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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) June 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 June 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 June 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
June 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 June 15, 1999........................................
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: June 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #5
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: May-99
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ---------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
336,503,836.81 (393,782.03) (1,548,074.10) (935,052.82) 0.00 333,626,927.81 2,683,159.65
===============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Reserve Available for Limited Total
Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
280,419.86 2,402,739.79 935,052.82 0.00 5,560,068.65 0.00 5,560,068.65
================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- -------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3,117,829.40 2,855,229.63 2,579,028.92 (5,990,578.04) 7,428.24 2,568,938.15
===========================================================================================
</TABLE>
<TABLE>
<CAPTION>
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
710,481.95 670,995.15 938,471.03 977,957.83
============================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: June 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: May-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 initial 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 336,503,836.81
24.011% N
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-----------------------------------------------
Current Mo 4,167,861.38 333,626,927.81 1.25%
1st Preceding Mo 3,015,595.70 336,503,836.81 0.90%
2nd Preceding Mo 2,664,473.35 339,775,981.71 0.78%
Divided by 3
-------------
0.98%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
-----------------------------------------------
Current Mo 11,777,720.84 333,626,927.81 3.53%
1st Preceding Mo 8,560,373.91 336,503,836.81 2.54%
2nd Preceding Mo 6,939,792.23 339,775,981.71 2.04%
Divided by 3
-------------
2.71%
=============
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 0.00 333,626,927.81
1st Preceding Mo 0.00 336,503,836.81
2nd Preceding Mo 13,487.25 339,775,981.71
13,487.25 336,635,582.11 0.016%
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: June 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #5
REMITTANCE REPORT
REPORTING MONTH: May-99 Page 3 of 6
<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 7,339 332,548,083.60 181 7,572,127.92 52 2,138,508.37 28 988,240.34
Repos 30 1,078,844.21 1 37,731.54 8 337,112.42 21 704,000.25
-------------------------------------------------------------------------------------------------------------------
Total 7,369 333,626,927.81 182 7,609,859.46 60 2,475,620.79 49 1,692,240.59
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Total Delinq.
Principal
# Balance
- ----------- --------------
<S> <C>
261 10,698,876.63
30 1,078,844.21
- ----------------------------
291 11,777,720.84
============================
3.9% 3.53%
============================
</TABLE>
<TABLE>
<CAPTION>
Ropossession 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>
30 1,078,844.21 0 0.00 30 1,203,199.83 95 2,638,840.39
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: June 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #5
REMITTANCE REPORT
REPORTING MONTH: May-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Liquidated
Account Customer Principal Sales Insur. Total Repossession
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses
- -------------------------------------------------------------------------------------------------------------------------
1751569 DIAZ HENRY T 32,795.57 32,795.57 0.00 32,795.57 0.00
1754266 WHITT JOHN E 36,295.68 36,295.68 0.00 36,295.68 0.00
1755339 INCORVAIA DEBRA M 23,786.06 23,786.06 0.00 23,786.06 0.00
1764380 PARRIS GARY W 25,708.55 25,708.55 0.00 25,708.55 0.00
1764984 PAEZ TIRZO O 67,009.53 67,009.53 0.00 67,009.53 0.00
1766203 PUGH MICHAEL 55,714.79 55,714.79 0.00 55,714.79 0.00
1783430 SCOTT YALONDAR L 26,837.39 26,837.39 0.00 26,837.39 0.00
1783448 GOODIN JENSINE V 16,259.82 16,259.82 0.00 16,259.82 0.00
1785047 REEVES MARGARET L 28,835.51 28,835.51 0.00 28,835.51 0.00
1788009 SIMPSON JUSTINE D 72,141.84 72,141.84 0.00 72,141.84 0.00
1788819 PORTER DAWN K 29,705.46 29,705.46 0.00 29,705.46 0.00
1794726 TANNER SUZANNE S 35,369.26 35,369.26 0.00 35,369.26 0.00
1795186 ROBERTS JUSTIN 24,472.87 24,472.87 0.00 24,472.87 0.00
1797471 HILL JOHN W 57,601.01 57,601.01 0.00 57,601.01 0.00
1752484 GRUBBS JAMES W 138,893.53 138,893.53 0.00 138,893.53 0.00
1801315 MOSES VERNON D 59,310.47 59,310.47 0.00 59,310.47 0.00
1803329 GUY RODNEY V 60,205.27 60,205.27 0.00 60,205.27 0.00
1804384 MCDONALD ERICA S 16,839.25 16,839.25 0.00 16,839.25 0.00
1804673 CRIDER STEVIE C 10,650.56 10,650.56 0.00 10,650.56 0.00
1805803 LUFF RICHARD C 37,320.68 37,320.68 0.00 37,320.68 0.00
1812585 VOLK MICHAEL R 15,767.16 15,767.16 0.00 15,767.16 0.00
1813104 GARCIA JULIA M 24,264.80 24,264.80 0.00 24,264.80 0.00
1731611 GARCIA III GERARDO 39,267.76 39,267.76 0.00 39,267.76 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net Net Current
Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------------------------------------------------------
32,795.57 0.00 0.00 32,795.57 0.00
36,295.68 0.00 0.00 36,295.68 0.00
23,786.06 0.00 0.00 23,786.06 0.00
25,708.55 0.00 0.00 25,708.55 0.00
67,009.53 0.00 0.00 67,009.53 0.00
55,714.79 0.00 0.00 55,714.79 0.00
26,837.39 0.00 0.00 26,837.39 0.00
16,259.82 0.00 0.00 16,259.82 0.00
28,835.51 0.00 0.00 28,835.51 0.00
72,141.84 0.00 0.00 72,141.84 0.00
29,705.46 0.00 0.00 29,705.46 0.00
35,369.26 0.00 0.00 35,369.26 0.00
24,472.87 0.00 0.00 24,472.87 0.00
57,601.01 0.00 0.00 57,601.01 0.00
138,893.53 0.00 0.00 138,893.53 0.00
59,310.47 0.00 0.00 59,310.47 0.00
60,205.27 0.00 0.00 60,205.27 0.00
16,839.25 0.00 0.00 16,839.25 0.00
10,650.56 0.00 0.00 10,650.56 0.00
37,320.68 0.00 0.00 37,320.68 0.00
15,767.16 0.00 0.00 15,767.16 0.00
24,264.80 0.00 0.00 24,264.80 0.00
39,267.76 0.00 0.00 39,267.76 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Liquidated
Account Customer Principal Sales Insur. Total Repossession
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses
- -----------------------------------------------------------------------------------------------------------------------------
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
--------------------------------------------------------------------------------
935,052.82 935,052.82 0.00 935,052.82 0.00
================================================================================
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net Net Current
Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- -------------------------------------------------------------------------------------------------
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------
935,052.82 0.00 0.00 935,052.82 0.00 (13,487.25)
==================================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: June 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #5
REMITTANCE REPORT
REPORTING MONTH: May-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Original Beginning Beginning Current Current Ending
Cert. Certificate Certificate Carryover Principal Principal Carryover
Class Balances Balances Principal Due Paid Principal
-----------------------------------------------------------------------------------------------------------------------------------
A-1 50,200,000.00 40,880,133.56 0.00 1,813,329.17 1,813,329.17 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 94,533,578.25 0.00 1,063,579.83 1,063,579.83 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
---------------------------------------------------------------------------------------------------
351,290,125.00 336,503,836.81 0.00 2,876,909.00 2,876,909.00 0.00
===================================================================================================
</TABLE>
Ending Principal Paid
Writedown Certificate Pool Per $1,000
Amounts Balances Factor Denomination
- -----------------------------------------------------------------------------
39,066,804.39 77.82232% 36.12210
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
93,469,998.42 93.47000% 10.63580
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
- ---------------------------------
0.00 333,626,927.81
=================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-A REPORT DATE: June 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #5
REMITTANCE REPORT
REPORTING MONTH: May-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Certificate Remittance Beginning Current Total Interest Ending Per $1,000
Class Rate Balance Accrual Paid Shortfall Balance Denomination
--------------------------------------------------------------------------------------------------------------
A-1 5.22250% 0.00 183,844.21 183,844.21 0.00 0.00 3.66224
A-1 Carryover Interest 0.00 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 0.00
A-2 5.89000% 0.00 217,439.17 217,439.17 0.00 0.00 4.90833
A-2 Carryover Interest 0.00 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 0.00
A-3 6.09000% 0.00 115,710.00 115,710.00 0.00 0.00 5.07500
A-3 Carryover Interest 0.00 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 0.00
A-4 6.65000% 0.00 294,777.88 294,777.88 0.00 0.00 5.54167
A-4 Carryover Interest 0.00 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 0.00
A-5 6.34000% 0.00 499,452.41 499,452.41 0.00 0.00 4.99452
A-5 Carryover Interest 0.00 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 0.00
M-1 6.86000% 0.00 130,534.37 130,534.37 0.00 0.00 5.71667
M-1 Carryover Interest 0.00 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 0.00
M-2 7.69000% 0.00 112,555.97 112,555.97 0.00 0.00 6.40833
M-2 Carryover Interest 0.00 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 0.00
B-1 8.53000% 0.00 112,368.53 112,368.53 0.00 0.00 7.10833
B-1 Carryover Interest 0.00 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 0.00
B-2 7.95000% 0.00 162,916.20 162,916.20 0.00 0.00 6.62500
B-2 Carryover Interest 0.00 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 0.00
X 13,487.25 573,141.05 573,141.05 0.00 13,487.25
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 280,419.86 280,419.86 0.00 0.00
------------------------------------------------------------------------------
13,487.25 2,683,159.65 2,683,159.65 0.00 13,487.25
==============================================================================
</TABLE>
Cert, Total
Class Distribution
- ------------------------------
A-1 1,997,173.38
A-2 217,439.17
A-3 115,710.00
A-4 294,777.88
A-5 1,563,032.24
M-1 130,534.37
M-2 112,555.97
B-1 112,368.53
B-2 162,916.20
X 573,141.05
R 0.00
Service Fee 280,419.86
-----------------
5,560,068.65
==================
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