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Previous: FIRST FIDUCIARY INVESTMENT COUNSEL INC, 13F-HR, 1999-05-19 |
Next: MUNIHOLDINGS CALIFORNIA INSURED FUND IV INC, N-30D, 1999-05-19 |
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) May 15, 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 May 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 May 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
May 23, 1999 ------------------------------------
Douglas R. Muir
Vice President
<PAGE>
<TABLE>
<CAPTION>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
--------------------
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on May 15, 1999...................................................................
</TABLE>
Exhibit 20.1
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
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>
295,214,849.87 (344,652.83) (1,216,937.71) (554,278.23) 0.00 293,098,981.10
===================================================================================================================================
Certificate Account
-----------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,041,806.34 2,083,910.22 2,133,480.87 (4,942,176.57) 4,578.07 1,321,598.93
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
REPORT DATE: May 7, 1999
POOL REPORT # 7
Page 1 of 6
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for Limited Total
Interest Fee Interest Proceeds Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2,366,296.39 246,012.37 2,120,284.02 400,585.76 4,328,472.69 0.00 4,328,472.69
====================================================================================================================================
P&I Advances at Distribution Date
---------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
---------------------------------------------------------------------------------
<S> <C> <C> <C>
1,525,967.71 1,509,852.76 1,415,757.68 1,431,872.63
=================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
Class B Crossover Test Test Met?
- --------------------------------------------------------------- ---------------
<S> <C> <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 295,214,849.87
25.427% N
</TABLE>
<TABLE>
<CAPTION>
REPORT DATE: May 7, 1999
POOL REPORT # 7
Page 2 of 6
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
<S> <C> <C> <C>
Current Mo 8,480,907.96 295,214,849.87 2.87%
1st Preceding Mo 7,455,267.26 297,762,632.78 2.50%
2nd Preceding Mo 6,026,062.37 300,500,647.76 2.01%
Divided by 3
--------------
2.46%
==============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 14,544,966.20 295,214,849.87 4.93%
1st Preceding Mo 11,579,115.39 297,762,632.78 3.89%
2nd Preceding Mo 13,425,006.77 300,500,647.76 4.47%
Divided by 3
--------------
4.43%
==============
Cumulative loss ratio:
Cumulative losses 651,275.66
-----------------------
Divided by Initial Certificate Principal 319,423,713.00 0.204%
==============
Current realized loss ratio:
Liquidation Pool
Losses Balance
------------------------------------------
Current Mo 153,692.47 295,214,849.87
1st Preceding Mo 273,794.77 297,762,632.78
2nd Preceding Mo 178,535.53 300,500,647.76
0.816%
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
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 6,371 289,242,444.63 139 5,639,594.52 42 1,582,156.99 73 3,466,678.22 254 10,688,429.73
Repos 109 3,856,536.47 11 424,463.72 22 692,579.42 76 2,739,493.33 109 3,856,536.47
-----------------------------------------------------------------------------------------------------------------------
Total 6,480 293,098,981.10 150 6,064,058.24 64 2,274,736.41 149 6,206,171.55 363 14,544,966.20
=======================================================================================================================
5.6% 4.96%
=========================
</TABLE>
<TABLE>
<CAPTION>
REPORT DATE: May 7, 1999
POOL REPORT # 7
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>
109 3,856,536.47 -1 (49,327.83) 57 1,967,216.95 190 6,509,336.99
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1724541 SHELBY A VICK 16,770.96 16,300.00 1,921.06 18,221.06 5,364.00
1737006 FRANKIE B STUART 4,547.80 3,500.00 29.82 3,529.82 400.00
1742980 LARRY F RICHARDS 30,995.99 35,500.00 505.57 36,005.57 5,940.00
1744762 ALAN P WEBBER 35,713.13 32,000.00 1,299.02 33,299.02 5,835.00
1746288 CHARITY L PURITT 7,988.87 8,500.00 1,080.97 9,580.97 5,130.00
1681352 SUZANNE N RODENHAUSER 30,073.85 28,500.00 2,069.68 30,569.68 5,730.00
1682137 ALFONSO LOYO 30,968.15 32,500.00 2,117.73 34,617.73 5,850.00
1684414 JOYCE R FORTNER 37,008.16 34,500.00 1,037.98 35,537.98 5,910.00
1685536 TRACY L LUSK 36,618.73 38,900.00 940.65 39,840.65 6,042.00
1692250 KONYA K WATKINS 47,576.43 42,750.00 2,602.98 45,352.98 9,907.50
1697929 KENNY L CAVITT 14,894.96 3,009.00 1,686.39 4,695.39 400.00
1700954 KELLY D HILL 33,743.17 34,100.00 274.80 34,374.80 5,898.00
1704105 WILLIAM E THORNBERRY 17,944.01 16,500.00 781.63 17,281.63 5,370.00
1705300 BRET C AGEE 27,675.81 26,500.00 158.31 26,658.31 5,670.00
1675958 ROBERT MCSWAIN 8,774.23 3,000.00 0.00 3,000.00 400.00
1676600 SCOTT E CHAPMAN 26,872.65 26,000.00 2,506.52 28,506.52 5,655.00
1683143 ELIZABETH V SUTTON 47,342.58 47,150.00 1,570.67 48,720.67 10,039.50
1710276 SCOT W LINDENAU 53,101.54 48,550.00 4,127.13 52,677.13 10,081.50
1748128 CARLOS ACUNA 45,667.21 48,150.00 239.75 48,389.75 10,069.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
========================================================================================
554,278.23 525,909.00 24,950.66 550,859.66 109,692.00
========================================================================================
</TABLE>
<TABLE>
<CAPTION>
REPORT DATE: May 7, 1999
POOL REPORT # 7
Page 4 of 6
Net Net Current
Account Customer Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Number Name Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1724541 SHELBY A VICK 12,857.06 1,403.22 0.00 11,453.84 (5,317.12)
1737006 FRANKIE B STUART 3,129.82 762.63 0.00 2,367.19 (2,180.61)
1742980 LARRY F RICHARDS 30,065.57 2,385.95 0.00 27,679.62 (3,316.37)
1744762 ALAN P WEBBER 27,464.02 2,740.17 0.00 24,723.85 (10,989.28)
1746288 CHARITY L PURITT 4,450.97 1,031.86 0.00 3,419.11 (4,569.76)
1681352 SUZANNE N RODENHAUSER 24,839.68 2,086.28 0.00 22,753.40 (7,320.45)
1682137 ALFONSO LOYO 28,767.73 2,319.43 0.00 26,448.30 (4,519.85)
1684414 JOYCE R FORTNER 29,627.98 2,972.25 0.00 26,655.73 (10,352.43)
1685536 TRACY L LUSK 33,798.65 3,003.67 0.00 30,794.98 (5,823.75)
1692250 KONYA K WATKINS 35,445.48 2,532.80 0.00 32,912.68 (14,663.75)
1697929 KENNY L CAVITT 4,295.39 1,863.52 0.00 2,431.87 (12,463.09)
1700954 KELLY D HILL 28,476.80 3,041.57 0.00 25,435.23 (8,307.94)
1704105 WILLIAM E THORNBERRY 11,911.63 1,857.86 0.00 10,053.77 (7,890.24)
1705300 BRET C AGEE 20,988.31 2,494.69 0.00 18,493.62 (9,182.19)
1675958 ROBERT MCSWAIN 2,600.00 1,199.78 0.00 1,400.22 (7,374.01)
1676600 SCOTT E CHAPMAN 22,851.52 2,447.44 0.00 20,404.08 (6,468.57)
1683143 ELIZABETH V SUTTON 38,681.17 1,225.30 0.00 37,455.87 (9,886.71)
1710276 SCOT W LINDENAU 42,595.63 2,200.82 0.00 40,394.81 (12,706.73)
1748128 CARLOS ACUNA 38,320.25 3,012.66 0.00 35,307.59 (10,359.62)
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
==============================================================================
441,167.66 40,581.90 0.00 400,585.76 (153,692.47) (651,275.66)
===============================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
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-1 238,335,000.00 214,156,815.39 0.00 (1,936,911.40) (1,936,911.40)
A-1 ARM 6,023,152.00 5,992,473.48 0.00 (178,957.37) (178,957.37)
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 319,423,713.00 295,214,849.87 0.00 (2,115,868.77) (2,115,868.77)
Outstanding Writedown 0.00 0.00
===============================================================================================
319,423,713.00 295,214,849.87 0.00 (2,115,868.77) (2,115,868.77)
===============================================================================================
</TABLE>
<TABLE>
<CAPTION>
REPORT DATE: May 7, 1999
POOL REPORT # 7
Page 5 of 6
Ending Ending Principal Paid
Cert. Carryover Writedown Certificate Pool Per $1,000
Class Principal Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <S> <C> <C> <C> <C>
A-1 0.00 212,219,903.99 89.04269% 9.04436
A-1 ARM 0.00 5,813,516.11 96.51950% 29.86369
M-1 Adjusted Certificate Balance 0.00 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 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 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 0.00 25,554,561.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00000
-------------------------------------------------------
Adjusted Certificate Balance 0.00 0.00 293,098,981.10
Outstanding Writedown 0.00 0.00
=======================================================
0.00 0.00 293,098,981.10
=======================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 6.40000% 0.00 1,142,169.68 1,142,169.68 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00
A-1 ARM 5.76250% 0.00 28,776.36 28,776.36 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 0.00 246,012.37 246,012.37 0.00
X Certificate 497,583.19 450,088.27 296,395.80 153,692.47
R
---------------------------------------------------------------------------------
497,583.19 2,366,296.39 2,212,603.92 153,692.47
=================================================================================
</TABLE>
<TABLE>
<CAPTION>
REPORT DATE: May 7, 1999
POOL REPORT # 7
Page 6 of 6
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 5.33333 A-1 3,079,081.08
A-1 Carryover Interest 0.00
A-1 ARM 0.00 4.80208 A-1 ARM 207,733.73
A-1 ARM Carryover Interest 0.00
M-1 Current Interest 0.00 6.17917 M-1 138,166.17
M-1 Carryover Interest 0.00
M-1 Writedown Interest 0.00
M-1 Carryover Writedown Int 0.00
M-2 Current Interest 0.00 6.93500 M-2 99,683.69
M-2 Carryover Interest 0.00
M-2 Writedown Interest 0.00
M-2 Carryover Writedown Int 0.00
B-1 Current Interest 0.00 7.20833 B-1 92,100.88
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-1 Carryover Writedown Int 0.00
B-2 Current Interest 0.00 6.62500 B-2 169,298.97
B-2 Carryover Interest 0.00
B-2 Writedown Interest 0.00
B-2 Carryover Writedown Int 0.00
Limited Guarantee Limited Guarantee
Service Fee 0.00 Service Fee 246,012.37
X Certificate 651,275.66 X 296,395.80
R R
------------------ ---------------------
651,275.66 4,328,472.69
================== =====================
</TABLE>
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