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) June 16, 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) June 16, 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 June 16,
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 June 16, 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
June 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
June 23, 1997 /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 June 16, 1997......................... 5-10
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on June 16, 1997..........................
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B REPORT DATE: JUNE 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 20
REMITTANCE REPORT
REPORTING MONTH: MAY 31, 1997
Scheduled Principal Balance of Contracts
- ----------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing
Balance Principal Principal Principal Repurchased Balance Interest Fee
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
157,257,943.70 (403,205.01) (737,511.00) (813,227.03) 0.00 155,304,000.66 1,482,470.13 131,048.29
====================================================================================================================================
</TABLE>
Page 1 of 6
Scheduled Amount
Pass Thru Liquidation Reserve Available for
Interest Proceeds Fund Draw Distribution
- -----------------------------------------------------------
1,351,421.84 501,407.47 0.00 3,124,593.61
===========================================================
<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>
376,494.54 0.00 -1,494.54 1,536.72 376,536.72 0.00 0.00 376,536.72 1,536.72
================================================================================================================================
</TABLE>
Reserve Fund Required Balance
- ---------------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------------
375,000.00 375,000.00
=======================================
<TABLE>
<CAPTION>
Certificate Account
- -------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,235,963.83 1,945,411.40 1,488,997.55 (3,703,172.81) 3,761.76 970,961.73
=================================================================================================
</TABLE>
P&I Advances at Distribution Date
- ---------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------------
1,567,509.18 1,356,164.56 1,522,559.88 1,733,904.50
===============================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: MAY 31, 1997
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ---------------------------------------------------------------------- ---------
<S> <C> <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 157,257,943.70
--------------
17.256% N
==============
</TABLE>
REPORT DATE: JUNE 6, 1997
POOL REPORT # 20
Page 2 of 6 `
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-------------------------------------------------
Current Mo 6,662,488.82 155,304,000.66 4.29%
1st Preceding Mo 6,974,660.45 157,257,943.70 4.44%
2nd Preceding Mo 7,309,742.63 159,453,493.76 4.58%
Divided by 3
--------
4.44%
========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
-------------------------------------------------
Current Mo 9,365,314.19 155,304,000.66 6.03%
1st Preceding Mo 8,698,581.01 157,257,943.70 5.53%
2nd Preceding Mo 10,010,192.35 159,453,493.76 6.28%
Divided by 3
--------
5.95%
========
Cumulative loss ratio:
Cumulative losses 2,810,452.19
------------------------
Divided by Initial Certificate Principal 187,144,958.00 1.502%
========
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------------
Current Mo 311,819.56 157,257,943.70
1st Preceding Mo 349,412.57 159,453,493.76
2nd Preceding Mo 325,156.39 161,702,026.63
2.497%
========
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JUNE 6, 1997
REMITTANCE REPORT POOL REPORT # 20
REPORTING MONTH: MAY 31, 1997
<TABLE>
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 5,361 150,775,471.71 91 2,632,837.41 26 640,137.80 48 1,563,810.03 165 4,836,785.24
Repos 136 4,528,528.95 3 69,987.96 16 441,904.27 117 4,016,636.72 136 4,528,528.95
-------------------------------------------------------------------------------------------------------------
Total 5,497 155,304,000.66 94 2,702,825.37 42 1,082,042.07 165 5,580,446.75 301 9,365,314.19
===============================================================================================================
5.5% 6.03%
====================
</
Page 3 of 6
</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 136 4,528,528.95 35 1,074,523.33 566 15,837,943.33
Repos
Total
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: MAY 31, 1997
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>
077234-3 JERNIGAN 74,630.73 77,000.00 0.00 77,000.00 3,974.00 73,026.00
074013-4 GOWAN 20,540.07 18,800.00 437.37 19,237.37 1,417.32 17,820.05
073258-6 NORTH 21,887.13 19,000.00 632.48 19,632.48 1,561.00 18,071.48
073504-3 KINCER 48,390.24 41,900.00 1,451.16 43,351.16 5,737.20 37,613.96
072517-6 NEAL 24,620.41 26,900.00 524.17 27,424.17 2,434.50 24,989.67
072251-2 NELSON 21,170.47 19,300.00 662.94 19,962.94 2,959.78 17,003.16
072197-7 CORONA 23,972.31 26,700.00 619.56 27,319.56 4,247.87 23,071.69
073052-3 HEINEM 39,849.80 22,000.00 1,419.82 23,419.82 9,943.57 13,476.25
075178-4 KRALLIS 29,551.79 24,100.00 2,064.88 26,164.88 2,023.00 24,141.88
073230-5 HALFHILL 9,483.41 3,900.00 265.60 4,165.60 0.00 4,165.60
073288-3 BRAVO 10,406.55 3,600.00 285.69 3,885.69 0.00 3,885.69
073507-6 HARRIS 42,260.68 17,200.00 1,367.50 18,567.50 1,511.64 17,055.86
078074-2 NICKERSON 46,218.92 31,915.00 215.81 32,130.81 16,990.00 15,140.81
073149-7 SHIER 28,213.15 28,737.00 859.66 29,596.66 5,917.83 23,678.83
074790-7 WALKER 46,922.02 31,000.00 0.00 31,000.00 2,552.85 28,447.15
075768-2 WILBANKS 28,256.44 26,100.00 1,687.15 27,787.15 4,068.35 23,718.80
075411-9 LADFRIED 21,411.41 20,100.00 1,259.47 21,359.47 3,423.00 17,936.47
073598-5 DANIELS 16,693.45 23,700.00 469.87 24,169.87 3,361.01 20,808.86
074914-3 HALL 35,332.54 33,900.00 1,123.47 35,023.47 4,634.92 30,388.55
077390-3 ENGLISH 20,145.16 19,900.00 619.01 20,519.01 3,865.06 16,653.95
075760-9 DYKES 46,583.42 37,600.00 1,372.26 38,972.26 4,128.00 34,844.26
075587-6 RAMIREZ 24,412.58 22,750.00 755.19 23,505.19 4,424.22 19,080.97
073913-6 NABORS 13,091.94 2,500.00 422.65 2,922.65 950.00 1,972.65
075810-2 HARRIS 29,398.02 25,900.00 625.88 26,525.88 3,133.50 23,392.38
076667-5 GLASS 23,962.76 26,100.00 0.00 26,100.00 3,783.00 22,317.00
071970-8 ROUSE 18,522.66 17,850.00 571.13 18,421.13 7,426.80 10,994.33
073846-8 METCALF 26,045.94 24,700.00 1,270.97 25,970.97 5,652.01 20,318.96
073623-1 MADDUX 21,253.03 23,100.00 950.81 24,050.81 8,680.74 15,370.07
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
===================================================================================
813,227.03 696,252.00 21,934.50 718,186.50 118,801.17 599,385.33
===================================================================================
</TABLE>
REPORT DATE: JUNE 6, 1997
POOL REPORT # 20
Page 4 of 6
<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> <C>
077234-3 JERNIGAN 10,631.20 62,394.80 (12,235.93)
074013-4 GOWAN 1,841.63 15,978.42 (4,561.65)
073258-6 NORTH 3,536.72 14,534.76 (7,352.37)
073504-3 KINCER 5,927.57 31,686.39 (16,703.85)
072517-6 NEAL 3,015.87 21,973.80 (2,646.61)
072251-2 NELSON 1,949.43 15,053.73 (6,116.74)
072197-7 CORONA 2,318.62 20,753.07 (3,219.24)
073052-3 HEINEM 7,105.65 6,370.60 (33,479.20)
075178-4 KRALLIS 2,182.92 21,958.96 (7,592.83)
073230-5 HALFHILL 1,297.50 2,868.10 (6,615.31)
073288-3 BRAVO 1,413.42 2,472.27 (7,934.28)
073507-6 HARRIS 5,477.64 11,578.22 (30,682.46)
078074-2 NICKERSON 4,784.78 10,356.03 (35,862.89)
073149-7 SHIER 4,231.44 19,447.39 (8,765.76)
074790-7 WALKER 6,307.70 22,139.45 (24,782.57)
075768-2 WILBANKS 1,799.28 21,919.52 (6,336.92)
075411-9 LADFRIED 1,822.24 16,114.23 (5,297.18)
073598-5 DANIELS 2,572.11 18,236.75 1,543.30
074914-3 HALL 3,407.56 26,980.99 (8,351.55)
077390-3 ENGLISH 2,027.60 14,626.35 (5,518.81)
075760-9 DYKES 7,517.76 27,326.50 (19,256.92)
075587-6 RAMIREZ 1,959.51 17,121.46 (7,291.12)
073913-6 NABORS 1,080.70 891.95 (12,199.99)
075810-2 HARRIS 4,576.82 18,815.56 (10,582.46)
076667-5 GLASS 1,408.68 20,908.32 (3,054.44)
071970-8 ROUSE 1,898.64 9,095.69 (9,426.97)
073846-8 METCALF 3,336.10 16,982.86 (9,063.08)
073623-1 MADDUX 2,548.77 12,821.30 (8,431.73)
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
--------------------------------------------
97,977.86 501,407.47 (311,819.56) (2,810,452.19)
===============================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JUNE 6, 1997
REMITTANCE REPORT POOL REPORT # 20
REPORTING MONTH: MAY 31, 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 22,505,985.95 (1,953,943.29) 0.00 0.00 20,552,042.66 39.22670% 86.82
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
----------------------------------------------------------------------------------
187,144,958.00 157,257,943.95 (1,953,943.29) 0.00 0.00 155,304,000.66
==================================================================================
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JUNE 6, 1997
REMITTANCE REPORT POOL REPORT # 20
REPORTING MONTH: MAY 31, 1997
Page 6 of 6
<TABLE>
<CAPTION>
CERTIFICATE INTEREST ANALYSIS
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% 0.00 117,218.68 117,218.68 0.00 0.00 5.21 A-1 2,071,161.97
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 2,498,632.63 453,178.51 141,358.70 311,819.81 2,810,452.44 X 141,358.70
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 131,048.29 131,048.29 0.00 0.00 131,048.29
------------------------------------------------------------------- ------------
2,498,632.63 1,482,470.13 1,170,650.32 311,819.81 2,810,452.44 3,124,593.61
Less Reserve Fund Deposit 0.00 0.00
------------ ------------
1,170,650.32 3,124,593.61
============ ============
</TABLE>
