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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 |
THIS DOCUMENT IS A COPY OF THE FORM 8-K FILED ON AUGUST 29, 1996 PURSUANT TO
A RULE 201 TEMPORARY HARDSHIP EXEMPTION.
This 8-K Current Report consists of 10 pages.
The exhibit index appears on page 4.
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) August 15, 1996.
OMI Trust 1995-B
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 23-282432
(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>
IN ACCORDANCE WITH RULE 201 OF REGULATION S-T, THIS FORM 8-K IS BEING FILED
IN PAPER PURSUANT TO A TEMPORARY HARDSHIP EXEMPTION.
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) August 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 August 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 August 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
August 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
August 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 August 15, 1996................................. 5-10
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on August 15, 1996...................................
EXHIBIT 20.1
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: AUGUST 5, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 10
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Jul-96
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ----------------------------------------------------------------------------------------------------------------------------------
175,035,447.20 (399,359.50) (726,202.05) (434,836.66) 0.00 173,475,048.99
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Reserve Fund as of Cutoff Date
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Investment Balance Before Reserve
Balance Deposits Distrib. Interest Current Distribution Fund Draw
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
376,456.50 0.00 -1,456.50 1,505.76 376,505.76 0.00
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
655,349.66 1,406,944.71 1,650,489.40 (3,197,731.25) 2,559.55 517,612.07
==============================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
1,455,900.57 (1,455,900.57) 1,591,545.08 1,591,545.08
================================================================================
<TABLE>
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,651,813.64 145,862.87 1,505,950.77 325,822.28 0.00 3,103,197.47
======================================================================================================================
</TABLE>
\
Reserve Balance After
Fund Deposit Current Distribution Excess
- --------------------------------------------------------------
0.00 376,505.76 1,505.76
==============================================================
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
375,000.00 375,000.00
======================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-96
Class B Crossover Test Test Met?
---------------------------------------------------- -------------
(a) Remittance date on or after April 2000 N
(b) Average 60 day Delinquency rate less than or equal to 0.05 Y
(c) Average 30 day Delinquency rate less than or equal to 0.07 Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
April 2000 -Sept. 2001 0.07 N
Oct 2001 -Sept. 2002 0.08 N
Oct 2002 - 0.09 N
(e) Current realized loss ratio less than or equal to 0.0275 Y
(f) Are class B principal balances greater than or equal to 0.25375
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 175,035,447.20
-----------------------
15.03% N
=======================
REPORT DATE: AUGUST 5, 1996
POOL REPORT # 10
Page 2 of 6 `
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 5,106,227.81 173,475,048.99 2.94%
1st Preceding Mo 4,382,601.12 175,035,447.20 2.50%
2nd Preceding Mo 3,861,657.23 176,563,316.43 2.19%
Divided by 3
-------------
2.54%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
----------------------------------------------------------
Current Mo 7,700,042.97 173,475,048.99 4.44%
1st Preceding Mo 7,784,536.56 175,035,447.20 4.45%
2nd Preceding Mo 6,581,161.47 176,563,316.43 3.73%
Divided by 3
-------------
4.20%
=============
Cumulative loss ratio:
Cumulative losses 511,903.77
-------------------------
Divided by Initial Certificate Principal 187,144,958.00 0.274%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 109,014.38 175,035,447.20
1st Preceding Mo 123,208.75 176,563,316.43
2nd Preceding Mo 72,348.84 178,370,785.66
0.691%
=============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: AUGUST 5, 1996
REMITTANCE REPORT POOL REPORT # 10
REPORTING MONTH: Jul-96 Page 3 of 6
<TABLE>
<CAPTION>
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 5,930 170,741,026.19 86 2,455,643.34 39 1,089,658.40 50 1,467,908.30
Repos 87 2,734,022.80 4 138,171.82 13 340,432.22 68 2,208,228.89
--------------------------------------------------------------------------------------------------------------------
Total 6,017 173,475,048.99 90 2,593,815.16 52 1,430,090.62 118 3,676,137.19
====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Excluding Repos 175 5,013,210.04 87 2,734,022.80 0 0.00 28 893,186.29 208 5593814
Repos 85 2,686,832.93
- ---------------------------
Total 260 7,700,042.97
==============================
4.3% 4.44%
==============================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-96
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
072729-7 NANCE 6,220.23 0.01 509.33 509.34 0.00
073692-6 CHRISTIAN 3,934.94 1,000.00 350.88 1,350.88 600.00
073908-6 CLAY 11,338.60 3,800.00 1,815.45 5,615.45 380.00
073525-8 JOHNSON 17,630.96 16,900.00 1,014.56 17,914.56 1,299.90
074601-6 BURGESS 20,849.90 20,500.00 1,236.31 21,736.31 850.00
077000-8 WONBLE 21,398.43 22,900.00 1,754.80 24,654.80 2,857.00
077059-4 HOWELL 20,215.80 21,500.00 1,842.91 23,342.91 3,412.95
077574-2 MORGAN 20,849.80 20,900.00 1,118.10 22,018.10 3,177.00
072599-4 GRIFFIN 22,496.22 21,150.00 1,836.24 22,986.24 695.49
073917-7 MUNCH 23,385.38 18,000.00 1,194.69 19,194.69 1,100.00
075307-9 COFFMAN 30,512.43 28,900.00 2,964.24 31,864.24 5,233.13
072169-6 L. SMITH 23,030.24 20,900.00 0.00 20,900.00 627.00
074442-5 STIDHAMS 34,504.18 31,900.00 1,258.77 33,158.77 3,522.22
075436-6 CUNDIFF 26,012.37 23,099.00 221.40 23,320.40 2,197.57
065916-9 GENTRY 24,337.77 26,000.00 1,399.25 27,399.25 3,752.62
072889-9 RICE 20,610.36 21,500.00 1,487.56 22,987.56 5,175.00
072935-0 FOWLER 27,695.45 23,900.00 2,051.47 25,951.47 1,475.25
073521-7 BROOKS 23,882.58 19,900.00 1,543.27 21,443.27 2,246.21
075071-1 JARRELL 6,194.12 135.00 367.42 502.42 720.00
075588-4 WINDHAM 49736.9 489.00 2524.22 51424.22 8527.46
0
0
0
0
0
0
0
0
0
------------------------------------------------------------------------------------------
434,836.66 391,784.01 26,490.87 418,274.88 47,848.80
==========================================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Net Current
Liquidation Unrecov. Pass Thru Period Net Cumulative
Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
509.34 1,754.70 (1,245.36) (7,465.59)
750.88 975.65 (224.77) (4,159.71)
5,235.45 1,230.88 4,004.57 (7,334.03)
16,614.66 1,408.30 15,206.36 (2,424.60)
20,886.31 1,254.64 19,631.67 (1,218.23)
21,797.80 1,613.24 20,184.56 (1,213.87)
19,929.96 2,672.01 17,257.95 (2,957.85)
18,841.10 2,538.42 16,302.68 (4,547.12)
22,290.75 1,406.10 20,884.65 (1,611.57)
18,094.69 1,754.04 16,340.65 (7,044.73)
26,631.11 2,891.28 23739.83 (6,772.60)
20,273.00 1,616.88 18656.12 (4,374.12)
29,636.55 2,276.40 27360.15 (7,144.03)
21,122.83 1,999.76 19123.07 (6,889.30)
23,646.63 3,885.10 19761.53 (4,576.24)
17,812.56 2,447.30 15365.26 (5,245.10)
24,476.22 3,374.80 21101.42 (6,594.03)
19,197.06 2,540.10 16656.96 (7,225.62)
(217.58) 1,669.40 (1,886.98) (8,081.10)
42896.76 5294.8 37,601.96 -12134.94
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
- -------------------------------------------------------------------------------
370,426.08 44,603.80 325,822.28 (109,014.38) (511,903.77)
===============================================================================
0.00
=================
</TABLE>
As a percentage of the aggregate cut-off date principal balance
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-96
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Current Accelerated
Cert. Certificate Certificate Principal Principal
Class Balances Balances Payable Distribution
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 52,393,000.00 40,283,489.45 (1,560,398.21) 0.00
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 62,169,000.00 62,169,000.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 29,540,000.00 29,540,000.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 15,907,000.00 15,907,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 19,650,000.00 19,650,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 7,485,958.00 7,485,958.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------
187,144,958.00 175,035,447.45 (1,560,398.21) 0.00
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Ending Principal Paid
Writedown Certificate Pool Per $1,000
Amounts Balances Factor Denomination
- -----------------------------------------------------
<S> <C> <C> <C>
0.00 38,723,091.24 73.91% 38.74
0.00 0.00 0.00 0.00
0.00 62,169,000.00 100.00% 0.00
0.00 0.00 0.00 0.00
0.00 29,540,000.00 100.00% 0.00
0.00 0.00 0.00 0.00
0.00 15,907,000.00 100.00% 0.00
0.00 0.00 0.00 0.00
0.00 19,650,000.00 100.00% 0.00
0.00 0.00 0.00 0.00
0.00 7,485,958.00 100.00% 0.00
0.00 0.00 0.00 0.00
- ----------------------------------
0.00 173,475,049.24
==================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-96
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 6.25% 0.00 209,809.84 209,809.84 0.00 0.00
A-1 Carryover Interest 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
A-2 6.45% 0.00 334,158.38 334,158.38 0.00 0.00
A-2 Carryover Interest 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
A-3 6.90% 0.00 169,855.00 169,855.00 0.00 0.00
A-3 Carryover Interest 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
A-4 7.50% 0.00 99,418.75 99,418.75 0.00 0.00
A-4 Carryover Interest 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
B-1 7.55% 0.00 123,631.25 123,631.25 0.00 0.00
B-1 Carryover Interest 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
B-2 8.65% 0.00 53,961.28 53,961.28 0.00 0.00
B-2 Carryover Interest 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
X 402,889.39 515,116.27 406,101.89 109,014.38 511,903.77
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 145,862.87 145,862.87 0.00 0.00
----------------------------------------------------------------------------------
402,889.39 1,651,813.64 1,542,799.26 109,014.38 511,903.77
Less Reserve Fund Deposit 0.00
---------------
1,542,799.26
===============
</TABLE>
Interest Paid
Per $1,000 Cert. TOTAL
Denomination Class DISTRIBUTION
- -----------------------------------------------------------
5.21 A-1 1,770,208.05
0.00
0.00
5.38 A-2 334,158.38
0
0
5.75 A-3 169,855.00
0
0
6.25 A-4 99,418.75
0
0
6.29 B-1 123,631.25
0
0
7.21 B-2 53,961.28
0
0
X 406,101.89
R
145,862.87
---------------
3,103,197.47
0.00
-------------------
3,103,197.47
===================
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