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Previous: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1995-B, 15-15D, 1997-10-30 |
Next: BOATMENS AUTO TRUST 1995-A, 8-K, 1997-10-30 |
<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, 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 October 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 October 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
October 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 October 15, 1997........................................................... 5-10
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: OCTOBER 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 24
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: SEPTEMBER 30, 1997
<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>
149,096,536.85 (396,059.74) (779,593.97) (689,647.88) 0.00 147,231,235.26
================================================================================================================================
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- --------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
1,418,467.74 124,247.11 1,294,220.63 440,367.55 0.00 3,034,489.00
==========================================================================================================================
</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>
376,560.97 0.00 -1,560.97 1,504.67 376,504.67 0.00 0.00 376,504.67 1,504.67
===================================================================================================================================
<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>
1,391,033.49 1,872,496.81 1,455,163.15 (3,791,455.47) 3,152.34 930,390.32
================================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
1,667,370.22 1,404,769.49 1,354,932.87 1,617,533.60
================================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: OCTOBER 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 24
REMITTANCE REPORT
REPORTING MONTH: SEPTEMBER 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 <= 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
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 <= 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 149,096,536.85
--------------------
18.200% N
====================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 6,708,617.61 147,231,235.26 4.56%
1st Preceding Mo 6,610,185.72 149,096,536.85 4.43%
2nd Preceding Mo 7,067,049.66 151,445,040.97 4.67%
Divided by 3
-------------
4.55%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 9,414,566.39 147,231,235.26 6.39%
1st Preceding Mo 9,654,823.42 149,096,536.85 6.48%
2nd Preceding Mo 9,553,924.02 151,445,040.97 6.31%
Divided by 3
-------------
6.39%
=============
Cumulative loss ratio:
Cumulative losses 4,132,046.43
------------------------
Divided by Initial Certificate Principal 187,144,958.00 2.208%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 249,280.33 149,096,536.85
1st Preceding Mo 317,030.48 151,445,040.97
2nd Preceding Mo 401,006.05 153,358,825.26
2.582%
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 24
REPORTING MONTH: SEPTEMBER 30, 1997 Page 3 of 6
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 5,123 142,946,380.20 91 2,512,102.23 34 927,810.93 56 1,709,925.56
Repos 135 4,284,855.06 6 193,846.55 13 360,237.32 115 3,710,643.80
--------------------------------------------------------------------------------------------------------------
Total 5,258 147,231,235.26 97 2,705,948.78 47 1,288,048.25 171 5,420,569.36
==============================================================================================================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principa Principal
# Balance # Balance # Balance # Balance # Balance
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 181 5,149,838.72 135 4,284,855.06 0 0.00 41 1,214,191.15 699 19,588,906.66
Repos 134 4,264,727.67
------------------------------
Total 315 9,414,566.39
==============================
6.0% 6.39%
===============================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 24
REPORTING MONTH: SEPTEMBER 30, 1997
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- -------------------------------------------------------------------------------------------------------------------------
<S><C> <C> <C> <C> <C> <C> <C>
072607-5 Lee, Brenda 21,822.30 19,400.00 870.96 20,270.96 6,387.82
078594-9 Stevko, Robert 22,088.88 20,000.00 1081.72 21,081.72 818.96
075123-0 Nettles, Kathy 42,223.15 40,150.00 145.16 40,295.16 7,983.63
074159-5 Adams, Marty 19,926.83 20,400.00 814.83 21,214.83 712.00
074983-8 Sharp, William 21,042.99 23,000.00 645.12 23,645.12 2,462.50
074864-0 Ortega, Thomas 20,858.53 17,600.00 929.44 18,529.44 3,400.12
076642-8 Shipman, William 24,651.11 24,400.00 421.01 24,821.01 1,703.73
071990-6 Wideman, Lucretia 10,780.11 12,500.00 223.97 12,723.97 2,050.00
075144-6 Whittaker, Teonia 21,973.68 23,200.00 492.80 23,692.80 2,431.00
077057-8 Foxwell Sr, John 40,762.57 38,000.00 1,737.28 39,737.28 4,626.00
077520-5 Welcher, Donna 18,192.94 18,000.00 0.00 18,000.00 3,869.43
067089-3 Stamey, Christina 25,021.14 25,400.00 596.22 25,996.22 4,449.13
072063-1 Avelino, Elias 29,199.50 28,400.00 711.00 29,111.00 3,145.35
076326-8 Moreno, Wayne 9,819.74 25,000.00 1,201.19 26,201.19 13,789.20
077828-2 Turner, Anna 27,106.57 25,500.00 1,116.10 26,616.10 3,258.73
074579-4 Weaver, Claude 10,251.81 8,000.00 234.54 8,234.54 280.00
076829-1 Almeida, Mark 8,066.27 2,500.00 262.32 2,762.32 0.00
073877-3 Trapasso, Anthony 52,610.02 28,000.00 0.00 28,000.00 5,729.06
075809-4 Schmitt, Phillip 6,386.68 1,000.00 0.00 1,000.00 149.34
073100-0 McFarland, Donald 54,596.21 42,900.00 360.17 43,260.17 5,025.90
073157-0 Chapman, Mozzel 50,034.12 27,132.48 355.22 27,487.70 2,126.50
075917-5 Ambrose, Charles 31,782.25 24,500.00 312.08 24,812.08 3,619.13
074761-8 Pace, Terri 23,999.07 23,500.00 723.63 24,223.63 2,988.54
074262-7 Chisolm, Richard 20,956.54 20,400.00 1,101.74 21,501.74 7,058.79
072854-3 Zamora, Arturo 46,299.21 43,650.00 2,100.37 45,750.37 9,280.09
073720-5 Wagnon, David 29,195.66 29,400.00 1,098.73 30,498.73 3,177.17
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
=====================================================================================
689,647.88 611,932.48 17,535.60 629,468.08 100,522.12
=====================================================================================
<CAPTION>
Net Net Current
Account Customer Liquidation Unrecov. Pass Thru Period Net Cumulative
Number Name Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
072607-5 Lee, Brenda 13,883.14 3,506.52 10,376.62 (11,445.68)
078594-9 Stevko, Robert 20,262.76 2,278.00 17,984.76 (4,104.12)
075123-0 Nettles, Kathy 32,311.53 7,453.89 24,857.64 (17,365.51)
074159-5 Adams, Marty 20,502.83 3,019.52 17,483.31 (2,443.52)
074983-8 Sharp, William 21,182.62 2,399.64 18,782.98 (2,260.01)
074864-0 Ortega, Thomas 15,129.32 2,147.32 12,982.00 (7,876.53)
076642-8 Shipman, William 23,117.28 1,544.70 21,572.58 (3,078.53)
071990-6 Wideman, Lucretia 10,673.97 1,631.63 9,042.34 (1,737.77)
075144-6 Whittaker, Teonia 21,261.80 2,909.86 18,351.94 (3,621.74)
077057-8 Foxwell Sr, John 35,111.28 9,758.90 25,352.38 (15,410.19)
077520-5 Welcher, Donna 14,130.57 2,124.34 12,006.23 (6,186.71)
067089-3 Stamey, Christina 21,547.09 1,677.86 19,869.23 (5,151.91)
072063-1 Avelino, Elias 25,965.65 2,671.15 23,294.50 (5,905.00)
076326-8 Moreno, Wayne 12,411.99 4,495.18 7,916.81 (1,902.93)
077828-2 Turner, Anna 23,357.37 3,331.70 20,025.67 (7,080.90)
074579-4 Weaver, Claude 7,954.54 1,177.60 6,776.94 (3,474.87)
076829-1 Almeida, Mark 2,762.32 1,380.08 1,382.24 (6,684.03)
073877-3 Trapasso, Anthony 22,270.94 5,250.00 17,020.94 (35,589.08)
075809-4 Schmitt, Phillip 850.66 1,690.74 (840.08) (7,226.76)
073100-0 McFarland, Donald 38,234.27 5,102.01 33,132.26 (21,463.95)
073157-0 Chapman, Mozzel 25,361.20 4,480.00 20,881.20 (29,152.92)
075917-5 Ambrose, Charles 21,192.95 2,681.90 18,511.05 (13,271.20)
074761-8 Pace, Terri 21,235.09 2,340.27 18,894.82 (5,104.25)
074262-7 Chisolm, Richard 14,442.95 3,517.96 10,924.99 (10,031.55)
072854-3 Zamora, Arturo 36,470.28 7,761.96 28,708.32 (17,590.89)
073720-5 Wagnon, David 27,321.56 2,245.68 25,075.88 (4,119.78)
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
========================================================================
528,945.96 88,578.41 440,367.55 (249,280.33) (4,132,046.43)
============================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 24
REPORTING MONTH: SEPTEMBER 30, 1997
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current Accelerated
Cert. Certificate Certificate Principal Principal Writedown
Class Balances Balances Payable Distribution Amounts
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 52,393,000.00 14,344,578.85 (1,865,301.59) 0.00 0.00
A-1 Outstanding Writedown 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
A-2 Outstanding Writedown 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
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
A-4 Outstanding Writedown 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
B-1 Outstanding Writedown 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
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------------
187,144,958.00 149,096,536.85 (1,865,301.59) 0.00 0.00
===================================================================================================
<CAPTION>
Ending Principal Paid
Certificate Pool Per $1,000
Balances Factor Denomination
--------------------------------------------------------------------------------------------------
<S> <C>
A-1
A-1 Outstanding Writedown 12,479,277.26 23.81860% 130.04
0.00 0.00 0.00
A-2
A-2 Outstanding Writedown 62,169,000.00 100.00000% 0.00
0.00 0.00 0.00
A-3
A-3 Outstanding Writedown 29,540,000.00 100.00000% 0.00
0.00 0.00 0.00
A-4
A-4 Outstanding Writedown 15,907,000.00 100.00000% 0.00
0.00 0.00 0.00
B-1
B-1 Outstanding Writedown 19,650,000.00 100.00000% 0.00
0.00 0.00 0.00
B-2
B-2 Outstanding Writedown 7,485,958.00 100.00000% 0.00
0.00 0.00 0.00
-------------------
147,231,235.26
===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 24
REPORTING MONTH: SEPTEMBER 30, 1997
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 6.25% 0.00 74,711.35 74,711.35 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-2 6.45% 0.00 334,158.38 334,158.38 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-3 6.90% 0.00 169,855.00 169,855.00 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-4 7.50% 0.00 99,418.75 99,418.75 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-1 7.55% 0.00 123,631.25 123,631.25 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-2 8.65% 0.00 53,961.28 53,961.28 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
X 3,882,766.35 438,484.62 189,204.29 249,280.33
R 0.00 0.00 0.00 0.00
Service Fee 0.00 124,247.11 124,247.11 0.00
--------------------------------------------------------------------------------------
3,882,766.35 1,418,467.74 1,169,187.41 249,280.33
Less Reserve Fund Deposit 0.00
---------------
1,169,187.41
===================
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 5.21 A-1 1,940,012.94
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 5.38 A-2 334,158.38
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.75 A-3 169,855.00
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 6.25 A-4 99,418.75
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
B-1 0.00 6.29 B-1 123,631.25
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 7.21 B-2 53,961.28
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 4,132,046.43 X 189,204.29
R 0.00 R
Service Fee 0.00 124,247.11
--------------- ---------------------
4,132,046.43 3,034,489.00
Less Reserve Fund Deposit 0.00
---------------------
3,034,489.00
=====================
</TABLE>
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