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Previous: FOGDOG INC, S-1, 1999-09-27 |
Next: CELANESE AG, F-1, 1999-09-27 |
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) September 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 September 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 September 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
September 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 September 15, 1999.............................................................
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Aug-99
Scheduled Principal Balance of Contracts
- ----------------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
302,250,407.75 (310,201.67) (4,489,953.71) 0.00 0.00 297,450,252.37 2,404,523.14
====================================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Available for
Fee Interest Proceeds Distribution
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
251,875.34 2,152,647.80 0.00 7,204,678.52
============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00 3,330,354.24 697,927.88 0.00 0.00 4,028,282.12
====================================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
-------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------------
<C> <C> <C> <C>
0.00 0.00 176,805.86 176,805.86
=====================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-99 Page 2 of 6
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 intitial 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 302,250,407.75
---------------------
27.500% N
=====================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
---------------------------------------------------------
Current Mo 0.00 297,450,252.37 0.00%
1st Preceding Mo 0.00 0.00 #DIV/0!
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 0.00 302,250,407.75
1st Preceding Mo 0.00 0.00
2nd Preceding Mo 0.00 0.00
--------------------------------------------
0.00 100,750,135.92 0.000%
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Aug-99
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>
Non Repos 6,352 297,450,252.37 39 1,457,417.04 0 0.00 0 0.00 39 1,457,417.04
Repos 0 0.00 0 0.00
------------------------------------------------------------------------------------------------------------------------
Total 6,352 297,450,252.37 39 1,457,417.04 0 0.00 0 0.00 39 1,457,417.04
========================================================================================================================
0.6% 0.49%
========================
<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>
Non Repos 0 0.00 0 0.00 0 0.00 0 0.00
Repos
Total
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-99 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
=====================================================================================
<CAPTION>
Net Net Current
Account Liquidation Unrecov. Pass Thru Period Net Cumulative
Number Proceeds Advances FHA Ins Proceeds Gain/(Loss) Gain/(Loss)
---------- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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 0.00 0.00
============================================================================================
</TABLE>
As a percentage of the aggregate cut-off date principal balance
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: September 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-99 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Beginning Beginning
SENIOR Original Certificate Certificate Principal Shortfall Current Principal Current
CERTIFICATES Balance Balance Carry-Over Due Principal Paid
A-1 226,687,000.00 226,687,000.00 0.00 4,800,155.38 4,800,155.38
--------------------------------------------------------------------------------- --------------
Total Certificate Principal Bal. 226,687,000.00 226,687,000.00 0.00 4,800,155.38 4,800,155.38
================================================================================= ==============
<CAPTION>
Accelerated
Ending Principal Principal Ending Principal Paid
SENIOR Shortfall Carry- Distribution Certificate Per $1,000
CERTIFICATES Over Amount Balance Pool Factor Denomination
A-1 0.00 236,245.08 221,650,599.54 97.77826% 22.21742
--------------------------------------------------------------
Total Certificate Principal Bal. 0.00 236,245.08 221,650,599.54
==============================================================
</TABLE>
<TABLE>
<CAPTION>
Beginning Beginning
SUBORDINATE Original Certificate Certificate Principal Shortfall Current Principal Current
CERTIFICATES Balance Balance Carry-Over Due Principal Paid
<S> <C> <C> <C> <C> <C>
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
-----------------------------------------------------------------------------------------------
Total Excluding Writedown Balances 75,563,407.75 75,563,407.75 0.00 0.00 0.00
===============================================================================================
All Certificates Excluding
Writedown Balances 302,250,407.75 302,250,407.75 0.00 4,800,155.38 4,800,155.38
===============================================================================================
<CAPTION>
Ending Accelerated Principal
Principal Current Principal Ending Paid
SUBORDINATE Shortfall Carry- Writedown/ Distribution Certificate Per $1,000
CERTIFICATES Over (Writeup) Amount Balance Pool Factor Denomination
<S> <C> <C> <C> <C> <C>
M-1 0.00 0.00 22,669,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00 0.00
M-2 0.00 0.00 13,601,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00 0.00
B-1 0.00 0.00 16,624,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00 0.00
B-2 0.00 0.00 16,624,000.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal Balance -236,245.08 6,281,652.83
------------------------------------------------------------------
Total Excluding Writedown Balances 0.00 0.00 -236,245.08 75,799,652.83
==================================================================
All Certificates Excluding
Writedown Balances 0.00 0.00 0.00 297,450,252.37
==================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: SEPTEMBER 8, 1999
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-99 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Carry-Over
Senior Pass-Through Over Priority Current Priority Priority Interest Ending Carry-Over
Certificates Rate Interest Balance Interest Accrual Accrual Paid Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 7.8400% 0.00 1,481,021.73 0.00 1,481,021.73 0.00
==================================================================================================
Total 0.00 1,481,021.73 0.00 1,481,021.73 0.00
==================================================================================================
<CAPTION>
Interest Paid Per
Senior $1,000 Total Class
Certificates Denomination Distribution
<S> <C> <C>
A-1 6.53333 6,517,422.19
====================
Total 6,517,422.19
====================
</TABLE>
<TABLE>
<CAPTION>
Beginning Carry- Current Carry-Over Ending Carry-Over
Subordinate Pass-Through Over Priority Current Priority Priority Interest Priority Interest Priority Interest
Certificates Rate Interest Balance Interest Accured Accured Paid Balance
<S> <C> <C> <C> <C> <C> <C>
M-1 8.0000% 0.00 151126.67 0.00 151,126.67 0.00
M-2 9.1900% 0.00 96,861.79 0.00 96,861.79 0.00
B-1 7.0000% 0.00 96,973.33 0.00 96,973.33 0.00
B-2 6.0000% 0.00 83,120.00 0.00 83,120.00 0.00
X 0.00 236,245.08 0.00 0.00 236,245.08
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 251,875.34 0.00 251,875.34 0.00
-----------------------------------------------------------------------------------------------------------------
Total 0.00 916,202.21 0.00 679,957.13 236,245.08
=================================================================================================================
All Certificates 0.00 2,397,223.94 0.00 2,160,978.86 236,245.08
=================================================================================================================
<CAPTION>
Beginning Carry- Current Shortfall Current Carry- Ending Carry- Beginning Carry-
Subordinate Over Shortfall Interest Over Shortfall Shortfall Over Shortfall Over Writedown
Certificates Interest Balance Accrued Interest Accrued Interest Paid Interest Balance Interest Balance
<S> <C> <C> <C> <C> <C> <C>
M-1 0.00
M-2 0.00 7,299.20 0.00 7,299.20 0.00 0.00
B-1 0.00
B-2 0.00
X
R
Service Fee
-----------------------------------------------------------------------------------------------------------------
Total 0.00 7,299.20 0.00 7,299.20 0.00 0.00
=================================================================================================================
All Certificates 0.00 7,299.20 0.00 7,299.20 0.00 0.00
=================================================================================================================
<CAPTION>
Current Carry- Ending Carry- Interest Paid Per
Subordinate Current Writedown Over Writedown Writedown Over Writedown $1,000 Total Class
Certificates Interest Accrued Interest Accrued Interest Paid Interest Balance Denomination Distribution
<S> <C> <C> <C> <C> <C> <C>
M-1 0.00 0.00 0.00 0.00 6.66667 151,126.67
M-2 0.00 0.00 0.00 0.00 7.12167 104,160.99
B-1 0.00 0.00 0.00 0.00 5.83333 96,973.33
B-2 0.00 0.00 0.00 0.00 5.00000 83,120.00
X 0.00
R 0.00
Service Fee 251,875.34
------------------------------------------------------------------------- --------------
Total 0.00 0.00 0.00 0.00 687,256.33
========================================================================= ==============
All Certificates 0.00 0.00 0.00 0.00 7,204,678.52
========================================================================= ==============
</TABLE>
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