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)December 15, 1996.
OMI Trust 1996-B
(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-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 December 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 December 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-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
December 26, 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-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
December 26, 1996 /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 December 15, 1996............................. 5-10
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on December 15, 1996.........................
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: DECEMBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Nov-96
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
208,993,611.41 (531,187.99) (422,448.01) (141,853.58) 0.00 207,898,121.83
====================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
1,945,811.07 174,161.34 1,771,649.73 99,311.10 0.00 2,998,758.17
====================================================================================================================================
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
- ------------------------------------------------------------------------------------------------------------------------------------
433,072.87 0.00 -1,747.87 1,703.79 433,028.79 0.00 0.00 433,028.79 1,703.79
====================================================================================================================================
Reserve Fund Required Balance
- ---------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------
431,325.00 431,325.00
=================================
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
- ------------------------------------------------------------------------------------------------------------------------------------
324,691.17 0.00 -1,197.17 1,277.22 324,771.22 0.00 0.00 324,771.22 1,277.22
====================================================================================================================================
Reserve Fund Required Balance
- ---------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------
323,494.00 323,494.00
=================================
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
- ------------------------------------------------------------------------------------------------------------------------------------
215,009.46 0.00 0.00 802.97 215,812.43 0.00 0.00 215,812.43 150.43
===================================================================================================================================
Reserve Fund Required Balance
- ---------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------
215,662.00 215,662.00
=================================
Certificate Account
- ---------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------------
911,799.05 1,065,159.38 1,809,404.66 (3,499,171.41) 3,069.41 290,261.09
===================================================================================================
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
1,081,040.21 1,058,145.90 1,236,156.75 1,259,051.06
================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 5
Page 2 of 6
REPORTING MONTH: Nov-96
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ----------------------------------------------------------------- ---------------
<S> <C>
(a) Remittance date on or after January 2001 N
(b) Average 60 day Delinquency rate
(less than or equal to) 5% Y
(c) Average 30 day Delinquency rate
(less than or equal to) 7% Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Aug. 1996 -Aug. 1997 4% Y
Jan 2001 -Aug. 2002 7% N
Aug. 2002 - Jan. 2003 8% N
Jan, 2003 - 9% N
(e) Current realized loss ratio
(less than or equal to) 2.75% Y
(f) Are class B principal balances plus Accelerated
Principal Distributions
(greater than or equal to) 22.750%
of stated scheduled pool balance
Beginning B-1 balance 17,089,896.73
Beginning B-2 balance 10,681,353.85
Beginning Accelerated Principal Distribution 265,044.42
--------------------
28,036,295.00
Divided by beginning pool
balance 208,993,611.41
--------------------
13.415% N
====================
</TABLE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 3,568,856.74 207,898,121.83 1.72%
1st Preceding Mo 2,258,631.27 208,993,611.41 1.08%
2nd Preceding Mo 1,164,456.45 210,529,114.69 0.55%
Divided by 3
-------------
1.12%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 6,751,830.44 207,898,121.83 3.25%
1st Preceding Mo 5,123,400.54 208,993,611.41 2.45%
2nd Preceding Mo 3,562,009.64 210,529,114.69 1.69%
Divided by 3
-------------
2.46%
=============
Cumulative loss ratio:
Cumulative losses 129,454.41
------------------------
Divided by Initial Certificate Principal 215,662,295.00 0.060%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 42,542.48 208,993,611.41
1st Preceding Mo 86,911.93 210,529,114.69
2nd Preceding Mo 0.00 211,989,400.40
0.246%
=============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 5
REPORTING MONTH: Nov-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
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding
Repos 7,661 206,504,021.41 114 3,057,649.92 42 1,424,376.36 30 875,703.74 186 5,357,730.02
Repos 55 1,394,100.42 7 125,323.78 16 431,767.30 32 837,009.34 55 1,394,100.42
---------------------------------------------------------------------------------------------------------------------
Total 7,716 207,898,121.83 121 3,182,973.70 58 1,856,143.66 62 1,712,713.08 241 6,751,830.44
====================================================================================================================
3.1% 3.25%
=======================
</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>
55 1,394,100.42 0 0.00 30 701,113.01 73 1,708,222.77
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 5
REPORTING MONTH: Nov-96
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
- -----------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
002259-0 STARNES 11,265.02 3,600.00 0.00 3,600.00 0.00 3,600.00
009147-0 LOWERY 15,232.84 0.01 0.00 0.01 0.00 0.01
093096-6 JONES 22,271.92 20,700.00 437.28 21,137.28 898.00 20,239.28
093910-8 COBLE 35,716.70 37,300.00 421.08 37,721.08 4,312.50 33,408.58
094984-2 DEYARMON 17,825.59 17,700.00 1,456.87 19,156.87 2,221.00 16,935.87
095038-6 STEWARD 5,502.39 3,000.00 0.00 3,000.00 886.00 2,114.00
000959-7 PUGSLEY 4,621.95 2,700.00 0.00 2,700.00 0.00 2,700.00
088785-1 GONZALES 29,417.17 29,500.00 2,332.80 31,832.80 2,860.00 28,972.80
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
0.00 0.00
---------------------------------------------------------------------------------------------
141,853.58 114,500.01 4,648.03 119,148.04 11,177.50 107,970.54
=============================================================================================
</TABLE>
Net Current
Unrecov. Pass Thru Period Net Cumulative
Advances Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------
922.56 2,677.44 (8,587.58)
1,202.00 (1,201.99) (16,434.83)
797.88 19,441.40 (2,830.52)
1,556.60 31,851.98 (3,864.72)
1,013.88 15,921.99 (1,903.60)
1,080.36 1,033.64 (4,468.75)
677.88 2,022.12 (2,599.83)
1,408.28 27,564.52 (1,852.65)
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
0.00 0.00
- ----------------------------------------------
8,659.44 99,311.10 (42,542.48) (129,454.41)
==============================================================
As a percentage of the aggregate
cut-off date principal balance 0%
=================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 5
REPORTING MONTH: Nov-96
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Principal
Original Beginning Current Accelerated Ending Paid
Cert. Certificate Certificate Principal Principal Writedown Certificate Pool Per $1,000
Class Balances Balances Payable Distribution Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 45,290,000.00 38,621,316.39 (1,095,489.58) 0.00 0.00 37,525,826.81 82.85676% 24.19
A-1 Outstanding Writedown 0.00 0.00 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 35,585,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-3 32,350,000.00 32,350,000.00 0.00 0.00 0.00 32,350,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-4 22,642,000.00 22,642,000.00 0.00 0.00 0.00 22,642,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-5 32,350,000.00 32,350,000.00 0.00 0.00 0.00 32,350,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 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 19,409,000.00 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 17,253,000.00 17,089,896.73 0.00 (53,587.78) 0.00 17,036,308.95 98.74404% 3.11
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-2 10,783,295.00 10,681,353.85 0.00 (33,492.89) 0.00 10,647,860.96 98.74404% 3.11
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Excess Asset Principal
Balance 0.00 265,044.42 0.00 87,080.67 0.00 352,125.09
----------------------------------------------------------------------------------------
215,662,295.00 208,993,611.39 (1,095,489.58) 0.00 0.00 207,898,121.81
========================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: DECEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 5
REPORTING MONTH: Nov-96
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000
Class Rate Balance Accrual Paid Shortfall Balance Denomination
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 5.48500% 0.00 176,531.60 176,531.60 0.00 0.00 4.57
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 6.80000% 0.00 201,648.33 201,648.33 0.00 0.00 5.67
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 7.10000% 0.00 191,404.17 191,404.17 0.00 0.00 5.92
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 7.35000% 0.00 138,682.25 138,682.25 0.00 0.00 6.13
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
A-5 7.65000% 0.00 206,231.25 206,231.25 0.00 0.00 6.38
A-5 Carryover Interest 0.00 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 0.00
A-6 8.00000% 0.00 129,393.33 129,393.33 0.00 0.00 6.67
A-6 Carryover Interest 0.00 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 0.00
B-1 8.39200% 0.00 119,515.34 119,515.34 0.00 0.00 6.99
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 9.64400% 0.00 85,842.48 85,842.48 0.00 0.00 8.04
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 86,911.93 435,320.31 392,777.83 42,542.48 129,454.41
Service Fee 0.00 174,161.34 174,161.34 0.00 0.00
-----------------------------------------------------------------
86,911.93 1,858,730.40 1,816,187.92 42,542.48 129,454.41
*Distribute "X" as follows:
Class "X" interest 0.00
B-2 Reserve Fund 0.00
-------------
0.00
=============
</TABLE>
Cert. TOTAL
Class DISTRIBUTION
---------------------------------------
A-1 1,272,021.18
A-2 201,648.33
A-3 191,404.17
A-4 138,682.25
A-5 206,231.25
A-6 129,393.33
B-1 173,103.12
B-2 119,335.37
X 392,777.83
174,161.34
---------------
2,998,758.17
<PAGE>
