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Previous: ONLINE POWER SUPPLY INC, 10KSB/A, 2000-05-17 |
Next: HEAVENEXPRESS COM INC, SB-2/A, 2000-05-17 |
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-E
------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-72621-02 233023541
---------------------------------------------------------------------------
(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-E
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-E (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1999-E (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-E, 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-E
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>
281,371,435.79 (278,362.81) (1,117,804.92) (154,282.18) 0.00 279,820,985.88 2,222,773.31
====================================================================================================================================
<CAPTION>
Scheduled Amount
Servicing Pass Thru Liquidation Available for
Fee Interest Proceeds Distribution
- -------------------------------------------------------------------------
<C> <C> <C> <C>
234,476.20 1,988,297.11 104,472.51 3,723,413.55
=========================================================================
<CAPTION>
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,462,595.86 1,518,481.73 1,997,516.42 (3,823,765.56) 4,489.65 1,159,318.10
=======================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------
<S> <C> <C> <C>
651,929.31 (649,241.27) 1,183,990.48 1,186,678.52
==========================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Class B Crossover Test Test Met?
- --------------------------------------------------------------------------------------- ---------------
(a) Remittance date on or after June 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
June 2004 - Nov. 2005 7% N
Dec. 2005 - Nov. 2006 8% N
Dec. 2006 - May 2008 9.5% N
June 2008 and After 10.5% N
(e) Current realized loss ratio <= 3.00% Y
(f) Does subordinated cert. percentage equal or
exceed 42.888%
of stated scheduled pool balance
Beginning M balances 29,824,000.00
Beginning B balances 30,411,000.00
Overcollateralization 10,154,133.93
---------------------
70,389,133.93
Divided by beginning pool
balance 281,371,435.79
---------------------
25.016% N
=====================
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------------------
Current Mo 4,579,362.03 279,820,985.88 1.64%
1st Preceding Mo 4,075,610.49 281,371,435.79 1.45%
2nd Preceding Mo 3,070,558.56 282,952,153.18 1.09%
Divided by 3
---------------
1.39%
===============
Cumulative loss ratio:
Cumulative losses 56,154.27
------------------------
Divided by Initial Certificate Principal 293,828,355.98 0.019%
===============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 49,809.67 281,371,435.79
1st Preceding Mo 6,344.60 282,952,153.18
2nd Preceding Mo 0.00 285,158,318.25
---------------------------------------------
56,154.27 283,160,635.74 0.079%
===============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
<TABLE>
<CAPTION>
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 5,493 278,267,317.93 92 3,771,476.74 22 1,031,114.31 37 2,052,202.27
Repos 42 1,553,667.95 2 57,622.50 4 176,617.69 36 1,319,427.76
--------------------------------------------------------------------------------------------------------------------
Total 5,535 279,820,985.88 94 3,829,099.24 26 1,207,732.00 73 3,371,630.03
====================================================================================================================
<CAPTION>
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Non Repos 151 6,854,793.32 42 1,553,667.95 -1 (56,879.14) 17 578,586.35
Repos 42 1,553,667.95
--------------------------------
Total 193 8,408,461.27
================================
3.5% 3.00%
==================================
<CAPTION>
Cumulative
Repos
Principal
# Balance
---------------------------
<S> <C> <C>
Non Repos 46 1,727,801.84
Repos
Total
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2053692 JAMES L PRUITT 31,466.71 30,500.00 725.77 31,225.77 6,715.00
2015618 SARAH R GIBBS 61,812.76 50,650.00 3,531.63 54,181.63 10,404.50
2054195 PLEAS E MILLER 61,002.71 49,999.00 3,209.14 53,208.14 10,384.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
----------------------------------------------------------------------------------------
154,282.18 131,149.00 7,466.54 138,615.54 27,504.47
========================================================================================
<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>
2053692 24,510.77 2,231.05 0.00 22,279.72 (9,186.99)
2015618 43,777.13 2,013.02 0.00 41,764.11 (20,048.65)
2054195 42,823.17 2,394.49 0.00 40,428.68 (20,574.03)
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
----------------------------------------------------------------------------------------------
111,111.07 6,638.56 0.00 104,472.51 (49,809.67) (56,154.27)
=================================================================================================================
#DIV/01
=======
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MONTH: April-00
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
<TABLE>
<CAPTION>
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-1 224,778,000.00 210,982,301.86 0.00 1,550,449.91 1,550,449.91
-----------------------------------------------------------------------------------------------------
Total Certificate Principal
Bal. 224,778,000.00 210,982,301.86 0.00 1,550,449.91 1,550,449.91
=====================================================================================================
<CAPTION>
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 0.00 221,364.13 209,210,487.82 93.07427% 7.88251
-----------------------------------------------------------------
Total Certificate Principal
Bal. 0.00 221,364.13 209,210,487.82
=================================================================
<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 18,658,000.00 18,658,000.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 11,166,000.00 11,166,000.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 13,516,000.00 13,516,000.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 16,895,000.00 16,895,000.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 8,815,355.98 10,154,133.93
-----------------------------------------------------------------------------------------------------
Total Excluding Writedown
Balances 69,050,355.98 70,389,133.93 0.00 0.00 0.00
=====================================================================================================
All Certificates Excluding
Writedown Balances 293,828,355.98 281,371,435.79 0.00 1,550,449.91 1,550,449.91
=====================================================================================================
<CAPTION>
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
<S> <C> <C> <C> <C> <C> <C>
M-1 0.00 0.00 18,658,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00 0.00
M-2 0.00 0.00 11,166,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00 0.00
B-1 0.00 0.00 13,516,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00 0.00
B-2 0.00 0.00 16,895,000.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal
Balance (221,364.13) 10,375,498.06
----------------------------------------------------------------------
Total Excluding Writedown
Balances 0.00 0.00 (221,364.13) 70,610,498.06
======================================================================
All Certificates Excluding
Writedown Balances 0.00 0.00 0.00 279,820,985.88
======================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E
OAKWOOD ACCEPTANCE CORP. - SERVICER
REMITTANCE REPORT
REPORTING MO. 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 7.6080% 0.00 1,337,627.79 0.00 1,337,627.79 0.00
-------------------------------------------------------------------------------------------------
Total 0.00 1,337,627.79 0.00 1,337,627.79 0.00
=================================================================================================
<CAPTION>
Interest
Paid Per
Senior $1,000 Total Class
Certificates Denomination Distribution
<S> <C> <C>
A-1 5.95088 3,109,441.83
-----------------
Total 3,109,441.83
=================
<CAPTION>
Current Ending
Pass Beginning Carry- Carry-Over Carry-Over
Subordinate Through Over Priority Current Priority Priority Interest Priority Interest Priority Interest
Certificates Rate Interest Balance Interest Accured Accrued Paid Balance
<S> <C> <C> <C> <C> <C> <C>
M-1 8.2970% 0.00 129,004.52 0.00 129,004.52 0.00
M-2 8.4000% 0.00 78,162.00 0.00 78,162.00 0.00
B-1 7.8000% 0.00 87,854.00 0.00 87,854.00 0.00
B-2 6.0000% 0.00 84,475.00 0.00 84,475.00 0.00
X 1,345,122.55 271,173.80 0.00 0.00 1,616,296.35
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 234,476.20 0.00 234,476.20 0.00
-------------------------------------------------------------------------------------------------------------------
Total 1,345,122.55 885,145.52 0.00 613,971.72 1,616,296.35
===================================================================================================================
All Certificates 1,345,122.55 2,222,773.31 0.00 1,951,599.51 1,616,296.35
===================================================================================================================
<CAPTION>
Beginning Current Ending Interest
Carry-Over Current Carry-Over Carry-Over Paid Per
Subordinate Writedown Writedown Writedown Writedown Writedown $1,000 Total Class
Certificates Int. Balance Int. Accrued Int. Accrued Interest Paid Int. Balance Denomination Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
M-1 0.00 0.00 0.00 0.00 0.00 6.91417 129,004.52
M-2 0.00 0.00 0.00 0.00 0.00 7.00000 78,162.00
B-1 0.00 0.00 0.00 0.00 0.00 6.50000 87,854.00
B-2 0.00 0.00 0.00 0.00 0.00 5.00000 84,475.00
X 0.00
R 0.00
Service Fee 234,476.20
---------------------------------------------------------------------------------- ----------------
Total 0.00 0.00 0.00 0.00 0.00 613,971.72
================================================================================== ================
All Certificates 0.00 0.00 0.00 0.00 0.00 3,723,413.55
================================================================================== ================
Cumulative X Interest Shortfall 1,616,296.35
Cumulative Accelerated Prin. Disb. (1,560,142.08)
----------------
56,154.27
================
</TABLE>
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