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Previous: FBR ASSET INVESTMENT CORP MD, S-11/A, 1999-03-22 |
Next: NATIONSLINK FUNDING CORP COMM MORT PASS THR CERT SER 1998-2, 8-K, 1999-03-22 |
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) March 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 March 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 March 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
March 23, 1999 -------------------------------
Douglas R. Muir
Vice President
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on March 15, 1999.................................................................
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Feb-99
<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>
300,500,647.76 (345,031.36) (1,658,348.60) (734,635.02) 0.00 297,762,632.78 2,408,112.63
================================================================================================================================
Certificate Account
- ---------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------------------------
2,747,545.48 2,725,095.20 2,304,851.90 (5,711,352.50) 5,849.60 2,071,989.68
===============================================================================================================
<CAPTION>
REPORT DATE: March 5, 1998
POOL REPORT # 5
Page 1 of 6
Scheduled Amount
Servicing Pass Thru Liquidation Available for Limited Total
Fee Interest Proceeds Distribution Guarantee Distribution
- ----------------------------------------------------------------------------------------------------
250,417.21 2,157,695.42 556,099.49 4,967,592.08 0.00 4,967,592.08
====================================================================================================
P&I Advances at Distribution Date
- -------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -------------------------------------------------------------------
760,841.95 754,631.99 1,483,579.17 1,489,789.13
===================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Feb-99
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% Y
(d) Cumulative losses do not exceed the following
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
(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 300,500,647.76
24.980% N
<CAPTION>
REPORT DATE: March 5, 1998
POOL REPORT # 5
Page 2 of 6
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-------------------------------------------------------
Current Mo 6,026,062.37 300,500,647.76 2.01%
1st Preceding Mo 4,614,640.76 303,771,927.45 1.52%
2nd Preceding Mo 1,745,887.06 308,641,094.74 0.57%
Divided by 3
-------------
1.36%
=============
Average 60 day delinquency ratio:
Over 30s Pool Balance %
-------------------------------------------------------
Current Mo 13,425,006.77 300,500,647.76 4.47%
1st Preceding Mo 12,452,585.48 303,771,927.45 4.10%
2nd Preceding Mo 8,979,331.14 308,641,094.74 2.91%
Divided by 3
-------------
3.83%
=============
Cumulative loss ratio:
Cumulative losses 223,788.42
------------------------
Divided by Initial Certificate Principal 319,423,713.00 0.070%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
------------------------------------------
Current Mo 178,535.53 300,500,647.76
1st Preceding Mo 30,026.40 303,771,927.45
2nd Preceding Mo 15,226.49 308,641,094.74
0.294%
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Feb-99
<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 6,517 295,538,032.98 169 7,082,269.62 67 2,652,311.39 37 1,465,825.96
Repos 65 2,224,599.80 9 316,674.78 19 683,247.82 37 1,224,677.20
---------------------------------------------------------------------------------------------------------------------
Total 6,582 297,762,632.78 178 7,398,944.40 86 3,335,559.21 74 2,690,503.16
=====================================================================================================================
<CAPTION>
REPORT DATE: March 5, 1998
POOL REPORT # 5
Page 3 of 6
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 273 11,200,406.97 65 2,224,599.80 0 0.00 45 1,548,702.51 94 3,168,284.22
Repos 65 2,224,599.80
------------------------------
Total 338 13,425,006.77
==============================
5.1% 4.51%
==============================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Feb-99
REPOSSESSION LIQUIDATION REPORT
REPORT DATE: March 5, 1998
POOL REPORT # 5
Page 4 of 6
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <S>
1 1723634 MARIO K RANDAZZO 66,779.08 59,250.00 3,844.71 63,094.71 10,377.50
2 1680990 SHEILA COLLINS 33,698.70 30,900.00 2,306.43 33,206.43 5,127.00
3 1685155 JOHNNY BLACK 28,754.72 30,745.00 1,890.60 32,635.60 9,522.35
4 1686740 HUMBERTO RODRIGUEZ 38,095.18 34,900.00 2,589.26 37,489.26 5,247.00
5 1686864 TIM NICKELS 33,276.41 29,500.00 320.10 29,820.10 5,085.00
6 1687342 TROY D SCHMITT 38,947.78 34,700.00 1,306.52 36,006.52 5,241.00
7 1689835 CHRISTINA A FLANIGAN 37,510.84 36,000.00 442.08 36,442.08 5,280.00
8 1690700 EDWARD LAMPSON 29,246.02 27,900.00 2,053.33 29,953.33 5,037.00
9 1690726 SHANE CLEVELAND 31,068.08 28,500.00 1,198.81 29,698.81 5,055.00
10 1691161 SANDRA SEDGWICK 37,991.58 36,000.00 3,267.08 39,267.08 5,280.00
11 1691534 GEORGE SMITH 36,531.01 35,400.00 2,473.45 37,873.45 5,262.00
12 1703743 TRACEY R MANCHESTER 26,951.94 27,800.00 1,713.28 29,513.28 5,034.00
13 1705599 CARRIE L WOOD 33,622.32 33,000.00 307.01 33,307.01 5,190.00
14 1708908 ROY C LIGHTSEY 46,688.46 44,950.00 1,228.10 46,178.10 9,948.50
15 1709450 JAMES E BOYD 25,346.86 24,300.00 1,252.76 25,552.76 4,929.00
16 1471283 AARON E SNYDER 15,879.82 12,000.00 533.42 12,533.42 4,560.00
17 1653096 CARL J MCSWAIN 20,865.49 20,500.00 484.39 20,984.39 4,815.00
18 1656271 LARRY HENDRICKS 26,722.85 25,500.00 670.13 26,170.13 4,965.00
19 1672161 MICHAEL D JUDGE 29,555.70 29,000.00 311.86 29,311.86 5,070.00
20 1672492 CHARLIE BOSTON JR 30,191.49 29,200.00 1,777.80 30,977.80 5,076.00
21 1675396 WILLIAM R BLAKE 17,584.91 19,500.00 209.16 19,709.16 4,785.00
22 1675750 JOHN D THOMAS 26,548.59 26,000.00 774.40 26,774.40 4,980.00
23 1679331 TARA A HUTCHENS 22,777.19 20,500.00 726.84 21,226.84 4,815.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
--------------------------------------------------------------------------------
734,635.02 696,045.00 31,681.52 727,726.52 130,681.35
================================================================================
<CAPTION>
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>
1 1723634 MARIO K RANDAZZO 52,717.21 3,551.94 0.00 49,165.27 (17,613.81)
2 1680990 SHEILA COLLINS 28,079.43 1,604.88 0.00 26,474.55 (7,224.15)
3 1685155 JOHNNY BLACK 23,113.25 1,755.72 0.00 21,357.53 (7,397.19)
4 1686740 HUMBERTO RODRIGUEZ 32,242.26 2,276.17 0.00 29,966.09 (8,129.09)
5 1686864 TIM NICKELS 24,735.10 1,682.06 0.00 23,053.04 (10,223.37)
6 1687342 TROY D SCHMITT 30,765.52 1,974.58 0.00 28,790.94 (10,156.84)
7 1689835 CHRISTINA A FLANIGAN 31,162.08 1,287.77 0.00 29,874.31 (7,636.53)
8 1690700 EDWARD LAMPSON 24,916.33 1,661.42 0.00 23,254.91 (5,991.11)
9 1690726 SHANE CLEVELAND 24,643.81 1,570.43 0.00 23,073.38 (7,994.70)
10 1691161 SANDRA SEDGWICK 33,987.08 2,418.05 0.00 31,569.03 (6,422.55)
11 1691534 GEORGE SMITH 32,611.45 1,642.13 0.00 30,969.32 (5,561.69)
12 1703743 TRACEY R MANCHESTER 24,479.28 1,536.08 0.00 22,943.20 (4,008.74)
13 1705599 CARRIE L WOOD 28,117.01 2,139.97 0.00 25,977.04 (7,645.28)
14 1708908 ROY C LIGHTSEY 36,229.60 2,483.33 0.00 33,746.27 (12,942.19)
15 1709450 JAMES E BOYD 20,623.76 1,444.63 0.00 19,179.13 (6,167.73)
16 1471283 AARON E SNYDER 7,973.42 1,182.65 0.00 6,790.77 (9,089.05)
17 1653096 CARL J MCSWAIN 16,169.39 1,100.66 0.00 15,068.73 (5,796.76)
18 1656271 LARRY HENDRICKS 21,205.13 1,737.83 0.00 19,467.30 (7,255.55)
19 1672161 MICHAEL D JUDGE 24,241.86 1,881.14 0.00 22,360.72 (7,194.98)
20 1672492 CHARLIE BOSTON JR 25,901.80 2,317.10 0.00 23,584.70 (6,606.79)
21 1675396 WILLIAM R BLAKE 14,924.16 950.20 0.00 13,973.96 (3,610.95)
22 1675750 JOHN D THOMAS 21,794.40 1,205.36 0.00 20,589.04 (5,959.55)
23 1679331 TARA A HUTCHENS 16,411.84 1,541.58 0.00 14,870.26 (7,906.93)
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
---------------------------------------------------------------------------
597,045.17 40,945.68 0.00 556,099.49 (178,535.53) (223,788.42)
=============================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: March 5, 1998
REMITTANCE REPORT POOL REPORT # 5
REPORTING MONTH: Feb-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 238,335,000.00 219,432,131.36 0.00 (2,732,381.85)
A-1 ARM 6,023,152.00 6,002,954.40 0.00 (5,633.13)
M-1 Adjusted Certificate Balance 22,360,000.00 22,360,000.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 Adjusted Certificate Balance 14,374,000.00 14,374,000.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 Adjusted Certificate Balance 12,777,000.00 12,777,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 Adjusted Certificate Balance 25,554,561.00 25,554,561.00 0.00 0.00
B-2 Outstanding Writedown 0.00
-------------------------------------------------------------------------------------------
Adjusted Certificate Balance 319,423,713.00 300,500,646.76 0.00 (2,738,014.98)
Outstanding Writedown 0.00
===========================================================================================
319,423,713.00 300,500,646.76 0.00 (2,738,014.98)
===========================================================================================
<CAPTION>
Current Ending Ending Principal Paid
Cert. Principal Carryover Writedown Certificate Pool Per $1,000
Class Paid Principal Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 (2,732,381.85) 0.00 216,699,749.51 90.92234% 12.45206
A-1 ARM (5,633.13) 0.00 5,997,321.27 99.57114% 0.93839
M-1 Adjusted Certificate Balance 0.00 0.00 0.00 22,360,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00000
M-2 Adjusted Certificate Balance 0.00 0.00 0.00 14,374,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00000
B-1 Adjusted Certificate Balance 0.00 0.00 0.00 12,777,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00000
B-2 Adjusted Certificate Balance 0.00 0.00 0.00 25,554,561.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00000
--------------------------------------------------------------------
Adjusted Certificate Balance (2,738,014.98) 0.00 0.00 297,762,631.78
Outstanding Writedown 0.00 0.00 0.00
====================================================================
(2,738,014.98) 0.00 0.00 297,762,631.78
====================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: March 5, 1998
REMITTANCE REPORT POOL REPORT # 5
REPORTING MONTH: Feb-99
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
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 1,170,304.70 1,170,304.70 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 ARM 5.73563% 0.00 26,779.45 26,779.45 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 0.00 250,417.21 250,417.21 0.00 0.00
X Certificate 45,252.89 461,361.56 282,826.03 178,535.53 223,788.42
R
--------------------------------------------------------------------------------------
45,252.89 2,408,112.63 2,229,577.10 178,535.53 223,788.42
======================================================================================
<CAPTION>
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
---------------------------------------------------------------------------------
A-1 5.33333 A-1 3,902,686.55
A-1 Carryover Interest
A-1 ARM 4.46105 A-1 ARM 32,412.58
A-1 ARM Carryover Interest
M-1 Current Interest 6.17917 M-1 138,166.17
M-1 Carryover Interest
M-1 Writedown Interest
M-1 Carryover Writedown Int
M-2 Current Interest 6.93500 M-2 99,683.69
M-2 Carryover Interest
M-2 Writedown Interest
M-2 Carryover Writedown Int
B-1 Current Interest 7.20833 B-1 92,100.88
B-1 Carryover Interest
B-1 Writedown Interest
B-1 Carryover Writedown Int
B-2 Current Interest 6.62500 B-2 169,298.97
B-2 Carryover Interest
B-2 Writedown Interest
B-2 Carryover Writedown Int
Limited Guarantee Limited Guarantee
Service Fee Service Fee 250,417.21
X Certificate X 282,826.03
R R
--------------------
4,967,592.08
===================
</TABLE>
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