- --------------------------------------------------------------------------------
OMB APPROVAL
- --------------------------------------------------------------------------------
OMB Number 3235-0063
- --------------------------------------------------------------------------------
Expires: June 30, 1997
- --------------------------------------------------------------------------------
Estimated average burden
- --------------------------------------------------------------------------------
hours per response .... 1711.00
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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, 1998
------------------------------------------------------
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-D
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-7931974
- ----------------------------------- -----------------------------------
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
c/o PNC Bank, N.A.
Corporate Trust Department
Attention: Judy Wisniewskie
1700 Market Street, Suite 1412, Philadelphia, PA 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-D
Oakwood Mortgage Investors, Inc.
Manufactured Housing Contract Senior/Subordinated
Pass-Through Certificates, Series 1997-D
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 33
holders of the Registrant's Series 1997-D Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Class A-1, Class A-2, Class A-3 ,
Class A-4, Class A-5, Class B-1, Class B-2, and Class M (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-D, REGISTRANT
By: OAKWOOD MORTGAGE INVESTORS, INC.,
as servicer
Dated: December 23, 1998 /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)
Oakwood Mortgage Investors, Inc. 1997-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
Note: This fiscal year-end series report, reports information on the assets
included in OMI Trust 1997-D as of the end of the prepayment period that began
on September 1, 1997 and ended on September 30, 1998 and as of the end of the
collection period that began on September 2, 1997 and ended on October 1, 1998.
Accordingly, the information presented with regard to the certificates reflects
information as of the close of business on October 15, 1998, 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 Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------
252,393,252.30 (3,696,667.67) (15,355,430.06) (4,757,942.82) 0.00 228,583,211.75 22,859,860.35
==============================================================================================================================
Scheduled Principal Balance of Contracts
- --------------------------------------------------------------------------------
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for Limited Total
Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- -------------------------------------------------------------------------------------------------------------------------------
2,219,662.02 20,640,198.33 3,547,354.95 0.00 45,459,313.03 0.00 45,459,313.03
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ----------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00 23,393,944.45 20,346,903.68 (42,129,503.32) 44,814.49 1,656,159.30
=================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------
0.00 10,133,328.26 11,392,055.79 1,258,727.53
============================================================================
<PAGE>
<TABLE>
<CAPTION>
Oakwood Mortgage Investors, Inc. 1997-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
Gross Repossessions Repo Properties Brought
Current by Borrower
# Principal Balance # Principal Balance
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Nov-97 1 20,340.00 0 0.00
Dec-97 13 387,336.88 0 0.00
Jan-98 32 1,027,003.22 (1) (13,205.51)
Feb-98 41 1,322,580.66 (1) (23,284.58)
Mar-98 64 1,946,169.36 (2) (99,140.65)
Apr-98 71 2,121,373.19 (2) (62,332.08)
May-98 79 2,608,641.07 (1) (23,963.25)
Jun-98 91 2,875,966.10 0 0.00
Jul-98 103 3,512,418.04 (2) (53,286.05)
Aug-98 105 3,622,416.74 (1) (31,913.75)
Sep-98 110 3,912,920.64 0 0.00
----------------------------------------------------------------------------
Total of month
end balance 710 23,357,165.90 (10) (307,125.87)
============================================================================
Average month
end balance 65 2,123,378.72 -1 (27,920.53)
============================================================================
<CAPTION>
Current by BorroNet Current Repos Aggregate Repo Properties in
Trust at Month-End
# Principal Balance # Principal Balance
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Nov-97 1 20,340.00 1 20,340.00
Dec-97 12 366,996.88 13 387,336.88
Jan-98 22 727,307.25 34 1,101,438.62
Feb-98 16 487,085.41 49 1,565,239.45
Mar-98 35 1,053,908.12 82 2,520,006.92
Apr-98 31 860,203.61 111 3,317,878.45
May-98 34 1,106,835.80 144 4,400,751.00
Jun-98 29 807,637.10 173 5,208,388.10
Jul-98 39 1,389,038.85 210 6,544,140.90
Aug-98 29 932,915.38 238 7,445,142.53
Sep-98 37 1,306,909.02 275 8,752,051.55
--------------------------------------------------------------------------
Total of month
end balance 285 9,059,177.42 1,330 41,262,714.40
==========================================================================
Average month
end balance 26 823,561.58 121 3,751,155.85
==========================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1997-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
Delinquency Analysis
31 to 59 days 60 to 89 days
No. of Principal Principal
Loans Balance # Balance
-------------------------------------------------------------
Nov-97 50 1,825,870.78 2 63,881.68
Dec-97 228 7,162,600.91 69 2,225,265.91
Jan-98 173 5465844.18 43 1254178.1
Feb-98 117 3790431.5 70 2292236.16
Mar-98 110 3340601.84 54 1888458.47
Apr-98 142 4545913.61 67 2150188.74
May-98 156 5428278.44 65 2160759.01
Jun-98 177 5770968.45 70 2532778.31
Jul-98 136 4275664.21 75 2455620.47
Aug-98 197 6607275.19 62 1971944.65
Sep-98 174 5789632.38 68 2295122.92
-------------------------------------------------------------
Total of month
end balance 1,660 54,003,081.49 645 21,290,434.42
=============================================================
Average month
end balance 151 4,909,371.04 59 1,935,494.04
=============================================================
90 days and Over Total Delinq.
Principal Principal
# Balance # Balance
-------------------------------------------------------------
Nov-97 0 0.00 52 1,889,752.46
Dec-97 37 1,321,111.37 334 10,708,978.19
Jan-98 20 679385.75 236 7,399,408.03
Feb-98 45 1459009.33 232 7,541,676.99
Mar-98 83 2857287.63 247 8,086,347.94
Apr-98 90 3237646.06 299 9,933,748.41
May-98 109 3903729.82 330 11,492,767.27
Jun-98 135 4709880.23 382 13,013,626.99
Jul-98 149 5374055.6 360 12,105,340.28
Aug-98 163 5914988.88 422 14,494,208.72
Sep-98 164 5922465.25 406 14,007,220.55
-------------------------------------------------------------
Total of month
end balance 995 35,379,559.92 3,300 110,673,075.83
=============================================================
Average month
end balance 90 3,216,323.63 300 10,061,188.71
=============================================================
<PAGE>
Oakwood Mortgage Investors, Inc. 1997-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
REPOSSESSION LIQUIDATION REPORT
See Monthly Investor Report for Detail
<TABLE>
<CAPTION>
Prepayment Liquidated Principal Sales Insur. Total Repossession
Period Balance Proceeds Refunds Proceeds Expenses
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Nov-97 0.00 0.00 0.00 0.00 0.00
Dec-97 0.00 0.00 0.00 0.00 0.00
Jan-98 48,393.79 49,750.00 0.00 49,750.00 7,036.74
Feb-98 166,509.63 143,150.00 5,571.74 148,721.74 24,078.98
Mar-98 328,796.67 305,450.00 14,614.08 320,064.08 43,242.17
Apr-98 617,871.08 594,786.00 17,223.57 612,009.57 111,940.00
May-98 585,596.73 553,080.00 13,285.64 566,365.64 119,270.00
Jun-98 535,625.68 502,050.00 10,132.58 512,182.58 91,310.00
Jul-98 689,090.72 662,874.33 14,997.73 677,872.06 133,580.00
Aug-98 780,887.79 727,223.50 5,415.10 732,638.60 128,470.00
Sep-98 1,005,170.73 1,013,300.00 20,553.02 1,033,853.02 183,190.00
=========================================================================================
Total 4,757,942.82 4,551,663.83 101,793.46 4,653,457.29 842,117.89
=========================================================================================
<CAPTION>
Net Net Current
Prepayment Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Period Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ----------- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Nov-97 0.00 0.00 0.00 0.00 0.00
Dec-97 0.00 0.00 0.00 0.00 0.00
Jan-98 42,713.26 1,527.22 6,486.98 47,673.02 (720.77)
Feb-98 124,642.76 7,334.42 28,482.85 145,791.19 (20,718.44)
Mar-98 276,821.91 17,877.14 0.00 258,944.77 (69,851.90)
Apr-98 500,069.57 35,476.48 3,768.98 468,362.07 (149,509.01)
May-98 447,095.64 43,900.35 25,329.39 428,524.68 (157,072.05)
Jun-98 420,872.58 34,717.43 6,415.63 392,570.78 (143,054.90)
Jul-98 544,292.06 57,129.84 0.00 487,162.22 (201,928.50)
Aug-98 604,168.60 64,337.89 7,466.54 547,297.25 (233,590.54)
Sep-98 850,663.02 84,333.06 4,699.01 771,028.97 (234,141.76)
==============================================================================================================
Total 3,811,339.40 346,633.83 82,649.38 3,547,354.95 (1,210,587.87) (1,210,587.87)
==============================================================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1997-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
<TABLE>
<CAPTION>
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Accelerated Ending
Cert. Certificate Certificate Carryover Principal Principal Carryover
Class Balances Balances Principal Distribution Distribution Principal
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 46,940,000.00 46,940,000.00 0.00 23,810,040.55 0.00 0.00
A-1 Outstanding Writedown 0.00 0.00
A-2 46,290,000.00 46,290,000.00 0.00 0.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 30,260,000.00 30,260,000.00 0.00 0.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 15,340,000.00 15,340,000.00 0.00 0.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00
A-5 62,453,000.00 62,453,000.00 0.00 0.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00
M 17,037,000.00 17,037,000.00 0.00 0.00 0.00 0.00
M Outstanding Writedown 0.00 0.00
B-1 23,977,000.00 23,977,000.00 0.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 10,096,252.00 10,096,252.00 0.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
---------------------------------------------------------------------------
252,393,252.00 0.00 23,810,040.55 0.00 0.00
===========================================================================
<CAPTION>
Ending Principal Paid
Cert. Writedown Certificate Pool Per $1,000
Class Amounts Balances Factor Denomination
- -------------------------- --------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 23,129,959.45 49.27558% 507.24
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 46,290,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 30,260,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 15,340,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 62,453,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
M 0.00 17,037,000.00 100.00000% 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 23,977,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 10,096,252.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
-------------------------------------------
0.00 228,583,211.45 7.49
===========================================
</TABLE>
(1) This represents the amount of losses on the assets that
were allocated to reduce the outstanding principal balance
of the certificates in accordance with the applicable
pooling and servicing agreement.
<PAGE>
Oakwood Mortgage Investors, Inc. 1997-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate RemittanceBeginning 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 VARIOUS 0.00 1,937,358.59 1,937,358.59 0.00 0.00 41.27
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 6.35000% 0.00 2,694,463.75 2,694,463.75 0.00 0.00 58.21
A-2 Carryover Interest 0.00000% 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 6.50000% 0.00 1,802,991.63 1,802,991.63 0.00 0.00 59.58
A-3 Carryover Interest 0.00000% 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 6.72500% 0.00 945,647.12 945,647.12 0.00 0.00 61.65
A-4 Carryover Interest 0.00000% 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 6.95000% 0.00 3,978,776.56 3,978,776.56 0.00 0.00 63.71
A-5 Carryover Interest 0.00000% 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
M 6.95000% 0.00 1,085,398.93 1,085,398.93 0.00 0.00 63.71
M Carryover Interest 0.00000% 0.00 0.00 0.00 0.00 0.00
M Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 7.32500% 0.00 1,609,955.60 1,609,955.60 0.00 0.00 67.15
B-1 Carryover Interest 0.00000% 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 7.55000% 0.00 698,744.75 698,744.75 0.00 0.00 69.21
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
Limited Guarantee 0.00 0.00 0.00 0.00 0.00 0.00
X 0.00 5,886,861.40 4,676,273.53 1,210,587.87 1,210,587.87
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 2,219,662.02 2,219,662.02 0.00 0.00
-----------------------------------------------------------------------
0.00 22,859,860.35 21,649,272.48 (1)1,210,587.87 1,210,587.87
=======================================================================
<CAPTION>
Certificate Cert. TOTAL
Class Class DISTRIBUTION
---------------------------------
A-1 A-1 25,747,399.14
A-1 Carryover Interest
A-1 Writedown Interest
A-2 A-2 2,694,463.75
A-2 Carryover Interest
A-2 Writedown Interest
A-3 A-3 1,802,991.63
A-3 Carryover Interest
A-3 Writedown Interest
A-4 A-4 945,647.12
A-4 Carryover Interest
A-4 Writedown Interest
A-5 A-5 3,978,776.56
A-5 Carryover Interest
A-5 Writedown Interest
M M 1,085,398.93
M Carryover Interest
M Writedown Interest
B-1 B-1 1,609,955.60
B-1 Carryover Interest
B-1 Writedown Interest
B-2 B-2 698,744.75
B-2 Carryover Interest
B-2 Writedown Interest
Limited Guarantee Limited Guarantee 0.00
X X 4,676,273.53
R R 0.00
Service Fee 2,219,662.02
--------------
45,459,313.03 (1)
==============
</TABLE>
(1) Pursuant to the applicable pooling and servicing agreement, $2,219,662.02 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
amount distributed on the certificates during the fiscal year was $43,239,651.01
Independent Accountant's Report
-------------------------------
November 2, 1998
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, 1998
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, 1998 is fairly stated, in all material respects.
/s/ PRICE WATERHOUSE COOPERS LLP
OAKWOOD ACCEPTANCE CORPORATION
ANNUAL OFFICER'S CERTIFICATE
OAKWOOD MORTGAGE INVESTORS, INC.
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
SERIES 1997-d
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 November 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 October 1, 1997 through September
30, 1998 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, 1998
- --------------------------
