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Previous: GOLDEN TELECOM INC, 10-K, 2000-03-21 |
Next: CAMBRIDGE CREEK COMPANIES LTD, 10SB12G, 2000-03-21 |
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) March 15, 2000.
---------------
OMI Trust 1999-C
------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-72621-01 233010919
- -------------------------------------------------------------------------
(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 March 15, 2000.
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 March 15, 2000.
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
March 23, 2000
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 March 15, 2000.............................
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: March 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Feb-00
Scheduled Principal Balance of Contracts
-------------------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Loans Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
299,410,328.13 (344,187.83) (1,532,117.83) (798,997.31) 0.00 296,735,025.16 2,547,564.57
=========================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Pass-Through Available for Limited Total
Fee Interest Proceeds Distribution Guarantee Distribution
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
249,508.61 2,298,055.96 533,009.12 4,956,879.35 0.00 4,956,879.35
================================================================================================================
<CAPTION>
Certificate Account
------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
878,802.36 2,687,334.77 2,628,008.39 (4,521,430.33) 4,017.14 1,676,732.33
============================================================================================================
</TABLE>
P&I Advances at Distribution Date
- -----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -----------------------------------------------------------------------------
2,148,097.84 -1,872,721.46 2,197,706.78 2,473,083.16
=============================================================================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: March 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
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 <= 5.5% 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 299,410,328.13
24.590% N
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-------------------------------------------------------
Current Mo 12,420,756.12 296,735,025.16 4.19%
1st Preceding Mo 12,171,743.08 299,410,328.13 4.07%
2nd Preceding Mo 11,380,146.83 301,368,955.60 3.78%
Divided by 3
------------
4.01%
============
Cumulative loss ratio:
Cumulative losses 626,921.90
------------------------
Divided by Initial Certificate Principal 320,093,916.00 0.196%
============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 265,988.19 299,410,328.13
1st Preceding Mo 215,626.02 301,368,955.60
2nd Preceding Mo 99,225.02 303,136,840.27
-------------------------------------------
580,839.23 301,305,374.67 0.771%
============
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: March 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Feb-00
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 6,842 291,805,676.34 120 4,491,651.00 64 2,440,682.10 123 5,145,233.81 307 12,077,566.91
Repos 153 4,929,348.82 2 94,508.61 5 207,616.88 146 4,627,223.33 153 4,929,348.82
----------------------------------------------------------------------------------------------------------------------
Total 6,995 296,735,025.16 122 4,586,159.61 69 2,648,298.98 269 9,772,457.14 460 17,006,915.73
======================================================================================================================
6.6% 5.73%
====================
<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 153 4,929,348.82 -1 (68,179.89) 40 1,243,600.51 271 8,708,059.39
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: March 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Feb-00 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1256635 DORIS W CRAWFORD 29,033.59 30,400.00 0.00 30,400.00 6,297.00 24,103.00
1833003 ROBERT F CRUZ 42,354.09 46,150.00 2,588.60 48,738.60 9,599.50 39,139.10
1834423 YOLANDA ROBINSON 29,547.65 31,500.00 26.75 31,526.75 6,330.00 25,196.75
1850973 MICHAEL C MILES 36,451.31 34,250.00 2,182.02 36,432.02 9,242.50 27,189.52
1854041 KRISTOPHER S COLLINS 21,651.57 19,900.00 1,089.36 20,989.36 5,982.00 15,007.36
1860014 HEATHER N BROWN 19,099.94 19,000.00 58.88 19,058.88 5,955.00 13,103.88
1863851 MELISSA L EVANS 24,806.16 26,000.00 1,278.27 27,278.27 6,165.00 21,113.27
1882729 ROBERT N FAGAN 24,812.20 24,900.00 2,150.18 27,050.18 6,132.00 20,918.18
1886068 HAROLD L MAWYER 36,929.10 18,000.00 0.00 18,000.00 3,340.00 14,660.00
1914043 DONALD L MUNSON 27,715.79 15,500.00 2,632.12 18,132.12 845.00 17,287.12
1915669 CHARLES P JONES 10,750.90 10,000.00 662.76 10,662.76 5,685.00 4,977.76
1918648 GALEN L THOMAS 24,205.21 20,400.00 0.00 20,400.00 5,997.00 14,403.00
1919661 CHRISTY W MCCARTHY 3,683.60 1,800.00 763.64 2,563.64 845.00 1,718.64
1926690 JACKIE SWEET JR 28,946.79 24,400.00 895.74 25,295.74 6,117.00 19,178.74
1927136 SHIRLEY HICKS 34,632.17 28,400.00 3,258.31 31,658.31 6,237.00 25,421.31
1928498 DOYLE W NICELY 20,104.13 20,500.00 504.90 21,004.90 6,000.00 15,004.90
1939834 JEROME WOODARD 43,893.83 38,500.00 3,245.29 41,745.29 6,540.00 35,205.29
1939909 STEPHANIE L RICHARDSON 8,139.06 10,000.00 974.55 10,974.55 5,685.00 5,289.55
1940923 ROBIN A TOLLIVER 52,673.97 54,400.00 2,123.50 56,523.50 9,847.00 46,676.50
1941707 TODRA L ROYAL 34,900.03 35,900.00 1,375.33 37,275.33 6,462.00 30,813.33
1942556 JIMMY L BARTON 25,584.58 19,600.00 1,939.28 21,539.28 845.00 20,694.28
1943224 PAMELA J ARROYO 34,341.99 35,500.00 1,443.84 36,943.84 6,450.00 30,493.84
1946524 CARL A STANLEY 36,151.56 34,400.00 1,042.80 35,442.80 6,417.00 29,025.80
1956689 WILLIAM R SANDERS 30,267.62 33,400.00 0.00 33,400.00 6,387.00 27,013.00
1957794 MORGAN D MESSER 32,778.80 31,204.35 415.01 31,619.36 6,321.13 25,298.23
1959295 CYNTHIA BRANDT 18,092.10 8,000.00 1,468.23 9,468.23 845.00 8,623.23
1965516 DELBERT R TOLLIVER 33,817.05 33,500.00 309.53 33,809.53 6,390.00 27,419.53
1965920 STONEY W PHILYAW 33,632.52 28,500.00 866.49 29,366.49 6,240.00 23,126.49
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
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>
Net Current
Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------
2,032.52 0.00 22,070.48 (6,963.11)
3,275.84 0.00 35,863.26 (6,490.83)
2,725.93 0.00 22,470.82 (7,076.83)
2,277.03 0.00 24,912.49 (11,538.82)
1,880.29 0.00 13,127.07 (8,524.50)
1,627.86 0.00 11,476.02 (7,623.92)
2,444.70 0.00 18,668.57 (6,137.59)
2,758.33 0.00 18,159.85 (6,652.35)
5,673.15 0.00 8,986.85 (27,942.25)
2,693.48 0.00 14,593.64 (13,122.15)
1,344.92 0.00 3,632.84 (7,118.06)
2,755.59 0.00 11,647.41 (12,557.80)
1,464.76 0.00 253.88 (3,429.72)
3,186.68 0.00 15,992.06 (12,954.73)
2,277.70 0.00 23,143.61 (11,488.56)
2,348.97 0.00 12,655.93 (7,448.20)
4,042.19 0.00 31,163.10 (12,730.73)
2,328.55 0.00 2,961.00 (5,178.06)
4,741.44 0.00 41,935.06 (10,738.91)
2,920.10 0.00 27,893.23 (7,006.80)
2,391.45 0.00 18,302.83 (7,281.75)
2,306.13 0.00 28,187.71 (6,154.28)
3,769.60 0.00 25,256.20 (10,895.36)
2,433.31 0.00 24,579.69 (5,687.93)
2,804.22 0.00 22,494.01 (10,284.79)
1,626.97 0.00 6,996.26 (11,095.84)
2,252.02 0.00 25,167.51 (8,649.54)
2,708.75 0.00 20,417.74 (13,214.78)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: March 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Feb-00 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
FHA? Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
---------------------------------------------------------------------------------------
798,997.31 734,004.35 33,295.38 767,299.73 159,198.13 608,101.60
=======================================================================================
</TABLE>
Net Current
Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
- --------------------------------------------------------------------------------
75,092.48 0.00 533,009.12 (265,988.19) (626,921.90)
================================================================================
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: March 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Feb-00 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Principal Current Current Ending Principal
Cert. Certificate Certificate Shortfall Carry- Principal Principal Shortfall Carry-
Class Balances Balances Over Due Paid Over
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior Certificates
A-1 72,200,000.00 51,516,412.13 0.00 2,675,302.97 2,675,302.97 0.00
A-2 174,270,000.00 174,270,000.00 0.00 0.00 0.00 0.00
--------------------------------------------------------------------------------------------------------
Total Certificate
Principal Bal. 246,470,000.00 225,786,412.13 0.00 2,675,302.97 2,675,302.97 0.00
========================================================================================================
Ending Principal Paid
Certificate Pool Per $1,000
Balances Factor Denomination
-----------------------------------------------------
Senior Certificates
A-1 48,841,109.16 67.64697% 37.054058
A-2 174,270,000.00 100.00000% 0.000000
-----------------------------------
Total Certificate
Principal Bal. 223,111,109.16
======================================================
<CAPTION>
Original Beginning Beginning Principal Current Current
Subordinate Certificates Certificate Certificate Shortfall Carry- Principal Principal
Balances Balances Over Due Paid
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
M-1 20,808,000.00 20,808,000.00 0.00 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 0.00
M-1 Outstanding Writedown 0.00 0.00
B-1 16,004,000.00 16,004,000.00 0.00 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 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 0.00
=========================================================================================
All Certificates Excluding Writedown Bal. 320,093,916.00 299,410,328.13 0.00 2,675,302.97 2,675,302.97
=========================================================================================
<CAPTION>
Ending Principal Current Ending Principal Paid
Subordinate Certificates Shortfall Carry- Writedown/ Certificate Pool Per $1,000
Over (Writeup) Balances Factor Denomination
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
M-1 0.00 0.00 20,808,000.00 100.00000% 0.000000
M-1 Outstanding Writedown 0.00
M-2 0.00 0.00 16,004,000.00 100.00000% 0.000000
M-1 Outstanding Writedown 0.00
B-1 0.00 0.00 16,004,000.00 100.00000% 0.000000
B-1 Outstanding Writedown 0.00
B-2 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 73,623,916.00
===================================================
All Certificates Excluding Writedown Bal. 0.00 0.00 296,735,025.16
===================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: March 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 9
REMITTANCE REPORT
REPORTING MONTH: Feb-00 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Carry- Interest Paid
Senior Pass-Through Over Priority Current Priority Over Priority Ending Carry- Per $1,000
Certificates Rate Interest Balance Interest Accrual Interest Accrual Paid Over Balance Denomination
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.06500% 0.00 251,693.45 0.00 251,693.45 0.00 3.48606
A-2 7.47500% 0.00 1,085,556.88 0.00 1,085,556.88 0.00 6.22917
--------------------------------------------------------------------------
==========================================================================
Total 0.00 1,337,250.33 0.00 1,337,250.33 0.00
==========================================================================
<CAPTION>
Senior Total Class
Certificates Distribution
----------------
<S> <C>
A-1 2,926,996.42
A-2 1,085,556.88
----------------
================
Total 4,012,553.30
================
<CAPTION>
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
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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 0.00 249,508.61 0.00 249,508.61 0.00
X 360,933.71 492,507.48 0.00 226,519.29 626,921.90
R 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------------
Total 360,933.71 1,210,314.24 0.00 944,326.05 626,921.90
===================================================================================================
All Certificates 360,933.71 2,547,564.57 0.00 2,281,576.38 626,921.90
===================================================================================================
<CAPTION>
Beginning Carry Current Writedown Current Carry- Ending Carry- Interest Paid
Subordinate Over Writedown Interest Over Writedown Writedown Over Writedown Per $1,000
Certificates Interest Balance Accrued Interest Accrued Interest Paid Interest Balance Denomination
--------------------------------------------------------------------------------------------------------
M-1 0.00 0.00 0.00 0.00 0.00 6.72500
M-2 0.00 0.00 0.00 0.00 0.00 7.29167
B-1 0.00 0.00 0.00 0.00 0.00 5.75000
B-2 0.00 0.00 0.00 0.00 0.00 5.75000
Limited Guarantee
Service Fee
X
R
------------------------------------------------------------------------------------
Total 0.00 0.00 0.00 0.00 0.00
====================================================================================
All Certificates 0.00 0.00 0.00 0.00 0.00
====================================================================================
<CAPTION>
Subordinate Total Class
Certificates Distribution
---------------------
<S> <C>
M-1 139,933.80
M-2 116,695.83
B-1 92,023.00
B-2 119,645.52
Limited Guarantee 0.00
Service Fee 249,508.61
X 226,519.29
R 0.00
Total 944,326.05
===============
All Certificates 4,956,879.35
===============
</TABLE>
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