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Previous: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1996-A, 8-K, 1997-01-22 |
Next: MARKET FINANCIAL CORP, S-1/A, 1997-01-22 |
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) November 15, 1996.
OMI Trust 1996-A
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 Applied for
(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) November 15, 1996.
OMI Trust 1996-A
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 Applied for
(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 November 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 November 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 1996-A, Registrant
By: Oakwood Acceptance Corporation,
as servicer
November 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 1996-A, Registrant
By: Oakwood Acceptance Corporation,
as servicer
November 29, 1996 /s/ DOUGLAS R. MUIR
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on November 15, 1996.......................................................... 5-10
</TABLE>
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on November 15, 1996.................................................
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: NOVEMBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Oct-96
<S> <C> <C> <C> <C> <C>
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
154,128,965.31 (370,275.26) (225,791.21) (297,789.41) 0.00 153,235,109.43
====================================================================================================================================
<C> <C> <C> <C> <C> <C>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- ----------------------------------------------------------------------------------------------------
1,420,079.44 128,440.80 1,291,638.64 239,553.76 0.00 2,255,699.67
====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Reserve Fund as of Cutoff Date
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
326,211.14 0.00 -1,211.14 1,207.28 326,207.28 0.00 0.00 326,207.28
====================================================================================================================================
<C> <C> <C>
Reserve Fund Required Balanc
-----------------------------------
Before Current After Current
Excess Distribution Distribution
- --------------- ---------------------------------------------
1,207.28 325,000.00 325,000.00
=============== ==============================================
</TABLE>
<TABLE>
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
(259,339.75) 1,231,065.21 1,418,944.02 (2,282,160.31) 918.78 109,427.95
=============================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
2,089,644.78 2,068,431.57 941,903.03 963,116.24
================================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: NOVEMBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Oct-96 Page 2 of 6
<TABLE>
<CAPTION>
<S> <C>
Class B Crossover Test Test Met?
- -------------------------------------------------------------------- ------------
(a) Remittance date on or after August 2000 N
(b) Average 60 day Delinquency rate (Greater than symbol)= 0.05 Y
(c) Average 30 day Delinquency rate (Greater than symbol)= 0.07 Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Average 30 day delinquency ratio:
April 2000 -Sept. 2001 0.07 N
Oct 2001 -Sept. 2002 0.08 N
Oct 2002 - 0.09 N
(e) Current realized loss ratio (Greater than symbol)= 0.0275 Y
(f) Are class B principal balances (Less than symbol)= 0.210012
of stated scheduled pool balance
Cumulative loss ratio:
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 154,128,965.31
-------------------
12.N20%
===================
<CAPTION>
<C> <C> <C> <C>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------------
Current Mo 4,402,075.15 153,235,109.43 2.87%
1st Preceding Mo 3,926,472.88 154,128,965.31 2.55%
2nd Preceding Mo 3,319,468.43 154,981,959.47 2.14%
Divided by 3
------------
2.52%
============
Over 30s Pool Balance %
------------------------------------------------------
Current Mo 6,952,539.99 153,235,109.43 4.54%
1st Preceding Mo 6,269,877.72 154,128,965.31 4.07%
2nd Preceding Mo 5,763,845.97 154,981,959.47 3.72%
Divided by 3
------------
4.11%
============
Cumulative losses 359,903.52
--------------------
Divided by Initial Certificate Principal 163,369,459.00 0.220%
============
Current realized loss ratio:
Liquidation Pool
Losses Balance
------------------------------------------
Current Mo 58,235.65 154,128,965.31
1st Preceding Mo 87,485.61 154,981,959.47
2nd Preceding Mo 90,150.97 156,073,044.31
0.610%
============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: NOVEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 9
REPORTING MONTH: Oct-96 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
- ------------------------------------------------------------------------------------------------------------------------------------
Excluding Repos 5,163 151,402,652.64 83 2,498,759.92 34 995,713.47 49 1,646,583.81 166 5,141,057.20
Repos 66 1,832,456.79 2 51,704.92 11 214,925.38 52 1,544,852.49 65 1,811,482.79
Total 5,229 153,235,109.43 85 2,550,464.84 45 1,210,638.85 101 3,191,436.30 231 6,952,539.99
======================================================================================================================
4.4% 4.54%
===================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
66 1,832,456.79 0 0.00 28 659,183.92 147 3,675,053.45
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: 35368
REPORT DATE: NOVEMBER 4, 1996
POOL REPORT # 9
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> <C> <C> <C> <C> <C> <C>
792317 ROLLINS 1,738.29 300.00 102.12 402.12 - 402.12
795237 WORKMAN 10,273.83 1,995.00 988.55 2,983.55 - 2,983.55
835702 SIMMS 526.76 2,600.00 59.53 2,659.53 20.00 2,639.53
792796 PERKINS 18,897.54 15,300.00 1,521.61 16,821.61 2,111.52 14,710.09
796847 MCCALL 12,661.44 11,900.00 612.61 12,512.61 1,445.09 11,067.52
814616 MOORE 12,436.13 4,600.00 1,006.72 5,606.72 - 5,606.72
831693 HILDRETH 16,751.21 17,300.00 663.81 17,963.81 1,379.00 16,584.81
807024 TIERNEY 28,464.35 28,900.00 2,245.54 31,145.54 3,876.00 27,269.54
817007 LANE 18,021.99 17,900.00 685.54 18,585.54 6,370.66 12,214.88
820183 NEAL 23,459.97 23,400.00 739.75 24,139.75 1,234.50 22,905.25
822866 LINSTROM 21,684.94 22,500.00 - 22,500.00 1,400.00 21,100.00
825315 WILLOUGHBY 23,734.32 23,500.00 931.92 24,431.92 1,323.95 23,107.97
805804 STINSON 26,657.28 25,500.00 1,057.52 26,557.52 1,165.00 25,392.52
810663 MARCEAU 30,500.58 29,700.00 2,027.71 31,727.71 1,231.00 30,496.71
812024 FISHER 20,720.68 23,100.00 1,871.35 24,971.35 3,011.52 21,959.83
826107 WILSON 31,260.10 30,100.00 2,318.28 32,418.28 2,513.50 29,904.78
-
-
-------------------------------------------------------------------------------------------------------
297,789.41 278,595.00 16,832.56 295,427.56 27,081.74 268,345.82
=======================================================================================================
<CAPTION>
Net Current
Unrecov. Pass Thru Period Net Cumulative
Advances Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------
<C> <C> <C> <C>
1,010.82 (608.70) (2,346.99)
1,960.35 1,023.20 (9,250.63)
1,606.02 1,033.51 506.75
3,330.00 11,380.09 (7,517.45)
1,159.90 9,907.62 (2,753.82)
1,677.60 3,929.12 (8,507.01)
1,306.35 15,278.46 (1,472.75)
2,651.18 24,618.36 (3,845.99)
1,608.18 10,606.70 (7,415.29)
1,422.65 21,482.60 (1,977.37)
1,841.07 19,258.93 (2,426.01)
1,151.44 21,956.53 (1,777.79)
2,049.32 23,343.20 (3,314.08)
1,947.66 28,549.05 (1,951.53)
1,708.56 20,251.27 (469.41)
2,360.96 27,543.82 (3,716.28)
- -
- -
- ---------------------------------------------------------
28,792.06 239,553.76 (58,235.65) (359,903.52)
==============================================================================
As a percentage of the aggregate cut-off date principal balance
0.00
===================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Oct-96
REPORT DATE: NOVEMBER 4, 1996
POOL REPORT # 9
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> <C> <C> <C> <C> <C>
A-1 46,000,000.00 36,759,506.16 (893,855.88) 0.00 0.00000% 35,865,650.28
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 0.00000% 52,000,000.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00
A-3 31,061,000.00 31,061,000.00 0.00 0.00 0.00000% 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 0.00000% 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 0.00000% 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 0.00000% 6,536,459.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------
163,369,459.00 154,128,965.16 (893,855.88) 0.00 0 153,235,109.28
====================================================================================================
<C> <C>
Principal Paid
Pool Per $1,000
Factor Denomination
- ---------------------------------
0.78 19.43
- -
1.00 -
0.00 -
1.00 -
- -
1.00 -
- -
1.00 -
- -
1.00 -
- -
- -----
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: NOVEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 9
REPORTING MONTH: Oct-96
Page 6 of 6
<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 0.05 0.00 165,417.78 165,417.78 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 0.06 0.00 251,333.33 251,333.33 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 0.07 0.00 170,835.50 170,835.50 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 0.07 0.00 88,218.00 88,218.00 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 0.07 0.00 79,503.08 79,503.08 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 0.08 0.00 46,027.57 46,027.57 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 301,667.87 490,303.38 432,067.73 58,235.65 359,903.52
R 0.00 0.00 0.00 0.00 0
Service Fee 0.00 128,440.80 128,440.80 0.00 0.00
-------------------------------------------------------------------------------------------------------------------
301,667.87 1,420,079.44 1,361,843.79 58,235.65 359,903.52
-----------------
Less Reserve Fund Deposit 0.00
-----------------
1,361,843.79
=================
<CAPTION>
Interest Paid
Per $1,000 Cert. TOTAL
Denomination Class DISTRIBUTION
- -----------------------------------------------------------------
<C> <C> <C>
4.50 A-1 1,059,273.66
0.00
0.00
4.83 A-2 251,333.33
0
0
5.50 A-3 170,835.50
0
0
6.00 A-4 88,218.00
0
0
6.08 B-1 79,503.08
0
0
7.04 B-2 46,027.57
0
0
X 432,067.73
R
128,440.80
- ----- -------------------
2,255,699.67
-
-------------------
2,255,699.67
===================
</TABLE>
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