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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) April 15, 2000.
--------------
OMI Trust 1999-D
------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 33-72621-01 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 April 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 April 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
April 23, 2000
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 April 15, 2000.................................................................
</TABLE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: March-00
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>
279,580,003.58 (308,916.64) (1,025,778.46) (576,129.03) 0.00 277,669,179.45
====================================================================================================================================
<CAPTION>
- --------------------------
Beginning Scheduled Scheduled Amount
Principal Gross Servicing Pass Thru Liquidation Available for
Balance Interest Fee Interest Proceeds Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
279,580,003.58 2,222,547.18 232,983.34 1,989,563.84 408,454.94 3,965,697.22
====================================================================================================================================
<CAPTION>
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
1,231,373.98 1,904,853.24 2,238,643.40 (4,047,944.69) 4,093.05 1,331,018.98
====================================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------------
1,247,654.15 (1,060,425.64) 1,336,328.41 1,523,556.92
======================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: March-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 279,580,003.58
---------------------
29.730% N
=====================
<CAPTION>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------------------
Current Mo 8,563,865.64 277,669,179.45 3.08%
1st Preceding Mo 7,382,433.62 279,580,003.58 2.64%
2nd Preceding Mo 7,420,729.60 281,386,592.12 2.64%
Divided by 3
---------------
2.79%
===============
Cumulative loss ratio:
Cumulative losses 292,560.80
------------------------
Divided by Initial Certificate Principal 302,250,407.75 0.097%
===============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 167,674.09 279,580,003.58
1st Preceding Mo 86,979.59 281,386,592.12
2nd Preceding Mo 37,907.12 283,061,718.88
---------------------------------------------
292,560.80 281,342,771.53 0.416%
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: March-00
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
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Non Repos 5,882 274,274,545.56 94 3,749,330.38 44 2,024,266.25 71 3,219,930.07
Repos 91 3,394,633.89 2 74,964.57 3 117,657.00 86 3,202,012.32
-------------------------------------------------------------------------------------------------------------------
Total 5,973 277,669,179.45 96 3,824,294.95 47 2,141,923.25 157 6,421,942.39
===================================================================================================================
<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
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Non Repos 209 8,993,526.70 91 3,394,633.89 0 0.00 34 1,264,150.97 123 4,417,874.73
Repos 91 3,394,633.89
--------------------------
Total 300 12,388,160.59
==========================
5.0% 4.46%
==========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: March-00 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>
1855188 AMY K GWYN 20,320.80 23,400.00 220.76 23,620.76 6,177.00
1965235 DOMINGO MERCADO 23,913.36 24,500.00 920.26 25,420.26 6,210.00
1968742 JOEY R CALLAHAN 30,068.34 30,900.00 2,770.36 33,670.36 6,402.00
1972991 WILLIAM D KEARBY 35,012.13 32,400.00 750.14 33,150.14 6,447.00
1973551 JOHN H CARR 36,864.46 34,500.00 3,033.50 37,533.50 6,510.00
1975226 STEPHANIE D ESPINOS 50,522.03 46,800.00 1,471.53 48,271.53 9,789.00
1977628 VIRNA L ROSSER 46,697.61 48,750.00 1,712.50 50,462.50 9,847.50
1978964 TANYA M WORMSLEY 35,345.49 35,000.00 2,409.37 37,409.37 6,525.00
1981927 RONALD E MOSIER 7,364.62 2,000.00 825.81 2,825.81 845.00
1992312 JERRY LOWERY 28,800.95 30,500.00 448.30 30,948.30 6,390.00
1993815 JACK H WHITE 66,908.23 65,000.00 533.24 65,533.24 10,335.00
2004687 WANDA W ELLIS 41,577.86 36,400.00 1,284.47 37,684.47 6,567.00
2007649 MARION JOSHUA 36,937.11 36,500.00 3,224.67 39,724.67 6,570.00
2010171 JOSCELYN SPEIGHTS 14,565.97 7,500.00 244.43 7,744.43 845.00
2020527 MATTHEW G COOPER 14,845.41 3,900.00 276.96 4,176.96 845.00
2022317 CYNTHIA NETTERVILLE 30,957.21 29,400.00 1,626.01 31,026.01 6,357.00
2023406 DORIS SEARS 33,088.21 32,900.00 380.92 33,280.92 6,462.00
2023901 DAVID E WRIGHT 22,339.24 22,400.00 2,732.65 25,132.65 6,147.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
----------------------------------------------------------------------------------------
576,129.03 542,750.00 24,865.88 567,615.88 109,270.50
========================================================================================
<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>
1855188 17,443.76 1,968.50 0.00 15,475.26 (4,845.54)
1965235 19,210.26 1,645.57 0.00 17,564.69 (6,348.67)
1968742 27,268.36 2,698.91 0.00 24,569.45 (5,498.89)
1972991 26,703.14 3,100.67 0.00 23,602.47 (11,409.66)
1973551 31,023.50 4,280.17 0.00 26,743.33 (10,121.13)
1975226 38,482.53 3,051.79 0.00 35,430.74 (15,091.29)
1977628 40,615.00 3,513.98 0.00 37,101.02 (9,596.59)
1978964 30,884.37 3,246.35 0.00 27,638.02 (7,707.47)
1981927 1,980.81 2,223.82 0.00 (243.01) (7,607.63)
1992312 24,558.30 2,727.55 0.00 21,830.75 (6,970.20)
1993815 55,198.24 4,823.46 0.00 50,374.78 (16,533.45)
2004687 31,117.47 3,219.17 0.00 27,898.30 (13,679.56)
2007649 33,154.67 2,614.86 0.00 30,539.81 (6,397.30)
2010171 6,899.43 1,659.15 0.00 5,240.28 (9,325.69)
2020527 3,331.96 1,563.50 0.00 1,768.46 (13,076.95)
2022317 24,669.01 2,486.28 0.00 22,182.73 (8,774.48)
2023406 26,818.92 2,657.42 0.00 24,161.50 (8,926.71)
2023901 18,985.65 2,409.29 0.00 16,576.36 (5,762.88)
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
-------------------------------------------------------------------------------------------
458,345.38 49,890.44 0.00 408,454.94 (167,674.09) (292,560.80)
==============================================================================================================
0.00
======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: March-00 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
<S> <C> <C> <C> <C> <C>
A-1 226,687,000.00 202,510,557.03 0.00 1,910,824.13 1,910,824.13
-------------------------------------------------------------------------------------------------
Total Certificate Principal Bal. 226,687,000.00 202,510,557.03 0.00 1,910,824.13 1,910,824.13
=================================================================================================
<CAPTION>
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL Accelerated
Ending Principal Principal Ending Principal Paid
SENIOR Shortfall Carry- Distribution Certificate Per $1,000
CERTIFICATES Over Amount Balance Pool Factor Denomination
<S> <C> <C> <C> <C> <C>
A-1 0.00 63,439.79 200,536,293.11 88.46396% 8.70921
-------------------------------------------------------
Total Certificate Principal Bal. 0.00 63,439.79 200,536,293.11
=======================================================
Beginning Beginning
SUBORDINATE Original Certificate Certificate Principal Shortfall Current Principal Current
CERTIFICATES Balance Balance Carry-Over Due Principal Paid
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 7,551,446.55
------------------------------------------------------------------------------------------------
Total Excluding Writedown Balances 75,563,407.75 77,069,446.55 0.00 0.00 0.00
================================================================================================
All Certificates Excluding
Writedown Balances 302,250,407.75 279,580,003.58 0.00 1,910,824.13 1,910,824.13
================================================================================================
Accelerated
Ending Principal Current Principal Ending Principal Paid
SUBORDINATE Shortfall Carry- Writedown/ Distribution Certificate Per $1,000
CERTIFICATES Over (Writeup) Amount Balance Pool Factor Denomination
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 (63,439.79) 7,614,886.34
---------------------------------------------------------------------
Total Excluding Writedown Balances 0.00 0.00 (63,439.79) 77,132,886.34
=====================================================================
All Certificates Excluding
Writedown Balances 0.00 0.00 0.00 277,669,179.45
=====================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-D REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORT MONTH: March-00 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Current Interest
Pass Beginning Carry- Carry-Over Ending Paid Per
Senior Through Over Priority Current Priority Priority Interest Carry-Over $1,000
Certificates Rate Interest Balance Interest Accrual Accrual Paid Balance Denom.
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 7.8400% 0.00 1,323,068.97 0.00 1,323,068.97 0.00 5.83655
----------------------------------------------------------------------------------
Total 0.00 1,323,068.97 0.00 1,323,068.97 0.00
==================================================================================
<CAPTION>
Senior Total Class
Certificates Distribution
<S> <C>
A-1 3,297,332.89
------------------
Total 3,297,332.89
==================
Current Ending Beg.
Pass Beginning Carry- Carry-Over Priority Carry-Over Carry-Over
Subordinate Through Over Priority Current Priority Priority Interest Interest Priority Interest Shortfall
Certificates Rate Interest Balance Interest Accured Accured Paid Balance Int. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
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 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 1,630,925.51 231,113.88 0.00 0.00 1,862,039.39
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 232,983.34 0.00 232,983.34 0.00
--------------------------------------------------------------------------------------------------------------------
Total 1,630,925.51 892,111.00 0.00 660,997.12 1,862,039.39 0.00
====================================================================================================================
All Certificates 1,630,925.51 2,215,179.97 0.00 1,984,066.09 1,862,039.39 0.00
====================================================================================================================
Current Current Ending Beg. Current Current
Shortfall Carry-Over Shortfall Carry-Over Carry-Over Writedown Carry-Over
Subordinate Interest Shortfall Interest Shortfall Writedown Interest Writedown Writedown
Certificates Accrued Int. Accrued Paid Int. Balance Int. Balance Accrued Int. Accrued Interest Paid
<S> <C> <C> <C> <C> <C> <C> <C> <C>
M-1 0.00 0.00 0.00 0.00
M-2 7,367.21 0.00 7,367.21 0.00 0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 0.00
X
R
Service Fee
-----------------------------------------------------------------------------------------------------------------
Total 7,367.21 0.00 7,367.21 0.00 0.00 0.00 0.00 0.00
=================================================================================================================
All Certificates 7,367.21 0.00 7,367.21 0.00 0.00 0.00 0.00 0.00
=================================================================================================================
<CAPTION>
Ending Interest
Carry-Over Paid Per Total
Subordinate Writedown $1,000 Class
Certificates Int.Balance Denom. Distribution
<S> <C> <C> <C>
M-1 0.00 6.66667 151,126.67
M-2 0.00 7.11667 104,160.99
B-1 0.00 5.83333 96,973.33
B-2 0.00 5.00000 83,120.00
X 0.00
R 0.00
Service Fee 232,983.34
--------- ----------------
Total 0.00 668,364.33
========= ================
All Certificates 0.00 3,965,697.22
========= ================
Cumulative X Interest Shortfall 1,862,039.39
Cumulative Accelerated Prin. Disb. (1,569,478.59)
----------------
292,560.80
================
</TABLE>
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