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) March 17, 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>
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) March 17, 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 March 17,
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 March 17, 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
March 21, 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 1996-A, Registrant
By: Oakwood Acceptance Corporation,
as servicer
March 21, 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 March 17, 1997........................ 5-10
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on March 17, 1997..................
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: MARCH 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 13
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: FEBRUARY 28, 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>
149,936,094.14 (369,224.71) (434,925.14) (497,919.06) 0.00 148,634,025.23 1,380,431.02 124,946.75
=========================================================================================================================
<CAPTION>
Scheduled Amount
Pass Thru Liquidation Reserve Available for
Interest Proceeds Fund Draw Distribution
- ---------------------------------------------------------
<S> <C> <C> <C>
1,255,484.27 367,495.98 0.00 2,552,076.85
=========================================================
</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>
326,220.96 0.00 -1,220.96 1,174.65 326,174.65 0.00 0.00 326,174.65 1,174.65
===============================================================================================================================
<CAPTION>
Reserve Fund Required Balance
- --------------------------------------
Before Current After Current
Distribution Distribution
- --------------------------------------
<S> <C>
325,000.00 325,000.00
======================================
</TABLE>
Certificate Account
- --------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------------------------------------------------------------------------------
412,216.20 1,301,209.58 1,365,559.14 (2,668,648.03) 1,823.02 412,159.91
================================================================================
P&I Advances at Distribution Date
- ---------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------------------------
1,321,438.14 1,244,082.66 1,454,178.33 1,531,533.81
===========================================================================
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: MARCH 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 13
REMITTANCE REPORT
REPORTING MONTH: FEBRUARY 28, 1997 Page 2 of 6
<S> <C>
Class B Crossover Test Test Met?
- ------------------------------------------------------------- ---------
(a) Remittance date on or after August 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 >= 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 149,936,094.14
----------------
13.076% N
================
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 6,332,977.51 148,634,025.23 4.26%
1st Preceding Mo 6,366,964.73 149,936,094.14 4.25%
2nd Preceding Mo 5,783,219.78 151,210,805.03 3.82%
Divided by 3
--------------
4.11%
==============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 9,036,716.09 148,634,025.23 6.08%
1st Preceding Mo 9,285,064.51 149,936,094.14 6.19%
2nd Preceding Mo 8,455,363.51 151,210,805.03 5.59%
Divided by 3
--------------
5.95%
==============
Cumulative loss ratio:
Cumulative losses 873,540.43
------------------
Divided by Initial Certificate Principal 163,369,459.00 0.535%
==============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------
Current Mo 130,423.08 149,936,094.14
1st Preceding Mo 203,987.10 151,210,805.03
2nd Preceding Mo 96,062.55 152,368,263.74
1.144%
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 13
REPORTING MONTH: FEBRUARY 28, 1997 Page 3 of 6
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 4,994 145,677,826.49 98 2,611,387.75 26 798,175.78 83 2,700,668.75 207 6,110,232.28
Repos 92 2,956,198.74 4 92,350.83 12 357,044.27 75 2,477,088.71 91 2,926,483.81
-----------------------------------------------------------------------------------------------------------------
Total 5,086 148,634,025.23 102 2,703,738.58 38 1,155,220.05 158 5,177,757.46 298 9,036,716.09
=================================================================================================================
5.9% 6.08%
====================
<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>
92 2,956,198.74 -2 (72,203.53) 28 868,878.16 248 6,529,067.96
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 13
REPORTING MONTH: FEBRUARY 28, 1997
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total
Number Name Balance Proceeds Refunds Proceeds
- -------------------------------------------------------------------------------
079135-GRADDICK 14,609.07 17,900.00 1,537.59 19,437.59
079754-CHAVEZ 22,355.57 22,500.00 1,225.94 23,725.94
080203-KINYON 22,339.74 22,500.00 1,722.52 24,222.52
081379-DAUGHERTY 12,487.37 1,500.00 0.00 1,500.00
083402-SELBY 13,301.05 3,500.00 834.15 4,334.15
083636-BROWNING 20,946.84 23,500.00 195.30 23,695.30
083638-HOWARD 12,688.11 3,000.00 545.69 3,545.69
083666-WHITE 24,821.99 23,700.00 0.00 23,700.00
083980-BUSH 19,499.67 21,500.00 0.00 21,500.00
076273-WRIGHT 18,465.63 18,100.00 1,412.32 19,512.32
078110-RIPPY 19,955.96 18,900.00 618.20 19,518.20
078860-PAGE 29,920.16 31,100.00 1,358.69 32,458.69
080108-DEAR 29,097.47 24,900.00 1,848.28 26,748.28
080226-BAYREUTHER 27,814.71 25,900.00 2,182.46 28,082.46
080274-BOONE 29,210.51 22,300.00 1,598.31 23,898.31
082439-WALTERS 21,432.23 21,700.00 0.00 21,700.00
082964-JOHNSON 28,396.82 27,500.00 1,804.29 29,304.29
078997-COOPER 28,057.57 41,300.00 0.00 41,300.00
080355-MCCLAIN 41,713.43 32,400.00 0.00 32,400.00
081768-PEOPLES 29,838.24 27,500.00 1,055.45 28,555.45
081920-TYSINGER 30,966.92 28,900.00 1,494.76 30,394.76
0.00
0.00
0.00
0.00
0.00
----------------------------------------------------
497,919.06 460,100.00 19,433.95 479,533.95
====================================================
Net Net Current
Repossession Liquidation Unrecov. Pass Thru Period Net Cumulative
Expenses Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------------------------------------
2,636.74 16,800.85 1,524.53 15,276.32 667.25
3,972.50 19,753.44 2,824.96 16,928.48 (5,427.09)
2,091.31 22,131.21 2,023.26 20,107.95 (2,231.79)
0.00 1,500.00 2,062.88 (562.88) (13,050.25)
0.00 4,334.15 1,904.77 2,429.38 (10,871.67)
4,224.00 19,471.30 4,386.80 15,084.50 (5,862.34)
0.00 3,545.69 1,562.88 1,982.81 (10,705.30)
2,906.00 20,794.00 2,763.60 18,030.40 (6,791.59)
3,900.00 17,600.00 2,242.96 15,357.04 (4,142.63)
2,259.82 17,252.50 3,887.38 13,365.12 (5,100.51)
2,518.35 16,999.85 1,739.22 15,260.63 (4,695.33)
1,452.52 31,006.17 2,153.64 28,852.53 (1,067.63)
3,272.00 23,476.28 1,785.80 21,690.48 (7,406.99)
5,065.16 23,017.30 3,220.48 19,796.82 (8,017.89)
4,895.49 19,002.82 4,302.48 14,700.34 (14,510.17)
1,605.00 20,095.00 1,397.05 18,697.95 (2,734.28)
2,855.00 26,449.29 2,055.60 24,393.69 (4,003.13)
4,675.00 36,625.00 1,663.86 34,961.14 6,903.57
5,688.60 26,711.40 4,144.36 22,567.04 (19,146.39)
1,833.86 26,721.59 2,914.38 23,807.21 (6,031.03)
3,313.63 27,081.13 2,312.10 24,769.03 (6,197.89)
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
- ----------------------------------------------------------------
59,164.98 420,368.97 52,872.99 367,495.98 (130,423.08) (873,540.43)
==============================================================================
-0.68%
============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 13
REPORTING MONTH: FEBRUARY 28, 1997
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current
Cert. Certificate Certificate Principal
Class Balances Balances Payable
- --------------------------------------------------------------------------
A-1 46,000,000.00 32,566,634.99 (1,302,068.91)
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 52,000,000.00 52,000,000.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 31,061,000.00 31,061,000.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 14,703,000.00 14,703,000.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00
B-1 13,069,000.00 13,069,000.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00
B-2 6,536,459.00 6,536,459.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00
-----------------------------------------------
163,369,459.00 149,936,093.99 (1,302,068.91)
===============================================
Accelerated Ending Principal Paid
Principal Writedown Certificate Pool Per $1,000
Distribution Amounts Balances Factor Denomination
- -----------------------------------------------------------------------------
0.00 0.00 31,264,566.08 67.96645% 28.31
0.00 0.00 0.00 0.00000% 0.00
0.00 0.00 52,000,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00000% 0.00
0.00 0.00 31,061,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00000% 0.00
0.00 0.00 14,703,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00000% 0.00
0.00 0.00 13,069,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00000% 0.00
0.00 0.00 6,536,459.00 100.00000% 0.00
0.00 0.00 0.00 0.00000% 0.00
- ------------------------------------------
0.00 0.00 148,634,025.08
==========================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997
REMITTANCE REPORT POOL REPORT # 13
REPORTING MONTH: FEBRUARY 28, 1997
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total
Class Rate Balance Accrual Paid
- --------------------------------------------------------------------------------
A-1 5.40% 0.00 146,549.86 146,549.86
A-1 Carryover Interest 0.00% 0.00 0.00 0.00
A-1 Writedown Interest 0.00% 0.00 0.00 0.00
A-2 5.80% 0.00 251,333.33 251,333.33
A-2 Carryover Interest 0.00% 0.00 0.00 0.00
A-2 Writedown Interest 0.00% 0.00 0.00 0.00
A-3 6.60% 0.00 170,835.50 170,835.50
A-3 Carryover Interest 0.00% 0.00 0.00 0.00
A-3 Writedown Interest 0.00% 0.00 0.00 0.00
A-4 7.20% 0.00 88,218.00 88,218.00
A-4 Carryover Interest 0.00% 0.00 0.00 0.00
A-4 Writedown Interest 0.00% 0.00 0.00 0.00
B-1 7.30% 0.00 79,503.08 79,503.08
B-1 Carryover Interest 0.00% 0.00 0.00 0.00
B-1 Writedown Interest 0.00% 0.00 0.00 0.00
B-2 8.45% 0.00 46,027.57 46,027.57
B-2 Carryover Interest 0.00% 0.00 0.00 0.00
B-2 Writedown Interest 0.00% 0.00 0.00 0.00
X 743,117.35 473,016.94 342,593.86
R 0.00 0.00 0.00
Service Fee 0.00 124,946.75 124,946.75
------------------------------------------------
743,117.35 1,380,431.02 1,250,007.94
Less Reserve Fund Deposit 0.00
--------------
1,250,007.94
==============
Interest Paid
Interest Ending Per $1,000 Cert. TOTAL
Shortfall Balance Denomination Class DISTRIBUTION
- --------------------------------------------------------------------------------
0.00 0.00 4.50 A-1 1,448,618.77
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 4.83 A-2 251,333.33
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 5.50 A-3 170,835.50
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 6.00 A-4 88,218.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 6.08 B-1 79,503.08
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 7.04 B-2 46,027.57
0.00 0.00 0.00
0.00 0.00 0.00
130,423.08 873,540.43 X 342,593.86
0.00 0.00 R
0.00 0.00 124,946.75
- -------------------- -------------
130,423.08 873,540.43 2,552,076.85
0.00
-------------
2,552,076.85
=============
<PAGE>
