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Previous: VAN KAMPEN FOCUS PORTFOLIOS SERIES 215, S-6, 2000-02-17 |
Next: SECURITISATION ADVISORY SERVICES PTY LTD, S-11/A, 2000-02-17 |
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) February 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 February 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 February 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
February 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 February 15, 2000........................................
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 2/9/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: January-00
<TABLE>
<CAPTION>
<S> <C>
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
287,385,667.33 (275,730.75) (1,951,618.33) 0.00 0.00 285,158,318.25
====================================================================================================================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
4,300,334.28 2,214,367.60 2,196,349.38 (6,612,589.43) 9,185.81 2,107,647.64
====================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Available for
Interest Fee Interest Proceeds Distribution
- ----------------------------------------------------------------------------------------------------------
2,272,391.61 239,488.06 2,032,903.55 0.00 4,499,740.69
==========================================================================================================
P&I Advances at Distribution Date
-------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
-------------------------------------------------------------------------------------
743,808.56 (742,622.14) 648,970.33 650,156.75
=====================================================================================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 2/9/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: January-00 Page 2 of 6
<TABLE>
<CAPTION>
<S> <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 initial 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 9,343,912.24
---------------------
69,578,912.24
Divided by beginning pool
balance 287,385,667.33
---------------------
24.211% N
=====================
Average 60 day delinquency ratio:
Over 60s Pool Balance %
------------------------------------------------------------
Current Mo 1,774,385.93 285,158,318.25 0.62%
1st Preceding Mo 656,623.39 287,385,667.33 0.23%
2nd Preceding Mo 0.00 291,682,548.67 0.00%
Divided by 3
----------------
0.28%
================
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 0.00 287,385,667.33
1st Preceding Mo 0.00 291,682,548.67
2nd Preceding Mo 0.00 293,828,355.98
--------------------------------------------
0.00 290,965,523.99 0.000%
================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 2/9/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: January-00
<TABLE>
<CAPTION>
<S> <C>
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
-----------------------------------------------------------------------------------------------------------------------
Non Repos 5,615 285,043,981.45 94 4,146,201.08 31 1,213,080.50 8 446,968.63
Repos 3 114,336.80 0 0.00 0 0.00 3 114,336.80
-----------------------------------------------------------------------------------------------------------------------
Total 5,618 285,158,318.25 94 4,146,201.08 31 1,213,080.50 11 561,305.43
=======================================================================================================================
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
-----------------------------------------------------------------------------------------------------------------------
Non Repos 133 5,806,250.21 3 114,336.80 0 0.00 1 34,369.66 3 114,336.80
Repos 3 114,336.80
------------------------
Total 136 5,920,587.01
========================
2.4% 2.08%
========================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 2/9/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: January-00 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
<TABLE>
<CAPTION>
<S> <C>
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov.
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances
- ------------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00
------------------------------------------------------------------------------------------------------
0.00 0.00 0.00 0.00 0.00 0.00 0.00
======================================================================================================
Net Current
Pass Thru Period Net Cumulative
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
=============================================================================
#DIV/0!
=============
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 2/9/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MONTH: January-00 Page 5 of 6
<TABLE>
<CAPTION>
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Beginning Beginning
Senior Original Certificate Certificate Principal Shortfall Current Principal
Certificates Balance Balance Carry-Over Due
A-1 224,778,000.00 217,806,755.09 0.00 2,227,349.08
-----------------------------------------------------------------------------------
Total Certificate Principal Bal. 224,778,000.00 217,806,755.09 0.00 2,227,349.08
===================================================================================
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 9,343,912.24
-----------------------------------------------------------------------------------
Total Excluding Writedown Balances 69,050,355.98 69,578,912.24 0.00 0.00
===================================================================================
All Certificates Excluding Writedown Balances 293,828,355.98 287,385,667.33 0.00 2,227,349.08
======================================================================================
<CAPTION>
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL Accelerated
Ending Principal Principal Ending
Senior Current Shortfall Carry- Distribution Certificate
Certificates Principal Paid Over Amount Balance
A-1 2,227,349.08 0.00 272,513.20 215,306,892.81
--------------------------------------------------------------------------------------
Total Certificate Principal Bal. 2,227,349.08 0.00 272,513.20 215,306,892.81
======================================================================================
Accelerated
Subordinate Ending Principal Current Principal
Certificates Current Shortfall Carry- Writedown/ Distribution
Principal Paid Over (Writeup) Amount
<S> <C> <C> <C>
M-1
M-1 Outstanding Writedown 0.00 0.00 0.00
0.00
M-2
M-2 Outstanding Writedown 0.00 0.00 0.00
0.00
B-1
B-1 Outstanding Writedown 0.00 0.00 0.00
0.00
B-2
B-2 Outstanding Writedown 0.00 0.00 0.00
0.00
Excess Asset Principal Balance (272,513.20)
--------------------------------------------------------------------------------------
Total Excluding Writedown Balances 0.00 0.00 0.00 (272,513.20)
======================================================================================
All Certificates Excluding Writedown Balances 2,227,349.08 0.00 0.00 0.00
======================================================================================
<CAPTION>
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Principal Paid
Senior Per $1,000
Certificates Pool Factor Denomination
A-1 95.78646% 11.12147
Total Certificate Principal Bal.
Subordinate Ending Principal Paid
Certificates Certificate Per $1,000
Balance Pool Factor Denomination
<S> <C> <C> <C>
M-1
M-1 Outstanding Writedown 18,658,000.00 100.00000% 0.00000
0.00
M-2
M-2 Outstanding Writedown 11,166,000.00 100.00000% 0.00000
0.00
B-1
B-1 Outstanding Writedown 13,516,000.00 100.00000% 0.00000
0.00
B-2
B-2 Outstanding Writedown 16,895,000.00 100.00000% 0.00000
0.00
Excess Asset Principal Balance 9,616,425.44
------------------
Total Excluding Writedown Balances 69,851,425.44
==================
All Certificates Excluding Writedown Balances 285,158,318.25
==================
</TABLE>
<PAGE>
OAKWOOD MORTGAGE INVESTORS, INC. 1999-E REPORT DATE: 2/9/00
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 3
REMITTANCE REPORT
REPORTING MO. MONTH January-00 Page 6 of 6
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
A-1 7.6080% 0.00 1,380,894.83 0.00 1,380,894.83 0.00
----------------------------------------------------------------------------------------------------
Total 0.00 1,380,894.83 0.00 1,380,894.83 0.00
====================================================================================================
<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
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 528,556.26 272,513.20 0.00 0.00 801,069.46
R 0.00 0.00 0.00 0.00 0.00
Service Fee 1.0000% 0.00 239,488.06 0.00 239,488.06 0.00
-------------------------------------------------------------------------------------------------------------------
Total 528,556.26 891,496.78 0.00 618,983.58 801,069.46
===================================================================================================================
All Certificates 528,556.26 2,272,391.61 0.00 1,999,878.41 801,069.46
===================================================================================================================
<CAPTION>
Interest
Paid Per
Senior $1,000 Total Class
Certificates Denomination Distribution
A-1 6.14337 3,880,757.11
--------------------
Total 3,880,757.11
====================
Beginning Current Ending Interest
Carry-Over Current Carry-Over Carry-Over Paid Per
Subordinate Writedown Writedown Writedown Writedown Writedown $1,000
Certificates Int. Balance Int. Accrued Int. Accrued Interest Paid Int. Balance Denomination
M-1 0.00 0.00 0.00 0.00 0.00 6.91417
M-2 0.00 0.00 0.00 0.00 0.00 7.00000
B-1 0.00 0.00 0.00 0.00 0.00 6.50000
B-2 0.00 0.00 0.00 0.00 0.00 5.00000
X
R
Service Fee
-----------------------------------------------------------------------------------------------------
Total 0.00 0.00 0.00 0.00 0.00
=====================================================================================================
All Certificates 0.00 0.00 0.00 0.00 0.00
=====================================================================================================
Cumulative X Interest Shortfall
Cumulative Accelerated Prin Disb.
<CAPTION>
Senior
Certificates
A-1
Total Total Class
Distribution
<S> <C>
129,004.52
78,162.00
Subordinate 87,854.00
Certificates 84,475.00
0.00
M-1 0.00
M-2 239,488.06
B-1 -------------------
B-2 618,983.58
X ===================
R 4,499,740.69
Service Fee ===================
801,069.46
Total (801,069.46)
-------------------
All Certificates (0.00)
===================
</TABLE>
(Exhibit 20.1 to come)
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