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) December 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 December 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 December 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
December 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
December 29, 1996 /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 December 15, 1996........................ 5-10
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on December 15, 1996...............
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: DECEMBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 14
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Nov-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>
168,987,760.80 (404,315.90) (494,321.76) (589,532.30) 0.00 167,499,590.84
======================================================= ===================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- --------------------------------------------------------------------------------------------------------------------------
1,594,091.86 140,823.13 1,453,268.73 423,476.54 0.00 2,916,206.06
==========================================================================================================================
Reserve Fund as of Cutoff Date
----------------------------------------------------------------------------------------------------------------------------
Beginning Investment Balance Before
Balance Deposits Distrib. Interest Current Distribution
----------------------------------------------------------------------------------------------------------------------------
376,519.63 0.00 -1,519.63 1,480.82 376,480.82
============================================================================================================================
Reserve Fund Required Balance
-------------------------------------
Reserve Reserve Balance After Before Current After Current
Fund Draw Fund Deposit Current Distribution Excess Distribution Distribution
------------------------------------------------------------------------------------ ----------------------------------------------
0.00 0.00 376,480.82 1,480.82 375,000.00 375,000.00
=================================================================================================================================
Certificate Account
------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
------------------------------------------------------------------------------------------------------------------------------
243,047.11 1,459,503.67 1,552,564.31 (3,124,243.15) 1,682.14 132,554.08
==============================================================================================================================
P&I Advances at Distribution Date
---------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
---------------------------------------------------------------------------------
1,253,226.46 1,188,289.67 1,173,488.89 1,238,425.68
=================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: DECEMBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 14
REMITTANCE REPORT
REPORTING MONTH: Nov-96 Page 2 of 6
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ----------------------------------------------------------------- ---------------
<S> <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
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 168,987,760.80
-------------------
16.058% N
===================
</TABLE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 7,253,290.13 167,499,590.84 4.33%
1st Preceding Mo 6,933,991.77 168,987,760.80 4.10%
2nd Preceding Mo 6,023,795.37 170,502,156.40 3.53%
Divided by 3
-------------
3.99%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 10,070,358.18 167,499,590.84 6.01%
1st Preceding Mo 9,519,780.79 168,987,760.80 5.63%
2nd Preceding Mo 9,105,943.14 170,502,156.40 5.34%
Divided by 3
-------------
5.66%
=============
Cumulative loss ratio:
Cumulative losses 1,055,078.24
------------------------
Divided by Initial Certificate Principal 187,144,958.00 0.564%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 166,055.76 168,987,760.80
1st Preceding Mo 136,524.50 170,502,156.40
2nd Preceding Mo 126,273.17 172,054,409.60
1.010%
=============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 14
REPORTING MONTH: Nov-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> <C> <C> <C>
Excluding Repos 5,696 162,698,112.99 92 2,594,284.73 34 901,703.77 60 1,772,891.83 186 5,268,880.33
Repos 160 4,801,477.85 8 222,783.32 19 470,662.09 133 4,108,032.44 160 4,801,477.85
----------------------------------------------------------------------------------------------------------------------
Total 5,856 167,499,590.84 100 2,817,068.05 53 1,372,365.86 193 5,880,924.27 346 10,070,358.18
======================================================================================================================
5.9% 6.01%
===============================
</TABLE>
<TABLE>
<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> <C>
Excluding Repos 160 4,801,477.85 1 22,104.20 37 948,037.38 364 9,963,558.35
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 14
REPORTING MONTH: Nov-96
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
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>
073250-3 SHELTON 13,157.20 3,000.00 545.62 3,545.62 300.00 3,245.62
075781-5 MASON 7,605.89 3,500.00 303.18 3,803.18 0.00 3,803.18
071311-5 DEAN 21,103.15 18,900.00 806.52 19,706.52 1,780.00 17,926.52
072300-7 BREWINGTON 23,154.99 21,900.00 2,234.65 24,134.65 2,522.00 21,612.65
072382-5 MILLER 27,798.51 25,900.00 1,289.42 27,189.42 1,376.50 25,812.92
074034-0 LOKER SR 22,134.34 19,900.00 991.79 20,891.79 1,172.00 19,719.79
076190-8 PADGETT 25,633.89 24,700.00 1,621.41 26,321.41 1,291.00 25,030.41
076803-6 HICKMAN 25,296.43 23,900.00 1,133.93 25,033.93 1,886.25 23,147.68
077051-1 HAROLD 21,534.33 20,500.00 1,217.04 21,717.04 1,103.95 20,613.09
077923-1 BROWN 26,851.23 26,500.00 1,509.88 28,009.88 4,301.52 23,708.36
078487-6 ELAM JR 25,292.03 24,150.00 0.00 24,150.00 2,424.50 21,725.50
071605-0 WALKER 27,076.28 27,700.00 554.87 28,254.87 2,796.00 25,458.87
073508-4 WILLIAMS 28,491.33 28,100.00 1,258.79 29,358.79 5,632.51 23,726.28
073513-4 PRINCE 26,974.60 19,000.00 2,749.19 21,749.19 4,882.00 16,867.19
074595-0 HUNT 36,739.18 28,200.00 1,552.95 29,752.95 3,291.00 26,461.95
075200-6 CARWILE 45,446.30 37,000.00 2,501.07 39,501.07 11,837.68 27,663.39
075555-3 STONE 27,493.70 23,500.00 1,446.49 24,946.49 860.00 24,086.49
076026-4 KAHBEAH 28,908.36 29,100.00 2,031.16 31,131.16 3,649.00 27,482.16
077250-9 KENNEDY 36,670.58 34,950.00 2,511.80 37,461.80 4,836.44 32,625.36
077666-6 WALKER 57,547.65 38,992.00 1,258.40 40,250.40 6,689.76 33,560.64
078272-2 RAGAN 27,864.14 26,700.00 1,489.71 28,189.71 3,408.15 24,781.56
078442-1 DIAZ 28,585.36 31,900.00 1,471.64 33,371.64 1,620.25 31,751.39
073895-5 KURDZIEL ** (21,827.17) (18,900.00) 0.00 (18,900.00) (567.00) (18,333.00)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
========================================================================================================
589,532.30 519,092.00 30,479.51 549,571.51 67,093.51 482,478.00
========================================================================================================
</TABLE>
As a percentage of the aggregate cut-off date principal balance
** SALE PASSED OCTOBER 1996 AND BACKED OUT NOVEMBER 1996
<TABLE>
<CAPTION>
Net Current
Account Customer Unrecov. Pass Thru Period Net Cumulative
Number Name Advances Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
073250-3 SHELTON 1,395.75 1,849.87 (11,307.33)
075781-5 MASON 627.12 3,176.06 (4,429.83)
071311-5 DEAN 3,042.52 14,884.00 (6,219.15)
072300-7 BREWINGTON 2,733.66 18,878.99 (4,276.00)
072382-5 MILLER 3,647.30 22,165.62 (5,632.89)
074034-0 LOKER SR 1,396.50 18,323.29 (3,811.05)
076190-8 PADGETT 2,263.94 22,766.47 (2,867.42)
076803-6 HICKMAN 2,084.95 21,062.73 (4,233.70)
077051-1 HAROLD 1,334.60 19,278.49 (2,255.84)
077923-1 BROWN 3,279.90 20,428.46 (6,422.77)
078487-6 ELAM JR 3,089.40 18,636.10 (6,655.93)
071605-0 WALKER 1,518.05 23,940.82 (3,135.46)
073508-4 WILLIAMS 2,236.36 21,489.92 (7,001.41)
073513-4 PRINCE 3,799.80 13,067.39 (13,907.21)
074595-0 HUNT 3,343.84 23,118.11 (13,621.07)
075200-6 CARWILE 6,337.89 21,325.50 (24,120.80)
075555-3 STONE 1,876.86 22,209.63 (5,284.07)
076026-4 KAHBEAH 2,198.84 25,283.32 (3,625.04)
077250-9 KENNEDY 3,979.70 28,645.66 (8,024.92)
077666-6 WALKER 6,376.81 27,183.83 (30,363.82)
078272-2 RAGAN 2,718.00 22,063.56 (5,800.58)
078442-1 DIAZ 1,453.55 30,297.84 1,712.48
073895-5 KURDZIEL ** (1,733.88) (16,599.12) 5,228.05
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
===================================================
59,001.46 423,476.54 (166,055.76) (1,055,078.24)
====================================================================
1%
=================
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 14
REPORTING MONTH: Nov-96
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 34,235,803.05 (1,488,169.96) 0.00 0.00 32,747,633.09 62.50383% 43.47
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 62,169,000.00 100.00000% 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 29,540,000.00 100.00000% 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 15,907,000.00 100.00000% 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 19,650,000.00 100.00000% 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 7,485,958.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------
187,144,958.00 168,987,761.05 (1,488,169.96) 0.00 0.00 167,499,591.09
=====================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 14
REPORTING MONTH: Nov-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>
A-1 6.25% 0.00 178,311.47 178,311.47 0.00 0.00 5.21 A-1 1,666,481.43
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 889,022.48 493,932.60 327,876.84 166,055.76 1,055,078.24 X 327,876.84
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 140,823.13 140,823.13 0.00 0.00 140,823.13
---------------------------------------------------------------- -------------
889,022.48 1,594,091.86 1,428,036.10 166,055.76 1,055,078.24 2,916,206.06
Less Reserve Fund Deposit 0.00 0.00
-------------------- -------------
1,428,036.10 2,916,206.06
==================== =============
</TABLE>
