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) June
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 June 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
20.1Monthly Remittance Report relating to the Distribution
Date occurring on June 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
June 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 June 15, 1999.......................................
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: May-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
- -----------------------------------------------------------------------------------------------------------------------------------
293,098,981.10 (344,611.09) (994,482.08) (873,119.71) 0.00 290,886,768.22
===================================================================================================================================
REPORT DATE: June 7, 1999
POOL REPORT # 8
Page 1 of 6
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for Limited Total
Interest Fee Interest Proceeds Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
2,348,288.85 244,249.15 2,104,039.70 637,193.82 4,324,575.84 0.00 4,324,575.84
====================================================================================================================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
1,321,598.93 2,200,677.10 2,268,520.51 (4,486,743.23) 3,358.98 1,307,412.29
====================================================================================================================================
P&I Advances at Distribution Date
- -----------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -----------------------------------------------------------------------------------
1,431,872.63 1,406,991.14 1,843,166.99 1,868,048.48
===================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: May-99
<TABLE>
<CAPTION>
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 293,098,981.10
25.611% N
</TABLE>
<PAGE>
REPORT DATE: June 7, 1999
POOL REPORT # 8
Page 2 of 6
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 9,674,597.90 293,098,981.10 3.30%
1st Preceding Mo 8,480,907.96 295,214,849.87 2.87%
2nd Preceding Mo 7,455,267.26 297,762,632.78 2.50%
Divided by 3
-----------
2.89%
===========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 15,950,029.12 293,098,981.10 5.44%
1st Preceding Mo 14,544,966.20 295,214,849.87 4.93%
2nd Preceding Mo 11,579,115.39 297,762,632.78 3.89%
Divided by 3
-----------
4.75%
===========
Cumulative loss ratio:
Cumulative losses 887,201.55
------------------------
Divided by Initial Certificate Principal 319,423,713.00 0.278%
===========
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 235,925.89 293,098,981.10
1st Preceding Mo 153,692.47 295,214,849.87
2nd Preceding Mo 273,794.77 297,762,632.78
663,413.13 295,358,821.25 0.898%
===========
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: May-99
<TABLE>
<CAPTION>
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
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Non-Repos 6,298 285,972,667.74 151 5,914,832.33 60 2,511,695.36 59 2,609,400.95
Repos 137 4,914,100.48 9 360,598.89 31 1,110,644.67 97 3,442,856.92
----------------------------------------------------------------------------------------------------------------------
Total 6,435 290,886,768.22 160 6,275,431.22 91 3,622,340.03 156 6,052,257.87
======================================================================================================================
REPORT DATE: June 7, 1999
POOL REPORT # 8
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 270 11,035,928.64 137 4,914,100.48 -2 (84,222.58) 55 2,022,837.42 243 8,447,951.83
Repos 137 4,914,100.48
-----------------------------------
Total 407 15,950,029.12
===================================
6.3% 5.48%
===================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: May-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>
1728393 STEPHEN L MYERS 28,667.03 26,000.00 1,029.44 27,029.44
1729896 ALVIN E SMITH 30,458.08 29,000.00 1,121.44 30,121.44
1731215 JASON K BOLIVAR 37,242.18 36,600.00 1,816.14 38,416.14
1737915 TERRY L BRAND 27,252.91 26,000.00 1,822.62 27,822.62
1739044 MARK WARD 28,086.42 27,900.00 947.76 28,847.76
1680420 ELADA J RESER 17,379.83 16,700.00 121.86 16,821.86
1682277 BEVERLY J MINCEY 39,706.52 35,700.00 1,261.40 36,961.40
1683606 STEPHANE S SMITH 66,552.87 62,750.00 726.65 63,476.65
1683689 FRANK T KERFOOT 31,559.29 25,050.00 0.00 25,050.00
1684612 JERRY W BELL 20,836.73 23,500.00 993.83 24,493.83
1685163 STEVE E LEWIS 32,939.98 34,500.00 218.95 34,718.95
1688647 ESTEBAN B SILVA 33,271.93 32,000.00 2,493.10 34,493.10
1696517 ERNEST BURKS 3 11,070.79 5,000.00 99.14 5,099.14
1699651 DENNIS WADE 38,692.66 36,000.00 2,710.74 38,710.74
1703891 EDDIE ALLEN JR 21,038.55 20,500.00 1,077.09 21,577.09
1708734 BONNIE G HADDEN 18,039.37 17,900.00 211.81 18,111.81
1657329 MADELINE A EVANS 26,243.31 28,000.00 180.61 28,180.61
1672674 WILLIAM K STAFFORD 29,268.47 25,800.00 96.82 25,896.82
1676725 EVELYN S PUCKETT 26,460.96 25,400.00 147.38 25,547.38
1679646 WENDY Y CORTEZ 39,757.23 39,200.00 320.55 39,520.55
1688407 CARLA K WILLIAMS 36,326.75 35,050.00 154.41 35,204.41
1719749 RALPH L SWEET 53,265.81 50,500.00 3,179.52 53,679.52
1742790 REBECCA R WILLIAMS 70,007.19 64,750.00 3,875.77 68,625.77
1745496 MARVIN E CAMPBELL 39,086.27 39,400.00 1,112.36 40,512.36
1746015 RONALD B COOK 69,908.58 69,750.00 865.44 70,615.44
=====================================================================
873,119.71 832,950.00 26,584.83 859,534.83
=====================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Net Current
Account Customer Repossession Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Number Name Expenses Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1728393 STEPHEN L MYERS 5,455.00 21,574.44 1,840.10 0.00 19,734.34 (8,932.69)
1729896 ALVIN E SMITH 5,545.00 24,576.44 2,693.48 0.00 21,882.96 (8,575.12)
1731215 JASON K BOLIVAR 5,773.00 32,643.14 2,125.94 0.00 30,517.20 (6,724.98)
1737915 TERRY L BRAND 5,455.00 22,367.62 2,374.81 0.00 19,992.81 (7,260.10)
1739044 MARK WARD 5,512.00 23,335.76 2,445.65 0.00 20,890.11 (7,196.31)
1680420 ELADA J RESER 5,176.00 11,645.86 1,162.20 0.00 10,483.66 (6,896.17)
1682277 BEVERLY J MINCEY 5,746.00 31,215.40 3,191.72 0.00 28,023.68 (11,682.84)
1683606 STEPHANE S SMITH 10,322.50 53,154.15 6,027.14 0.00 47,127.01 (19,425.86)
1683689 FRANK T KERFOOT 9,191.50 15,858.50 2,357.61 0.00 13,500.89 (18,058.40)
1684612 JERRY W BELL 5,380.00 19,113.83 2,520.79 0.00 16,593.04 (4,243.69)
1685163 STEVE E LEWIS 5,710.00 29,008.95 2,974.09 0.00 26,034.86 (6,905.12)
1688647 ESTEBAN B SILVA 5,635.00 28,858.10 3,004.11 0.00 25,853.99 (7,417.94)
1696517 ERNEST BURKS 3 400.00 4,699.14 1,211.95 0.00 3,487.19 (7,583.60)
1699651 DENNIS WADE 5,755.00 32,955.74 2,893.63 0.00 30,062.11 (8,630.55)
1703891 EDDIE ALLEN JR 5,290.00 16,287.09 1,637.00 0.00 14,650.09 (6,388.46)
1708734 BONNIE G HADDEN 5,212.00 12,899.81 1,951.33 0.00 10,948.48 (7,090.89)
1657329 MADELINE A EVANS 5,515.00 22,665.61 2,266.28 0.00 20,399.33 (5,843.98)
1672674 WILLIAM K STAFFORD 5,449.00 20,447.82 2,352.66 0.00 18,095.16 (11,173.31)
1676725 EVELYN S PUCKETT 5,437.00 20,110.38 2,389.11 0.00 17,721.27 (8,739.69)
1679646 WENDY Y CORTEZ 5,851.00 33,669.55 3,195.80 0.00 30,473.75 (9,283.48)
1688407 CARLA K WILLIAMS 9,491.50 25,712.91 1,908.16 0.00 23,804.75 (12,522.00)
1719749 RALPH L SWEET 9,955.00 43,724.52 2,587.09 0.00 41,137.43 (12,128.38)
1742790 REBECCA R WILLIAMS 10,382.50 58,243.27 3,215.97 0.00 55,027.30 (14,979.89)
1745496 MARVIN E CAMPBELL 5,857.00 34,655.36 2,176.56 0.00 32,478.80 (6,607.47)
1746015 RONALD B COOK 10,532.50 60,082.94 1,809.33 0.00 58,273.61 (11,634.97)
==================================================================================
160,028.50 699,506.33 62,312.51 0.00 637,193.82 (235,925.89) (887,201.55)
================================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: May-99
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 238,335,000.00 212,219,903.99 0.00 (2,207,473.95)
A-1 ARM 6,023,152.00 5,813,516.11 0.00 (4,738.93)
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 319,423,713.00 293,098,981.10 0.00 (2,212,212.88)
Outstanding Writedown 0.00
------------------------------------------------------------------------------
319,423,713.00 293,098,981.10 0.00 (2,212,212.88)
==============================================================================
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: May-99
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Current Ending Ending Principal Paid
Cert. Principal Carryover Writedown Certificate Pool Per $1,000
Class Paid Principal Amounts Balances Factor Denomination
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 (2,207,473.95) (0.00) 210,012,430.04 88.11649% 9.26206
A-1 ARM (4,738.93) 0.00 5,808,777.18 96.44082% 0.78679
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 (2,212,212.88) (0.00) 0.00 290,886,768.22
Outstanding Writedown 0.00 0.00 0.00
=====================================================================
(2,212,212.88) (0.00) 0.00 290,886,768.22
=====================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: May-99
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
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 1,131,839.48 1,131,839.48 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 ARM 5.70250% 0.00 28,547.19 28,547.19 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 0.00 244,249.15 244,249.15 0.00 0.00
X Certificate 651,275.66 444,403.32 208,477.43 235,925.89 887,201.55
R
--------------------------------------------------------------------------------
651,275.66 2,348,288.85 2,112,362.96 235,925.89 887,201.55
================================================================================
</TABLE>
<TABLE>
<CAPTION>
REPORT DATE: June 7, 1999
POOL REPORT # 8
Page 6 of 6
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
------------------------------------------------------------------
<S> <C> <C> <C>
A-1 5.33333 A-1 3,339,313.43
A-1 Carryover Interest
A-1 ARM 4.91049 A-1 ARM 33,286.12
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 244,249.15
X Certificate X 208,477.43
R R
---------------------
4,324,575.84
=====================
</TABLE>
