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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-E
------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania applied for 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 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-E, Registrant
By: Oakwood Acceptance Corporation,
as servicer
April 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 April 15, 2000.......................................
EXHIBIT-20.1
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: March-00
<TABLE>
<CAPTION>
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing
Balance Principal Principal Principal Repurchased Balance Interest Fee
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
282,952,153.18 (277,155.47) (1,285,284.68) (18,277.24) 0.00 281,371,435.79 2,236,613.92 235,793.46
====================================================================================================================================
<CAPTION>
Beginning Scheduled Amount
Principal Pass Thru Liquidation Available for
Balance Interest Proceeds Distribution
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
282,952,153.18 2,000,820.46 11,932.64 3,810,986.71
==============================================================================
<CAPTION>
Certificate Account
- --------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,089,292.55 1,579,305.98 2,254,795.34 (4,467,232.26) 6,434.25 1,462,595.86
====================================================================================================================
<CAPTION>
P&I Advances at Distribution Date
- --------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
468,635.06 (467,248.64) 650,542.89 651,929.31
================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: March-00 Page 2 of 6
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 9,888,487.33
------------------
70,123,487.33
Divided by beginning pool
balance 282,952,153.18
------------------
24.783% N
==================
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------
Current Mo 4,075,610.49 281,371,435.79 1.45%
1st Preceding Mo 3,070,558.56 282,952,153.18 1.09%
2nd Preceding Mo 1,774,385.93 285,158,318.25 0.62%
Divided by 3
----------------
1.05%
================
Cumulative loss ratio:
Cumulative losses 6,344.60
------------------
Divided by Initial Certificate Principal 293,828,355.98 0.002%
================
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------
Current Mo 6,344.60 282,952,153.18
1st Preceding Mo 0.00 285,158,318.25
2nd Preceding Mo 0.00 287,385,667.33
--------------------------------------------
6,344.60 285,165,379.59 0.009%
================
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: March-00
<TABLE>
<CAPTION>
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 5,531 280,184,274.97 57 2,366,712.37 32 1,424,138.66 30 1,520,443.23 119 5,311,294.26
Repos 29 1,187,160.82 1 56,132.22 4 150,542.04 24 980,486.56 29 1,187,160.82
------------------------------------------------------------------------------------------------------------------------
Total 5,560 281,371,435.79 58 2,422,844.59 36 1,574,680.70 54 2,500,929.79 148 6,498,455.08
========================================================================================================================
2.7% 2.31%
====================
<CAPTION>
Active Repos Repossession Analysis
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 29 1,187,160.82 0 0.00 21 855,263.84 30 1,205,894.63
Repos
Total
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: March-00 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov.
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances FHA Ins
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2057354 JIMMY D SIZEMORE 18,277.24 18,400.00 796.02 19,196.02 6,027.00 13,169.02 1,236.38 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
----------------------------------------------------------------------------------------------------
18,277.24 18,400.00 796.02 19,196.02 6,027.00 13,169.02 1,236.38 0.00
====================================================================================================
<CAPTION>
Net Current
Account Customer Pass Thru Period Net Cumulative
Number Name Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
2057354 JIMMY D SIZEMORE 11,932.64 (6,344.60)
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
--------------------------------------
11,932.64 (6,344.60) (6,344.60)
=========================================================
#DIV/0!
===================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH: March-00 Page 5 of 6
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-1 224,778,000.00 212,828,665.85 0.00 1,580,717.39 1,580,717.39
------------------------------------------------------------------------------------------------
Total Certificate Principal Bal. 224,778,000.00 212,828,665.85 0.00 1,580,717.39 1,580,717.39
================================================================================================
<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 0.00 265,646.60 210,982,301.86 93.86252% 8.21417
-----------------------------------------------------------
Total Certificate Principal Bal. 0.00 265,646.60 210,982,301.86
===========================================================
<CAPTION>
Beginning Beginning
Subordinate Original Certificate Certificate Principal Shortfall Current Principal
Certificates Balance Balance Carry-Over Due
<S> <C> <C> <C> <C>
M-1 18,658,000.00 18,658,000.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 11,166,000.00 11,166,000.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 13,516,000.00 13,516,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 16,895,000.00 16,895,000.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 8,815,355.98 9,888,487.33
----------------------------------------------------------------------------------
Total Excluding Writedown Balances 69,050,355.98 70,123,487.33 0.00 0.00
==================================================================================
All Certificates Excluding Writedown Balances 293,828,355.98 282,952,153.18 0.00 1,580,717.39
==================================================================================
<CAPTION>
Accelerated
Ending Principal Current Principal
Subordinate Current Shortfall Carry- Writedown/ Distribution
Certificates Principal Paid Over (Writeup) Amount
<S> <C> <C> <C>
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 (265,646.60)
----------------------------------------------------------------------------------
Total Excluding Writedown Balances 0.00 0.00 0.00 (265,646.60)
==================================================================================
All Certificates Excluding Writedown Balances 1,580,717.39 0.00 0.00 0.00
==================================================================================
<CAPTION>
Ending Principal Paid
Subordinate Certificate Per $1,000
Certificates Balance Pool Factor Denomination
<S> <C> <C> <C>
M-1 18,658,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00
M-2 11,166,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00
B-1 13,516,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00
B-2 16,895,000.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 10,154,133.93
--------------------
Total Excluding Writedown Balances 70,389,133.93
====================
All Certificates Excluding Writedown Balances 281,371,435.79
====================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 4/7/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5
REMITTANCE REPORT
REPORTING MONTH March-00 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
<TABLE>
<CAPTION>
Current Interest
Pass Beginning Carry- Carry-Over Ending Paid Per
Senior Through Over Priority Current Priority Priority Interest Carry-Over $1,000 Total Class
Certificates Rate Interest Balance Interest Accrual Accrual Paid Balance Denomination Distribution
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 7.6080% 0.00 1,349,333.74 0.00 1,349,333.74 0.00 6.00296 3,195,697.73
------------------------------------------------------------------------------ -----------------
Total 0.00 1,349,333.74 0.00 1,349,333.74 0.00 3,195,697.73
============================================================================== =================
<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 Accured 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 1,073,131.35 271,991.20 0.00 0.00 1,345,122.55
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 235,793.46 0.00 235,793.46 0.00
-------------------------------------------------------------------------------------------------------------------
Total 1,073,131.35 887,280.18 0.00 615,288.98 1,345,122.55
===================================================================================================================
All Certificates 1,073,131.35 2,236,613.92 0.00 1,964,622.72 1,345,122.55
===================================================================================================================
<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 235,793.46
----------------------------------------------------------------------------- -------------------
Total 0.00 0.00 0.00 0.00 0.00 615,288.98
============================================================================= ===================
All Certificates 0.00 0.00 0.00 0.00 0.00 3,810,986.71
============================================================================= ===================
Cumulative X Interest Shortfall 1,345,122.55
Cumulative Accelerated Prin. Disb. (1,338,777.95)
-------------------
6,344.60
===================
</TABLE>
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