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OMB APPROVAL
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OMB Number 3235-0063
Expires: June 30, 1997
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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 1998-B
----------------
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2966644
------------ ----------
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 1998-B
Oakwood Mortgage Investors, Inc.
Manufactured Housing Contract Senior/Subordinated
Pass-Through Certificates, Series 1998-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 __69_
holders of the Registrant's Series 1998-B 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, Class M-1 and Class M-2
(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 1998-B, 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. 1998-B
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 1998-B 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
Scheduled Principal Balance of Contracts
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing
Balance Principal Principal Principal Repurchased Balance Interest Fee
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
299,997,122.09 (2,054,343.30) (16,328,695.18) (741,766.80) 0.00 280,872,316.81 12,973,394.40 1,215,027.77
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
Scheduled Amount
Pass Thru Liquidation Reserve Available for Limited Total
Interest Proceeds Fund Draw Distribution Guarantee Distribution
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11,758,366.63 544,631.61 0.00 31,901,064.49 0.00 31,901,064.49
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ---------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.00 18,629,757.13 9,922,360.93 (26,269,599.05) 42,253.18 2,324,772.19
=============================================================================================
</TABLE>
P&I Advances at Distribution Date
- ----------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------
0.00 4,197,233.77 5,918,989.30 1,721,755.53
==========================================================
<PAGE>
Oakwood Mortgage Investors, Inc. 1998-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
<TABLE>
<CAPTION>
Repo Properties Brought Aggregate Repo Properties in
Gross Repossessions Current by Borrower Net Current Repos Trust at Month-End
# Principal Balance # Principal Balance # Principal Balance # Principal Balance
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
May-98 0 0.00 0 0.00 0 0.00 0 0.00
Jun-98 17 415,542.09 0 0.00 17 415,542.09 17 415,542.09
Jul-98 47 1,264,956.93 0 0.00 30 849,414.84 47 1,264,956.93
Aug-98 65 1,858,162.47 -1 (27,819.02) 30 921,258.26 76 2,158,396.17
Sep-98 106 3,151,510.15 0 0.00 59 1,744,839.86 135 3,903,236.03
-------------------------------------------------------------------------------------------------------------------
Total of month
end balance 235 6,690,171.64 -1 (27,819.02) 136 3,931,055.05 275 7,742,131.22
===================================================================================================================
Average month
end balance 47 1,338,034.33 0 (5,563.80) 27 786,211.01 55 1,548,426.24
===================================================================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1998-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
Delinquency Analysis
<TABLE>
<CAPTION>
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
May-98 67 1,914,522.21 0 0.00 0 0.00 67 1,914,522.21
Jun-98 171 5,133,955.42 27 766,145.43 0 0.00 198 5,900,100.85
Jul-98 171 5,368,472.34 91 2,632,392.66 23 680,640.05 285 8,681,505.05
Aug-98 269 8,251,450.50 87 2,706,812.83 83 2,396,546.95 439 13,354,810.28
Sep-98 259 8,184,788.08 111 3,415,420.11 120 3,571,821.14 490 15,172,029.33
---------------------------------------------------------------------------------------
Total of month
end balance 937 28,853,188.55 316 9,520,771.03 226 6,649,008.14 1,479 45,022,967.72
=======================================================================================
Average month
end balance 187 5,770,637.71 63 1,904,154.21 45 1,329,801.63 296 9,004,593.54
=======================================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1998-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
REPOSSESSION LIQUIDATION REPORT
See Monthly Investor Report for Detail
<TABLE>
<CAPTION>
Net
Prepayment Liquidated Principal Sales Insur. Total Repossession Liquidation Unrecov.
Period Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
May-98 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Jun-98 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Jul-98 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aug-98 295,955.65 266,050.00 11,350.86 277,400.86 44,590.00 232,810.86 15,236.98
Sep-98 445,811.15 425,235.00 22,409.70 447,644.70 91,590.00 356,054.70 28,996.97
===============================================================================================================
Total 741,766.80 691,285.00 33,760.56 725,045.56 136,180.00 588,865.56 44,233.95
===============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Current
Prepayment FHA Insurance Pass Thru Period Net Cumulative
Period Coverage Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------------------------------
<S> <C> <C> <C>
May-98 0.00 0.00 0.00
Jun-98 0.00 0.00 0.00
Jul-98 0.00 0.00 0.00
Aug-98 0.00 217,573.88 (78,381.77)
Sep-98 0.00 327,057.73 (118,753.42)
=============================================================
Total 0.00 544,631.61 (197,135.19) (197,135.19)
=============================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1998-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
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 62,900,000.00 62,900,000.00 0.00 19,124,805.28 0.00 19,124,805.28
A-1 Outstanding Writedown 0.00 0.00
A-2 57,600,000.00 57,600,000.00 0.00 0.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 33,700,000.00 33,700,000.00 0.00 0.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 18,700,000.00 18,700,000.00 0.00 0.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00
A-5 64,850,000.00 64,850,000.00 0.00 0.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00
M-1 23,250,000.00 23,250,000.00 0.00 0.00 0.00 0.00
M Outstanding Writedown 0.00 0.00
M-2 12,750,000.00 12,750,000.00 0.00 0.00 0.00 0.00
M Outstanding Writedown 0.00 0.00
B-1 11,250,000.00 11,250,000.00 0.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 15,000,000.00 15,000,000.00 0.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
--------------------------------------------------------------------------------------------------
300,000,000.00 300,000,000.00 0.00 19,124,805.28 0.00 19,124,805.28
==================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Prefunding Ending Principal Paid
Cert. Shortfall Writedown Certificate Pool Per $1,000
Class Distribution (2) Amounts Balances Factor Denomination
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 2,877.91 0.00 43,772,316.81 69.59033% 304.05
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 0.00 57,600,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 0.00 33,700,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 0.00 18,700,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 0.00 64,850,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
M-1 0.00 0.00 23,250,000.00 100.00000% 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 0.00 0.00 12,750,000.00 100.00000% 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 0.00 11,250,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 15,000,000.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
-----------------------------------------------
2,877.91 0.00 280,872,316.81
===============================================
</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.
(2) One time distribution from Prefunding Account due to prefunding collateral
shortfall.
<PAGE>
Oakwood Mortgage Investors, Inc. 1998-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1998
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000 Cert.
Class Rate Balance Accrual Paid Shortfall Balance Denomination Class
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 VARIOUS 0.00 1,117,762.58 1,117,762.58 0.00 0.00 17.77 A-1
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 6.15000% 0.00 1,476,000.00 1,476,000.00 0.00 0.00 25.63 A-2
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 6.20000% 0.00 870,583.35 870,583.35 0.00 0.00 25.83 A-3
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 6.35000% 0.00 494,770.85 494,770.85 0.00 0.00 26.46 A-4
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 6.67500% 0.00 1,803,640.65 1,803,640.65 0.00 0.00 27.81 A-5
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-1 6.80000% 0.00 658,750.00 658,750.00 0.00 0.00 51.67 M
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
M-2 7.02500% 0.00 373,203.15 373,203.15 0.00 0.00 #DIV/0! M
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 7.45000% 0.00 349,218.75 349,218.75 0.00 0.00 31.04 B-1
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 7.75000% 0.00 484,375.00 484,375.00 0.00 0.00 32.29 B-2
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 0.00 4,130,062.30 3,932,927.11 197,135.19 197,135.19 X
R 0.00 0.00 0.00 0.00 0.00 R
Service Fee 0.00 1,215,027.77 1,215,027.77 0.00 0.00
-----------------------------------------------------------------------
12,973,394.40 12,776,259.21 # (1) 197,135.19 #DIV/0!
========================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate TOTAL
Class DISTRIBUTION
-----------------
<S> <C>
A-1 20,242,567.86
A-1 Carryover Interest
A-1 Writedown Interest
A-2 1,476,000.00
A-2 Carryover Interest
A-2 Writedown Interest
A-3 870,583.35
A-3 Carryover Interest
A-3 Writedown Interest
A-4 494,770.85
A-4 Carryover Interest
A-4 Writedown Interest
A-5 1,803,640.65
A-5 Carryover Interest
A-5 Writedown Interest
M-1 658,750.00
M Carryover Interest
M Writedown Interest
M-2 373,203.15
M Carryover Interest
M Writedown Interest
B-1 349,218.75
B-1 Carryover Interest
B-1 Writedown Interest
B-2 484,375.00
B-2 Carryover Interest
B-2 Writedown Interest
X 3,932,927.11
R 0.00
Service Fee 1,215,027.77
-------------
31,901,064.49 (1)
=============
</TABLE>
(1) Pursuant to the applicable pooling and servicing agreement, $1,215,027.77 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
$30,686,036.72.
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 1998-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, 1998 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
