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 20, 1998.
Oakwood Mortgage Investors, Inc.
--------------------------------
(Exact name of registrant as specified in charter)
North Carolina 333-31441 56-1886793
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27425-7081
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (336) 664-2400
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On February 20, 1998, the Registrant entered into an underwriting agreement
with Credit Suisse First Boston Corporation and First Chicago Capital Markets,
Inc. (the "Underwriters"), pursuant to which the Underwriters agreed to purchase
and offer for sale to the public, $190,975,000 aggregate initial principal
amount of the Registrant's Senior/Subordinated Pass-Through Certificates, Series
1998-A, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class M and Class
B-1 (the "Offered Securities"). The Offered Securities are registered for sale
under the Registrant's effective shelf Registration Statement on Form S-3
(333-31441), and are offered pursuant to a Prospectus, dated February 20, 1998,
and a related Prospectus Supplement, dated February 20, 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
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credit Suisse First Boston
Corporation and First Chicago Capital Markets, Inc.
-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.
February 20, 1998 OAKWOOD MORTGAGE
INVESTORS, INC.
By: /s/ C. Michael Kilbourne
------------------------
Name: C. Michael Kilbourne
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
and First Chicago Capital Markets, Inc..................
-4-
SUBJECT TO REVISION
REVISED SERIES TERM SHEET DATED FEBRUARY 18, 1998
$190,975,000
[GRAPHIC OMITTED] Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 1998-A
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-A. The Series Term Sheet has been
prepared by Oakwood Mortgage Investors 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, First Chicago Capital Markets, Inc. nor any
of their 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-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.
THE INFORMATION CONTAINED IN THIS REVISED SERIES TERM SHEET SUPERSEDES THE
INFORMATION CONTAINED IN ALL PRIOR SERIES TERM SHEETS.
Credit Suisse First Boston First Chicago Capital Markets, Inc.
<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-A Pooling and Servicing Agreement (including the November 1995
Edition to the Standard Terms) to be dated as of February 1, 1998, among Oakwood
Mortgage Investors, Inc., as Depositor, Oakwood Acceptance Corporation, as
Servicer, and PNC Bank, National Association, as Trustee.
<TABLE>
<CAPTION>
Class Designations
<S> <C> <C> <C>
Class A Certificates.........................Class A-1, Class A-2, Class A-3, Class A-4, and Class A-5.
Class M Certificates.........................The Class M 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, Class M and Class B-1 Certificates.
Offered Subordinated Certificates............Class M and Class B-1 Certificates.
The Offered Certificates........................ Approximate
Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
-------------- -------------------- ----
Class A-1 Certificates....... $35,000,000 . %(2)
Class A-2 Certificates....... $13,950,000 . %(2)
Class A-3 Certificates....... $25,200,000 . %(2)
Class A-4 Certificates....... $33,450,000 . %(2)
Class A-5 Certificates....... $53,195,000 . %(3)
Class M Certificates......... $15,337,000 . %(3)
Class B-1 Certificates....... $14,843,000 . %(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) Computed on the basis of a 360-day year of twelve 30-day
months.
(3) The lesser of (i) the specified rate per annum, computed on the
basis of a 360-day year of twelve 30-day months, or (ii) the
Weighted Average Net Asset Rate for the related Distribution
Date.
Other Certificates.............................. The Class B-2, Class X and Class R Certificates are not being
offered hereby. The 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 expect to
offer the Class B-2 Certificates and may offer the Class X and
Class R Certificates in the future in one or more privately
negotiated transactions. The Class B-2 Certificates will have an
initial Certificate Principal Balance of approximately $6,926,846.
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.................................... February 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
March 1998 (each, a "Distribution Date").
Interest Accrual Period......................... With respect to each Distribution Date, the calendar month
preceding the month in which the Distribution Date occurs (each,
an "Interest Accrual Period").
1
<PAGE>
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.
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 Class A Certificates is the
subordination of the Subordinated Certificates; for the Class M
Certificates is the subordination of the Class B, Class X and the
Class R Certificates; and for the Class B-1 Certificates is the
subordination of the Class B-2, Class X and the Class R
Certificates.
Subordination of the Offered Subordinate
Certificates.................................. The rights of the Class M Certificateholders to receive
distributions of principal will be subordinated to such rights of
the Class A Certificateholders to receive distributions of
principal and interest. Interest and interest shortfalls on the
Class M Certificates will not be subordinated to principal
payments on the Class A Certificates.
The rights of the Class B-1 Certificateholders to receive
distributions of principal similarly will be subordinated to the
rights of the Class A and Class M Certificateholders to receive
distributions of principal and interest. Interest and interest
shortfalls on the Class B-1 Certificates will not be subordinated
to principal payments on the Class A and Class M Certificates.
Overcollateralization........................... Excess interest collections will be applied, to the extent
available, to make accelerated payments of principal to the
Certificates. The "Target Overcollateralization Amount", for any
Distribution Date, shall equal 0.50% of the Scheduled Principal
Balance as of the Cut-off Date.
2
<PAGE>
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 the sum of (1)
the 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, 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") and (2) the Current
Overcollateralization Amount will be allocated to the
Subordinated 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; and
(3) third, to the Class M Certificates, to be applied in reduction
of the Adjusted Certificate Principal Balance of such Class
until it has been reduced to zero.
Advances........................................ For each Distribution Date, the Servicer will be obligated to
make an advance (a "P&I Advance") in respect of any delinquent
Monthly Payment that will, in the Servicer's judgment, be
recoverable from late payments on or Liquidation Proceeds from
such Asset. 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 collections on
the related Asset. P&I Advances and Servicing Advances are
reimbursable to the Servicer under certain circumstances.
3
<PAGE>
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 May 2028 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
the Asset with the latest stated maturity.
Optional Termination............................ Either the Servicer or the holders of a majority in interest of
the Class R Certificates (the "Residual Majority"), at their
respective options 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 neither the Residual Majority nor the Servicer exercises 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) 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 collectively, the "Assets").
The Asset Pool consists of approximately 5,251 Assets having an
aggregate Scheduled Principal Balance as of the Cut-off Date of
approximately $197,901,846.02 All of the Assets are actuarial
obligations. Approximately 12.79% of the Asset Pool is comprised
of Assets that are Mortgage Loans and approximately 5.44% of the
Asset Pool is comprised of Assets that are Land Secured
Contracts. Based on Cut-off Date Pool Scheduled Principal
Balance, 88.37% of the Assets are secured by Manufactured Homes
which were new, 2.25% of the Assets are secured by Manufactured
Homes which were used, 8.47% of the Assets are secured by
Manufactured Homes which were repossessed and 0.92% of the Assets
are secured by Manufactured Homes which were transferred. As of
the Cut-off Date, the Assets were secured by Manufactured Homes
or Mortgage Properties (or Real Properties, in the case of Land
Secured Contracts) located in 39 states, and approximately 24.33%
and 19.05% of the 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 Asset bears interest at
an annual percentage rate (an "APR") of at least 7.25% and not
more than 13.75%. The weighted averaged APR of the Assets as of
4
<PAGE>
the Cut-off Date is approximately 10.99%. The Assets have
remaining terms to maturity as of the Cut-off Date of at least 10
months but not more than 360 months and original terms to stated
maturity of at least 12 months but not more than 360 months. As
of the Cut-off Date, the Assets had a weighted average original
term to stated maturity of approximately 266 months, and a
weighted average remaining term to stated maturity of
approximately 264 months. The final scheduled payment date on the
Asset with the latest maturity occurs in February 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 Mortgage 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, 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
Because the Offered Subordinated Certificates are subordinated
securities, they will not satisfy the requirements of certain
prohibited transaction exemptions. As a result, the purchase or
holding of any of the Offered Subordinated Certificates by a Plan
Investor may constitute a non-exempt prohibited transaction or
result in the imposition of excise taxes or civil penalties.
Accordingly, none of the Offered Subordinated Certificates are
offered for sale, and are not transferable, to Plan Investors,
unless such Plan Investor provides the Seller and the Trustee with
a Benefit Plan Opinion, on the circumstances described in clause
(ii) below are satisfied. Unless such Opinion is delivered, each
person acquiring an Offered Subordinated Certificate will be deemed
to represent to the Trustee, the Seller, and the Servicer that
either (I) such person is not a Plan Investor subject to ERISA or
Section 4975 of the Code, or (ii) such person is an insurance
company that is purchasing an Offered Subordinated Certificate with
funds from its "general account" and the provisions of Prohibited
Transaction
5
<PAGE>
Class Exemption 95-60 will apply to exempt the purchase of such
Certificate from the prohibited transaction rules of ERISA and the
Code.
Legal Investment Considerations................. The Class A and Class M Certificates will constitute "mortgage
related securities" for purposes of the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA").
The Class B-1 Certificates are not "mortgage related securities"
for purposes of SMMEA because such Certificates are not rated in
one of the two highest rating categories by a nationally recognized
rating agency.
Ratings......................................... It is a condition to the issuance of the Certificates that
(i) the Class A Certificates be rated "AAA" and "Aaa" by each of
Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service Inc.,
respectively ("Moody's" and, together with S&P, the "Rating
Agencies"), (ii) the Class M Certificates be rated at least "AA"
and "Aa3" by each of S&P and Moody's, respectively and (iii) the
Class B-1 Certificates be rated at least "BBB" and "Baa2" by each
of S&P and Moody's, respectively. A security rating is not a
recommendation to buy, sell or hold securities and may be subject
to revision or withdrawal at any time by the assigning rating
organization.
</TABLE>
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, December 31,
-------------------------------------------------------------- ----------------------
1993 1994 1995 1996 1997 1996 1997
--------- ----------- ----------- ----------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 28,938 39,273 51,566 67,120 89,411 71,890 94,570
Acquired Portfolios......... 1,591 5,773 4,872 4,177 3,602 4,072 3,404
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $507,394 $757,640 $1,130,378 $1,687,406 $2,499,794 $1,826,210 $2,724,953
Acquired Portfolios......... $30,498 $85,227 $70,853 $57,837 $47,027 $56,178 $43,677
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $17.5 $19.3 $21.9 $25.1 $28.0 $25.4 $28.8
Acquired Portfolios......... $19.2 $14.8 $14.5 $13.8 $13.1 $13.8 $12.8
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.8% 12.2% 12.0% 11.5% 11.0% 11.4% 11.0%
Acquired Portfolios......... 9.4% 11.0% 11.3% 11.2% 11.1% 11.2% 11.1%
</TABLE>
Delinquency Experience (1)
(Dollars in thousands)
<TABLE>
<CAPTION>
At September 30, December 31,
-------------------------------------------------- -------------------
1993 1994 1995 1996 1997 1996 1997
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411 71,890 94,570
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602 4,072 3,404
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days.......................... 244 350 601 835 1,171 1,180 2,342
60-89 Days.......................... 51 97 185 308 476 405 598
90 Days or More..................... 150 198 267 492 716 581 880
Total Number of Assets Delinquent 445 645 1,053 1,635 2,363 2,166 3,820
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 90 75 85
60-89 Days.......................... 26 49 17 23 23 45 20
90 Days or More..................... 16 98 76 62 75 76 69
Total Number of Assets Delinquent 79 274 156 151 188 196 174
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.5% 1.6% 2.0% 2.4% 2.6% 3.0% 4.0%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 5.2% 4.8% 5.1%
</TABLE>
- --------------------------
(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 At or for the three
ended months ended
September 30, December 31,
------------------------------------------------------------ ---------------------
1993 1994 1995 1996 1997 1996 1997
---------- ---------- ---------- ----------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced 30,529 45,046 56,438 71,297 93,013 75,962 97,974
Assets (1).................
Average Number of Serviced
Assets During Period....... 25,990 37,788 50,742 63,868 82,155 73,630 95,494
Number of Serviced
Assets Repossessed......... 902 1,241 1,718 2,746 3,885 917 1,208
Serviced Assets Repossessed as a
Percentage of Total
Serviced Assets (2)........ 2.95% 2.75% 3.04% 3.85% 4.18% 4.83%(6) 4.93%(6)
Serviced Assets Repossessed as a
Percentage of Average
Number of Serviced Assets.. 3.47% 3.28% 3.39% 4.30% 4.73% 4.98%(6) 5.06%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $531,199 $701,875 $976,905 $1,409,467 $2,065,033 $1,737,035 $2,570,959
Acquired Portfolios........ $15,249 $30,432 $30,235 $27,351 $22,943 $24,791 $20,659
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $3,328 $4,630 $7,303 $14,248 $26,872 $4,832 $7,865
Acquired Portfolios...... $0 $203 $473 $592 $528 $124 $35
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated....... 0.63% 0.66% 0.75% 1.01% 1.30% 1.11%(6) 1.22%(6)
Acquired Portfolios...... 0.00% 0.67% 1.56% 2.16% 2.30% 2.00%(6) 0.68%(6)
</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.
(6) Annualized.
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.
Geographical Distribution of Manufactured Homes(1)
Aggregate Percentage of
Number of Scheduled Asset Pool
Geographic Location Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
Alabama.................... 210 $ 7,444,633 3.76%
Arizona.................... 184 8,430,138 4.26
Arkansas................... 85 3,257,763 1.65
California................. 20 1,173,490 0.59
Colorado................... 47 2,851,332 1.44
Connecticut................ 1 7,300 0.00
Delaware................... 41 1,390,697 0.70
Florida.................... 173 7,239,038 3.66
Georgia.................... 169 6,853,019 3.46
Idaho...................... 27 1,490,734 0.75
Illinois................... 5 210,385 0.11
Indiana.................... 11 298,821 0.15
Kansas..................... 30 1,161,002 0.59
Kentucky................... 115 3,736,669 1.89
Louisiana.................. 124 4,603,991 2.33
Maryland................... 20 796,548 0.40
Massachusetts.............. 1 27,490 0.01
Michigan................... 1 28,129 0.01
Mississippi................ 108 3,896,387 1.97
Missouri................... 70 2,665,981 1.35
Montana.................... 2 146,290 0.07
Nebraska................... 1 50,877 0.03
Nevada..................... 10 509,181 0.26
New Jersey................. 2 84,069 0.04
New Mexico................. 196 7,826,513 3.95
New York................... 5 191,632 0.10
North Carolina............. 1,353 48,141,628 24.33
Ohio....................... 25 893,853 0.45
Oklahoma................... 56 2,135,452 1.08
Oregon..................... 38 2,311,433 1.17
Pennsylvania............... 2 72,681 0.04
South Carolina............. 406 14,052,140 7.10
Tennessee.................. 275 10,031,865 5.07
Texas...................... 1,026 37,692,768 19.05
Utah....................... 12 567,617 0.29
Virginia................... 250 8,945,485 4.52
Washington................. 58 3,913,235 1.98
West Virginia.............. 91 2,743,458 1.39
Wyoming.................... 1 28,122 0.01
----- ------------ ------
Total................... 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------------
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
9
<PAGE>
Year of Origination of Assets (1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Year of Origination Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
1996..................... 3 $ 185,707 0.09%
1997..................... 3,995 153,101,381 77.36
1998..................... 1,253 44,614,758 22.54
----- ------------ -------
Total............... 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------
(1) The weighted average seasoning of the Assets was approximately 1 month as of
the Cut-off Date.
Distribution of Original Asset Amounts(1)
Percentage of
Original Asset Number of Aggregate Scheduled Asset Pool
Amount Assets Principal Balance by SPB
- ------ ------ ----------------- ------
$ 4,999 or less.............. 14 $ 46,815 0.02%
$ 5,000 - $ 9,999......... 114 882,315 0.45
$ 10,000 - $ 14,999.......... 179 2,213,319 1.12
$ 15,000 - $ 19,999.......... 276 4,860,672 2.46
$ 20,000 - $ 24,999.......... 487 11,127,301 5.62
$ 25,000 - $ 29,999.......... 891 24,579,118 12.42
$ 30,000 - $ 34,999.......... 904 29,216,734 14.76
$ 35,000 - $ 39,999.......... 497 18,446,053 9.32
$ 40,000 - $ 44,999.......... 360 15,342,637 7.75
$ 45,000 - $ 49,999.......... 366 17,386,866 8.79
$ 50,000 - $ 54,999.......... 348 18,245,359 9.22
$ 55,000 - $ 59,999.......... 286 16,374,222 8.27
$ 60,000 - $ 64,999.......... 197 12,241,320 6.19
$ 65,000 - $ 69,999.......... 86 5,786,831 2.92
$ 70,000 - $ 74,999.......... 69 5,007,826 2.53
$ 75,000 - $ 79,999.......... 54 4,171,751 2.11
$ 80,000 - $ 84,999.......... 32 2,631,059 1.33
$ 85,000 - $ 89,999.......... 23 2,008,624 1.01
$ 90,000 - $ 94,999.......... 14 1,288,295 0.65
$ 95,000 - $ 99,999.......... 19 1,839,603 0.93
$100,000 or more............... 35 4,205,126 2.12
----- ------------ ------
Total..................... 5,251 $197,901,846 100.00%
===== ============ ======
- ----------------
(1) The highest original Asset amount was $225,496, which represents 0.11% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $37,765 as of the
Cut-off Date.
10
<PAGE>
Asset Rates (1)
Number of Aggregate Scheduled Percentage of
Assets Principal Balance Asset Pool
Asset Rate by SPB
7.000% - 7.999%............ 18 $ 1,053,040 0.53%
8.000% - 8.999%........... 569 29,670,035 14.99
9.000% - 9.999%.......... 947 46,862,691 23.68
10.000% - 10.999%.......... 525 24,556,668 12.41
11.000% - 11.999%.......... 490 17,231,039 8.71
12.000% - 12.999%.......... 1,291 38,307,882 19.36
13.000% - 13.999%.......... 1,411 40,220,492 20.32
----- ------------ ------
Total................. 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------
(1) The weighted average Asset Rate was approximately 10.99% as of the Cut-off
Date. This table reflects the Asset Rates of the Step-up Rate Loans as of
the Cut-off Date and does not reflect any subsequent increases in the Asset
Rates of the Step-up Rate Loans.
Remaining Terms to Maturity (In Months) (1)
Number Aggregate Percentage of
Remaining Term of Scheduled Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
1 - 60 months........... 161 $ 1,495,357 0.76%
61 - 96 months........... 156 2,192,284 1.11
97 - 120 months........... 188 3,669,359 1.85
121 - 156 months........... 228 4,961,085 2.51
157 - 180 months........... 1,359 40,157,501 20.29
181 - 216 months........... 45 1,447,748 0.73
217 - 240 months........... 1,343 48,291,553 24.40
241 - 300 months........... 871 39,616,389 20.02
301 - 360 months........... 900 56,070,570 28.33
----- ------------ ------
Total.................... 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------
(1) The weighted average remaining term to maturity of the Assets was
approximately 264 months as of the Cut-off Date.
Original Terms to Maturity (In Months) (1)
Number Aggregate Percentage of
Original Term of Scheduled Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
1 - 60 months........... 161 $ 1,495,357 0.76%
61 - 96 months........... 156 2,192,284 1.11
97 - 120 months........... 188 3,669,359 1.85
121 - 156 months........... 228 4,961,085 2.51
157 - 180 months........... 1,359 40,157,501 20.29
181 - 216 months........... 45 1,447,748 0.73
217 - 240 months........... 1,343 48,291,553 24.40
241 - 300 months........... 871 39,616,389 20.02
301 - 360 months........... 900 56,070,570 28.33
------ -------------- -------
Total.................... 5,251 $197,901,846 100.00%
===== ============ ======
- --------------------
(1) The weighted average original term to maturity of the Assets was
approximately 266 months as of the Cut-off Date.
11
<PAGE>
Distribution of Original Loan-to-Value Ratios(1)
Number Aggregate Percentage of
of Scheduled Asset Pool
Loan-to-Value Ratio(2) Assets Principal Balance by SPB
- ----------- ------ ----------------- ------
50% or less................ 52 $ 1,242,061 0.63%
51% - 55%.................... 22 626,933 0.32
56% - 60%.................... 33 946,197 0.48
61% - 65%.................... 41 1,463,872 0.74
66% - 70%.................... 70 2,342,902 1.18
71% - 75%.................... 132 4,904,462 2.48
76% - 80%.................... 193 6,937,616 3.51
81% - 85%.................... 390 14,144,951 7.15
86% - 90%.................... 914 33,516,874 16.94
91% - 95%.................... 2,492 97,713,837 49.37
96% - 100%................... 912 34,062,141 17.21
----- ------------ ------
Total................... 5,251 $197,901,846 100.00%
===== ============ ======
- -----------------------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 90.85% 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.
12
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
---------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod
Name & Type Par % Life Yield Pay Pay Dur
---------------------------------------------------------------------------
To Call:
A1 SENIOR 35,000,000 6.1500 0.90 6.038 3/98 12/99 0.84
A2 SENIOR 13,950,000 6.0500 2.10 6.028 12/99 8/00 1.92
A3 SENIOR 25,200,000 6.0000 3.10 6.030 8/00 12/01 2.75
A4 SENIOR 33,450,000 6.2000 5.10 6.235 12/01 12/04 4.23
A5 SENIOR 53,195,000 6.6500 11.17 6.723 12/04 8/12 7.53
M AA MEZZ 15,337,000 6.7750 9.57 6.853 9/02 8/12 6.62
B1 BBB SUB 14,843,000 7.3750 9.28 7.451 9/02 8/12 6.33
B2 BB SUB 6,926,846 8.7750 10.17 8.902 9/02 8/12 6.20
-------------------------------
To Maturity:
A5 SENIOR 53,195,000 6.6500 11.98 6.724 12/04 12/19 7.79
M AA MEZZ 15,337,000 6.7750 9.92 6.853 9/02 4/16 6.74
B1 BBB SUB 14,843,000 7.3750 9.32 7.451 9/02 12/13 6.34
B2 BB SUB 6,926,846 8.7750 13.99 8.906 9/02 6/23 6.92
---------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 180% MHP.
(2) Coupon and price are assumed for computational materials.
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.
[GRAPHIC OMITTED]
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-29+ Coupon: 6.1500 Original Par: 35,000,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.18 6.10 6.06 6.04 6.02 5.95
Average Life: 4.20 1.36 1.03 0.90 0.83 0.60
Duration: 3.48 1.25 0.96 0.84 0.78 0.57
First Prin Pay: 3/98 3/98 3/98 3/98 3/98 3/98
Last Prin Pay: 9/05 10/00 3/00 12/99 10/99 5/99
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-30+ Coupon: 6.0500 Original Par: 13,950,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.10 6.06 6.04 6.03 6.02 5.98
Average Life: 8.64 3.20 2.40 2.10 1.94 1.42
Duration: 6.53 2.82 2.17 1.92 1.78 1.32
First Prin Pay: 9/05 10/00 3/00 12/99 10/99 5/99
Last Prin Pay: 11/07 11/01 12/00 8/00 5/00 10/99
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-28+ Coupon: 6.0000 Original Par: 25,200,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.06 6.04 6.04 6.03 6.03 6.01
Average Life: 11.26 4.75 3.57 3.10 2.85 2.06
Duration: 7.95 4.01 3.11 2.75 2.55 1.88
First Prin Pay: 11/07 11/01 12/00 8/00 5/00 10/99
Last Prin Pay: 10/10 12/03 7/02 12/01 8/01 8/00
-----------------------------------------------------------------------------
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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-30+ Coupon: 6.2000 Original Par: 33,450,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.26 6.25 6.24 6.23 6.23 6.21
Average Life: 14.77 7.74 5.91 5.10 4.59 3.17
Duration: 9.38 5.94 4.78 4.23 3.87 2.79
First Prin Pay: 10/10 12/03 7/02 12/01 8/01 8/00
Last Prin Pay: 10/15 5/08 1/06 12/04 4/04 1/02
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-28+ Coupon: 6.6500 Original Par: 53,195,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.73 6.73 6.72 6.72 6.72 6.71
Average Life: 22.08 15.25 12.56 11.17 10.31 6.91
Duration: 11.18 9.18 8.14 7.53 7.12 5.26
First Prin Pay: 10/15 5/08 1/06 12/04 4/04 1/02
Last Prin Pay: 12/22 3/17 4/14 8/12 10/11 5/08
---------------------------
To Maturity:
Bond Yield: 6.73 6.73 6.72 6.72 6.72 6.72
Average Life: 22.54 16.02 13.37 11.98 11.06 7.43
Duration: 11.26 9.37 8.38 7.79 7.37 5.49
First Prin Pay: 10/15 5/08 1/06 12/04 4/04 1/02
Last Prin Pay: 12/26 4/23 6/21 12/19 11/18 5/14
-----------------------------------------------------------------------------
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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-27+ Coupon: 6.7750 Original Par: 15,337,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.86 6.86 6.85 6.85 6.85 6.85
Average Life: 20.00 13.08 10.64 9.57 9.17 7.65
Duration: 10.50 8.17 7.12 6.62 6.45 5.70
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 12/22 3/17 4/14 8/12 10/11 5/08
---------------------------
To Maturity:
Bond Yield: 6.86 6.86 6.85 6.85 6.85 6.85
Average Life: 20.16 13.41 10.96 9.92 9.54 8.16
Duration: 10.53 8.25 7.22 6.74 6.58 5.93
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 1/25 9/20 8/17 4/16 6/15 3/12
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-30+ Coupon: 7.3750 Original Par: 14,843,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.47 7.46 7.45 7.45 7.45 7.45
Average Life: 19.80 12.72 10.30 9.28 8.93 7.55
Duration: 9.96 7.78 6.79 6.33 6.17 5.52
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 12/22 3/17 4/14 8/12 10/11 5/08
---------------------------
To Maturity:
Bond Yield: 7.47 7.46 7.45 7.45 7.45 7.45
Average Life: 19.81 12.75 10.33 9.32 8.98 7.72
Duration: 9.97 7.79 6.79 6.34 6.19 5.59
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 7/23 4/18 6/15 12/13 2/13 7/10
-----------------------------------------------------------------------------
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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 88 64 52 45 40 15
February 15, 2000 79 26 0 0 0 0
February 15, 2001 68 0 0 0 0 0
February 15, 2002 56 0 0 0 0 0
February 15, 2003 43 0 0 0 0 0
February 15, 2004 27 0 0 0 0 0
February 15, 2005 10 0 0 0 0 0
February 15, 2006 0 0 0 0 0 0
February 15, 2007 0 0 0 0 0 0
February 15, 2008 0 0 0 0 0 0
February 15, 2009 0 0 0 0 0 0
February 15, 2010 0 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 4.2 1.4 1.0 0.9 0.8 0.6
- -----------------------------------------------------------------------------------------------------------------------
</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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 63 38 0
February 15, 2001 100 68 0 0 0 0
February 15, 2002 100 0 0 0 0 0
February 15, 2003 100 0 0 0 0 0
February 15, 2004 100 0 0 0 0 0
February 15, 2005 100 0 0 0 0 0
February 15, 2006 78 0 0 0 0 0
February 15, 2007 34 0 0 0 0 0
February 15, 2008 0 0 0 0 0 0
February 15, 2009 0 0 0 0 0 0
February 15, 2010 0 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 8.6 3.2 2.4 2.1 1.9 1.4
- -----------------------------------------------------------------------------------------------------------------------
</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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 55
February 15, 2001 100 100 86 56 37 0
February 15, 2002 100 86 22 0 0 0
February 15, 2003 100 37 0 0 0 0
February 15, 2004 100 0 0 0 0 0
February 15, 2005 100 0 0 0 0 0
February 15, 2006 100 0 0 0 0 0
February 15, 2007 100 0 0 0 0 0
February 15, 2008 91 0 0 0 0 0
February 15, 2009 60 0 0 0 0 0
February 15, 2010 25 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 11.3 4.8 3.6 3.1 2.9 2.1
- -----------------------------------------------------------------------------------------------------------------------
</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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 60
February 15, 2002 100 100 100 89 72 0
February 15, 2003 100 100 72 49 31 0
February 15, 2004 100 93 45 21 3 0
February 15, 2005 100 63 20 0 0 0
February 15, 2006 100 42 0 0 0 0
February 15, 2007 100 22 0 0 0 0
February 15, 2008 100 3 0 0 0 0
February 15, 2009 100 0 0 0 0 0
February 15, 2010 100 0 0 0 0 0
February 15, 2011 89 0 0 0 0 0
February 15, 2012 60 0 0 0 0 0
February 15, 2013 40 0 0 0 0 0
February 15, 2014 26 0 0 0 0 0
February 15, 2015 11 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 14.8 7.7 5.9 5.1 4.6 3.2
- -----------------------------------------------------------------------------------------------------------------------
</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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 96
February 15, 2003 100 100 100 100 100 70
February 15, 2004 100 100 100 100 100 56
February 15, 2005 100 100 100 97 86 44
February 15, 2006 100 100 98 83 73 34
February 15, 2007 100 100 86 71 61 27
February 15, 2008 100 100 74 60 51 21
February 15, 2009 100 91 64 51 43 16
February 15, 2010 100 80 54 42 35 12
February 15, 2011 100 69 45 35 28 9
February 15, 2012 100 59 37 28 22 6
February 15, 2013 100 50 31 22 18 3
February 15, 2014 100 44 26 18 14 0
February 15, 2015 100 37 21 15 11 0
February 15, 2016 96 31 17 12 8 0
February 15, 2017 83 25 13 7 4 0
February 15, 2018 71 20 9 4 1 0
February 15, 2019 64 17 6 2 0 0
February 15, 2020 55 13 3 0 0 0
February 15, 2021 45 10 1 0 0 0
February 15, 2022 35 5 0 0 0 0
February 15, 2023 23 0 0 0 0 0
February 15, 2024 15 0 0 0 0 0
February 15, 2025 11 0 0 0 0 0
February 15, 2026 5 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 22.5 16.0 13.4 12.0 11.1 7.4
- -----------------------------------------------------------------------------------------------------------------------
</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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 100
February 15, 2003 100 100 100 93 92 89
February 15, 2004 100 100 88 80 79 71
February 15, 2005 100 96 77 69 67 56
February 15, 2006 100 87 67 59 56 44
February 15, 2007 100 78 59 51 48 34
February 15, 2008 100 70 51 43 40 26
February 15, 2009 100 62 44 36 33 20
February 15, 2010 100 55 37 30 27 15
February 15, 2011 100 47 31 25 22 8
February 15, 2012 95 40 26 20 17 0
February 15, 2013 86 34 21 16 13 0
February 15, 2014 80 30 18 12 7 0
February 15, 2015 73 26 15 6 2 0
February 15, 2016 66 21 9 0 0 0
February 15, 2017 57 17 3 0 0 0
February 15, 2018 49 14 0 0 0 0
February 15, 2019 44 9 0 0 0 0
February 15, 2020 38 3 0 0 0 0
February 15, 2021 31 0 0 0 0 0
February 15, 2022 24 0 0 0 0 0
February 15, 2023 16 0 0 0 0 0
February 15, 2024 5 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 20.2 13.4 11.0 9.9 9.5 8.2
- -----------------------------------------------------------------------------------------------------------------------
</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.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 100
February 15, 2003 100 100 100 93 92 89
February 15, 2004 100 100 88 80 79 71
February 15, 2005 100 96 77 69 67 56
February 15, 2006 100 87 67 59 56 44
February 15, 2007 100 78 59 51 48 30
February 15, 2008 100 70 51 43 38 19
February 15, 2009 100 62 44 33 28 10
February 15, 2010 100 55 35 24 20 2
February 15, 2011 100 47 26 16 12 0
February 15, 2012 95 39 18 9 5 0
February 15, 2013 86 30 11 3 0 0
February 15, 2014 80 24 6 0 0 0
February 15, 2015 73 18 1 0 0 0
February 15, 2016 66 12 0 0 0 0
February 15, 2017 57 6 0 0 0 0
February 15, 2018 49 0 0 0 0 0
February 15, 2019 44 0 0 0 0 0
February 15, 2020 35 0 0 0 0 0
February 15, 2021 26 0 0 0 0 0
February 15, 2022 15 0 0 0 0 0
February 15, 2023 3 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 19.8 12.7 10.3 9.3 9.0 7.7
- -----------------------------------------------------------------------------------------------------------------------
</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.
<PAGE>
SUBJECT TO REVISION
REVISED SERIES TERM SHEET DATED FEBRUARY 18, 1998
$190,975,000
[GRAPHIC OMITTED] Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 1998-A
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-A. The Series Term Sheet has been
prepared by Oakwood Mortgage Investors 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, First Chicago Capital Markets, Inc. nor any
of their 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-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.
THE INFORMATION CONTAINED IN THIS REVISED SERIES TERM SHEET SUPERSEDES THE
INFORMATION CONTAINED IN ALL PRIOR SERIES TERM SHEETS.
Credit Suisse First Boston First Chicago Capital Markets, Inc.
<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-A Pooling and Servicing Agreement (including the November 1995
Edition to the Standard Terms) to be dated as of February 1, 1998, among Oakwood
Mortgage Investors, Inc., as Depositor, Oakwood Acceptance Corporation, as
Servicer, and PNC Bank, National Association, as Trustee.
<TABLE>
<CAPTION>
Class Designations
<S> <C> <C> <C>
Class A Certificates.........................Class A-1, Class A-2, Class A-3, Class A-4, and Class A-5.
Class M Certificates.........................The Class M 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, Class M and Class B-1 Certificates.
Offered Subordinated Certificates............Class M and Class B-1 Certificates.
The Offered Certificates........................ Approximate
Initial Certificate Pass-Through
Title of Class Principal Balance(1) Rate
-------------- -------------------- ----
Class A-1 Certificates....... $35,000,000 . %(2)
Class A-2 Certificates....... $13,950,000 . %(2)
Class A-3 Certificates....... $25,200,000 . %(2)
Class A-4 Certificates....... $33,450,000 . %(2)
Class A-5 Certificates....... $53,195,000 . %(3)
Class M Certificates......... $15,337,000 . %(3)
Class B-1 Certificates....... $14,843,000 . %(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) Computed on the basis of a 360-day year of twelve 30-day
months.
(3) The lesser of (i) the specified rate per annum, computed on the
basis of a 360-day year of twelve 30-day months, or (ii) the
Weighted Average Net Asset Rate for the related Distribution
Date.
Other Certificates.............................. The Class B-2, Class X and Class R Certificates are not being
offered hereby. The 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 expect to
offer the Class B-2 Certificates and may offer the Class X and
Class R Certificates in the future in one or more privately
negotiated transactions. The Class B-2 Certificates will have an
initial Certificate Principal Balance of approximately $6,926,846.
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.................................... February 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
March 1998 (each, a "Distribution Date").
Interest Accrual Period......................... With respect to each Distribution Date, the calendar month
preceding the month in which the Distribution Date occurs (each,
an "Interest Accrual Period").
1
<PAGE>
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.
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 Class A Certificates is the
subordination of the Subordinated Certificates; for the Class M
Certificates is the subordination of the Class B, Class X and the
Class R Certificates; and for the Class B-1 Certificates is the
subordination of the Class B-2, Class X and the Class R
Certificates.
Subordination of the Offered Subordinate
Certificates.................................. The rights of the Class M Certificateholders to receive
distributions of principal will be subordinated to such rights of
the Class A Certificateholders to receive distributions of
principal and interest. Interest and interest shortfalls on the
Class M Certificates will not be subordinated to principal
payments on the Class A Certificates.
The rights of the Class B-1 Certificateholders to receive
distributions of principal similarly will be subordinated to the
rights of the Class A and Class M Certificateholders to receive
distributions of principal and interest. Interest and interest
shortfalls on the Class B-1 Certificates will not be subordinated
to principal payments on the Class A and Class M Certificates.
Overcollateralization........................... Excess interest collections will be applied, to the extent
available, to make accelerated payments of principal to the
Certificates. The "Target Overcollateralization Amount", for any
Distribution Date, shall equal 0.50% of the Scheduled Principal
Balance as of the Cut-off Date.
2
<PAGE>
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 the sum of (1)
the 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, 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") and (2) the Current
Overcollateralization Amount will be allocated to the
Subordinated 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; and
(3) third, to the Class M Certificates, to be applied in reduction
of the Adjusted Certificate Principal Balance of such Class
until it has been reduced to zero.
Advances........................................ For each Distribution Date, the Servicer will be obligated to
make an advance (a "P&I Advance") in respect of any delinquent
Monthly Payment that will, in the Servicer's judgment, be
recoverable from late payments on or Liquidation Proceeds from
such Asset. 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 collections on
the related Asset. P&I Advances and Servicing Advances are
reimbursable to the Servicer under certain circumstances.
3
<PAGE>
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 May 2028 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
the Asset with the latest stated maturity.
Optional Termination............................ Either the Servicer or the holders of a majority in interest of
the Class R Certificates (the "Residual Majority"), at their
respective options 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 neither the Residual Majority nor the Servicer exercises 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) 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 collectively, the "Assets").
The Asset Pool consists of approximately 5,251 Assets having an
aggregate Scheduled Principal Balance as of the Cut-off Date of
approximately $197,901,846.02 All of the Assets are actuarial
obligations. Approximately 12.79% of the Asset Pool is comprised
of Assets that are Mortgage Loans and approximately 5.44% of the
Asset Pool is comprised of Assets that are Land Secured
Contracts. Based on Cut-off Date Pool Scheduled Principal
Balance, 88.37% of the Assets are secured by Manufactured Homes
which were new, 2.25% of the Assets are secured by Manufactured
Homes which were used, 8.47% of the Assets are secured by
Manufactured Homes which were repossessed and 0.92% of the Assets
are secured by Manufactured Homes which were transferred. As of
the Cut-off Date, the Assets were secured by Manufactured Homes
or Mortgage Properties (or Real Properties, in the case of Land
Secured Contracts) located in 39 states, and approximately 24.33%
and 19.05% of the 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 Asset bears interest at
an annual percentage rate (an "APR") of at least 7.25% and not
more than 13.75%. The weighted averaged APR of the Assets as of
4
<PAGE>
the Cut-off Date is approximately 10.99%. The Assets have
remaining terms to maturity as of the Cut-off Date of at least 10
months but not more than 360 months and original terms to stated
maturity of at least 12 months but not more than 360 months. As
of the Cut-off Date, the Assets had a weighted average original
term to stated maturity of approximately 266 months, and a
weighted average remaining term to stated maturity of
approximately 264 months. The final scheduled payment date on the
Asset with the latest maturity occurs in February 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 Mortgage 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, 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
Because the Offered Subordinated Certificates are subordinated
securities, they will not satisfy the requirements of certain
prohibited transaction exemptions. As a result, the purchase or
holding of any of the Offered Subordinated Certificates by a Plan
Investor may constitute a non-exempt prohibited transaction or
result in the imposition of excise taxes or civil penalties.
Accordingly, none of the Offered Subordinated Certificates are
offered for sale, and are not transferable, to Plan Investors,
unless such Plan Investor provides the Seller and the Trustee with
a Benefit Plan Opinion, on the circumstances described in clause
(ii) below are satisfied. Unless such Opinion is delivered, each
person acquiring an Offered Subordinated Certificate will be deemed
to represent to the Trustee, the Seller, and the Servicer that
either (I) such person is not a Plan Investor subject to ERISA or
Section 4975 of the Code, or (ii) such person is an insurance
company that is purchasing an Offered Subordinated Certificate with
funds from its "general account" and the provisions of Prohibited
Transaction
5
<PAGE>
Class Exemption 95-60 will apply to exempt the purchase of such
Certificate from the prohibited transaction rules of ERISA and the
Code.
Legal Investment Considerations................. The Class A and Class M Certificates will constitute "mortgage
related securities" for purposes of the Secondary Mortgage Market
Enhancement Act of 1984 ("SMMEA").
The Class B-1 Certificates are not "mortgage related securities"
for purposes of SMMEA because such Certificates are not rated in
one of the two highest rating categories by a nationally recognized
rating agency.
Ratings......................................... It is a condition to the issuance of the Certificates that
(i) the Class A Certificates be rated "AAA" and "Aaa" by each of
Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service Inc.,
respectively ("Moody's" and, together with S&P, the "Rating
Agencies"), (ii) the Class M Certificates be rated at least "AA"
and "Aa3" by each of S&P and Moody's, respectively and (iii) the
Class B-1 Certificates be rated at least "BBB" and "Baa2" by each
of S&P and Moody's, respectively. A security rating is not a
recommendation to buy, sell or hold securities and may be subject
to revision or withdrawal at any time by the assigning rating
organization.
</TABLE>
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, December 31,
-------------------------------------------------------------- ----------------------
1993 1994 1995 1996 1997 1996 1997
--------- ----------- ----------- ----------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 28,938 39,273 51,566 67,120 89,411 71,890 94,570
Acquired Portfolios......... 1,591 5,773 4,872 4,177 3,602 4,072 3,404
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $507,394 $757,640 $1,130,378 $1,687,406 $2,499,794 $1,826,210 $2,724,953
Acquired Portfolios......... $30,498 $85,227 $70,853 $57,837 $47,027 $56,178 $43,677
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $17.5 $19.3 $21.9 $25.1 $28.0 $25.4 $28.8
Acquired Portfolios......... $19.2 $14.8 $14.5 $13.8 $13.1 $13.8 $12.8
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.8% 12.2% 12.0% 11.5% 11.0% 11.4% 11.0%
Acquired Portfolios......... 9.4% 11.0% 11.3% 11.2% 11.1% 11.2% 11.1%
</TABLE>
Delinquency Experience (1)
(Dollars in thousands)
<TABLE>
<CAPTION>
At September 30, December 31,
-------------------------------------------------- -------------------
1993 1994 1995 1996 1997 1996 1997
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411 71,890 94,570
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602 4,072 3,404
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days.......................... 244 350 601 835 1,171 1,180 2,342
60-89 Days.......................... 51 97 185 308 476 405 598
90 Days or More..................... 150 198 267 492 716 581 880
Total Number of Assets Delinquent 445 645 1,053 1,635 2,363 2,166 3,820
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 90 75 85
60-89 Days.......................... 26 49 17 23 23 45 20
90 Days or More..................... 16 98 76 62 75 76 69
Total Number of Assets Delinquent 79 274 156 151 188 196 174
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.5% 1.6% 2.0% 2.4% 2.6% 3.0% 4.0%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 5.2% 4.8% 5.1%
</TABLE>
- --------------------------
(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 At or for the three
ended months ended
September 30, December 31,
------------------------------------------------------------ ---------------------
1993 1994 1995 1996 1997 1996 1997
---------- ---------- ---------- ----------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced 30,529 45,046 56,438 71,297 93,013 75,962 97,974
Assets (1).................
Average Number of Serviced
Assets During Period....... 25,990 37,788 50,742 63,868 82,155 73,630 95,494
Number of Serviced
Assets Repossessed......... 902 1,241 1,718 2,746 3,885 917 1,208
Serviced Assets Repossessed as a
Percentage of Total
Serviced Assets (2)........ 2.95% 2.75% 3.04% 3.85% 4.18% 4.83%(6) 4.93%(6)
Serviced Assets Repossessed as a
Percentage of Average
Number of Serviced Assets.. 3.47% 3.28% 3.39% 4.30% 4.73% 4.98%(6) 5.06%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $531,199 $701,875 $976,905 $1,409,467 $2,065,033 $1,737,035 $2,570,959
Acquired Portfolios........ $15,249 $30,432 $30,235 $27,351 $22,943 $24,791 $20,659
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $3,328 $4,630 $7,303 $14,248 $26,872 $4,832 $7,865
Acquired Portfolios...... $0 $203 $473 $592 $528 $124 $35
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated....... 0.63% 0.66% 0.75% 1.01% 1.30% 1.11%(6) 1.22%(6)
Acquired Portfolios...... 0.00% 0.67% 1.56% 2.16% 2.30% 2.00%(6) 0.68%(6)
</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.
(6) Annualized.
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.
Geographical Distribution of Manufactured Homes(1)
Aggregate Percentage of
Number of Scheduled Asset Pool
Geographic Location Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
Alabama.................... 210 $ 7,444,633 3.76%
Arizona.................... 184 8,430,138 4.26
Arkansas................... 85 3,257,763 1.65
California................. 20 1,173,490 0.59
Colorado................... 47 2,851,332 1.44
Connecticut................ 1 7,300 0.00
Delaware................... 41 1,390,697 0.70
Florida.................... 173 7,239,038 3.66
Georgia.................... 169 6,853,019 3.46
Idaho...................... 27 1,490,734 0.75
Illinois................... 5 210,385 0.11
Indiana.................... 11 298,821 0.15
Kansas..................... 30 1,161,002 0.59
Kentucky................... 115 3,736,669 1.89
Louisiana.................. 124 4,603,991 2.33
Maryland................... 20 796,548 0.40
Massachusetts.............. 1 27,490 0.01
Michigan................... 1 28,129 0.01
Mississippi................ 108 3,896,387 1.97
Missouri................... 70 2,665,981 1.35
Montana.................... 2 146,290 0.07
Nebraska................... 1 50,877 0.03
Nevada..................... 10 509,181 0.26
New Jersey................. 2 84,069 0.04
New Mexico................. 196 7,826,513 3.95
New York................... 5 191,632 0.10
North Carolina............. 1,353 48,141,628 24.33
Ohio....................... 25 893,853 0.45
Oklahoma................... 56 2,135,452 1.08
Oregon..................... 38 2,311,433 1.17
Pennsylvania............... 2 72,681 0.04
South Carolina............. 406 14,052,140 7.10
Tennessee.................. 275 10,031,865 5.07
Texas...................... 1,026 37,692,768 19.05
Utah....................... 12 567,617 0.29
Virginia................... 250 8,945,485 4.52
Washington................. 58 3,913,235 1.98
West Virginia.............. 91 2,743,458 1.39
Wyoming.................... 1 28,122 0.01
----- ------------ ------
Total................... 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------------
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
9
<PAGE>
Year of Origination of Assets (1)
Percentage of
Number of Aggregate Scheduled Asset Pool
Year of Origination Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
1996..................... 3 $ 185,707 0.09%
1997..................... 3,995 153,101,381 77.36
1998..................... 1,253 44,614,758 22.54
----- ------------ -------
Total............... 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------
(1) The weighted average seasoning of the Assets was approximately 1 month as of
the Cut-off Date.
Distribution of Original Asset Amounts(1)
Percentage of
Original Asset Number of Aggregate Scheduled Asset Pool
Amount Assets Principal Balance by SPB
- ------ ------ ----------------- ------
$ 4,999 or less.............. 14 $ 46,815 0.02%
$ 5,000 - $ 9,999......... 114 882,315 0.45
$ 10,000 - $ 14,999.......... 179 2,213,319 1.12
$ 15,000 - $ 19,999.......... 276 4,860,672 2.46
$ 20,000 - $ 24,999.......... 487 11,127,301 5.62
$ 25,000 - $ 29,999.......... 891 24,579,118 12.42
$ 30,000 - $ 34,999.......... 904 29,216,734 14.76
$ 35,000 - $ 39,999.......... 497 18,446,053 9.32
$ 40,000 - $ 44,999.......... 360 15,342,637 7.75
$ 45,000 - $ 49,999.......... 366 17,386,866 8.79
$ 50,000 - $ 54,999.......... 348 18,245,359 9.22
$ 55,000 - $ 59,999.......... 286 16,374,222 8.27
$ 60,000 - $ 64,999.......... 197 12,241,320 6.19
$ 65,000 - $ 69,999.......... 86 5,786,831 2.92
$ 70,000 - $ 74,999.......... 69 5,007,826 2.53
$ 75,000 - $ 79,999.......... 54 4,171,751 2.11
$ 80,000 - $ 84,999.......... 32 2,631,059 1.33
$ 85,000 - $ 89,999.......... 23 2,008,624 1.01
$ 90,000 - $ 94,999.......... 14 1,288,295 0.65
$ 95,000 - $ 99,999.......... 19 1,839,603 0.93
$100,000 or more............... 35 4,205,126 2.12
----- ------------ ------
Total..................... 5,251 $197,901,846 100.00%
===== ============ ======
- ----------------
(1) The highest original Asset amount was $225,496, which represents 0.11% of
the aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $37,765 as of the
Cut-off Date.
10
<PAGE>
Asset Rates (1)
Number of Aggregate Scheduled Percentage of
Assets Principal Balance Asset Pool
Asset Rate by SPB
7.000% - 7.999%............ 18 $ 1,053,040 0.53%
8.000% - 8.999%........... 569 29,670,035 14.99
9.000% - 9.999%.......... 947 46,862,691 23.68
10.000% - 10.999%.......... 525 24,556,668 12.41
11.000% - 11.999%.......... 490 17,231,039 8.71
12.000% - 12.999%.......... 1,291 38,307,882 19.36
13.000% - 13.999%.......... 1,411 40,220,492 20.32
----- ------------ ------
Total................. 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------
(1) The weighted average Asset Rate was approximately 10.99% as of the Cut-off
Date. This table reflects the Asset Rates of the Step-up Rate Loans as of
the Cut-off Date and does not reflect any subsequent increases in the Asset
Rates of the Step-up Rate Loans.
Remaining Terms to Maturity (In Months) (1)
Number Aggregate Percentage of
Remaining Term of Scheduled Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
1 - 60 months........... 161 $ 1,495,357 0.76%
61 - 96 months........... 156 2,192,284 1.11
97 - 120 months........... 188 3,669,359 1.85
121 - 156 months........... 228 4,961,085 2.51
157 - 180 months........... 1,359 40,157,501 20.29
181 - 216 months........... 45 1,447,748 0.73
217 - 240 months........... 1,343 48,291,553 24.40
241 - 300 months........... 871 39,616,389 20.02
301 - 360 months........... 900 56,070,570 28.33
----- ------------ ------
Total.................... 5,251 $197,901,846 100.00%
===== ============ ======
- ------------------
(1) The weighted average remaining term to maturity of the Assets was
approximately 264 months as of the Cut-off Date.
Original Terms to Maturity (In Months) (1)
Number Aggregate Percentage of
Original Term of Scheduled Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
1 - 60 months........... 161 $ 1,495,357 0.76%
61 - 96 months........... 156 2,192,284 1.11
97 - 120 months........... 188 3,669,359 1.85
121 - 156 months........... 228 4,961,085 2.51
157 - 180 months........... 1,359 40,157,501 20.29
181 - 216 months........... 45 1,447,748 0.73
217 - 240 months........... 1,343 48,291,553 24.40
241 - 300 months........... 871 39,616,389 20.02
301 - 360 months........... 900 56,070,570 28.33
------ -------------- -------
Total.................... 5,251 $197,901,846 100.00%
===== ============ ======
- --------------------
(1) The weighted average original term to maturity of the Assets was
approximately 266 months as of the Cut-off Date.
11
<PAGE>
Distribution of Original Loan-to-Value Ratios(1)
Number Aggregate Percentage of
of Scheduled Asset Pool
Loan-to-Value Ratio(2) Assets Principal Balance by SPB
- ----------- ------ ----------------- ------
50% or less................ 52 $ 1,242,061 0.63%
51% - 55%.................... 22 626,933 0.32
56% - 60%.................... 33 946,197 0.48
61% - 65%.................... 41 1,463,872 0.74
66% - 70%.................... 70 2,342,902 1.18
71% - 75%.................... 132 4,904,462 2.48
76% - 80%.................... 193 6,937,616 3.51
81% - 85%.................... 390 14,144,951 7.15
86% - 90%.................... 914 33,516,874 16.94
91% - 95%.................... 2,492 97,713,837 49.37
96% - 100%................... 912 34,062,141 17.21
----- ------------ ------
Total................... 5,251 $197,901,846 100.00%
===== ============ ======
- -----------------------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 90.85% 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.
12
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
---------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod
Name & Type Par % Life Yield Pay Pay Dur
---------------------------------------------------------------------------
To Call:
A1 SENIOR 35,000,000 6.1500 0.90 6.038 3/98 12/99 0.84
A2 SENIOR 13,950,000 6.0500 2.10 6.028 12/99 8/00 1.92
A3 SENIOR 25,200,000 6.0000 3.10 6.030 8/00 12/01 2.75
A4 SENIOR 33,450,000 6.2000 5.10 6.235 12/01 12/04 4.23
A5 SENIOR 53,195,000 6.6500 11.17 6.723 12/04 8/12 7.53
M AA MEZZ 15,337,000 6.7750 9.57 6.853 9/02 8/12 6.62
B1 BBB SUB 14,843,000 7.3750 9.28 7.451 9/02 8/12 6.33
B2 BB SUB 6,926,846 8.7750 10.17 8.902 9/02 8/12 6.20
-------------------------------
To Maturity:
A5 SENIOR 53,195,000 6.6500 11.98 6.724 12/04 12/19 7.79
M AA MEZZ 15,337,000 6.7750 9.92 6.853 9/02 4/16 6.74
B1 BBB SUB 14,843,000 7.3750 9.32 7.451 9/02 12/13 6.34
B2 BB SUB 6,926,846 8.7750 13.99 8.906 9/02 6/23 6.92
---------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 180% MHP.
(2) Coupon and price are assumed for computational materials.
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
[GRAPHIC OMITTED]
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-29+ Coupon: 6.1500 Original Par: 35,000,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.18 6.10 6.06 6.04 6.02 5.95
Average Life: 4.20 1.36 1.03 0.90 0.83 0.60
Duration: 3.48 1.25 0.96 0.84 0.78 0.57
First Prin Pay: 3/98 3/98 3/98 3/98 3/98 3/98
Last Prin Pay: 9/05 10/00 3/00 12/99 10/99 5/99
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-30+ Coupon: 6.0500 Original Par: 13,950,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.10 6.06 6.04 6.03 6.02 5.98
Average Life: 8.64 3.20 2.40 2.10 1.94 1.42
Duration: 6.53 2.82 2.17 1.92 1.78 1.32
First Prin Pay: 9/05 10/00 3/00 12/99 10/99 5/99
Last Prin Pay: 11/07 11/01 12/00 8/00 5/00 10/99
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-28+ Coupon: 6.0000 Original Par: 25,200,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.06 6.04 6.04 6.03 6.03 6.01
Average Life: 11.26 4.75 3.57 3.10 2.85 2.06
Duration: 7.95 4.01 3.11 2.75 2.55 1.88
First Prin Pay: 11/07 11/01 12/00 8/00 5/00 10/99
Last Prin Pay: 10/10 12/03 7/02 12/01 8/01 8/00
-----------------------------------------------------------------------------
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-30+ Coupon: 6.2000 Original Par: 33,450,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.26 6.25 6.24 6.23 6.23 6.21
Average Life: 14.77 7.74 5.91 5.10 4.59 3.17
Duration: 9.38 5.94 4.78 4.23 3.87 2.79
First Prin Pay: 10/10 12/03 7/02 12/01 8/01 8/00
Last Prin Pay: 10/15 5/08 1/06 12/04 4/04 1/02
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-28+ Coupon: 6.6500 Original Par: 53,195,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.73 6.73 6.72 6.72 6.72 6.71
Average Life: 22.08 15.25 12.56 11.17 10.31 6.91
Duration: 11.18 9.18 8.14 7.53 7.12 5.26
First Prin Pay: 10/15 5/08 1/06 12/04 4/04 1/02
Last Prin Pay: 12/22 3/17 4/14 8/12 10/11 5/08
---------------------------
To Maturity:
Bond Yield: 6.73 6.73 6.72 6.72 6.72 6.72
Average Life: 22.54 16.02 13.37 11.98 11.06 7.43
Duration: 11.26 9.37 8.38 7.79 7.37 5.49
First Prin Pay: 10/15 5/08 1/06 12/04 4/04 1/02
Last Prin Pay: 12/26 4/23 6/21 12/19 11/18 5/14
-----------------------------------------------------------------------------
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-27+ Coupon: 6.7750 Original Par: 15,337,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.86 6.86 6.85 6.85 6.85 6.85
Average Life: 20.00 13.08 10.64 9.57 9.17 7.65
Duration: 10.50 8.17 7.12 6.62 6.45 5.70
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 12/22 3/17 4/14 8/12 10/11 5/08
---------------------------
To Maturity:
Bond Yield: 6.86 6.86 6.85 6.85 6.85 6.85
Average Life: 20.16 13.41 10.96 9.92 9.54 8.16
Duration: 10.53 8.25 7.22 6.74 6.58 5.93
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 1/25 9/20 8/17 4/16 6/15 3/12
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-30+ Coupon: 7.3750 Original Par: 14,843,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.47 7.46 7.45 7.45 7.45 7.45
Average Life: 19.80 12.72 10.30 9.28 8.93 7.55
Duration: 9.96 7.78 6.79 6.33 6.17 5.52
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 12/22 3/17 4/14 8/12 10/11 5/08
---------------------------
To Maturity:
Bond Yield: 7.47 7.46 7.45 7.45 7.45 7.45
Average Life: 19.81 12.75 10.33 9.32 8.98 7.72
Duration: 9.97 7.79 6.79 6.34 6.19 5.59
First Prin Pay: 9/11 10/04 3/03 9/02 9/02 9/02
Last Prin Pay: 7/23 4/18 6/15 12/13 2/13 7/10
-----------------------------------------------------------------------------
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicage Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 88 64 52 45 40 15
February 15, 2000 79 26 0 0 0 0
February 15, 2001 68 0 0 0 0 0
February 15, 2002 56 0 0 0 0 0
February 15, 2003 43 0 0 0 0 0
February 15, 2004 27 0 0 0 0 0
February 15, 2005 10 0 0 0 0 0
February 15, 2006 0 0 0 0 0 0
February 15, 2007 0 0 0 0 0 0
February 15, 2008 0 0 0 0 0 0
February 15, 2009 0 0 0 0 0 0
February 15, 2010 0 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 4.2 1.4 1.0 0.9 0.8 0.6
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 63 38 0
February 15, 2001 100 68 0 0 0 0
February 15, 2002 100 0 0 0 0 0
February 15, 2003 100 0 0 0 0 0
February 15, 2004 100 0 0 0 0 0
February 15, 2005 100 0 0 0 0 0
February 15, 2006 78 0 0 0 0 0
February 15, 2007 34 0 0 0 0 0
February 15, 2008 0 0 0 0 0 0
February 15, 2009 0 0 0 0 0 0
February 15, 2010 0 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 8.6 3.2 2.4 2.1 1.9 1.4
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 55
February 15, 2001 100 100 86 56 37 0
February 15, 2002 100 86 22 0 0 0
February 15, 2003 100 37 0 0 0 0
February 15, 2004 100 0 0 0 0 0
February 15, 2005 100 0 0 0 0 0
February 15, 2006 100 0 0 0 0 0
February 15, 2007 100 0 0 0 0 0
February 15, 2008 91 0 0 0 0 0
February 15, 2009 60 0 0 0 0 0
February 15, 2010 25 0 0 0 0 0
February 15, 2011 0 0 0 0 0 0
February 15, 2012 0 0 0 0 0 0
February 15, 2013 0 0 0 0 0 0
February 15, 2014 0 0 0 0 0 0
February 15, 2015 0 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 11.3 4.8 3.6 3.1 2.9 2.1
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 60
February 15, 2002 100 100 100 89 72 0
February 15, 2003 100 100 72 49 31 0
February 15, 2004 100 93 45 21 3 0
February 15, 2005 100 63 20 0 0 0
February 15, 2006 100 42 0 0 0 0
February 15, 2007 100 22 0 0 0 0
February 15, 2008 100 3 0 0 0 0
February 15, 2009 100 0 0 0 0 0
February 15, 2010 100 0 0 0 0 0
February 15, 2011 89 0 0 0 0 0
February 15, 2012 60 0 0 0 0 0
February 15, 2013 40 0 0 0 0 0
February 15, 2014 26 0 0 0 0 0
February 15, 2015 11 0 0 0 0 0
February 15, 2016 0 0 0 0 0 0
February 15, 2017 0 0 0 0 0 0
February 15, 2018 0 0 0 0 0 0
February 15, 2019 0 0 0 0 0 0
February 15, 2020 0 0 0 0 0 0
February 15, 2021 0 0 0 0 0 0
February 15, 2022 0 0 0 0 0 0
February 15, 2023 0 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 14.8 7.7 5.9 5.1 4.6 3.2
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 96
February 15, 2003 100 100 100 100 100 70
February 15, 2004 100 100 100 100 100 56
February 15, 2005 100 100 100 97 86 44
February 15, 2006 100 100 98 83 73 34
February 15, 2007 100 100 86 71 61 27
February 15, 2008 100 100 74 60 51 21
February 15, 2009 100 91 64 51 43 16
February 15, 2010 100 80 54 42 35 12
February 15, 2011 100 69 45 35 28 9
February 15, 2012 100 59 37 28 22 6
February 15, 2013 100 50 31 22 18 3
February 15, 2014 100 44 26 18 14 0
February 15, 2015 100 37 21 15 11 0
February 15, 2016 96 31 17 12 8 0
February 15, 2017 83 25 13 7 4 0
February 15, 2018 71 20 9 4 1 0
February 15, 2019 64 17 6 2 0 0
February 15, 2020 55 13 3 0 0 0
February 15, 2021 45 10 1 0 0 0
February 15, 2022 35 5 0 0 0 0
February 15, 2023 23 0 0 0 0 0
February 15, 2024 15 0 0 0 0 0
February 15, 2025 11 0 0 0 0 0
February 15, 2026 5 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 22.5 16.0 13.4 12.0 11.1 7.4
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 100
February 15, 2003 100 100 100 93 92 89
February 15, 2004 100 100 88 80 79 71
February 15, 2005 100 96 77 69 67 56
February 15, 2006 100 87 67 59 56 44
February 15, 2007 100 78 59 51 48 34
February 15, 2008 100 70 51 43 40 26
February 15, 2009 100 62 44 36 33 20
February 15, 2010 100 55 37 30 27 15
February 15, 2011 100 47 31 25 22 8
February 15, 2012 95 40 26 20 17 0
February 15, 2013 86 34 21 16 13 0
February 15, 2014 80 30 18 12 7 0
February 15, 2015 73 26 15 6 2 0
February 15, 2016 66 21 9 0 0 0
February 15, 2017 57 17 3 0 0 0
February 15, 2018 49 14 0 0 0 0
February 15, 2019 44 9 0 0 0 0
February 15, 2020 38 3 0 0 0 0
February 15, 2021 31 0 0 0 0 0
February 15, 2022 24 0 0 0 0 0
February 15, 2023 16 0 0 0 0 0
February 15, 2024 5 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 20.2 13.4 11.0 9.9 9.5 8.2
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
<PAGE>
REVISED
Oakwood Senior/Subordinated Pass-Through Certificates,
Series 1998-A
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
February 15, 1999 100 100 100 100 100 100
February 15, 2000 100 100 100 100 100 100
February 15, 2001 100 100 100 100 100 100
February 15, 2002 100 100 100 100 100 100
February 15, 2003 100 100 100 93 92 89
February 15, 2004 100 100 88 80 79 71
February 15, 2005 100 96 77 69 67 56
February 15, 2006 100 87 67 59 56 44
February 15, 2007 100 78 59 51 48 30
February 15, 2008 100 70 51 43 38 19
February 15, 2009 100 62 44 33 28 10
February 15, 2010 100 55 35 24 20 2
February 15, 2011 100 47 26 16 12 0
February 15, 2012 95 39 18 9 5 0
February 15, 2013 86 30 11 3 0 0
February 15, 2014 80 24 6 0 0 0
February 15, 2015 73 18 1 0 0 0
February 15, 2016 66 12 0 0 0 0
February 15, 2017 57 6 0 0 0 0
February 15, 2018 49 0 0 0 0 0
February 15, 2019 44 0 0 0 0 0
February 15, 2020 35 0 0 0 0 0
February 15, 2021 26 0 0 0 0 0
February 15, 2022 15 0 0 0 0 0
February 15, 2023 3 0 0 0 0 0
February 15, 2024 0 0 0 0 0 0
February 15, 2025 0 0 0 0 0 0
February 15, 2026 0 0 0 0 0 0
February 15, 2027 0 0 0 0 0 0
February 15, 2028 0 0 0 0 0 0
Avg Life In Years: 19.8 12.7 10.3 9.3 9.0 7.7
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The analysis above has been prepared solely for informational purposes and is
not an offer to buy or sell or a solicitation of an offer to buy or sell any
security or instrument or to participate in any particular trading strategy.
First Chicago Capital Markets, Inc. ("FCCM") and others associated with it may
have positions in, and may effect transactions in securities and instruments of
the issuer mentioned herein and may also perform or seek to perform investment
banking services for the issuer of such securities and instruments. The
information provided above is based on or derived from information provided
by the issuer. No representation is made that it is accurate or complete. FCCM
makes no representations that the above referenced security will actually
perform as described in any scenario presented.
