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Previous: OMI TRUST 1998-C, 15-15D, 1998-10-27 |
Next: VANGUARD MASSACHUSETTS TAX EXEMPT FUNDS, N-1A/A, 1998-10-27 |
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) October 15, 1998.
----------------
OMI Trust 1998-C
--------------------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-31441 23-2975371
- --------------------------------------------------------------------------------
(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 October 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 October 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
October 23, 1998
---------------------------------
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 October 15, 1998.............................
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ----------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
303,685,124.83 (356,488.55) (5,175,824.52) (27,443.71) 0.00 298,125,368.05
========================================================================================
REPORT DATE: OCT 7, 1998
POOL REPORT # 2
Page 1 of 7
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for
Interest Fee Interest Proceeds Distribution
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2,464,517.68 253,070.94 2,211,446.74 22,926.00 8,019,756.75
==========================================================================
Certificate Account
- -----------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5,482,687.41 5,721,528.70 2,048,194.32 (7,886,341.51) 15,496.73 5,381,565.65
=========================================================================================
P&I Advances at Distribution Date
- ----------------------------------------------------------
<S> <C> <C> <C>
Beginning Recovered Current Ending
Balance Advances Advances Balance
----------------------------------------------------------
374,419.52 369,041.93 181,497.47 186,875.06
==========================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- --------------------------------------------------------- ----------
<S> <C> <C>
(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 39.544%
of stated scheduled pool balance
Beginning M balances 37,858,000.00
Beginning B balances 23,951,281.00
Overcollateralization 574,567.77
----------------
62,383,848.77
Divided by beginning pool
balance 303,685,124.83
----------------
20.542% N
================
REPORT DATE: OCT 7, 1998
POOL REPORT # 2
Page 2 of 7
Average 60 day delinquency ratio:
Over 60s Pool Balance %
----------------------------------------
<S> <C> <C> <C>
Current Mo 643,047.32 303,685,124.83 0.21%
1st Preceding Mo 0.00 309,043,208.84 0.00%
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 5,572,347.47 303,685,124.83 1.83%
1st Preceding Mo 1,599,823.43 309,043,208.84 0.52%
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
---------
#DIV/0!
=========
Cumulative loss ratio:
Cumulative losses 4,517.71
-----------------
Divided by Initial Certificate
Principal 309,043,208.00 0.001%
=========
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------
Current Mo 4,517.71 303,685,124.83
1st Preceding Mo 0.00 309,043,208.84
2nd Preceding Mo 0.00 0.00
0.009%
=========
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
<TABLE>
<CAPTION>
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
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non Repos 6,862 297,840,877.81 122 4,831,260.42 11 456,596.81 0 0.00 133 5,287,857.23
Repos 9 284,490.24 3 98,039.73 6 186,450.51 0 0.00 9 284,490.24
------------------------------------------------------------------------------------------------
Total 6,871 298,125,368.05 125 4,929,300.15 17 643,047.32 0 0.00 142 5,572,347.47
================================================================================================
2.1% 1.87%
===================
REPORT DATE: OCT 7, 1998
POOL REPORT # 2
Page 3 of 7
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Non Repos 9 284,490.24 0 0.00 6 169,244.75 10 312,079.02
Repos
Total
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
REPOSSESSION LIQUIDATION REPORT
REPORT DATE: OCT 7, 1998
POOL REPORT # 2
Page 4 of 7
<TABLE>
<CAPTION>
Liquidated Net Net Current
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov. Pass Thru Period Net Cumulative
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
160147-5 PETIT, RW 27,443.71 26,500.00 2,002.93 28,502.93 4,910.00 23,592.93 666.93 22,926.00 (4,517.71)
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 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
-----------------------------------------------------------------------------------------------------------
27,443.71 26,500.00 2,002.93 28,502.93 4,910.00 23,592.93 666.93 22,926.00 (4,517.71) (4,517.71)
===========================================================================================================
As a percentage of the aggregate cut-off date principal balance 0%
===========
PRIOR MONTH CUMULATIVE 0.00
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: 30-Sep-98
REPORT DATE: OCT 7, 1998
POOL REPORT # 2
Page 5 of 7
ACCELERATED PRINCIPAL DISTRIBUTION CALCULATION:
<TABLE>
<CAPTION>
The Accelerated Principal Distribution is equal to the lesser of (A) or (C) - (B).
<S> <C>
(A) CURRENT CLASS X STRIP AMOUNT BEFORE TURBO 532,781.09
-------------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 303,685,124.83
Certificate Principal Balance of all outstanding
Classes of Certificates 303,110,556.22
-------------------
574,568.61
-------------------
(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 303,685,124.83
Multiplied by 3.25%
-------------------
9,869,766.56
-------------------
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 532,781.09
-------------------
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
REPORT DATE: OCT 7, 1998
POOL REPORT # 2
Page 6 of 7
<TABLE>
<CAPTION>
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Current Ending Accelerated Ending
Cert. Certificate Certificate Carryover Principal Principal Carryover Principal Certificate
Class Balances Balances Principal Due Paid Principal Distribution Balances
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 ARM 7,625,927.00 7,528,017.79 0.00 158,162.18 158,162.18 0.00 0.00 7,369,855.61
A-1 ARM Outstanding Writedown 0.00 0.00 0.00 0.00
A-1 239,608,000.00 233,773,257.43 0.00 5,401,594.60 5,401,594.60 0.00 532,781.09 227,838,881.74
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-1 23,178,000.00 23,178,000.00 0.00 0.00 0.00 0.00 0.00 23,178,000.00
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 14,680,000.00 14,680,000.00 0.00 0.00 0.00 0.00 0.00 14,680,000.00
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 10,816,000.00 10,816,000.00 0.00 0.00 0.00 0.00 0.00 10,816,000.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 13,135,281.00 13,135,281.00 0.00 0.00 0.00 0.00 0.00 13,135,281.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 574,567.77 (532,781.09) 1,107,348.86
--------------------------------------------------------------------------------------------------------
309,043,208.00 303,685,123.99 0.00 5,559,756.78 5,559,756.78 0.00 0.00 298,125,367.21
========================================================================================================
Principal Paid
Cert. Pool Per $1,000
Class Factor Denomination
- -----------------------------------------------------------
<S> <C> <C>
A-1 ARM 96.64209% 20.74
A-1 ARM Outstanding Writedown 0.00 0.00
A-1 95.08818% 22.54
A-1 Outstanding Writedown 0.00 0.00
M-1 100.00000% 0.00
M-1 Outstanding Writedown 0.00 0.00
M-2 100.00000% 0.00
M-2 Outstanding Writedown 0.00 0.00
B-1 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal Balance
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-C
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-98
REPORT DATE: OCT 7, 1998
POOL REPORT # 2
Page 7 of 7
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000 Cert. TOTAL
Class Rate Balance Accrual Paid Shortfall Balance Denomination Class DISTRIBUTION
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 ARM 5.83984% 0.00 36,635.35 36,635.35 0.00 0.00 4.87 A-1 ARM 194,797.53
A-1 Carryover Interest 0.00 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 0.00
A-1 6.45000% 0.00 1,256,531.26 1,256,531.26 0.00 0.00 5.38 A-1 7,190,906.95
A-1 Carryover Interest 0.00 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 0.00
M-1 6.77500% 0.00 130,859.13 130,859.13 0.00 0.00 5.65 M-1 130,859.13
M-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M-2 7.07500% 0.00 86,550.83 86,550.83 0.00 0.00 5.90 M-2 86,550.83
M-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 7.40000% 0.00 66,698.67 66,698.67 0.00 0.00 6.17 B-1 66,698.67
B-1 Carryover Interest 0.00 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 0.00
B-2 8.85000% 0.00 96,872.70 96,872.70 0.00 0.00 7.38 B-2 96,872.70
B-2 Carryover Interest 0.00 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 0.00
X 574,567.77 537,298.80 0.00 537,298.80 1,111,866.57 X 0.00
R 0.00 0.00 0.00 0.00 0.00 R 0.00
Service Fee 0.00 253,070.94 253,070.94 0.00 0.00 Service Fee 253,070.94
---------------------------------------------------------------------- --------------
574,567.77 2,464,517.68 1,927,218.88 537,298.80 1,111,866.57 8,019,756.75
====================================================================== ==============
CUMULATIVE X INTEREST SHORTFALL 1,111,866.57
CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (1,107,348.86)
---------------
CUMULATIVE LOSSES 4,517.71
===============
</TABLE>
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