<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) July 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>
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) July 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 July 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 July 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
July 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
July 23, 1997 /s/ DOUGLAS R. MUIR
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on July 15, 1997.............................................................. 5-10
</TABLE>
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on July 15, 1997..................................................................
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: JULY 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 21
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: JUNE 30, 1997
<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>
155,304,000.66 (402,050.80) (616,409.87) (926,714.73) 0.00 153,358,825.26 1,463,898.44
============================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
129,420.00 1,334,478.44 572,437.35 0.00 3,054,796.46
===================================================================================================
</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
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
376,536.72 0.00 -1,536.72 1,496.21 376,496.21 0.00 0.00 376,496.21
===================================================================================================================================
<CAPTION>
Reserve Fund Required Balance
--------------------------------------
Before Current After Current
Excess Distribution Distribution
- ---------------------- --------------------------------------
<S> <C> <C>
1,496.21 375,000.00 375,000.00
====================== ======================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- -------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
970,961.73 1,932,301.71 1,463,214.78 (3,440,174.93) 2,782.94 929,086.23
=========================================================================================================================
</TABLE>
P&I Advances at Distribution Date
------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
------------------------------------------------------------------------------
1,733,904.50 1,512,021.97 1,635,092.79 1,856,975.32
==============================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: JULY 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 21
REMITTANCE REPORT
REPORTING MONTH: JUNE 30, 1997 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 (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
Average 30 day delinquency ratio:
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 155,304,000.66
--------------------
17.473% N
====================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
<S> <C> <C> <C>
Current Mo 7,138,514.44 153,358,825.26 4.65%
1st Preceding Mo 6,662,488.82 155,304,000.66 4.29%
2nd Preceding Mo 6,974,660.45 157,257,943.70 4.44%
Divided by 3
-------------
4.46%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 10,278,460.62 153,358,825.26 6.70%
1st Preceding Mo 9,365,314.19 155,304,000.66 6.03%
2nd Preceding Mo 8,698,581.01 157,257,943.70 5.53%
Divided by 3
-------------
6.09%
=============
Cumulative loss ratio:
Cumulative losses 3,164,729.57
------------------------
Divided by Initial Certificate Principal 187,144,958.00 1.691%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 354,277.38 155,304,000.66
1st Preceding Mo 311,819.56 157,257,943.70
2nd Preceding Mo 349,412.57 159,453,493.76
2.607%
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JULY 7, 1997
REMITTANCE REPORT POOL REPORT # 21
REPORTING MONTH: JUNE 30, 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 5,299 148,879,669.48 111 3,077,252.91 38 1,298,281.42 47 1,444,952.74 196 5,820,487.07
Repos 138 4,479,155.78 2 62,693.27 13 341,808.10 122 4,053,472.18 137 4,457,973.55
--------------------------------------------------------------------------------------------------------------------
Total 5,437 153,358,825.26 113 3,139,946.18 51 1,640,089.52 169 5,498,424.92 333 10,278,460.62
====================================================================================================================
6.1% 6.70%
======================
</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>
138 4,479,155.78 0 0.00 33 898,315.04 599 16,736,258.37
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JULY 7, 1997
REMITTANCE REPORT POOL REPORT # 21
REPORTING MONTH: JUNE 30, 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)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
075019-0 HARVISTON 32,714.39 30,400.00 1175.33 31,575.33 14,410.81 17,164.52 8,799.21 8,365.31 (24,349.08)
072984-8 HAINES 30,485.29 33,000.00 0.00 33,000.00 1,340.00 31,660.00 4,284.17 27,375.83 (3,109.46)
076873-9 DIAL 23,512.79 27,008.00 534.21 27,542.21 3,580.29 23,961.92 1,248.45 22,713.47 (799.32)
074690-9 SHAW 61,437.10 54,250.00 2,812.20 57,062.20 12,177.43 44,884.77 9,289.98 35,594.79 (25,842.31)
078362-1 SMITH 19,901.41 19,600.00 432.29 20,032.29 1,520.00 18,512.29 1,340.34 17,171.95 (2,729.46)
075741-9 BURNWELL 14,353.50 14,790.00 365.44 15,155.44 3,575.05 11,580.39 2,813.80 8,766.59 (5,586.91)
074298-1 BAUGHAM 19,003.86 14,700.00 895.80 15,595.80 1,066.00 14,529.80 1,824.16 12,705.64 (6,298.22)
075949-8 GODWIN 29,034.03 29,900.00 638.56 30,538.56 1,172.00 29,366.56 2,906.64 26,459.92 (2,574.11)
072439-3 COLLINS 25,180.19 26,300.00 533.67 26,833.67 3,805.57 23,028.10 2,847.87 20,180.23 (4,999.96)
073995-3 ARTIS 26,720.57 25,300.00 966.11 26,266.11 5,543.10 20,723.01 2,980.70 17,742.31 (8,978.26)
076091-8 DUNLAP 20,292.03 20,400.00 0.00 20,400.00 3,440.52 16,959.48 2,305.71 14,653.77 (5,638.26)
073512-6 TODD 30,262.01 29,100.00 960.36 30,060.36 3,900.00 26,160.36 2,699.52 23,460.84 (6,801.17)
073130-7 VILLAREAL 66,022.79 56,100.00 1,945.87 58,045.87 11,707.31 46,338.56 6,935.80 39,402.76 (26,620.03)
073256-0 BROWN 38,204.90 34,900.00 1,071.99 35,971.99 5,910.78 30,061.21 4,419.60 25,641.61 (12,563.29)
072902-0 SMITH 26,113.26 25,000.00 1,164.38 26,164.38 7,457.63 18,706.75 2,781.20 15,925.55 (10,187.71)
072846-9 COIL 25,147.64 23,700.00 1,439.90 25,139.90 4,136.00 21,003.90 3,552.34 17,451.56 (7,696.08)
075612-2 MERRITT 46,176.11 42,700.00 1,657.02 44,357.02 6,376.15 37,980.87 6,380.01 31,600.86 (14,575.25)
071676-1 DEVANE 14,671.37 3,000.00 334.29 3,334.29 300.00 3,034.29 1,538.64 1,495.65 (13,175.72)
072389-0 WYATT 7,670.12 4,150.00 1,074.39 5,224.39 415.00 4,809.39 1,355.70 3,453.69 (4,216.43)
074511-7 HERTZ 8,959.54 2,200.00 315.92 2,515.92 0.00 2,515.92 1,404.08 1,111.84 (7,847.70)
075815-1 MOSES 15,518.71 4,000.00 751.95 4,751.95 0.00 4,751.95 2,779.76 1,972.19 (13,546.52)
074603-2 FLANAGAN 30,159.17 26,500.00 2,054.69 28,554.69 2,793.50 25,761.19 4,523.28 21,237.91 (8,921.26)
073580-3 HAISLIP 51,455.43 37,717.28 0.00 37,717.28 9,326.06 28,391.22 10,582.74 17,808.48 (33,646.95)
077913-2 SALMERON 51,961.53 29,208.08 0.00 29,208.08 4,401.86 24,806.22 8,320.65 16,485.57 (35,475.96)
075801-1 FLETCHER 28,338.34 25,900.00 1,514.77 27,414.77 4,272.89 23,141.88 3,266.73 19,875.15 (8,463.19)
074066-2 HOLMES 21,656.42 19,500.00 2,116.98 21,616.98 1,449.45 20,167.53 3,615.43 16,552.10 (5,104.32)
077695-5 ASBURY 23,666.01 20,300.00 545.24 20,845.24 4,646.00 16,199.24 3,486.96 12,712.28 (10,953.73)
071443-6 LAWWILL 24,117.42 20,000.00 1,262.93 21,262.93 4,337.76 16,925.17 3,216.90 13,708.27 (10,409.15)
073340-2 BURBAUGH 35,604.87 32,500.00 570.02 33,070.02 4,458.14 28,611.88 4,764.60 23,847.28 (11,757.59)
075626-2 ALDERSON 47,811.70 46,900.00 2,074.74 48,974.74 8,202.20 40,772.54 6,995.52 33,777.02 (14,034.68)
073012-7 BERRY 30,562.23 29,400.00 1,101.89 30,501.89 4,154.61 26,347.28 3,160.35 23,186.93 (7,375.30)
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 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
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
============================================================================================================================
926,714.73 808,423.36 30,310.94 838,734.30 139,876.11 698,858.19 126,420.84 572,437.35(354,277.38)(3,164,729.57)
============================================================================================================================
28 2%
==================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JULY 7, 1997
REMITTANCE REPORT POOL REPORT # 21
REPORTING MONTH: JUNE 30, 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 20,552,042.66 (1,945,175.40) 0.00 0.00 18,606,867.26 35.51403% 94.65
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
----------------------------------------------------------------------------------
187,144,958.00 155,304,000.66 (1,945,175.40) 0.00 0.00 153,358,825.26
==================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JULY 7, 1997
REMITTANCE REPORT POOL REPORT # 21
REPORTING MONTH: JUNE 30, 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% 0.00 107,041.89 107,041.89 0.00 0.00 5.21 A-1 2,052,217.29
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 2,810,452.44 446,411.90 92,134.52 354,277.38 3,164,729.82 X 92,134.52
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 129,420.00 129,420.00 0.00 0.00 129,420.00
--------------------------------------------------------------------- -------------
2,810,452.44 1,463,898.44 1,109,621.06 354,277.38 3,164,729.82 3,054,796.46
Less Reserve Fund Deposit 0.00 0.00
-------------- -------------
1,109,621.06 3,054,796.46
============== =============
</TABLE>
