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) June 16, 1997.
OMI Trust 1996-B
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 23-2855625
(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-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 1996-B (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1996- B (the "Certificates"), makes monthly distributions
to holders of the Certificates. The latest distribution was made on June 16,
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 June 16, 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-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
June 23, 1997 /s/ DOUGLAS R. MUIR
--------------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX TO EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on June 16, 1997 ........................... 5-10
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: JUNE 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 11
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: MAY 31, 1997
<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>
199,776,274.57 (527,785.56) (607,853.15) (586,135.15) 0.00 198,054,500.71
=========================================================================================
</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>
1,863,177.49 166,480.23 1,696,697.26 436,140.64 0.00 3,434,956.84
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Mezzanine 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>
433,044.02 0.00 -1,719.02 1,767.53 433,092.53 0.00 0.00 433,092.53 1,767.53
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class B-1 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>
324,783.27 0.00 -1,289.27 1,325.65 324,819.65 0.00 0.00 324,819.65 1,325.65
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class B-2 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>
216,521.50 0.00 -859.50 883.77 216,545.77 0.00 0.00 216,545.77 883.77
===================================================================================================================================
</TABLE>
Reserve Fund Required Balance
- ----------------------------------------------------
Before Current After Current
Distribution Distribution
- ----------------------------------------------------
431,325.00 431,325.00
====================================================
Reserve Fund Required Balance
- ----------------------------------------------------
Before Current After Current
Distribution Distribution
- ----------------------------------------------------
323,494.00 323,494.00
====================================================
Reserve Fund Required Balance
- ----------------------------------------------------
Before Current After Current
Distribution Distribution
- ----------------------------------------------------
215,662.00 215,662.00
====================================================
<TABLE>
<CAPTION>
Certificate Account
- ----------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,039,070.10 1,706,331.38 1,811,775.39 (3,828,537.54) 2,943.64 731,582.97
=========================================================================================
</TABLE>
P&I Advances at Distribution Date
- ---------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------
1,657,404.01 1,567,152.91 1,526,665.55 1,616,916.65
=================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: JUNE 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 11
REMITTANCE REPORT
REPORTING MONTH: MAY 31, 1997 Page 2 of 6
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ----------------------------------------------------------- --------------
<S> <C> <C>
(a) Remittance date on or after January 2001 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
Aug. 1996 -Aug. 1997 4% N
Jan 2001 -Aug. 2002 7% N
Aug. 2002 - Jan. 2003 8% N
Jan, 2003 - 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Are class B principal balances plus Accelerated
Principal Distributions >= 22.750%
of stated scheduled pool balance
Beginning B-1 balance 16,983,002.06
Beginning B-2 balance 10,614,543.63
Beginning Accelerated Principal Distribution 438,749.31
--------------
28,036,295.00
Divided by beginning pool
balance 199,776,274.57
-------------
14.034% N
==============
</TABLE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-----------------------------------------
Current Mo 6,631,574.15 198,054,500.71 3.35%
1st Preceding Mo 6,410,745.32 199,776,274.57 3.21%
2nd Preceding Mo 5,968,141.52 201,726,190.22 2.96%
Divided by 3
-------
3.17%
=======
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------
Current Mo 9,498,685.85 198,054,500.71 4.80%
1st Preceding Mo 9,118,247.60 199,776,274.57 4.56%
2nd Preceding Mo 9,092,747.24 201,726,190.22 4.51%
Divided by 3
--------
4.62%
========
Cumulative loss ratio:
Cumulative losses 1,002,965.10
----------------
Divided by Initial Certificate Principal 215,662,295.00 0.465%
========
Current realized loss ratio:
Liquidation Pool
Losses Balance
----------------------------------------------
Current Mo 149,994.51 199,776,274.57
1st Preceding Mo 172,801.69 201,726,190.22
2nd Preceding Mo 191,835.51 203,392,542.63
1.025%
========
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JUNE 6, 1997
REMITTANCE REPORT POOL REPORT # 11
REPORTING MONTH: MAY 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 7,237 194,366,223.87 96 2,679,539.02 37 1,144,493.97 63 2,029,099.07 196 5,853,132.06
Repos 124 3,688,276.84 8 187,572.68 17 456,712.49 96 3,001,268.62 121 3,645,553.79
------------------------------------------------------------------------------------------------------------------
Total 7,361 198,054,500.71 104 2,867,111.70 54 1,601,206.46 159 5,030,367.69 317 9,498,685.85
===================================================================================================================
4.3% 4.80%
=====================
</TABLE>
<TABLE>
<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> <C>
Excluding Repos 124 3,688,276.84 -1 (83,204.48) 41 1,082,560.68 275 7,300,363.11
Repos
Total
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JUNE 6, 1997
REMITTANCE REPORT POOL REPORT #11
REPORTING MONTH: MAY 31, 1997 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
<PAGE>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov.
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
091292-3 WILLIAMS 36,606.10 35,900.00 855.04 36,755.04 2,850.06 33,904.98 3,442.35
088630-9 PREWITT 22,878.66 21,400.00 61.88 21,461.88 4,253.45 17,208.43 1,464.30
094101-3 LAIL 49,378.42 50,274.00 118.64 50,392.64 12,996.68 37,395.96 4,568.49
094328-2 CRADDOCK 42,070.22 38,700.00 106.43 38,806.43 2,435.00 36,371.43 3,084.96
091787-2 AYERS 26,057.09 24,800.00 929.30 25,729.30 2,894.00 22,835.30 1,364.08
090903-6 HOSE 25,698.74 21,500.00 2,226.66 23,726.66 3,610.00 20,116.66 3,372.84
094465-2 RHEW 28,726.66 26,900.00 1,462.20 28,362.20 2,792.00 25,570.20 1,299.84
093134-5 MCCLENDON 28,397.35 27,900.00 0.00 27,900.00 3,357.60 24,542.40 2,120.40
092710-3 MILLER 46,891.61 45,900.00 2,594.86 48,494.86 4,153.27 44,341.59 4,062.40
000585-0 COVINGTON 10,493.11 5,000.00 0.00 5,000.00 0.00 5,000.00 951.00
093708-6 MCNEAL 13,777.28 3,100.00 776.52 3,876.52 586.44 3,290.08 1,505.04
091191-7 PAGE 32,553.59 29,900.00 2,316.65 32,216.65 3,222.00 28,994.65 1,843.60
089297-6 ARAUJO 30,424.57 28,900.00 61.64 28,961.64 4,673.00 24,288.64 2,563.54
088386-8 BOOTH 48,952.66 41,500.00 2,453.07 43,953.07 3,372.06 40,581.01 3,066.64
089324-8 RANDALL 35,463.67 31,500.00 1,497.63 32,997.63 2,797.26 30,200.37 2,729.65
092024-9 HENDERSON 26,365.43 26,900.00 0.00 26,900.00 2,133.49 24,766.51 1,520.80
092413-4 BANTIS 32,886.56 27,900.00 2,234.94 30,134.94 9,376.23 20,758.71 2,604.49
091926-6 KIRKPATRICK 31,697.49 27,900.00 1,861.45 29,761.45 3,306.50 26,454.95 1,536.50
091618-9 JOHNSON 16,815.94 15,000.00 0.00 15,000.00 1,049.21 13,950.79 1,331.10
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
========================================================================================================
586,135.15 530,874.00 19,556.91 550,430.91 69,858.25 480,572.66 44,432.02
=========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Current
Account Customer Pass Thru Period Net Cumulative
Number Name Proceeds Gain/(Loss) Gain/(Loss)
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
091292-3 WILLIAMS
088630-9 PREWITT 30,462.63 (6,143.47)
094101-3 LAIL 15,744.13 (7,134.53)
094328-2 CRADDOCK 32,827.47 (16,550.95)
091787-2 AYERS 33,286.47 (8,783.75)
090903-6 HOSE 21,471.22 (4,585.87)
094465-2 RHEW 16,743.82 (8,954.92)
093134-5 MCCLENDON 24,270.36 (4,456.30)
092710-3 MILLER 22,422.00 (5,975.35)
000585-0 COVINGTON 40,279.19 (6,612.42)
093708-6 MCNEAL 4,049.00 (6,444.11)
091191-7 PAGE 1,785.04 (11,992.24)
089297-6 ARAUJO 27,151.05 (5,402.54)
088386-8 BOOTH 21,725.10 (8,699.47)
089324-8 RANDALL 37,514.37 (11,438.29)
092024-9 HENDERSON 27,470.72 (7,992.95)
092413-4 BANTIS 23,245.71 (3,119.72)
091926-6 KIRKPATRICK 18,154.22 (14,732.34)
091618-9 JOHNSON 24,918.45 (6,779.04)
12,619.69 (4,196.25)
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
==================================================
436,140.64 (149,994.51) (1,002,965.10)
==================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT REPORT DATE: JUNE 6, 1997
REPORTING MONTH: MAY 31, 1997 POOL REPORT # 11
CERTIFICATE PRINCIPAL ANALYSIS Page 5 of 6
<TABLE>
<CAPTION>
PRINCIPAL
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 45,290,000.00 29,403,979.55 (1,721,773.84) 0.00 0.00 27,682,205.71
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-2 35,585,000.00 35,585,000.00 0.00 0.00 0.00 35,585,000.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-3 32,350,000.00 32,350,000.00 0.00 0.00 0.00 32,350,000.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-4 22,642,000.00 22,642,000.00 0.00 0.00 0.00 22,642,000.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-5 32,350,000.00 32,350,000.00 0.00 0.00 0.00 32,350,000.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-6 19,409,000.00 19,409,000.00 0.00 0.00 0.00 19,409,000.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-1 17,253,000.00 16,983,002.06 0.00 0.00 0.00 16,983,002.06
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-2 10,783,295.00 10,614,543.63 0.00 0.00 0.00 10,614,543.63
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 438,749.31 0.00 0.00 0.00 438,749.31
--------------------------------------------------------------------------------------------------------
215,662,295.00 199,776,274.55 (1,721,773.84) 0.00 0.00 198,054,500.71
========================================================================================================
</TABLE>
Principal Paid
Cert. Pool Per $1,000
Class Factor Denomination
- -------------------------------------------------------------
A-1 61.12211% 38.02
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
A-5 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00
A-6 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00
B-1 98.43507% 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 98.43507% 0.00
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal Balance
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: JUNE 6, 1997
REMITTANCE REPORT POOL REPORT # 11
REPORTING MONTH: MAY 31, 1997
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<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 5.79750% 0.00 146,793.24 146,793.24 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 6.80000% 0.00 201,648.33 201,648.33 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 7.10000% 0.00 191,404.17 191,404.17 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 7.35000% 0.00 138,682.25 138,682.25 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
A-5 7.65000% 0.00 206,231.25 206,231.25 0.00 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-6 8.00000% 0.00 129,393.33 129,393.33 0.00 0.00
A-6 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 8.39200% 0.00 118,767.79 118,767.79 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 9.64400% 0.00 85,305.55 85,305.55 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 512,610.70 395,231.24 328,476.86 66,754.38 579,365.08
Service Fee 166,480.23 166,480.23 0.00 0.00
----------------------------------------------------------------------------------
512,610.70 1,779,937.38 1,713,183.00 66,754.38 579,365.08
</TABLE>
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
- --------------------------------------------------------------
A-1 4.99 A-1 1,868,567.08
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
A-2 5.67 A-2 201,648.33
A-2 Carryover Interest 0.00
A-2 Writedown Interest 0.00
A-3 5.92 A-3 191,404.17
A-3 Carryover Interest 0.00
A-3 Writedown Interest 0.00
A-4 6.13 A-4 138,682.25
A-4 Carryover Interest 0.00
A-4 Writedown Interest 0.00
A-5 6.38 A-5 206,231.25
A-5 Carryover Interest 0.00
A-5 Writedown Interest 0.00
A-6 6.67 A-6 129,393.33
A-6 Carryover Interest 0.00
A-6 Writedown Interest 0.00
B-1 6.99 B-1 118,767.79
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 8.04 B-2 85,305.55
B-2 Carryover Interest 0.00
B-2 Writedown Interest 0.00
X X 328,476.86
Service Fee 166,480.23
------------
3,434,956.84
CUMULATIVE UNPAID "X" 579,365.08
CUMULATIVE UNPAID TURBO 423,600.00
------------
CUMULATIVE TOTAL LOSSES 1,002,965.08
------------
