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) July 15, 1997.
OMI Trust 1996-C
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 23-2864736
(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) July 15, 1997.
OMI Trust 1996-C
(Exact name of registrant as specified in charter)
Pennsylvania 33-99320 23-2864736
(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-C
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-C (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1996- C (the "Certificates"), makes monthly distributions
to holders of the Certificates. The latest distribution was made on July 15,
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 July 15, 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-C, Registrant
By: Oakwood Acceptance Corporation,
as servicer
July 23, 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-C, Registrant
By: Oakwood Acceptance Corporation,
as servicer
July 23, 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 July 15, 1997...........................
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on July 15, 1997...........................5-10
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C REPORT DATE: June 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Jun-97 Page 1 of 6
<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>
255,259,537.36 (439,915.54) (874,699.12) (404,909.34) 0.00 253,540,013.36 2,283,841.96
=========================================================================================================
</TABLE>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for
Fee Interest Proceeds Fund Draw Distribution
- ---------------------------------------------------------------------------
212,716.28 2,071,125.68 320,927.11 0.00 3,919,383.73
===========================================================================
<TABLE>
<CAPTION>
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>
1,359,504.42 0.00 -5,548.42 5,402.17 1,359,358.17 0.00 0.00 1,359,358.17 5,402.17
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-6
Liquidity Account
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>
455,023.92 0.00 -1,857.04 1,808.10 454,974.98 0.00 0.00 454,974.98 1,808.10
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class B
Liquidity Account
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>
798,841.99 0.00 -3,260.23 3,174.30 798,756.06 0.00 0.00 798,756.06 3,174.30
====================================================================================================================================
</TABLE>
Reserve Fund Required Balance
- ---------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------
1,353,956.00 1,353,956.00
=================================
Reserve Fund Required Balance
- ---------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------
453,166.88 453,166.88
=================================
Reserve Fund Required Balance
- ---------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------
795,581.76 795,581.76
=================================
<TABLE>
<CAPTION>
Certificate Account P&I Advances at Distribution Date
- ----------------------------------------------------------------------------- -----------------------------------------------------
Beginning Deposits Investment Ending Beginning Recovered Current Ending
Balance Principal Interest Distributions Interest Balance Balance Advances Advances Balance
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1,120,982.51 1,695,422.93 2,166,367.40 4,118,024.74 3,121.01 867,869.11 1,609,309.35 1,546,490.03 1,740,680.43 1,803,499.75
============================================================================= =====================================================
</TABLE>
<PAGE>
Page 2 of 6
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C REPORT DATE: June 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Jun-97 Page 2 of 6
Class B Crossover Test Test Met?
- -------------------------------------------------------- ---------
(a) Remittance date on or after May 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
Nov. 1996 - Nov. 1997 4% Y
April 2001 - Nov. 2002 7% N
Dec. 2002 - April 2003 8% N
May 2003 - 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Are class B principal balances plus Accelerated
Principal Distributions > = 24.501%
of stated scheduled pool balance
Beginning B-1 balance 25,726,000.00
Beginning B-2 balance 12,186,224.00
--------------
37,912,224.00
Divided by beginning pool
balance 255,259,537.36
--------------
14.852% N
==============
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-------------------------------------------------
Current Mo 6,935,921.73 253,540,013.36 2.74%
1st Preceding Mo 5,974,832.58 255,259,537.36 2.34%
2nd Preceding Mo 5,541,047.43 257,075,118.00 2.16%
Divided by 3
------
2.41%
======
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------
Current Mo 10,902,932.90 253,540,013.36 4.30%
1st Preceding Mo 9,806,833.01 255,259,537.36 3.84%
2nd Preceding Mo 8,802,438.53 257,075,118.00 3.42%
Divided by 3
-----
3.86%
=====
Cumulative loss ratio:
Cumulative losses 465,083.66
----------------
Divided by Initial Certificate Principal 270,791,224.00 0.172%
======
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------
Current Mo 83,982.23 253,540,013.36
1st Preceding Mo 120,139.15 255,259,537.36
2nd Preceding Mo 76,104.29 257,075,118.00
0.440%
======
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997
REMITTANCE REPORT POOL REPORT # 9
REPORTING MONTH: Jun-97
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 7,705 249,883,310.44 125 3,928,421.31 39 1,295,835.81 52 2,040,931.90 216 7,265,189.02
Repos 106 3,656,702.92 1 38,589.86 16 524,846.21 88 3,074,307.81 105 3,637,743.88
------------------------------------------------------------------------------------------------------------------
Total 7,811 253,540,013.36 126 3,967,011.17 55 1,820,682.02 140 5,115,239.71 321 10,902,932.90
==================================================================================================================
4.1% 4.30%
===================
</TABLE>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ----------------------------------------------------------------------------
106 3,656,702.92 0 0.00 35 1,136,739.14 180 5,589,907.48
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997
REMITTANCE REPORT POOL REPORT # 9
REPORTING MONTH: Jun-97
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>
099764-3 Orange, Leon 23,136.53 21,000.00 151.17 21,151.17 1,057.95 20,093.22 1,612.90
095197-0 Rainey, Linda 32,156.50 30,200.00 1,604.22 31,804.22 1,581.00 30,223.22 1,733.40
099299-0 Smith, Don 31,017.53 31,100.00 923.55 32,023.55 1,865.00 30,158.55 879.90
101527-0 Russell, John 32,637.26 28,900.00 1,686.06 30,586.06 1,380.94 29,205.12 2,616.18
099402-0 Butler, Fleming 20,602.69 24,500.00 2,016.75 26,516.75 3,608.33 22,908.42 1,974.08
098518-4 Mace, William 20,732.29 21,200.00 0.00 21,200.00 1,285.00 19,915.00 886.76
100601-4 Ortega, Roman 10,165.91 2,000.00 71.47 2,071.47 200.00 1,871.47 603.21
101135-2 Durham, Robin 12,876.67 3,690.00 94.53 3,784.53 1,793.00 1,991.53 1,004.55
098373-4 Pogue, Craig 66,919.27 60,200.00 2,063.24 62,263.24 4,250.00 58,013.24 2,646.40
103336-4 Cochran, Shana 19,007.12 19,100.00 546.64 19,646.64 3,396.94 16,249.70 1,796.04
100445-6 Russell, David 52,056.26 49,900.00 1,360.04 51,260.04 1,703.20 49,556.84 3,133.62
099977-1 Guerrero, Benjamin 49,758.51 38,502.22 0.00 38,502.22 1,000.00 37,502.22 3,853.60
097280-2 Fletcher, Johnny 33,842.80 32,400.00 211.98 32,611.98 4,247.00 28,364.98 2,385.76
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
----------------------------------------------------------------------------------------------------
404,909.34 362,692.22 10,729.65 373,421.87 27,368.36 346,053.51 25,126.40
====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Current
Account Customer FHA Insurance Pass Thru Period Net Cumulative
Number Name Coverage Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
099764-3 Orange, Leon 0.00 18,480.32 (4,656.21)
095197-0 Rainey, Linda 0.00 28,489.82 (3,666.68)
099299-0 Smith, Don 0.00 29,278.65 (1,738.88)
101527-0 Russell, John 0.00 26,588.94 (6,048.32)
099402-0 Butler, Fleming 0.00 20,934.34 331.65
098518-4 Mace, William 0.00 19,028.24 (1,704.05)
100601-4 Ortega, Roman 0.00 1,268.26 (8,897.65)
101135-2 Durham, Robin 0.00 986.98 (11,889.69)
098373-4 Pogue, Craig 0.00 55,366.84 (11,552.43)
103336-4 Cochran, Shana 0.00 14,453.66 (4,553.46)
100445-6 Russell, David 0.00 46,423.22 (5,633.04)
099977-1 Guerrero, Benjamin 0.00 33,648.62 (16,109.89)
097280-2 Fletcher, Johnny 0.00 25,979.22 (7,863.58)
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 0.00
0.00 0.00 0.00
--------------------------------------------------------------
0.00 320,927.11 (83,982.23) (465,083.66)
==============================================================
0.00
===========
</TABLE>
As a percentage of the aggregate cut-off date principal balance
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997
REMITTANCE REPORT POOL REPORT # 9
REPORTING MONTH: Jun-97
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Current Ending Principal Paid
Cert. Certificate Certificate Principal Writedown Certificate Pool Per $1,000
Class Balances Balances Payable Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 50,300,000.00 34,768,313.64 (1,719,524.00) 0.00 33,048,789.64 65.70336% 34.19
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 46,970,000.00 46,970,000.00 0.00 0.00 46,970,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-3 35,400,000.00 35,400,000.00 0.00 0.00 35,400,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-4 20,900,000.00 20,900,000.00 0.00 0.00 20,900,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-5 55,614,000.00 55,614,000.00 0.00 0.00 55,614,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-6 23,695,000.00 23,695,000.00 0.00 0.00 23,695,000.00 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 25,726,000.00 25,726,000.00 0.00 0.00 25,726,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-2 12,186,224.00 12,186,224.00 0.00 0.00 12,186,224.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------
270,791,224.00 255,259,537.64 (1,719,524.00) 0.00 253,540,013.64
============================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997
REMITTANCE REPORT POOL REPORT # 9
REPORTING MONTH: Jun-97
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000 Cert. TOTAL
Class Rate Balance Accrual Paid Shortfall Balance Denomination Class DISTRIBUTION
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 5.797% 0.00 167,974.42 167,974.42 0.00 0.00 4.83 A-1 1,887,498.42
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 6.450% 0.00 252,463.75 252,463.75 0.00 0.00 5.38 A-2 252,463.75
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 6.750% 0.00 199,125.00 199,125.00 0.00 0.00 5.63 A-3 199,125.00
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 7.000% 0.00 121,916.67 121,916.67 0.00 0.00 5.83 A-4 121,916.67
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 7.350% 0.00 340,635.75 340,635.75 0.00 0.00 6.13 A-5 340,635.75
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 7.650% 0.00 151,055.63 151,055.63 0.00 0.00 6.38 A-6 151,055.63
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 7.960% 0.00 170,649.13 170,649.13 0.00 0.00 6.63 B-1 170,649.13
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 9.310% 0.00 94,544.79 94,544.79 0.00 0.00 7.76 B-2 94,544.79
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 381,101.43 572,760.54 488,778.31 83,982.23 465,083.66 X 488,778.31
R 0.00 0.00 0.00 0.00 0.00 R 0.00
Service Fee 0.00 212,716.28 212,716.28 0.00 0.00 212,716.28
--------------------------------------------------------------------------------------------------
381,101.43 2,283,841.96 2,199,859.73 83,982.23 465,083.66 3,919,383.73
Class B Liquidity Account 0.00 0.00
------------ ------------
2,199,859.73 3,919,383.73
============ ============
</TABLE>
