--------------------------------------------
OMB APPROVAL
OMB NUMBER 3235-0063
EXPIRES: JUNE 30, 1997
ESTIMATED AVERAGE BURDEN
--------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(MARK ONE)
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934. [FEE REQUIRED]
For the fiscal year ended September 30, 1999
------------------------------------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934. [NO FEE REQUIRED]
For the transition period from ______________________ to _____________________
Commission file number 333-72621-01
-------------------------------------
OMI TRUST 1999-D
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1848363
- ----------------------- ----------------------------------
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
c/o Chase Manhattan Trust Co.
Global Trust
Attention: Judy Wisniewskie
One Liberty Place, Suite 5520 1650 Market St Philadelphia, PA 19103
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 988-1322
----------------------------
Securities registered pursuant to Section 12(b) of the Act: None
-------------------
Securities registered pursuant to Section 12(g) of the Act: None
-------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. |X| Yes | | No
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (ss. 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]
<PAGE>
OMI TRUST 1999-D
Oakwood Mortgage Investors, Inc.
Manufactured Housing Contract Senior/Subordinated
Pass-Through Certificates, Series 1999-D
FORM 10-K
INDEX
Page Number
PART I. -----------
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders
PART II.
Item 1. Market for Registrant's Common Equity and Related
Stockholder Matters
Item 2. Selected Financial Data
Item 3. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Item 4. Financial Statements and Supplementary Data
Item 5. Changes In and Disagreements With Accountants on
Accounting and Financial Disclosure
PART III.
Item 1. Directors and Executive Officers of the Registrant
Item 2. Executive Compensation
Item 3. Security Ownership of Certain Beneficial Owners
and Management
Item 4. Certain Relationships and Related Transactions
PART IV.
Item 1. Exhibits, Financial Statement Schedules and
Reports on Form 8-K
SIGNATURES
INDEX OF EXHIBITS
<PAGE>
PART I
ITEM 1. BUSINESS.
Not Applicable.
ITEM 2. PROPERTIES.
Not Applicable.
ITEM 3. LEGAL PROCEEDINGS.
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
At the end of the Registrant's fiscal year, there were a total of 8
holders of the Registrant's Series 1999-D Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Class A-1, Class M-1, Class M-2 ,
Class B-1 (collectively, the "Certificates").
ITEM 6. SELECTED FINANCIAL DATA.
Not Applicable.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION.
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Not Applicable.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
Not Applicable.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Not Applicable.
<PAGE>
ITEM 11. EXECUTIVE COMPENSATION.
Not Applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
Not Applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Not Applicable.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
Exhibits
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified Public
Accountants as Required by Section 3.13(b) of Oakwood Mortgage
Investors, Inc.'s Standard Terms to Pooling and Servicing Agreement
(November 1995 Edition).
99.3 Servicer's Annual Compliance Statement as Required by Section
3.13(a) of Oakwood Mortgage Investors, Inc.'s Standard Terms to
Pooling and Servicing Agreement (November 1995 Edition)
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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-D, REGISTRANT
By: OAKWOOD MORTGAGE INVESTORS, INC.,
as servicer
Dated: December 23, 1999 /s/ Douglas R. Muir
------------------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
--------------------
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified Public
Accountants as Required by Section 3.13(b) of Oakwood Mortgage
Investors, Inc.'s Standard Terms to Pooling and Servicing Agreement
(November 1995 Edition).
99.3 Servicer's Annual Compliance Statement as Required by Section
3.13(a) of Oakwood Mortgage Investors, Inc.'s Standard Terms to
Pooling and Servicing Agreement (November 1995 Edition)
Exhibit 99.1
Oakwood Mortgage Investors, Inc. 1999-D Note: This fiscal year-end series
Oakwood Acceptance Corp. - Servicer report, reports information on the
Fiscal Year Ended Series Report assets included in OMI Trust 1999-D
Reporting: Fiscal Year 1999 as of the end of the prepayment
period that began on September 1,
1998 and ended on September 30,
1999 and as of the end of the
collection period that began on
September 2, 1998 and ended on
October 1, 1999. Accordingly, the
information presented with regard
to the collections made and losses
incurred during such certificates
reflects information as of the
close of business on October 15,
1999, which is the distribution
date on which prepayment period and
collection period were passed
through to certificateholders
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning Ending Scheduled Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing Pass Thru
Balance Principal Principal Principal Repurchased Balance Interest Fee Interest
---------------------------------------------------------------------------------------------------------------------------------
302,250,407.75 (620,034.88) (9,856,670.13) 0.00 0.00 291,773,702.74 4,770,219.99 499,750.55 4,270,469.44
=================================================================================================================================
<CAPTION>
Amount
Liquidation Reserve Available for Limited Total
Proceeds Fund Draw Distribution Guarantee Distribution
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0.00 0.00 15,246,925.00 0.00 15,246,925.00
==============================================================================================
<CAPTION>
Certificate Account
--------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00 8,942,123.21 3,862,861.19 (7,204,678.52) 1,448.82 5,601,754.70
============================================================================================
<CAPTION>
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- ----------------------------------------------------------------------------------
<C> <C> <C> <C>
0.00 0.00 622,042.33 622,042.33
==================================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1999-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
<TABLE>
<CAPTION>
Gross Repossessions Repo Properties Brought Net Current Repos Aggregate Repo Properties in
Current by Borrower Trust at Month-End
# Principal Balance # Principal Balance # Principal Balance # Principal Balance
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Aug-99 0 0.00 0 0.00 0 0.00 0 0.00
Sep-99 1 15,661.31 0 0.00 1 15,661.31 1 15,661.31
--------------------------------------------------------------------------------------------------------------------
Total of month
end balance 1 15,661.31 0 0.00 1 15,661.31 1 15,661.31
====================================================================================================================
Average month
end balance 1 7,830.66 0 0.00 1 7,830.66 1 7,830.66
====================================================================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1999-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
<TABLE>
<CAPTION>
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aug-99 39 1,457,417.04 0 0.00 0 0.00 39 1,457,417.04
Sep-99 90 3,524,924.96 11 357,264.13 0 0.00 101 3,882,189.09
-------------------------------------------------------------------------------------------------------
Total of month
end balance 129 4,982,342.00 11 357,264.13 0 0.00 140 5,339,606.13
=======================================================================================================
Average month
end balance 65 2,491,171.00 6 178,632.07 0 0.00 70 2,669,803.07
=======================================================================================================
</TABLE>
<PAGE>
Oakwood Mortgage Investors, Inc. 1999-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
REPOSSESSION LIQUIDATION REPORT
See Monthly Investor Report for Detail
<TABLE>
<CAPTION>
Net Net Current
Prepayment Liquidated Sales Insur. Total Repossession Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Principal
Period Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aug-99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sep-99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
=========================================================================================================================
Total 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-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
Original Beginning Beginning Current Accelerated
Cert. Certificate Certificate Principal Shortfall Principal Principal
Class Balances Balances Carry-Over Distribution Distribution
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 226,687,000.00 226,687,000.00 0.00 10,476,705.01 470,568.48
A-1 Outstanding Writedown 0.00
M-1 22,669,000.00 22,669,000.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 13,601,000.00 13,601,000.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 16,624,000.00 16,624,000.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 16,624,000.00 16,624,000.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 6,045,407.75 6,045,407.75 0.00 0.00 (470,568.48)
---------------------------------------------------------------------------
302,250,407.75 0.00 10,476,705.01 0.00
===========================================================================
<CAPTION>
Ending Principal Ending Principal Paid
Shortfall Carry- Writedown Certificate Pool Per $1,000
Over Amounts Balances Factor Denomination
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0.00 0.00 215,739,726.51 95.17075% 46.22
0.00 0.00 0.00 0.00
0.00 0.00 22,669,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 13,601,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 16,624,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 16,624,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00
(470,568.48) 0.00 6,515,976.23
--------------------------------------------------------------------------------------------------
(470,568.48) 0.00 291,773,702.74 4.95
==================================================================================================
</TABLE>
(1) This represents the amount of losses on the assets that were allocated to
reduce the outstanding principal balance of the certificates in accordance with
the applicable pooling and servicing agreement.
<PAGE>
Oakwood Mortgage Investors, Inc. 1999-D
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 1999
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Beginning Carry- Current Priority Ending Carry-
Certificate Pass-Through Over Priority Interest Total Interest Over
Class Rate Interest Balance Accrual Paid Shortfall Balance
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 7.84000% 0.00 2,929,138.98 2,929,138.98 0.00 0.00
A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
M-1 8.00000% 0.00 302,253.34 302,253.34 0.00 0.00
M-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
M-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
M-2 9.19000% 0.00 193,655.57 193,655.57 14,666.41 0.00
M-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
M-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-1 7.00000% 0.00 193,946.66 193,946.66 0.00 0.00
B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-2 6.00000% 0.00 166,240.00 166,240.00 0.00 0.00
B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
X 0.00 470,568.48 0.00 470,568.48 470,568.48
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.00000% 0.00 499,750.55 499,750.55 (1) 0.00 0.00
-------------------------------------------------------------------------------------
0.00 4,755,553.58 4,284,985.10 485,234.89 470,568.48
=====================================================================================
<CAPTION>
Interest Paid
Per $1,000 Cert. TOTAL
Denomination Class DISTRIBUTION
- ------------------------------------------------------
<C> <C> <C>
12.92 A-1 13,876,412.47
0.00
0.00
13.33 M-1 302,253.34
0.00
0.00
14.24 M-2 208,321.98
0.00
0.00
11.67 B-1 193,946.66
0.00
0.00
10.00 B-2 166,240.00
0.00
0.00
X 0.00
R 0.00
499,750.55
------------------
15,246,925.00 (1)
==================
</TABLE>
(1) Pursuant to the applicable pooling and servicing agreement, $499,750.55 of
the amounts available for distribution on distribution dates during the fiscal
year were used to pay servicing fees due the servicer. Consequently, the total
amount distributed on the certificates during the fiscal year was
$14,747,174.45.
Exhibit 99.2
PricewaterhouseCoopers (logo)
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
230 North Elm Street
Suite 1700
Greensboro NC 27401
Telephone (910) 691 1000
Facsimile (910) 691 1140
Direct phone (336) 691-5116
Direct fax (336) 691-1140
Independent Accountant's Report
-------------------------------
November 9, 1999
To the Board of Directors
of Oakwood Acceptance Corporation
We have examined management's assertion about Oakwood Acceptance Corporation's
(the "Company") compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS (USAP) as of and for the year ended September 30, 1999
included in the accompanying management assertion. Management is responsible for
the Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
minimum servicing standards and performing such other procedures, as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that, except for instances of
noncompliance described in management's assertion, the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
September 30, 1999 is fairly stated, in all material respects.
Instances of noncompliance which occurred during early 1999 are more fully
discussed in management's assertion which is set forth in Exhibit I.
<PricewaterhouseCoopers LLP>
<PAGE>
November 9, 1999
PricewaterhouseCoopers LLP
101 Centre Port Dr., Suite 250
Greensboro, NC 27409
Ladies and Gentlemen:
As of and for the year ended September 30, 1999, except as specifically noted in
the following paragraph, Oakwood Acceptance Corporation (the "Company") has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (USAP).
Prior to February 1999, the Company had not been analyzing escrow accounts on an
annual basis. This instance of noncompliance has been remedied and procedural
and operational enhancements have been implemented during 1999. As of November
5, 1999, approximately 90% of all escrow accounts have been analyzed.
As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amount of $5,000,000 each.
<TABLE>
<CAPTION>
<S> <C>
<William G. Edwards> <Robert A. Smith>
- ------------------------------------------------- -------------------------------------------------------------------
William G. Edwards Robert A. Smith
President and CEO Executive Vice President and CFO
<Douglas R. Muir> <Richard D. Faulk>
- ------------------------------------------------- -------------------------------------------------------------------
Douglas R. Muir Richard D. Faulk
Vice President, Treasurer & Secretary Executive Vice President, Oakwood Acceptance Corporation
<Joseph W. Fowler> <Jimmy S. Griffin>
- ------------------------------------------------- -------------------------------------------------------------------
Joseph W. Fowler Jimmy S. Griffin
Senior Vice President Senior Vice President
<Derek M. Surette> <Jeffrey T. Hinshaw>
- ------------------------------------------------- -------------------------------------------------------------------
Derek M. Surette Jeffrey T. Hinshaw
Assistant Controller Assistant Treasurer
</TABLE>
Exhibit 99.3
OAKWOOD ACCEPTANCE CORPORATION
ANNUAL OFFICER'S CERTIFICATE
OAKWOOD MORTGAGE INVESTORS, INC.
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
SERIES 1999-D
Pursuant to Section 3.13(a) of the Standard Terms to Pooling and Servicing
Agreement (May 1999 Edition) which is incorporated in the Pooling and Servicing
Agreement dated August 1, 1999among Oakwood Mortgage Investors, Inc., Oakwood
Acceptance Corporation (the "Servicer") and Chase Manhattan Trust Co., the
undersigned officer of the Servicer hereby certifies that a review of the
activities of the Servicer during the period October 1, 1998 through September
30, 1999 and of its performance under the Pooling and Servicing Agreement has
been made under his supervision and to the best of his knowledge, based on such
review, the Servicer has fulfilled all its obligations under the Pooling and
Servicing Agreement through such period.
By: /s/ Douglas R. Muir
- ------------------------
Name: Douglas R. Muir
- ------------------------
Title: Vice President
- -------------------------
Date: September 30, 1999
- --------------------------
