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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) March 15, 2000.
OMI Trust 1999-E
------------------------------------
(Exact name of registrant as specified in charter)
Pennsylvania 333-72621-01 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 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-E, Registrant
By: Oakwood Acceptance Corporation,
as servicer
March 23, 2000
Douglas R. Muir
Vice President
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
--------------
20.1 Monthly Remittance Report relating to Distribution
Date occurring on March 15, 2000.................................................................
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
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
- ------------------------------------------------------------------------------------------------------------------------------------
285,158,318.25 (276,409.68) (1,929,755.39) 0.00 0.00 282,952,153.18
====================================================================================================================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
2,107,647.64 2,211,447.93 2,272,291.33 (4,508,926.50) 6,832.15 2,089,292.55
====================================================================================================================================
<PAGE>
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for
Interest Fee Interest Proceeds Distribution
- ------------------------------------------------------------------------------------------------------------
2,254,235.04 237,631.93 2,016,603.11 0.00 4,460,400.11
============================================================================================================
P&I Advances at Distribution Date
--------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
--------------------------------------------------------------------------------------
650,156.75 (648,970.33) 467,448.64 468,635.06
======================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: February-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 9,616,425.44
---------------------
69,851,425.44
Divided by beginning pool
balance 285,158,318.25
---------------------
24.496% N
=====================
<PAGE>
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------------------
Current Mo 3,070,558.56 282,952,153.18 1.09%
1st Preceding Mo 1,774,385.93 285,158,318.25 0.62%
2nd Preceding Mo 656,623.39 287,385,667.33 0.23%
Divided by 3
---------------
0.65%
===============
Cumulative loss ratio:
Cumulative losses 0.00
------------------------
Divided by Initial Certificate Principal 293,828,355.98 0.000%
===============
Current realized loss ratio:
Liquidation Pool
Losses Balance
---------------------------------------------
Current Mo 0.00 285,158,318.25
1st Preceding Mo 0.00 287,385,667.33
2nd Preceding Mo 0.00 291,682,548.67
---------------------------------------------
0.00 288,075,511.42 0.000%
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: February-00
<S> <C> <C> <C> <C> <C> <C>
Delinquency Analysis
31 to 59 days 60 to 89 days
No. of Principal Principal Principal
Loans Balance # Balance # Balance
---------------------------------------------------------------------------------------------------
Non Repos 5,580 282,601,629.39 83 3,423,627.35 34 1,830,613.21
Repos 9 350,523.79 0 0.00 3 119,868.25
---------------------------------------------------------------------------------------------------
Total 5,589 282,952,153.18 83 3,423,627.35 37 1,950,481.46
===================================================================================================
<CAPTION>
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
- ------------------------------------------------------------------------------------------------------------------------------------
21 889,421.56 138 6,143,662.12 9 350,523.79 0 0.00 6 236,293.99
6 230,655.54 9 350,523.79
- -------------------------------------------------------------
27 1,120,077.10 147 6,494,185.91
=============================================================
2.6% 2.30%
==================================
<CAPTION>
Cumulative Repos
Principal
# Balance
- -------------------------------
9 350,630.79
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 3/5/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: February-00 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total Repossession
Number Name Balance Proceeds Refunds Proceeds Expenses
- ------------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00
----------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00
========================================================================================
<CAPTION>
Net Net Current
Liquidation Unrecov. Pass Thru Period Net Cumulative
Proceeds Advances FHA Ins Proceeds Gain/(Loss) Gain/(Loss)
- ---------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 0.00
=====================================================================================================================
#DIV/01
===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 3/20/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
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-1 224,778,000.00 215,306,892.81 0.00
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total Certificate Principal Bal. 224,778,000.00 215,306,892.81 0.00
==========================================================================
<CAPTION>
PRINCIPAL Accelerated
Current Ending Principal Principal Ending Principal Paid
Senior Principal Current Shortfall Carry- Distribution Certificate Per $1,000
Certificates Due Principal Paid Over Amount Balance Pool Factor Denomination
A-1 2,206,165.07 2,206,165.07 0.00 272,061.89 212,828,665.85 94.68394% 11.02522
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Total Certificate
Principal Bal. 2,206,165.07 2,206,165.07 0.00 272,061.89 212,828,665.85
======================================================================================
Beginning Beginning Current
Subordinate Original Certificate Certificate Principal Shortfall Principal
Certificates Balance Balance Carry-Over Due
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 9,616,425.44
-----------------------------------------------------------------------------------
Total Excluding Writedown Balances 69,050,355.98 69,851,425.44 0.00 0.00
===================================================================================
All Certificates Excluding Writedown Balances 293,828,355.98 285,158,318.25 0.00 2,206,165.07
===================================================================================
<CAPTION>
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 (272,061.89)
-----------------------------------------------------------------------------------
Total Excluding Writedown Balances 0.00 0.00 0.00 (272,061.89)
===================================================================================
All Certificates Excluding Writedown Balances 2,206,165.07 0.00 0.00 0.00
===================================================================================
<CAPTION>
Ending Principal Paid
Subordinate Certificate Per $1,000
Certificates Balance Pool Factor Denomination
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 9,888,487.33
------------------
Total Excluding Writedown Balances 70,123,487.33
==================
All Certificates Excluding Writedown Balances 282,952,153.18
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 3/20/2000
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH February-00 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
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 1,365,045.70 0.00 1,365,045.70 0.00
-------------------------------------------------------------------------------------------------
Total 0.00 1,365,045.70 0.00 1,365,045.70 0.00
=================================================================================================
<CAPTION>
Interest
Paid Per
Senior $1,000 Total Class
Certificates Denomination Distribution
<S> 6.07286 3,843,272.66
A-1
--------------------
3,843,272.66
Total ====================
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
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 801,069.46 272,061.89 0.00 0.00 1,073,131.35
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 237,631.93 0.00 237,631.93 0.00
-------------------------------------------------------------------------------------------------------------------
Total 801,069.46 889,189.34 0.00 617,127.45 1,073,131.35
===================================================================================================================
All Certificates 801,069.46 2,254,235.04 0.00 1,982,173.15 1,073,131.35
====================================================================================================================================
<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
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 237,631.93
----------------------------------------------------------------------------------- --------------
Total 0.00 0.00 0.00 0.00 0.00 617,127.45
=================================================================================== ==============
All Certificates 0.00 0.00 0.00 0.00 0.00 4,460,400.11
==================================================================================================== ==============
Cumulative X Interest Shortfall 1,073,131.35
Cumulative Accelerated Prin. Disb. (1,073,131.35)
--------------
0.00
==============
</TABLE>
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