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Previous: EQUITY FOCUS TRUSTS SECTOR SERIES 1998 B, 497, 1998-11-19 |
Next: AGWAY INC, SC 13D, 1998-11-20 |
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) November 15, 1998.
------------------
OMI Trust 1998-D
--------------------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-31441 Application filed
- --------------------------------------------------------------------------------
(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-D
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-D (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1998-D (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on November 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 November 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-D, Registrant
By: Oakwood Acceptance Corporation,
as servicer
November 19, 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 November 15, 1998............................
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Oct-98
Scheduled Principal Balance of Contracts
- -------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
319,423,714.08 (348,965.15) (4,658,924.38) 0.00 0.00 314,415,824.55 2,566,858.12
==========================================================================================================
REPORT DATE: NOVEMBER 6, 1998
POOL REPORT # 1
Page 1 of 6
Scheduled Amount
Servicing Pass Thru Liquidation Available for Limited Total
Fee Interest Proceeds Distribution Guarantee Distribution
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
266,186.43 2,300,671.69 0.00 7,574,747.65 0.00 7,574,747.65
=====================================================================================
Certificate Account
- -------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00 4,746,198.78 740,683.24 0.00 2,771.00 5,489,653.02
===========================================================================================
P&I Advances at Distribution Date
- --------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------
<S> <C> <C> <C>
0.00 0.00 12,981.16 12,981.16
========================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: NOVEMBER 6, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #1
REMITTANCE REPORT
REPORTING MONTH: Oct-98 Page 2 of 6
Class B Crossover Test Test Met? Average 60 day delinquency ratio:
- ------------------------------------------- -----------
<S> <C> <C>
(a) Remittance date on or after May 2003 N Over 60s Pool Balance %
--------------------------------------
(b) Average 60 day Delinquency rate <= 5% Y Current Mo 0.00 319,423,714.08 0.00%
1st Preceding Mo 0.00 0.00 0.00%
(c) Average 30 day Delinquency rate <= 7% Y 2nd Preceding Mo 0.00 0.00 0.00%
Divided by 3
---------
(d) Cumulative losses do not exceed the following 0.00%
percent of the intitial principal balance of all
Certificates
Average 30 day delinquency ratio:
May 2003-Oct 2004 7% N
Nov 2004-Oct 2005 8% N
Nov 2005 and thereafter 9% N Over 30s Pool Balance %
-----------------------------------------
Current Mo 761,652.63 319,423,714.08 0.24%
1st Preceding Mo 0.00 0.00 0.00%
(e) Current realized loss ratio <= 2.75% Y 2nd Preceding Mo 0.00 0.00 0.00%
Divided by 3
--------
(f) Does Subordinated Certificate percentage equal or 0.08%
exceed 41.126% ========
of Pool Scheduled Principal Balance Cumulative loss ratio:
Beginning Adj M balances 36,734,000.00 Cumulative losses 0.00
----------------
Beginning Adj B-1 balance 12,777,000.00 Divided by Initial Certificate 319,423,713.00 0.000%
Principal ========
Beginning Adj B-2 balance 25,554,561.00
-------------
75,065,561.00
-------------
Divided by beginning pool
balance 319,423,714.08 Current realized loss ratio:
23.500% N Liquidation Pool
Losses Balance
--------------------------------
Current Mo 0.00 319,423,714.08
1st Preceding Mo 0.00 0.00
2nd Preceding Mo 0.00 0.00
0.000%
========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Oct-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
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non-Repos 6,907 314,333,521.08 18 679,349.16 0 0.00 0 0.00 18 679,349.16
Repos 3 82,303.47 3 82,303.47 0 3 82,303.47
----------------------------------------------------------------------------------------------------
Total 6,910 314,415,824.55 21 761,652.63 0 0.00 0 0.00 21 761,652.63
====================================================================================================
0.3% 0.24%
=======================
REPORT DATE: NOVEMBER 6, 1998
POOL REPORT # 1
Page 3 of 6
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>
3 82,303.47 0 0.00 3 82,303.47 3 82,303.47
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Oct-98
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total
FHA? Number Name Balance Proceeds Refunds Proceeds
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
=============================================
REPORT DATE: NOVEMBER 6, 1998
POOL REPORT # 1
Page 4 of 6
Net Net Current
Repossession Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Expenses Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
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
======================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Oct-98
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Current
Cert. Certificate Certificate Carryover Principal Principal
Class Balances Balances Principal Due Paid
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 238,335,000.00 238,335,000.00 0.00 (5,003,269.38)(5,003,269.38)
A-1 ARM 6,023,152.00 6,023,152.00 0.00 (4,620.07) (4,620.07)
M-1 Adjusted Certificate Balance 22,360,000.00 22,360,000.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
M-2 Adjusted Certificate Balance 14,374,000.00 14,374,000.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00 0.00
B-1 Adjusted Certificate Balance 12,777,000.00 12,777,000.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 Adjusted Certificate Balance 25,554,561.00 25,554,561.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
--------------------------------------------------------------------------
Adjusted Certificate Balance 319,423,713.00 319,423,713.00 0.00 (5,007,889.45)(5,007,889.45)
Outstanding Writedown 0.00
==========================================================================
319,423,713.00 319,423,713.00 0.00 (5,007,889.45)(5,007,889.45)
==========================================================================
REPORT DATE: NOVEMBER 6, 1998
POOL REPORT # 1
Page 5 of 6
Ending Ending Principal Paid
Cert. Carryover Writedown Certificate Pool Per $1,000
Class Principal Amounts Balances Factor Denomination
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 233,331,730.62 97.90074% 20.99
A-1 ARM 0.00 6,018,531.93 99.92329% 0.77
M-1 Adjusted Certificate Balance 0.00 0.00 22,360,000.00 100.00000% 0.00
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 Adjusted Certificate Balance 0.00 0.00 14,374,000.00 100.00000% 0.00
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 Adjusted Certificate Balance 0.00 0.00 12,777,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 Adjusted Certificate Balance 0.00 0.00 25,554,561.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
------------------------------------------
Adjusted Certificate Balance 0.00 0.00 314,415,823.55
Outstanding Writedown 0.00 0.00
==========================================
0.00 0.00 314,415,823.55
==========================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Oct-98
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 6.40000% 0.00 1,271,120.00 1,271,120.00 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 ARM 6.01950% 0.00 10,071.21 10,071.21 0.00 0.00
A-1 ARM Carryover Interest 0.00 0.00 0.00 0.00 0.00
M-1 Current Interest 7.415% 0.00 138,166.17 138,166.17 0.00 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-1 Carryover Writedown Int 0.00 0.00 0.00 0.00 0.00
M-2 Current Interest 8.322% 0.00 99,683.69 99,683.69 0.00 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
M-2 Carryover Writedown Int 0.00 0.00 0.00 0.00 0.00
B-1 Current Interest 8.650% 0.00 92,100.88 92,100.88 0.00 0.00
B-1 Carryover Interest 0.00 0 0 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-1 Carryover Writedown Int 0.00 0.00 0.00 0.00 0.00
B-2 Current Interest 7.950% 0.00 169,298.97 169,298.97 0.00 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
B-2 Carryover Writedown Int 0.00 0.00 0.00 0.00 0.00
Limited Guarantee
Service Fee 0.00 266,186.43 266,186.43 0.00 0.00
X Certificate 0.00 520,230.85 520,230.85 0.00 0.00
R
--------------------------------------------------------------------
0.00 2,566,858.20 2,566,858.20 0.00 0.00
====================================================================
REPORT DATE: NOVEMBER 6, 1998
POOL REPORT # 1
Page 6 of 6
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
----------------------------------------------------
<S> <C> <C> <C>
A-1 5.33 A-1 6,274,389.38
A-1 Carryover Interest
A-1 ARM 1.67 A-1 ARM 14,691.28
A-1 ARM Carryover Interest
M-1 Current Interest 6.18 M-1 138,166.17
M-1 Carryover Interest
M-1 Writedown Interest
M-1 Carryover Writedown Int
M-2 Current Interest 6.94 M-2 99,683.69
M-2 Carryover Interest
M-2 Writedown Interest
M-2 Carryover Writedown Int
B-1 Current Interest 7.21 B-1 92,100.88
B-1 Carryover Interest
B-1 Writedown Interest
B-1 Carryover Writedown Int
B-2 Current Interest 6.63 B-2 169,298.97
B-2 Carryover Interest
B-2 Writedown Interest
B-2 Carryover Writedown Int
Limited Guarantee
Service Fee 266,186.43
X 520,230.85
R
--------------
7,574,747.65
==============
</TABLE>
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