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) February 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 February 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 February 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
February 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 February 15, 1999............................
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: February 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Jan-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
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
303,771,927.45 (345,421.38) (2,788,103.47) (137,754.84) 0.00 300,500,647.76 2,431,973.15 253,143.27
=======================================================================================================================
Scheduled Amount
Pass Thru Liquidation Available for Limited Total
Interest Proceeds Distribution Guarantee Distribution
- -----------------------------------------------------------------------
2,178,829.88 107,728.44 5,673,226.44 0.00 5,673,226.44
=======================================================================
Certificate Account
- ---------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------
4,522,673.29 3,253,712.16 2,317,801.83 (7,354,741.46) 8,099.66 2,747,545.48
=============================================================================================
P&I Advances at Distribution Date
- --------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------
1,407,721.08 1,404,166.68 757,287.55 760,841.95
========================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: February 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Jan-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% 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 303,771,927.45
24.711% N
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------
Current Mo 4,614,640.76 303,771,927.45 1.52%
1st Preceding Mo 1,745,887.06 308,641,094.74 0.57%
2nd Preceding Mo 279,631.19 314,415,824.55 0.09%
Divided by 3
------------
0.72%
============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
------------------------------------------------
Current Mo 12,452,585.48 303,771,927.45 4.10%
1st Preceding Mo 8,979,331.14 308,641,094.74 2.91%
2nd Preceding Mo 3,717,522.25 314,415,824.55 1.18%
Divided by 3
------------
2.73%
============
Cumulative loss ratio:
Cumulative losses 45,252.89
-------------------
Divided by Initial Certificate
Principal 319,423,713.00 0.014%
============
Current realized loss ratio:
Liquidation Pool
Losses Balance
------------------------------------
Current Mo 30,026.40 303,771,927.45
1st Preceding Mo 15,226.49 308,641,094.74
2nd Preceding Mo 0.00 314,415,824.55
0.059%
============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: February 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Jan-99
<TABLE>
<CAPTION>
Delinquency Analysis
Active Repos
31 to 59 days 60 to 89 days 90 days and Over Total Delinq. Outstanding
No. of Principal Principal Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance # Balance # Balance
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C><C> <C><C> <C> <C> <C> <C>
Non-Repos 6,596 299,085,479.89 195 7,599,916.28 76 2,829,207.91 16 608,293.42 287 11,037,417.61 43 1,415,167.87
Repos 43 1,415,167.87 6 238,028.44 24 825,906.04 13 351,233.39 43 1,415,167.87
--------------------------------------------------------------------------------------------------------
Total 6,639 300,500,647.76 201 7,837,944.72 100 3,655,113.95 29 959,526.81 330 12,452,585.48
========================================================================================================
5.0% 4.14%
========================
Repossession Analysis
Reversal Current Month
(Redemption) Repos Cumulative Repos
Principal Principal Principal
# Balance # Balance # Balance
- -------------------------------------------------------
<C> <C> <C> <C> <C> <C>
0 0.00 25 822,861.11 49 1,619,581.71
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: February 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT 4
REMITTANCE REPORT
REPORTING MONTH: Jan-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov. FHA Insurance
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Coverage
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1687789 MICHAEL GARRETT 38,538.67 35,900.00 444.48 36,344.48 5,277.00 31,067.48 2,194.75 0.00
1687961 MICHAEL R SANDOVAL 35,350.63 34,500.00 1,349.72 35,849.72 5,235.00 30,614.72 1,254.19 0.00
1699792 CHARLES H BAETHER 26,206.88 26,400.00 385.89 26,785.89 4,992.00 21,793.89 951.45 0.00
1709682 LISSIE BEAVERS 37,658.66 33,400.00 2,276.50 35,676.50 5,202.00 30,474.50 1,821.76 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
-------------------------------------------------------------------------------------------------
137,754.84 130,200.00 4,456.59 134,656.59 20,706.00 113,950.59 6,222.15 0.00
=================================================================================================
Net Current
Pass Thru Period Net Cumulative
Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------
<C> <C> <C>
28,872.73 (9,665.94)
29,360.53 (5,990.10)
20,842.44 (5,364.44)
28,652.74 (9,005.92)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
- -----------------------
107,728.44 (30,026.40)(45,252.89)
==================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: February 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Jan-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
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 238,335,000.00 222,698,066.23 0.00 (3,265,934.87) (3,265,934.87) 0.00
A-1 ARM 6,023,152.00 6,008,299.22 0.00 (5,344.82) (5,344.82) 0.00
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 319,423,713.00 303,771,926.45 0.00 (3,271,279.69) (3,271,279.69) 0.00
Outstanding Writedown 0.00 0.00
==========================================================================================
319,423,713.00 303,771,926.45 0.00 (3,271,279.69) (3,271,279.69) 0.00
==========================================================================================
Ending Principal Paid
Writedown Certificate Pool Per $1,000
Amounts Balances Factor Denomination
- ----------------------------------------------------------
<S> <C> <C> <C>
219,432,131.36 92.06878% 14.66530
6,002,954.40 99.66467% 0.88957
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
- -------------------------------
0.00 300,500,646.76
0.00 0.00
===============================
0.00 300,500,646.76
===============================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D REPORT DATE: February 5, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Jan-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000
Class Rate Balance Accrual Paid Shortfall Balance Denomination
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.40000% 0.00 1,187,723.02 1,187,723.02 0.00 0.00 5.33333
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 ARM 5.80000% 0.00 30,008.12 30,008.12 0.00 0.00 4.99445
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 6.17917
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 6.93500
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 7.20833
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 6.62500
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 0.00 253,143.27 253,143.27 0.00 0.00
X Certificate 15,226.49 461,849.03 431,822.63 30,026.40 45,252.89
R
----------------------------------------------------------------------
15,226.49 2,431,973.15 2,401,946.75 30,026.40 45,252.89
======================================================================
*Note: A-1 Arm Int Paid 01/15/99 $35,518.49 A-1 Arm Int Accrual 2/15/99 30,008.12
Accrued and paid should have been: $32,807.31 Prior Month's Overpayment 2,711.18
---------------- --------------
Overpayment: $2,711.18 Pay at 02/15/99 27,296.94
Cert. TOTAL
Class DISTRIBUTION
- --------------------------------------
<C> <C>
A-1 4,453,657.89
A-1 ARM 35,352.94
M-1 138,166.17
M-2 99,683.69
B-1 92,100.88
B-2 169,298.97
Limited Guarantee
Service Fee 253,143.27
X 431,822.63
R
--------------
5,673,226.44
==============
</TABLE>
