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Previous: DJ ORTHOPEDICS CAPITAL CORP, 10-K405, 2000-03-21 |
Next: CONSECO FINANCE SECURITIZATIONS CORP, 8-K, 2000-03-21 |
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) March 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 March 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 March 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
March 23, 2000
Douglas R. Muir
Vice President
<TABLE>
<CAPTION>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
<S> <C> <C> <C> <C> <C> <C>
20.1 Monthly Remittance Report relating to Distribution
Date occurring on March 15, 2000.................................................................
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: February-00
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- -----------------------------------------------------------------------------------------------------------------------------------
281,386,592.12 (308,485.55) (1,190,253.48) (307,849.51) 0.00 279,580,003.58
===================================================================================================================================
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
1,070,401.53 1,816,841.01 2,271,113.11 (3,930,744.64) 3,762.97 1,231,373.98
===================================================================================================================================
<PAGE>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for
Interest Fee Interest Proceeds Distribution
- -----------------------------------------------------------------------------------------------------------
2,237,593.18 234,488.83 2,003,104.35 220,869.92 3,957,202.13
===========================================================================================================
P&I Advances at Distribution Date
-------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
-------------------------------------------------------------------------------------
1,265,984.24 (1,078,755.73) 1,060,425.64 1,247,654.15
=====================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: February-00 Page 2 of 6
Class B Crossover Test Test Met?
- ----------------------------------------------------------------------------------------- ---------------
<S> <C> <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 281,386,592.12
---------------------
29.539% N
=====================
<PAGE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------------------
Current Mo 7,382,433.62 279,580,003.58 2.64%
1st Preceding Mo 7,420,729.60 281,386,592.12 2.64%
2nd Preceding Mo 5,840,287.20 283,061,718.88 2.06%
Divided by 3
---------------
2.45%
===============
Cumulative loss ratio:
Cumulative losses 124,886.71
------------------------
Divided by Initial Certificate Principal 302,250,407.75 0.041%
===============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 86,979.59 281,386,592.12
1st Preceding Mo 37,907.12 283,061,718.88
2nd Preceding Mo 0.00 284,852,836.42
---------------------------------------------
124,886.71 283,100,382.47 0.176%
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: February-00
Delinquency Analysis
31 to 59 days 60 to 89 days
No. of Principal Principal Principal
Loans Balance # Balance # Balance
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Non Repos 5,939 276,867,307.57 97 4,200,506.04 36 1,389,660.92
Repos 75 2,712,696.01 1 26,739.67 6 268,109.40
--------------------------------------------------------------------------------------------------
Total 6,014 279,580,003.58 98 4,227,245.71 42 1,657,770.32
==================================================================================================
Repossession Analysis
Active Repos Reversal Current Month
90 days and Over Total Delinq. Outstanding (Redemption) Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- ------------------------------------------------------------------------------------------------------------------------------------
75 3,306,816.36 208 8,896,983.32 75 2,712,696.01 0 0.00 26 890,049.48
68 2,417,846.94 75 2,712,696.01
- -------------------------------------------------------------
143 5,724,663.30 283 11,609,679.33
=============================================================
4.7% 4.15%
==================================
<PAGE>
Cumulative Repos
Principal
# Balance
- ------------------------
89 3,153,723.76
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: February-00 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<S> <C> <C> <C> <C> <C> <C>
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
1842251 RYAN S CAMDEN 30,761.06 30,900.00 2,414.82 33,314.82 6,312.00
1955822 MICHAEL G SMITH 36,553.45 35,300.00 1,712.66 37,012.66 6,444.00
1958289 SALENA LILLEY 13,378.67 16,900.00 141.44 17,041.44 5,892.00
1966860 DANDY RAY 5,355.68 2,035.00 50.58 2,085.58 845.00
1975440 KEVIN D ELLISON 74,522.44 69,900.00 2,749.57 72,649.57 10,312.00
1983659 JEREMY P SAMSON 39,001.21 37,400.00 388.61 37,788.61 6,507.00
1990621 BENITA B GEORGE 41,148.22 31,800.00 844.08 32,644.08 9,169.00
1990878 BRANDY R GALLARDO 28,391.00 31,900.00 248.25 32,148.25 6,342.00
2001063 MICHEAL D SIMPSON 38,737.78 37,400.00 901.88 38,301.88 6,507.00
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
------------------------------------------------------------------------------------
307,849.51 293,535.00 9,451.89 302,986.89 58,330.00
====================================================================================
<PAGE>
Net Net Current
Liquidation Unrecov. Pass Thru Period Net Cumulative
Proceeds Advances FHA Ins Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------------------------
27,002.82 1,763.04 0.00 25,239.78 (5,521.28)
30,568.66 2,938.25 0.00 27,630.41 (8,923.04)
11,149.44 2,151.17 0.00 8,998.27 (4,380.40)
1,240.58 1,291.29 0.00 (50.71) (5,406.39)
62,337.57 4,120.78 0.00 58,216.79 (16,305.65)
31,281.61 3,118.15 0.00 28,163.46 (10,837.75)
23,475.08 3,075.84 0.00 20,399.24 (20,748.98)
25,806.25 2,314.69 0.00 23,491.56 (4,899.44)
31,794.88 3,013.76 0.00 28,781.12 (9,956.66)
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
- ---------------------------------------------------------------------------------------------------
244,656.89 23,786.97 0.00 220,869.92 (86,979.59) (124,886.71)
======================================================================================================================
0.00
=============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: February-00 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Beginning Beginning
Senior Original Certificate Certificate Principal Shortfall
Certificates Balance Balance Carry-Over
A-1 226,687,000.00 204,462,070.48 0.00
------------------------------------------------------------------
------------------------------------------------------------------
Total Certificate Principal Bal. 226,687,000.00 204,462,070.48 0.00
==================================================================
Beginning Beginning
Subordinate Original Certificate Certificate Principal Shortfall
Certificates Balance Balance Carry-Over
M-1 22,669,000.00 22,669,000.00 0.00
M-1 Outstanding Writedown 0.00
M-2 13,601,000.00 13,601,000.00 0.00
M-2 Outstanding Writedown 0.00
B-1 16,624,000.00 16,624,000.00 0.00
B-1 Outstanding Writedown 0.00
B-2 16,624,000.00 16,624,000.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 6,045,407.75 7,406,521.64
------------------------------------------------------------------
Total Excluding Writedown Balances 75,563,407.75 76,924,521.64 0.00
==================================================================
All Certificates Excluding Writedown Balances 302,250,407.75 281,386,592.12 0.00
==================================================================
<PAGE>
Accelerated
Ending Principal Principal Ending
Current Principal Current Shortfall Carry- Distribution Certificate
Due Principal Paid Over Amount Balance Pool Factor
1,806,588.54 1,806,588.54 0.00 144,924.91 202,510,557.03 89.33488%
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
1,806,588.54 1,806,588.54 0.00 144,924.91 202,510,557.03
===========================================================================================================
Accelerated
Ending Principal Current Principal Ending
Current Principal Current Shortfall Carry- Writedown/ Distribution Certificate
Due Principal Paid Over (Writeup) Amount Balance
0.00 0.00 0.00 0.00 22,669,000.00
0.00 0.00
0.00 0.00 0.00 0.00 13,601,000.00
0.00 0.00
0.00 0.00 0.00 0.00 16,624,000.00
0.00 0.00
0.00 0.00 0.00 0.00 16,624,000.00
0.00 0.00
(144,924.91) 7,551,446.55
- ---------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 (144,924.91) 77,069,446.55
=================================================================================================================================
1,806,588.54 1,806,588.54 0.00 0.00 0.00 279,580,003.58
=================================================================================================================================
<PAGE>
Principal Paid
Per $1,000
Denomination
8.60885
Principal Paid
Per $1,000
Pool Factor Denomination
100.00000% 0.00000
100.00000% 0.00000
100.00000% 0.00000
100.00000% 0.00000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORT MONTH: February-00 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Current
Pass Beginning Carry- Carry-Over
Senior Through Over Priority Current Priority Priority Interest
Certificates Rate Interest Balance Interest Accrual Accrual Paid
A-1 7.8400% 0.00 1,335,818.86 0.00 1,335,818.86
-------------------------------------------------------------------------------------------------
Total 0.00 1,335,818.86 0.00 1,335,818.86
=================================================================================================
Current
Pass Beginning Carry- Carry-Over Priority
Subordinate Through Over Priority Current Priority Priority Interest Interest
Certificates Rate Interest Balance Interest Accured Accured Paid
M-1 8.0000% 0.00 151,126.67 0.00 151,126.67
M-2 9.1900% 0.00 96,793.78 0.00 96,793.78
B-1 7.0000% 0.00 96,973.33 0.00 96,973.33
B-2 6.0000% 0.00 83,120.00 0.00 83,120.00
X 1,399,021.01 231,904.50 0.00 0.00
R 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 234,488.83 0.00 234,488.83
-----------------------------------------------------------------------------------------------------------------
Total 1,399,021.01 894,407.11 0.00 662,502.61
=================================================================================================================
All Certificates 1,399,021.01 2,230,225.97 0.00 1,998,321.47
=================================================================================================================
<PAGE>
Interest
Ending Paid Per
Carry-Over $1,000 Total Class
Balance Denom. Distribution
0.00 5.89279 3,287,332.31
- -------------- --------------------
0.00 3,287,332.31
============== ====================
Ending Beg. Current Current Ending Beg.
Carry-Over Carry-Over Shortfall Carry-Over Shortfall Carry-Over Carry-Over
Priority Interest Shortfall Interest Shortfall Interest Shortfall Writedown
Balance Int. Balance Accrued Int. Accrued Paid Int. Balance Int. Balance
0.00 0.00
0.00 0.00 7,367.21 0.00 7,367.21 0.00 0.00
0.00 0.00
0.00 0.00
1,630,925.51
0.00
0.00
- -----------------------------------------------------------------------------------------------------------------------------------
1,630,925.51 0.00 7,367.21 0.00 7,367.21 0.00 0.00
===================================================================================================================================
1,630,925.51 0.00 7,367.21 0.00 7,367.21 0.00 0.00
===================================================================================================================================
<PAGE>
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
0.00 0.00 0.00 0.00 6.66667 151,126.67
0.00 0.00 0.00 0.00 7.11667 104,160.99
0.00 0.00 0.00 0.00 5.83333 96,973.33
0.00 0.00 0.00 0.00 5.00000 83,120.00
0.00
0.00
234,488.83
- --------------------------------------------------------------- --------------------
0.00 0.00 0.00 0.00 669,869.82
=============================================================== ====================
0.00 0.00 0.00 0.00 3,957,202.13
=============================================================== ====================
Cumulative X Interest Shortfall 1,630,925.51
Cumulative Accelerated Prin. Disb. (1,506,038.80)
--------------------
124,886.71
====================
</TABLE>
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