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Previous: CAPCO AMERICA SEC CORP COMM MORT PASS THROU CERT SER 1998-D7, 8-K, 1998-12-29 |
Next: MOMENTUM BUSINESS APPLICATIONS INC, 10-12G/A, 1998-12-29 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Excange Act of 1934
Date of Report (Date of earliest event reported) December 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 of 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. Bankrupty 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/Subordianted Pass-Through
Certificates, Series 1998-D (the "Certificates", makes monthly distributions to
holders of the Certificates. The latest distribution was made on December 15,
1998. Oakwood Acceptance Corpoation, as Servicer for the Trust, has prepared a
monthly Remittance Report and delivered it to the Trustee.
Remittance Report....................Exhibit 20.1
Item 6. Resignation of Registrant's Directors.
Not Applicable
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Not Applicable
20.1 Monthly Remittance Report relating to the Distribution Date
occurring on December 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
December 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 December 15, 1998...........................
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP.- SERVICER
REMITTANCE REPORT
REPORTING MONTH: NOV. 98
<TABLE>
<CAPTION>
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>
- -----------------------------------------------------------------------------------------------------------------------------------
314,415,824.55 (347,895.13) (5,426,834.68) 0.00 0.00 308,641,094.74 2,512,949.15
===================================================================================================================================
Scheduled Principal Balance of Contracts
- --------------------------------------------------------------------------------
Scheduled Amount
Servicing Pass Thru Liquidation Available for Limited Total
Fee Interest Proceeds Distribution Guarantee Distribution
- -------------------------------------------------------------------------------------------------
262,013.19 2,250,935.96 0.00 8,287,678.96 0.00 8,287,678.96
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ----------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5,489,653.02 5,711,810.71 1,893,154.48 (7,577,518.65) 12,108.33 5,529,207.89
=================================================================================================================
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------
12,981.16 9,823.63 885,295.80 888,453.33
============================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC 1998-D REPORT DATE: DECEMBER 7, 1998
OAKWOOD ACCEPTANCE CORP - SERVICER POOL REPORT 2
REMITTANCE REPORT
REPORTING MONTH Nov 98 page 2 0f 6
<TABLE>
<CAPTION>
Class B Crossover Test Test Met? Average 60 day delinquency ratio:
- -------------------------------------- ---------
<S> <C> <C> <C> <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 279,631.19 314,415,824.55 0.09%
1st Preceding No 0.00 319,423,724.08 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 initial 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 3,717,522.26 314,415,824.55 1.18%
1st Preceding Mo 761,652.53 319,423,714.08 0.24%
(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 0.47%
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 0.00%
Beginning Adj. B-2 balance 25,554,561.00 Principal
--------------
75,065,561.00
--------------
Divided by beginning pool
balance 314,415,824.55 Current realized loss ratio:
23.875% N Liquidation Pool
Losses Balance
---------------------------------
Current Mo 0.00 314,415,824.55
1st Preceding Mo 0.00 319,423,714.08
2nd Preceding Mo 0.00 0.00 0.000%
======
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D Report Date: December 7, 1998
OAKWOOD ACCEPTANCE CORP.- SERVICER Pool Report #2
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: NOV. 98
<TABLE>
<CAPTION>
<S> <C>
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
-------------------------------------------------------------------------------------------------------------------
Non-Repos 6,788 308,558,853.36 91 3,437,891.06 6 231,145.72 0 0.00
Repos 3 82,241.38 0 0.00 2 48,485.47 0 0.00
-------------------------------------------------------------------------------------------------------------------
Total 6,791 308,641,094.74 91 3,437,891.06 8 279,631.19 0 0.00
===================================================================================================================
Delinquency Analysis
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
-------------------------------------------------------------------------------------------------------------------
Non-Repos 97 3,669,036.78 3 82,241.38 0 0.00 0 0.00 3 82,300.47
Repos 2 48,485.47
--------------------
Total 99 3,717,522.25
====================
1.5% 1.20%
===================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D Report Date: December 7, 1998
OAKWOOD ACCEPTANCE CORP.- SERVICER Pool Report #2
REMITTANCE REPORT Page 4 of 6
REPORTING MONTH: NOV. 98
REPOSSESION LIQUIDATION REPORT
<TABLE>
<CAPTION>
<S> <C>
Liquidated
Account Customer Principal Sales Insur. Total
FHA? Number Name Balance Proceeds Refunds 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
Net Net Current
Repossessio Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Expenses Proceeds Advances Coverage 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 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 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>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D Report Date: December 7, 1998
OAKWOOD ACCEPTANCE CORP.- SERVICER Pool Report #2
REMITTANCE REPORT Page 6 of 6
REPORTING MONTH: NOV. 98
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Beginning Current Current Ending
Cert. Certificate Certificate Carryover Principal Principal Carryover
Class Balances Balances Principal Due Paid Principal
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 238,335,000.00 233,331,730.62 0.00 (5,707,326.90) (5,707,326.90) (0.00)
A-1 ARM 6,023,152.00 6,018,531.93 0.00 (67,402.91) (67,402.91) 0.00
M-1 Adjusted Certificate Balance 22,360,000.00 22,360,000.00 0.00 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 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 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 0.00
B-2 Outstanding Writedown 0.00 0.00
------------------------------------------------------------------------------
Adjusted Certificate Balance 319,423,713.00 314,415,823.55 0.00 (5,774,729.81) (5,774,729.81) (0.00)
Outstanding Writedown 0.00 0.00
------------------------------------------------------------------------------
319,423,713.00 314,415,823.55 0.00 (5,774,729.81) (5,774,729.81) (0.00)
==============================================================================
Ending Principal Paid
Cert. Writedown Certificate Pool Per $1,000
Class Amounts Balances Factor Denomination
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 227,624,403.72 95.50607% 24.46014
A-1 ARM 5,951,129.02 98.80423% 11.19923
M-1 Adjusted Certificate Balance 0.00 22,360,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00000
M-2 Adjusted Certificate Balance 0.00 14,374,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00000
B-1 Adjusted Certificate Balance 0.00 12,777,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00000
B-2 Adjusted Certificate Balance 0.00 25,554,661.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00000
------------------------
Adjusted Certificate Balance 0.00 308,641,093.74
Outstanding Writedown 0.00 0.00
------------------------
0.00 308,641,093.74
========================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D Report Date: December 7, 1998
OAKWOOD ACCEPTANCE CORP.- SERVICER Pool Report #2
REMITTANCE REPORT Page 5 of 6
REPORTING MONTH: NOV. 98
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000
Class Rate Balance Accrual Paid Shortfall Balance Denomination
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.40000% 0.00 1,244,435.90 1,244,435.90 0.00 0.00 5.33333
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 ARM 6.07781% 0.00 30,482.91 30,842.91 0.00 0.00 5.06484
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 6.17917
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 Carriover 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 6.93500
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 Carriover 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 7.20833
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-1 Carriover 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 6.62500
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 Carriover Writedown Int 0.00 0.00 0.00 0.00 0.00
Limited Guarantee
Service Fee 0.00 262,013.19 262,013.19 0.00 0.00
X Certificate 0.00 476,767.44 476,767.44 0.00 0.00
R
----------------------------------------------------------------
0.00 2,512,949.15 2,512,949.15 0.00 0.00
================================================================
<CAPTION>
Certificate Cert. TOTAL
Class Class DISTRIBUTION
---------------------------------
A-1 A-1 6,951,782.80
A-1 Carryover Interest
A-1 ARM A-1 ARM 97,885.82
A-1 ARM Carryover Interest
M-1 Current Interest M-1 138,166.17
M-1 Carryover Interest
M-1 Writedown Interest
M-1 Carriover Writedown Int
M-2 Current Interest M-2 99,683.69
M-2 Carryover Interest
M-2 Writedown Interest
M-2 Carriover Writedown Int
B-1 Current Interest B-1 92,100.88
B-1 Carryover Interest
B-1 Writedown Interest
B-1 Carriover Writedown Int
B-2 Current Interest B-2 169,298.97
B-2 Carryover Interest
B-2 Writedown Interest
B-2 Carriover Writedown Int
Limited Guarantee
Service Fee 262,013.19
X 476,767.44
R
------------
8,287,678.96
============
</TABLE>
|
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