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Previous: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1996-B, 8-K, 1997-01-22 |
Next: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1996-B, 8-K, 1997-01-22 |
<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-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>
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-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 1995- B (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-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
November 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
November 26, 1996 /s/ DOUGLAS R. MUIR
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <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> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on November 15, 1996..............................................................
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: NOVEMBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Oct-96
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
210,529,114.69 (530,278.05) (811,947.83) (193,277.40) 0.00 208,993,611.41 1,960,782.29
==========================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
175,440.93 1,785,341.36 106,365.47 0.00 3,409,373.64
===============================================================================================
</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>
433,019.67 0.00 -1,694.67 1,747.87 433,072.87 0.00 0.00 433,072.87 1,747.87
=================================================================================================================================
<CAPTION>
Reserve Fund Required Balance
- ----------------------------------
Before Current After Current
Distribution Distribution
- ----------------------------------
<C> <C>
431,325.00 431,325.00
==================================
</TABLE>
Class B-1 Reserve Fund as of Cutoff Date
<TABLE>
<CAPTION>
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>
324,901.08 0.00 -1,407.08 1,197.17 324,691.17 0.00 0.00 324,691.17 1,197.17
===================================================================================================================================
<CAPTION>
Reserve Fund Required Balance
- ----------------------------------
Before Current After Current
Distribution Distribution
- ----------------------------------
<C> <C>
323,494.00 323,494.00
==================================
</TABLE>
Class B-2 Reserve Fund as of Cutoff Date
<TABLE>
<CAPTION>
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>
215,662.00 0.00 -1,407.08 754.54 215,009.46 0.00 0.00 215,009.46 0.00
====================================================================================================================================
<CAPTION>
Reserve Fund Required Balance
- ----------------------------------
Before Current After Current
Distribution Distribution
- ----------------------------------
<C> <C>
215,662.00 215,662.00
==================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ----------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
962,326.24 1,493,521.57 1,892,314.99 (3,439,249.59) 2,885.84 911,799.05
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
P&I Advances at Distribution Date
- ------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
1,107,169.19 1,088,210.33 1,062,081.35 1,081,040.21
====================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B REPORT DATE: NOVEMBER 4, 1996
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Oct-96 Page 2 of 6
<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 <= 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:
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 <= 2.75% Y
(f) Are class B principal balances plus Accelerated
Principal Distributions > = 22.750%
of stated scheduled pool balance
Beginning B-1 balance 17,143,878.22
Beginning B-2 balance 10,715,092.82
Beginning Accelerated Principal Distribution 177,323.96
-------------------
28,036,295.00
Divided by beginning pool
balance 210,529,114.69
-------------------
13.317% N
===================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-----------------------------------------------------
Current Mo 2,258,631.27 208,993,611.41 1.08%
1st Preceding Mo 1,164,456.45 210,529,114.69 0.55%
2nd Preceding Mo 605,558.95 211,989,400.40 0.29%
Divided by 3
-------------
0.64%
=============
Over 30s Pool Balance %
-----------------------------------------------------
Current Mo 5,123,400.54 208,993,611.41 2.45%
1st Preceding Mo 3,562,009.64 210,529,114.69 1.69%
2nd Preceding Mo 2,581,813.03 211,989,400.40 1.22%
Divided by 3
-------------
1.79%
=============
Cumulative loss ratio:
Cumulative losses 86,911.93
-------------------
Divided by Initial Certificate Principal 215,662,295.00 0.040%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
----------------------------------------
Current Mo 86,911.93 210,529,114.69
1st Preceding Mo 0.00 211,989,400.40
2nd Preceding Mo 0.00 213,588,086.65
0.164%
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: NOVEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 4
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
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 7,716 208,155,937.97 97 2,692,475.77 37 1,090,975.05 17 502,276.28 151 4,285,727.10
Repos 33 837,673.44 6 172,293.50 13 293,836.44 14 371,543.50 33 837,673.44
-----------------------------------------------------------------------------------------------------------------
Total 7,749 208,993,611.41 103 2,864,769.27 50 1,384,811.49 31 873,819.78 184 5,123,400.54
======================================================================================================================
2.4% 2.45%
=======================
<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>
33 837,673.44 0 0.00 22 469,188.78 43 1,007,109.76
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: NOVEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 4
REPORTING MONTH: Oct-96
Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
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>
001304-5 HALL 7,937.23 1,500.00 0.00 1,500.00 0.00 1,500.00 519.72
002786-2 MESSER 10,178.73 3,700.00 0.00 3,700.00 0.00 3,700.00 599.97
002296-2 PEREZ 5,280.90 3,000.00 0.00 3,000.00 0.00 3,000.00 713.37
003099-9 BLUE 13,835.29 900.00 0.00 900.00 0.00 900.00 815.46
087431-3 BAUGH 34,096.32 29,900.00 0.00 29,900.00 3,870.30 26,029.70 1,080.69
088660-6 DOWTY 29,376.94 28,300.00 2,245.86 30,545.86 4,554.35 25,991.51 931.11
089091-3 STEPHENS 29,463.60 28,700.00 486.64 29,186.64 2,961.25 26,225.39 1,366.86
089410-5 ALLINGHAM 14,220.28 2,060.00 103.71 2,163.71 0.00 2,163.71 744.42
090061-3 ALDRIDGE 23,540.37 22,500.00 1,770.59 24,270.59 3,498.39 20,772.20 913.47
094123-7 JARMON 25,347.74 5,500.00 0.00 5,500.00 550.00 4,950.00 1,181.97
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
---------------------------------------------------------------------------------------------------
193,277.40 126,060.00 4,606.80 130,666.80 15,434.29 115,232.51 8,867.04
===================================================================================================
<CAPTION>
Net Current
Pass Thru Period Net Cumulative
Proceeds Gain/(Loss) Gain/(Loss)
- -----------------------------------------------
<S> <C> <C>
980.28 (6,956.95)
3,100.03 (7,078.70)
2,286.63 (2,994.27)
84.54 (13,750.75)
24,949.01 (9,147.31)
25,060.40 (4,316.54)
24,858.53 (4,605.07)
1,419.29 (12,800.99)
19,858.73 (3,681.64)
3,768.03 (21,579.71)
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
- -------------------------
106,365.47 (86,911.93) (86,911.93)
==============================================
As a percentage of the
aggregate cut-off date
principal balance 0%
================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: NOVEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 4
REPORTING MONTH: Oct-96
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
<TABLE>
<CAPTION>
PRINCIPAL
Original Beginning Current Accelerated
Cert. Certificate Certificate Principal Principal Writedown
Class Balances Balances Payable Distribution Amounts
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 45,290,000.00 40,156,819.67 (1,535,503.28) 0.00 0.00
A-1 Outstanding Writedown 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
A-2 Outstanding Writedown 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
A-3 Outstanding Writedown 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
A-4 Outstanding Writedown 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
A-5 Outstanding Writedown 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
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00
B-1 17,253,000.00 17,143,878.22 0.00 (53,981.49) 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00
B-2 10,783,295.00 10,715,092.82 0.00 (33,738.97) 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 177,323.96 0.00 87,720.46 0.00
--------------------------------------------------------------------------------------
215,662,295.00 210,529,114.67 (1,535,503.28) 0.00 0.00
======================================================================================
<CAPTION>
Ending Principal Paid
Certificate Pool Per $1,000
Balances Factor Denomination
- -----------------------------------------------
<C> <C> <C>
38,621,316.39 85.27559% 33.90
0.00 0.00 0.00
35,585,000.00 100.00000% 0.00
0.00 0.00 0.00
32,350,000.00 100.00000% 0.00
0.00 0.00 0.00
22,642,000.00 100.00000% 0.00
0.00 0.00 0.00
32,350,000.00 100.00000% 0.00
0.00 0.00 0.00
19,409,000.00 100.00000% 0.00
0.00 0.00 0.00
17,089,896.73 99.05464% 3.13
0.00 0.00 0.00
10,681,353.85 99.05464% 3.13
0.00 0.00 0.00
265,044.42
- -----------------
208,993,611.39
=================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: NOVEMBER 4, 1996
REMITTANCE REPORT POOL REPORT # 4
REPORTING MONTH: Oct-96
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 5.4967% 0.00 190,073.74 190,073.74 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 6.8000% 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 7.1000% 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 7.3500% 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 7.6500% 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 8.0000% 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 8.3920% 0.00 119,892.86 119,892.86 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 9.6440% 0.00 86,113.63 86,113.63 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 (0.00) 434,181.34 347,269.41 86,911.93 86,911.93
Service Fee 0.00 175,440.93 175,440.93 0.00 0.00
--------------------------------------------------------------------------------
(0.00) 1,873,061.83 1,786,149.90 86,911.93 86,911.93
*Distribute "X" as follows:
Class "X" interest 0.00
B-2 Reserve Fund 0.00
-------------------
0.00
===================
<CAPTION>
Interest Paid
Per $1,000 Cert. TOTAL
Denomination Class DISTRIBUTION
- ------------------------------------------------------------------
<C> <C> <C>
4.73 A-1 1,725,577.02
0.00
0.00
5.67 A-2 201,648.33
0.00
0.00
5.92 A-3 191,404.17
0.00
0.00
6.13 A-4 138,682.25
0.00
0.00
6.38 A-5 206,231.25
0.00
0.00
6.67 A-6 129,393.33
0.00
0.00
6.99 B-1 173,874.35
0.00
0.00
8.04 B-2 119,852.60
0.00
0.00
X 347,269.41
175,440.93
----------------------
3,409,373.64
======================
</TABLE>
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