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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) May 15, 2000.
OMI Trust 1999-D
------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-72621-01 25-1848363
---------------------------------------------------------------------
(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 May 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 May 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-D, Registrant
By: Oakwood Acceptance Corporation,
as servicer
May 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 May 15, 2000.............................................
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross
Balance Principal Principal Principal Repurchased Balance Interest
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
277,669,179.45 (309,722.82) (716,410.12) (700,505.00) 0.00 275,942,541.51 2,205,523.31
====================================================================================================================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
1,331,018.98 1,691,800.45 1,986,488.77 (4,137,464.36) 4,073.01 875,916.85
====================================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Available for
Fee Interest Proceeds Distribution
- ---------------------------------------------------------------------------------------------------
231,390.98 1,974,132.33 463,393.51 3,695,049.76
===================================================================================================
P&I Advances at Distribution Date
-------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
-------------------------------------------------------------------------------------
1,523,556.92 (1,335,635.07) 1,719,370.68 1,907,292.53
=====================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
<TABLE>
<CAPTION>
Class B Crossover Test Test Met?
- ----------------------------------------------------------------------------------------- ---------------
<S> <C>
(a) Remittance date on or after March 2004 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
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 277,669,179.45
---------------------
29.935% N
=====================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------------------
Current Mo 9,533,724.16 275,942,541.51 3.45%
1st Preceding Mo 8,563,865.64 277,669,179.45 3.08%
2nd Preceding Mo 7,382,433.62 279,580,003.58 2.64%
Divided by 3
---------------
3.06%
===============
Cumulative loss ratio:
Cumulative losses 529,672.29
------------------------
Divided by Initial Certificate Principal 302,250,407.75 0.175%
===============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 237,111.49 277,669,179.45
1st Preceding Mo 167,674.09 279,580,003.58
2nd Preceding Mo 86,979.59 281,386,592.12
---------------------------------------------
491,765.17 279,545,258.38 0.704%
===============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
<TABLE>
<CAPTION>
Delinquency Analysis
<S> <C> <C> <C> <C> <C>
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 5,822 271,703,975.58 117 4,040,401.65 43 1,760,814.72 73 3,571,563.61
Repos 109 4,238,565.93 1 37,220.10 10 440,141.27 98 3,761,204.56
---------------------------------------------------------------------------------------------------------------------
Total 5,931 275,942,541.51 118 4,077,621.75 53 2,200,955.99 171 7,332,768.17
=====================================================================================================================
0.00
<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
- --------------------------------------------------------------------------------------------------------------------------------
233 9,372,779.98 109 4,238,565.93 0 0.00 40 1,552,625.76 163 5,970,500.49
109 4,238,565.93
- -------------------------
342 13,611,345.91
=========================
5.8% 4.93%
=========================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1957133 DANNY M CULBRETH 35,838.25 34,900.00 1,611.90 36,511.90 6,847.00 29,664.90
1959253 ROWDY K KOSTER 25,274.05 27,500.00 0.00 27,500.00 6,625.00 20,875.00
1967736 RUSSELL A JEANIS 31,694.63 25,900.00 920.17 26,820.17 6,577.00 20,243.17
1968122 MARK A DOWHAN 29,388.07 28,530.00 1,801.40 30,331.40 6,655.90 23,675.50
1970326 DONALD M GIBERSON 6,871.39 1,300.00 122.89 1,422.89 1,100.00 322.89
1971456 WILLIAM P LONG 37,105.37 25,000.00 1,040.66 26,040.66 1,100.00 24,940.66
1971589 TERRY SHARP 21,675.00 21,235.00 368.38 21,603.38 1,100.00 20,503.38
1976190 STEVEN E HARVEY 47,027.54 43,000.00 1,367.09 44,367.09 7,090.00 37,277.09
1976463 FRANKIE R ROSSETTI 29,335.60 27,500.00 2,037.74 29,537.74 6,625.00 22,912.74
1978816 CYNTHIA SELF 36,325.57 36,900.00 641.35 37,541.35 6,907.00 30,634.35
1981174 SHERRIE M PERRY 35,584.56 39,750.00 253.37 40,003.37 10,077.50 29,925.87
1984038 BRIDGET MULLINS 29,718.56 32,900.00 575.82 33,475.82 6,787.00 26,688.82
1985803 RONETTE M FRANCIS 42,054.23 36,900.00 1,386.37 38,286.37 6,907.00 31,379.37
1991686 PATRICIA BEDONI 72,861.23 58,900.00 4,782.20 63,682.20 10,652.00 53,030.20
2006922 KHOEUN L SOK 26,812.26 25,900.00 883.86 26,783.86 6,577.00 20,206.86
2014496 DARRON E GILLEY 11,345.46 3,000.00 558.02 3,558.02 2,450.00 1,108.02
2019578 KEITH W BRUNELLE 29,112.26 32,500.00 2,722.86 35,222.86 6,775.00 28,447.86
2022192 GEORGE S SMYRE 19,638.35 23,500.00 1,269.62 24,769.62 6,505.00 18,264.62
2024974 LANCE HATFIELD 27,045.95 24,000.00 0.00 24,000.00 6,520.00 17,480.00
2033454 PATRICIA B WILLIS 30,941.69 31,400.00 1,411.32 32,811.32 6,742.00 26,069.32
1982313 ALLEN CAPERTON 36,187.26 13,000.00 1,849.65 14,849.65 1,100.00 13,749.65
2003242 PHILLIP L REYNOLDS JR 38,667.72 34,000.00 1,689.73 35,689.73 6,820.00 28,869.73
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
--------------------------------------------------------------------------------------------------
700,505.00 627,515.00 27,294.40 654,809.40 128,539.40 526,270.00
==================================================================================================
<CAPTION>
Net Current
Unrecov. Pass Thru Period Net Cumulative
Advances FHA Ins Proceeds Gain/(Loss) Gain/(Loss)
- -----------------------------------------------------------------------------------------
3,720.86 0.00 25,944.04 (9,894.21)
2,454.81 0.00 18,420.19 (6,853.86)
3,299.06 0.00 16,944.11 (14,750.52)
2,470.36 0.00 21,205.14 (8,182.93)
1,503.83 0.00 (1,180.94) (8,052.33)
3,361.58 0.00 21,579.08 (15,526.29)
2,155.08 0.00 18,348.30 (3,326.70)
3,833.62 0.00 33,443.47 (13,584.07)
2,485.09 0.00 20,427.65 (8,907.95)
3,772.39 0.00 26,861.96 (9,463.61)
2,590.45 0.00 27,335.42 (8,249.14)
3,777.86 0.00 22,910.96 (6,807.60)
1,709.14 0.00 29,670.23 (12,384.00)
5,863.91 0.00 47,166.29 (25,694.94)
2,931.39 0.00 17,275.47 (9,536.79)
2,091.70 0.00 (983.68) (12,329.14)
2,928.73 0.00 25,519.13 (3,593.13)
2,142.79 0.00 16,121.83 (3,516.52)
2,626.50 0.00 14,853.50 (12,192.45)
2,612.68 0.00 23,456.64 (7,485.05)
2,948.46 0.00 10,801.19 (25,386.07)
1,596.20 0.00 27,273.53 (11,394.19)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
- ----------------------------------------------------------------------
62,876.49 0.00 463,393.51 (237,111.49) (529,672.29)
=========================================================================================
0.00
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
CERTIFICATE PRINCIPAL ANALYSIS
<TABLE>
<CAPTION>
PRINCIPAL
Beginning Beginning
SENIOR Original Certificate Certificate Principal Shortfall Current Principal
CERTIFICATES Balance Balance Carry-Over Due
<S> <C> <C> <C> <C>
A-1 226,687,000.00 200,536,293.11 0.00 1,726,637.94
------------------------------------------------------------------------------------
Total Certificate Principal Bal. 226,687,000.00 200,536,293.11 0.00 1,726,637.94
====================================================================================
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 7,614,886.34
------------------------------------------------------------------------------------
Total Excluding Writedown Balances 75,563,407.75 77,132,886.34 0.00 0.00
====================================================================================
All Certificates Excluding Writedown Balances 302,250,407.75 277,669,179.45 0.00 1,726,637.94
====================================================================================
<CAPTION>
PRINCIPAL Accelerated
Ending Principal Principal Ending
SENIOR Current Shortfall Carry- Distribution Certificate
CERTIFICATES Principal Paid Over Amount Balance
A-1 1,726,637.94 0.00 0.00 198,809,655.17
------------------------------------------------------------------------------------
Total Certificate Principal Bal. 1,726,637.94 0.00 0.00 198,809,655.17
====================================================================================
Accelerated
Ending Principal Current Principal
SUBORDINATE Current Shortfall Carry- Writedown/ Distribution
CERTIFICATES Principal Paid Over (Writeup) Amount
M-1 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 0.00
------------------------------------------------------------------------------------
Total Excluding Writedown Balances 0.00 0.00 0.00 0.00
====================================================================================
All Certificates Excluding Writedown Balances 1,726,637.94 0.00 0.00 0.00
====================================================================================
<CAPTION>
PRINCIPAL
Principal Paid
SENIOR Per $1,000
CERTIFICATES Pool Factor Denomination
A-1 87.70227% 7.61684
Total Certificate Principal Bal.
Ending Principal Paid
SUBORDINATE Certificate Per $1,000
CERTIFICATES Balance Pool Factor Denomination
M-1 22,669,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00
M-2 13,601,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00
B-1 16,624,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00
B-2 16,624,000.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 7,614,886.34
----------------
Total Excluding Writedown Balances 77,132,886.34
================
All Certificates Excluding Writedown Balances 275,942,541.51
================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORT MONTH: April-00
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Current
Pass Beginning Carry- Carry-Over Ending
Senior Through Over Priority Current Priority Priority Interest Carry-Over
Certificates Rate Interest Balance Interest Accrual Accrual Paid Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 7.8400% 0.00 1,310,170.45 0.00 1,310,170.45 0.00
----------------------------------------------------------------------------------------------------
Total 0.00 1,310,170.45 0.00 1,310,170.45 0.00
====================================================================================================
Current Ending
Pass Beginning Carry- Carry-Over Priority Carry-Over
Subordinate Through Over Priority Current Priority Priority Interest Interest Priority Interest
Certificates Rate Interest Balance Interest Accured Accured Paid Balance
M-1 8.0000% 0.00 151,126.67 0.00 151,126.67 0.00
M-2 9.1900% 0.00 96,793.78 0.00 96,793.78 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 1,862,039.39 228,580.89 0.00 0.00 2,090,620.28
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 231,390.98 0.00 222,860.38 8,530.60
--------------------------------------------------------------------------------------------------------------
Total 1,862,039.39 887,985.65 0.00 650,874.16 2,099,150.88
==============================================================================================================
All Certificates 1,862,039.39 2,198,156.10 0.00 1,961,044.61 2,099,150.88
==============================================================================================================
<CAPTION>
Interest
Paid Per
$1,000 Total Class
Denom. Distribution
A-1 5.77965 3,036,808.39
---------------
Total 3,036,808.39
===============
Beg. Current Current Ending Beg.
Carry-Over Shortfall Carry-Over Shortfall Carry-Over Carry-Over
Shortfall Interest Shortfall Interest Shortfall Writedown
Int. Balance Accrued Int. Accrued Paid Int. Balance Int. Balance
M-1 0.00
M-2 0.00 7,367.21 0.00 7,367.21 0.00 0.00
B-1 0.00
B-2 0.00
X
R
Service Fee
----------------------------------------------------------------------------------------------------------
Total 0.00 7,367.21 0.00 7,367.21 0.00 0.00
==========================================================================================================
All Certificates 0.00 7,367.21 0.00 7,367.21 0.00 0.00
==========================================================================================================
<CAPTION>
Current Current Ending Interest
Writedown Carry-Over Carry-Over Paid Per Total
Interest Writedown Writedown Writedown $1,000 Class
Accrued Int. Accrued Interest Paid Int.Balance Denom. Distribution
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 7.11667 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 222,860.38
-------------------------------------------------------------- -----------------
Total 0.00 0.00 0.00 0.00 658,241.37
============================================================== =================
All Certificates 0.00 0.00 0.00 0.00 3,695,049.76
============================================================== =================
Cumulative X Interest Shortfall 2,090,620.28
Cumulative Accelerated Prin. Disb. (1,569,478.59)
Cumulative Unpaid Service Fee 8,530.60
-----------------
-----------------
529,672.29
=================
</TABLE>
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