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, 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 August 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 August 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
August 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 August 15, 1997.......................... 5-10
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT REPORT DATE: AUGUST 7, 1997
REPORTING MONTH: JULY 31, 1997 POOL REPORT # 22 Page 1 of 6
<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>
153,358,825.26 (400,821.37) (485,859.25) (1,027,103.67) 0.00 151,445,040.97
============================================================================================================
</TABLE>
<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>
1,445,425.69 127,799.02 1,317,626.67 626,097.62 0.00 2,958,203.93
=======================================================================================================
</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>
376,496.21 0.00 -1,496.21 1,532.23 376,532.23 0.00 0.00 376,532.23 1,532.23
====================================================================================================================================
</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>
929,086.23 1,911,919.71 1,508,292.40 (3,411,856.78) 2,769.61 940,211.17
=====================================================================================
</TABLE>
P&I Advances at Distribution Date
- ----------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------
1,856,975.32 1,631,188.34 1,612,107.43 1,837,894.41
======================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: JULY 31, 1997
Class B Crossover Test Test Met?
- ------------------------------------------------------------- -------------
(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% N
(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 153,358,825.26
--------------
17.694% N
==============
REPORT DATE: AUGUST 7, 1997
POOL REPORT # 22
Page 2 of 6 `
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 7,067,049.66 151,445,040.97 4.67%
1st Preceding Mo 7,138,514.44 153,358,825.26 4.65%
2nd Preceding Mo 6,662,488.82 155,304,000.66 4.29%
Divided by 3
-------------
4.54%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 9,553,924.02 151,445,040.97 6.31%
1st Preceding Mo 10,278,460.62 153,358,825.26 6.70%
2nd Preceding Mo 9,365,314.19 155,304,000.66 6.03%
Divided by 3
-------------
6.35%
=============
Cumulative loss ratio:
Cumulative losses 3,565,735.62
------------------------
Divided by Initial Certificate Principal 187,144,958.00 1.905%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 401,006.05 153,358,825.26
1st Preceding Mo 354,277.38 155,304,000.66
2nd Preceding Mo 311,819.56 157,257,943.70
2.777%
=============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: AUGUST 7, 1997
REMITTANCE REPORT POOL REPORT # 22
REPORTING MONTH: JULY 31, 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 5,250 147,231,995.06 86 2,428,257.84 45 1,439,508.47 49 1,494,294.03 180 5,362,060.34
Repos 133 4,213,045.91 2 58,616.52 8 207,579.32 122 3,925,667.84 132 4,191,863.68
-----------------------------------------------------------------------------------------------------------
Total 5,383 151,445,040.97 88 2,486,874.36 53 1,647,087.79 171 5,419,961.87 312 9,553,924.02
=============================================================================================================
5.8% 6.31%
==================
</TABLE>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------
133 4,213,045.91 0 0.00 27 776,644.51 626 17,512,902.88
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: AUGUST 7, 1997
REMITTANCE REPORT POOL REPORT # 22
REPORTING MONTH: JULY 31, 1997
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
- --------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
073805-4 CHERRY 32,736.06 26,500.00 2330.98 28,830.98 6,221.04 22,609.94
075638-7 CONLEY 43,219.31 35,675.00 1505.35 37,180.35 3,970.00 33,210.35
076725-1 PIERCY 28,315.84 34,250.00 592.45 34,842.45 5,485.93 29,356.52
072893-1 LINDLEY 26,356.40 23,000.00 1,059.83 24,059.83 3,507.00 20,552.83
074017-5 WHITMIRE 25,444.17 24,450.00 1,241.16 25,691.16 4,773.50 20,917.66
077918-1 HOLT 18,153.80 17,400.00 191.96 17,591.96 2,639.23 14,952.73
075368-1 PHILLIPS 21,021.15 20,000.00 582.77 20,582.77 8,790.75 11,792.02
072371-8 GREGORY 22,592.82 22,000.00 395.68 22,395.68 4,254.48 18,141.20
076154-4 LEGG 26,556.40 23,400.00 1,041.63 24,441.63 1,252.00 23,189.63
067462-2 BOSMANS 14,163.12 15,400.00 328.12 15,728.12 349.12 15,379.00
077404-2 SANCHEZ 40,199.56 35,000.00 2,047.41 37,047.41 1,925.00 35,122.41
074056-3 JAMESON 24,698.51 26,000.00 1,412.73 27,412.73 6,926.65 20,486.08
072894-9 GRAY 51,843.52 50,650.00 2,505.34 53,155.34 8,958.70 44,196.64
078409-0 MEEKS 36,785.37 35,000.00 1,942.27 36,942.27 7,017.05 29,925.22
071252-1 BROGDON 56,932.11 50,650.00 760.00 51,410.00 5,131.60 46,278.40
073989-6 WYATT 27,173.67 13,500.00 543.78 14,043.78 0.00 14,043.78
074762-6 GUZMAN 44,062.55 23,400.00 522.45 23,922.45 0.00 23,922.45
075224-6 PREDMORE 13,014.35 5,925.00 300.58 6,225.58 0.00 6,225.58
075292-3 RODWICK 8,422.70 2,500.00 478.56 2,978.56 250.00 2,728.56
077391-1 LEWIS 11,808.47 7,800.00 386.50 8,186.50 0.00 8,186.50
072383-3 MARTIN 53,551.06 32,632.36 278.13 32,910.49 2,986.13 29,924.36
077395-2 STALZER 45,927.17 39,900.00 900.75 40,800.75 4,327.00 36,473.75
073890-6 MARTINEZ 24,715.95 19,900.00 1,287.16 21,187.16 3,100.23 18,086.93
073896-3 ZAPATA 56,645.66 38,172.99 0.00 38,172.99 4,290.51 33,882.48
071493-1 WORTHINGTON 35,279.94 14,750.00 1,215.23 15,965.23 3,135.98 12,829.25
073437-6 LIVINGSTON 22,574.31 9,000.00 887.08 9,887.08 1,054.74 8,832.34
076582-6 VIEYRA 35,664.20 15,350.00 1,352.44 16,702.44 3,010.00 13,692.44
072294-2 POLASEK 24,646.85 24,900.00 1,056.71 25,956.71 4,087.00 21,869.71
076789-7 CLARK 50,537.82 44,650.00 1,427.43 46,077.43 7,758.15 38,319.28
071645-6 BARNES 28,261.93 25,400.00 873.30 26,273.30 1,257.00 25,016.30
077723-5 LEWIS 30,197.25 26,400.00 1,239.93 27,639.93 2,648.05 24,991.88
072757-8 CARVER 45,601.65 38,650.00 1,482.33 40,132.33 6,688.71 33,443.62
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
===============================================================================
1,027,103.67 822,205.35 32,170.04 854,375.39 115,795.55 738,579.84
===============================================================================
</TABLE>
Net Current
Account Customer Unrecov. Pass Thru Period Net Cumulative
Number Name Advances Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------------------
073805-4 CHERRY 5,519.55 17,090.39 (15,645.67)
075638-7 CONLEY 3,947.13 29,263.22 (13,956.09)
076725-1 PIERCY 4,736.16 24,620.36 (3,695.48)
072893-1 LINDLEY 2,728.62 17,824.21 (8,532.19)
074017-5 WHITMIRE 3,517.14 17,400.52 (8,043.65)
077918-1 HOLT 2,036.52 12,916.21 (5,237.59)
075368-1 PHILLIPS 1,880.92 9,911.10 (11,110.05)
072371-8 GREGORY 2,431.96 15,709.24 (6,883.58)
076154-4 LEGG 2,330.08 20,859.55 (5,696.85)
067462-2 BOSMANS 2,455.70 12,923.30 (1,239.82)
077404-2 SANCHEZ 5,127.00 29,995.41 (10,204.15)
074056-3 JAMESON 4,845.60 15,640.48 (9,058.03)
072894-9 GRAY 4,781.96 39,414.68 (12,428.84)
078409-0 MEEKS 4,920.89 25,004.33 (11,781.04)
071252-1 BROGDON 5,342.88 40,935.52 (15,996.59)
073989-6 WYATT 3,034.10 11,009.68 (16,163.99)
074762-6 GUZMAN 3,820.96 20,101.49 (23,961.06)
075224-6 PREDMORE 1,317.95 4,907.63 (8,106.72)
075292-3 RODWICK 2,007.88 720.68 (7,702.02)
077391-1 LEWIS 1,630.26 6,556.24 (5,252.23)
072383-3 MARTIN 3,742.20 26,182.16 (27,368.90)
077395-2 STALZER 3,207.05 33,266.70 (12,660.47)
073890-6 MARTINEZ 2,677.80 15,409.13 (9,306.82)
073896-3 ZAPATA 6,212.91 27,669.57 (28,976.09)
071493-1 WORTHINGTON 2,473.56 10,355.69 (24,924.25)
073437-6 LIVINGSTON 1,453.30 7,379.04 (15,195.27)
076582-6 VIEYRA 2,418.60 11,273.84 (24,390.36)
072294-2 POLASEK 2,814.80 19,054.91 (5,591.94)
076789-7 CLARK 4,531.14 33,788.14 (16,749.68)
071645-6 BARNES 2,312.38 22,703.92 (5,558.01)
077723-5 LEWIS 2,334.20 22,657.68 (7,539.57)
072757-8 CARVER 9,891.02 23,552.60 (22,049.05)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
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
=======================================================
112,482.22 626,097.62 (401,006.05) (3,565,735.62)
=======================================================
0.03
==============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: AUGUST 7, 1997
REMITTANCE REPORT POOL REPORT # 22
REPORTING MONTH: JULY 31, 1997
Page 5 of 6
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 18,606,867.26 (1,913,784.29) 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
----------------------------------------------------------------
187,144,958.00 153,358,825.26 (1,913,784.29) 0.00
================================================================
</TABLE>
<TABLE>
<CAPTION>
Ending Principal Paid
Cert. Writedown Certificate Pool Per $1,000
Class Amounts Balances Factor Denomination
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 16,693,082.97 31.86128% 102.85
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 62,169,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 29,540,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 15,907,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 19,650,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 7,485,958.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
------------------------------
0.00 151,445,040.97
==============================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: AUGUST 7, 1997
REMITTANCE REPORT POOL REPORT # 22
REPORTING MONTH: JULY 31, 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 96,910.77 96,910.77 0.00 0.00 5.21 A-1 2,010,695.06
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 3,164,729.82 439,691.25 38,685.20 401,006.05 3,565,735.87 X 38,685.20
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 127,799.02 127,799.02 0.00 0.00 127,799.02
------------------------------------------------------------------ ----------
3,164,729.82 1,445,425.69 1,044,419.64 401,006.05 3,565,735.87 2,958,203.93
Less Reserve Fund Deposit 0.00 0.00
------------- ------------
1,044,419.64 2,958,203.93
============= ============
</TABLE>
