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Previous: OPPENHEIMER TRINITY CORE FUND, N-1A/A, 1999-08-25 |
Next: HAT WORLD CORP, SB-2/A, 1999-08-25 |
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) August 13, 1999.
OMI Trust 1999-B
(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-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 August 13,
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
20.1Monthly Remittance Report relating to the Distribution Date
occurring on August 13, 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
August 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 August 13, 1999.....................................
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Jul-99
Scheduled Principal Balance of Contracts
- -------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Loans Principal Gross Servicing
Balance Principal Principal Principal Repurchased Balance Interest Fee
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
246,852,335.48 (324,518.62) (1,261,662.20) (608,545.24) 0.00 244,657,609.42 2,116,110.44 205,710.28
===================================================================================================================================
Scheduled Amount
Pass Thru Pass-Through Available for Limited Total
Interest Proceeds Distribution Guarantee Distribution
- ------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
1,910,400.16 608,545.24 4,310,836.50 0.00 4,310,836.50
==============================================================================
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
2,845,520.64 2,172,046.99 2,001,253.47 (5,334,206.73) 6,727.01 1,691,341.38
===================================================================================================================================
P&I Advances at Distribution Date
- ------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ------------------------------------------------------------------------------
667,177.57 717,220.34 -50,042.77
==============================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Page 2 of 6
Class B Crossover Test Test Met?
- -------------------------------------------------------------------------------
(a) Remittance date on or after December 2003 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
Dec 2003- May 2005 7% N
June 2005-May 2006 8% N
June 2006- Nov 2007 9% N
Dec 2007 and After 10.5% N
(e) Current realized loss ratio <= 2.75% Y
(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 246,852,335.48
23.817% N
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 3,772,548.45 244,657,609.42 1.54%
1st Preceding Mo 2,347,218.14 246,852,335.48 0.95%
2nd Preceding Mo 640,319.74 250,031,331.91 0.26%
Divided by 3
-------------
0.92%
=============
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 9,832,612.78 244,657,609.42 4.02%
1st Preceding Mo 8,149,358.84 246,852,335.48 3.30%
2nd Preceding Mo 5,204,466.11 250,031,331.91 2.08%
Divided by 3
-------------
3.13%
=============
Cumulative loss ratio:
Cumulative losses 0.00
------------------------
Divided by Initial Certificate Principal 0.00 #DIV/0!
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 0.00 246,852,335.48
1st Preceding Mo 0.00 250,031,331.91
2nd Preceding Mo 0.00 255,621,150.90
-------------------------------------------
0.00 250,834,939.43 0.000%
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Jul-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
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Excluding Repos 5,606 243,941,920.42 167 5,984,192.91 53 1,934,521.40 31 1,245,861.50
Repos 20 715,689.00 3 75,871.42 7 245,038.05 8 347,127.50
---------------------------------------------------------------------------------------------------------------------
Total 5,626 244,657,609.42 170 6,060,064.33 60 2,179,559.45 39 1,592,989.00
=====================================================================================================================
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- -----------------------------------------------------------------------------------------------------------------------------------
251 9,164,575.81 20 715,689.00 0 0.00 28 983,483.12 69 2,336,694.13
18 668,036.97
- ----------------------------------
269 9,832,612.78
==================================
4.8% 4.02%
==================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Jul-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total
FHA? Number Name Balance Proceeds Refunds Proceeds
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1816974 BLANEY ROW VALERIE K 38,129.19 38,129.19 0.00 38,129.19
1819879 DAVIS SHERMAN L 27,344.95 27,344.95 0.00 27,344.95
1826981 VINCENT TERRY 24,297.34 24,297.34 0.00 24,297.34
1829092 EVANS PENELOPE J 16,909.29 16,909.29 0.00 16,909.29
1832658 TESKE ESTELLE V 38,785.28 38,785.28 0.00 38,785.28
1835982 STEWART ROBERT E 33,746.10 33,746.10 0.00 33,746.10
1844901 SEGO BILLIE J 27,129.37 27,129.37 0.00 27,129.37
1846138 SPROUT ALEX 28,067.42 28,067.42 0.00 28,067.42
1852987 DELEON JAVIER 46,837.60 46,837.60 0.00 46,837.60
1853274 SUMMERVILLE KATRINA D 31,253.87 31,253.87 0.00 31,253.87
1855204 BISHOP MARK A 25,804.98 25,804.98 0.00 25,804.98
1861400 HARRIS REGGIE M 32,486.49 32,486.49 0.00 32,486.49
1869247 PAYNE CHARLIE 32,875.21 32,875.21 0.00 32,875.21
1872399 TURNER BILLY 23,257.26 23,257.26 0.00 23,257.26
1873660 VAN ALLEN SANDY D 53,749.54 53,749.54 0.00 53,749.54
1874627 SCOTT REBECCA C 30,230.29 30,230.29 0.00 30,230.29
1880459 HORNBY GREGORY D 12,667.56 12,667.56 0.00 12,667.56
1895937 WELKER CARMEN A 28,321.38 28,321.38 0.00 28,321.38
1898956 CARTER MICHAEL D 56,652.12 56,652.12 0.00 56,652.12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
==================================================================
608,545.24 608,545.24 0.00 608,545.24
==================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Net Net Current
Repossession Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Expenses Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00 38,129.19 0.00 0.00 38,129.19 0.00
0.00 27,344.95 0.00 0.00 27,344.95 0.00
0.00 24,297.34 0.00 0.00 24,297.34 0.00
0.00 16,909.29 0.00 0.00 16,909.29 0.00
0.00 38,785.28 0.00 0.00 38,785.28 0.00
0.00 33,746.10 0.00 0.00 33,746.10 0.00
0.00 27,129.37 0.00 0.00 27,129.37 0.00
0.00 28,067.42 0.00 0.00 28,067.42 0.00
0.00 46,837.60 0.00 0.00 46,837.60 0.00
0.00 31,253.87 0.00 0.00 31,253.87 0.00
0.00 25,804.98 0.00 0.00 25,804.98 0.00
0.00 32,486.49 0.00 0.00 32,486.49 0.00
0.00 32,875.21 0.00 0.00 32,875.21 0.00
0.00 23,257.26 0.00 0.00 23,257.26 0.00
0.00 53,749.54 0.00 0.00 53,749.54 0.00
0.00 30,230.29 0.00 0.00 30,230.29 0.00
0.00 12,667.56 0.00 0.00 12,667.56 0.00
0.00 28,321.38 0.00 0.00 28,321.38 0.00
0.00 56,652.12 0.00 0.00 56,652.12 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
=================================================================================================================================
0.00 608,545.24 0.00 0.00 608,545.24 0.00 0.00
=================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Jul-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Principal Current
Cert. Certificate Certificate Shortfall Carry- Principal
Class Balances Balances Over Due
- ----------------------------------------------------------------------------------------------------------------------------------
Senior Certificates
<S> <C> <C> <C> <C>
A-1 61,200,000.00 52,431,185.48 0.00 2,194,726.06
A-2 49,100,000.00 49,100,000.00 0.00 0.00
A-3 28,900,000.00 28,900,000.00 0.00 0.00
A-4 57,628,000.00 57,628,000.00 0.00 0.00
---------------------------------------------------------------------------------------
Total Certificate Principal Bal. 196,828,000.00 188,059,185.48 0.00 2,194,726.06
=======================================================================================
Original Beginning Beginning Principal Current
Subordinate Certificates Certificate Certificate Shortfall Carry- Principal
Balances Balances Over Due
---------------------------------------------------------------------------------------
M-1 15,337,000.00 15,337,000.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
M-2 12,781,000.00 12,781,000.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
B-1 12,781,000.00 12,781,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 17,894,150.00 17,894,150.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
---------------------------------------------------------------------------------------
Total Excluding Writedown Bal. 58,793,150.00 58,793,150.00 0.00 0.00
=======================================================================================
All Certificates Excluding Writedown Bal. 255,621,150.00 246,852,335.48 0.00 2,194,726.06
=======================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Current Ending Principal Ending Principal Paid
Principal Shortfall Carry- Certificate Pool Per $1,000
Paid Over Balances Factor Denomination
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2,194,726.06 0.00 50,236,459.42 95.81408% 35.861537
0.00 0.00 49,100,000.00 100.00000% 0.000000
0.00 0.00 28,900,000.00 100.00000% 0.000000
0.00 0.00 57,628,000.00 100.00000% 0.000000
- ------------------------------------------------------------
2,194,726.06 0.00 185,864,459.42
=======================================================================================================
Current Ending Principal Current Ending Principal Paid
Principal Shortfall Carry- Writedown/ Certificate Pool Per $1,000
Paid Over (Writeup) Balances Factor Denomination
- -----------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 15,337,000.00 100.00000% 0.000000
0.00
0.00 0.00 0.00 12,781,000.00 100.00000% 0.000000
0.00
0.00 0.00 0.00 12,781,000.00 100.00000% 0.000000
0.00
0.00 0.00 0.00 17,894,150.00 100.00000% 0.000000
0.00
- ---------------------------------------------------------------------------------
0.00 0.00 0.00 58,793,150.00
=================================================================================
2,194,726.06 0.00 0.00 244,657,609.42
=================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-B REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: Jul-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Carry-
Senior Pass-Through Over Priority Current Priority Over Priority
Certificates Rate Interest Balance Interest Accrual Interest Accrual Paid
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 5.30000% 0.00 239,290.10 0.00 239,290.10
A-2 6.19000% 0.00 253,274.17 0.00 253,274.17
A-3 6.45000% 0.00 155,337.50 0.00 155,337.50
A-4 6.99000% 0.00 335,683.10 0.00 335,683.10
----------------------------------------------------------------------------------------
========================================================================================
Total 0.00 983,584.87 0.00 983,584.87
========================================================================================
Interest Paid
Ending Carry- Per $1,000 Total Class
Over Balance Denomination Distribution
- -------------------------------------------------------------
0.00 3.90997 2,434,016.16
0.00 5.15833 253,274.17
0.00 5.37500 155,337.50
0.00 5.82500 335,683.10
- ------------------ ------------------------
================== ========================
0.00 3,178,310.93
================== ========================
</TABLE>
<TABLE>
<CAPTION>
Beginning Carry- Current Carry- Priority
Subordinate Pass-Through Over Priority Current Priority Over Priority Interest
Certificates Rate Interest Balance Interest Accrual Interest Accrual Paid
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
M-1 7.18000% 0.00 91,766.38 0.00 91,766.38
M-2 7.52000% 0.00 80,094.27 0.00 80,094.27
B-1 8.04000% 0.00 85,632.70 0.00 85,632.70
B-2 9.05000% 0.00 134,951.71 0.00 134,951.71
Limited Guarantee 0.00
Service Fee 0.00 205,710.28 0.00 205,710.28
X 0.00 534,370.23 0.00 534,370.23
R 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------------------
Total 0.00 1,132,525.57 0.00 1,132,525.57
======================================================================================
All Certificates 0.00 2,116,110.44 0.00 2,116,110.44
======================================================================================
Ending Carry- Beginning Carry Current Writedown Current Carry- Ending Carry- Interest Paid
Over Priority Over Writedown Interest Over Writedown Writedown Over Writedown Per $1,000
Interest Balance Interest Balance Accrued Interest Accrued Interest Paid Interest Balance Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
0.00 0.00 0.00 0.00 0.00 0.00 5.98333
0.00 0.00 0.00 0.00 0.00 0.00 6.26667
0.00 0.00 0.00 0.00 0.00 0.00 6.70000
0.00 0.00 0.00 0.00 0.00 0.00 7.54167
0.00
0.00
0.00
- -------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 0.00
=============================================================================================================
0.00 0.00 0.00 0.00 0.00 0.00
=============================================================================================================
Total Class
Distribution
- ----------------------
91,766.38
80,094.27
85,632.70
134,951.71
0.00
205,710.28
534,370.23
0.00
- ----------------
1,132,525.57
================
4,310,836.50
================
</TABLE>
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