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Previous: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1995-B, 8-K, 1997-01-22 |
Next: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1995-B, 8-K, 1997-01-22 |
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) October 15, 1996.
OMI Trust 1995-B
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 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) October 15, 1996.
OMI Trust 1995-B
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 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 October 15,
1996. 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 October 15, 1996.
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
October 29, 1996
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
October 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 October 15, 1996........................................................... 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 October 15, 1996...............................................................
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: OCTOBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Sep-96
<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>
172,054,409.60 (401,890.90) (659,148.14) (491,214.16) 0.00 170,502,156.40 1,623,301.84
============================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- ---------------------------------------------------------------------
<C> <C> <C> <C> <C>
143,378.67 1,479,923.17 364,940.99 0.00 3,049,281.87
=====================================================================
</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>
376,518.92 0.00 -1,518.92 1,474.77 376,474.77 0.00 0.00 376,474.77 1,474.77
===================================================================================================================================
<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>
272,321.81 1,532,949.86 1,558,630.49 (3,058,560.47) 1,696.78 307,038.47
==================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- -------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -------------------------------------------------------------------------------
1,908,061.45 1,908,061.45 2,006,215.13 2,006,215.13
===============================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: OCTOBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT
REPORTING MONTH: Sep-96 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 <= 0.05 Y Current Mo 6,023,795.37 170,502,156.40 3.53%
1st Preceding Mo 5,560,564.03 172,054,409.60 3.23%
(c) Average 30 day Delinquency rate <= 0.07 Y 2nd Preceding Mo 5,106,227.81 173,475,048.99 2.94%
Divided by 3
------------
(d) Cumulative losses do not exceed the following 3.24%
=========
percent of the intitial principal balance of all Certificates
Average 30 day delinquency ratio:
April 2000 -Sept. 2001 0.07 N
Oct 2001 -Sept. 2002 0.08 N
Oct 2002 - 0.09 N
Over 30s Pool Balance %
---------------------------------------------------
Current Mo 9,105,943.14 170,502,156.40 5.34%
1st Preceding Mo 8,508,534.77 172,054,409.60 4.95%
(e) Current realized loss ratio <=0.0275 Y 2nd Preceding Mo 7,700,042.97 173,475,048.99 4.44%
Divided by 3
(f) Are class B principal balances >= 0.25375 ------------
4.91%
of stated scheduled pool balance Cumulative loss ratio: ============
Beginning B-1 balance 19,650,000.00 Cumulative losses 752,497.98
Beginning B-2 balance 7,485,958.00 ----------
-------------------
Divided by Initial Certificate Principal 187,144,958.00 0.402%
------------------- ============
27,135,958.00
Divided by beginning pool
balance 172,054,409.60
Current realized loss ratio:
Liquidation Pool
Losses Balance
-----------------------------------------
Current Mo 126,273.17 172,054,409.60
1st Preceding Mo 114,321.04 173,475,048.99
2nd Preceding Mo 109,014.38 175,035,447.20
0.808%
============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 4, 1996
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Sep-96 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>
Excluding Repos 5,823 167,023,583.16 106 3,012,521.21 36 1,131,476.93 54 1,483,371.76 196 5,627,369.90
Repos 111 3,478,573.24 3 69,626.56 14 409,073.59 94 2,999,873.09 111 3,478,573.24
------------------------------------------------------------------------------------------------
Total 5,934 170,502,156.40 109 3,082,147.77 50 1,540,550.52 148 4,483,244.85 307 9,105,943.14
======================================================================================================
5.2% 5.34%
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 111 3,478,573.24 -1 (24,782.74) 29 903,856.00 272 7,449,260.83
Repos
Total
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 4, 1996
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Sep-96
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov. Pass Thru
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Proceeds
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
072446-8 SLOTTKE 11,099.76 2,500.00 1,184.44 3,684.44 536.00 3,148.44 2,248.47 899.97
072988-9 CRANFORD 9,925.59 8,500.00 717.35 9,217.35 1,188.19 8,029.16 1,629.52 6,399.64
075240-2 CORTS 20,920.93 20,900.00 1,957.46 22,857.46 3,696.26 19,161.20 3,434.97 15,726.23
076901-8 BECKER 31,520.80 30,500.00 1,674.33 32,174.33 2,853.00 29,321.33 3,778.32 25,543.01
073464-0 ACTON 30,971.93 29,900.00 1,163.13 31,063.13 2,997.00 28,066.13 2,654.68 25,411.45
075888-8 NELSON 27,225.42 27,700.00 1,418.64 29,118.64 2,760.67 26,357.97 2,557.92 23,800.05
077146-9 GEORGE 26,969.59 24,700.00 1,016.67 25,716.67 1,198.00 24,518.67 1,946.64 22,572.03
077820-9 FOX 21,810.16 21,700.00 1,450.67 23,150.67 1,631.75 21,518.92 1,241.45 20,277.47
078036-1 HENSON 27,643.39 26,500.00 1,530.63 28,030.63 5,632.29 22,398.34 3,317.40 19,080.94
073562-1 ALDERMAN 52,236.71 48,484.14 3,168.71 51,652.85 6,097.81 45,555.04 6,545.04 39010
073774-2 MCCREERY 36,343.92 32,900.00 2,649.32 35,549.32 2,706.34 32,842.98 2,403.54 30439.44
076141-1 COSCIA 21,055.08 20,850.00 378.87 21,228.87 7,310.71 13,918.16 1,230.25 12687.91
076342-5 GRAF 32,967.38 29,900.00 976.12 30,876.12 3,671.94 27,204.18 3,801.05 23403.13
076996-8 ALLEN 23,977.69 20,900.00 0.00 20,900.00 1,227.00 19,673.00 1,337.95 18335.05
077966-0 HALSOR 61,312.82 55,000.00 0.00 55,000.00 7,356.89 47,643.11 3,934.35 43708.76
073688-4 COLLINSWORTH 23,518.74 20,900.00 1,985.32 22,885.32 3,654.34 19,230.98 3,544.44 15686.54
074731-1 WESTMORELA 31,714.25 33,900.00 0.00 33,900.00 7,750.95 26,149.05 4,189.68 21959.37
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 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
------------------------------------------------------------------------------------------------------------
491,214.16 455,734.14 21,271.66 477,005.80 62,269.14 414,736.66 49,795.67 364,940.99
==============================================================================================================
<CAPTION>
Net Current
Period Net Cumulative
Gain/(Loss) Gain/(Loss)
----------------------------------------------------
<S> <C> <C>
072446-8 SLOTTKE (10,199.79)
072988-9 CRANFORD (3,525.95)
075240-2 CORTS (5,194.70)
076901-8 BECKER 5,977.79)
073464-0 ACTON (5,560.48)
075888-8 NELSON (3,425.37)
077146-9 GEORGE (4,397.56)
077820-9 FOX (1,532.69)
078036-1 HENSON (8,562.45)
073562-1 ALDERMAN (13,226.71)
073774-2 MCCREERY (5,904.48)
076141-1 COSCIA (8,367.17)
076342-5 GRAF (9,564.25)
076996-8 ALLEN 5,642.64)
077966-0 HALSOR 17,604.06)
073688-4 COLLINSWORTH (7,832.20)
074731-1 WESTMORELA (9,754.88)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-----------------------------
126,273.17) (752,497.98)
==============================
0.01
==========
0.5829%
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 4, 1996
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Sep-96
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
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 37,302,451.85 (1,552,253.20) 0.00 0.00 35,750,198.65
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
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
-----------------------------------------------------------------------------------------------------
187,144,958.00 172,054,409.85 (1,552,253.20) 0.00 0.00 170,502,156.65
====================================================================================================
<CAPTION>
Principal Paid
Cert. Pool Per $1,000
Class Factor Denomination
- -------------------------- ----------------------------
<S> <C> <C>
A-1 68.23% 41.61
A-1 Outstanding Writedown 0.00 0.00
A-2 100.00% 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 100.00% 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 100.00% 0.00
A-4 Outstanding Writedown 0.00 0.00
B-1 100.00% 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 100.00% 0.00
B-2 Outstanding Writedown 0.00 0.00
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 4, 1996
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Sep-96
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> <C>
A-1 6.25% 0.00 194,283.60 194,283.60 0.00 0.00 5.21 A-1 1,746,536.80
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
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0
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
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0
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
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0
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
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0
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
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0
X 626,224.81 504,614.91 378,341.74 126,273.17 752,497.98 X 378,341.74
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 143,378.67 143,378.67 0.00 0.00 143,378.67
---------------------------------------------------------------- -----------------
626,224.81 1,623,301.84 1,497,028.67 126,273.17 752,497.98 3,049,281.87
Less Reserve Fund Deposit 0.00 0.00
----------------- ---------------
1,497,028.67 3,049,281.87
================= ==================
</TABLE>
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