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Previous: WARWICK ACQUISITION CORP, SC 13G, 1999-04-21 |
Next: MPV FAMILY OF TRUSTS MPV INDUSTRIAL TR & MPV TECHNOLOGY TR, 497, 1999-04-21 |
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) April 15, 1999.
OMI Trust 1999-A
- --------------------------------------------------------------------------------
(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 1999-A
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 1999-A (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1999-A (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on April 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 April 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 1999-A, Registrant
By: Oakwood Acceptance Corporation,
as servicer
April 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 April 15, 1999............................
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: April 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Mar-99
<TABLE>
<CAPTION>
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>
344,062,902.92 (393,750.99) (3,240,753.67) (652,416.55) 0.00 339,775,981.71
=======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
2,737,954.60 286,719.09 2,451,235.51 638,929.30 0.00 7,011,388.56 0.00 7,011,388.56
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- --------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3,454,882.65 4,299,236.16 2,839,134.67 (6,202,739.36) 9,083.22 4,399,597.34
==============================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- -------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -------------------------------------------------------------------
<S> <C> <C> <C>
576,125.25 551,080.28 822,668.27 847,713.24
===================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: April 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Mar-99 Page 2 of 6
Class B Crossover Test Test Met?
- ----------------------------------------------------- ---------
(a) Remittance date on or after December 2002 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:
Dec 2002- May 2004 7% N
June 2004-May 2005 8% N
June 2005 and thereafter 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Does Subordinated Certificate percentage equal or
exceed 31.500%
of Pool Scheduled Principal Balance
Beginning M balances 40,398,000.00
Beginning B-1 balance 15,808,000.00
Beginning B-2 balance 24,591,125.00
-----------------
80,797,125.00
-----------------
Divided by beginning pool
balance 344,062,902.92
23.483% N
Average 60 day delinquency ratio:
Over 60s Pool Balance %
----------------------------------------------
Current Mo 2,664,473.35 339,775,981.71 0.78%
1st Preceding Mo 2,237,321.60 344,062,902.92 0.65%
2nd Preceding Mo 270,053.72 347,487,575.71 0.08%
Divided by 3
-----------
0.50%
===========
Over 30s Pool Balance %
----------------------------------------------
Current Mo 6,939,792.23 339,775,981.71 2.04%
1st Preceding Mo 7,719,374.43 344,062,902.92 2.24%
2nd Preceding Mo 4,007,475.71 347,487,575.71 1.15%
Divided by 3
-----------
1.81%
===========
Cumulative loss ratio:
Cumulative losses 13,487.25
--------------------
Divided by Initial Certificate
Principal 351,290,125.00 0.004%
===========
Current realized loss ratio:
Liquidation Pool
Losses Balance
-----------------------------------
Current Mo 13,487.25 339,775,981.71
1st Preceding Mo 0.00 344,062,902.92
2nd Preceding Mo 0.00 347,487,575.71
0.016%
===========
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: April 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Mar-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>
Excluding Repos 7,472 339,276,442.60 98 4,136,199.71 40 1,583,833.11 15 720,220.30
Repos 16 499,539.11 5 139,119.17 3 89,391.15 8 271,028.79
-----------------------------------------------------------------------------------------------------
Total 7,488 339,775,981.71 103 4,275,318.88 43 1,673,224.26 23 991,249.09
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
153 6,440,253.12 16 499,539.11 -1 (45,070.24) 23 400,138.03 40 984,877.86
16 499,539.11
- -----------------------
169 6,939,792.23
=======================
2.3% 2.04%
=======================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: April 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Mar-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1713197 STANSBERRY RUBY D 84,477.58 84,477.58 0.00 84,477.58 0.00 84,477.58
1753565 ROGERS RICKY L 30,223.68 30,223.68 0.00 30,223.68 0.00 30,223.68
1755057 WARLICK MICHAEL 36,263.50 36,263.50 0.00 36,263.50 0.00 36,263.50
1763895 BOCCIO JOE D 16,903.54 16,903.54 0.00 16,903.54 0.00 16,903.54
1764638 HEMBREE KIMBERLY M 16,018.11 16,018.11 0.00 16,018.11 0.00 16,018.11
1764794 MADDOX DARRELL 41,382.45 41,382.45 0.00 41,382.45 0.00 41,382.45
1764992 BROUGHTON JOHN D 38,151.40 38,151.40 0.00 38,151.40 0.00 38,151.40
1766260 EVERS CONNIE 35,972.49 35,972.49 0.00 35,972.49 0.00 35,972.49
1767045 OVIEDIO JOSE A 33,181.22 33,181.22 0.00 33,181.22 0.00 33,181.22
1772557 PRICE MARVIN E 35,506.44 35,506.44 0.00 35,506.44 0.00 35,506.44
1791078 HAYNES SAMUEL 34,993.69 34,993.69 0.00 34,993.69 0.00 34,993.69
1759018 LAVELLE STACY M 45,706.85 45,706.85 0.00 45,706.85 0.00 45,706.85
1762665 FOUTCH SAM 34,583.16 34,583.16 0.00 34,583.16 0.00 34,583.16
1763838 JONES LOUIS 53,933.18 53,933.18 0.00 53,933.18 0.00 53,933.18
1750272 BLANTON MH 33,290.99 33,290.99 0.00 33,290.99 0.00 33,290.99
1751528 BLY ANGELA M 34,715.27 34,715.27 0.00 34,715.27 0.00 34,715.27
1748755 LENA P ABBOTT 47,113.00 43,900.00 231.61 44,131.61 9,917.00 34,214.61
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
-----------------------------------------------------------------------------------
652,416.55 649,203.55 231.61 649,435.16 9,917.00 639,518.16
===================================================================================
</TABLE>
Net Current
Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------
0.00 0.00 84,477.58 0.00
0.00 0.00 30,223.68 0.00
0.00 0.00 36,263.50 0.00
0.00 0.00 16,903.54 0.00
0.00 0.00 16,018.11 0.00
0.00 0.00 41,382.45 0.00
0.00 0.00 38,151.40 0.00
0.00 0.00 35,972.49 0.00
0.00 0.00 33,181.22 0.00
0.00 0.00 35,506.44 0.00
0.00 0.00 34,993.69 0.00
0.00 0.00 45,706.85 0.00
0.00 0.00 34,583.16 0.00
0.00 0.00 53,933.18 0.00
0.00 0.00 33,290.99 0.00
0.00 0.00 34,715.27 0.00
588.86 0.00 33,625.75 (13,487.25)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
- ----------------------------------------------------------
588.86 0.00 638,929.30 (13,487.25) (13,487.25)
========================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: April 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Mar-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 50,200,000.00 45,644,648.20 0.00 2,702,066.44 2,702,066.44 0.00
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 44,300,000.00 44,300,000.00 0.00 0.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 22,800,000.00 22,800,000.00 0.00 0.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 53,193,000.00 53,193,000.00 0.00 0.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 100,000,000.00 97,328,129.72 0.00 1,584,854.77 1,584,854.77 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00
M-1 22,834,000.00 22,834,000.00 0.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00 0.00
M-2 17,564,000.00 17,564,000.00 0.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00 0.00 0.00
B-1 15,808,000.00 15,808,000.00 0.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00
B-2 24,591,125.00 24,591,125.00 0.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00
------------------------------------------------------------------------------------------------
351,290,125.00 344,062,902.92 0.00 4,286,921.21 4,286,921.21 0.00
================================================================================================
</TABLE>
Ending Principal Paid
Writedown Certificate Pool Per $1,000
Amounts Balances Factor Denomination
- ------------------------------------------------------------
42,942,581.76 85.54299% 53.82602
0.00 0.00 0.00
44,300,000.00 100.00000% 0.00000
0.00 0.00 0.00
22,800,000.00 100.00000% 0.00000
0.00 0.00 0.00
53,193,000.00 100.00000% 0.00000
0.00 0.00 0.00
95,743,274.95 95.74327% 15.84855
0.00 0.00 0.00
0.00 22,834,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00
0.00 17,564,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00
0.00 15,808,000.00 100.00000% 0.00000
0.00 0.00 0.00 0.00
0.00 24,591,125.00 100.00000% 0.00000
0.00 0.00 0.00 0.00
- ----------------------------
0.00 339,775,981.71
============================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: April 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Mar-99 Page 6 of 6
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 5.25875% 0.00 206,695.77 206,695.77 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-2 5.89000% 0.00 217,439.17 217,439.17 0.00 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-3 6.09000% 0.00 115,710.00 115,710.00 0.00 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-4 6.65000% 0.00 294,777.88 294,777.88 0.00 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-5 6.34000% 0.00 514,216.95 514,216.95 0.00 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
M-1 6.86000% 0.00 130,534.37 130,534.37 0.00 0.00
M-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
M-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
M-2 7.69000% 0.00 112,555.97 112,555.97 0.00 0.00
M-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
M-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 8.53000% 0.00 112,368.53 112,368.53 0.00 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-2 7.95000% 0.00 162,916.20 162,916.20 0.00 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00
X (0.00) 584,020.67 570,533.42 13,487.25 13,487.25
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 286,719.09 286,719.09 0.00 0.00
---------------------------------------------------------------------------------
(0.00) 2,737,954.60 2,724,467.35 13,487.25 13,487.25
=================================================================================
</TABLE>
Interest Paid
Per $1,000 Cert. TOTAL
Denomination Class DISTRIBUTION
- ------------------------------------------
4.11745 A-1 2,908,762.21
0.00
0.00
4.90833 A-2 217,439.17
0.00
0.00
5.07500 A-3 115,710.00
0.00
0.00
5.54167 A-4 294,777.88
0.00
0.00
5.14217 A-5 2,099,071.72
0.00
0.00
5.71667 M-1 130,534.37
0.00
0.00
6.40833 M-2 112,555.97
0.00
0.00
7.10833 B-1 112,368.53
0.00
0.00
6.62500 B-2 162,916.20
0.00
0.00
X 570,533.42
R 0.00
Service Fee 286,719.09
--------------
7,011,388.56
==============
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