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) February 18, 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 February 18,
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 February 18, 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
February 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
February 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 February 18, 1997...................... 5-10
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: FEBRUARY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Jan-97
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ------------------------------------------------------------------------------------------------------------------------------------
151,210,805.03 (368,824.23) (352,702.19) (553,184.47) 0.00 149,936,094.14 1,392,428.36
====================================================================================================================================
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- -------------------------------------------------------------------------------------------------------------
126,009.00 1,266,419.36 349,197.37 0.00 2,463,152.15
=============================================================================================================
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
- ------------------------------------------------------------------------------------------------------------------------------------
326,238.70 0.00 -1,238.70 1,220.96 326,220.96 0.00 0.00 326,220.96 1,220.96
====================================================================================================================================
Reserve Fund Required Balance
---------------------------------------
Before Current After Current
Distribution Distribution
----------------------------------------
325,000.00 325,000.00
========================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
328,401.86 1,268,078.73 1,376,460.51 (2,562,233.68) 1,508.78 412,216.20
====================================================================================================================================
P&I Advances at Distribution Date
- ---------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------------------------------------
1,498,194.59 1,432,210.61 1,255,454.16 1,321,438.14
=======================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A REPORT DATE: FEBRUARY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT
REPORTING MONTH: Jan-97 Page 2 of 6
<S> <C> <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
Average 30 day delinquency ratio:
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 151,210,805.03
------------------
12.966% N
==================
</TABLE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 6,366,964.73 149,936,094.14 4.25%
1st Preceding Mo 5,783,219.78 151,210,805.03 3.82%
2nd Preceding Mo 4,931,445.21 152,368,263.74 3.24%
Divided by 3
-------
3.77%
=========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
----------------------------------------------------------
Current Mo 9,285,064.51 149,936,094.14 6.19%
1st Preceding Mo 8,455,363.51 151,210,805.03 5.59%
2nd Preceding Mo 7,862,512.55 152,368,263.74 5.16%
Divided by 3
--------------
5.65%
==============
Cumulative loss ratio:
Cumulative losses 743,117.35
--------------
Divided by Initial Certificate Principal 163,369,459.00 0.455%
==============
Current realized loss ratio:
Liquidation Pool
Losses Balance
--------------------------------------
Current Mo 203,987.10 151,210,805.03
1st Preceding Mo 96,062.55 152,368,263.74
2nd Preceding Mo 83,164.18 153,235,109.43
1.010%
=========
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Jan-97 Page 3 of 6
Delinquency Analysis
<S> <C> <C> <C> <C> <C>
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 5,038 147,264,317.44 97 2,863,373.81 45 1,317,408.49 71 2,465,864.00 213 6,646,646.30
Repos 87 2,671,776.70 2 54,725.97 12 302,700.81 72 2,280,991.43 86 2,638,418.21
--------------------------------------------------------------------------------------------------------------------
Total 5,125 149,936,094.14 99 2,918,099.78 57 1,620,109.30 143 4,746,855.43 299 9,285,064.51
====================================================================================================================
5.8% 6.19%
====================
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------
87 2,671,776.70 0 0.00 25 757,977.69 222 5,732,393.33
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Jan-97
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- -------------------------------------------------------------------------------
078033-8 BAINES 5,846.61 3,500.00 549.50 4,049.50 0.00
082482-1 VARNER 7,904.59 1,900.00 507.16 2,407.16 0.00
076649-3 NICHOLS 15,444.53 2,600.00 0.00 2,600.00 0.00
078866-1 DOWNS 9,446.78 14,000.00 0.00 14,000.00 2,721.49
079133-5 FINCH 15,351.23 13,955.34 0.00 13,955.34 1,093.66
080879-0 TAIMANAO 14,548.86 15,900.00 642.28 16,542.28 3,911.57
081442-6 ANDERSON 14,920.43 14,900.00 1,091.34 15,991.34 2,954.15
081578-7 PUTMAN 8,306.44 500.00 168.61 668.61 0.00
082387-2 WAGONER 13,323.36 4,000.00 1,097.52 5,097.52 0.00
083252-7 HAYDEN 10,684.95 5,000.00 644.90 5,644.90 185.00
076281-5 QUAGLIOTTI 32,823.56 20,000.00 1,142.86 21,142.86 0.00
078117-9 STEEN 20,013.28 21,900.00 1,200.13 23,100.13 4,099.54
079065-9 DAVIS 15,734.78 5,500.00 959.58 6,459.58 3,563.36
080003-7 ANTHONY 25,184.91 26,700.00 1,692.53 28,392.53 2,506.00
082859-0 MANUEL 24,422.85 23,200.00 1,347.97 24,547.97 2,921.00
083360-8 YOUNG 24,404.46 23,900.00 1,635.05 25,535.05 4,082.00
083405-1 THOMASTON 17,763.65 19,100.00 1,219.03 20,319.03 3,313.96
083983-7 BOYLE 14,486.46 5,900.00 0.00 5,900.00 1,471.30
084070-2 NEWBERRY 25,913.22 26,900.00 1,272.16 28,172.16 4,574.95
078675-6 HOBSON 23,289.11 20,900.00 1,668.55 22,568.55 2,477.01
080051-6 WATSON 37,338.88 36,700.00 1,935.10 38,635.10 6,759.10
080497-1 DANIEL 33,748.35 31,700.00 1,478.61 33,178.61 4,009.00
082868-1 FOSKEY 26,964.47 21,200.00 1,976.41 23,176.41 2,220.50
082929-1 STEWART 26,570.47 25,500.00 1,210.18 26,710.18 4,092.73
084009-0 HOEFLER 35,940.75 15,000.00 2,391.89 17,391.89 2,899.17
084337-5 ARRIOLA 52,807.49 49,000.00 2,548.57 51,548.57 7,424.68
=========================================================
553,184.47 449,355.34 28,379.93 477,735.27 67,280.17
=========================================================
Net Net Current
Liquidation Unrecov. Pass Thru Period Net Cumulative
Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------
4,049.50 1,091.40 2,958.10 (2,888.51)
2,407.16 1,077.35 1,329.81 (6,574.78)
2,600.00 1,874.53 725.47 (14,719.06)
11,278.51 1,948.98 9,329.53 (117.25)
12,861.68 1,964.96 10,896.72 (4,454.51)
12,630.71 1,502.00 11,128.71 (3,420.15)
13,037.19 1,988.56 11,048.63 (3,871.80)
668.61 1,451.80 (783.19) (9,089.63)
5,097.52 1,483.44 3,614.08 (9,709.28)
5,459.90 1,515.01 3,944.89 (6,740.06)
21,142.86 2,861.74 18,281.12 (14,542.44)
19,000.59 2,153.12 16,847.47 (3,165.81)
2,896.22 2,628.12 268.10 (15,466.68)
25,886.53 2,404.56 23,481.97 (1,702.94)
21,626.97 2,350.32 19,276.65 (5,146.20)
21,453.05 1,716.24 19,736.81 (4,667.65)
17,005.07 1,781.50 15,223.57 (2,540.08)
4,428.70 1,965.06 2,463.64 (12,022.82)
23,597.21 3,977.52 19,619.69 (6,293.53)
20,091.54 2,997.94 17,093.60 (6,195.51)
31,876.00 1,994.70 29,881.30 (7,457.58)
29,169.61 3,904.01 25,265.60 (8,482.75)
20,955.91 3,210.90 17,745.01 (9,219.46)
22,617.45 2,229.44 20,388.01 (6,182.46)
14,492.72 3,334.05 11,158.67 (24,782.08)
44,123.89 5,850.48 38,273.41 (14,534.08)
================================================
410,455.10 61,257.73 349,197.37 (203,987.10) (743,117.35)
==============================================================
-0.01
============
PRIOR MONTH CUMULATIVE 0.00
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Jan-97
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 46,000,000.00 33,841,345.88 (1,274,710.89) 0.00 0.00 32,566,634.99 70.79703% 27.71
A-1 Outstanding Writedown 0.00 0.00 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 52,000,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-3 31,061,000.00 31,061,000.00 0.00 0.00 0.00 31,061,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-4 14,703,000.00 14,703,000.00 0.00 0.00 0.00 14,703,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 13,069,000.00 13,069,000.00 0.00 0.00 0.00 13,069,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-2 6,536,459.00 6,536,459.00 0.00 0.00 0.00 6,536,459.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------
163,369,459.00 151,210,804.88 (1,274,710.89) 0.00 0.00 149,936,093.99
====================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: FEBRUARY 6, 1997
REMITTANCE REPORT POOL REPORT # 12
REPORTING MONTH: Jan-97
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000 Cert. TOTAL
Class Rate Balance Accrual Paid Shortfall Balance Denomination Class DISTRIBUTION
------------------------------------------------------------------------------------------------------------
A-1 5.40% 0.00 152,286.06 152,286.06 0.00 0.00 4.50 A-1 1,426,996.95
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 5.80% 0.00 251,333.33 251,333.33 0.00 0.00 4.83 A-2 251,333.33
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 6.60% 0.00 170,835.50 170,835.50 0.00 0.00 5.50 A-3 170,835.50
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 7.20% 0.00 88,218.00 88,218.00 0.00 0.00 6.00 A-4 88,218.00
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 7.30% 0.00 79,503.08 79,503.08 0.00 0.00 6.08 B-1 79,503.08
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 8.45% 0.00 46,027.57 46,027.57 0.00 0.00 7.04 B-2 46,027.57
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 539,130.25 478,215.82 274,228.72 203,987.10 743,117.35 X 274,228.72
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 126,009.00 126,009.00 0.00 0.00 126,009.00
---------------------------------------------------------------- ------------
539,130.25 1,392,428.36 1,188,441.26 203,987.10 743,117.35 2,463,152.15
Less Reserve Fund Deposit 0.00 0.00
------------- ------------
1,188,441.26 2,463,152.15
============= =============
</TABLE>
Cert. Interest at
Class 22 days
- ---------------
A-1 151800
A-2 184311.1111
A-3 125279.3667
A-4 64693.2
B-1 58302.26111
584385.9389
