,445.59 3,160.17 20,285.42 (7,928.17)
074082-HEFLIN 26,679.59 25,500.00 1,161.83 26,661.83 4,883.04 21,778.79 3,960.80 17,817.99 (8,861.60)
074527-BURNS 20,990.18 20,100.00 1,364.08 21,464.08 2,358.87 19,105.21 2,927.65 16,177.56 (4,812.62)
075016-FLIPPO 18,301.59 25,900.00 963.90 26,863.90 3,030.80 23,833.10 1,206.90 22,626.20 4,324.61
075350-YOUNG 24,493.50 23,500.00 1,485.55 24,985.55 3,612.00 21,373.55 1,772.28 19,601.27 (4,892.23)
076034-SIMPSON 21,705.32 19,350.00 1,284.65 20,634.65 1,713.36 18,921.29 1,702.92 17,218.37 (4,486.95)
072236-DUNCAN 47,817.86 49,700.00 1,444.33 51,144.33 3,833.81 47,310.52 6,150.48 41,160.04 (6,657.82)
072728-DALE 36,216.44 16,500.00 2,554.89 19,054.89 1,825.00 17,229.89 4,418.81 12,811.08 (23,405.36)
072886-SMITH 36,908.47 35,100.00 1,792.25 36,892.25 5,839.91 31,052.34 2,474.57 28,577.77 (8,330.70)
073062-STOCKTON 24,601.08 22,500.00 1,129.28 23,629.28 4,723.72 18,905.56 2,897.10 16,008.46 (8,592.62)
074092-RICHARDSON 34,895.19 33,900.00 1,043.33 34,943.33 5,382.77 29,560.56 3,192.96 26,367.60 (8,527.59)
074420-LOCKLER 48,937.69 30,000.00 0.00 30,000.00 5,858.17 24,141.83 4,692.90 19,448.93 (29,488.76)
074899-BEATY 36,146.40 32,900.00 1,872.37 34,772.37 2,120.00 32,652.37 1,941.40 30,710.97 (5,435.43)
075265-REGALADO 26,773.56 23,500.00 2,400.43 25,900.43 5,143.18 20,757.25 2,628.45 18,128.80 (8,644.76)
075659-HUPP 36,675.99 34,500.00 1,949.23 36,449.23 1,185.00 35,264.23 3,656.52 31,607.71 (5,068.28)
075754-ADAMS 42,517.17 41,760.00 1,062.83 42,822.83 6,367.00 36,455.83 2,698.14 33,757.69 (8,759.48)
076844-FORNASH 52,238.81 46,900.00 1,815.43 48,715.43 3,875.83 44,839.60 3,861.55 40,978.05 (11,260.76)
077360-ECHOLS 41,518.82 44,800.00 1,736.16 46,536.16 6,552.90 39,983.26 5,330.16 34,653.10 (6,865.72)
077698-ZAPATA 46,980.17 45,900.00 2,178.52 48,078.52 1,915.00 46,163.52 3,358.88 42,804.64 (4,175.53)
078076-HUDSON 35,310.27 33,595.00 986.65 34,581.65 5,320.35 29,261.30 2,539.53 26,721.77 (8,588.50)
078194-CLARK 33,101.64 32,700.00 0.00 32,700.00 5,766.32 26,933.68 2,673.68 24,260.00 (8,841.64)
077610-SANCHEZ 23,647.60 21,900.00 1,118.89 23,018.89 6,006.90 17,011.99 2,932.00 14,079.99 (9,567.61)
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
======================================================================================================
988,593.39 889,304.08 41,670.94 930,975.02 131,576.37 799,398.65 103,133.45 696,265.20 (292,328.19)(1,824,063.67)
==================================================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 17
REPORTING MONTH: FEBRUARY 28, 1997
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Current Accelerated Ending Principal Paid
Cert. Certificate Certificate Principal Principal Writedown Certificate Pool Per $1,000
Class Balances Balances Payable Distribution Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 52,393,000.00 28,936,278.11 (1,986,209.23) 0.00 0.00 26,950,068.88 51.44% 68.64
A-1 Outstanding Writedown 0.00 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 62,169,000.00 100.00% 0.00
A-2 Outstanding Writedown 0.00 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 29,540,000.00 100.00% 0.00
A-3 Outstanding Writedown 0.00 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 15,907,000.00 100.00% 0.00
A-4 Outstanding Writedown 0.00 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 19,650,000.00 100.00% 0.00
B-1 Outstanding Writedown 0.00 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 7,485,958.00 100.00% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------
187,144,958.00 163,688,236.11 (1,986,209.23) 0.00 0.00 161,702,026.88
=======================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 17
REPORTING MONTH: FEBRUARY 28, 1997
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000 Cert. TOTAL
Class Rate Balance Accrual Paid Shortfall Balance Denomination Class DISTRIBUTION
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 6.25% 0.00 150,709.78 150,709.78 0.00 0.00 5.21 A-1 2,136,919.01
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-2 334,158.38
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-3 169,855.00
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 99,418.75
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-1 123,631.25
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 53,961.28
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 1,531,735.48 475,421.25 183,093.06 292,328.19 1,824,063.67 X 183,093.06
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 136,406.86 136,406.86 0.00 0.00 136,406.86
------------------------------------------------------------------------- ------------------
1,531,735.48 1,543,562.55 1,251,234.36 292,328.19 1,824,063.67 3,237,443.59
Less Reserve Fund Deposit 0.00 0.00
--------------- -------------------
1,251,234.36 3,237,443.59
================= ===================
</TABLE>
<PAGE>
