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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) August 13, 1999.
----------------
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 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 August 13,
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 August 13, 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
-----------------------------------
August 23, 1999 Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
--------------
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on August 13, 1999.............................
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 10
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Jul-99
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
-----------------------------------------------------------------------------------------------------------------------------------
288,646,514.11 (345,817.53) (2,185,901.05) (1,323,767.41) 0.00 284,791,028.12
===================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for Limited Total
Interest Fee Interest Proceeds Distribution Guarantee Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
2,304,342.93 240,538.76 2,063,804.17 937,540.71 5,773,602.22 0.00 5,773,602.22
==================================================================================================================================
Certificate Account
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------------------------------------------
1,194,901.28 3,841,301.60 2,247,851.31 (4,573,985.88) 5,995.17 2,716,063.48
===============================================================================================================================
P&I Advances at Distribution Date
- ------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ------------------------------------------------------------------------------
1,587,140.72 1,595,731.41 -8,590.69
==============================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-99
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- --------------------------------------------------------------- ---------------
<S> <C> <C>
(a) Remittance date on or after May 2003 N
(b) Average 60 day Delinquency rate <= 5% Y
(c) Average 30 day Delinquency rate <= 7% Y
(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 288,646,514.11
26.006% N
</TABLE>
REPORT DATE: August 6, 1999
POOL REPORT # 10
Page 2 of 6
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-------------------------------------------------------
Current Mo 13,085,369.61 284,791,028.12 4.59%
1st Preceding Mo 11,914,720.74 288,646,514.11 4.13%
2nd Preceding Mo 9,674,597.90 290,886,768.22 3.33%
Divided by 3
-------------
4.02%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
-------------------------------------------------------
Current Mo 19,497,656.51 284,791,028.12 6.85%
1st Preceding Mo 18,157,251.23 288,646,514.11 6.29%
2nd Preceding Mo 15,950,029.12 290,886,768.22 5.48%
Divided by 3
-------------
6.21%
=============
Cumulative loss ratio:
Cumulative losses 1,501,077.00
---------------------
Divided by Initial Certificate Principal 319,423,713.00 0.470%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
------------------------------------------
Current Mo 386,226.70 288,646,514.11
1st Preceding Mo 227,648.75 290,886,768.22
2nd Preceding Mo 235,925.89 293,098,981.10
------------------------------------------
849,801.34 290,877,421.14 1.169%
=============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-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 6,115 277,799,936.54 151 6,128,626.18 58 2,528,418.91 85 3,849,519.84 294 12,506,564.93
Repos 196 6,991,091.58 10 283,660.72 34 1,224,493.32 152 5,482,937.54 196 6,991,091.58
-------------------------------------------------------------------------------------------------------------------------
Total 6,311 284,791,028.12 161 6,412,286.90 92 3,752,912.23 237 9,332,457.38 490 19,497,656.51
=========================================================================================================================
7.8% 6.85%
=========================
</TABLE>
REPORT DATE: August 6, 1999
POOL REPORT # 10
Page 3 of 6
<TABLE>
<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>
196 6,991,091.58 0 0.00 65 2,393,807.28 363 12,694,267.65
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-99
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated
Account Customer Principal Sales Insur. Total
Number Name Balance Proceeds Refunds Proceeds
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1717842 MARK JOHNSON 28,855.45 28,000.00 1,837.34 29,837.34
1719541 JOANN P CHERAMIE 55,669.45 51,550.00 4,210.28 55,760.28
1720713 MICHEAL S CARTER 27,493.50 25,900.00 1,432.93 27,332.93
1721612 LORA D SPURLOCK 61,704.63 56,000.00 635.72 56,635.72
1724061 MARY K EASTERLING 27,078.61 27,900.00 288.76 28,188.76
1727148 EARTHILA WILLIAMS 26,095.33 25,000.00 805.50 25,805.50
1728138 MILTON C JENKINS 27,218.34 24,500.00 1,739.26 26,239.26
1729359 HEATHER PASCO 33,942.81 31,300.00 213.53 31,513.53
1733831 KELLY MELICOCI 29,409.08 30,700.00 206.54 30,906.54
1735414 CHERYL L WALLACE 53,883.24 48,150.00 2,099.74 50,249.74
1748250 JASON MCCLURE 30,939.49 27,800.00 1,172.96 28,972.96
1682863 JIMMY CLENNEY 29,868.04 33,000.00 719.60 33,719.60
1683440 KEVIN HOSS 41,137.38 38,500.00 421.34 38,921.34
1683762 BETTY S CALLAHAN 60,418.37 58,850.00 760.04 59,610.04
1684307 KIMBERLY D SMITH 27,654.38 22,000.00 1,458.39 23,458.39
1688654 DEANNA L ASHLEY 30,074.42 28,500.00 581.20 29,081.20
1690411 WAYNE WALKER 51,917.27 46,250.00 1,751.05 48,001.05
1691351 VESTER C PARTON 27,729.89 25,000.00 2,033.01 27,033.01
1691732 OLIVER D STEPHENS 24,189.90 26,900.00 1,241.35 28,141.35
1694363 CLAUDETTE M CUNNINGHAM 29,674.96 30,400.00 1,013.06 31,413.06
1695188 GERARDO DOMINGUEZ 42,063.28 40,750.00 2,214.95 42,964.95
1697390 TAMSEN L MESERVE 31,320.55 30,400.00 855.12 31,255.12
1698083 ANGEL PONCE 48,661.40 52,500.00 4,133.62 56,633.62
1701192 ETHEL M GAITHER 25,162.74 23,900.00 1,276.51 25,176.51
1704121 BONITA S WATSON 36,412.14 36,000.00 929.30 36,929.30
1704816 DAVID N FISHER 32,234.74 26,500.00 2,348.49 28,848.49
1710540 JENNIFER M BAGBEY 36,773.39 33,500.00 2,563.29 36,063.29
1712223 ROBERT CERQUA 32,668.26 34,400.00 199.92 34,599.92
1712405 JOHNNY M GRIFFIN 30,916.79 28,000.00 1,530.59 29,530.59
1712918 WILLIAM E GOODALL II 23,213.31 26,800.00 2,324.44 29,124.44
0461053 JAMES R SPAKE 42,768.90 43,750.00 0.00 43,750.00
1658038 OPHELIA G ESTEVAN 10,310.86 11,800.00 532.75 12,332.75
1671411 CAROLYN MCNEILLY 18,277.14 18,900.00 220.44 19,120.44
1673052 LOUISE BROWN 22,845.81 24,000.00 370.50 24,370.50
1673516 BRENDA S GREER 29,931.56 28,400.00 990.10 29,390.10
1674902 LONNIE BELLAMY 29,123.63 27,400.00 1,706.62 29,106.62
1678028 MICHAEL E HARRIS 22,891.84 21,000.00 0.00 21,000.00
1679448 DEE A HYMAN 23,480.09 22,900.00 1,431.63 24,331.63
1732916 GONZALO CUEVAS 59,756.44 58,850.00 138.23 58,988.23
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
======================================================================
1,323,767.41 1,275,950.00 48,388.10 1,324,338.10
======================================================================
</TABLE>
REPORT DATE: August 6, 1999
POOL REPORT # 10
Page 4 of 6
<TABLE>
<CAPTION>
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>
5,890.00 23,947.34 2,228.87 0.00 21,718.47 (7,136.98)
9,801.50 45,958.78 4,771.04 0.00 41,187.74 (14,481.71)
5,827.00 21,505.93 1,917.85 0.00 19,588.08 (7,905.42)
9,935.00 46,700.72 2,806.04 0.00 43,894.68 (17,809.95)
5,887.00 22,301.76 2,808.83 0.00 19,492.93 (7,585.68)
5,800.00 20,005.50 2,403.09 0.00 17,602.41 (8,492.92)
5,785.00 20,454.26 1,742.86 0.00 18,711.40 (8,506.94)
5,989.00 25,524.53 2,486.42 0.00 23,038.11 (10,904.70)
5,971.00 24,935.54 3,047.97 0.00 21,887.57 (7,521.51)
9,699.50 40,550.24 3,031.78 0.00 37,518.46 (16,364.78)
9,089.00 19,883.96 1,769.01 0.00 18,114.95 (12,824.54)
6,040.00 27,679.60 3,101.03 0.00 24,578.57 (5,289.47)
9,410.00 29,511.34 4,470.96 0.00 25,040.38 (16,097.00)
10,020.50 49,589.54 5,094.87 0.00 44,494.67 (15,923.70)
5,710.00 17,748.39 1,763.95 0.00 15,984.44 (11,669.94)
5,905.00 23,176.20 2,822.31 0.00 20,353.89 (9,720.53)
9,642.50 38,358.55 7,099.95 0.00 31,258.60 (20,658.67)
5,800.00 21,233.01 2,163.36 0.00 19,069.65 (8,660.24)
5,857.00 22,284.35 2,183.66 0.00 20,100.69 (4,089.21)
5,962.00 25,451.06 2,234.13 0.00 23,216.93 (6,458.03)
9,477.50 33,487.45 4,028.93 0.00 29,458.52 (12,604.76)
5,962.00 25,293.12 2,424.46 0.00 22,868.66 (8,451.89)
9,830.00 46,803.62 5,127.48 0.00 41,676.14 (6,985.26)
5,767.00 19,409.51 3,507.60 0.00 15,901.91 (9,260.83)
6,130.00 30,799.30 2,036.08 0.00 28,763.22 (7,648.92)
5,845.00 23,003.49 3,346.60 0.00 19,656.89 (12,577.85)
6,055.00 30,008.29 4,209.70 0.00 25,798.59 (10,974.80)
6,082.00 28,517.92 2,670.11 0.00 25,847.81 (6,820.45)
5,890.00 23,640.59 2,014.29 0.00 21,626.30 (9,290.49)
5,854.00 23,270.44 2,038.98 0.00 21,231.46 (1,981.85)
9,567.50 34,182.50 6,126.89 0.00 28,055.61 (14,713.29)
5,404.00 6,928.75 1,081.16 0.00 5,847.59 (4,463.27)
5,617.00 13,503.44 1,885.69 0.00 11,617.75 (6,659.39)
5,770.00 18,600.50 2,073.34 0.00 16,527.16 (6,318.65)
5,902.00 23,488.10 2,297.73 0.00 21,190.37 (8,741.19)
5,872.00 23,234.62 2,253.34 0.00 20,981.28 (8,142.35)
5,680.00 15,320.00 1,844.99 0.00 13,475.01 (9,416.83)
5,737.00 18,594.63 1,812.97 0.00 16,781.66 (6,698.43)
10,020.50 48,967.73 5,585.57 0.00 43,382.16 (16,374.28)
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
270,483.50 1,053,854.60 116,3 13.89 0.00 937,540.71 (386,226.70) (1,501,077.00)
=============================================================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-99
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Beginning Current Current
Cert. Certificate Certificate Carryover Principal Principal
Class Balances Balances Principal Due Paid
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 238,335,000.00 207,859,004.96 0.00 (3,725,672.95) (3,725,672.95)
A-1 ARM 6,023,152.00 5,721,948.15 0.00 (129,813.04) (129,813.04)
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 319,423,713.00 288,646,514.11 0.00 (3,855,485.99) (3,855,485.99)
Outstanding Writedown 0.00 0.00
------------------------------------------------------------------------------------------
319,423,713.00 288,646,514.11 0.00 (3,855,485.99) (3,855,485.99)
=============================================================================================
</TABLE>
REPORT DATE: August 6, 1999
POOL REPORT # 10
Page 5 of 6
<TABLE>
<CAPTION>
Ending Ending Principal Paid
Carryover Writedown Certificate Pool Per $1,000
Principal Amounts Balances Factor Denomination
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00 204,133,332.01 85.64975% 15.63208
0.00 5,592,135.11 92.84400% 21.55234
0.00 0.00 22,360,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
0.00 0.00 14,374,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
0.00 0.00 12,777,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
0.00 0.00 25,554,561.00 100.00000% 0.00000
0.00 0.00 0.00 0.00000
- -----------------------------------------------------------------
0.00 0.00 284,791,028.12
0.00 0.00
- -----------------------------------------------------------------
0.00 0.00 284,791,028.12
=================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jul-99
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 6.40000% 0.00 1,108,581.35 1,108,581.35 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00
A-1 ARM 6.93000% 0.00 34,145.73 34,145.73 0.00
A-1 ARM Carryover Interest 0.00 0.00 0.00 0.00
M-1 Current Interest 7.415% 0.00 138,166.17 138,166.17 0.00
M-1 Carryover Interest 0.00 0.00 0.00 0.00
M-1 Writedown Interest 0.00 0.00 0.00 0.00
M-1 Carryover Writedown Int 0.00 0.00 0.00 0.00
M-2 Current Interest 8.322% 0.00 99,683.69 99,683.69 0.00
M-2 Carryover Interest 0.00 0.00 0.00 0.00
M-2 Writedown Interest 0.00 0.00 0.00 0.00
M-2 Carryover Writedown Int 0.00 0.00 0.00 0.00
B-1 Current Interest 8.650% 0.00 92,100.88 92,100.88 0.00
B-1 Carryover Interest 0.00 0 0 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00
B-1 Carryover Writedown Int 0.00 0.00 0.00 0.00
B-2 Current Interest 7.950% 0.00 169,298.97 169,298.97 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00
B-2 Carryover Writedown Int 0.00 0.00 0.00 0.00
Limited Guarantee
Service Fee 0.00 240,538.76 240,538.76 0.00
X Certificate 1,114,850.30 421,827.38 35,600.68 386,226.70
R
-------------------------------------------------------------------------------
1,114,850.30 2,304,342.93 1,918,116.23 386,226.70
===============================================================================
</TABLE>
REPORT DATE: August 6, 1999
POOL REPORT # 10
Page 6 of 6
Interest Paid
Ending Per $1,000 Cert. TOTAL
Balance Denomination Class DISTRIBUTION
- --------------------------------------------------------------------------------
0.00 5.33333 A-1 4,834,254.30
0.00
0.00 5.96750 A-1 ARM 163,958.77
0.00
0.00 6.17917 M-1 138,166.17
0.00
0.00
0.00
0.00 6.93500 M-2 99,683.69
0.00
0.00
0.00
0.00 7.20833 B-1 92,100.88
0.00
0.00
0.00
0.00 6.62500 B-2 169,298.97
0.00
0.00
0.00
Limited Guarantee
0.00 Service Fee 240,538.76
1,501,077.00 X 35,600.68
R
- --------------- -----------------
1,501,077.00 5,773,602.22
=============== =================
|
|