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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) October 15, 1999.
OMI Trust 1999-A
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-72621-01 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 October 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 October 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
October 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 October 15, 1999..........................
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Sep-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>
325,134,212.63 (393,719.71) (1,071,567.27) (578,940.73) 0.00 323,089,984.92 2,591,118.61 270,945.18
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Scheduled Amount
Pass Thru Liquidation Reserve Available for Limited Total
Interest Proceeds Fund Draw Distribution Guarantee Distribution
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,320,173.43 526,942.63 0.00 4,583,348.22 0.00 4,583,348.22
======================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1,791,950.59 2,016,813.25 2,445,398.93 (4,917,994.18) 4,748.49 1,340,917.08
================================================================================================================================
</TABLE>
P&I Advances at Distribution Date
- -------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -------------------------------------------------------------------------------
1,551,732.81 -1,451,660.62 100,072.19
===============================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 2 of 6
<TABLE>
<CAPTION>
<S> <C> <C>
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
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 325,134,212.63
24.850% N
</TABLE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 9,292,498.37 323,089,984.92 2.88%
1st Preceding Mo 7,870,897.98 325,134,212.63 2.42%
2nd Preceding Mo 6,853,868.95 327,435,088.25 2.09%
Divided by 3
-------------
2.46%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 16,055,037.33 323,089,984.92 4.97%
1st Preceding Mo 14,540,809.74 325,134,212.63 4.47%
2nd Preceding Mo 12,498,306.97 327,435,088.25 3.82%
Divided by 3
-------------
4.42%
=============
Cumulative loss ratio:
Cumulative losses 220,768.27
------------------------
Divided by Initial Certificate Principal 351,290,125.00 0.063%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 51,998.10 325,134,212.63
1st Preceding Mo 36,503.53 327,435,088.25
2nd Preceding Mo 64,849.40 330,677,563.52
-------------------------------------------
153,351.03 327,748,954.80 0.187%
=============
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Sep-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>
Excluding Repos 7,068 320,289,558.41 181 6,685,769.27 58 2,459,141.48 95 4,109,700.07 334 13,254,610.82
Repos 74 2,800,426.51 2 76,769.69 8 348,837.04 64 2,374,819.78 74 2,800,426.51
------------------------------------------------------------------------------------------------------------------
Total 7,142 323,089,984.92 183 6,762,538.96 66 2,807,978.52 159 6,484,519.85 408 16,055,037.33
==================================================================================================================
5.7% 4.97%
========================
</TABLE>
<TABLE>
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 74 2,800,426.51 -1 (39,370.86) 29 1,100,253.38 251 7,943,147.20
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated
Account Customer Principal Sales Insur. Total Repossession
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1722073 BENITO CASTILLO 18,059.75 20,500.00 20.61 20,520.61 5,575.00
1763267 ANNA M JAGER 36,876.05 39,000.00 591.14 39,591.14 6,130.00
1779123 ROBERT D OWEN 6,469.01 1,000.00 92.58 1,092.58 650.00
1739077 BILLY R HILL 15,326.84 20,250.00 176.26 20,426.26 5,567.50
1763739 NECHOLETTE D BROOKS 26,571.29 28,900.00 0.00 28,900.00 5,827.00
1564087 PEGGY REED 30,935.91 31,400.00 0.00 31,400.00 6,844.00
1587831 TAMMY RITCHIE 18,901.36 10,380.00 0.00 10,380.00 1,272.80
1599950 ELIZABETH POWERS 10,795.77 6,000.00 0.00 6,000.00 0.00
1753003 GANNON ROBERT 27,152.29 28,428.06 658.67 29,086.73 0.00
1764802 HAYES MATHEW N 27,342.41 28,396.37 2,914.36 31,310.73 0.00
1765858 WHITTAKER SHAWN R 82,362.32 89,275.30 63.18 89,338.48 0.00
1767383 GEROU MICHAEL A 51,055.82 53,901.24 724.21 54,625.45 0.00
1786540 GOOLSBY SHANNON W 17,877.08 18,260.67 797.53 19,058.20 0.00
1787191 GANN DAVID L 25,189.69 26,486.51 286.46 26,772.97 0.00
1787209 PETERS GEORGE W 31,630.11 32,529.03 812.47 33,341.50 0.00
1804129 AGUILAR PATSY 24,522.00 24,320.22 1,830.04 26,150.26 0.00
1790005 BRASWELL DANIEL J 64,698.06 65,860.11 1,379.37 67,239.48 0.00
1791227 SMITH DENNIS L 63,174.97 65,601.91 57.20 65,659.11 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
------------------------------------------------------------------------------
578,940.73 590,489.42 10,404.08 600,893.50 31,866.30
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Net Net Current
Account Customer Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
FHA? Number Name Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1722073 BENITO CASTILLO 14,945.61 1,572.82 0.00 13,372.79 (4,686.96)
1763267 ANNA M JAGER 33,461.14 3,639.79 0.00 29,821.35 (7,054.70)
1779123 ROBERT D OWEN 442.58 886.40 0.00 (443.82) (6,912.83)
1739077 BILLY R HILL 14,858.76 2,121.01 0.00 12,737.75 (2,589.09)
1763739 NECHOLETTE D BROOKS 23,073.00 2,086.41 0.00 20,986.59 (5,584.70)
1564087 PEGGY REED 24,556.00 2,010.21 0.00 22,545.79 (8,390.12)
1587831 TAMMY RITCHIE 9,107.20 992.69 0.00 8,114.51 (10,786.85)
1599950 ELIZABETH POWERS 6,000.00 1,197.08 0.00 4,802.92 (5,992.85)
1753003 GANNON ROBERT 29,086.73 1,934.44 0.00 27,152.29 0.00
1764802 HAYES MATHEW N 31,310.73 3,968.32 0.00 27,342.41 0.00
1765858 WHITTAKER SHAWN R 89,338.48 6,976.16 0.00 82,362.32 0.00
1767383 GEROU MICHAEL A 54,625.45 3,569.63 0.00 51,055.82 0.00
1786540 GOOLSBY SHANNON W 19,058.20 1,181.12 0.00 17,877.08 0.00
1787191 GANN DAVID L 26,772.97 1,583.28 0.00 25,189.69 0.00
1787209 PETERS GEORGE W 33,341.50 1,711.39 0.00 31,630.11 0.00
1804129 AGUILAR PATSY 26,150.26 1,628.26 0.00 24,522.00 0.00
1790005 BRASWELL DANIEL J 67,239.48 2,541.42 0.00 64,698.06 0.00
1791227 SMITH DENNIS L 65,659.11 2,484.14 0.00 63,174.97 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
-------------------------------------------------------------------------------------------
569,027.20 42,084.57 0.00 526,942.63 (51,998.10) (220,768.27)
============================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Sep-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 33,713,806.39 0.00 1,288,486.26 1,288,486.26 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 90,330,281.24 0.00 755,741.45 755,741.45 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
-----------------------------------------------------------------------------------------------------
351,290,125.00 325,134,212.63 0.00 2,044,227.71 2,044,227.71 0.00
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Ending Principal Paid
Cert. Writedown Certificate Pool Per $1,000
Class Amounts Balances Factor Denomination
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 32,425,320.13 64.59227% 25.66706
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 44,300,000.00 100.00000% 0.00000
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 22,800,000.00 100.00000% 0.00000
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 53,193,000.00 100.00000% 0.00000
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 89,574,539.79 89.57454% 7.55741
A-5 Outstanding Writedown 0.00 0.00 0.00
M-1 0.00 22,834,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 0.00 17,564,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 15,808,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 24,591,125.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
--------------------------------
0.00 323,089,984.92
================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 5.70000% 0.00 160,140.58 160,140.58 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-2 5.89000% 0.00 217,439.17 217,439.17 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-3 6.09000% 0.00 115,710.00 115,710.00 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-4 6.65000% 0.00 294,777.88 294,777.88 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-5 6.34000% 0.00 477,244.99 477,244.99 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00
M-1 6.86000% 0.00 130,534.37 130,534.37 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-2 7.69000% 0.00 112,555.97 112,555.97 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
B-1 8.53000% 0.00 112,368.53 112,368.53 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-2 7.95000% 0.00 162,916.20 162,916.20 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
X 168,770.17 536,485.74 484,487.64 51,998.10
R 0.00 0.00 0.00 0.00
Service Fee 0.00 270,945.18 270,945.18 0.00
------------------------------------------------------------------------------------
168,770.17 2,591,118.61 2,539,120.51 51,998.10
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
---------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 3.19005 A-1 1,448,626.84
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 4.90833 A-2 217,439.17
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.07500 A-3 115,710.00
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 5.54167 A-4 294,777.88
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
A-5 0.00 4.77245 A-5 1,232,986.44
A-5 Carryover Interest 0.00 0.00
A-5 Writedown Interest 0.00 0.00
M-1 0.00 5.71667 M-1 130,534.37
M-1 Carryover Interest 0.00 0.00
M-1 Writedown Interest 0.00 0.00
M-2 0.00 6.40833 M-2 112,555.97
M-2 Carryover Interest 0.00 0.00
M-2 Writedown Interest 0.00 0.00
B-1 0.00 7.10833 B-1 112,368.53
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 6.62500 B-2 162,916.20
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 220,768.27 X 484,487.64
R 0.00 R 0.00
Service Fee 0.00 Service Fee 270,945.18
------------ -------------
220,768.27 4,583,348.22
============ =============
</TABLE>
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