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Previous: GLOBAL FOODS ONLINE INC, SB-2/A, 2000-02-23 |
Next: UNITED PARCEL SERVICE INC, SC TO-I/A, 2000-02-23 |
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) February 15, 2000.
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 February 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 February 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
February 23, 2000
Douglas R. Muir
Vice President
<PAGE>
<TABLE>
<CAPTION>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
<S> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on February 15, 2000..............................................................
</TABLE>
<TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: February 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Jan-00
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>
301,368,955.60 (344,381.81) (844,906.16) (769,339.50) 0.00 299,410,328.13
============================================================================================================================
<CAPTION>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Pass-Through Available for Limited Total
Interest Fee Interest Proceeds Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
2,560,272.51 251,140.80 2,309,131.71 553,713.48 4,303,273.96 0.00 4,303,273.96
====================================================================================================================================
</TABLE>
<TABLE>
Certificate Account
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
729,906.34 1,952,184.43 2,539,636.99 (4,345,455.75) 2,530.35 878,802.36
============================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------------
2,430,698.79 -2,201,441.62 1,918,840.67 2,148,097.84
==================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: February 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: Page 2 of 6
<TABLE>
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% 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 301,368,955.60
24.430% N
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 12,171,743.08 299,410,328.13 4.07%
1st Preceding Mo 11,380,146.83 301,368,955.60 3.78%
2nd Preceding Mo 9,983,809.38 303,136,840.27 3.29%
Divided by 3
-------------
3.71%
=============
Cumulative loss ratio:
Cumulative losses 360,933.71
------------------------
Divided by Initial Certificate Principal 320,093,916.00 0.113%
=============
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 215,626.02 301,368,955.60
1st Preceding Mo 99,225.02 303,136,840.27
2nd Preceding Mo 46,082.67 304,892,333.24
-------------------------------------------
360,933.71 303,132,709.70 0.476%
=========
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: February 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Jan-00
<TABLE>
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 6,912 294,884,332.37 190 6,734,050.67 62 2,100,801.42 137 5,544,945.90
Repos 142 4,525,995.76 0 0.00 9 310,004.20 133 4,215,991.56
--------------------------------------------------------------------------------------------------------------
Total 7,054 299,410,328.13 190 6,734,050.67 71 2,410,805.62 270 9,760,937.46
==============================================================================================================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
-----------------------------------------------------------------------------------------------------------------
Excluding Repos 389 14,379,797.99 142 4,525,995.76 0 0.00 48 1,548,205.37 232 7,532,638.77
Repos 142 4,525,995.76
-----------------------------
Total 531 18,905,793.75
=============================
7.5% 6.31%
==========================
</TABLE>
<PAGE>
<TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: February 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: Jan-00 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>
1416577 HAROLD M STANLEY 47,933.54 48,650.00 683.71 49,333.71
1834910 ERIC W HOMER 37,669.47 32,900.00 2,980.82 35,880.82
1842608 LESLIE D HOWARD 29,761.28 28,900.00 396.48 29,296.48
1843317 LONNIE R SHEPHERD 38,160.13 36,200.00 3,660.73 39,860.73
1858117 ARMANDO ROMERO 37,897.71 34,500.00 2,050.51 36,550.51
1862127 ANGELIA L BABB 23,298.40 23,400.00 167.91 23,567.91
1879154 ROBERT L GILBERT 11,312.23 12,000.00 80.59 12,080.59
1881044 MICHELLE T WOLSLEBEN 24,278.17 25,000.00 1,353.17 26,353.17
1889492 DONNA S ANDERSEN 31,842.20 28,790.00 143.93 28,933.93
1891449 AARON L SEYFERT 51,660.75 47,750.00 3,433.58 51,183.58
1897982 TODD J DYER 27,033.96 27,900.00 1,201.24 29,101.24
1900968 MARGARET A LONG 38,499.82 35,650.00 235.99 35,885.99
1901073 TATE HARVEY 30,051.36 33,000.00 1,159.07 34,159.07
1901248 CHRIS L RANDOLPH 33,707.43 32,400.00 0.00 32,400.00
1903236 KATHY PRICE 28,584.71 27,900.00 677.76 28,577.76
1908813 ESPERANZA CEBALLOS SR 54,404.85 51,500.00 128.11 51,628.11
1911296 DEREK BROWN 19,430.53 23,400.00 1,340.67 24,740.67
1912419 LINDA C TONEY 34,143.65 33,400.00 2,197.42 35,597.42
1920784 NANCY A SIMMONS 17,471.17 18,400.00 230.35 18,630.35
1924968 SHAUN M SMITH 26,448.53 25,000.00 93.04 25,093.04
1927888 MICHAEL A FORRESTER 48,753.38 53,200.00 2,509.94 55,709.94
1931815 ELDON L HANCOCK 10,383.33 12,400.00 208.69 12,608.69
1941830 THEODORE J WAGONER JR 31,850.41 29,900.00 615.84 30,515.84
1949890 CHRISTIE L MARLER 34,762.49 28,900.00 4,359.92 33,259.92
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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>
Net Net Current
Repossession Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Expenses Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
9,619.50 39,714.21 4,134.37 0.00 35,579.84 (12,353.70)
6,342.00 29,538.82 3,283.82 0.00 26,255.00 (11,414.47)
6,222.00 23,074.48 1,777.62 0.00 21,296.86 (8,464.42)
6,441.00 33,419.73 2,071.26 0.00 31,348.47 (6,811.66)
9,195.00 27,355.51 2,706.62 0.00 24,648.89 (13,248.82)
6,057.00 17,510.91 2,179.65 0.00 15,331.26 (7,967.14)
5,715.00 6,365.59 997.49 0.00 5,368.10 (5,944.13)
6,105.00 20,248.17 2,324.80 0.00 17,923.37 (6,354.80)
6,218.70 22,715.23 2,169.60 0.00 20,545.63 (11,296.57)
9,592.50 41,591.08 3,008.69 0.00 38,582.39 (13,078.36)
6,192.00 22,909.24 2,526.97 0.00 20,382.27 (6,651.69)
9,229.50 26,656.49 3,294.42 0.00 23,362.07 (15,137.75)
6,345.00 27,814.07 2,454.18 0.00 25,359.89 (4,691.47)
6,327.00 26,073.00 3,493.44 0.00 22,579.56 (11,127.87)
6,192.00 22,385.76 2,632.40 0.00 19,753.36 (8,831.35)
9,705.00 41,923.11 2,369.00 0.00 39,554.11 (14,850.74)
6,057.00 18,683.67 2,127.54 0.00 16,556.13 (2,874.40)
6,357.00 29,240.42 2,237.71 0.00 27,002.71 (7,140.94)
5,907.00 12,723.35 2,153.68 0.00 10,569.67 (6,901.50)
6,105.00 18,988.04 2,328.56 0.00 16,659.48 (9,789.05)
9,756.00 45,953.94 2,184.09 0.00 43,769.85 (4,983.53)
5,727.00 6,881.69 1,582.42 0.00 5,299.27 (5,084.06)
6,252.00 24,263.84 2,654.56 0.00 21,609.28 (10,241.13)
6,222.00 27,037.92 2,661.90 0.00 24,376.02 (10,386.47)
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
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: February 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: Jan-00 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
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 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
769,339.50 751,040.00 29,909.47 780,949.47 167,881.20 613,068.27
==================================================================================================================================
<CAPTION>
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
- ----------------------------------------------------------------------------------------------------
59,354.79 0.00 553,713.48 (215,626.02) (360,933.71)
====================================================================================================
</TABLE>
<PAGE>
<TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: February 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT #
REMITTANCE REPORT
REPORTING MONTH: Jan-00 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 72,200,000.00 53,475,039.60 0.00 1,958,627.47
A-2 174,270,000.00 174,270,000.00 0.00 0.00
-------------------------------------------------------------------------------------
Total Certificate Principal Bal. 246,470,000.00 227,745,039.60 0.00 1,958,627.47
=====================================================================================
<CAPTION>
Current Ending Principal Ending Principal Paid
Principal Shortfall Carry- Certificate Pool Per $1,000
Paid Over Balances Factor Denomination
- ----------------------------------------------------------------------------------------------------------------------------
Senior Certificates
A-1 1,958,627.47 0.00 51,516,412.13 71.35237% 27.127804
A-2 0.00 0.00 174,270,000.00 100.00000% 0.000000
------------------------------------------------------
Total Certificate Principal Bal. 1,958,627.47 0.00 225,786,412.13
======================================================
</TABLE>
<TABLE>
Original Beginning Beginning Principal Current
Subordinate Certificates Certificate Certificate Shortfall Carry- Principal
Balances Balances Over Due
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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. 320,093,916.00 301,368,955.60 0.00 1,958,627.47
=====================================================================================
<CAPTION>
Current Ending Principal Current Ending
Subordinate Certificates Principal Shortfall Carry- Writedown/ Certificate
Paid Over (Writeup) Balances
-------------------------------------------------------------------------------
M-1 0.00 0.00 0.00 20,808,000.00
M-1 Outstanding Writedown 0.00
M-2 0.00 0.00 0.00 16,004,000.00
M-1 Outstanding Writedown 0.00
B-1 0.00 0.00 0.00 16,004,000.00
B-1 Outstanding Writedown 0.00
B-2 0.00 0.00 0.00 20,807,916.00
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. 1,958,627.47 0.00 0.00 299,410,328.13
============================================================================
<CAPTION>
Principal Paid
Subordinate Certificates Pool Per $1,000
Factor Denomination
------------------------------------------
M-1 100.00000% 0.000000
M-1 Outstanding Writedown
M-2 100.00000% 0.000000
M-1 Outstanding Writedown
B-1 100.00000% 0.000000
B-1 Outstanding Writedown
B-2 100.00000% 0.000000
B-2 Outstanding Writedown
Total Excluding Writedown Bal.
All Certificates Excluding Writedown Bal.
</TABLE>
<PAGE>
<TABLE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-C REPORT DATE: February 7, 2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT Page 6 of 6
REPORTING MONTH: Jan-00
CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Carry-
Senior Pass-Through Over Priority Current Priority Over Priority
Certificates Rate Interest Balance Interest Accrual Interest Accrual
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 5.96125% 0.00 274,503.35 0.00
A-2 7.47500% 0.00 1,085,556.88 0.00
=================================================================================
Total 0.00 1,360,060.23 0.00
=================================================================================
<CAPTION>
Interest Paid
Ending Carry- Per $1,000 Total Class
Paid Over Balance Denomination Distribution
----------------------------------------------------------------------------------
A-1 274,503.35 0.00 3.80199 2,233,130.82
A-2 1,085,556.88 0.00 6.22917 1,085,556.88
======================================= =======================
Total 1,360,060.23 0.00 3,318,687.70
======================================= =======================
</TABLE>
<TABLE>
Beginning Carry- Current Carry-
Subordinate Pass-Through Over Priority Current Priority Over Priority
Certificates Rate Interest Balance Interest Accrual Interest Accrual
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
M-1 8.07000% 0.00 139,933.80 0.00
M-2 8.75000% 0.00 116,695.83 0.00
B-1 6.90000% 0.00 92,023.00 0.00
B-2 6.90000% 0.00 119,645.52 0.00
Limited Guarantee
Service Fee 0.00 251,140.80 0.00
X 145,307.69 480,773.33 0.00
R 0.00 0.00 0.00
----------------------------------------------------------------------
Total 145,307.69 1,200,212.28 0.00
======================================================================
All Certificates 145,307.69 2,560,272.51 0.00
======================================================================
<CAPTION>
Priority Ending Carry- Beginning Carry Current Writedown Current Carry-
Subordinate Interest Over Priority Over Writedown Interest Over Writedown Writedown
Certificates Paid Interest Balance Interest Balance Accrued Interest Accrued Interest Paid
----------------------------------------------------------------------------------------------------------------
M-1 139,933.80 0.00 0.00 0.00 0.00 0.00
M-2 116,695.83 0.00 0.00 0.00 0.00 0.00
B-1 92,023.00 0.00 0.00 0.00 0.00 0.00
B-2 119,645.52 0.00 0.00 0.00 0.00 0.00
Limited Guarantee 0.00
Service Fee 251,140.80 0.00
X 265,147.31 360,933.71
R 0.00 0.00
----------------------------------------------------------------------------------------------------------------
Total 984,586.26 360,933.71 0.00 0.00 0.00 0.00
================================================================================================================
All Certificates 2,344,646.49 360,933.71 0.00 0.00 0.00 0.00
================================================================================================================
<CAPTION>
Ending Carry- Interest Paid
Subordinate Over Writedown Per $1,000 Total Class
Certificates Interest Balance Denomination Distribution
----------------------------------------------------------
M-1 0.00 6.72500 139,933.80
M-2 0.00 7.29167 116,695.83
B-1 0.00 5.75000 92,023.00
B-2 0.00 5.75000 119,645.52
Limited Guarantee 0.00
Service Fee 251,140.80
X 265,147.31
R 0.00
--------------------
Total 0.00 984,586.26
====================
All Certificates 0.00 4,303,273.96
====================
</TABLE>
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