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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) May 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 May 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 May 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
May 23, 1999 -----------------------------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
--------------
<S> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on May 15, 1999............................................
</TABLE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
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>
339,775,981.71 (394,358.96) (2,326,629.72) (551,156.22) 0.00 336,503,836.81
=================================================================================================================================
REPORT DATE: May 7, 1999
POOL REPORT # 4
Page 1 of 6
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>
2,708,531.67 283,146.65 2,425,385.02 551,156.22 0.00 5,980,676.57 0.00 5,980,676.57
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
4,399,597.34 3,243,706.21 2,498,583.41 (7,033,959.03) 9,901.47 3,117,829.40
=================================================================================================================================
P&I Advances at Distribution Date
- ---------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------------------------
847,713.24 812,455.93 675,224.64 710,481.95
===========================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
<S> <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
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 339,775,981.71
23.780% N
REPORT DATE: May 7, 1999
POOL REPORT # 4
Page 2 of 6
<S> <C> <C> <C>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 3,015,595.70 336,503,836.81 0.90%
1st Preceding Mo 2,664,473.35 339,775,981.71 0.78%
2nd Preceding Mo 2,237,321.60 344,062,902.92 0.65%
Divided by 3
-------------
0.78%
=============
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 8,560,373.91 336,503,836.81 2.54%
1st Preceding Mo 6,939,792.23 339,775,981.71 2.04%
2nd Preceding Mo 7,719,374.43 344,062,902.92 2.24%
Divided by 3
-------------
2.28%
=============
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 0.00 336,503,836.81
1st Preceding Mo 13,487.25 339,775,981.71
2nd Preceding Mo 0.00 344,062,902.92
0.016%
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: May 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Apr-99
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 7,400 335,692,654.17 136 5,464,597.72 30 1,231,234.98 25 1,053,358.57 191 7,749,191.27
Repos 23 811,182.64 2 80,180.49 3 104,869.00 18 626,133.15 23 811,182.64
----------------------------------------------------------------------------------------------------------------------
Total 7,423 336,503,836.81 138 5,544,778.21 33 1,336,103.98 43 1,679,491.72 214 8,560,373.91
=====================================================================================================================
2.9% 2.54%
==========================
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 23 811,182.64 0 0.00 25 450,762.70 65 1,435,640.56
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total
FHA? Number Name Balance Proceeds Refunds Proceeds
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1751072 LUCAS JEFF D 51,675.73 51,675.73 0.00 51,675.73
1754720 MASSEY JOE J 19,313.47 19,313.47 0.00 19,313.47
1755776 MITCHELL ARBIE J 43,124.02 43,124.02 0.00 43,124.02
1766112 LINN LISA D 27,906.80 27,906.80 0.00 27,906.80
1752898 FOREMAN FRANK D 27,049.93 27,049.93 0.00 27,049.93
1754191 MARTIN RONALYN 28,519.03 28,519.03 0.00 28,519.03
1768068 PUCKETT JEREMY A 27,189.90 27,189.90 0.00 27,189.90
1737626 HICKS LARRY 13,756.74 13,756.74 0.00 13,756.74
1778372 DAVIS SHAWN M 37,089.43 37,089.43 0.00 37,089.43
1780642 DURHAM WILLIAM L 34,116.99 34,116.99 0.00 34,116.99
1799154 MILLER BRYAN L 26,689.86 26,689.86 0.00 26,689.86
1783778 CLARK JOSHUA W 43,575.53 43,575.53 0.00 43,575.53
1790666 LOCY RICHARD E 24,801.41 24,801.41 0.00 24,801.41
1799881 CAMPBELL RHONDA S 28,233.56 28,233.56 0.00 28,233.56
1803246 NETTLES MICHAEL D 14,115.20 14,115.20 0.00 14,115.20
1803709 KORZENEWSKI HAROLD D 43,943.15 43,943.15 0.00 43,943.15
1802727 WALTMAN RONNY J 26,796.31 26,796.31 0.00 26,796.31
1805621 BRADSHAW DAHYL 33,259.16 33,259.16 0.00 33,259.16
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-------------------------------------------------------------
551,156.22 551,156.22 0.00 551,156.22
=============================================================
REPORT DATE: May 7, 1999
POOL REPORT # 4
Page 4 of 6
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> <C> <C>
1751072 LUCAS JEFF D 0.00 51,675.73 0.00 0.00 51,675.73 0.00
1754720 MASSEY JOE J 0.00 19,313.47 0.00 0.00 19,313.47 0.00
1755776 MITCHELL ARBIE J 0.00 43,124.02 0.00 0.00 43,124.02 0.00
1766112 LINN LISA D 0.00 27,906.80 0.00 0.00 27,906.80 0.00
1752898 FOREMAN FRANK D 0.00 27,049.93 0.00 0.00 27,049.93 0.00
1754191 MARTIN RONALYN 0.00 28,519.03 0.00 0.00 28,519.03 0.00
1768068 PUCKETT JEREMY A 0.00 27,189.90 0.00 0.00 27,189.90 0.00
1737626 HICKS LARRY 0.00 13,756.74 0.00 0.00 13,756.74 0.00
1778372 DAVIS SHAWN M 0.00 37,089.43 0.00 0.00 37,089.43 0.00
1780642 DURHAM WILLIAM L 0.00 34,116.99 0.00 0.00 34,116.99 0.00
1799154 MILLER BRYAN L 0.00 26,689.86 0.00 0.00 26,689.86 0.00
1783778 CLARK JOSHUA W 0.00 43,575.53 0.00 0.00 43,575.53 0.00
1790666 LOCY RICHARD E 0.00 24,801.41 0.00 0.00 24,801.41 0.00
1799881 CAMPBELL RHONDA S 0.00 28,233.56 0.00 0.00 28,233.56 0.00
1803246 NETTLES MICHAEL D 0.00 14,115.20 0.00 0.00 14,115.20 0.00
1803709 KORZENEWSKI HAROLD D 0.00 43,943.15 0.00 0.00 43,943.15 0.00
1802727 WALTMAN RONNY J 0.00 26,796.31 0.00 0.00 26,796.31 0.00
1805621 BRADSHAW DAHYL 0.00 33,259.16 0.00 0.00 33,259.16 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
0.00 551,156.22 0.00 0.00 551,156.22 0.00 (13,487.25)
===================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Apr-99
CERTIFICATE PRINCIPAL ANALYSIS
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 50,200,000.00 42,942,581.76 0.00 2,062,448.20 2,062,448.20
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
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
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
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 100,000,000.00 95,743,274.95 0.00 1,209,696.70 1,209,696.70
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
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
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
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
B-2 Outstanding Writedown 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------
351,290,125.00 339,775,981.71 0.00 3,272,144.90 3,272,144.90
=====================================================================================================
REPORT DATE: May 7, 1999
POOL REPORT # 4
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 40,880,133.56 81.43453% 41.08463
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 0.00 44,300,000.00 100.00000% 0.00000
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 0.00 22,800,000.00 100.00000% 0.00000
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 0.00 53,193,000.00 100.00000% 0.00000
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 0.00 94,533,578.25 94.53358% 12.09697
A-5 Outstanding Writedown 0.00 0.00 0.00
M-1 0.00 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 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 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 0.00 24,591,125.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
---------------------------------------------------------
0.00 0.00 336,503,836.81
=========================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: May 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Apr-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 5.24625% 0.00 187,739.60 187,739.60 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% 0.00 505,843.64 505,843.64 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 13,487.25 585,499.66 585,499.66 0.00 13,487.25
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 283,146.65 283,146.65 0.00 0.00
---------------------------------------------------------------------
13,487.25 2,708,531.67 2,708,531.67 0.00 13,487.25
=====================================================================
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
-----------------------------------------------------------------
<S> <C> <C> <C>
A-1 3.73983 A-1 2,250,187.80
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
A-2 4.90833 A-2 217,439.17
A-2 Carryover Interest 0.00
A-2 Writedown Interest 0.00
A-3 5.07500 A-3 115,710.00
A-3 Carryover Interest 0.00
A-3 Writedown Interest 0.00
A-4 5.54167 A-4 294,777.88
A-4 Carryover Interest 0.00
A-4 Writedown Interest 0.00
A-5 5.05844 A-5 1,715,540.34
A-5 Carryover Interest 0.00
A-5 Writedown Interest 0.00
M-1 5.71667 M-1 130,534.37
M-1 Carryover Interest 0.00
M-1 Writedown Interest 0.00
M-2 6.40833 M-2 112,555.97
M-2 Carryover Interest 0.00
M-2 Writedown Interest 0.00
B-1 7.10833 B-1 112,368.53
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 6.62500 B-2 162,916.20
B-2 Carryover Interest 0.00
B-2 Writedown Interest 0.00
X X 585,499.66
R R 0.00
Service Fee Service Fee 283,146.65
--------------------
5,980,676.57
====================
</TABLE>
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