UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(MARK ONE)
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934. [FEE REQUIRED]
For the fiscal year ended September 30, 1999
-----------------------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934. [NO FEE REQUIRED]
For the transition period from _____________________ to _____________________
Commission file number 333-72621-01
-------------------------------
OMI TRUST 1999-B
-------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1848358
------------------------------ -----------------------------------
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
c/o Chase Manhattan Trust Co.
Global Trust
Attention: Judy Wisniewskie
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<CAPTION>
<S> <C> <C> <C>
One Liberty Place, Suite 5520 1650 Market St Philadelphia, PA 19103
- ----------------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (215)-988-1322
----------------------------
Securities registered pursuant to Section 12(b) of the Act: None
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Securities registered pursuant to Section 12(g) of the Act: None
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] Yes [ ] No
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (ss. 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K. [X]
<PAGE>
OMI TRUST 1999-B
Oakwood Mortgage Investors, Inc.
Manufactured Housing Contract Senior/Subordinated
Pass-Through Certificates, Series 1999-B
FORM 10-K
INDEX
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<S> <C> <C> <C> <C> <C> <C>
Page Number
-----------
PART I.
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders
PART II.
Item 1. Market for Registrant's Common Equity and Related
Stockholder Matters
Item 2. Selected Financial Data
Item 3. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Item 4. Financial Statements and Supplementary Data
Item 5. Changes In and Disagreements With Accountants on
Accounting and Financial Disclosure
PART III.
Item 1. Directors and Executive Officers of the Registrant
Item 2. Executive Compensation
Item 3. Security Ownership of Certain Beneficial Owners
and Management
Item 4. Certain Relationships and Related Transactions
PART IV.
Item 1. Exhibits, Financial Statement Schedules and
Reports on Form 8-K
</TABLE>
SIGNATURES
INDEX OF EXHIBITS
<PAGE>
PART I
ITEM 1. BUSINESS.
Not Applicable.
ITEM 2. PROPERTIES.
Not Applicable.
ITEM 3. LEGAL PROCEEDINGS.
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
At the end of the Registrant's fiscal year, there were a total of 33
holders of the Registrant's Series 1999-B Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Class A-1, Class A-2, Class A-3 ,
Class A-4, Class B-1, Class B-2, Class M-1 and Class M-2 (collectively, the
"Certificates").
ITEM 6. SELECTED FINANCIAL DATA.
Not Applicable.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION.
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Not Applicable.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
Not Applicable.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Not Applicable.
<PAGE>
ITEM 11. EXECUTIVE COMPENSATION.
Not Applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
Not Applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Not Applicable.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
Exhibits
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified
Public Accountants as Required by Section 3.13(b) of Oakwood
Mortgage Investors, Inc.'s Standard Terms to Pooling and
Servicing Agreement (November 1995 Edition).
99.3 Servicer's Annual Compliance Statement as Required
by Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s
Standard Terms to Pooling and Servicing Agreement (November
1995 Edition)
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 MORTGAGE INVESTORS, INC.,
as servicer
Dated: December 23, 1999 /s/ Douglas R. Muir
------------------------------
Douglas R. Muir
Vice President
<PAGE>
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<CAPTION>
INDEX OF EXHIBITS
<S> <C> <C> <C> <C> <C> <C>
Page of Sequentially
Numbered Pages
--------------
</TABLE>
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified
Public Accountants as Required by Section 3.13(b) of Oakwood
Mortgage Investors, Inc.'s Standard Terms to Pooling and
Servicing Agreement (November 1995 Edition).
99.3 Servicer's Annual Compliance Statement as Required
by Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s
Standard Terms to Pooling and Servicing Agreement (November
1995 Edition)
Exhibit 99.1
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<CAPTION>
Oakwood Mortgage Investors, Inc. 1999-B Note: This fiscal year-end series report, reports information on the
Oakwood Acceptance Corp. - Servicer assets included in OMI Trust 1999-B as of the end of the prepayment
Fiscal Year Ended Series Report period that began on September 1, 1998 and ended on September 30, 1999
Reporting: Fiscal Year 1999 and as of the end of the collection period that began on September 2,
1998 and ended on October 1, 1999. Accordingly, the information
presented with regard to the certificates reflects information as of
the close of business on October 15, 1999, which is the distribution
date on which collections made and losses incurred during such
prepayment period and collection period were passed through to
certificateholders
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- -----------------------------------------------------------------------------------------------------------------------------------
255,621,150.90 (1,948,861.60) (10,404,148.75) (4,200,393.45) 0.00 239,067,747.10
===================================================================================================================================
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
0.00 16,170,906.25 10,301,275.49 (24,611,723.03) 50,610.30 1,911,069.01
===================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
12,787,493.22 1,243,368.93 11,544,124.29 4,134,884.53 0.00 29,275,388.10 0.00 29,275,388.10
====================================================================================================================================
P&I Advances at Distribution Date
----------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
0.00 3,057,700.32 4,651,260.61 1,593,560.29
========================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1999-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
<TABLE>
<CAPTION>
Gross Repossessions Repo Properties Brought Net Current Repos Aggregate Repo Properties in
Current by Borrower Trust at Month-End
# Principal Balance # Principal Balance # Principal Balance # Principal Balance
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
May-99 3 144,972.35 0 0.00 17 646,683.47 17 646,683.47
Jun-99 11 344,155.19 0 0.00 24 706,527.54 41 1,353,211.01
Jul-99 20 715,689.00 0 0.00 28 983,483.12 69 2,336,694.13
Aug-99 20 624,551.99 0 0.00 37 1,136,355.51 106 3,473,049.64
Sep-99 11 313,205.73 0 0.00 32 1,062,055.35 138 4,535,104.99
----------------------------------------------------------------------------------------------------
Total of month
end balance 65 2,142,574.26 0 0.00 138 4,535,104.99 371 12,344,743.24
====================================================================================================
Average month
end balance 13 428,514.85 0 0.00 28 907,021.00 74 2,468,948.65
====================================================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1999-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
<TABLE>
<CAPTION>
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
May-99 121 4,564,146.37 18 585,927.81 1 54,391.93 140 5,204,466.11
Jun-99 159 5,802,140.70 50 2,068,469.00 7 278,749.14 216 8,149,358.84
Jul-99 170 6,060,064.33 60 2,179,559.45 39 1,592,989.00 269 9,832,612.78
Aug-99 205 7,161,908.93 64 2,165,330.02 54 2,318,477.89 323 11,645,716.84
Sep-99 241 8,826,067.22 73 2,669,598.54 77 3,014,442.10 391 14,510,107.86
-------------------------------------------------------------------------------------------------------------
Total of month
end balance 896 32,414,327.55 265 9,668,884.82 178 7,259,050.06 1,339 49,342,262.43
=============================================================================================================
Average month
end balance 179 6,482,865.51 53 1,933,776.96 36 1,451,810.01 268 9,868,452.49
=============================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Oakwood Mortgage Investors, Inc. 1999-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
REPOSSESSION LIQUIDATION REPORT
See Monthly Investor Report for Detail
Net
Prepayment Liquidated Principal Sales Insur. Total Repossession Liquidation Unrecov.
Period Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
May-99 501,711.32 501,711.32 0.00 501,711.32 0.00 501,711.32 0.00
Jun-99 507,122.96 507,122.96 0.00 507,122.96 0.00 507,122.96 0.00
Jul-99 608,545.24 608,545.24 0.00 608,545.24 0.00 608,545.24 0.00
Aug-99 1,219,141.79 1,215,115.60 2,314.00 1,217,429.60 9,820.00 1,207,609.60 3,070.47
Sep-99 1,363,872.14 1,346,056.94 55,612.70 1,401,669.64 12,849.00 1,388,820.64 75,854.76
=======================================================================================================================
Total 4,200,393.45 4,178,552.06 57,926.70 4,236,478.76 22,669.00 4,213,809.76 78,925.23
=======================================================================================================================
Net Current
Prepayment FHA Insurance Pass Thru Period Net Cumulative
Period Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------------------------------------
May-99 0.00 501,711.32 0.00
Jun-99 0.00 507,122.96 0.00
Jul-99 0.00 608,545.24 0.00
Aug-99 0.00 1,204,539.13 (14,602.66)
Sep-99 0.00 1,312,965.88 (50,906.26)
========================================================================
Total 0.00 4,134,884.53 (65,508.92) (65,508.92)
========================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Oakwood Mortgage Investors, Inc. 1999-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current Accelerated
Cert. Certificate Certificate Beginning Principal Principal Principal
Class Balances Balances Shortfall Carryover Due Distribution
- ------------------------------------------------------------------------- ------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 61,200,000.00 61,200,000.00 0.00 16,553,402.90 0.00
A-1 Outstanding Writedown 0.00
A-2 49,100,000.00 49,100,000.00 0.00 0.00 0.00
A-2 Outstanding Writedown 0.00
A-3 28,900,000.00 28,900,000.00 0.00 0.00 0.00
A-3 Outstanding Writedown 0.00
A-4 57,628,000.00 57,628,000.00 0.00 0.00 0.00
A-4 Outstanding Writedown 0.00
M-1 15,337,000.00 15,337,000.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 12,781,000.00 12,781,000.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 12,781,000.00 12,781,000.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 17,894,150.00 17,894,150.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------
255,621,150.00 0.00 16,553,402.90 0.00
====================================================================================
(1) This represents the amount of losses on the assets that were allocated to reduce
the outstanding principal balance of the certificates in accordance with the
applicable pooling and servicing agreement.
Ending Principal Paid
Cert. Ending Principal Writedown Certificate Pool Per $1,000
Class Shortfall Carryover Amounts Balances Factor Denomination
- -------------------------------------------------------------------------------------------------------------------------
A-1 0.00 0.00 44,646,597.10 72.95196% 270.48
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 0.00 49,100,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 0.00 28,900,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 0.00 57,628,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
M-1 0.00 0.00 15,337,000.00 100.00000% 0.00
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 0.00 0.00 12,781,000.00 100.00000% 0.00
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 0.00 12,781,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 17,894,150.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 0.00 0.00
------------------------------------------------------------------------
0.00 0.00 239,067,747.10 7.73
========================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Oakwood Mortgage Investors, Inc. 1999-B
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Priority
Certificate Pass-Through Over Priority Interest Total Interest
Class Rate Balance Accrual Paid Shortfall
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 VARIED RATE 0.00 1,207,865.22 1,207,865.22 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00
A-2 6.19000% 0.00 1,266,370.85 1,266,370.85 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00
A-3 6.45000% 0.00 776,687.50 776,687.50 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00
A-4 6.99000% 0.00 1,678,415.50 1,678,415.50 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00
M-1 7.18000% 0.00 458,831.90 458,831.90 0.00
M-1 Carryover Interest 0.00 0.00 0.00 0.00
M-1 Writedown Interest 0.00 0.00 0.00 0.00
M-2 7.52000% 0.00 400,471.35 400,471.35 0.00
M-2 Carryover Interest 0.00 0.00 0.00 0.00
M-2 Writedown Interest 0.00 0.00 0.00 0.00
B-1 8.04000% 0.00 428,163.50 428,163.50 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00
B-2 9.05000% 0.00 674,758.55 674,758.55 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00
X 0.00 4,652,560.82 4,587,051.90 0.00
R 0.00 0.00 0.00 0.00
Service Fee 0.00 1,243,368.93 1,243,368.93 (1) 0.00
-------------------------------------------------------------------------------
0.00 12,787,494.12 12,721,985.20 0.00
===============================================================================
Ending Carry- Interest Paid
Over Per $1,000 Cert. TOTAL
Balance Denomination Class DISTRIBUTION
- -------------------------------------------------------------------------------------------------
0.00 19.74 A-1 17,761,268.12
0.00 0.00
0.00 0.00
0.00 25.79 A-2 1,266,370.85
0.00 0.00
0.00 0.00
0.00 26.88 A-3 776,687.50
0.00 0.00
0.00 0.00
0.00 29.13 A-4 1,678,415.50
0.00 0.00
0.00 0.00
0.00 29.92 M-1 458,831.90
0.00 0.00
0.00 0.00
0.00 31.33 M-2 400,471.35
0.00 0.00
0.00 0.00
0.00 33.50 B-1 428,163.50
0.00 0.00
0.00 0.00
0.00 37.71 B-2 674,758.55
0.00 0.00
0.00 0.00
65,508.92 X 4,587,051.90
0.00 R 0.00
0.00 1,243,368.93
- ---------------- --------------------
65,508.92 29,275,388.10 (1)
================ ====================
</TABLE>
(1) Pursuant to the applicable pooling and servicing agreement, $1,243,368.93 of
the amounts available for distribution on distribution dates during the fiscal
year were used to pay servicing fees due the servicer. Consequently, the total
amount distributed on the certificates during the fiscal year was
$28,032,019.17.
Exhibit 99.2
PricewaterhouseCoopers (logo)
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
230 North Elm Street
Suite 1700
Greensboro NC 27401
Telephone (910) 691 1000
Facsimile (910) 691 1140
Direct phone (336) 691-5116
Direct fax (336) 691-1140
Independent Accountant's Report
-------------------------------
November 9, 1999
To the Board of Directors
of Oakwood Acceptance Corporation
We have examined management's assertion about Oakwood Acceptance Corporation's
(the "Company") compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS (USAP) as of and for the year ended September 30, 1999
included in the accompanying management assertion. Management is responsible for
the Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
minimum servicing standards and performing such other procedures, as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that, except for instances of
noncompliance described in management's assertion, the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
September 30, 1999 is fairly stated, in all material respects.
Instances of noncompliance which occurred during early 1999 are more fully
discussed in management's assertion which is set forth in Exhibit I.
<PricewaterhouseCoopers LLP>
<PAGE>
November 9, 1999
PricewaterhouseCoopers LLP
101 Centre Port Dr., Suite 250
Greensboro, NC 27409
Ladies and Gentlemen:
As of and for the year ended September 30, 1999, except as specifically noted in
the following paragraph, Oakwood Acceptance Corporation (the "Company") has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (USAP).
Prior to February 1999, the Company had not been analyzing escrow accounts on an
annual basis. This instance of noncompliance has been remedied and procedural
and operational enhancements have been implemented during 1999. As of November
5, 1999, approximately 90% of all escrow accounts have been analyzed.
As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amount of $5,000,000 each.
<TABLE>
<CAPTION>
<S> <C>
<William G. Edwards> <Robert A. Smith>
- ------------------------------------------------- -------------------------------------------------------------------
William G. Edwards Robert A. Smith
President and CEO Executive Vice President and CFO
<Douglas R. Muir> <Richard D. Faulk>
- ------------------------------------------------- -------------------------------------------------------------------
Douglas R. Muir Richard D. Faulk
Vice President, Treasurer & Secretary Executive Vice President, Oakwood Acceptance Corporation
<Joseph W. Fowler> <Jimmy S. Griffin>
- ------------------------------------------------- -------------------------------------------------------------------
Joseph W. Fowler Jimmy S. Griffin
Senior Vice President Senior Vice President
<Derek M. Surette> <Jeffrey T. Hinshaw>
- ------------------------------------------------- -------------------------------------------------------------------
Derek M. Surette Jeffrey T. Hinshaw
Assistant Controller Assistant Treasurer
</TABLE>
Exhibit 99.3
OAKWOOD ACCEPTANCE CORPORATION
ANNUAL OFFICER'S CERTIFICATE
OAKWOOD MORTGAGE INVESTORS, INC.
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
SERIES 1999-B
Pursuant to Section 3.13(a) of the Standard Terms to Pooling and Servicing
Agreement (July 1998 Edition) which is incorporated in the Pooling and Servicing
Agreement dated July 1, 1999 among Oakwood Mortgage Investors, Inc., Oakwood
Acceptance Corporation (the "Servicer") and Chase Manhattan Trust Co., the
undersigned officer of the Servicer hereby certifies that a review of the
activities of the Servicer during the period October 1, 1998 through September
30, 1999 and of its performance under the Pooling and Servicing Agreement has
been made under his supervision and to the best of his knowledge, based on such
review, the Servicer has fulfilled all its obligations under the Pooling and
Servicing Agreement through such period.
By: /s/ Douglas R. Muir
- --------------------------
Name: Douglas R. Muir
- --------------------------
Title: Vice President
- --------------------------
Date: September 30, 1999
- --------------------------
