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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) March 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 March 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 March 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
March 23, 1999
--------------------------------------
Douglas R. Muir
Vice President
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
20.1 Monthly Remittance Report relating to Distribution
Date occurring on March 15, 1999.......................................
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: March 5, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Feb-99
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
347,487,575.71 (394,748.11) (2,799,203.08) (230,721.60) 0.00 344,062,902.92
====================================================================================================================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
4,027,671.60 3,366,349.76 2,654,016.14 (6,603,967.04) 10,812.19 3,454,882.65
====================================================================================================================================
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
2,767,254.38 289,572.98 2,477,681.40 230,721.60 0.00 6,191,927.17 0.00 6,191,927.17
====================================================================================================================================
P&I Advances at Distribution Date
----------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
----------------------------------------------------------------------
441,829.17 430,971.99 565,268.07 576,125.25
======================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: March 5, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Feb-99
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
-------------------------------------------------------------------------------------------------------------------
Excluding Repos 7,554 343,664,426.31 131 5,368,488.76 35 1,601,456.01 6 350,953.05
Repos 11 398,476.61 3 113,564.07 8 284,912.54 0 0.00
-------------------------------------------------------------------------------------------------------------------
Total 7,565 344,062,902.92 134 5,482,052.83 43 1,886,368.55 6 350,953.05
===================================================================================================================
<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
-------------------------------------------------------------------------------------------------------------------
Excluding Repos 172 7,320,897.82 11 398,476.61 0 0.00 14 504,992.13 18 629,810.07
Repos 11 398,476.61
-----------------------------
Total 183 7,719,374.43
=============================
2.4% 2.24%
=============================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: March 5, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Feb-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses
- ------------------------------------------------------------------------------------------------------------------------------------
1741818 BIRMINGHAM CHRISTOPHER R 40,595.59 40,595.59 0.00 40,595.59 0.00
1749688 GONZALEZ ROXANNE 20,851.79 20,851.79 0.00 20,851.79 0.00
1750918 TARVER ALYISON A 43,920.37 43,920.37 0.00 43,920.37 0.00
1762962 LOPEZ CARA G 39,252.27 39,252.27 0.00 39,252.27 0.00
1767599 TREVINO JOSEPH L 39,633.55 39,633.55 0.00 39,633.55 0.00
1768126 WILSON STORMI D 26,286.38 26,286.38 0.00 26,286.38 0.00
1771963 COLE MARK A 20,181.65 20,181.65 0.00 20,181.65 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
--------------------------------------------------------------------------
230,721.60 230,721.60 0.00 230,721.60 0.00
==========================================================================
<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)
- ------------------------------------------------------------------------------------------------------------------------------------
1741818 BIRMINGHAM CHRISTOPHER R 40,595.59 0.00 0.00 40,595.59 0.00
1749688 GONZALEZ ROXANNE 20,851.79 0.00 0.00 20,851.79 0.00
1750918 TARVER ALYISON A 43,920.37 0.00 0.00 43,920.37 0.00
1762962 LOPEZ CARA G 39,252.27 0.00 0.00 39,252.27 0.00
1767599 TREVINO JOSEPH L 39,633.55 0.00 0.00 39,633.55 0.00
1768126 WILSON STORMI D 26,286.38 0.00 0.00 26,286.38 0.00
1771963 COLE MARK A 20,181.65 0.00 0.00 20,181.65 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
---------------------------------------------------------------------
230,721.60 0.00 0.00 230,721.60 0.00 0.00
==================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: March 5, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Feb-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
- ----------------------------------------------------------------------------------------------------------------------------------
A-1 50,200,000.00 47,803,235.44 0.00 2,158,587.24
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 44,300,000.00 44,300,000.00 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
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 53,193,000.00 53,193,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 100,000,000.00 98,594,215.27 0.00 1,266,085.55
A-5 Outstanding Writedown 0.00 0.00 0.00
M-1 22,834,000.00 22,834,000.00 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
M-2 Outstanding Writedown 0.00 0.00 0.00
B-1 15,808,000.00 15,808,000.00 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
B-2 Outstanding Writedown 0.00 0.00 0.00
-------------------------------------------------------------------------------------------
351,290,125.00 347,487,575.71 0.00 3,424,672.79
===========================================================================================
<CAPTION>
Current Ending Ending Principal Paid
Cert. Principal Carryover Writedown Certificate Pool Per $1,000
Class Paid Principal Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 2,158,587.24 0.00 45,644,648.20 90.92559% 42.99975
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 0.00 0.00 44,300,000.00 100.00000% 0.00000
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 0.00 0.00 22,800,000.00 100.00000% 0.00000
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 0.00 0.00 53,193,000.00 100.00000% 0.00000
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 1,266,085.55 0.00 97,328,129.72 97.32813% 12.66086
A-5 Outstanding Writedown 0.00 0.00 0.00
M-1 0.00 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 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 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 0.00 24,591,125.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
---------------------------------------------------------------------
3,424,672.79 0.00 0.00 344,062,902.92
=====================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: March 5, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Feb-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
-------------------------------------------------------------------------------------------------
A-1 5.25563% 0.00 195,405.87 195,405.87 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% 0.00 520,906.10 520,906.10 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 0.00 615,067.31 615,067.31 (0.00)
R 0.00 0.00 0.00 0.00
Service Fee 0.00 289,572.98 289,572.98 0.00
----------------------------------------------------------------------------------
0.00 2,767,254.38 2,767,254.38 (0.00)
==================================================================================
<CAPTION>
Interest Paid
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
---------------------------------------------------------------------------------------------
A-1 0.00 3.89255 A-1 2,353,993.11
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 5.20906 A-5 1,786,991.65
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 (0.00) X 615,067.31
R 0.00 R 0.00
Service Fee 0.00 Service Fee 289,572.98
---------------- -----------------------
(0.00) 6,191,927.17
================ =======================
</TABLE>
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