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) August 15, 1998.
---------------
OMI Trust 1998-A
--------------------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-31441 23-2952445
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o PNC Bank, National Association
Corporate Trust Department
Attention: Judy Wisniewskie
1700 Market Street
Philadelphia, Pennsylvania 19103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8872
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(Former name or former address, if changed since last report.)
<PAGE>
OMI TRUST 1998-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 1998-A (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1998-A (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on August 15,
1998. 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 August 15, 1998.
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 1998-A, Registrant
By: Oakwood Acceptance Corporation,
as servicer
August 23, 1998 /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 August 15, 1998.......................... 5-10
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: August 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 6
REMITTANCE REPORT Page 1 of 7
REPORTING MONTH: Jul-98
Scheduled Principal Balance of Contracts
- ---------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ---------------------------------------------------------------------------------------
188,049,996.94 (266,104.64) (775,612.37) (543,240.11) 0.00 186,465,039.82
=======================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- -------------------------------------------------------------------------------------------------------------
1,710,746.99 156,708.33 1,554,038.66 394,266.14 0.00 3,146,730.14 0.00 3,146,730.14
=============================================================================================================
Certificate Account
- ---------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------
1,093,349.54 1,580,738.52 1,682,500.38 (3,358,799.66) 3,071.59 1,000,860.37
=======================================================================================
P&I Advances at Distribution Date
--------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
--------------------------------------------------------
1,166,288.19 1,137,067.89 981,279.82 1,010,500.12
=========================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: August 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #6
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 2 of 7
Class B Crossover Test Test Met? Average 60 day delinquency ratio:
------------------------------------------ -----------
(a) Remittance date on or after September 2002 N Over 60s Pool Balance %
--------------------------------------
(b) Average 60 day Delinquency rate <=5% Y Current Mo 5,577,540.56 186,465,039.82 2.99%
1st Preceding Mo 4,080,900.89 188,049,996.94 2.17%
(c) Average 30 day Delinquency rate <=7% Y 2nd Preceding Mo 3,124,366.31 189,679,324.75 1.65%
Divided by 3
---------
(d) Cumulative losses do not exceed the following 2.27%
percent of the intitial principal balance of =========
all Certificates
Average 30 day delinquency ratio:
Sep 2002-Feb 2004 7% N
Mar 2004-Feb 2005 8% N
Mar 2005 and thereafter 9% N Over 30s Pool Balance %
--------------------------------------
Current Mo 10,835,760.37 186,465,039.82 5.81%
1st Preceding Mo 9,531,398.43 188,049,996.94 5.07%
(e) Current realized loss ratio <= 2.75% Y 2nd Preceding Mo 7,565,490.52 189,679,324.75 3.99%
Divided by 3
---------
(f) Does Subordinated Certificate percentage equal or 4.96%
exceed 32.813% =========
of Pool Scheduled Principal Balance Cumulative loss ratio:
Beginning M balance 15,337,000.00 Cumulative losses 242,939.21
---------------
Beginning B-1 balance 14,843,000.00 Divided by Initial Certificate
Principal 197,901,846.00 0.123%
Beginning B-2 balance 6,926,846.00 =========
--------------
37,106,846.00
--------------
Divided by beginning pool
balance 188,049,996.94 Current realized loss ratio:
19.732% N Liquidation Pool
Losses Balance
-----------------------------
Current Mo 148,973.97 186,465,039.82
1st Preceding Mo 47,759.35 188,049,996.94
2nd Preceding Mo 35,441.73 189,679,324.75
0.495%
=========
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: August 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 6
REMITTANCE REPORT Page 3 of 7
REPORTING MONTH: Jul-98
<TABLE>
<CAPTION>
<S> <C>
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
-------------------------------------------------------------------------------------------------
Excluding Repos 4,922 184,156,861.39 148 5,009,576.25 53 1,882,077.78 42 1,635,927.91 243 8,527,581.94
Repos 73 2,308,178.43 8 248,643.56 14 507,076.95 51 1,552,457.92 73 2,308,178.43
-------------------------------------------------------------------------------------------------
Total 4,995 186,465,039.82 156 5,258,219.81 67 2,389,154.73 93 3,188,385.83 316 10,835,760.37
=================================================================================================
6.3% 5.81%
=====================
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
------------------------------------------------------------------------
Excluding Repos 73 2,308,178.43 0 0.00 29 902,350.79 105 3,219,281.23
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: August 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT 6#
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 4 of 7
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
<S> <C>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov.
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
- -------------------------------------------------------------------------------------------------------
139065-7 Rhine, K 35,527.90 26,500.00 897.44 27,397.44 500.00 26,897.44 1,203.08
139828-8 Bowen, A 35,452.24 34,000.00 1,559.36 35,559.36 4,910.00 30,649.36 2,435.53
140536-4 Huff, L 32,683.61 30,100.00 1,716.84 31,816.84 4,910.00 26,906.84 2,482.73
140941-6 Condon, R 4,065.95 0.01 1,214.89 1,214.90 500.00 714.90 1,366.29
141936-5 Grdjan, M 40,490.01 35,400.00 2,885.60 38,285.60 4,910.00 33,375.60 2,049.62
141982-9 Champney, M 38,231.46 34,500.00 1,275.58 35,775.58 4,910.00 30,865.58 2,528.75
142761-6 Newfeld, L 31,344.00 29,400.00 2,118.87 31,518.87 4,910.00 26,608.87 2,409.36
143217-8 Othoudt, T 28,074.44 25,400.00 2,299.60 27,699.60 4,910.00 22,789.60 2,158.04
143658-3 Trotter, M 36,511.39 31,400.00 2,663.76 34,063.76 4,910.00 29,153.76 2,806.55
143681-5 Ray, S 29,623.11 27,208.00 790.98 27,998.98 4,910.00 23,088.98 2,273.46
143927-2 Contreras, C 25,729.34 23,000.00 243.31 23,243.31 4,910.00 18,333.31 1,151.36
144142-7 Hendershot, R 27,355.02 24,500.00 2,132.78 26,632.78 4,910.00 21,722.78 1,743.70
144635-0 Tidwell, M 27,898.53 26,400.00 2,367.48 28,767.48 4,910.00 23,857.48 1,970.39
145322-4 Parkison, H 29,929.53 26,000.00 3,006.45 29,006.45 4,910.00 24,096.45 1,904.95
145736-5 Baehr, S 26,572.65 27,000.00 239.46 27,239.46 4,910.00 22,329.46 2,132.14
145782-9 Coffman, E 10,480.85 12,300.00 590.93 12,890.93 4,910.00 7,980.93 1,644.21
146112-8 Byram, E 44,481.85 43,500.00 912.34 44,412.34 8,720.00 35,692.34 3,197.07
146469-2 Smith, A 38,788.23 34,650.00 1,517.54 36,167.54 8,720.00 27,447.54 2,787.85
0.00 0.00
0.00 0.00
---------------------------------------------------------------------------------
543,240.11 491,258.01 28,433.21 519,691.22 87,180.00 432,511.22 38,245.08
=================================================================================
Net Current
Account Customer FHA Insurance Pass Thru Period Net Cumulative
Number Name Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------
139065-7 Rhine, K 0.00 25,694.36 (9,833.54)
139828-8 Bowen, A 0.00 28,213.83 (7,238.41)
140536-4 Huff, L 0.00 24,424.11 (8,259.50)
140941-6 Condon, R 0.00 (651.39) (4,717.34)
141936-5 Grdjan, M 0.00 31,325.98 (9,164.03)
141982-9 Champney, M 0.00 28,336.83 (9,894.63)
142761-6 Newfeld, L 0.00 24,199.51 (7,144.49)
143217-8 Othoudt, T 0.00 20,631.56 (7,442.88)
143658-3 Trotter, M 0.00 26,347.21 (10,164.18)
143681-5 Ray, S 0.00 20,815.52 (8,807.59)
143927-2 Contreras, C 0.00 17,181.95 (8,547.39)
144142-7 Hendershot, R 0.00 19,979.08 (7,375.94)
144635-0 Tidwell, M 0.00 21,887.09 (6,011.44)
145322-4 Parkison, H 0.00 22,191.50 (7,738.03)
145736-5 Baehr, S 0.00 20,197.32 (6,375.33)
145782-9 Coffman, E 0.00 6,336.72 (4,144.13)
146112-8 Byram, E 0.00 32,495.27 (11,986.58)
146469-2 Smith, A 0.00 24,659.69 (14,128.54)
0.00 0.00 0.00
0.00 0.00 0.00
-------------------------------------------------
0.00 394,266.14 (148,973.97) (242,939.21)
=================================================
Count 18
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: August 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 6
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 5 of 7
ACCELERATED PRINCIPAL DISTRIBUTION CALCULATION:
The Accelerated Principal Distribution is equal to the lesser of (C)
or the positive difference, if any, between (A) and (B)
<TABLE>
<CAPTION>
<S> <C>
(A) TARGET OVERCOLLATERALIZATION AMOUNT 989,509.23
---------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 188,049,996.94
Certificate Principa1 Balance
of all outstanding Classes of Certificates 87,060,487.71
---------------
989,509.23
---------------
(C) CURRENT CLASS X STRIP AMOUNT 531,006.48
---------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 0.00
----------------
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: August 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 6
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 6 of 7
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
<S> <C>
Original Beginning Beginning Current Current Ending Accelerated
Cert. Certificate Certificate Carryover Principal Principal Carryover Principal
Class Balances Balances Principal Due Paid Principal Distribution
-----------------------------------------------------------------------------------------------------------------------------
A-1 35,000,000.00 24,158,641.71 0.00 1,584,957.12 1,584,957.12 0.00 0.00
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 13,950,000.00 13,950,000.00 0.00 0.00 0.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 25,200,000.00 25,200,000.00 0.00 0.00 0.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 33,450,000.00 33,450,000.00 0.00 0.00 0.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 53,195,000.00 53,195,000.00 0.00 0.00 0.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00
M 15,337,000.00 15,337,000.00 0.00 0.00 0.00 0.00 0.00
M Outstanding Writedown 0.00 0.00 0.00
B-1 14,843,000.00 14,843,000.00 0.00 0.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00
B-2 6,926,846.00 6,926,846.00 0.00 0.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 989,509.21 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------
197,901,846.00 188,049,996.92 0.00 1,584,957.12 1,584,957.12 0.00 0.00
====================================================================================================
Ending Principal Paid
Cert. Writedown Certificate Pool Per $1,000
Class Amounts Balances Factor Denomination
----------------------------------------------------------------------------------------
A-1 0.00 22,573,684.59 64.49624% 45.28
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 13,950,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 25,200,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 33,450,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 53,195,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
M 0.00 15,337,000.00 100.00000% 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 14,843,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 6,926,846.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal
Balance 0.00 989,509.21
-------------------------
0.00 186,465,039.80
=========================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: August 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 6
REMITTANCE REPORT
REPORTING MONTH: Jul-98 Page 7 of 7
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
<S> <C>
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
---------------------------------------------------------------------------------
A-1 6.20000% 0.00 124,819.65 124,819.65 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 6.10000% 0.00 70,912.50 70,912.50 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 6.05000% 0.00 127,050.00 127,050.00 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 6.20000% 0.00 172,825.00 172,825.00 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 6.70000% 0.00 297,005.42 297,005.42 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
M 6.82500% 0.00 87,229.19 87,229.19 0.00 0.00
M Carryover Interest 0.00 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 7.50000% 0.00 92,768.75 92,768.75 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 8.73500% 0.00 50,421.67 50,421.67 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 1,083,474.45 531,006.48 382,032.51 148,973.97 1,232,448.42
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 156,708.33 156,708.33 0.00 0.00
------------------------------------------------------------------------
1,083,474.45 1,710,746.99 1,561,773.02 148,973.97 1,232,448.42
========================================================================
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
--------------------------------------------------
A-1 5.17 A-1 1,709,776.77
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
A-2 5.08 A-2 70,912.50
A-2 Carryover Interest 0.00
A-2 Writedown Interest 0.00
A-3 5.04 A-3 127,050.00
A-3 Carryover Interest 0.00
A-3 Writedown Interest 0.00
A-4 5.17 A-4 172,825.00
A-4 Carryover Interest 0.00
A-4 Writedown Interest 0.00
A-5 5.58 A-5 297,005.42
A-5 Carryover Interest 0.00
A-5 Writedown Interest 0.00
M 5.69 M 87,229.19
M Carryover Interest 0.00
M Writedown Interest 0.00
B-1 6.25 B-1 92,768.75
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 7.28 B-2 50,421.67
B-2 Carryover Interest 0.00 CUMULATIVE X INTEREST SHORTFALL 1,232,448.42
B-2 Writedown Interest 0.00 CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (989,509.21)
--------------
X X 382,032.51 CUMULATIVE LOSSES 242,939.21
--------------
R R 0.00
Service Fee 156,708.33
--------------
3,146,730.14
==============
</TABLE>
