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)
October 15, 1997.
OMI Trust 1997-A
(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 1997-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 1997-A (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1997-A (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on October 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 October 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 1997-A, Registrant
By: Oakwood Acceptance Corporation,
as servicer
October 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 October 15, 1997......................... 5-10
<PAGE>
EXHIBIT 20.1
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A REPORT DATE: October 8, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Sep-97
Scheduled Principal Balance of Contracts
- --------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- --------------------------------------------------------------------------------
176,665,773.81 (277,275.69) (805,309.32) (371,091.15) 0.00 175,212,097.65
================================================================================
<TABLE>
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- --------------------------------------------------------------------------------------------------------------
<S> <C>
1,554,001.82 147,221.48 1,406,780.34 271,597.56 0.00 2,908,184.39 0.00 2,908,184.39
===============================================================================================================
</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>
302,924.86 0.00 -1,255.73 1,210.43 302,879.56 0.00 0.00 302,879.56 1,210.43
====================================================================================================================================
<CAPTION>
Class B-1 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>
328,902.66 0.00 -1,363.41 1,314.24 328,853.49 0.00 0.00 328,853.49 1,314.24
====================================================================================================================================
</TABLE>
Reserve Fund Required Balance
- ---------------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------------
301,669.13 301,669.13
=======================================
Reserve Fund Required Balance
- ---------------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------------
327,539.25 327,539.25
=======================================
<TABLE>
<CAPTION>
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
510,779.80 1,449,408.25 1,521,587.62 (2,540,644.54) 1,419.54 942,550.67
===================================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
1,152,474.76 1,113,920.26 841,398.90 879,953.40
================================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A REPORT DATE: October 8, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #
REMITTANCE REPORT Page 2 of 6
REPORTING MONTH: Sep-97
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ----------------------------------------------------------------- ---------------
<S> <C>
(a) Remittance date on or after September 2001 N
(b) Average 60 day Delinquency rate <= 5% #DIV/0!
(c) Average 30 day Delinquency rate <= 7% #DIV/0!
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Sep 2001- Feb 2003 7% N
March 2003-Feb 2004 8% N
March 2004 and thereafter 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Does Class B Percentage equal or
exceed 25.376%
of stated scheduled pool balance
Beginning B-1 balance 17,586,000.00
Beginning B-2 balance 9,255,770.00
--------------------
26,841,770.00
Divided by beginning pool
balance 176,665,773.81
--------------------
15.194% N
====================
</TABLE>
Average 60 day delinquency ratio:
<TABLE>
<CAPTION>
Over 60s Pool Balance %
------------------------------------------------------------
<S> <C>
Current Mo 5,548,259.02 175,212,097.65 3.17%
1st Preceding Mo 0.00 4,343,201.14 0.00%
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
-------------
#DIV/0!
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
------------------------------------------------------------
Current Mo 8,194,221.90 175,212,097.65 4.68%
1st Preceding Mo 0.00 7,552,533.52 0.00%
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
-------------
#DIV/0!
=============
Cumulative loss ratio:
Cumulative losses 216,075.72
------------------------
Divided by Initial Certificate Principal 185,107,770.00 0.117%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 99,493.59 175,212,097.65
1st Preceding Mo 0.00 14,603.21
2nd Preceding Mo 0.00 0.00
0.683%
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: October 8, 1997
REMITTANCE REPORT POOL REPORT #
REPORTING MONTH: Sep-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>
Excluding
Repos 5,089 172,724,319.92 84 2,625,527.84 37 1,384,996.09 41 1,695,920.24 162 5,706,444.17
Repos 78 2,487,777.73 1 20,435.04 12 370,404.04 65 2,096,938.65 78 2,487,777.73
-----------------------------------------------------------------------------------------------------------------------
Total 5,167 175,212,097.65 85 2,645,962.88 49 1,755,400.13 106 3,792,858.89 240 8,194,221.90
=======================================================================================================================
4.6% 4.68%
========================
</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>
78 2,487,777.73 -1 (72,663.13) 25 748,857.59 120 3,410,353.89
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: October 8, 1997
REMITTANCE REPORT POOL REPORT #
REPORTING MONTH: Sep-97
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
- --------------------------------------------------------------------------------------------------------
<S> <C>
104880-0 Hall, Patricia 43,392.90 29,000.00 2,695.76 31,695.76 3,755.97 27,939.79
104670-5 Eads, Christopher 32,161.06 29,500.00 0.00 29,500.00 2,595.03 26,904.97
105595-3 Mishue, Adam 21,862.48 21,500.00 89.86 21,589.86 3,081.25 18,508.61
110094-0 Royster, Lisa 10,859.66 20,500.00 220.23 20,720.23 2,101.56 18,618.67
103903-1 Ouzts, Jenifer 26,987.73 24,000.00 508.53 24,508.53 4,020.00 20,488.53
108061-3 Killian, Pamela 28,815.70 27,900.00 421.92 28,321.92 1,528.50 26,793.42
104486-6 Reigel, David 28,560.93 25,900.00 2,089.59 27,989.59 3,416.91 24,572.68
106674-5 Tanguma, Marin 20,885.43 21,400.00 179.33 21,579.33 4,359.99 17,219.34
105598-7 Parker, John 8,076.41 2,000.00 121.11 2,121.11 0.00 2,121.11
108512-5 Hendricks, Johnny 5,637.56 1,500.00 92.12 1,592.12 0.00 1,592.12
110073-4 Gardner, Leroy 9,233.15 1,000.00 218.43 1,218.43 0.00 1,218.43
111106-1 Graham, Kenny 8,436.73 3,400.00 98.37 3,498.37 350.00 3,148.37
107770-0 White, Christopher 34,170.88 34,500.00 122.85 34,622.85 3,043.35 31,579.50
109986-0 Iglesias, Jose 37,981.33 35,500.00 953.19 36,453.19 1,065.00 35,388.19
104079-9 Roberts, Sonya 25,588.64 26,800.00 1,780.90 28,580.90 7,130.49 21,450.41
106390-8 Murchison, Peggie 28,440.56 29,400.00 1,478.30 30,878.30 7,107.56 23,770.74
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
-------------------------------------------------------------------------
16 371,091.15 333,800.00 11,070.49 344,870.49 43,555.61 301,314.88
=========================================================================
</TABLE>
REPOSSESSION LIQUIDATION REPORT (continued)
<TABLE>
<CAPTION>
FHA Net Current
Account Customer Unrecov. Insurance Pass Thru Period Net Cumulative
Number Name Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------------------
<S> <C>
104880-0 Hall, Patricia 2,203.50 0.00 25,736.29 (17,656.61)
104670-5 Eads, Christopher 2,327.43 0.00 24,577.54 (7,583.52)
105595-3 Mishue, Adam 1,526.94 0.00 16,981.67 (4,880.81)
110094-0 Royster, Lisa 1,234.62 0.00 17,384.05 6,524.39
103903-1 Ouzts, Jenifer 2,167.83 0.00 18,320.70 (8,667.03)
108061-3 Killian, Pamela 1,578.20 0.00 25,215.22 (3,600.48)
104486-6 Reigel, David 1,707.10 0.00 22,865.58 (5,695.35)
106674-5 Tanguma, Marin 1,982.40 0.00 15,236.94 (5,648.49)
105598-7 Parker, John 1,546.72 0.00 574.39 (7,502.02)
108512-5 Hendricks, Johnny 2,052.70 0.00 (460.58) (6,098.14)
110073-4 Gardner, Leroy 1,161.15 0.00 57.28 (9,175.87)
111106-1 Graham, Kenny 1,273.20 0.00 1,875.17 (6,561.56)
107770-0 White, Christopher 2,478.82 0.00 29,100.68 (5,070.20)
109986-0 Iglesias, Jose 2,671.56 0.00 32,716.63 (5,264.70)
104079-9 Roberts, Sonya 1,380.00 0.00 20,070.41 (5,518.23)
106390-8 Murchison, Peggie 2,425.15 0.00 21,345.59 (7,094.97)
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
--------------------------------------------------
29,717.32 0.00 271,597.56 (99,493.59) (216,075.72)
===============================================================
As a percentage of the aggregate cut-off date principal balance 0%
================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: October 8, 1997
REMITTANCE REPORT POOL REPORT #
REPORTING MONTH: Sep-97
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Beginning Current Current Ending Ending
Cert. Certificate Certificate Carryover Principal Principal Carryover Writedown Certificate
Class Balances Balances Principal Due Paid Principal Amounts Balances
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A-1 36,152,000.00 27,710,003.81 0.00 1,453,676.16 1,453,676.16 0.00 0.00 26,256,327.65
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 32,798,000.00 32,798,000.00 0.00 0.00 0.00 0.00 0.00 32,798,000.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 23,683,000.00 23,683,000.00 0.00 0.00 0.00 0.00 0.00 23,683,000.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 11,771,000.00 11,771,000.00 0.00 0.00 0.00 0.00 0.00 11,771,000.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 37,665,000.00 37,665,000.00 0.00 0.00 0.00 0.00 0.00 37,665,000.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
A-6 16,197,000.00 16,197,000.00 0.00 0.00 0.00 0.00 0.00 16,197,000.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 17,586,000.00 17,586,000.00 0.00 0.00 0.00 0.00 0.00 17,586,000.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 9,255,770.00 9,255,770.00 0.00 0.00 0.00 0.00 0.00 9,255,770.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------
185,107,770.00 176,665,773.81 0.00 1,453,676.16 1,453,676.16 0.00 0.00 175,212,097.65
==========================================================================================================
</TABLE>
CERTIFICATE PRINCIPAL ANALYSIS (continued)
Principal Paid
Cert. Pool Per $1,000
Class Factor Denomination
- ------------------------------------------------------------------
A-1 72.62759% 40.21
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-1 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: October 8, 1997
REMITTANCE REPORT POOL REPORT #
REPORTING MONTH: Sep-97
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>
A-1 5.73625% 0.00 132,459.59 132,459.59 0.00 0.00 4.78
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 6.40000% 0.00 174,922.67 174,922.67 0.00 0.00 5.33
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 6.65000% 0.00 131,243.29 131,243.29 0.00 0.00 5.54
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 6.85000% 0.00 67,192.79 67,192.79 0.00 0.00 5.71
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 7.12500% 0.00 223,635.94 223,635.94 0.00 0.00 5.94
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 7.45000% 0.00 100,556.38 100,556.38 0.00 0.00 6.21
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 7.45000% 0.00 109,179.75 109,179.75 0.00 0.00 6.21
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 8.02500% 0.00 61,897.96 61,897.96 0.00 0.00 6.69
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
Limited Guarantee 0.00 0.00 0.00 0.00 0.00
X 116,582.12 405,691.97 306,198.38 99,493.59 216,075.71
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 147,221.48 147,221.48 0.00 0.00
--------------------------------------
116,582.12 1,554,001.82 1,454,508.23 99,493.59 216,075.71
Disbursed as follows:
- ----------------------------------
X Proceeds to Class A-6 Liquidity Account 0.00
X Proceeds to Class B-1 Liquidity Account 0.00
Service Fee to Class B-1 Liquidity Account 0.00
-------------
1,454,508.23
=============
</TABLE>
CERTIFICATE INTEREST ANALYSIS (continued)
Cert. TOTAL
Class DISTRIBUTION
- --------------------------------------------
A-1 1,586,135.75
A-2 174,922.67
A-3 131,243.29
A-4 67,192.79
A-5 223,635.94
A-6 100,556.38
B-1 109,179.75
B-2 61,897.96
Limited Guarantee 0.00
X 306,198.38
R 0.00
147,221.48
-------------
2,908,184.39
=============
