SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) November 3, 1998.
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Oakwood Mortgage Investors, Inc.
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(Exact name of registrant as specified in charter)
North Carolina 333-58497 56-1886793
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27425-7081
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (336) 664-2400
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On November 3, 1998, the Registrant entered into an underwriting agreement
with Credit Suisse First Boston Corporation (the "Underwriter"), pursuant to
which the Underwriter agreed to purchase and offer for sale to the public,
$244,358,152 aggregate initial principal amount of the Registrant's
Senior/Subordinated Pass-Through Certificates, Series 1998-D, Class A-1 ARM,
and Class A (the "Offered Securities"). The Offered Securities are
registered for sale under the Registrant's effective shelf Registration
Statement on Form S-3 (333-58497), and are offered pursuant to a Prospectus,
dated November 3, 1998, and a related Prospectus Supplement, dated November 3,
1998, to be filed with the Securities and Exchange Commission pursuant to the
Securities Act of 1933, as amended and Rule 424 thereunder.
In connection with the offering of the Offered Securities, the Underwriter
has prepared and disseminated to potential purchasers certain "Series Term
Sheets", "Computational Materials" and/or "Structural Terms Sheet(s)," as such
terms are defined in the No-Action response letters to Greenwood Trust Company,
Discover Card Master Trust I (publicly available April 5, 1996), to Kidder,
Peabody and Co. Incorporated and certain affiliates thereof (publicly available,
May 20, 1994) and the No-Action response letter to Cleary, Gottlieb, Steen &
Hamilton on behalf of the Public Securities Association (publicly available,
February 17, 1995), respectively. In accordance with such No-Action Letter, the
Registrant is filing herewith such Series Term Sheets, Computational Materials
and/or Structural Terms Sheet(s) as Exhibit 99.1.
Exhibits
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99.1 Copy of "Series Term Sheets", "Computational Materials" and/or "Structural
Terms Sheet(s)" as provided by Credit Suisse First Boston Corporation
-2-
<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.
November 2, 1998 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Douglas R. Muir
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Name: Douglas R. Muir
Title: Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Page
----
99.1 Copy of "Series Term Sheets", "Computational Materials"
and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston ..............
-4-
SUBJECT TO REVISION
SERIES TERM SHEET DATED NOVEMBER 2, 1998
$244,358,152
Oakwood Mortgage Investors, Inc.,
[LOGO APPEARS HERE] Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 1998-D
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Oakwood Mortgage Investors Senior/Subordinated
Pass-Through Certificates, Series 1998-D. The Series Term Sheet has been
prepared by Oakwood Mortgage Investors, Inc. for informational purposes only and
is subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus supplement and by
any other additional information subsequently filed with the Securities and
Exchange Commission or incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston nor any of its respective affiliates makes
any representation as to the accuracy or completeness of any of the information
set forth in the attached Series Term Sheet. This cover sheet is not part of the
Series Term Sheet.
A Registration Statement (including a base prospectus) relating to the
Pass-Through Certificates, including the Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates, Series 1998-D, Class A-1 ARM and
Class A, has been filed with the Securities and Exchange Commission and has been
declared effective. The final Prospectus Supplement relating to the securities
will be filed after the securities have been priced and all of the terms and
information are finalized. This communication is not an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Interested persons are referred to the final Prospectus and Prospectus
Supplement to which the securities relate. Any investment decision should be
based only upon the information in the final Prospectus and Prospectus
Supplement as of their publication dates.
Credit Suisse First Boston
<PAGE>
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1998-D Pooling and Servicing Agreement (including the July 1998 Edition
to the Standard Terms) to be dated as of October 1, 1998, among Oakwood Mortgage
Investors, Inc., as Depositor, Oakwood Acceptance Corporation, as Servicer, and
PNC Bank, National Association, as Trustee.
Approximate
Initial
Certificate
Principal Pass-Through
The Offered Certificates......... Title of Class Balance(1) Rate
-------------- ------------- ---------
Class A-1 ARM
Certificates......... $6,023,152 . %(2)
Class A Certificates. $238,335,000 . %(3)
(1) The aggregate initial principal balance of
the Certificates may be increased or
decreased by up to 5%. Any such increase or
decrease may be allocated
disproportionately among the Classes of
Certificates. Accordingly, any investor's
commitments with respect to the
Certificates may be increased or decreased
correspondingly.
(2) Based on One-Month LIBOR. The Pass-Through
Rate for the Class A-1 ARM Certificate s
shall not exceed the Weighted Average Net
Asset Rate of the Adjustable Rate Assets
for any Distribution Date. Computed on the
basis of a 360-day year and the actual
number of days in each Interest Accrual
Period.
(3) Computed on the basis of a 360-day year of
twelve 30-day months.
Class Designations
Class A-1 ARM Certificates.....Class A-1 ARM Certificates.
Class A Certificates...........Class A Certificates.
Class M Certificates...........Class M-1 and Class M-2 Certificates.
Class B Certificates...........Class B-1 and Class B-2 Certificates.
Subordinated Certificates......Class M, Class B, Class X and Class R
Certificates.
Offered Certificates...........Class A-1 ARM and Class A Certificates.
Other Certificates................ The Class M-1, Class M-2, Class B-1, Class
B-2, Class X and Class R Certificates are
not being offered hereby. The Class M-1,
Class M-2, Class B-1 and Class B-2
Certificates are expected to be sold in a
private placement at or around the Closing
Date, and will be acquired in the interim by
an affiliate of the Company. The Class X
and Class R Certificates are expected to be
sold initially to related entities of the
Company, which may offer them in the future
in one or more privately negotiated
transactions.
Denominations.................... The Offered Certificates will be Book-Entry
Certificates only, in minimum denominations
of $1,000 and integral multiples of $1 in
excess thereof.
Cut-off Date..................... October 1, 1998.
Distribution Dates............... The fifteenth day of each month, (or if such
fifteenth day is not a business day, the next
succeeding business day) commencing in
November 1998 (each, a "Distribution Date").
Record Date...................... With respect to each Distribution Date,
other than the first Distribution Date, the
close of business on the last business day
of the month preceding the month in which
such Distribution Date occurs, and with
respect to the first Distribution Date, the
close of business on the Closing Date.
(each, a "Record Date").
1
<PAGE>
Interest Accrual Period.......... With respect to each Distribution Date, (i)
for the Class A-1 ARM Certificates, the
period commencing on the 15th day of the
preceding month through the 14th day of the
month in which such Distribution Date occurs
(except that the first Interest Accrual
Period for the Class A-1 ARM Certificates
will be the period from the Closing Date to
November 15, 1998) and (ii) for the Class A
Certificates, the calendar month preceding
the month in which the Distribution Date
occurs (each, an "Interest Accrual Period").
Distributions.................... The "Available Distribution Amount" for a
Distribution Date generally will include
(1)(a) Monthly Payments of principal and
interest due on the Assets during the related
Collection Period, to the extent such
payments were actually collected from the
Obligors or advanced by the Servicer and (b)
unscheduled payments received with respect to
the Assets during the related Prepayment
Period, including Principal Prepayments,
proceeds of repurchases, Net Liquidation
Proceeds and Net Insurance Proceeds, less
(2)(a) if Oakwood is not the Servicer,
Servicing Fees for the related Collection
Period, (b) amounts required to reimburse the
Servicer for previously unreimbursed Advances
in accordance with the Agreement, (c) amounts
required to reimburse the Company or the
Servicer for certain reimbursable expenses in
accordance with the Agreement and (d) amounts
required to reimburse any party for an
overpayment of a Repurchase Price for an
Asset in accordance with the Agreement.
In general, principal paid in respect of the
Adjustable Rate Assets will be allocated to
holders of the Class A-1 ARM Certificates,
and principal paid in respect of the Fixed
Rate Assets will be allocated to the Class
A, Class M and Class B Certificates.
Distributions will be made on each
Distribution Date to holders of record on the
preceding Record Date. Distributions on a
Class of Certificates will be allocated among
the Certificates of such Class in proportion
to their respective percentage interests.
Certificate Structure
Considerations................... The primary credit support for the Offered
Certificates is the subordination of the
Subordinated Certificates.
Cross-over Date.................. The later to occur of (a) the Distribution
Date occurring in May 2003 or (b) the first
Distribution Date on which the percentage
equivalent of a fraction (which shall not be
greater than 1) the numerator of which is the
Adjusted Certificate Principal Balance of the
Subordinated Certificates for such
Distribution Date and the denominator of
which is the Pool Scheduled Principal Balance
on such Distribution Date, equals or exceeds
1.75 times the percentage equivalent of a
fraction (which shall not be greater than 1)
the numerator of which is the initial
aggregate Adjusted Certificate Principal
Balance of the Subordinated Certificates and
the denominator of which is the Pool
Scheduled Principal Balance on the
Cut-off Date.
2
<PAGE>
Performance Test................. The Average 60-Day Delinquent Ratio is less
than or equal to 5%; the Average 30-Day
Delinquency Ratio is less than or equal to
7%, the Current Realized Loss Ratio is less
than or equal to 2.75%; and the Cumulative
Realized Losses are less than or equal to the
applicable percentage of the Aggregate
Cut-off Date Pool Principal Balance set forth
in the Pooling and Servicing
Agreement.
Realized Losses on Liquidated
Loans............................ The Principal Distribution Amount for any
Distribution Date is intended to include the
Scheduled Principal Balance of each Asset
that became a Liquidated Loan during the
preceding calendar month. A Realized Loss
will be incurred on a Liquidated Loan in the
amount, if any, by which the Net Liquidation
Proceeds from such Liquidated Loan are less
than the Unpaid Principal Balance of such
Liquidated Loan, plus accrued and unpaid
interest thereon (to the extent not covered
by Servicing Advances, if any, with respect
to such Liquidated Loan), plus amounts
reimbursable to the Servicer for previously
unreimbursed Servicing Advances. The amount
of the Realized Loss, if any, in excess of
amount of interest collected on the
nondefaulted Assets in excess of certain
Interest Distribution Amounts and Carryover
Interest Distribution Amounts required to be
distributed on the Class A-1 ARM, Class A,
Class M and Class B Certificates and any
portion of such interest required to be paid
to a Servicer other than Oakwood as servicing
compensation ("Excess Interest") will be
allocated to the Class M and Class B
Certificates as a Writedown Amount in
reduction of their Certificate Principal
Balance as described below.
Allocation of Writedown Amounts.. The "Writedown Amount" for any Distribution
Date will be the amount, if any, by which the
aggregate Certificate Principal Balance of
all Certificates, after all distributions
have been made on the Certificates on such
Distribution Date, exceeds the Pool Scheduled
Principal Balance of the Assets for the next
Distribution Date. The Writedown Amount will
be allocated among the Classes of
Subordinated Certificates in the
following order of priority:
(1) first, to the Class B-2 Certificates,
to be applied in reduction of the
Adjusted Certificate Principal Balance
of such Class until it has been reduced
to zero;
(2) second, to the Class B-1 Certificates,
to be applied in reduction of the
Adjusted Certificate Principal Balance of
such Class until it has been reduced to
zero;
(3) third, to the Class M-2 Certificates,
to be applied in reduction of the
Adjusted Certificate Principal Balance of
such Class until it has been reduced to
zero; and
(4) fourth, to the Class M-1 Certificates,
to be applied in reduction of the
Adjusted Certificate Principal Balance of
such Class until it has been reduced
to zero.
3
<PAGE>
Advances.......................... For each Distribution Date, the Servicer will
be obligated to make an advance (a "P&I
Advance") equal to the positive difference,
if any, between the P&I Advance Calculation
Amount for such Distribution Date and the
amount of funds available in the Certificate
Account. The Servicer will also be obligated
to make Advances ("Servicing Advances" and,
together with P&I Advances, "Advances") in
respect of Liquidation Expenses and certain
taxes and insurance premiums not paid by an
Obligor on a timely basis, to the extent the
Servicer deems such Servicing Advances
recoverable out of Liquidation Proceeds or
from subsequent collections. P&I Advances and
Servicing Advances are reimbursable to the
Servicer under certain circumstances.
Final Scheduled Distribution
Dates............................. To the extent not previously paid prior to
such dates, the outstanding principal amount
of each Class of Offered Certificates will be
payable on the January 2029 Distribution Date
(with respect to each Class of Certificates,
the "Final Scheduled Distribution Date"). The
Final Scheduled Distribution Date has been
determined by adding three months to the
maturity date of Scheduled Distribution Dates
the Asset with the latest stated maturity.
Optional Termination.............. The Servicer at its option and subject to the
limitations imposed by the Agreement, will
have the option to purchase from the Trust
Estate all Assets then outstanding and all
other property in the Trust Estate on any
Distribution Date occurring on or after the
Distribution Date on which the sum of the
Certificate Principal Balance of the
Certificates is less than 10% of the sum of
the original Certificate Principal Balance of
the Certificates.
Auction Sale...................... If the Servicer does not exercise its
optional termination right within 90 days
after it first becomes eligible to do so, the
Trustee shall solicit bids for the purchase
of all Assets then outstanding and all other
property in the Trust Estate. In the event
that satisfactory bids are received, the sale
proceeds will be distributed to
Certificateholders.
The Assets........................ The Trust will consist of (1) fixed and
adjustable manufactured housing installment
sales contracts (collectively, the
"Contracts") secured by security interests in
manufactured homes, as defined herein (the
"Manufactured Homes"), and with respect to
certain of the Contracts ("Land Secured
Contracts"), secured by liens on the real
estate on which the related Manufactured
Homes are located, and (2) mortgage loans
secured by first liens on the real estate to
which the related Manufactured Homes are
deemed permanently affixed (the "Mortgage
Loans," and together with the Contracts, the
"Assets"). The Asset Pool consists of
approximately 7,014 Assets having an total
aggregate Scheduled Principal Balance as of
the Cut-off Date of $319,423,714.08.
Fixed Rate Assets
-----------------
As of the Cut-off Date, 6,942 Assets,
aggregating $313,400,561.79 are secured by
fixed rate Assets ("Fixed Rate Assets").
Approximately 12.91% of the Fixed Rate
4
<PAGE>
Assets are Mortgage Loans and approximately
3.09% of the Fixed Rate Assets are Land
Secured Contracts. Based on Cut-off Date Pool
Scheduled Principal Balance, approximately
89.61% of the Fixed Rate Assets are secured
by Manufactured Homes which were new,
approximately 1.30% of the Fixed Rate Assets
are secured by Manufactured Homes which were
used, approximately 8.09% of the Fixed Rate
Assets are secured by Manufactured Homes
which were repossessed and approximately
1.00% of the Fixed Rate Assets are secured by
Manufactured Homes which were transferred. As
of the Cut-off Date, the Fixed Rate Assets
were secured by Manufactured Homes or
Mortgaged Properties (or Real Properties, in
the case of Land Secured Contracts) located
in 38 states, and approximately 20.07% and
17.77% of the Fixed Rate Assets were secured
by Manufactured Homes or Mortgaged Properties
located in North Carolina and Texas,
respectively (based on the mailing addresses
of the Obligors on the Assets as of the
Cut-off Date). Each Fixed Rate Asset bears
interest at an annual percentage rate (an
"APR") of at least 6.49% and not more than
18.00%. The weighted averaged APR of the
Fixed Rate Assets as of the Cut-off Date is
approximately 9.69%. The Fixed Rate Assets
have remaining terms to maturity as of the
Cut-off Date of at least 13 months but not
more than 360 months and original terms to
stated maturity of at least 15 months but not
more than 360 months. As of the Cut-off Date,
the Fixed Rate Assets had a weighted average
original term to stated maturity of
approximately 298 months, and a weighted
average remaining term to stated maturity of
approximately 297 months. The final scheduled
payment date on the Fixed Rate Asset with the
latest maturity occurs in October 2028.
Adjustable Rate Assets
----------------------
As of the Cut-off Date, 72 Assets aggregating
$6,023,152.29, are secured by adjustable rate
Assets ("Adjustable Rate Assets"). As of the
Cut-off Date, all Adjustable Rate Assets are
Mortgage Loans secured by Manufactured Homes.
Based on Cut-off Date Pool Scheduled
Principal Balance, approximately 98.88% of
the Adjustable Rate Assets are secured by
Manufactured Homes which were new,
approximately 1.12% of the Adjustable Rate
assets are secured by Manufactured Homes
where were used. As of the Cut-off Date, the
Adjustable Rate Assets were secured by
Mortgaged Properties located in 20 states,
and approximately 19.92%, 11.52% and 11.10%
of the Adjustable Assets were secured by
Mortgaged Properties located in North
Carolina, Washington and Kentucky,
respectively (based on the mailing addresses
of the Obligors on the Assets as of the
Cut-off Date). Each Adjustable Rate Asset
bears interest at an annual percentage rate
(an "APR") of at least 7.00% and not more
than 8.63%. The weighted averaged APR of the
Adjustable Rate Assets as of the Cut-off Date
is approximately 7.93%. The Adjustable Rate
Assets have remaining terms to maturity as of
the Cut-off Date of at least 180 months but
not more than 360 months and original terms
to stated maturity of at least 180 months but
not more than 360 months. As of the Cut-off
Date, the Adjustable Rate Assets had a
weighted average original term to stated
maturity of approximately 355 months,
5
<PAGE>
and a weighted average remaining term to
stated maturity of approximately 354 months.
All Adjustable Rate Assets adjust annually
based on the monthly average yield on United
States treasury securities adjusted to a
constant maturity of one year. All Adjustable
Rate Assets have annual caps of 2%. The
weighted average lifetime cap of the
Adjustable Rate Assets as of the Cut-off Date
is approximately 14%. The Adjustable Rate
Assets have gross margins as of the Cut-off
Date of at least 3.25% but not more than
4.75%. The weighted average gross margin of
the Adjustable Rate Assets as of the Cut-off
Date is approximately 4.12%. The final
scheduled payment date on the Adjustable Rate
Asset with the latest maturity occurs in
October 2028.
No Asset has an original loan-to-value ratio
in excess of 100%. The Servicer will be
required to cause to be maintained one or
more standard hazard insurance policies with
respect to each Manufactured Home and
Mortgaged Property.
Certain Federal Income Tax
Consequences................... For federal income tax purposes, the Trust
Estate will be treated as one or more real
estate mortgage investment conduits
("REMIC"). The Class A-1 ARM , Class A, Class
M, Class B and Class X Certificates will
constitute "regular interests" in the REMIC
for federal income tax purposes. The Class R
Certificates will be treated as the
sole class of "residual interests" in the
REMIC for federal income tax purposes.
ERISA Considerations............. Fiduciaries of employee benefit plans and
certain other retirement plans and
arrangements, including individual retirement
accounts and annuities, Keogh plans, and
collective investment funds in which such
plans, accounts, annuities or arrangements
are invested, that are subject to the
Employee Retirement Income Security Act of
1974, as amended ("ERISA"), or corresponding
provisions of the Code (any of the foregoing,
a "Plan"), persons acting on behalf of a
Plan, or persons using the assets of a Plan
("Plan Investors") should consult with their
own counsel to determine whether the purchase
or holding of the Offered Certificates could
give rise to a transaction that is prohibited
either under ERISA or the Code.
Legal Investment Considerations... The Class A-1 ARM and Class A Certificates
are expected to constitute "mortgage related
securities" for purposes of the Secondary
Mortgage Market Enhancement Act of 1984
("SMMEA").
Rations........................... It is a condition to the issuance of the
Certificates that they be rated as follow:
S&P Moody's
--- -------
Class A-1 ARM............... AAA Aaa
Class A..................... AAA Aaa
6
<PAGE>
Delinquency, Loan Loss and Repossession Experience
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
Asset Servicing Portfolio
(Dollars in thousands)
<TABLE>
<CAPTION>
At September 30,
----------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
---------- ---------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Total Number of
Serviced Assets
Oakwood Originated......... 28,938 39,273 51,566 67,120 89,411 111,351
Acquired Portfolios........ 1,591 5,773 4,872 4,177 3,602 2,818
Aggregate Outstanding
Principal Balance of
Serviced Assets
Oakwood Originated......... $ 507,394 $ 757,640 $ 1,130,378 $ 1,687,406 $ 2,499,794 $ 3,536,657
Acquired Portfolios........ $ 30,498 $ 85,227 $ 70,853 $ 57,837 $ 47,027 $ 35,882
Average Outstanding
Principal Balance per
Serviced Asset
Oakwood Originated......... $ 17.5 $ 19.3 $ 21.9 $ 25.1 $ 28.0 $ 31.8
Acquired Portfolios........ $ 19.2 $ 14.8 $ 14.5 $ 13.8 $ 13.1 $ 12.7
Weighted Average
Interest Rate
of Serviced Assets
Oakwood Originated......... 12.8% 12.2% 12.0% 11.5% 11.0% 10.8%
Acquired Portfolios........ 9.4% 11.0% 11.3% 11.2% 11.1% 11.0%
</TABLE>
Delinquency Experience (1)
(Dollars in thousands)
At September 30,
-------------------------------------------
1993 1994 1995 1996 1997 1998
------ ------ ------ ------------- ------
Total Number of Serviced
Assets
Oakwood Originated....... 28,938 39,273 51,566 67,120 89,411 111,351
Acquired Portfolios...... 1,591 5,773 4,872 4,177 3,602 2,818
Number of Delinquent Assets
(2).......................
Oakwood Originated:......
30-59 Days.............. 244 350 601 835 1,171 2,345
60-89 Days.............. 51 97 185 308 476 906
90 Days or More......... 150 198 267 492 716 1,222
Total Number of Assets
Delinquent 445 645 1,053 1,635 2,363 4,473
Acquired Portfolios......
30-59 Days.............. 37 127 63 66 90 75
60-89 Days.............. 26 49 17 23 23 31
90 Days or More......... 16 98 76 62 75 57
Total Number of Assets
Delinquent 79 274 156 151 188 163
Total Delinquencies as a
Percentage of Serviced
Assets (3)...............
Oakwood Originated....... 1.5% 1.6% 2.0% 2.4% 2.6% 4.0%
Acquired Portfolios...... 5.0% 4.7% 3.2% 3.6% 5.2% 5.8%
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
7
<PAGE>
Loan Loss/Repossession Experience
(Dollars in thousands)
<TABLE>
<CAPTION>
At or for the fiscal year ended
September 30,
--------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Total Number of
Serviced Assets (1) 30,529 45,046 56,438 71,297 93,013 114,169
Average Number of
Serviced
Assets During Period........ 25,990 37,788 50,742 63,868 82,155 103,591
Number of Serviced
Assets Repossessed ......... 902 1,241 1,718 2,746 3,885 5,411
Serviced
Assets Repossessed
as a Percentage of
Total Serviced
Assets (2) ................. 2.95% 2.75% 3.04% 3.85% 4.18% 4.74%
Serviced
Assets Repossessed
as a Percentage of
Average Number of
Serviced Assets ............ 3.47% 3.28% 3.39% 4.30% 4.73% 5.22%
Average Outstanding
Principal Balance of
Assets (3)
Oakwood Originated ......... $ 531,199 $ 701,875 $ 976,905 $1,409,467 $2,065,033 $2,978,235
Acquired Portfolios ........ $ 15,249 $ 30,432 $ 30,235 $ 27,351 $ 22,943 $ 19,179
Net Losses from Asset
Liquidation(4):
Total Dollars (3) ..........
Oakwood Originated........ $ 3,328 $ 4,630 $ 7,30 $ 14,248 $ 26,872 $ 45,189
Acquired Portfolios....... $ 0 $ 203 $ 473 $ 592 $ 528 $ 220
As a Percentage of
Average Outstanding
Principal Balance of
Assets (3) (5)
Oakwood Originated........ 0.63% 0.66% 0.75% 1.01% 1.30% 1.52%
Acquired Portfolios....... 0.00% 0.67% 1.56% 2.16% 2.30% 1.15%
</TABLE>
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced by
Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual period
for the amount of accrued and unpaid interest include in the calculation of
the net loss varies depending upon the period in which the loss was charged
and whether the asset was owned by an entity other than Oakwood Acceptance
Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
The data presented in the foregoing tables are for illustrative purposes
only and there is no assurance that the delinquency, loan loss or repossession
experience of the Assets will be similar to that set forth above. The
delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
8
<PAGE>
Whenever reference is made herein to a percentage of the Assets (or to a
percentage of the Scheduled Principal Balance of the Assets), the percentage is
calculated based on the Scheduled Principal Balances ("SPB") of the Assets as of
the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
Fixed Rate Assets:
Geographical Distribution of Manufactured Homes(1)
Number Aggregate Percentage of
of Fixed Scheduled Fixed Rate
Rate Principal Asset Pool
Geographic Location Assets Balance by SPB
- ------------------- ------ ------- ------
Alabama............ 291 $12,284,263 3.92%
Alaska............. 1 57,563 0.02
Arizona............ 207 12,179,698 3.89
Arkansas........... 95 4,017,658 1.28
California......... 31 2,249,724 0.72
Colorado........... 61 3,588,406 1.14
Delaware........... 52 1,732,832 0.55
Florida............ 206 9,597,249 3.06
Georgia............ 305 13,983,113 4.46
Idaho.............. 88 5,270,835 1.68
Illinois........... 21 947,848 0.30
Indiana............ 4 160,037 0.05
Kansas............. 47 2,143,438 0.68
Kentucky........... 170 7,266,541 2.32
Louisiana.......... 255 10,917,628 3.48
Maryland........... 19 668,299 0.21
Massachusetts...... 2 77,520 0.02
Mississippi........ 230 10,172,642 3.25
Missouri........... 129 5,233,503 1.67
Nebraska........... 1 33,030 0.01
Nevada............. 36 1,964,712 0.63
New Jersey......... 2 107,102 0.03
New Mexico......... 269 13,883,719 4.43
New York........... 5 259,519 0.08
North Carolina..... 1,480 62,895,814 20.07
North Dakota....... 1 150,031 0.05
Ohio............... 58 2,125,903 0.68
Oklahoma........... 137 6,214,359 1.98
Oregon............. 64 4,719,371 1.51
Pennsylvania....... 1 37,263 0.01
South Carolina..... 372 16,014,911 5.11
Tennessee.......... 354 14,572,365 4.65
Texas.............. 1,276 55,684,378 17.77
Utah............... 41 2,494,436 0.80
Virginia........... 392 16,095,419 5.14
Washington......... 107 8,591,531 2.74
West Virginia...... 131 4,933,810 1.57
Wyoming............ 1 74,092 0.02
------ ------------ ------
Total............ 6,942 $313,400,562 100.00%
====== ============ ======
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset
as of the Cut-off Date.
9
<PAGE>
Year of Origination of Fixed Rate Assets (1)
Number
of Aggregate Percentage of
Fixed Scheduled Fixed Rate
Rate Principal Asset Pool
Year of Origination Assets Balance by SPB
- ------------------- ------ ------- ------
1992............. 1 $ 20,846 0.01%
1993............. 1 29,094 0.01
1995............. 4 98,729 0.03
1996............. 8 358,915 0.11
1997............. 18 747,934 0.24
1998............. 6,910 312,145,045 99.60
----- ------------ ------
Total....... 6,942 $313,400,562 100.00%
===== ============ ======
- --------------
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 1
month as of the Cut-off Date.
Distribution of Original Fixed Rate Asset Amounts(1)
Number
of Aggregate Percentage of
Fixed Scheduled Fixed Rate
Original Fixed Rate Rate Principal Asset Pool
Asset Amount Assets Balance by SPB
- ------------ ------ ------- ------
$ 4,999 or less.... 13 50,931 0.02%
$ 5,000 - $ 9,999 101 775,442 0.25
$ 10,000 - $ 14,999 135 1,678,499 0.54
$ 15,000 - $ 19,999 195 3,437,186 1.10
$ 20,000 - $ 24,999 369 8,391,636 2.68
$ 25,000 - $ 29,999 706 19,488,109 6.22
$ 30,000 - $ 34,999 922 29,984,786 9.57
$ 35,000 - $ 39,999 923 34,349,398 10.96
$ 40,000 - $ 44,999 492 20,808,952 6.64
$ 45,000 - $ 49,999 449 21,413,132 6.83
$ 50,000 - $ 54,999 580 30,465,172 9.72
$ 55,000 - $ 59,999 547 31,444,399 10.03
$ 60,000 - $ 64,999 497 30,988,348 9.89
$ 65,000 - $ 69,999 359 24,160,742 7.71
$ 70,000 - $ 74,999 199 14,362,794 4.58
$ 75,000 - $ 79,999 129 9,950,707 3.18
$ 80,000 - $ 84,999 95 7,799,221 2.49
$ 85,000 - $ 89,999 54 4,718,687 1.51
$ 90,000 - $ 94,999 43 3,966,520 1.27
$ 95,000 - $ 99,999 35 3,409,890 1.09
$100,000 or more..... 99 11,756,011 3.75
----- ------------ ------
Total........... 6,942 $313,400,562 100.00%
===== ============ ======
- --------------
(1) The highest original Fixed Rate Asset amount was $211,847, which represents
approximately 0.07% of the aggregate principal balance of the Fixed Rate
Assets at origination. The average original principal amount of the Fixed
Rate Assets was approximately $45,194 as of the Cut-off Date.
10
<PAGE>
Fixed Rate Asset Rates (1)
Number
of Aggregate Percentage of
Fixed Scheduled Fixed Rate
Rate Principal Asset Pool
Asset Rate Assets Balance by SPB
- ---------- ------ ------- ------
6.000% - 6.999%.... 1,126 $ 66,771,999 21.31%
7.000% - 7.999%.... 493 29,529,394 9.42
8.000% - 8.999%.... 1,098 59,457,050 18.97
9.000% - 9.999%.. 968 44,291,925 14.13
10.000% - 10.999%.. 342 18,935,654 6.04
11.000% - 11.999%.. 498 16,577,858 5.29
12.000% - 12.999%.. 1,466 47,492,855 15.15
13.000% - 13.999%.. 949 30,330,929 9.68
14.000% - 14.999%.. 1 8,722 0.00
18.000% - 18.999%.. 1 4,176 0.00
----- ----------- ------
Total......... 6,942 $313,400,562 100.00%
===== ============ ======
- -------------
(1) The weighted average Fixed Rate Asset Rate was approximately 9.69% as of the
Cut-off Date. This table reflects the Fixed Rate Asset Rates of the Step-up
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Rates of the Step-up Rate Loans.
Remaining Terms to Maturity of Fixed Rate Assets (In Months) (1)
Number
of Aggregate Percentage of
Fixed Scheduled Fixed Rate
Remaining Term Rate Principal Asset Pool
to Maturity Assets Balance by SPB
- ----------- ------ ------- ------
1 - 60 months... 132 $ 1,179,447 0.38%
61 - 96 months... 100 1,401,784 0.45
97 - 120 months.... 167 3,381,123 1.08
121 - 156 months... 221 4,745,909 1.51
157 - 180 months... 1,123 35,021,292 11.17
181 - 216 months... 69 2,164,030 0.69
217 - 240 months... 1,466 54,390,037 17.35
241 - 300 months... 1,306 59,646,107 19.03
301 - 360 months... 2,358 151,470,832 48.33
----- ------------ ------
Total............ 6,942 $313,400,562 100.00%
===== ============ ======
- --------------------
(1) The weighted average remaining term to maturity of the Fixed Rate Assets was
approximately 297 months as of the Cut-off Date.
Original Terms to Maturity of Fixed Rate Assets (In Months) (1)
Number
of Aggregate Percentage of
Fixed Scheduled Fixed Rate
Original Term Rate Principal Asset Pool
to Maturity Assets Balance by SPB
- ----------- ------ ------- ------
1 - 60 months... 130 1,160,394 0.37%
61 - 96 months... 102 1,420,837 0.45
97 - 120 months.... 165 3,343,249 1.07
121 - 156 months... 220 4,703,658 1.50
157 - 180 months... 1,125 35,072,323 11.19
181 - 216 months... 66 2,087,356 0.67
217 - 240 months... 1,470 54,495,805 17.39
241 - 300 months... 1,306 59,646,107 19.03
301 - 360 months... 2,358 151,470,832 48.33
----- ------------ ------
Total............ 6,942 $313,400,562 100.00%
===== ============ ======
11
<PAGE>
- ------------------
(1) The weighted average original term to maturity of the Fixed Rate Assets was
approximately 298 months as of the Cut-off Date.
12
<PAGE>
Distribution of Original Loan-to-Value Ratios of Fixed Rate Assets(1)
Number
of Aggregate Percentage of
Fixed Scheduled Fixed Rate Asset
Rate Principal Pool
Loan-to Value Ratio(2) Assets Balance by SPB
- ---------------------- ------ ------- ------
50% or less....... 49 $ 2,234,776 0.71%
51% - 55%........... 33 1,443,223 0.46
56% - 60%........... 25 832,517 0.27
61% - 65%........... 24 1,036,620 0.33
66% - 70%........... 51 1,930,114 0.62
71% - 75%........... 90 3,431,016 1.09
76% - 80%........... 180 6,626,868 2.11
81% - 85%........... 346 12,410,938 3.96
86% - 90%........... 648 24,879,383 7.94
91% - 95%........... 1,533 66,499,656 21.22
96% - 100%.......... 3,963 192,075,451 61.29
----- ------------ -------
Total.......... 6,942 $313,400,562 100.00%
===== ============ ======
- ------------------
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 94.44% as of the Cut-off Date.
(2) Rounded to nearest 1%.
Adjustable Rate Assets:
Geographical Distribution of Manufactured Homes(1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Rate Principal Asset Pool
Geographic Location Assets Balance by SPB
- ------------------- ------ ------- ------
Alabama............ 2 $ 182,579 3.03%
Arizona............ 1 55,446 0.92
Colorado........... 3 296,832 4.93
Delaware........... 1 66,332 1.10
Florida............ 3 186,751 3.10
Georgia............ 1 77,933 1.29
Idaho.............. 3 242,567 4.03
Kansas............. 1 54,397 0.90
Kentucky........... 8 668,730 11.10
Missouri........... 1 142,169 2.36
New Mexico......... 5 468,221 7.77
North Carolina..... 14 1,199,602 19.92
Ohio............... 1 100,931 1.68
Oklahoma........... 3 200,932 3.34
Oregon............. 4 369,334 6.13
South Carolina..... 1 62,204 1.03
Tennessee.......... 8 579,805 9.63
Texas.............. 2 169,105 2.81
Virginia........... 3 205,330 3.41
Washington......... 7 693,955 11.52
--- ---------- ------
Total............ 72 $6,023,152 100.00%
=== ========== ======
- -----------------
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
13
<PAGE>
Year of Origination of Adjustable Rate Assets (1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Rate Principal Asset Pool
Year of Origination Assets Balance by SPB
- ------------------- ------ ------- ------
1998............. 72 $6,023,152 100.00%
-- ---------- -------
Total....... 72 $6,023,152 100.00%
== ========== ======
- --------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 1 month as of the Cut-off Date.
Distribution of Adjustable Rate Assets Gross Margins(1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Rate Principal Asset Pool
Gross Margins Assets Balance by SPB
- ------------- ------ ------- ------
3.250% - 3.750%.... 27 $2,148,215 35.67%
4.500% - 4.750%... 45 3,874,937 64.33
-- ----------- ------
Total....... 72 $6,023,152 100.00%
== ========== ======
- --------------
(1) The weighted average gross margin of the Adjustable Rate Assets was
approximately 4.12% as of the Cut-off Date.
Distribution of Original Adjustable Rate Asset Amounts(1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Original Adjustable Rate Principal Asset Pool
Rate Asset Amount Assets Balance by SPB
- ----------------- ------ ------- ------
$ 40,000 - $ 44,999 2 $ 80,950 1.34%
$ 45,000 - $ 49,999 1 49,557 0.82
$ 50,000 - $ 54,999 1 54,397 0.90
$ 55,000 - $ 59,999 6 341,349 5.67
$ 60,000 - $ 64,999 4 251,017 4.17
$ 65,000 - $ 69,999 6 404,630 6.72
$ 70,000 - $ 74,999 4 289,336 4.80
$ 75,000 - $ 79,999 11 844,591 14.02
$ 80,000 - $ 84,999 6 493,681 8.20
$ 85,000 - $ 89,999 4 350,954 5.83
$ 90,000 - $ 94,999 2 182,821 3.04
$ 95,000 - $ 99,999 8 780,596 12.96
$100,000 or more..... 17 1,899,273 31.53
---- ---------- ------
Total........... 72 $6,023,152 100.00%
==== ========== ======
- ------------------
(1) The highest original Adjustable Rate Asset amount was $145,487, which
represents approximately 2.42% of the aggregate principal balance of the
Adjustable Assets at origination. The average original principal amount of
the Adjustable Rate Assets was approximately $83,721 as of the Cut-off Date.
14
<PAGE>
Adjustable Rate Current Asset Rates (1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Current Rate Principal Asset Pool
Asset Rate Assets Balance by SPB
- ---------- ------ ------- ------
7.000% - 7.999%.... 27 $ 2,151,696 35.72%
8.000% - 8.999%... 45 3,871,456 64.28
-- --------- -------
Total......... 72 $ 6,023,152 100.00%
== ========= ======
- ---------------
(1) The weighted average Adjustable Rate Asset Rate was approximately 7.93% as
of the Cut-off Date. This table reflects the Asset Rates of the Adjustable
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Asset Rates of the Adjustable Rate Loans.
Remaining Terms to Maturity of Adjustable Rate Assets (In Months) (1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Remaining Term Rate Principal Asset Pool
to Maturity Assets Balance by SPB
- ----------- ------ ------- ------
157 - 180 months... 1 $ 62,204 1.03%
217 - 240 months... 1 56,655 0.94
241 - 300 months... 4 213,039 3.54
301 - 360 months... 66 5,691,256 94.49
-- ---------- ------
Total............ 72 $6,023,152 100.00%
== ========== ======
- -----------------
(1) The weighted average remaining term to maturity of the Adjustable Assets was
approximately 354 months as of the Cut-off Date.
Original Terms to Maturity of Adjustable Rate Assets (In Months) (1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Original Term Rate Principal Asset Pool
to Maturity Assets Balance by SPB
- ----------- ------ ------- ------
157 - 180 months... 1 $ 62,204 1.03%
217 - 240 months... 1 56,655 0.94
241 - 300 months... 4 213,039 3.54
301 - 360 months... 66 5,691,256 94.49
-- ---------- ------
Total............ 72 $6,023,152 100.00%
== ========== ======
- -----------------
(1) The weighted average original term to maturity of the Adjustable Assets was
approximately 355 months as of the Cut-off Date.
15
<PAGE>
Distribution of Original Loan-to-Value Ratios of Adjustable Rate Assets(1)
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Rate Principal Asset Pool
Loan-to Value Ratio(2) Assets Balance by SPB
- ---------------------- ------ ------- ------
56% - 60%........... 1 $ 40,518 0.67%
66% - 70%........... 1 86,723 1.44
71% - 75%........... 2 144,890 2.41
76% - 80%........... 1 84,579 1.40
81% - 85%........... 2 161,170 2.68
86% - 90%........... 7 549,352 9.12
91% - 95%........... 14 1,208,144 20.06
96% - 100%.......... 44 3,747,776 62.22
-- ----------- -------
Total.......... 72 $6,023,152 100.00%
== ========== ======
- -------------------
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 94.61% as of the Cut-off Date.
(2) Rounded to nearest 1%.
"Loan-to-Value Ratio" means, (a) with respect to each Contract, (i) as to
each Contract with respect to which a lien on land is required for underwriting
purposes, the ratio, expressed as a percentage, of the principal amount of such
Contract to the sum of the purchase price of the home (including taxes,
insurance and any land improvements), the tax value or appraised value of the
land and the amount of any prepaid finance charges or closing costs that are
financed; and (ii) as to each other Contract, the ratio, expressed as a
percentage, of the principal amount of such Contract to the purchase price of
the home (including taxes, insurance and any land improvements) and the amount
of any prepaid finance charges or closing costs that are financed; and (b) with
respect to each Mortgage Loan, the ratio, expressed as a percentage, of the
principal amount of such Mortgage Loan at the time of determination, to either
(i) the sum of the appraised value of the land and improvements, and the amount
of any prepaid finance charges or closing costs that are financed or (ii) the
sum of the purchase price of the home (including taxes, insurance and any land
improvements), the appraised value of the land and the amount of any prepaid
finance charges or closing costs that are financed:
Distribution of Next Contract Rate Change Date
Number of Aggregate Percentage of
Adjustable Scheduled Adjustable Rate
Month of Next Rate Principal Asset Pool
Contract Rate Change Date Assets Balance by SPB
- ------------------------- ------ ------- ------
April 1, 1999...... 3 $ 177,713 2.95%
May 1, 1999........ 1 76,540 1.27
August 1, 1999..... 11 994,566 16.51
September 1, 1999.. 26 2,208,057 36.66
October 1, 1999.... 31 2,566,276 42.61
-- ---------- ------
Total............ 72 $6,023,152 100.00%
-- ========== ======
16
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-D
Computational Materials
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
-----------------------------------------------------------------------------
To Call:
A1 SENIOR 238,335,000 6.4000 5.20 6.450 99-28+ 11/98 7/13 3.89
A1A SENIOR FLT 6,023,152 FLOAT(3) 5.19 N/A 100-00 11/98 7/13 3.99
M1 AA MEZZ 22,360,000 7.1750 9.59 7.250 99-30 5/03 7/13 6.48
M2 A SUB 14,374,000 7.7500 9.59 7.851 99-27+ 5/03 7/13 6.30
B1 BBB SUB 12,777,000 8.6500 9.47 8.770 99-28+ 5/03 7/13 6.00
B2 BBB- SUB 25,554,561 7.9500 9.65 9.701 90-07+ 5/03 7/13 5.97
-------------------------------
To Maturity:
A1 SENIOR 238,335,000 6.4000 5.46 6.451 99-28+ 11/98 12/20 3.98
A1A SENIOR FLT 6,023,152 FLOAT(3) 5.40 N/A 100-00 11/98 1/21 4.07
M1 AA MEZZ 22,360,000 7.1750 10.02 7.250 99-30 5/03 5/17 6.61
M2 A SUB 14,374,000 7.7500 9.81 7.851 99-27+ 5/03 9/15 6.36
B1 BBB SUB 12,777,000 8.6500 9.49 8.770 99-28+ 5/03 1/14 6.00
B2 BBB- SUB 25,554,561 7.9500 12.18 9.593 90-07+ 5/03 9/28 6.34
-----------------------------------------------------------------------------
Note:
(1) Data assumes a prepayment speed of 200% MHP for the Fixed Rate Assets and
275% MHP for the Adjustable Rate Assets.
(2) Coupon and price are assumed for computational materials.
(3) A1A coupon based on 1 month LIBOR.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-D
Computational Materials
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-28+ Coupon: 6.4000 Original Par: 238,335,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.47 6.46 6.46 6.45 6.44 6.44
Average Life: 15.46 8.32 6.51 5.20 4.15 3.38
Duration: 8.83 5.55 4.62 3.89 3.25 2.75
First Prin Pay: 11/98 11/98 11/98 11/98 11/98 11/98
Last Prin Pay: 11/25 2/20 8/16 7/13 4/11 7/09
---------------------------
To Maturity:
Bond Yield: 6.47 6.46 6.46 6.45 6.44 6.44
Average Life: 15.54 8.54 6.77 5.46 4.36 3.54
Duration: 8.84 5.60 4.69 3.98 3.34 2.83
First Prin Pay: 11/98 11/98 11/98 11/98 11/98 11/98
Last Prin Pay: 1/28 10/25 7/23 12/20 2/18 10/15
-----------------------------------------------------------------------------
A1A SENIOR FLOATER
Price: 100-00 Coupon: FLOATER Original Par: 6,023,152
-----------------------------------------------------------------------------
To Call:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 20.00 9.48 6.79 5.19 4.17 3.46
Duration: 10.81 6.31 4.92 3.99 3.34 2.86
First Prin Pay: 11/98 11/98 11/98 11/98 11/98 11/98
Last Prin Pay: 11/25 2/20 8/16 7/13 4/11 7/09
---------------------------
To Maturity:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 20.26 9.84 7.07 5.40 4.32 3.57
Duration: 10.86 6.40 5.00 4.07 3.40 2.91
First Prin Pay: 11/98 11/98 11/98 11/98 11/98 11/98
Last Prin Pay: 1/28 10/25 8/23 1/21 3/18 10/15
------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-D
Computational Materials
Percent of Principal Outstanding of Class A-1
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Percent of MHP:
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
Distribution Date:
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
October 15, 1999 98 93 90 87 84 81
October 15, 2000 97 84 78 72 67 61
October 15, 2001 95 76 67 59 51 43
October 15, 2002 93 68 57 46 37 29
October 15, 2003 90 60 47 38 29 20
October 15, 2004 88 52 41 33 24 16
October 15, 2005 85 46 36 28 20 13
October 15, 2006 81 41 32 24 16 10
October 15, 2007 78 37 28 21 13 8
October 15, 2008 75 34 25 18 11 7
October 15, 2009 71 31 22 15 9 5
October 15, 2010 66 27 19 12 7 4
October 15, 2011 61 24 16 10 6 3
October 15, 2012 55 22 14 9 5 2
October 15, 2013 50 19 12 7 4 2
October 15, 2014 46 17 10 6 3 1
October 15, 2015 42 15 9 5 2 0
October 15, 2016 39 13 7 4 1 0
October 15, 2017 35 11 6 3 0 0
October 15, 2018 31 9 5 2 0 0
October 15, 2019 29 8 4 1 0 0
October 15, 2020 26 7 3 0 0 0
October 15, 2021 22 5 2 0 0 0
October 15, 2022 18 4 1 0 0 0
October 15, 2023 14 3 0 0 0 0
October 15, 2024 11 1 0 0 0 0
October 15, 2025 8 0 0 0 0 0
October 15, 2026 4 0 0 0 0 0
October 15, 2027 1 0 0 0 0 0
October 15, 2028 0 0 0 0 0 0
Avg Life In Years: 15.5 8.5 6.8 5.5 4.4 3.5
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-D
Computational Materials
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1A
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP:
Fixed Rate Assets: 0 100 150 200 250 300
Adjustable Rate Assets: 0 125 200 275 350 425
Distribution Date:
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
October 15, 1999 99 94 90 87 84 81
October 15, 2000 98 86 80 73 67 61
October 15, 2001 97 79 70 61 53 45
October 15, 2002 96 72 61 50 41 33
October 15, 2003 95 66 53 41 32 25
October 15, 2004 94 61 46 34 25 18
October 15, 2005 93 55 40 28 19 13
October 15, 2006 91 50 34 23 15 10
October 15, 2007 90 46 30 19 12 7
October 15, 2008 88 41 26 15 9 5
October 15, 2009 86 38 22 13 7 4
October 15, 2010 84 34 19 10 5 3
October 15, 2011 82 31 16 8 4 2
October 15, 2012 79 27 14 7 3 1
October 15, 2013 77 25 12 5 2 1
October 15, 2014 74 22 10 4 2 1
October 15, 2015 71 19 8 4 1 0
October 15, 2016 68 17 7 3 1 0
October 15, 2017 64 15 6 2 1 0
October 15, 2018 60 13 5 2 0 0
October 15, 2019 56 11 4 1 0 0
October 15, 2020 51 9 3 1 0 0
October 15, 2021 46 8 3 0 0 0
October 15, 2022 40 6 2 0 0 0
October 15, 2023 34 5 0 0 0 0
October 15, 2024 28 4 0 0 0 0
October 15, 2025 21 0 0 0 0 0
October 15, 2026 13 0 0 0 0 0
October 15, 2027 4 0 0 0 0 0
October 15, 2028 0 0 0 0 0 0
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
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