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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) September 15, 1998.
OMI Trust 1998-B
--------------------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-31441 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: Judy Wisniewskie
1700 Market Street
Philadelphia, Pennsylvania 19103
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8872
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
OMI Trust 1998-B
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-B (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1998-B (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on September 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 September 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-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
September 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 September 15, 1998................... 5-10
<TABLE>
<CAPTION>
<S><C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-B REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Aug-98
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------
287,155,127.23 (421,849.94) (2,303,877.96) (295,955.65) 0.00 284,133,443.68
======================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- -------------------------------------------------------------------------------------------------------------------------------
2,631,990.76 239,295.94 2,392,694.82 217,573.88 0.00 5,575,292.54 0.00 5,575,292.54
===============================================================================================================================
<CAPTION>
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
3,372,054.95 2,981,411.72 2,414,594.72 (6,485,806.60) 8,201.70 2,290,456.49
===================================================================================================================================
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------------
1,338,818.61 1,320,898.45 1,720,825.61 1,738,745.77
==================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-B REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 2 of 6
Class B Crossover Test Test Met?
- ------------------------------------------------------------- ---------------
(a) Remittance date on or after December 2002 N
(b) Average 60 day Delinquency rate <= 5% Y
(c) Average 30 day Delinquency rate <= 7% Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Dec 2002- May 2004 7% N
June 2004-May 2005 8% N
June 2005 and thereafter 9% N
(e) Current realized loss ratio = 2.75% Y
(f) Does Subordinated Certificate percentage equal or
exceed 28.875%
of Pool Scheduled Principal Balance
Beginning M balance 36,000,000.00
Beginning B-1 balance 11,250,000.00
Beginning B-2 balance 15,000,000.00
-------------------
62,250,000.00
-------------------
Divided by beginning pool
balance 287,155,127.23
21.678% N
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 5,103,359.78 284,133,443.68 1.80%
1st Preceding Mo 3,313,032.71 287,155,127.23 1.15%
2nd Preceding Mo 766,145.43 290,964,649.94 0.26%
Divided by 3
-------------
1.07%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 13,354,810.28 284,133,443.68 4.70%
1st Preceding Mo 8,681,505.05 287,155,127.23 3.02%
2nd Preceding Mo 5,900,100.85 290,964,649.94 2.03%
Divided by 3
-------------
3.25%
=============
Cumulative loss ratio:
Cumulative losses 78,381.77
------------------------
Divided by Initial Certificate
Principal 300,000,000.00 0.026%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 78,381.77 284,133,443.68
1st Preceding Mo 0.00 287,155,127.23
2nd Preceding Mo 0.00 290,964,649.94
0.109%
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-B REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Aug-98
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
---------------------------------------------------------------------------------------------------------------
Excluding
Repos 7,823 282,275,281.21 261 8,034,951.25 69 2,204,712.78 44 1,256,983.78
Repos 65 1,858,162.47 8 216,499.25 18 502,100.05 39 1,139,563.17
----------------------------------------------------------------------------------------------------------------
Total 7,888 284,133,443.68 269 8,251,450.50 87 2,706,812.83 83 2,396,546.95
================================================================================================================
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- -----------------------------------------------------------------------------------------------------------------------------------
374 11,496,647.81 65 1,858,162.47 -1 (27,819.02) 30 921,258.26 76 2,158,396.17
65 1,858,162.47
- -------------------------------
439 13,354,810.28
===============================
5.6% 4.70%
===============================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-B REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- ----------------------------------------------------------------------------------------------------------------------------
147306-5 R. RICH 3,806.41 500.00 307.94 807.94 500.00
147613-4 M. BENNINGFIELD 27,742.13 24,000.00 2,053.10 26,053.10 4,910.00
147696-9 R. RODRIGUEZ 30,194.53 29,400.00 601.92 30,001.92 4,910.00
147782-7 J. GIBSON 50,665.00 47,650.00 1,645.36 49,295.36 8,720.00
148529-1 M. ALLEN 12,988.81 3,500.00 323.91 3,823.91 500.00
148726-3 L. HAMMER 36,534.92 37,000.00 1,241.86 38,241.86 4,910.00
148986-3 B. WHITE 11,390.68 2,500.00 309.77 2,809.77 500.00
149475-6 S. PRUITT 30,511.95 30,400.00 1,164.34 31,564.34 4,910.00
149674-4 L. MEDELLIN 37,810.27 33,700.00 469.06 34,169.06 4,910.00
150798-7 P. HLAS 24,028.07 24,400.00 1,975.03 26,375.03 4,910.00
151637-6 C. WOOD 30,282.88 33,000.00 1,258.57 34,258.57 4,910.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
------------------------------------------------------------------------------------
295,955.65 266,050.00 11,350.86 277,400.86 44,590.00
====================================================================================
<CAPTION>
Net Net Current
Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------------
307.94 987.58 0.00 (679.64) (4,486.05)
21,143.10 1,769.15 0.00 19,373.95 (8,368.18)
25,091.92 1,526.28 0.00 23,565.64 (6,628.89)
40,575.36 1,456.86 0.00 39,118.50 (11,546.50)
3,323.91 893.18 0.00 2,430.73 (10,558.08)
33,331.86 1,794.54 0.00 31,537.32 (4,997.60)
2,309.77 964.76 0.00 1,345.01 (10,045.67)
26,654.34 1,442.33 0.00 25,212.01 (5,299.94)
29,259.06 1,911.81 0.00 27,347.25 (10,463.02)
21,465.03 1,005.24 0.00 20,459.79 (3,568.28)
29,348.57 1,485.25 0.00 27,863.32 (2,419.56)
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------
232,810.86 15,236.98 0.00 217,573.88 (78,381.77) (78,381.77)
==========================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-B REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Current
Cert. Certificate Certificate Carryover Principal Principal
Class Balances Balances Principal Due Paid
- ---------------------------------------------------------------------------------------------------------------------------------
A-1 62,900,000.00 50,055,127.23 0.00 3,021,683.55 3,021,683.55
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 57,600,000.00 57,600,000.00 0.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 33,700,000.00 33,700,000.00 0.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 18,700,000.00 18,700,000.00 0.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 64,850,000.00 64,850,000.00 0.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00
M-1 23,250,000.00 23,250,000.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00 0.00
M-2 12,750,000.00 12,750,000.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00 0.00 0.00
B-1 11,250,000.00 11,250,000.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00
B-2 15,000,000.00 15,000,000.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00
------------------------------------------------------------------------------------------------
300,000,000.00 287,155,127.23 0.00 3,021,683.55 3,021,683.55
================================================================================================
<CAPTION>
Ending Prefunding Ending Principal Paid
Cert. Carryover Shortfall Writedown Certificate Pool Per $1,000
Class Principal Distribution Amounts Balances Factor Denomination
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 0.00 0.00 0.00 47,033,443.68 74.77495% 48.04
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 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 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 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 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 0.00 23,250,000.00 100.00000% 0.00
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 0.00 0.00 0.00 12,750,000.00 100.00000% 0.00
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 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 0.00 15,000,000.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
------------------------------------------------------------
0.00 0.00 0.00 284,133,443.68
============================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-B REPORT DATE: SEPTEMBER 8, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
--------------------------------------------------------------------------------------------------
A-1 5.68063% 0.00 244,852.34 244,852.34 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-2 6.15000% 0.00 295,200.00 295,200.00 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-3 6.20000% 0.00 174,116.67 174,116.67 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-4 6.35000% 0.00 98,954.17 98,954.17 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-5 6.67500% 0.00 360,728.13 360,728.13 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00
M-1 6.80000% 0.00 131,750.00 131,750.00 0.00
M-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
M-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
M-2 7.02500% 0.00 74,640.63 74,640.63 0.00
M-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
M-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-1 7.45000% 0.00 69,843.75 69,843.75 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-2 7.75000% 0.00 96,875.00 96,875.00 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
X 0.00 845,734.13 767,352.36 78,381.77
R 0.00 0.00 0.00 0.00
Service Fee 0.00 239,295.94 239,295.94 0.00
-----------------------------------------------------------------------------------
0.00 2,631,990.76 2,553,608.99 78,381.77
===================================================================================
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
------------------------------------------------------------------------------------------
A-1 0.00 4.89 A-1 3,266,535.89
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 5.13 A-2 295,200.00
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.17 A-3 174,116.67
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 5.29 A-4 98,954.17
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
A-5 0.00 5.56 A-5 360,728.13
A-5 Carryover Interest 0.00 0.00
A-5 Writedown Interest 0.00 0.00
M-1 0.00 5.67 M-1 131,750.00
M-1 Carryover Interest 0.00 0.00
M-1 Writedown Interest 0.00 0.00
M-2 0.00 5.85 M-2 74,640.63
M-2 Carryover Interest 0.00 0.00
M-2 Writedown Interest 0.00 0.00
B-1 0.00 6.21 B-1 69,843.75
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 6.46 B-2 96,875.00
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 78,381.77 X 767,352.36
R 0.00 R 0.00
Service Fee 0.00 239,295.94
---------------- --------------------
78,381.77 5,575,292.54
================
0.00
--------------------
5,575,292.54
====================
</TABLE>
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