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, 1999.
----------------
OMI Trust 1998-D
----------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-72621-01 Application filed
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o Chase Manhattan Trust Co.
Global Trust
Attention: Judy Wisniewskie
One Liberty Place, Suite 5520
1650 Market Street
Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 988-1322
--------------
-------------------------------------------------------------------------------
(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 October 15,
1999. 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, 1999.
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
October 23, 1999
------------------------
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, 1999........................................
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Sep-99
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- -------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing
Balance Principal Principal Principal Repurchased Balance Interest Fee
- ------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
281,605,715.96 (332,395.53) (1,606,838.06) (1,061,631.31) 0.00 278,604,851.06 2,309,460.97 234,671.43
==============================================================================================================================
<CAPTION>
Scheduled Amount
Pass Thru Liquidation Available for Limited Total
Interest Proceeds Distribution Guarantee Distribution
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2,074,789.54 712,325.39 4,961,019.95 0.00 4,961,019.95
=============================================================================
<CAPTION>
Certificate Account
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------------------
1,967,172.09 2,987,043.73 2,114,549.71 (5,476,630.07) 5,780.04 1,597,915.50
======================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- ---------------------------------------------------------
<S> <C> <C> <C>
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------
1,606,136.25 -1,522,036.38 84,099.87
=========================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 2 of 6
Class B Crossover Test Test Met?
-------------------------------------------------------------- -------------
(a) Remittance date on or after May 2003 N
(b) Average 60 day Delinquency rate <= 5% Y
(c) Average 30 day Delinquency rate <= 7% N
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
May 2003- Oct 2004 7% N
Nov 2004-Oct 2005 8% N
Nov 2005 and thereafter 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Does Subordinated Certificate percentage equal or
exceed 41.126%
of Pool Scheduled Principal Balance
Beginning Adj M balances 36,734,000.00
Beginning Adj B-1 balance 12,777,000.00
Beginning Adj B-2 balance 25,554,561.00
---------------------
75,065,561.00
---------------------
Divided by beginning pool
balance 281,605,715.96
26.656% N
Average 60 day delinquency ratio:
Over 60s Pool Balance %
---------------------------------------------------------
Current Mo 14,803,331.63 278,604,851.06 5.31%
1st Preceding Mo 13,739,180.06 281,605,715.96 4.88%
2nd Preceding Mo 13,085,369.61 284,791,028.12 4.59%
Divided by 3
------------
4.93%
============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
---------------------------------------------------------
Current Mo 22,273,369.44 278,604,851.06 7.99%
1st Preceding Mo 19,963,407.25 281,605,715.96 7.09%
2nd Preceding Mo 19,497,656.51 284,791,028.12 6.85%
Divided by 3
------------
7.31%
============
Cumulative loss ratio:
Cumulative losses 2,245,385.56
------------------------
Divided by Initial Certificate Principal 319,423,713.00 0.703%
============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 349,305.92 281,605,715.96
1st Preceding Mo 395,002.64 284,791,028.12
2nd Preceding Mo 386,226.70 288,646,514.11
---------------------------------------------
1,130,535.26 285,014,419.40 1.587%
============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Sep-99
<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 5,992 271,695,348.64 180 7,329,371.09 61 2,479,602.82 120 5,589,541.89 361 15,398,515.80
Repos 188 6,909,502.42 5 140,666.72 18 663,300.29 164 6,070,886.63 187 6,874,853.64
--------------------------------------------------------------------------------------------------------------------------
Total 6,180 278,604,851.06 185 7,470,037.81 79 3,142,903.11 284 11,660,428.52 548 22,273,369.44
==========================================================================================================================
8.9% 7.99%
=======================
<CAPTION>
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>
188 6,909,502.42 -3 (94,295.78) 35 1,242,680.25 430 15,092,897.69
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT REPORTING MONTH: Sep-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1722859 BERNICE TILLMAN 37,730.11 32,623.00 2,272.94 34,895.94 5,938.69 28,957.25
1726033 JOHN F HAYWARD 33,249.30 33,300.00 205.80 33,505.80 5,959.00 27,546.80
1727080 CHRISTOPHER J CURL 64,364.11 57,450.00 3,335.26 60,785.26 10,533.50 50,251.76
1728344 BRADLEY J ELMORE 4,447.99 2,000.00 565.38 2,565.38 650.00 1,915.38
1731991 DAVID M WINEMILLER 42,019.47 37,500.00 1,767.33 39,267.33 6,085.00 33,182.33
1732445 CECELIA CHAVEZ 33,598.25 33,500.00 487.37 33,987.37 5,965.00 28,022.37
1733054 NORA C BUENO 9,418.23 1,500.00 159.02 1,659.02 5,700.00 (4,040.98)
1735000 MARIA CHAFFIN 12,964.70 3,500.00 1,173.52 4,673.52 650.00 4,023.52
1735570 ROSILAND L SMITH 20,908.23 24,500.00 1,000.80 25,500.80 5,695.00 19,805.80
1739374 MELINDA A THERIOT 42,372.02 39,600.00 559.64 40,159.64 9,998.00 30,161.64
1745280 CHERI D FREEMAN 36,851.14 33,000.00 2,391.38 35,391.38 5,950.00 29,441.38
1749050 CARLOS A LACHINO 20,113.94 23,000.00 111.14 23,111.14 5,650.00 17,461.14
1681238 TRAVIS STONE 39,926.15 31,300.00 2,642.30 33,942.30 5,899.00 28,043.30
1681287 MONTIGO A DAVIDSON 35,566.98 36,000.00 224.86 36,224.86 6,040.00 30,184.86
1681659 RON E DEAN 57,012.70 48,250.00 500.10 48,750.10 10,257.50 38,492.60
1682632 JUDY E COWEY 20,327.61 20,000.00 869.36 20,869.36 5,560.00 15,309.36
1682988 CLIFFORD T LATHEM 27,378.70 29,000.00 1,915.55 30,915.55 5,830.00 25,085.55
1687292 WILLIAM J BARTUCH 36,985.14 39,150.00 2,288.04 41,438.04 9,984.50 31,453.54
1692789 LORETTA L CLARK 39,217.30 30,000.00 3,074.66 33,074.66 5,860.00 27,214.66
1693928 SAMUEL G DAY 31,398.82 27,000.00 1,917.61 28,917.61 5,770.00 23,147.61
1695477 DONALD E MAYS 28,018.75 25,800.00 258.91 26,058.91 5,734.00 20,324.91
1695634 ELLA M VERNOTZY 9,361.69 1,500.00 154.13 1,654.13 650.00 1,004.13
1695691 GEORGE E RUNNING 26,899.16 25,400.00 100.30 25,500.30 5,722.00 19,778.30
1696145 ROBERT C BUCK 16,029.43 18,000.00 124.99 18,124.99 5,500.00 12,624.99
1700087 TRACY L CRISSMAN 34,337.65 35,600.00 490.36 36,090.36 6,028.00 30,062.36
1700277 RICHARD P BOUCHER 35,292.47 35,900.00 1,211.21 37,111.21 6,037.00 31,074.21
1707520 SHANNON D MCCLELLAND 8,793.37 1,250.00 0.00 1,250.00 650.00 600.00
1709666 JOSHUA E HORNE 33,339.76 34,000.00 0.00 34,000.00 5,980.00 28,020.00
1714401 CALETHA MOURNING 31,286.10 29,350.00 273.13 29,623.13 5,840.50 23,782.63
1709922 ROBERT T ANDERSON 34,469.46 35,200.00 0.00 35,200.00 6,016.00 29,184.00
1710003 JASON DANIEL 61,951.95 62,850.00 536.31 63,386.31 10,695.50 52,690.81
1731231 TANIA A WARNER 37,631.12 34,500.00 1,106.67 35,606.67 5,995.00 29,611.67
1741958 JAMES E BLEDSOE 58,369.51 52,050.00 1,462.30 53,512.30 10,371.50 43,140.80
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
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. FHA Insurance Pass Thru Period Net Cumulative
Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
3,920.88 0.00 25,036.37 (12,693.74)
3,457.43 0.00 24,089.37 (9,159.93)
4,820.33 0.00 45,431.43 (18,932.68)
657.85 0.00 1,257.53 (3,190.46)
4,366.62 0.00 28,815.71 (13,203.76)
3,049.12 0.00 24,973.25 (8,625.00)
1,501.67 0.00 (5,542.65) (14,960.88)
2,443.46 0.00 1,580.06 (11,384.64)
1,713.08 0.00 18,092.72 (2,815.51)
2,920.85 0.00 27,240.79 (15,131.23)
2,856.73 0.00 26,584.65 (10,266.49)
1,918.04 0.00 15,543.10 (4,570.84)
5,551.21 0.00 22,492.09 (17,434.06)
5,122.33 0.00 25,062.53 (10,504.45)
2,485.41 0.00 36,007.19 (21,005.51)
1,578.09 0.00 13,731.27 (6,596.34)
1,681.65 0.00 23,403.90 (3,974.80)
3,028.18 0.00 28,425.36 (8,559.78)
3,565.33 0.00 23,649.33 (15,567.97)
2,108.80 0.00 21,038.81 (10,360.01)
3,291.29 0.00 17,033.62 (10,985.13)
1,879.68 0.00 (875.55) (10,237.24)
3,077.10 0.00 16,701.20 (10,197.96)
1,112.14 0.00 11,512.85 (4,516.58)
3,319.23 0.00 26,743.13 (7,594.52)
2,369.94 0.00 28,704.27 (6,588.20)
1,787.36 0.00 (1,187.36) (9,980.73)
3,467.83 0.00 24,552.17 (8,787.59)
3,784.57 0.00 19,998.06 (11,288.04)
3,585.36 0.00 25,598.64 (8,870.82)
3,350.24 0.00 49,340.57 (12,611.38)
2,948.24 0.00 26,663.43 (10,967.69)
2,513.25 0.00 40,627.55 (17,741.96)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
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: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT REPORTING MONTH: Sep-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- -------------------------------------------------------------------------------------------------------------
<S> <C> <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
==========================================================================================
1,061,631.31 973,573.00 33,180.37 1,006,753.37 199,194.69 807,558.68
==========================================================================================
<CAPTION>
Net Current
Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------
<S> <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
========================================================
95,233.29 0.00 712,325.39 (349,305.92) (2,245,385.56)
=============================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 5 of 6
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
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 238,335,000.00 201,136,785.66 0.00 0.00 (2,927,092.49) (2,927,092.49)
A-1 ARM 6,023,152.00 5,403,369.30 0.00 0.00 (73,772.41) (73,772.41)
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 319,423,713.00 281,605,715.96 0.00 0.00 (3,000,864.90) (3,000,864.90)
Outstanding Writedown 0.00 0.00
==================================================================================================
319,423,713.00 281,605,715.96 0.00 0.00 (3,000,864.90) (3,000,864.90)
==================================================================================================
<CAPTION>
<S> <C> <C> <C>
Ending Principal Paid
Writedown Certificate Pool Per $1,000
Amounts Balances Factor Denomination
- ----------------------------------------------------------------------
198,209,693.17 83.16432% 12.28142
5,329,596.89 88.48518% 12.24814
0.00 22,360,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
0.00 14,374,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
0.00 12,777,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
0.00 25,554,561.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
- -------------------------------
0.00 278,604,851.06
0.00 0.00
===============================
0.00 278,604,851.06
===============================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 12
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
-------------------------------------------------------------------------------------------------------
A-1 6.40000% 0.00 1,072,729.52 1,072,729.52 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 ARM 7.54100% 0.00 33,955.67 33,955.67 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 0.00 234,671.43 234,671.43 0.00 0.00
X Certificate 1,896,079.64 468,854.64 119,548.72 349,305.92 2,245,385.56
R
-------------------------------------------------------------------------------------
1,896,079.64 2,309,460.97 1,960,155.05 349,305.92 2,245,385.56
=====================================================================================
<CAPTION>
<S> <C> <C>
Interest Paid
Per $1,000 Cert. TOTAL
Denomination Class DISTRIBUTION
- ---------------------------------------------------------
5.33333 A-1 3,999,822.01
6.28417 A-1 ARM 107,728.08
6.17917 M-1 138,166.17
6.93500 M-2 99,683.69
7.20833 B-1 92,100.88
6.62500 B-2 169,298.97
Limited Guarantee
Service Fee 234,671.43
X 119,548.72
R
---------------
4,961,019.95
===============
</TABLE>
