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Previous: FIRST SECURITY AUTO OWNER TRUST 1998-1, 8-K, 1999-07-22 |
Next: UACSC 1998-D AUTO TRUST, 8-K, 1999-07-22 |
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) July 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 July 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 July 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
July 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 July 15, 1999........................................
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jun-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>
290,886,768.22 (345,217.55) (1,014,944.23) (880,092.33) 0.00 288,646,514.11 2,330,064.94 242,405.64
================================================================================================================================
REPORT DATE: July 8, 1999
POOL REPORT # 9
Page 1 of 6
Scheduled Amount
Pass Thru Liquidation Available for Limited Total
Interest Proceeds Distribution Guarantee Distribution
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2,087,659.30 652,443.58 4,342,670.30 0.00 4,342,670.30
================================================================================
Certificate Account
- -------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,307,412.29 2,224,322.50 2,223,360.37 (4,563,860.71) 3,666.83 1,194,901.28
=======================================================================================================
</TABLE>
P&I Advances at Distribution Date
---------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
-----------------------------------------------------------------------------
1,868,048.48 1,829,190.32 1,548,282.56 1,587,140.72
==============================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jun-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 290,886,768.22
25.806% N
REPORT DATE: July 8, 1999
POOL REPORT # 9
Page 2 of 6
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
<S> <C> <C> <C>
Current Mo 11,914,720.74 290,886,768.22 4.10%
1st Preceding Mo 9,674,597.90 293,098,981.10 3.30%
2nd Preceding Mo 8,480,907.96 295,214,849.87 2.87%
Divided by 3
-----------
3.42%
===========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 18,157,251.23 290,886,768.22 6.24%
1st Preceding Mo 15,950,029.12 293,098,981.10 5.44%
2nd Preceding Mo 14,544,966.20 295,214,849.87 4.93%
Divided by 3
------------
5.54%
============
Cumulative loss ratio:
Cumulative losses 1,114,850.30
------------------------
Divided by Initial Certificate Principal 319,423,713.00 0.349%
============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
<S> <C> <C> <C>
Current Mo 227,648.75 290,886,768.22
1st Preceding Mo 235,925.89 293,098,981.10
2nd Preceding Mo 153,692.47 295,214,849.87
---------------------------------------------
617,267.11 293,066,866.40 0.842%
============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jun-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 6,221 282,713,290.97 153 5,897,441.89 78 3,177,296.66 69 3,172,808.29 300 12,247,546.84
Repos 170 5,933,223.14 10 345,088.60 29 1,048,690.16 130 4,515,925.63 169 5,909,704.39
--------------------------------------------------------------------------------------------------------------------------
Total 6,391 288,646,514.11 163 6,242,530.49 107 4,225,986.82 199 7,688,733.92 469 18,157,251.23
==========================================================================================================================
REPORT DATE: July 8, 1999
POOL REPORT # 9
Page 3 of 6
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ------------------------------------------------------------------------------------------------------
Non-Repos 170 5,933,223.14 -1 (35,468.15) 56 1,887,976.69 298 10,300,460.37
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jun-99
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1715549 WILLIAM C VAZZANA 33,423.52 31,500.00 579.58 32,079.58 5,745.00 26,334.58
1716836 SCOTT POWELL 43,815.54 44,400.00 640.06 45,040.06 9,492.00 35,548.06
1727874 BRIAN BRIDGES 28,095.31 25,900.00 2,628.64 28,528.64 5,577.00 22,951.64
1729409 STEVEN N LOVE 34,030.27 34,400.00 210.76 34,610.76 5,832.00 28,778.76
1689033 REGGIE L PAGE 26,861.08 24,500.00 1,436.88 25,936.88 5,535.00 20,401.88
1689934 RICHARD T SNYDER 39,149.29 37,200.00 0.00 37,200.00 5,916.00 31,284.00
1693910 KATHY E VESTAL 27,939.48 28,000.00 168.01 28,168.01 5,640.00 22,528.01
1697325 JOHN E HAGGERTON 27,626.71 26,400.00 701.34 27,101.34 5,592.00 21,509.34
1697945 MANUEL GUADIAN 38,220.26 36,500.00 2,300.21 38,800.21 5,895.00 32,905.21
1699834 ERICA C CEHEN 33,000.07 31,900.00 2,147.80 34,047.80 5,757.00 28,290.80
1702398 TRINETTE C JACKSON 54,613.51 55,550.00 793.88 56,343.88 9,826.50 46,517.38
1708759 JERRY D DAVIS 57,253.90 55,500.00 3,228.07 58,728.07 9,825.00 48,903.07
1644400 DENNIS C NICHOLSON 4,844.30 500.00 322.96 822.96 400.00 422.96
1664432 DWAYNE H DUNCAN 5,817.66 7,500.00 75.55 7,575.55 400.00 7,175.55
1673664 CHRIS S MILLER 46,385.81 49,750.00 1,856.34 51,606.34 9,652.50 41,953.84
1572676 DARREL D DOUDS 57,857.79 54,550.00 1,476.06 56,026.06 9,796.50 46,229.56
1677673 NANCY L CAMP 50,652.47 46,250.00 3,868.26 50,118.26 9,547.50 40,570.76
1687102 CINDY HIRSCH 44,630.85 42,150.00 2,801.93 44,951.93 9,424.50 35,527.43
1697408 JOHN L JOHNSON 60,391.69 56,650.00 1,644.48 58,294.48 9,859.50 48,434.98
1706738 RICHARD C MATSON 65,383.53 62,250.00 700.87 62,950.87 10,027.50 52,923.37
1722289 RONNIE P FAVARON 38,999.05 36,050.00 291.25 36,341.25 5,881.50 30,459.75
1741982 GERARDO A DIAZ 61,100.24 57,650.00 666.28 58,316.28 9,889.50 48,426.78
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
=================================================================================================
880,092.33 845,050.00 28,539.21 873,589.21 155,511.50 718,077.71
=================================================================================================
REPORT DATE: July 8, 1999
POOL REPORT # 9
Page 4 of 6
Net Current
Account Customer Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Number Name Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1715549 WILLIAM C VAZZANA 2,581.71 0.00 23,752.87 (9,670.65)
1716836 SCOTT POWELL 2,051.31 0.00 33,496.75 (10,318.79)
1727874 BRIAN BRIDGES 2,748.64 0.00 20,203.00 (7,892.31)
1729409 STEVEN N LOVE 1,845.58 0.00 26,933.18 (7,097.09)
1689033 REGGIE L PAGE 2,074.85 0.00 18,327.03 (8,534.05)
1689934 RICHARD T SNYDER 4,384.42 0.00 26,899.58 (12,249.71)
1693910 KATHY E VESTAL 3,264.40 0.00 19,263.61 (8,675.87)
1697325 JOHN E HAGGERTON 1,991.60 0.00 19,517.74 (8,108.97)
1697945 MANUEL GUADIAN 3,823.50 0.00 29,081.71 (9,138.55)
1699834 ERICA C CEHEN 2,984.55 0.00 25,306.25 (7,693.82)
1702398 TRINETTE C JACKSON 5,850.68 0.00 40,666.70 (13,946.81)
1708759 JERRY D DAVIS 3,654.99 0.00 45,248.08 (12,005.82)
1644400 DENNIS C NICHOLSON 1,336.06 0.00 (913.10) (5,757.40)
1664432 DWAYNE H DUNCAN 1,669.37 0.00 5,506.18 (311.48)
1673664 CHRIS S MILLER 2,910.07 0.00 39,043.77 (7,342.04)
1572676 DARREL D DOUDS 4,018.94 0.00 42,210.62 (15,647.17)
1677673 NANCY L CAMP 3,091.41 0.00 37,479.35 (13,173.12)
1687102 CINDY HIRSCH 1,455.53 0.00 34,071.90 (10,558.95)
1697408 JOHN L JOHNSON 3,192.38 0.00 45,242.60 (15,149.09)
1706738 RICHARD C MATSON 2,132.34 0.00 50,791.03 (14,592.50)
1722289 RONNIE P FAVARON 3,134.82 0.00 27,324.93 (11,674.12)
1741982 GERARDO A DIAZ 5,436.98 0.00 42,989.80 (18,110.44)
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
=======================================================================
65,634.13 0.00 652,443.58 (227,648.75) (1,114,850.30)
============================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jun-99
CERTIFICATE PRINCIPAL ANALYSIS
<TABLE>
<CAPTION>
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-1 238,335,000.00 210,012,430.04 0.00 (2,153,425.08) (2,153,425.08)
A-1 ARM 6,023,152.00 5,808,777.18 0.00 (86,829.03) (86,829.03)
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 319,423,713.00 290,886,768.22 0.00 (2,240,254.11) (2,240,254.11)
Outstanding Writedown 0.00 0.00
=======================================================================================
319,423,713.00 290,886,768.22 0.00 (2,240,254.11) (2,240,254.11)
=======================================================================================
REPORT DATE: July 8, 1999
POOL REPORT # 9
Page 5 of 6
Ending Ending Principal Paid
Cert. Carryover Writedown Certificate Pool Per $1,000
Class Principal Amounts Balances Factor Denomination
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 207,859,004.96 87.21296% 9.03529
A-1 ARM 0.00 5,721,948.15 94.99923% 14.41588
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) 288,646,514.11
Outstanding Writedown 0.00 0.00
===================================================
0.00 0.00 288,646,514.11
===================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1998-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Jun-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 1,120,066.29 1,120,066.29 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 ARM 5.78750% 0.00 28,015.25 28,015.25 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 0.00 242,405.64 242,405.64 0.00 0.00
X Certificate 887,201.55 440,328.05 212,679.30 227,648.75 1,114,850.30
R
---------------------------------------------------------------------------------------
887,201.55 2,330,064.94 2,102,416.19 227,648.75 1,114,850.30
=======================================================================================
REPORT DATE: July 8, 1999
POOL REPORT # 9
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 3,273,491.37
A-1 Carryover Interest
A-1 ARM 4.82292 A-1 ARM 114,844.28
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 242,405.64
X Certificate X 212,679.30
R R
--------------------
4,342,670.30
====================
</TABLE>
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