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Previous: JACOB INTERNET FUND INC, N-1A/A, 1999-10-22 |
Next: AGILENT TECHNOLOGIES INC, S-1/A, 1999-10-22 |
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) October 15, 1999.
----------------
OMI Trust 1999-C
--------------------------------------------------
(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-C
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-C (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1999-C (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on October 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 October 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-C, Registrant
By: Oakwood Acceptance Corporation,
as servicer
October 23, 1999
------------------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
<S> <C>
Page of Sequentially
Numbered Pages
-------------------
20.1 Monthly Remittance Report relating to Distribution
Date occurring on October 15, 1999...............................................................
</TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Sep-99
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Loans Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
310,077,563.53 (339,279.00) (2,275,517.87) (1,097,867.83) 0.00 306,364,898.83
====================================================================================================================================
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Pass-Through Available for Limited Total
Interest Fee Interest Proceeds Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2,633,801.81 258,397.97 2,375,403.84 1,097,867.83 6,346,466.51 0.00 6,346,466.51
====================================================================================================================================
<CAPTION>
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,750,528.54 3,680,916.32 2,425,179.65 (5,663,068.71) 6,635.47 3,200,191.27
====================================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- ---------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ---------------------------------------------------------------------------------
<S> <C> <C>
1,302,513.51 -1,236,692.46 65,821.05
=================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Page 2 of 6
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ---------------------------------------------------------- --------------
<S> <C> <C>
(a) Remittance date on or after December 2003 N
(b) Average 60 day Delinquency rate <= 5.5% Y
(d) Cumulative losses do not exceed the following percent of the intitial principal balance of all Certificates
Jan. 2004 - June 2005 7% N
July 2005 - June 2006 8% N
July 2006 - Dec. 2007 9.5% N
Dec 2007 and After 10.5% N
(e) Current realized loss ratio <= 3.00% Y
(f) Does Subordinated Certificate percentage equal or
exceed 40.251%
of Pool Scheduled Principal Balance
Beginning M balance 36,812,000.00
Beginning B-1 balance 16,004,000.00
Beginning B-2 balance 20,807,916.00
-----------------
73,623,916.00
-----------------
Divided by beginning pool
balance 310,077,563.53
23.744% N
Average 60 day delinquency ratio:
Over 60s Pool Balance %
----------------------------------------------------
Current Mo 5,503,908.13 306,364,898.83 1.80%
1st Preceding Mo 3,204,833.28 310,077,563.53 1.03%
2nd Preceding Mo 1,387,333.33 313,072,426.35 0.44%
Divided by 3
-------------
1.09%
=============
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 0.00 310,077,563.53
1st Preceding Mo 0.00 313,072,426.35
2nd Preceding Mo 0.00 316,779,513.47
-------------------------------------------
0.00 313,309,834.45 0.000%
============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Sep-99
<TABLE>
<CAPTION>
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 7,188 306,232,907.93 190 6,284,773.79 92 3,563,022.23 47 1,808,895.00 329 11,656,691.02
Repos 4 131,990.90 0 0.00 3 106,614.29 1 25,376.61 4 131,990.90
----------------------------------------------------------------------------------------------------------------------
Total 7,192 306,364,898.83 190 6,284,773.79 95 3,669,636.52 48 1,834,271.61 333 11,788,681.92
======================================================================================================================
4.6% 3.85%
=====================
<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>
4 131,990.90 0 0.00 24 863,671.56 55 1,887,714.20
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Sep-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
- -----------------------------------------------------------------------------------------------------------------------------
1819937 LOWE RICHARD D 37,307.88 39,469.97 551.51 40,021.48 0.00
1832955 DILL RYAN A 37,906.81 39,075.62 479.57 39,555.19 0.00
1839786 ODOM MARGARET 40,117.68 41,351.41 160.62 41,512.03 0.00
1847607 MCKNIGHT ROBERT 41,201.61 42,337.97 579.98 42,917.95 0.00
1849751 HENDERSON GARY D 61,238.96 61,174.11 1,944.75 63,118.86 0.00
1863190 ROSE BRIAN S 52,589.31 54,223.25 90.21 54,313.46 0.00
1863729 STRICKLAND CLEO W 32,132.15 32,636.97 977.85 33,614.82 0.00
1866250 CABECEIRAS JOSHUA C 19,525.95 16,319.63 4,185.56 20,505.19 0.00
1870146 SHERROD JR RAMOND D 26,742.53 27,724.98 702.08 28,427.06 0.00
1874940 MCGREW KEVIN S 44,066.25 42,847.97 2,546.50 45,394.47 0.00
1885706 RAMSEY CARL L 37,228.87 38,168.40 667.82 38,836.22 0.00
1890342 CROFFORD DANNY R 32,795.61 31,762.04 2,522.53 34,284.57 0.00
1891357 CHESSHER AARON M 30,529.85 31,545.47 370.49 31,915.96 0.00
1893114 MEGLIORINO DINO 42,935.20 43,872.18 550.60 44,422.78 0.00
1904515 JOHNSON CANDICE 18,148.32 18,189.38 889.14 19,078.52 0.00
1908060 MARTIN DONALD W 28,540.16 28,753.42 1,082.50 29,835.92 0.00
1908078 BULLARD JR JAMES R 34,058.23 35,296.79 231.90 35,528.69 0.00
1909779 TINNEN KRISTIN 30,062.93 26,961.34 4,488.38 31,449.72 0.00
1915800 CEBALLOS ISIDRO H 33,913.25 31,523.09 3,953.91 35,477.00 0.00
1920917 CRAMER LEON A 41,071.54 42,560.29 376.81 42,937.10 0.00
1923176 QUALLS LUCY M 68,511.61 68,475.42 2,260.92 70,736.34 0.00
1928167 BURKHART JENNIFER L 26,003.13 25,373.29 1,669.89 27,043.18 0.00
1928365 MYERS BUCK L 28,766.56 29,062.64 1,063.61 30,126.25 0.00
1932888 MURRAY SHAROD H 26,987.56 24,511.96 3,783.22 28,295.18 0.00
1933910 HATLEY DANIEL E 68,069.50 67,149.66 3,148.31 70,297.97 0.00
1938992 BRYAN DANIEL P 35,054.55 35,099.10 1,467.69 36,566.79 0.00
1941541 TEITSORT LONNIE W 42,054.20 40,455.36 3,413.04 43,868.40 0.00
1944099 ADCOCK AUTUMN N 14,839.83 14,751.51 896.42 15,647.93 0.00
1946763 HEFFNER JR GARY 28,094.18 27,092.59 2,301.58 29,394.17 0.00
1950278 ROSADO KATHY H 37,373.62 38142.23 385.47 38,527.70 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net Net Current
Liquidation Unrecov. HA Insurance Pass Thru Period Net Cumulative
Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- -----------------------------------------------------------------------------------------------
40,021.48 2,713.60 0.00 37,307.88 0.00
39,555.19 1,648.38 0.00 37,906.81 0.00
41,512.03 1,394.35 0.00 40,117.68 0.00
42,917.95 1,716.34 0.00 41,201.61 0.00
63,118.86 1,879.90 0.00 61,238.96 0.00
54,313.46 1,724.15 0.00 52,589.31 0.00
33,614.82 1,482.67 0.00 32,132.15 0.00
20,505.19 979.24 0.00 19,525.95 0.00
28,427.06 1,684.53 0.00 26,742.53 0.00
45,394.47 1,328.22 0.00 44,066.25 0.00
38,836.22 1,607.35 0.00 37,228.87 0.00
34,284.57 1,488.96 0.00 32,795.61 0.00
31,915.96 1,386.11 0.00 30,529.85 0.00
44,422.78 1,487.58 0.00 42,935.20 0.00
19,078.52 930.20 0.00 18,148.32 0.00
29,835.92 1,295.76 0.00 28,540.16 0.00
35,528.69 1,470.46 0.00 34,058.23 0.00
31,449.72 1,386.79 0.00 30,062.93 0.00
35,477.00 1,563.75 0.00 33,913.25 0.00
42,937.10 1,865.56 0.00 41,071.54 0.00
70,736.34 2,224.73 0.00 68,511.61 0.00
27,043.18 1,040.05 0.00 26,003.13 0.00
30,126.25 1,359.69 0.00 28,766.56 0.00
28,295.18 1,307.62 0.00 26,987.56 0.00
70,297.97 2,228.47 0.00 68,069.50 0.00
36,566.79 1,512.24 0.00 35,054.55 0.00
43,868.40 1,814.20 0.00 42,054.20 0.00
15,647.93 808.10 0.00 14,839.83 0.00
29,394.17 1,299.99 0.00 28,094.18 0.00
38,527.70 1,154.08 0.00 37,373.62 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
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>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Sep-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
- ----------------------------------------------------------------------------------------------------------------------------------
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
===================================================================================
1,097,867.83 1,095,908.04 47,742.86 1,143,650.90 0.00
===================================================================================
<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
0.00 0.00 0.00
0.00 0.00 0.00
=============================================================================================================
1,143,650.90 45,783.07 0.00 1,097,867.83 0.00 0.00
=============================================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Original Beginning Beginning Principal Current Current Ending Principal
Cert. Certificate Certificate Shortfall Carry- Principal Principal Shortfall Carry-
Class Balances Balances Over Due Paid Over
- ------------------------------------------------------------------------------------------------------------------------------------
SENIOR CERTIFICATES
A-1 72,200,000.00 62,183,647.53 0.00 3,712,664.70 3,712,664.70 0.00
A-2 174,270,000.00 174,270,000.00 0.00 0.00 0.00 0.00
<CAPTION>
<S> <C> <C>
Ending Principal Paid
Certificate Pool Per $1,000
Balances Factor Denomination
- ---------------------------------------------------------
58,470,982.83 94.02952% 51.421949
174,270,000.00 100.00000% 0.000000
<CAPTION>
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------
Total Certificate Principal Bal. 246,470,000.00 236,453,647.53 0.00 3,712,664.70
=================================================================================
Original Beginning Beginning Principal Current
SUBORDINATE CERTIFICATES Certificate Certificate Shortfall Carry- Principal
Balances Balances Over Due
---------------------------------------------------------------------------------
M-1 20,808,000.00 20,808,000.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
M-2 16,004,000.00 16,004,000.00 0.00 0.00
M-1 Outstanding Writedown 0.00 0.00
B-1 16,004,000.00 16,004,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 20,807,916.00 20,807,916.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
---------------------------------------------------------------------------------
Total Excluding Writedown Bal. 73,623,916.00 73,623,916.00 0.00 0.00
=================================================================================
All Certificates Excluding Writedown Bal. 320,093,916.00 310,077,563.53 0.00 3,712,664.70
=================================================================================
<CAPTION>
- --------------------------------------------------------------
3,712,664.70 0.00 232,740,982.83
=====================================================================================================
<S> <C> <C> <C> <C> <C>
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 20,808,000.00 100.00000% 0.000000
0.00
0.00 0.00 0.00 16,004,000.00 100.00000% 0.000000
0.00
0.00 0.00 0.00 16,004,000.00 100.00000% 0.000000
0.00
0.00 0.00 0.00 20,807,916.00 100.00000% 0.000000
0.00
- ----------------------------------------------------------------------------------
0.00 0.00 0.00 73,623,916.00
==================================================================================
3,712,664.70 0.00 0.00 306,364,898.83
==================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: October 7, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
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 5.56000% 0.00 288,117.57 0.00 288,117.57
A-2 7.47500% 0.00 1,085,556.88 0.00 1,085,556.88
-----------------------------------------------------------------------------------
===================================================================================
Total 0.00 1,373,674.45 0.00 1,373,674.45
===================================================================================
<CAPTION>
<S> <C> <C>
Interest Paid
Ending Carry- Per $1,000 Total Class
Over Balance Denomination Distribution
- ---------------------------------------------------------------
0.00 3.99055 4,000,782.27
0.00 6.22917 1,085,556.88
- ----------------- -----------------------
================= =======================
0.00 5,086,339.15
================= =======================
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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 8.07000% 0.00 139,933.80 0.00 139,933.80 0.00
M-2 8.75000% 0.00 116,695.83 0.00 116,695.83 0.00
B-1 6.90000% 0.00 92,023.00 0.00 92,023.00 0.00
B-2 6.90000% 0.00 119,645.52 0.00 119,645.52 0.00
Limited Guarantee 0.00
Service Fee 0.00 258,397.97 0.00 258,397.97 0.00
X 0.00 533,431.24 0.00 533,431.24 0.00
R 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------
Total 0.00 1,260,127.36 0.00 1,260,127.36 0.00
================================================================================================
All Certificates 0.00 2,633,801.81 0.00 2,633,801.81 0.00
================================================================================================
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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
- ------------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 6.72500 139,933.80
0.00 0.00 0.00 0.00 0.00 7.29167 116,695.83
0.00 0.00 0.00 0.00 0.00 5.75000 92,023.00
0.00 0.00 0.00 0.00 0.00 5.75000 119,645.52
0.00
258,397.97
533,431.24
0.00
- -------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 1,260,127.36
=========================================================================================== ===================
0.00 0.00 0.00 0.00 0.00 6,346,466.51
=========================================================================================== ===================
</TABLE>
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