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Previous: RUDOLPH TECHNOLOGIES INC, S-1/A, 1999-10-22 |
Next: SMITH RIVER BANKSHARES INC, SB-2/A, 1999-10-22 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 15, 1999.
----------------
OMI Trust 1999-D
----------------
(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-D
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-D (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1999-D (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on October 15,
1999. Oakwood Acceptance Corporation, as Servicer for the Trust, has prepared a
monthly Remittance Report and delivered it to the Trustee.
Remittance Report. . . . . . . . . . . . .Exhibit 20.1
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibits
20.1 Monthly Remittance Report relating to the Distribution Date
occurring on October 15, 1999.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OMI TRUST 1999-D, Registrant
By: Oakwood Acceptance Corporation,
as servicer
October 23, 1999
-----------------------
Douglas R. Muir
Vice President
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Page of Sequentially
Numbered Pages
<S> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on October 15, 1999...............................................................
</TABLE>
[zz]
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: 09/30/99
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
297,450,252.37 (309,833.21) (5,366,716.42) 0.00 0.00 291,773,702.74
====================================================================================================================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
4,028,282.12 5,611,768.97 3,164,933.31 (7,204,678.52) 1,448.82 5,601,754.70
====================================================================================================================================
REPORT DATE: 10/7/99
POOL REPORT # 2
Page 1 of 6
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for
Interest Fee Interest Proceeds Distribution
- ----------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
2,365,696.85 247,875.21 2,117,821.64 0.00 8,042,246.48
==========================================================================================================
P&I Advances at Distribution Date
-------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
-------------------------------------------------------------------------------------
176,805.86 0.00 176,805.86 353,611.72
=====================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-99
<S> <C> <C> <C> <C> <C> <C>
Class B Crossover Test Test Met?
- -------------------------------------------------------------------------- --------------
(a) Remittance date on or after March 2004 N
(b) Average 60 day Delinquency rate <= 5.5% #DIV/0!
(d) Cumulative losses do not exceed the following
percent of the initial principal balance of all Certificates
MAR 2004 - AUG 2005 7% N
SEP 2005 - AUG 2006 8% N
SEP 2006 - FEB 2008 9.5% N
10.5 THEREAFTER 10.5% N
(e) Current realized loss ratio <= 3.00% Y
(f) Does subordinated cert. percentage equal or
exceed 46.375%
of stated scheduled pool balance
Beginning M balances 36,270,000.00
Beginning B balances 33,248,000.00
Overcollateralization 13,601,000.00
---------------------
83,119,000.00
Divided by beginning pool
balance 297,450,252.37
---------------------
27.944% N
=====================
REPORT DATE:
POOL REPORT # 2
Page 2 of 6
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-----------------------------------------------------------
Current Mo 357,264.13 291,773,702.74 0.12%
1st Preceding Mo 0.00 297,450,252.37 0.00%
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
---------------
#DIV/0!
===============
Cumulative loss ratio:
Cumulative losses 0.00
-----------------------
Divided by Initial Certificate Principal 0.00 #DIV/0!
===============
Current realized loss ratio:
Liquidation Pool
Losses Balance
--------------------------------------------
Current Mo 0.00 297,450,252.37
1st Preceding Mo 0.00 302,250,407.75
2nd Preceding Mo 0.00 0.00
----------------------------------
0.00 199,900,220.04 0.000%
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-99
<S> <C> <C> <C> <C> <C> <C> <C>
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
-------------------------------------------------------------------------------------------------------
Non Repos 6,246 291,758,041.43 89 3,509,263.65 11 357,264.13 0 0.00
Repos 1 15,661.31 1 15,661.31 0 0.00 0 0.00
-----------------------------------------------------------------------------------------------------
Total 6,247 291,773,702.74 90 3,524,924.96 11 357,264.13 0 0.00
=====================================================================================================
REPORT DATE:
POOL REPORT # 2
Page 3 of 6
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- --------------------------------------------------------------------------------------------------------------------------------
100 3,866,527.78 1 15,661.31 0 0.00 1 15,661.31 1 15,661.31
1 15,661.31
- ---------------------------
101 3,882,189.09
===========================
1.6% 1.33%
==========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE:
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 2
REMITTANCE REPORT
REPORTING MONTH: Sep-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<S> <C> <C> <C> <C> <C> <C> <C>
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
----------------------------------------------------------------------------------------------------------
1 0.00 0.00 0.00 0.00 0.00
2 0.00 0.00 0.00 0.00 0.00
3 0.00 0.00 0.00 0.00 0.00
4 0.00 0.00 0.00 0.00 0.00
5 0.00 0.00 0.00 0.00 0.00
6 0.00 0.00 0.00 0.00 0.00
7 0.00 0.00 0.00 0.00 0.00
8 0.00 0.00 0.00 0.00 0.00
9 0.00 0.00 0.00 0.00 0.00
10 0.00 0.00 0.00 0.00 0.00
11 0.00 0.00 0.00 0.00 0.00
12 0.00 0.00 0.00 0.00 0.00
13 0.00 0.00 0.00 0.00 0.00
14 0.00 0.00 0.00 0.00 0.00
15 0.00 0.00 0.00 0.00 0.00
16 0.00 0.00 0.00 0.00 0.00
17 0.00 0.00 0.00 0.00 0.00
18 0.00 0.00 0.00 0.00 0.00
19 0.00 0.00 0.00 0.00 0.00
20 0.00 0.00 0.00 0.00 0.00
21 0.00 0.00 0.00 0.00 0.00
22 0.00 0.00 0.00 0.00 0.00
23 0.00 0.00 0.00 0.00 0.00
24 0.00 0.00 0.00 0.00 0.00
25 0.00 0.00 0.00 0.00 0.00
26 0.00 0.00 0.00 0.00 0.00
27 0.00 0.00 0.00 0.00 0.00
70 0.00
=============================================================================
0.00 0.00 0.00 0.00 0.00
=============================================================================
Net Net Current
Liquidation Unrecov. Pass Thru Period Net Cumulative
Proceeds Advances FHA Ins Proceeds Gain/(Loss) Gain/(Loss)
-------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 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>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-99
CERTIFICATE PRINCIPAL ANALYSIS
<S> <C> <C> <C> <C> <C> <C>
PRINCIPAL
Beginning Beginning
SENIOR Original Certificate Certificate Principal Shortfall Current Principal
CERTIFICATES Balance Balance Carry-Over Due
A-1 226,687,000.00 221,650,599.54 0.00 5,676,549.63
======================================================================================
Total Certificate Principal Bal. 226,687,000.00 221,650,599.54 0.00 5,676,549.63
======================================================================================
Beginning Beginning
SUBORDINATE Original Certificate Certificate Principal Shortfall Current Principal
CERTIFICATES Balance Balance Carry-Over Due
M-1 22,669,000.00 22,669,000.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 13,601,000.00 13,601,000.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 16,624,000.00 16,624,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 16,624,000.00 16,624,000.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 6,045,407.75 6,281,652.83
---------------------------------------------------------------------------------
Total Excluding Writedown Balances 75,563,407.75 75,799,652.83 0.00 0.00
=================================================================================
All Certificates Excluding Writedown Balances 302,250,407.75 297,450,252.37 0.00 5,676,549.63
=================================================================================
REPORT DATE:
POOL REPORT # 2
Page 5 of 6
Accelerated
Ending Principal Principal Ending Principal Paid
Current Shortfall Carry- Distribution Certificate Per $1,000
Principal Paid Over Amount Balance Pool Factor Denomination
5,676,549.63 0.00 234,323.40 215,739,726.51 95.17075% 26.07504
======================================================================================
5,676,549.63 0.00 234,323.40 215,739,726.51
======================================================================================
Accelerated
Ending Principal Current Principal Ending Principal Paid
Current Shortfall Carry- Writedown/ Distribution Certificate Per $1,000
Principal Paid Over (Writeup) Amount Balance Pool Factor Denomination
0.00 0.00 0.00 22,669,000.00 100.00000% 0.00000
0.00 0.00
0.00 0.00 0.00 13,601,000.00 100.00000% 0.00000
0.00 0.00
0.00 0.00 0.00 16,624,000.00 100.00000% 0.00000
0.00 0.00
0.00 0.00 0.00 16,624,000.00 100.00000% 0.00000
0.00 0.00
-234,323.40 6,515,976.23
- --------------------------------------------------------------------------------------------
0.00 0.00 0.00 -234,323.40 76,033,976.23
============================================================================================
5,676,549.63 0.00 0.00 0.00 291,773,702.74
============================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: Sep-99
CERTIFICATE INTEREST ANALYSIS
<S> <C> <C> <C> <C> <C> <C>
Beginning Carry-
Senior Pass-Through Over Priority Current Priority
Certificates Rate Interest Balance Interest Accrual
A-1 7.8400% 0.00 1,448,117.25
=========================================================================
Total 0.00 1,448,117.25
=========================================================================
Beginning Carry-
Subordinate Pass-Through Over Priority Current Priority
Certificates Rate Interest Balance Interest Accured
M-1 8.0000% 0.00 151,126.67
M-2 9.1900% 0.00 96,793.78
B-1 7.0000% 0.00 96,973.33
B-2 6.0000% 0.00 83,120.00
X 236,245.08 234,323.40
R 0.00 0.00
Service Fee 1.0000% 0.00 247,875.21
---------------------------------------------------------------------------
Total 236,245.08 910,212.39
===========================================================================
All Certificates 236,245.08 2,358,329.64
===========================================================================
Current Carry- Ending Carry- Beginning Carry-
Over Shortfall Shortfall Over Shortfall Over Writedown Current Writedown
Interest Accrued Interest Paid Interest Balance Interest Balance Interest Accrued
0.00 0.00
0.00 7,367.21 0.00 0.00 0.00
0.00 0.00
0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
0.00 7,367.21 0.00 0.00 0.00
=====================================================================================================================
0.00 7,367.21 0.00 0.00 0.00
=====================================================================================================================
REPORT DATE:
POOL REPORT # 2
Page 6 of 6
Current Carry-Over Interest Paid Per
Priority Interest Ending Carry-Over $1,000 Total Class
Accrual Paid Balance Denomination Distribution
0.00 1,448,117.25 0.00 6.38818 7,358,990.28
==================================================================== ===================
0.00 1,448,117.25 0.00 7,358,990.28
==================================================================== ===================
Current Carry-Over Ending Carry-Over Beginning Carry- Current Shortfall
Priority Interest Priority Interest Priority Interest Over Shortfall Interest
Accured Paid Balance Interest Balance Accrued
0.00 151,126.67 0.00
0.00 96,793.78 0.00 0.00 7,367.21
0.00 96,973.33 0.00
0.00 83,120.00 0.00
0.00 0.00 470,568.48
0.00 0.00 0.00
0.00 247,875.21 0.00
- ----------------------------------------------------------------------------------------------------
0.00 675,888.99 470,568.48 0.00 7,367.21
====================================================================================================
0.00 2,124,006.24 470,568.48 0.00 7,367.21
====================================================================================================
Current Carry- Ending Carry- Interest Paid Per
Over Writedown Writedown Over Writedown $1,000 Total Class
Interest Accrued Interest Paid Interest Balance Denomination Distribution
0.00 0.00 0.00 6.66667 151,126.67
0.00 0.00 0.00 7.11667 104,160.99
0.00 0.00 0.00 5.83333 96,973.33
0.00 0.00 0.00 5.00000 83,120.00
0.00
0.00
247,875.21
- ----------------------------------------------------------------- ----------------
0.00 0.00 0.00 683,256.20
================================================================= ================
0.00 0.00 0.00 8,042,246.48
================================================================= ================
</TABLE>
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