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 1996-A
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 23-7841128
(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 1996-A
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 1996-A (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1996-A (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 1996-A, Registrant
By: Oakwood Acceptance Corporation,
as servicer
October 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 October 15, 1997............................. 5-10
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: OCTOBER 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 20
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: SEPTEMBER 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>
139,205,510.55 (368,477.91) (649,517.07) (852,874.52) 0.00 137,334,641.05 1,278,615.86
=======================================================================================================
</TABLE>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- -------------------------------------------------------------------------------
116,004.59 1,162,611.27 625,088.50 0.00 2,921,699.34
===============================================================================
<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>
326,352.84 0.00 -1,352.84 1,304.05 326,304.05 0.00 0.00 326,304.05 1,304.05
==================================================================================================================================
<CAPTION>
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
<S> <C>
325,000.00 325,000.00
======================================
<CAPTION>
Certificate Account
--------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
--------------------------------------------------------------------------------------------------------
<S> <C>
664,837.43 1,881,242.41 1,312,973.61 (3,019,962.06) 1,645.92 840,737.31
========================================================================================================
<CAPTION>
P&I Advances at Distribution Date
----------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
----------------------------------------------------------------------------------
<S> <C>
1,537,527.51 1,343,895.78 1,541,558.33 1,735,190.06
==================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: OCTOBER 7, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 20
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 August 2000 N
(b) Average 60 day Delinquency rate <= 5% N
(c) Average 30 day Delinquency rate <= 7% N
(d) Cumulative losses do not exceed the following
percent of the initial principal balance of all Certificates
Aug 2000- Feb 2002 7% N
Feb 2002- Aug 2003 8% N
Aug 2003- 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Are class B principal balances >= 21.001%
of stated scheduled pool balance
Beginning B-1 balance 13,069,000.00
Beginning B-2 balance 6,536,459.00
-------------------
19,605,459.00
Divided by beginning pool
balance 139,205,510.55
--------------------
14.084% N
====================
</TABLE>
<TABLE>
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
<S> <C>
Current Mo 7,452,771.45 137,334,641.05 5.43%
1st Preceding Mo 6,971,069.07 139,205,510.55 5.01%
2nd Preceding Mo 7,153,952.71 140,927,641.91 5.08%
Divided by 3
-------------
5.17%
=============
Average 30 day delinquency ratio:
<CAPTION>
Over 30s Pool Balance %
--------------------------------------------------------
<S> <C>
Current Mo 9,806,554.25 137,334,641.05 7.14%
1st Preceding Mo 10,199,613.05 139,205,510.55 7.33%
2nd Preceding Mo 9,344,942.99 140,927,641.91 6.63%
Divided by 3
-------------
7.03%
=============
Cumulative loss ratio:
Cumulative losses 2,181,569.86
-----------------
Divided by Initial Certificate Principal 163,369,459.00 1.335%
=============
Current realized loss ratio:
<CAPTION>
Liquidation Pool
Losses Balance
-----------------------------------------------
<S> <C>
Current Mo 227,786.02 139,205,510.55
1st Preceding Mo 243,360.94 140,927,641.91
2nd Preceding Mo 129,587.43 142,664,296.71
1.716%
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 20
REPORTING MONTH: SEPTEMBER 30, 1997
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>
Excluding Repos 4,623 132,591,482.88 83 2,239,298.68 42 1,162,129.21 60 1,661,968.19
Repos 139 4,743,158.17 4 114,484.12 21 545,821.80 114 4,082,852.25
----------------------------------------------------------------------------------------------------------
Total 4,762 137,334,641.05 87 2,353,782.80 63 1,707,951.01 174 5,744,820.44
==========================================================================================================
</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>
Excluding Repos 185 5,063,396.08 139 4,743,158.17 -1 (21,838.33) 35 1,066,501.17 454 12,775,518.21
Repos 139 4,743,158.17
-----------------------------
Total 324 9,806,554.25
=============================
6.8% 7.14%
=============================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 20
REPORTING MONTH: SEPTEMBER 30, 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
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
079123-6 Pennington, Wm 19,932.91 19,700.00 0.00 19,700.00 841.00 18,859.00
082228-8 Coley, Michael 29,169.06 29,000.00 1,847.82 30,847.82 1,917.62 28,930.20
078793-7 Hodges, Richard 21,841.13 22,600.00 1,025.34 23,625.34 1,484.73 22,140.61
078316-7 Welch, Patricia 23,297.48 22,400.00 971.46 23,371.46 4,912.00 18,459.46
083235-2 Stewart, John 12,187.42 12,900.00 325.44 13,225.44 1,887.00 11,338.44
083200-6 Robertson, Linda 20,915.43 20,100.00 0.00 20,100.00 1,103.00 18,997.00
083208-9 Mosher, Richard 7,851.76 15,200.00 569.87 15,769.87 5,633.55 10,136.32
080644-8 Tharpe, David 29,003.44 28,000.00 1,690.76 29,690.76 5,529.17 24,161.59
083791-4 Comer, Michael 25,823.10 25,500.00 1,114.86 26,614.86 3,235.00 23,379.86
079128-5 House, Tina 53,241.17 55,692.00 1,647.14 57,339.14 13,971.55 43,367.59
078770-5 Chadwick, Shirley 23,719.64 25,700.00 0.00 25,700.00 1,549.10 24,150.90
079750-6 Cisneros, Pete 21,797.67 20,000.00 1,212.25 21,212.25 2,393.50 18,818.75
083805-2 Shadle, Charles 55,178.18 50,650.00 2,049.56 52,699.56 7,702.66 44,996.90
084089-2 Cantu, Robert 51,659.03 45,000.00 2,014.49 47,014.49 9,041.27 37,973.22
081645-4 Lapointe, William 48,093.00 44,250.00 612.46 44,862.46 11,033.07 33,829.39
082802-0 Gilbert, Michelle 40,771.14 39,900.00 0.00 39,900.00 4,565.19 35,334.81
080295-9 Dockery Jr, Orval 9,570.56 500.00 1,163.97 1,663.97 0.00 1,663.97
081584-5 Jackson, Danny 6,983.82 150.00 1,454.11 1,604.11 0.00 1,604.11
082736-0 Taian, Dairyu 24,018.26 7,000.00 605.58 7,605.58 1,339.00 6,266.58
080176-1 McNeil, Matthew 28,199.09 34,400.00 1,883.31 36,283.31 3,132.00 33,151.31
081469-9 Smith, Richard 34,180.82 34,400.00 2,010.46 36,410.46 2,012.00 34,398.46
082963-0 Burris, James 57,835.32 50,650.00 2,223.62 52,873.62 6,464.82 46,408.80
080093-8 Drake Jr, Leroy 25,113.38 25,400.00 1,558.66 26,958.66 6,065.40 20,893.26
080178-7 Parker, Jimmy 24,394.26 25,400.00 1,732.85 27,132.85 2,026.53 25,106.32
079588-0 Davis, Frank 22,525.70 20,500.00 122.50 20,622.50 1,819.82 18,802.68
082551-3 Coleman, Treva 34,900.50 31,900.00 820.97 32,720.97 3,667.02 29,053.95
080887-3 Matthews, George 13,817.13 15,650.00 570.00 16,220.00 2,479.50 13,740.50
081299-0 Mails, Mary 31,045.55 40,450.00 645.02 41,095.02 6,358.62 34,736.40
080910-3 Hayes, Marvin 23,212.52 20,400.00 976.35 21,376.35 2,668.22 18,708.13
083473-9 Dorsey, Brianne 32,596.05 29,900.00 0.00 29,900.00 2,573.00 27,327.00
--------------------------------------------------------------------------------------------------
30 852,874.52 813,292.00 30,848.85 844,140.85 117,405.34 726,735.51
==================================================================================================
</TABLE>
<TABLE>
<CAPTION>
FHA Net Current
Account Customer Unrecov. Insurance Pass Thru Period Net Cumulative
Number Name Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
079123-6 Pennington, Wm 1,246.05 0.00 17,612.95 (2,319.96)
082228-8 Coley, Michael 6,494.25 0.00 22,435.95 (6,733.11)
078793-7 Hodges, Richard 3,149.10 0.00 18,991.51 (2,849.62)
078316-7 Welch, Patricia 1,450.96 0.00 17,008.50 (6,288.98)
083235-2 Stewart, John 751.28 0.00 10,587.16 (1,600.26)
083200-6 Robertson, Linda 861.92 0.00 18,135.08 (2,780.35)
083208-9 Mosher, Richard 3,191.90 0.00 6,944.42 (907.34)
080644-8 Tharpe, David 5,824.30 0.00 18,337.29 (10,666.15)
083791-4 Comer, Michael 3,136.88 0.00 20,242.98 (5,580.12)
079128-5 House, Tina 6,915.42 0.00 36,452.17 (16,789.00)
078770-5 Chadwick, Shirley 2,607.56 0.00 21,543.34 (2,176.30)
079750-6 Cisneros, Pete 5,401.00 0.00 13,417.75 (8,379.92)
083805-2 Shadle, Charles 5,691.00 0.00 39,305.90 (15,872.28)
084089-2 Cantu, Robert 4,992.31 0.00 32,980.91 (18,678.12)
081645-4 Lapointe, William 4,264.91 0.00 29,564.48 (18,528.52)
082802-0 Gilbert, Michelle 2,735.81 0.00 32,599.00 (8,172.14)
080295-9 Dockery Jr, Orval 3,340.52 0.00 (1,676.55) (11,247.11)
081584-5 Jackson, Danny 2,422.14 0.00 (818.03) (7,801.85)
082736-0 Taian, Dairyu 2,263.01 0.00 4,003.57 (20,014.69)
080176-1 McNeil, Matthew 2,441.60 0.00 30,709.71 2,510.62
081469-9 Smith, Richard 4,036.68 0.00 30,361.78 (3,819.04)
082963-0 Burris, James 5,404.52 0.00 41,004.28 (16,831.04)
080093-8 Drake Jr, Leroy 3,385.40 0.00 17,507.86 (7,605.52)
080178-7 Parker, Jimmy 4,201.96 0.00 20,904.36 (3,489.90)
079588-0 Davis, Frank 2,710.78 0.00 16,091.90 (6,433.80)
082551-3 Coleman, Treva 1,906.15 0.00 27,147.80 (7,752.70)
080887-3 Matthews, George 1,195.32 0.00 12,545.18 (1,271.95)
081299-0 Mails, Mary 5,015.48 0.00 29,720.92 (1,324.63)
080910-3 Hayes, Marvin 1,986.60 0.00 16,721.53 (6,490.99)
083473-9 Dorsey, Brianne 2,622.20 0.00 24,704.80 (7,891.25)
----------------------------------------------------------------------------------------------
30 101,647.01 0.00 625,088.50 (227,786.02) (2,181,569.86)
=============================================================================================
-2%
======================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 20
REPORTING MONTH: SEPTEMBER 30, 1997
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Current Accelerated Ending
Cert. Certificate Certificate Principal Principal Writedown Certificate
Class Balances Balances Payable Distribution Amounts Balances
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A-1 46,000,000.00 21,836,051.55 (1,870,869.50) 0.00 0.00 19,965,182.05
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-2 52,000,000.00 52,000,000.00 0.00 0.00 0.00 52,000,000.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-3 31,061,000.00 31,061,000.00 0.00 0.00 0.00 31,061,000.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-4 14,703,000.00 14,703,000.00 0.00 0.00 0.00 14,703,000.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-1 13,069,000.00 13,069,000.00 0.00 0.00 0.00 13,069,000.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-2 6,536,459.00 6,536,459.00 0.00 0.00 0.00 6,536,459.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------------------------
163,369,459.00 139,205,510.55 (1,870,869.50) 0.00 0.00 137,334,641.05
============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Principal Paid
Cert. Pool Per $1,000
Class Factor Denomination
- ---------------------------------------------------------
<S> <C>
A-1 43.40257% 40.67
A-1 Outstanding Writedown 0.00 0.00
A-2 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00
B-1 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: OCTOBER 7, 1997
REMITTANCE REPORT POOL REPORT # 20
REPORTING MONTH: SEPTEMBER 30, 1997
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
--------------------------------------------------------------------------------------------------
<S> <C>
A-1 5.40% 0.00 98,262.23 98,262.23 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 5.80% 0.00 251,333.33 251,333.33 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 6.60% 0.00 170,835.50 170,835.50 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 7.20% 0.00 88,218.00 88,218.00 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 7.30% 0.00 79,503.08 79,503.08 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 8.45% 0.00 46,027.57 46,027.57 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 1,953,783.69 428,431.55 200,645.53 227,786.02
R 0.00 0.00 0.00 0.00
Service Fee 0.00 116,004.59 116,004.59 0.00
----------------------------------------------------------------------------------------------
1,953,783.69 1,278,615.86 1,050,829.84 227,786.02
Less Reserve Fund Deposit 0.00
-----------------------
1,050,829.84
=======================
</TABLE>
<TABLE>
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
---------------------------------------------------------------------------------------------------
<S> <C>
A-1 0.00 4.50 A-1 1,969,131.73
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 4.83 A-2 251,333.33
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.50 A-3 170,835.50
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 6.00 A-4 88,218.00
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
B-1 0.00 6.08 B-1 79,503.08
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 7.04 B-2 46,027.57
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 2,181,569.86 X 200,645.53
R 0.00 R
Service Fee 0.00 116,004.59
-------------------- ---------------
2,181,569.86 2,921,699.34
Less Reserve Fund Deposit 0.00
---------------
2,921,699.34
===============
</TABLE>
