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) September 15, 1999.
-------------------
OMI Trust 1999-B
------------------------------------------------
(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-B
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-B (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1999-B (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on September 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 September 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-B, Registrant
By: Oakwood Acceptance Corporation,
as servicer
September 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 September 15, 1999..............................
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Aug-99
Scheduled Principal Balance of Contracts
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning Ending Scheduled Scheduled
Principal Scheduled Prepaid Liquidated Loans Principal Gross Servicing Pass Thru
Balance Principal Principal Principal Repurchased Balance Interest Fee Interest
- -----------------------------------------------------------------------------------------------------------------------------------
244,657,609.42 (324,909.36) (1,344,955.59) (1,219,141.79) 0.00 241,768,602.68 2,096,207.20 203,881.34 1,892,325.86
===================================================================================================================================
REPORT DATE: September 8, 1999
POOL REPORT #4
Page 1 of 6
Amount
Pass-Through Available for Limited Total
Proceeds Distribution Guarantee Distribution
- ------------------------------------------------------------------
1,204,539.13 4,970,611.28 0.00 4,970,611.28
==================================================================
<CAPTION>
Certificate Account
- -----------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,691,341.38 2,882,833.77 2,062,368.58 (4,317,563.51) 5,220.05 2,324,200.27
===============================================================================================
</TABLE>
P&I Advances at Distribution Date
- ---------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------
789,584.58 -749,247.04 1,496,056.49 1,536,394.03
=========================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH:
Class B Crossover Test
---------------------------------------------------------------
(a) Remittance date on or after December 2003
(b) Average 60 day Delinquency rate <= 5%
(c) Average 30 day Delinquency rate <= 7%
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Dec 2003- May 2005 7%
June 2005-May 2006 8%
June 2006- Nov 2007 9%
Dec 2007 and After 10.5%
(e) Current realized loss ratio <= 2.75%
(f) Does Subordinated Certificate percentage equal or
exceed 40.250%
of Pool Scheduled Principal Balance
Beginning M balance 28,118,000.00
Beginning B-1 balance 12,781,000.00
Beginning B-2 balance 17,894,150.00
----------------
58,793,150.00
----------------
Divided by beginning pool
balance 244,657,609.42
24.031%
REPORT DATE: September 8, 1999
POOL REPORT #4
Page 2 of 6
Test Met? Average 60 day delinquency ratio:
----------
N Over 60s Pool Balance %
------------------------------------------------
Y Current Mo 4,483,807.91 241,768,602.68 1.85%
1st Preceding Mo 3,772,548.45 244,657,609.42 1.54%
Y 2nd Preceding Mo 2,347,218.14 246,852,335.48 0.95%
Divided by 3
-----------
1.45%
===========
Average 30 day delinquency ratio:
N
N
N Over 30s Pool Balance %
------------------------------------------------
N
Current Mo 11,645,716.84 241,768,602.68 4.82%
1st Preceding Mo 9,832,612.78 244,657,609.42 4.02%
Y 2nd Preceding Mo 8,149,358.84 246,852,335.48 3.30%
Divided by 3
-----------
4.05%
===========
Cumulative loss ratio:
Cumulative losses 14,602.66
-----------------
Divided by Initial Certificate Principal 255,621,150.00 0.006%
========
Current realized loss ratio:
N
Liquidation Pool
Losses Balance
--------------------------------------
Current Mo 14,602.66 244,657,609.42
1st Preceding Mo 0.00 246,852,335.48
2nd Preceding Mo 0.00 250,031,331.91
--------------------------------------
14,602.66 247,180,425.60 0.024%
========
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Aug-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 5,542 241,144,050.69 201 7,053,307.88 59 2,029,469.84 45 1,999,245.56 305 11,082,023.28
Repos 20 624,551.99 4 108,601.05 5 135,860.18 9 319,232.33 18 563,693.56
----------------------------------------------------------------------------------------------------------------------
Total 5,562 241,768,602.68 205 7,161,908.93 64 2,165,330.02 54 2,318,477.89 323 11,645,716.84
======================================================================================================================
5.8% 4.82%
=======================
REPORT DATE: September 8, 1999
POOL REPORT #4
Page 3 of 6
<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>
20 624,551.99 0 0.00 37 1,136,355.51 106 3,473,049.64
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: September 8, 1999
REMITTANCE REPORT POOL REPORT #4
REPORTING MONTH: Aug-99
REPOSSESSION LIQUIDATION REPORT
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
1814060 HOLCOMBE BRUCE E 24,221.96 24,221.96 0.00 24,221.96 0.00 24,221.96
1816875 HEARN GLENN 53,811.16 53,811.16 0.00 53,811.16 0.00 53,811.16
1819424 SINGEL DAVID L 60,064.65 60,064.65 0.00 60,064.65 0.00 60,064.65
1828144 NELSON GEORGE 42,384.71 42,384.71 0.00 42,384.71 0.00 42,384.71
1828391 ELLIS KELLY M 18,280.21 18,280.21 0.00 18,280.21 0.00 18,280.21
1829795 EDWARDS SHERRI L 28,311.01 28,311.01 0.00 28,311.01 0.00 28,311.01
1837095 COBIA MICHELLE 28,024.91 28,024.91 0.00 28,024.91 0.00 28,024.91
1838804 DIMITT DOUGLASS W 38,571.91 38,571.91 0.00 38,571.91 0.00 38,571.91
1856368 COWLEY JOEY 34,367.16 34,367.16 0.00 34,367.16 0.00 34,367.16
1832435 WORLEY JERRY J 40,430.29 40,430.29 0.00 40,430.29 0.00 40,430.29
1832468 HILL CHARLES L 54,532.37 54,532.37 0.00 54,532.37 0.00 54,532.37
1833219 FOX SHERON H 27,342.18 27,342.18 0.00 27,342.18 0.00 27,342.18
1833276 KIRKLIN DIMARCOL L 10,781.35 10,781.35 0.00 10,781.35 0.00 10,781.35
1841295 JOHNSON WILLIAM 25,382.05 25,382.05 0.00 25,382.05 0.00 25,382.05
1844422 ASSAVEDO NATHAN D 29,209.05 29,209.05 0.00 29,209.05 0.00 29,209.05
1847201 PABLO AYALA 30,443.88 30,443.88 0.00 30,443.88 0.00 30,443.88
1849678 WEASE RANDY H 32,916.74 32,916.74 0.00 32,916.74 0.00 32,916.74
1851641 BAILEY RANDY 19,370.65 19,370.65 0.00 19,370.65 0.00 19,370.65
1855840 MAWYER SANDRA L 26,089.40 26,089.40 0.00 26,089.40 0.00 26,089.40
1877026 JAMES BENNY 64,382.59 64,382.59 0.00 64,382.59 0.00 64,382.59
1887256 WATSON AQAUTA K 26,335.32 26,335.32 0.00 26,335.32 0.00 26,335.32
1862929 COLSTON HOLMAN 34,042.33 34,042.33 0.00 34,042.33 0.00 34,042.33
1864263 CONTRERAS SERGIO I 24,886.75 24,886.75 0.00 24,886.75 0.00 24,886.75
1868157 MARTINEZ EDUARDO D 38,288.35 38,288.35 0.00 38,288.35 0.00 38,288.35
1873249 GREGORY MICHAEL A 26,472.61 26,472.61 0.00 26,472.61 0.00 26,472.61
1876408 SHELTON WILLIAM L 35,254.92 35,254.92 0.00 35,254.92 0.00 35,254.92
1877232 ROBERTS DANNY 23,488.11 23,488.11 0.00 23,488.11 0.00 23,488.11
1877356 SANCHEZ BOBBY 24,051.96 24,051.96 0.00 24,051.96 0.00 24,051.96
1879972 BLACK ALICIA 27,330.91 27,330.91 0.00 27,330.91 0.00 27,330.91
1880327 STUTTS CHRISTOPHER S 56,007.20 56,007.20 0.00 56,007.20 0.00 56,007.20
1882273 CULBRETH STARR R 30,459.49 30,459.49 0.00 30,459.49 0.00 30,459.49
1889021 DELLAROCCO PAUL J 21,271.76 21,271.76 0.00 21,271.76 0.00 21,271.76
1910041 BISHOP SR BOBBY J 19,768.73 19,768.73 0.00 19,768.73 0.00 19,768.73
1816057 BRADY DAVID T 57,990.53 57,990.53 0.00 57,990.53 0.00 57,990.53
1845650 HORSLEY MILDRED J 54,548.40 54,548.40 0.00 54,548.40 0.00 54,548.40
1831585 JANICE S SWEAT 20,814.78 14,000.00 1,677.96 15,677.96 650.00 15,027.96
1839968 FORREST L GILLEY 9,211.41 12,000.00 636.04 12,636.04 9,170.00 3,466.04
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Page 4 of 6
Net Current
Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------
0.00 0.00 24,221.96 0.00
0.00 0.00 53,811.16 0.00
0.00 0.00 60,064.65 0.00
0.00 0.00 42,384.71 0.00
0.00 0.00 18,280.21 0.00
0.00 0.00 28,311.01 0.00
0.00 0.00 28,024.91 0.00
0.00 0.00 38,571.91 0.00
0.00 0.00 34,367.16 0.00
0.00 0.00 40,430.29 0.00
0.00 0.00 54,532.37 0.00
0.00 0.00 27,342.18 0.00
0.00 0.00 10,781.35 0.00
0.00 0.00 25,382.05 0.00
0.00 0.00 29,209.05 0.00
0.00 0.00 30,443.88 0.00
0.00 0.00 32,916.74 0.00
0.00 0.00 19,370.65 0.00
0.00 0.00 26,089.40 0.00
0.00 0.00 64,382.59 0.00
0.00 0.00 26,335.32 0.00
0.00 0.00 34,042.33 0.00
0.00 0.00 24,886.75 0.00
0.00 0.00 38,288.35 0.00
0.00 0.00 26,472.61 0.00
0.00 0.00 35,254.92 0.00
0.00 0.00 23,488.11 0.00
0.00 0.00 24,051.96 0.00
0.00 0.00 27,330.91 0.00
0.00 0.00 56,007.20 0.00
0.00 0.00 30,459.49 0.00
0.00 0.00 21,271.76 0.00
0.00 0.00 19,768.73 0.00
0.00 0.00 57,990.53 0.00
0.00 0.00 54,548.40 0.00
1,294.36 0.00 13,733.60 (7,081.18)
1,776.11 0.00 1,689.93 (7,521.48)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Aug-99
REPOSSESSION LIQUIDATION REPORT
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
===========================================================================================
1,219,141.79 1,215,115.60 2,314.00 1,217,429.60 9,820.00 1,207,609.60
=============================================================================================
</TABLE>
REPORT DATE: September 8, 1999
POOL REPORT #4
Page 4 of 6
Net Current
Unrecov. FHA Insurance Pass Thru Period Net Cumulative
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
================================================================================
3,070.47 0.00 1,204,539.13 (14,602.66) (14,602.66)
================================================================================
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: September 8, 1999
REMITTANCE REPORT POOL REPORT #4
REPORTING MONTH: Aug-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Principal Current Current
Cert. Certificate Certificate Shortfall Carry- Principal Principal
Class Balances Balances Over Due Paid
--------------------------------- -----------------------------------------------------------------------------------------
Senior Certificates
<S> <C> <C> <C> <C> <C>
A-1 61,200,000.00 50,236,459.42 0.00 2,889,006.74 2,889,006.74
A-2 49,100,000.00 49,100,000.00 0.00 0.00 0.00
A-3 28,900,000.00 28,900,000.00 0.00 0.00 0.00
A-4 57,628,000.00 57,628,000.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------
Total Certificate Principal Bal. 196,828,000.00 185,864,459.42 0.00 2,889,006.74 2,889,006.74
========================================================================================
Original Beginning Beginning Principal Current Current
Certificate Certificate Shortfall Carry- Principal Principal
Subordinate Certificates Balances Balances Over Due Paid
-----------------------------------------------------------------------------------------
15,337,000.00 15,337,000.00 0.00 0.00 0.00
M-1 0.00 0.00
M-1 Outstanding Writedown
12,781,000.00 12,781,000.00 0.00 0.00 0.00
M-2 0.00 0.00
M-1 Outstanding Writedown
12,781,000.00 12,781,000.00 0.00 0.00 0.00
B-1 0.00 0.00
B-1 Outstanding Writedown
17,894,150.00 17,894,150.00 0.00 0.00 0.00
B-2 0.00 0.00
B-2 Outstanding Writedown
-----------------------------------------------------------------------------------------
58,793,150.00 58,793,150.00 0.00 0.00 0.00
Total Excluding Writedown Bal. =========================================================================================
All Certificates Excluding Writedown Bal. 255,621,150.00 244,657,609.42 0.00 2,889,006.74 2,889,006.74
=========================================================================================
</TABLE>
Ending Principal Ending Principal Paid
Shortfall Carry- Certificate Pool Per $1,000
Over Balances Factor Denomination
- --------------------------------------------------------------------------------
0.00 47,347,452.68 94.24918% 47.205992
0.00 49,100,000.00 100.00000% 0.000000
0.00 28,900,000.00 100.00000% 0.000000
0.00 57,628,000.00 100.00000% 0.000000
- --------------------------------
0.00 182,975,452.68
============================================================================
Ending Principal Current Ending Principal Paid
Shortfall Carry- Writedown/ Certificate Pool Per $1,000
Over (Writeup) Balances Factor Denomination
- --------------------------------------------------------------------------------
0.00 0.00 15,337,000.00 100.00000% 0.000000
0.00
0.00 0.00 12,781,000.00 100.00000% 0.000000
0.00
0.00 0.00 12,781,000.00 100.00000% 0.000000
0.00
0.00 0.00 17,894,150.00 100.00000% 0.000000
0.00
- ---------------------------------------------
0.00 0.00 58,793,150.00
=============================================
0.00 0.00 241,768,602.68
================================================================================
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: September 8, 1999
REMITTANCE REPORT POOL REPORT # 4
REPORTING MONTH: Aug-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Carry-
Senior Pass-Through Over Priority Current Priority Over Priority Ending Carry-
Certificates Rate Interest Balance Interest Accrual Interest Accrual Paid Over Balance
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 5.38875% 0.00 233,112.87 0.00 233,112.87 0.00
A-2 6.19000% 0.00 253,274.17 0.00 253,274.17 0.00
A-3 6.45000% 0.00 155,337.50 0.00 155,337.50 0.00
A-4 6.99000% 0.00 335,683.10 0.00 335,683.10 0.00
--------------------------------------------------------------------------------------
======================================================================================
Total 0.00 977,407.64 0.00 977,407.64 0.00
======================================================================================
Beginning Carry- Current Carry- Priority Ending Carry-
Subordinate Pass-Through Over Priority Current Priority Over Priority Interest Over Priority
Certificates Rate Interest Balance Interest Accrual Interest Accrual Paid Interest Balance
--------------------------------------------------------------------------------------------------------
M-1 7.18000% 0.00 91,766.38 0.00 91,766.38 0.00
M-2 7.52000% 0.00 80,094.27 0.00 80,094.27 0.00
B-1 8.04000% 0.00 85,632.70 0.00 85,632.70 0.00
B-2 9.05000% 0.00 134,951.71 0.00 134,951.71 0.00
Limited Guarantee 0.00
Service Fee 0.00 203,881.34 0.00 203,881.34 0.00
X 0.00 522,473.16 0.00 507,870.50 0.00
R 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------
Total 0.00 1,118,799.56 0.00 1,104,196.90 0.00
=============================================================================================
All Certificates 0.00 2,096,207.20 0.00 2,081,604.54 0.00
=============================================================================================
Interest Paid
Per $1,000 Total Class
Denomination Distribution
- -------------------------------------------
3.80903 3,122,119.61
5.15833 253,274.17
5.37500 155,337.50
5.82500 335,683.10
---------------------
=====================
3,866,414.38
=====================
<CAPTION>
Beginning Carry Current Writedown Current Carry- Ending Carry- Interest Paid
Over Writedown Interest Over Writedown Writedown Over Writedown Per $1,000 Total Class
Interest Balance Accrued Interest Accrued Interest Paid Interest Balance Denomination Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.00 0.00 0.00 0.00 0.00 5.98333 91,766.38
0.00 0.00 0.00 0.00 0.00 6.26667 80,094.27
0.00 0.00 0.00 0.00 0.00 6.70000 85,632.70
0.00 0.00 0.00 0.00 0.00 7.54167 134,951.71
0.00
203,881.34
507,870.50
0.00
- --------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 1,104,196.90
====================================================================================== ====================
0.00 0.00 0.00 0.00 0.00 4,970,611.28
====================================================================================== ====================
</TABLE>
