OMB APPROVAL
OMB NUMBER 3235-0063
EXPIRES: JUNE 30, 1997
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE .... 1711.00
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(MARK ONE)
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934. [FEE REQUIRED]
For the fiscal year ended September 30, 1997
-------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934. [NO FEE REQUIRED]
For the transition period from _________________ to _____________________
Commission file number 33-99320
-----------------------------------------------
OMI TRUST 1997-B
--------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2904988
- --------------------------------------------------------------------------------
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
c/o PNC Bank, National Association
Corporate Trust Department
Attention: Judy Wisniewskie.
1700 Market St, Philadelphia, Pennsylvania 19103
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215)585-8872
----------------------------
Securities registered pursuant to Section 12(b) of the Act: None
--------------------
Securities registered pursuant to Section 12(g) of the Act: None
-------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. |X| Yes |_| No
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (ss. 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of registrant's
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
<PAGE>
OMI TRUST 1997-B
Oakwood Mortgage Investors, Inc.
Manufactured Housing Contract Senior/Subordinated
Pass-Through Certificates, Series 1997-B
FORM 10-K
INDEX
Page Number
------------
PART I.
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders
PART II.
Item 1. Market for Registrant's Common Equity and Related
Stockholder Matters
Item 2. Selected Financial Data
Item 3. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Item 4. Financial Statements and Supplementary Data
Item 5. Changes In and Disagreements With Accountants on
Accounting and Financial Disclosure
PART III.
Item 1. Directors and Executive Officers of the Registrant
Item 2. Executive Compensation
Item 3. Security Ownership of Certain Beneficial Owners
and Management
Item 4. Certain Relationships and Related Transactions
PART IV.
Item 1. Exhibits, Financial Statement Schedules and
Reports on Form 8-K
SIGNATURES
INDEX OF EXHIBITS
<PAGE>
PART I
ITEM 1. BUSINESS.
Not Applicable.
ITEM 2. PROPERTIES.
Not Applicable.
ITEM 3. LEGAL PROCEEDINGS.
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
At the end of the Registrant's fiscal year, there were a total of
__24___ holders of the Registrant's Series 1997-B Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Class A-1, Class A-2, Class A-3
and Class B-1 (collectively, the "Certificates").
ITEM 6. SELECTED FINANCIAL DATA.
Not Applicable.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION.
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Not Applicable.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
Not Applicable.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Not Applicable.
<PAGE>
ITEM 11. EXECUTIVE COMPENSATION.
Not Applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
Not Applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Not Applicable.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
Exhibits
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified
Public Accountants as Required by Section 3.13(b) of
Oakwood Mortgage Investors, Inc.'s Standard Terms to
Pooling and Servicing Agreement (November 1995 Edition).
99.3 Servicer's Annual Compliance Statement as Required by
Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s
Standard Terms to Pooling and Servicing Agreement
(November 1995 Edition)
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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-B, REGISTRANT
By: OAKWOOD MORTGAGE INVESTORS, INC.,
as depositor
Dated December 26, 1997 /s/ Douglas R. Muir
-------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified
Public Accountants as Required by Section 3.13(b) of
Oakwood Mortgage Investors, Inc.'s Standard Terms to
Pooling and Servicing Agreement (November 1995 Edition).
99.3 Servicer's Annual Compliance Statement as Required by
Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s
Standard Terms to Pooling and Servicing Agreement
(November 1995 Edition)
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1997
NOTE: THIS FISCAL YEAR-END SERIES REPORT REPORTS INFORMATION ON THE ASSETS
INCLUDED IN OMI TRUST 1997-B AS OF THE END OF THE PREPAYMENT PERIOD THAT BEGAN
ON SEPTEMBER 1, 1997 AND ENDED ON SEPTEMBER 30, 1997 AND AS OF THE END OF THE
COLLECTION PERIOD THAT BEGAN ON SEPTEMBER 2, 1997 AND ENDED ON OCTOBER 1, 1997.
ACCORDINGLY, THE INFORMATION PRESENTED WITH REGARD TO THE CERTIFICATES REFLECTS
INFORMATION AS OF THE CLOSE OF BUSINESS ON OCTOBER 15, 1997, WHICH IS THE
DISTRIBUTION DATE ON WHICH COLLECTIONS MADE AND LOSSES INCURRED DURING SUCH
PREPAYMENT PERIOD AND COLLECTION PERIOD WERE PASSED THROUGH TO
CERTIFICATEHOLDERS.
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ----------------------------------------------------------------------------
Beginning
Principal Scheduled Prepaid Liquidated Contracts
Balance Principal Principal Principal Repurchased
- ---------------- ------------- --------------- ------------ -----------
<S> <C> <C> <C> <C>
178,456,192.87 (1,365,953.64) (4,924,066.52) (216,898.53) 0.00
================ ============== ============== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
Scheduled Principal
Balance of Contracts
(continued)
- --------------------
Ending Scheduled Scheduled Amount
Principal Gross Servicing Pass Thru Liquidation Reserve Available for
Balance Interest Fee Interest Proceeds Fund Draw Distribution
-------------- ------------ ---------- ------------ ------------ ---------- -----------------
<S> <C> <C> <C> <C> <C> <C>
171,949,274.18 7,603,803.46 731,385.61 6,872,417.85 179,772.94 0.00 14,073,596.56(1)
============== ============ ========== ============ ============ ========== =================
</TABLE>
<TABLE>
<CAPTION>
Class M Liquidity Account
- -------------------------------------------------------------------------------
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits (1) Distrib. Interest 10/15/97 Distribution Fund Draw Fund Deposit 10/15/97 Distribution Excess
- --------- ------------ --------- -------- --------------------- --------- ------------ --------------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.00 303,516.56 -3,062.64 4,280.49 304,734.41 0.00 0.00 304,734.41 1,217.85
========= ============ ========= ======== ===================== ========= ============ ===================== ========
</TABLE>
Reserve Fund Required Balance
- ---------------------------------
Before 10/15/97 After 10/15/97
Distribution Distribution
- ----------------- ---------------
303,516.56 303,516.56
================= ================
<TABLE>
<CAPTION>
Class B-1 Liquidity Account
- ------------------------------------------------------------------
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits (1) Distrib. Interest 10/15/97 Distribution Fund Draw Fund Deposit 10/15/97 Distribution Excess
- --------- ------------ --------- -------- --------------------- ---------- ------------ --------------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.00 328,126.15 -1,784.84 3,442.44 329,783.75 0.00 0.00 329,783.75 1,319.37
========= ============ ========= ======== ===================== ========== ============ ===================== ========
</TABLE>
Reserve Fund Required Balance
- ----------------------------------
Before 10/15/97 After 10/15/97
Distribution Distribution
- ---------------- ---------------
328,464.38 328,464.38
================ ===============
Certificate Account as of 9/30/97
- -------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------- ------------- ------------ --------------- --------- -----------
0.00 6,219,956.03 6,109,686.02 (11,443,241.44) 16,555.22 902,955.83
========= ============= ============ =============== ========= ===========
P&I Advances
- ----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------
0.00 (1,777,853.73) 2,640,107.32 862,253.59
============================================================================
(1) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $631,642.71 OF
THE AMOUNTS AVAILABLE FOR DISTRIBUTION ON DISTRIBUTION DATES DURING THE FISCAL
YEAR WERE DEPOSITED INTO THE RESERVE FUND, AND $731,385.61 OF SUCH AMOUNTS WERE
USED TO PAY SERVICING FEES DUE TO THE SERVICER. CONSEQUENTLY, THE TOTAL AMOUNT
DISTRIBUTED ON THE CERTIFICATES DURING THE FISCAL YEAR WAS $12,710,568.24.
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1997
<TABLE>
<CAPTION>
Repo Properties
Brought Current by Aggregate Repo Properties
Gross Repossessions Borrower Net Current Repos in Trust at Month-End
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
--- --------- --- --------- ---- -------------- ---- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Oct-96 0 $ - - $ - - $ - - -
Nov-96 0 - - - - - - -
Dec-96 0 - - - - - - -
Jan-97 0 - - - - - - -
Feb-97 0 - - - - - - -
Mar-97 0 - - - - - - -
Apr-97 0 - - - - - - -
May-97 0 - - - - - - -
Jun-97 6 139,919.33 - - 6 139,919.33 6 139,919.33
Jul-97 12 229,145.10 - - 12 229,145.10 18 369,064.43
Aug-97 12 288,119.80 - - 12 288,119.80 30 657,184.23
Sep-97 15 349,007.68 - - 15 349,007.68 45 1,006,191.91
-- ------------- ---- --------- ---- ------------ ------ ---------------
Total of month
end balance 45 $1,006,191.91 - $ - 45 $1,006,191.91 99 $ 2,172,359.90
== ============= ==== ========= ==== ============= ====== ===============
Average month
end balance 9 $ 201,238.38 - - 9 $ 201,238.38 20 $ 434,471.98
== ============= ==== ========= ==== ============== ==== ===============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1997
<TABLE>
<CAPTION>
Delinquency Analysis
---------------------------------------------------------------
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
---- ------------- ----- ------------- ---- ------------ ----- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Oct-96 - $ - - $ - - $ - - $ -
Nov-96 - - - - - - - -
Dec-96 - - - - - - - -
Jan-97 - - - - - - - -
Feb-97 - - - - - - - -
Mar-97 - - - - - - - -
Apr-97 - - - - - - - -
May-97 17 509,590.14 - - - - 17 509,590.14
Jun-97 54 1,523,928.56 11 299,786.08 - - 65 1,823,714.64
Jul-97 60 1,724,721.15 29 718,326.13 6 201,247.91 95 2,644,295.19
Aug-97 87 2,272,946.64 31 871,202.80 30 779,232.82 148 3,923,382.26
Sep-97 85 2,414,107.96 35 875,659.60 45 1,300,284.13 165 4,590,051.69
--- ------------- ------ ------------- ---- ------------- ----- ---------------
Total of month
end balance 303 $8,445,294.45 106 $2,764,974.61 81 $2,280,764.86 490 $13,491,033.92
=== ============= ==== ============= ==== ============= ==== ===============
Average month
end balance 61 $1,689,058.89 21 $ 552,994.92 16 $ 456,152.97 98 $ 2,698,206.78
=== ============= ===== ============== ===== ============= ==== ===============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1997
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Prepayment Principal Sales Insur. Total Repossession Liquidation Unrecov.
Period Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
- ---------- --------- -------- -------- --------- --------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
SEE MONTHLY INVESTOR REPORT FOR DETAIL
Oct-96 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Nov-96 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dec-96 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Jan-97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Feb-97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Mar-97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Apr-97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
May-97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Jun-97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Jul-97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aug-97 13,161.53 6,500.00 0.00 6,500.00 1,207.00 5,293.00 649.35
Sep-97 203,737.00 194,100.00 8,257.23 202,357.23 15,670.64 186,686.59 11,557.30
========== ========== ======== ========== ========= ============ =========
216,898.53 200,600.00 8,257.23 208,857.23 16,877.64 191,979.59 12,206.65
========== ========== ======== ========== ========= ============= =========
</TABLE>
Net Current
FHA Insurance Pass Thru Period Net Cumulative
Coverage Proceeds Gain/(Loss) Gain/(Loss)
------------- ----------- ------------ -----------
Oct-96 0.00 0.00 0.00
Nov-96 0.00 0.00 0.00
Dec-96 0.00 0.00 0.00
Jan-97 0.00 0.00 0.00
Feb-97 0.00 0.00 0.00
Mar-97 0.00 0.00 0.00
Apr-97 0.00 0.00 0.00
May-97 0.00 0.00 0.00
Jun-97 0.00 0.00 0.00
Jul-97 0.00 0.00 0.00
Aug-97 0.00 4,643.65 (8,517.88)
Sep-97 0.00 175,129.29 (28,607.71)
============= =========== ===========
0.00 179,772.94 (37,125.59) (37,125.59)
============== =========== ============ ===========
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1997
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Current Accelerated
Cert. Certificate Certificate Principal Principal
Class Balances Balances Payable Distribution
- --------------------------- --------------- ---------------- --------------- -------------
<S> <C> <C> <C> <C>
A-1 33,741,000.00 33,741,000.00 (6,506,918.69) 0.00
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 32,767,000.00 32,767,000.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 22,379,000.00 22,379,000.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 14,096,000.00 14,096,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 33,982,000.00 33,982,000.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
M 15,615,000.00 15,615,000.00 0.00 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 16,953,000.00 16,953,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 8,923,192.00 8,923,192.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
---------------- -------------- --------------- ----------
178,456,192.00 178,456,192.00 (6,506,918.69) 0.00
================ ============== =============== ==========
</TABLE>
<TABLE>
<CAPTION>
Ending Principal Paid
Writedown Certificate Pool Per $1,000
Amounts(1) Balances Factor Denomination
---------- -------------- ---------- --------------
<S> <C> <C> <C> <C>
A-1 0.00 27,234,081.31 80.71510% 192.85
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 32,767,000.00 100.00000% 0.00
A-2 Outstanding Written 0.00 0.00 0.00 0.00
A-3 0.00 22,379,000.00 100.00000% 0.00
A-3 Outstanding Written 0.00 0.00 0.00 0.00
A-4 0.00 14,096,000.00 100.00000% 0.00
A-4 Outstanding Written 0.00 0.00 0.00 0.00
A-5 0.00 33,982,000.00 100.00000% 0.00
A-5 Outstanding Written 0.00 0.00 0.00 0.00
M 0.00 15,615,000.00 100.00000% 0.00
M Outstanding Written 0.00 0.00 0.00 0.00
B-1 0.00 16,953,000.00 100.00000% 0.00
B-1 Outstanding Written 0.00 0.00 0.00 0.00
B-2 0.00 8,923,192.00 100.00000% 0.00
B-2 Outstanding Written 0.00 0.00 0.00 0.00
---------- --------------
0.00 171,949,273.31
========== ==============
</TABLE>
(1) THIS REPRESENTS THE AMOUNT OF LOSSES ON THE ASSETS THAT WERE ALLOCATED
TO REDUCED THE OUTSTANDING PRINCIPAL BALANCE OF THE CERTIFICATES IN
ACCORDANCE WITH THE APPLICABLE POOLING AND SERVICING AGREEMENT.
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1997-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1997
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total
Class Rate Balance Accrual Paid
----------- --------- ------------- ------------
A-1 6.50000% 0.00 834,636.63 834,636.63
A-1 Carryover Interest 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00
A-2 6.75000% 0.00 921,571.90 921,571.90
A-2 Carryover Interest 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00
A-3 6.95000% 0.00 648,058.55 648,058.55
A-3 Carryover Interest 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00
A-4 7.10000% 0.00 417,006.65 417,006.65
A-4 Carryover Interest 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00
A-5 7.37500% 0.00 1,044,238.55 1,044,238.55
A-5 Carryover Interest 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00
M 7.77500% 0.00 505,860.95 505,860.95
M Carryover Interest 0.00 0.00 0.00 0.00
M Writedown Interest 0.00 0.00 0.00 0.00
B-1 7.75000% 0.00 547,440.65 547,440.65
B-1 Carryover Interest 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00
B-2 8.07500% 0.00 300,228.25 300,228.25
B-2 Carryover Interest 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00
X 0.00 1,653,375.72 1,616,250.13(1)
Service Fee 0.00 731,385.61 731,385.61
--------- -------- ------------------------------
0.00 7,603,803.46 7,566,677.87
RESERVE FUND DEPOSIT 631,642.71
============
6,935,035.16(2)
============
<TABLE>
<CAPTION>
Interest Paid
Interest Ending Per $1,000 Cert. TOTAL
Shortfall Balance Denomination Class DISTRIBUTION
------------ -------------- --------------- ------ --------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 24.74 A-1 7,341,555.32
A-1 Carryover Interest 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00
A-2 0.00 0.00 28.13 A-2 921,571.90
A-2 Carryover Interest 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00
A-3 0.00 0.00 28.96 A-3 648,058.55
A-3 Carryover Interest 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00
A-4 0.00 0.00 29.58 A-4 417,006.65
A-4 Carryover Interest 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00
A-5 0.00 0.00 30.73 A-5 1,044,238.55
A-5 Carryover Interest 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00
A-6 0.00 0.00 32.40 M 505,860.95
A-6 Carryover Interest 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00
B-1 0.00 0.00 32.29 B-1 547,440.65
B-1 Carryover Interest 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00
B-2 0.00 0.00 33.65 B-2 300,228.25
B-2 Carryover Interest 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00
X 37,125.59 37,125.59 X 1,616,250.13
Service Fee 0.00 0.00 731,385.61
----------- ---------- --------------
37,125.59 37,125.59 14,073,596.56
631,642.71
==============
13,441,953.85(2)
==============
</TABLE>
(1) RESERVE FUND DEPOSITS WERE MADE FROM CASH FLOWS ON THE ASSETS, AS REQUIRED
BY THE APPLICABLE POOLING AND SERVICING AGREEMENT IN THE AGGREGATE AMOUNT
OF $631,642.71. THESE DEPOSITS HAD THE EFFECT OF REDUCING CASH AVAILABLE TO
MAKE DISTRIBUTIONS ON THE CLASS X CERTIFICATES. CONSEQUENTLY, THE ACTUAL
TOTAL AMOUNT DISTRIBUTED ON THE CLASS X CERTIFICATES WAS $984,607.42.
(2) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $731,385.61 OF
THE AMOUNTS AVAILABLE FOR DISTRIBUTION ON DISTRIBUTION DATES DURING THE
FISCAL YEAR WERE USED TO PAY SERVICING FEES DUE THE SERVICER. CONSEQUENTLY,
THE TOTAL INTEREST DISTRIBUTED ON THE CERTIFICATES DURING THE FISCAL YEAR
WAS $6,835,292.26, AND THE TOTAL AMOUNT DISTRIBUTED ON THE CERTIFICATES
DURING THE FISCAL YEAR WAS $12,710,568.24.
<PAGE>
Independent Accountant's Report
November 3, 1997
To the Board of Directors
of Oakwood Acceptance Corporation
We have examined management's assertion about Oakwood Acceptance Corporation's
(the "Company") compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS (USAP) as of and for the year ended September 30, 1997
included in the accompanying management assertion. Management is responsible for
the Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
September 30, 1997 is fairly stated, in all material respects.
/s/ PRICE WATERHOUSE LLP
<PAGE>
November 3, 1997
Price Waterhouse LLP
Suite 1800
200 West 2nd Street
Winston-Salem, NC 27101
Ladies and Gentlemen:
As of and for the year ended September 30, 1997, Oakwood Acceptance Corporation
(OAC) has complied in all material respects with the minimum servicing standards
set forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers (the "USAP"). As of and for this same
period, OAC had in effect a fidelity bond and errors and omissions policy in the
amount of $5,000,000 and $3,500,000 respectively.
/s/ Nicholas J St. George /s/ C. Michael Kilbourne
Nicholas J. St. George, Chairman of the Board C. Michael Kilbourne, President
/s/ Robert A. Smith /s/ Douglass R Muir
Robert A. Smith, EVP-Consumer Finance Douglas R. Muir, VP, Treasurer/
Secretary
/s/ Matthew S. Hukill
Matthew S. Hukill, Controller
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OAKWOOD ACCEPTANCE CORPORATION
ANNUAL OFFICER'S CERTIFICATE
OAKWOOD MORTGAGE INVESTORS, INC.
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
SERIES 1997-B
Pursuant to Section 3.13(a) of the Standard Terms to Pooling and Servicing
Agreement (November 1995 Edition) which is incorporated in the Pooling and
Servicing Agreement dated May 1, 1997 among Oakwood Mortgage Investors, Inc.,
Oakwood Acceptance Corporation (the "Servicer") and PNC Bank, N.A., the
undersigned officer of the Servicer hereby certifies that a review of the
activities of the Servicer during the period May 1, 1997 through September 30,
1997 and of its performance under the Pooling and Servicing Agreement has been
made under his supervision and to the best of his knowledge, based on such
review, the Servicer has fulfilled all its obligations under the Pooling and
Servicing Agreement through such period.
By: /s/ Douglas R. Muir
Name: Douglas R. Muir
Title: Vice President
Date: September 30, 1997
