OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1999-C
8-K, 1999-08-25
ASSET-BACKED SECURITIES
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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) August 13, 1999.

                                OMI Trust 1999-C
- --------------------------------------------------------------------------------
               (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-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 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

         20.1  Monthly 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-C, 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...........................

OAKWOOD MORTGAGE INVESTORS, INC. 1999-C             REPORT DATE:  August 6, 1999
OAKWOOD ACCEPTANCE CORP. -  SERVICER                POOL REPORT #        2
REMITTANCE REPORT                                   Page 1 of 6
REPORTING MONTH:                       Jul-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>
316,779,513.47   (339,372.81)  (3,320,714.72)  (46,999.59)   0.00         313,072,426.35
=========================================================================================
</TABLE>

<TABLE>
<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>
2,692,268.56   263,982.93   2,428,285.63   46,999.59      6,399,355.68      0.00      6,399,355.68
==================================================================================================
</TABLE>


<TABLE>
<CAPTION>
                               Certificate Account
- ------------------------------------------------------------------------------------
 Beginning              Deposits                           Investment     Ending
  Balance      Principal       Interest    Distributions    Interest      Balance
- ------------------------------------------------------------------------------------
<S>           <C>            <C>           <C>              <C>        <C>
3,172,492.35  3,655,843.89   2,838,321.93  (6,037,028.56)   10,230.81  3,639,860.42
====================================================================================
</TABLE>

                     P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
      Beginning             Recovered           Current            Ending
       Balance              Advances            Advances           Balance
- --------------------------------------------------------------------------------
      54,861.14            134,046.55                           (79,185.41)
================================================================================

<PAGE>

OAKWOOD MORTGAGE INVESTORS, INC. 1999-C              REPORT DATE: August 6, 1999
OAKWOOD ACCEPTANCE CORP. -  SERVICER                 POOL REPORT #      2
REMITTANCE REPORT
REPORTING MONTH:                                     Page 2 of 6


<TABLE>
<CAPTION>
Class B Crossover Test                                                               Test Met?
- -----------------------------------------------------------------                 ----------------
<S>                                                                               <C>
(a) Remittance date on or after December 2003                                               N


(b) Average 60 day Delinquency rate <=          5.5%                                       ERR


(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%                                       N

(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                                                316,779,513.47
                                                                              23.241%       N

Average 60 day delinquency ratio:

                           Over 60s            Pool Balance            %
                      ---------------------------------------------------------

Current Mo                           0.00          313,072,426.35    0.00%
1st Preceding Mo                     0.00          316,779,513.47    0.00%
2nd Preceding Mo                     0.00                    0.00     ERR
                                                       Divided by      3
                                                                 --------------
                                                                      ERR
                                                                 ==============

Cumulative loss ratio:
                        Cumulative losses                    0.00
                                         -------------------------
Divided by Initial Certificate Principal                     0.00     ERR
                                                                 ==============

Current realized loss ratio:
                      Liquidation                  Pool
                            Losses               Balance
                      --------------------------------------------

Current Mo                           0.00          316,779,513.47
1st Preceding Mo                     0.00          320,093,916.36
2nd Preceding Mo                     0.00                    0.00
                      --------------------------------------------
                                     0.00          212,291,143.28   0.000%
                                                                ==============
</TABLE>


<PAGE>

OAKWOOD MORTGAGE INVESTORS, INC. 1999-C             REPORT DATE:  August 6, 1999
OAKWOOD ACCEPTANCE CORP. -  SERVICER                POOL REPORT #             2
REMITTANCE REPORT                                   Page 3 of 6
REPORTING MONTH:                 Jul-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     7,333    312,876,959.19   137   4,904,820.15    32    1,387,333.33        0        0.00     169     6,292,153.48

         Repos          6        195,467.16     4      94,679.42     0            0.00        0        0.00       4        94,679.42
              ----------------------------------------------------------------------------------------------------------------------

         Total      7,339    313,072,426.35   141   4,999,499.57    32    1,387,333.33        0        0.00     173     6,386,832.90
              ======================================================================================================================

                                                                                                               2.4%            2.04%
                                                                                                             =======================
</TABLE>

<TABLE>
<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>  <C>
Excluding Repos 6    195,467.16    0      0.00      8      242,949.06       11   306,835.11
</TABLE>

<PAGE>


OAKWOOD MORTGAGE INVESTORS, INC. 1999-C             REPORT DATE:  August 6, 1999
OAKWOOD ACCEPTANCE CORP. -  SERVICER                POOL REPORT #2
REMITTANCE REPORT
REPORTING MONTH:                 Jul-99             Page 4 of 6

REPOSSESSION LIQUIDATION REPORT

<TABLE>
<CAPTION>
                                               Liquidated
              Account         Customer          Principal          Sales           Insur.          Total          Repossession
     FHA?      Number           Name             Balance          Proceeds        Refunds         Proceeds          Expenses
- ------------------------------------------------------------------------------------------------------------------------------
<S>           <C>         <C>                   <C>               <C>                <C>          <C>                  <C>
              1915933     MARTIN LARRY E        28,597.20         28,597.20          0.00         28,597.20            0.00
              1929553     DOUGHERTY DAVID E     18,402.39         18,402.39          0.00         18,402.39            0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                                                                       0.00
                                                ---------------------------------------------------------------------------
                                                46,999.59          46,999.59             0.00     46,999.59            0.00
                                                ---------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
    Net                                        Net           Current
Liquidation   Unrecov.     FHA Insurance    Pass Thru      Period Net    Cumulative
  Proceeds    Advances       Coverage        Proceeds      Gain/(Loss)   Gain/(Loss)
- ------------------------------------------------------------------------------------
 <S>            <C>              <C>         <C>                <C>      <C>
28,597.20       0.00             0.00        28,597.20          0.00
18,402.39       0.00             0.00        18,402.39          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          00.0
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
     0.00                                         0.00          0.00
- --------------------------------------------------------------------------------
46,999.59       0.00             0.00        46,999.59          0.00        0.00
- --------------------------------------------------------------------------------
</TABLE>

<PAGE>


OAKWOOD MORTGAGE INVESTORS, INC. 1999-C             REPORT DATE:  August 6, 1999
OAKWOOD ACCEPTANCE CORP. -  SERVICER                POOL REPORT #         2
REMITTANCE REPORT
REPORTING MONTH:                Jul-99              Page 5 of 6

CERTIFICATE PRINCIPAL ANALYSIS

PRINCIPAL

<TABLE>
<CAPTION>
                                                 Original             Beginning       Beginning Principal      Current
                       Cert.                   Certificate           Certificate        Shortfall Carry-      Principal
                       Class                     Balances              Balances               Over               Due
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>                    <C>                      <C>          <C>
SENIOR CERTIFICATES

A-1                                           72,200,000.00          68,885,597.47            0.00         3,707,087.12


A-2                                          174,270,000.00         174,270,000.00            0.00                 0.00

                                            --------------------------------------------------------------------------------
Total Certificate Principal Bal.             246,470,000.00         243,155,597.47            0.00         3,707,087.12
                                            ================================================================================

                                                 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         316,779,513.47            0.00         3,707,087.12
                                            ================================================================================
</TABLE>

<TABLE>
<CAPTION>
                                                  Current     Ending Principal      Ending                        Principal Paid
                       Cert.                     Principal    Shortfall Carry-    Certificate          Pool         Per $1,000
                       Class                       Paid             Over           Balances           Factor       Denomination
- --------------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>                      <C>         <C>                   <C>            <C>
SENIOR CERTIFICATES

A-1                                        3,707,087.12             0.00        65,178,510.35         94.61849%      51.344697


A-2                                                0.00             0.00       174,270,000.00        100.00000%       0.000000

                                           ---------------------------------------------------
Total Certificate Principal Bal.           3,707,087.12             0.00       239,448,510.35
                                           ====================================================================================
                                                  Current   Ending Principal    Current       Ending                 Principal Paid
SUBORDINATE CERTIFICATES                         Principal  Shortfall Carry-  Writedown/    Certificate    Pool        Per $1,000
                                                   Paid           Over         (Writeup)     Balances     Factor      Denomination
                                           ----------------------------------------------------------------------------------------
M-1                                                0.00           0.00           0.00     20,808,000.00  100.00000%      0.000000
M-1 Outstanding Writedown                                                        0.00

M-2                                                0.00           0.00           0.00     16,004,000.00  100.00000%      0.000000
M-1 Outstanding Writedown                                                        0.00

B-1                                                0.00           0.00           0.00     16,004,000.00  100.00000%      0.000000
B-1 Outstanding Writedown                                                        0.00

B-2                                                0.00           0.00           0.00     20,807,916.00  100.00000%      0.000000
B-2 Outstanding Writedown                                                        0.00
                                           -------------------------------------------------------------
Total Excluding Writedown Bal.                     0.00           0.00           0.00     73,623,916.00
                                           =============================================================
All Certificates Excluding Writedown Bal.  3,707,087.12           0.00           0.00    313,072,426.35
                                           =============================================================
</TABLE>


<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C         REPORT DATE:  August 6, 1999
OAKWOOD ACCEPTANCE CORP. -  SERVICER            POOL REPORT #     2
REMITTANCE REPORT                               Page 6 of 6
REPORTING MONTH: Jul-99

CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
                                  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                    5.36000%              0.00        317,945.30            0.00       317,945.30           0.00

A-2                    7.47500%              0.00      1,085,556.88            0.00     1,085,556.88           0.00

                               -------------------------------------------------------------------------------------
Total                                        0.00      1,403,502.18            0.00     1,403,502.18           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                    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        263,982.93            0.00       263,982.93           0.00

X                                            0.00        556,485.30            0.00       556,485.30           0.00

R                                            0.00              0.00            0.00             0.00           0.00
                               -----------------------------------------------------------------------------------------
Total                                        0.00      1,288,766.38            0.00     1,288,766.38           0.00
                               =========================================================================================
All Certificates                             0.00      2,692,268.56            0.00     2,692,268.56           0.00
                               =========================================================================================
</TABLE>
<TABLE>
<CAPTION>

                     Interest Paid
   SENIOR             Per $1,000           Total Class
CERTIFICATES         Denomination         Distribution
                   -----------------------------------
<S>                    <C>               <C>           <C>              <C>         <C>                <C>              <C>
A-1                    4.40367           4,025,032.42

A-2                    6.22917           1,085,556.88

                              ------------------------
Total                                    5,110,589.30
                              ========================

                  Beginning Carry  Current Writedown   Current Carry-                   Ending Carry-   Interest Paid
SUBORDINATE       Over Writedown       Interest        Over Writedown    Writedown     Over Writedown     Per $1,000     Total Class
CERTIFICATES     Interest Balance       Accrued       Interest Accrued Interest Paid  Interest Balance   Denomination   Distribution
                 -------------------------------------------------------------------------------------------------------------------
M-1                     0.00                0.00             0.00           0.00              0.00        6.72500         139,933.80

M-2                     0.00                0.00             0.00           0.00              0.00        7.29167         116,695.83

B-1                     0.00                0.00             0.00           0.00              0.00        5.75000          92,023.00

B-2                     0.00                0.00             0.00           0.00              0.00        5.75000         119,645.52

Limited Guarantee                                                                                                               0.00

Service Fee                                                                                                               263,982.93

X                                                                                                                         556,485.30

R                                                                                                                               0.00
                 ----------------------------------------------------------------------------------                   --------------
Total                   0.00                0.00             0.00           0.00              0.00                      1,288,766.38
                 ==================================================================================                   ==============
All Certificates        0.00                0.00             0.00           0.00              0.00                      6,399,355.68
                 ==================================================================================                   ==============
</TABLE>


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