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Previous: ADVANTA MORTGAGE LOAN TRUST 1998-3, 8-K, 1998-09-21 |
Next: IT STAFFING LTD, SB-2, 1998-09-21 |
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-C
(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-C
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-C (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1998-C (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-C, 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
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C REPORT DATE: SEPT 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT Page 1 of 7
REPORTING MONTH: Aug-98
Scheduled Principal Balance of Contracts
- ---------------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ----------------------------------------------------------------------------------------------------------------------------------
309,043,208.84 (358,340.81) (4,999,743.20) 0.00 0.00 303,685,124.83 2,524,811.84
==================================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Available for
Fee Interest Proceeds Distribution
- ------------------------------------------------------------------------------------------
257,536.01 2,267,275.83 0.00 7,882,895.85
==========================================================================================
<CAPTION>
Certificate Account
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ----------------------------------------------------------------------------------------------------------------------------------
0.00 5,089,591.51 389,650.24 0.00 3,445.66 5,482,687.41
==================================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- -------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
--------------------------------------------------------------------------
0.00 0.00 374,419.52 374,419.52
=============================================================================
<PAGE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C REPORT DATE: SEPT 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 2 of 7
Class B Crossover Test Test Met?
- -------------------------------------------------------------------------------- ---------------
(a) Remittance date on or after March 2003 N
(b) Average 60 day Delinquency rate <= 5% #DIV/0!
(c) Average 30 day Delinquency rate <= 7% #DIV/0!
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
MAR 2003 - AUG 2004 7% N
SEP 2004 - AUG 2005 8% N
SEP 2005 and after 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Does subordinated cert. percentage equal or
exceed 38.500%
of stated scheduled pool balance
Beginning M balances 37,858,000.00
Beginning B balances 23,951,281.00
Overcollateralization 0.00
--------------
61,809,281.00
Divided by beginning pool
balance 309,043,208.84
--------------
20.000% N
==============
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 0.00 309,043,208.84 0.00%
1st Preceding Mo 0.00 0.00 #DIV/0!
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
---------
#DIV/0!
=========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
---------------------------------------------------------
Current Mo 1,599,823.43 309,043,208.84 0.52%
1st Preceding Mo 0.00 0.00 #DIV/0!
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
-----------
#DIV/0!
===========
Cumulative loss ratio:
Cumulative losses 0.00
-----------------------
Divided by Initial Certificate Principal 309,043,208.00 0.000%
=========
Current realized loss ratio:
Liquidation Pool
Losses Balance
--------------------------------------------
Current Mo 0.00 309,043,208.84
1st Preceding Mo 0.00 0.00
2nd Preceding Mo 0.00 0.00
0.000%
========
<PAGE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C REPORT DATE: SEPT 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT Page 3 of 7
REPORTING MONTH: Aug-98
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
------------------------------------------------------------------------------------------------------------------------
Non Repos 6,981 303,542,290.56 40 1,456,989.16 0 0.00 0 0.00 40 1,456,989.16
Repos 4 142,834.27 4 142,834.27 0 0.00 0 0.00 4 142,834.27
------------------------------------------------------------------------------------------------------------------------
Total 6,985 303,685,124.83 44 1,599,823.43 0 0.00 0 0.00 44 1,599,823.43
=========================================================================================================================
0.6% 0.53%
========================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ----------------------------------------------------------------------------------------------------------------
Non Repos 4 142,834.27 0 0.00 4 142,834.27 4 142,834.27
Repos
Total
<PAGE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C REPORT DATE: SEPT 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 4 of 7
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- --------------------------------------------------------------------------------------------------------------------------------
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
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
=================================================================================================
<CAPTION>
Net Current
Unrecov. Pass Thru Period Net Cumulative
Advances Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------
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
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
============
As a percentage of the aggregate cut-off date principal balance
<PAGE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C REPORT DATE: SEPT 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: 31-Aug-98 Page 5 of 7
ACCELERATED PRINCIPAL DISTRIBUTION CALCULATION:
The Accelerated Principal Distribution is equal to the lesser of (A) or (C) - (B).
(A) CURRENT CLASS X STRIP AMOUNT BEFORE TURBO 574,567.77
------------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 309,043,208.84
Certificate Principal Balance of all outstanding 309,043,208.00
Classes of Certificates -------------------
0.84
------------------
(C) TARGET OVERCOLLATERALIZATION AMOUNT
(i) Prior to the Cross-over Date
Scheduled Principal Balance as of the Cut-off Date 309,043,208.84
Multiplied by 2.00%
------------------
6,180,864.17
------------------
(ii) Any other date of determination
Lesser of
(x) Calculation in (i) above 6,180,864.17
------------------
or
(y) Scheduled Principal Balance 309,043,208.84
Multiplied by 3.25%
------------------
10,043,904.29
------------------
however, not less than
(z) Scheduled Principal Balance as of the Cut-off Date 309,043,208.84
Multiplied by 0.50%
------------------
1,545,216.04
------------------
6,180,864.17
------------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 574,567.77
----------------
<PAGE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C REPORT DATE: SEPT 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 6 of 7
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Current
Cert. Certificate Certificate Carryover Principal Principal
Class Balances Balances Principal Due Paid
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 ARM 7,625,927.00 7,625,927.00 0.00 97,909.21 97,909.21
A-1 ARM Outstanding Writedown 0.00 0.00
A-1 239,608,000.00 239,608,000.00 0.00 5,260,174.80 5,260,174.80
A-1 Outstanding Writedown 0.00 0.00
M-1 23,178,000.00 23,178,000.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
M-2 14,680,000.00 14,680,000.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00 0.00
B-1 10,816,000.00 10,816,000.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 13,135,281.00 13,135,281.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal Balance 0.00
-------------------------------------------------------------------------------------------------
309,043,208.00 309,043,208.00 0.00 5,358,084.01 5,358,084.01
=================================================================================================
<CAPTION>
Ending Accelerated Ending Principal Paid
Cert. Carryover Principal Certificate Pool Per $1,000
Class Principal Distribution Balances Factor Denomination
- ----------------------------------------------------------------------------------------------------------------------------------
A-1 ARM 0.00 0.00 7,528,017.79 98.71610% 12.84
A-1 ARM Outstanding Writedown 0.00 0.00 0.00 0.00
A-1 0.00 574,567.77 233,773,257.43 97.56488% 21.95
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-1 0.00 0.00 23,178,000.00 100.00000% 0.00
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 0.00 0.00 14,680,000.00 100.00000% 0.00
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 0.00 10,816,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 13,135,281.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance (574,567.77) 574,567.77
--------------------------------------------------------
0.00 0.00 303,685,123.99
========================================================
<PAGE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C REPORT DATE: SEPT 7, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-98 Page 7 of 7
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
------------------------------------------------------------------------------------------------
A-1 ARM 5.89453% 0.00 23,724.27 23,724.27 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-1 6.45000% 0.00 1,287,893.00 1,287,893.00 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
M-1 6.77500% 0.00 130,859.13 130,859.13 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 7.07500% 0.00 86,550.83 86,550.83 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 7.40000% 0.00 66,698.67 66,698.67 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 8.86000% 0.00 96,982.16 96,982.16 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 0.00 574,567.77 0.00 574,567.77
R 0.00 0.00 0.00 0.00
Service Fee 0.00 257,536.01 257,536.01 0.00
-----------------------------------------------------------------------------------------
0.00 2,524,811.84 1,950,244.07 574,567.77
=========================================================================================
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
----------------------------------------------------------------------
A-1 ARM 0.00 3.11 A-1 ARM 121,633.48
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-1 0.00 5.38 A-1 7,122,635.57
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
M-1 0.00 5.65 M-1 130,859.13
M-1 Carryover Interest 0.00 0.00
M-1 Writedown Interest 0.00 0.00
M-2 0.00 5.90 M-2 86,550.83
M-2 Carryover Interest 0.00 0.00
M-2 Writedown Interest 0.00 0.00
B-1 0.00 6.17 B-1 66,698.67
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 7.38 B-2 96,982.16
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 574,567.77 X 0.00
R 0.00 R 0.00
Service Fee 0.00 Service Fee 257,536.01
-------- --------------
574,567.77 7,882,895.85
======== ==============
<PAGE>
CUMULATIVE X INTEREST SHORTFALL 574,567.77
CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (574,567.77)
------------
CUMULATIVE LOSSES 0.00
============
</TABLE>
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