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) August 20, 1998.
Oakwood Mortgage Investors, Inc.
(Exact name of registrant as specified in charter)
North Carolina 333-58497 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
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On August 20, 1998, the Registrant enterd 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, $295,907,927 aggregate initial principal
amount of the Registrant's Senior/Subordinated Pass-Through Certificates, Series
1998-C, Class A-1 ARM, Class A, Class M-1, Class M-2 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 (333-58497), and
will be offered pursuant to a Prospectus, dated August 20, 1998, and a related
Prospectus Supplement, dated August 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 Underwriters
have 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.
August 20, 1998 OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Douglas R. Muir
------------------------------
Name: Douglas R. Muir
Title: Vice President
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<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 AUGUST 20, 1998
$295,907,927
[LOGO] Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 1998-C
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-C. The Series Term Sheet has been
prepared by Oakwood Mortgage Investors, Inc. for informational purposes only and
is subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus supplement and by
any other additional information subsequently filed with the Securities and
Exchange Commission or incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston, 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-C, 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-C Pooling and Servicing Agreement (including the July 1998 Edition
to the Standard Terms) to be dated as of August 1, 1998, among Oakwood Mortgage
Investors, Inc., as Depositor, Oakwood Acceptance Corporation, as Servicer, and
PNC Bank, National Association, as Trustee.
<TABLE>
<CAPTION>
<S> <C>
Class Designations
Class A-1 ARM Certificates...................Class A-1 ARM Certificates.
Class A Certificates.........................Class A Certificates.
Class M Certificates.........................Class M-1 and Class M-2 Certificates.
Class B Certificates.........................Class B-1 and Class B-2 Certificates.
Subordinated Certificates....................Class M, Class B, Class X and Class R Certificates.
Offered Certificates.........................Class A-1 ARM, 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 ARM Certificates... $7,625,927 . %(2)
Class A Certificates......... $239,608,000 . %(3)
Class M-1 Certificates....... $23,178,000 . %(4)
Class M-2 Certificates....... $14,680,000 . %(4)
Class B-1 Certificates....... $10,816,000 . %(4)
(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 and the actual number
of days in each Interest Accrual Period.
(3) Computed on the basis of a 360-day year of twelve 30-day
months.
(4) 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 may offer
them in the future in one or more privately negotiated
transactions. The Class B-2 Certificates will have an initial
Certificate Principal Balance of approximately $13,135,281.
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.................................... August 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
September 1998 (each, a "Distribution Date").
Record Date..................................... With respect to each Distribution Date, other than the first
Distribution Date, the close of business on the last business day
of the month preceding the month in which such Distribution Date
occurs, and with respect to the first Distribution Date, the
close of business on the Closing Date.
1
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(each, a "Record Date").
2
<PAGE>
Interest Accrual Period......................... With respect to each Distribution Date, (i) for the Class A-1 ARM
Certificates, the period commencing on the 15th day of the
preceding month through the 14th day of the month in which such
Distribution Date occurs (except that the first Interest Accrual
Period for the Class A-1 ARM Certificates will be the period from
the Closing Date to September 14, 1998) and (ii) for the other
Classes, the calendar month preceding the month in which the
Distribution Date occurs (each, an "Interest Accrual Period").
Distributions................................... The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal and
interest due on the Assets during the related Collection Period,
to the extent such payments were actually collected from the
Obligors or advanced by the Servicer and (b) unscheduled payments
received with respect to the Assets during the related Prepayment
Period, including Principal Prepayments, proceeds of repurchases,
Net Liquidation Proceeds and Net Insurance Proceeds, less
(2)(a) if Oakwood is not the Servicer, Servicing Fees for the
related Collection Period, (b) amounts required to reimburse the
Servicer for previously unreimbursed Advances in accordance with
the Agreement, (c) amounts required to reimburse the Company or
the Servicer for certain reimbursable expenses in accordance with
the Agreement and (d) amounts required to reimburse any party for
an overpayment of a Repurchase Price for an Asset in accordance
with the Agreement.
In general, principal paid in respect of the Adjustable Rate
Assets will be allocated to holders of the Class A-1 ARM
Certificates, and principal paid in respect of the Fixed Rate
Assets will be allocated to the Class A, Class M and Class B
Certificates.
Distributions will be made on each Distribution Date to holders of
record on the preceding Record Date. Distributions on a Class of
Certificates will be allocated among the Certificates of such
Class in proportion to their respective percentage interests.
Certificate Structure Considerations............ The primary credit support for the Class A-1 ARM Certificates and
the Class A Certificates is the subordination of the Subordinated
Certificates; for the Class M-1 Certificates is the subordination
of the Class M-2, Class B, Class X and the Class R Certificates;
for the Class M-2 Certificates is the subordination of the Class
B, Class X, and 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.
3
<PAGE>
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.
Cross-over Date...................................The later to occur of (a) the Distribution Date occurring in March
2003 or (b) the first Distribution Date on which the then-current
credit enhancement is equal to or exceeds 1.925 times the initial
credit enhancement.
Performance Test..................................The Average 60-Day Delinquent Ratio is less than or equal to 5%;
the Average 30-Day Delinquency Ratio is less than or equal to 7%,
the Current Realized Loss Ratio is less than or equal to 2.75%;
and the Cumulative Realized Losses are less than or equal to the
applicable percentage of the Aggregate Cut-off Date Pool Principal
Balance set forth in the Pooling and Servicing Agreement.
Overcollateralization........................... Excess interest collections will be applied, to the extent
available, to make accelerated payments of principal on the
Certificates. The "Target Overcollateralization Amount"
generally shall mean, (i) for any Distribution Date prior to the
Cross-over Date, 2.00% of the Cut-off Date Pool Balance and (ii)
for any other Distribution Date, the lesser of (x) 2.00% of the
Cut-off Date Pool Balance and (y) 3.50% of the then-outstanding
Pool Balance; provided, however, that in no event shall the
Target Overcollateralization Amount be less than 0.50% of the
Cut-off Date Pool Balance.
4
<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-1 ARM, Class A, Class M and Class B Certificates and any
portion of such interest required to be paid to a Servicer other
than Oakwood as servicing compensation ("Excess Interest") and
(2) the Current Overcollateralization Amount will be allocated to
the Class M and Class B Certificates as a Writedown Amount in
reduction of their Certificate Principal Balance as described
below.
Allocation of Writedown Amounts................. The "Writedown Amount" for any Distribution Date will be the
amount, if any, by which the aggregate Certificate Principal
Balance of all Certificates, after all distributions have been
made on the Certificates on such Distribution Date, exceeds the
Pool Scheduled Principal Balance of the Assets for the next
Distribution Date. The Writedown Amount will be allocated among
the Classes of Subordinated Certificates in the following order
of priority:
(1) first, to the Class B-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero;
(3) third, to the Class M-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero.
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 subsequent
collections. P&I Advances and
5
<PAGE>
Servicing Advances are reimbursable to the Servicer under certain
circumstances.
Final Scheduled Distribution Dates.............. Based on the assumptions that (I) there are no defaults,
prepayments or delinquencies with respect to payments due on the
Assumed Contract Characteristics, (ii) the optional termination
right is not exercised by the Servicer and (iii) there are no
Accelerated Principal Payments, the Final Scheduled Distribution
Dates for each of the Classes are set forth below. It is
anticipated that the actual final Distribution Date for each
Class may occur earlier than the Final Schedule Distribution
Dates. In the event of large losses and delinquencies on the
Contracts, however, the actual payment on certain of the
subordinate classes of Certificates may occur later than the
Final Scheduled Distribution Dates and in certain scenarios,
holders of such classes may incur a loss on their investment.
Final Scheduled
Distribution Dates
------------------
Class A-1 ARM Certificates...... October 15, 2027
Class A Certificates............ September 15, 2027
Class M-1 Certificates.......... April 15, 2026
Class M-2 Certificates.......... October 15, 2025
Class B-1 Certificates.......... November 15, 2024
Optional Termination............................ The Servicer at its option and subject to the limitations imposed
by the Agreement, will have the option to purchase from the Trust
Estate all Assets then outstanding and all other property in the
Trust Estate on any Distribution Date occurring on or after the
Distribution Date on which the sum of the Certificate Principal
Balance of the Certificates is less than 10% of the sum of the
original Certificate Principal Balance of the Certificates.
Auction Sale.................................... If the Servicer does not exercise its optional termination right
within 90 days after it first becomes eligible to do so, the
Trustee shall solicit bids for the purchase of all Assets then
outstanding and all other property in the Trust Estate. In the
event that satisfactory bids are received, the sale proceeds will
be distributed to Certificateholders.
The Assets...................................... The Trust will consist of (1) fixed and adjustable manufactured
housing installment sales contracts (collectively, the
"Contracts") secured by security interests in manufactured homes,
as defined herein (the "Manufactured Homes"), and with respect to
certain of the Contracts ("Land Secured Contracts"), secured by
liens on the real estate on which the related Manufactured Homes
are located, and (2) mortgage loans secured by first liens on the
real estate to which the related Manufactured Homes are deemed
permanently affixed (the "Mortgage Loans," and collectively, the
"Assets". The Asset Pool consists of approximately 7,102 Assets
having an total aggregate Scheduled Principal Balance as of the
Cut-off Date of $309,043,208.84.
Fixed Rate Assets
-----------------
6
<PAGE>
As of the Cut-off Date, 7,003 Assets, aggregating $301,417,281.15
are secured by fixed rate Assets ("Fixed Rate Assets").
Approximately 8.74% of the Fixed Rate Assets are Mortgage Loans
and approximately 3.18% of the Fixed Rate Assets are Land Secured
Contracts. Based on Cut-off Date Pool Scheduled Principal
Balance, 90.37% of the Fixed Rate Assets are secured by
Manufactured Homes which were new, 1.64% of the Fixed Rate Assets
are secured by Manufactured Homes which were used, 7.17% of the
Fixed Rate Assets are secured by Manufactured Homes which were
repossessed and 0.82% of the Fixed Rate Assets are secured by
Manufactured Homes which were transferred. As of the Cut-off
Date, the Fixed Rate Assets were secured by Manufactured Homes or
Mortgaged Properties (or Real Properties, in the case of Land
Secured Contracts) located in 38 states, and approximately 21.35%
and 20.62% of the Fixed Rate Assets were secured by Manufactured
Homes or Mortgaged Properties located in Texas and North
Carolina, respectively (based on the mailing addresses of the
Obligors on the Assets as of the Cut-off Date). Each Fixed Rate
Asset bears interest at an annual percentage rate (an "APR") of
at least 6.90% and not more than 14.50%. The weighted averaged
APR of the Fixed Rate Assets as of the Cut-off Date is
approximately 9.86%. The Fixed Rate Assets have remaining terms
to maturity as of the Cut-off Date of at least 6 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 Fixed Rate Assets had a weighted average original term
to stated maturity of approximately 290 months, and a weighted
average remaining term to stated maturity of approximately 289
months. The final scheduled payment date on the Fixed Rate Asset
with the latest maturity occurs in August 2028.
Adjustable Rate Assets
----------------------
As of the Cut-off Date, 99 Assets aggregating $7,625,927.69, are
secured by adjustable rate Assets ("Adjustable Rate Assets"). As
of the Cut-off Date, all Adjustable Rate Assets are Mortgage Loans
secured by Manufactured Homes which were new. As of the Cut-off
Date, the Adjustable Rate Assets were secured by Mortgaged
Properties located in 20 states, and approximately 23.18% and
20.87% of the Adjustable Assets were secured by Mortgaged
Properties located in North Carolina and Tennessee, respectively
(based on the mailing addresses of the Obligors on the Assets as
of the Cut-off Date). Each Adjustable Rate Asset bears interest at
an annual percentage rate (an "APR") of at least 7.00% and not
more than 8.75%. The weighted averaged APR of the Adjustable Rate
Assets as of the Cut-off Date is approximately 8.00%. The
Adjustable Rate Assets have remaining terms to maturity as of the
Cut-off Date of at least 233 months but not more than 360 months
and original terms to stated maturity of at least 240 months but
not more than 360 months. As of the Cut-off Date, the Adjustable
Rate Assets had a weighted average original term to stated
maturity of approximately 357 months, and a weighted average
remaining term to stated maturity of approximately 353 months. All
Adjustable Rate Assets adjust
7
<PAGE>
annually based on the monthly average yield on United States
treasury securities adjusted to a constant maturity of one year.
All Adjustable Rate Assets have annual caps of 2%. The weighted
average lifetime cap of the Adjustable Rate Assets as of the
Cut-off Date is approximately 14%. The Adjustable Rate Assets have
gross margins as of the Cut-off Date of at least 3.25% but not
more than 4.75%. The weighted average gross margins of the
Adjustable Rate Assets as of the Cut-off Date is 4.08%. The final
scheduled payment date on the Adjustable Rate Asset with the
latest maturity occurs in September 2028.
No Asset has an original loan-to-value ratio in excess of 100%.
The Servicer will be required to cause to be maintained one or
more standard hazard insurance policies with respect to each
Manufactured Home and Mortgaged Property.
Certain Federal Income Tax
Consequences.................................. For federal income tax purposes, the Trust Estate will be treated
as one or more real estate mortgage investment conduits
("REMIC"). The Class A-1 ARM , Class A, Class M, Class B and
Class X Certificates will constitute "regular interests" in the
REMIC for federal income tax purposes. The Class R Certificates
will be treated as the sole class of "residual interests" in the
REMIC for federal income tax purposes.
ERISA Considerations............................ Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and collective
investment funds in which such plans, accounts, annuities or
arrangements are invested, that are subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or
corresponding provisions of the Code (any of the foregoing, a
"Plan"), persons acting on behalf of a Plan, or persons using the
assets of a Plan ("Plan Investors") should consult with their own
counsel to determine whether the purchase or holding of the
Offered Certificates could give rise to a transaction that is
prohibited either under ERISA or the Code
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
8
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SUBORDINATED CERTIFICATE WITH FUNDS FROM ITS "GENERAL ACCOUNT" AND
THE PROVISIONS OF PROHIBITED TRANSACTION 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-1 ARM, Class A and Class M-1 Certificates will
constitute "mortgage related securities" for purposes of the
Secondary Mortgage Market Enhancement Act of 1984 ("SMMEA").
THE CLASS M-2 AND 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 the
Certificates be rated as follow:
Fitch Moody's
----- -------
Class A-1 ARM........................... AAA Aaa
Class A................................. AAA Aaa
Class M-1............................... AA Aa3
Class M-2............................... A- A2
Class B-1............................... BBB Baa2
</TABLE>
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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>
<S> <C>
At September 30, June 30,
------------------------------------------------------------- ----------------------
1993 1994 1995 1996 1997 1997 1998
--------- ----------- ----------- ----------- ----------- ----------- --------
Total Number of Serviced Assets
Oakwood Originated.......... 28,938 39,273 51,566 67,120 89,411 81,599 105,689
Acquired Portfolios......... 1,591 5,773 4,872 4,177 3,602 3,762 3,019
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $507,394 $757,640 $1,130,378 $1,687,406 $2,499,794 $2,211,153 $3,223,299
Acquired Portfolios......... $30,498 $85,227 $70,853 $57,837 $47,027 $50,043 $38,227
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $17.5 $19.3 $21.9 $25.1 $28.0 $27.1 $30.5
Acquired Portfolios......... $19.2 $14.8 $14.5 $13.8 $13.1 $13.3 $12.7
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.8% 12.2% 12.0% 11.5% 11.0% 11.1% 10.9%
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>
<S> <C>
At September 30, June 30,
-------------------------------------------------- -------------------
1993 1994 1995 1996 1997 1997 1998
-------- -------- -------- -------- -------- -------- --------
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411 81,599 105,689
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602 3,763 3,019
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days.......................... 244 350 601 835 1,171 1,013 2,401
60-89 Days.......................... 51 97 185 308 476 384 794
90 Days or More..................... 150 198 267 492 716 656 1,005
Total Number of Assets Delinquent 445 645 1,053 1,635 2,363 2,053 4,200
Acquired Portfolios.................
30-59 Days.......................... 37 127 63 66 90 71 104
60-89 Days.......................... 26 49 17 23 23 17 35
90 Days or More..................... 16 98 76 62 75 81 50
Total Number of Assets Delinquent 79 274 156 151 188 169 189
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.5% 1.6% 2.0% 2.4% 2.6% 2.5% 4.0%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 5.2% 4.5% 6.3%
</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.
10
<PAGE>
Loan Loss/Repossession Experience
(Dollars in thousands)
<TABLE>
<CAPTION>
<S> <C>
At or for the fiscal year At or for the nine
ended months ended
September 30, June 30,
-------------------------------------------------------------- -----------------------
1993 1994 1995 1996 1997 1997 1998
---------- ---------- ------------ ----------- ----------- ----------- ----------
Total Number of Serviced
Assets (1)................. 30,529 45,046 56,438 71,297 93,013 85,361 108,708
Average Number of Serviced
Assets During Period....... 25,990 37,788 50,742 63,868 82,155 78,329 100,861
Number of Serviced
Assets Repossessed......... 902 1,241 1,718 2,746 3,885 2,835 3,839
Serviced Assets Repossessed as a
Percentage of Total
Serviced Assets (2)........ 2.95% 2.75% 3.04% 3.85% 4.18% 4.43% (6) 4.71%(6)
Serviced Assets Repossessed as a
Percentage of Average
Number of Serviced Assets.. 3.47% 3.28% 3.39% 4.30% 4.73% 4.83% (6) 5.07%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $531,199 $701,875 $976,905 $1,409,467 $2,065,033 $1,924,180 $2,820,956
Acquired Portfolios........ $15,249 $30,432 $30,235 $27,351 $22,943 $23,561 $19,545
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $3,328 $4,630 $7,303 $14,248 $26,872 $19,329 $31,773
Acquired Portfolios...... $0 $203 $473 $592 $528 $475 $162
As a Percentage of Average
Outstanding Principal
Balance of Assets (3) (5)
Oakwood Originated....... 0.63% 0.66% 0.75% 1.01% 1.30% 1.34% (6) 1.50%(6)
Acquired Portfolios...... 0.00% 0.67% 1.56% 2.16% 2.30% 2.69% (6) 1.11%(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.
11
<PAGE>
Whenever reference is made herein to a percentage of the (or to a
percentage of the Scheduled Principal Balance of the Assets), the percentage is
calculated based on the Scheduled Principal Balances ("SPB") of the Assets as of
the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
Fixed Rate Assets:
Geographical Distribution of Manufactured Homes(1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Fixed Rate Aggregate Scheduled Fixed Rate Asset Pool
Geographic Location Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
Alabama.................... 236 $ 9,387,820 3.11%
Arizona.................... 215 12,211,491 4.05
Arkansas................... 145 5,792,930 1.92
California................. 18 1,033,866 0.34
Colorado................... 70 3,573,885 1.19
Delaware................... 35 1,334,383 0.44
Florida.................... 198 9,301,388 3.09
Georgia.................... 272 11,598,769 3.85
Idaho...................... 65 3,414,477 1.13
Illinois................... 12 556,443 0.18
Indiana.................... 5 141,066 0.05
Iowa....................... 1 39,817 0.01
Kansas..................... 55 2,382,093 0.79
Kentucky................... 178 6,731,943 2.23
Louisiana.................. 208 9,105,326 3.02
Maryland................... 16 617,732 0.20
Mississippi................ 237 9,893,883 3.28
Missouri................... 136 5,290,464 1.76
Montana.................... 1 60,030 0.02
Nevada..................... 20 1,035,471 0.34
New Jersey................. 1 7,618 0.00
New Mexico................. 264 11,497,837 3.81
New York................... 3 207,533 0.07
North Carolina............. 1,500 62,139,207 20.62
North Dakota............... 1 49,675 0.02
Ohio....................... 35 1,406,380 0.47
Oklahoma................... 109 4,680,265 1.55
Oregon..................... 39 2,507,560 0.83
Pennsylvania............... 1 53,130 0.02
South Carolina............. 430 17,521,548 5.81
Tennessee.................. 322 13,072,481 4.34
Texas...................... 1,500 64,338,474 21.35
Utah....................... 31 1,691,110 0.56
Virginia................... 389 15,159,267 5.03
Washington................. 123 8,991,751 2.98
West Virginia.............. 130 4,501,890 1.49
Wisconsin.................. 1 56,883 0.02
Wyoming.................... 1 31,396 0.01
----- ------------ ------
Total................... 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
- ----------------
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset
as of the Cut-off Date.
12
<PAGE>
Year of Origination of Fixed Rate Assets (1)
<TABLE>
<CAPTION>
<S> <C>
Number of Aggregate Percentage of
Fixed Rate Scheduled Fixed Rate Asset Pool
Year of Origination Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
1997..................... 19 875,128 0.29
1998..................... 6,984 300,542,153 99.71
----- ------------ ------
Total............... 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 1
month as of the Cut-off Date.
Distribution of Original Fixed Rate Asset Amounts(1)
<TABLE>
<CAPTION>
<S> <C>
Number of Aggregate Percentage of
Original Fixed Rate Asset Fixed Rate Scheduled Fixed Rate Asset Pool
Amount Assets Principal Balance by SPB
- ------ ------ ----------------- ------
$ 4,999 or less.............. 15 $ 54,126 0.02%
$ 5,000 - $ 9,999......... 104 823,180 0.27
$ 10,000 - $ 14,999.......... 165 2,071,599 0.69
$ 15,000 - $ 19,999.......... 216 3,770,229 1.25
$ 20,000 - $ 24,999.......... 419 9,516,075 3.16
$ 25,000 - $ 29,999.......... 719 19,839,079 6.58
$ 30,000 - $ 34,999.......... 1,030 33,563,081 11.14
$ 35,000 - $ 39,999.......... 900 33,469,982 11.10
$ 40,000 - $ 44,999.......... 493 20,873,890 6.93
$ 45,000 - $ 49,999.......... 558 26,549,454 8.81
$ 50,000 - $ 54,999.......... 597 31,259,211 10.37
$ 55,000 - $ 59,999.......... 549 31,572,198 10.47
$ 60,000 - $ 64,999.......... 519 32,322,279 10.72
$ 65,000 - $ 69,999.......... 288 19,347,619 6.42
$ 70,000 - $ 74,999.......... 158 11,399,198 3.78
$ 75,000 - $ 79,999.......... 85 6,572,440 2.18
$ 80,000 - $ 84,999.......... 42 3,453,187 1.15
$ 85,000 - $ 89,999.......... 25 2,183,518 0.72
$ 90,000 - $ 94,999.......... 36 3,306,124 1.10
$ 95,000 - $ 99,999.......... 24 2,347,262 0.78
$100,000 or more............... 61 7,123,552 2.36
------- ------------ ------
Total..................... 7,003 $301,417,281 100.00%
======== ============ ======
</TABLE>
(1) The highest original Fixed Rate Asset amount was $180,943, which represents
0.06% of the aggregate principal balance of the Fixed Rate Assets at
origination. The average original principal amount of the Fixed Rate Assets
was approximately $43,104 as of the Cut-off Date.
13
<PAGE>
Fixed Rate Asset Rates (1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Fixed Rate Aggregate Scheduled Fixed Rate Asset Pool
Asset Rate Assets Principal Balance by SPB
---------- ------ ----------------- ------
6.000% - 6.999%............ 1,186 $ 67,482,855 22.39%
7.000% - 7.999%............ 224 12,921,805 4.29%
8.000% - 8.999%........... 1,150 57,852,650 19.19
9.000% - 9.999%.......... 758 35,941,309 11.92
10.000% - 10.999%.......... 435 22,322,578 7.41
11.000% - 11.999%.......... 355 14,019,690 4.65
12.000% - 12.999%.......... 1,749 54,309,955 18.02
13.000% - 13.999%.......... 1,145 36,544,595 12.12
14.000% - 14.999%.......... 1 21,844 0.01
----- ------------- ------
Total................. 7,003 $301,417,281 100.00%
====== ============ ======
</TABLE>
- ------------------
(1) The weighted average Fixed Rate Asset Rate was approximately 9.86% as of the
Cut-off Date. This table reflects the Fixed Rate Asset Rates of the Step-up
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Rates of the Step-up Rate Loans.
Remaining Terms to Maturity of Fixed Rate Assets (In Months) (1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Remaining Term Fixed Rate Aggregate Scheduled Fixed Rate Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
1 - 60 months........... 144 $ 1,296,192 0.43%
61 - 96 months........... 130 1,802,091 0.60
97 - 120 months........... 175 3,620,194 1.20
121 - 156 months........... 200 4,248,998 1.41
157 - 180 months........... 1,315 40,844,741 13.55
181 - 216 months........... 90 2,933,713 0.97
217 - 240 months........... 1,475 54,861,577 18.20
241 - 300 months........... 1,461 66,871,803 22.19
301 - 360 months........... 2,013 124,937,974 41.45
----- ------------- -------
Total.................... 7,003 $301,417,281 100.00%
====== ============ ======
</TABLE>
- -------------
(1) The weighted average remaining term to maturity of the Fixed Rate Assets was
approximately 289 months as of the Cut-off Date.
Original Terms to Maturity of Fixed Rate Assets (In Months) (1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Original Term Fixed Rate Aggregate Scheduled Fixed Rate Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
1 - 60 months........... 144 $ 1,296,192 0.43%
61 - 96 months........... 130 1,802,091 0.60
97 - 120 months........... 175 3,620,194 1.20
121 - 156 months........... 200 4,248,998 1.41
157 - 180 months........... 1,315 40,844,741 13.55
181 - 216 months........... 89 2,901,589 0.96
217 - 240 months........... 1,476 54,893,701 18.21
241 - 300 months........... 1,461 66,871,803 22.19
301 - 360 months........... 2,013 124,937,974 41.45
----- ------------- -------
Total.................... 7,003 $301,417,281 100.00%
====== ============ ======
</TABLE>
- ---------------
14
<PAGE>
(1) The weighted average original term to maturity of the Fixed Rate Assets was
approximately 290 months as of the Cut-off Date.
15
<PAGE>
Distribution of Original Loan-to-Value Ratios of Fixed Rate Assets(1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Fixed Rate Aggregate Scheduled Fixed Rate Asset Pool
Loan-to Value Ratio(2) Assets Principal Balance by SPB
- ---------------------- ------ ----------------- ------
50% or less................ 48 $ 1,485,641 0.49%
51% - 55%.................... 19 608,294 0.20
56% - 60%.................... 21 826,161 0.27
61% - 65%.................... 35 1,157,085 0.38
66% - 70%.................... 64 2,310,013 0.77
71% - 75%.................... 115 3,927,922 1.30
76% - 80%.................... 196 6,895,741 2.29
81% - 85%.................... 421 15,334,833 5.09
86% - 90%.................... 851 32,987,026 10.94
91% - 95%.................... 2,089 86,756,508 28.78
96% - 100%................... 3,144 149,128,056 49.48
----- ------------ -------
Total................... 7,003 $301,417,281 100.00%
===== ============ ======
</TABLE>
- ----------------
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 93.58% as of the Cut-off Date.
(2) Rounded to nearest 1%.
Adjustable Rate Assets:
- -----------------------
Geographical Distribution of Manufactured Homes(1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Adjustable Aggregate Adjustable Rate
Rate Scheduled Asset Pool
Geographic Location Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
Arizona.................... 1 80,282 1.05
California................. 1 94,490 1.24
Colorado................... 5 443,078 5.81
Delaware................... 1 71,406 0.94
Florida.................... 8 563,494 7.39
Georgia.................... 2 165,307 2.17
Idaho...................... 6 529,023 6.94
Kentucky................... 8 674,988 8.85
Louisiana.................. 1 69,983 0.92
Michigan................... 1 74,283 0.97
New Mexico................. 5 365,714 4.80
North Carolina............. 23 1,767,918 23.18
Oklahoma................... 1 91,695 1.20
Oregon..................... 2 166,108 2.18
South Carolina............. 3 241,611 3.17
Tennessee.................. 24 1,591,546 20.87
Texas...................... 1 51,432 0.67
Virginia................... 2 170,265 2.23
Washington................. 3 338,828 4.44
West Virginia.............. 1 74,475 0.98
--- ------------- --------
Total................... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
- ----------------
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
16
<PAGE>
Year of Origination of Adjustable Rate Assets (1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Adjustable Adjustable Rate
Rate Aggregate Scheduled Asset Pool
Year of Origination Assets Principal Balance by SPB
- ------------------- ------ ----------------- ------
1997..................... 23 $1,607,807 21.08%
1998..................... 76 6,018,121 78.92
-- ----------- -------
Total............... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
- -----------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 4 months as of the Cut-off Date.
Distribution of Adjustable Rate Assets Gross Margins(1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Adjustable Adjustable Rate
Rate Aggregate Scheduled Asset Pool
Gross Margins Assets Principal Balance by SPB
- ------------- ------ ----------------- ------
3.250% - 3.750%............ 43 $3,222,279 42.25%
4.500% - 4.750%........... 56 4,403,649 57.75
-- ----------- -------
Total............... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
- -----------------
(1) The weighted average gross margins of the Adjustable Rate Assets was
approximately 4.08% as of the Cut-off Date.
Distribution of Original Adjustable Rate Asset Amounts(1)
<TABLE>
<CAPTION>
<S> <C>
Percentage of
Number of Adjustable Rate
Original Adjustable Rate Asset Adjustable Rate Aggregate Scheduled Asset Pool
Amount Assets Principal Balance by SPB
- ------ ------ ----------------- ------
$ 40,000 - $ 44,999.......... 2 87,117 1.14
$ 45,000 - $ 49,999.......... 3 141,460 1.85
$ 50,000 - $ 54,999.......... 4 209,088 2.74
$ 55,000 - $ 59,999.......... 6 341,929 4.48
$ 60,000 - $ 64,999.......... 5 307,151 4.03
$ 65,000 - $ 69,999.......... 11 734,169 9.63
$ 70,000 - $ 74,999.......... 14 1,013,431 13.29
$ 75,000 - $ 79,999.......... 14 1,075,777 14.11
$ 80,000 - $ 84,999.......... 9 733,480 9.62
$ 85,000 - $ 89,999.......... 11 951,653 12.48
$ 90,000 - $ 94,999.......... 8 731,414 9.59
$ 95,000 - $ 99,999.......... 3 291,705 3.83
$100,000 or more............... 9 1,007,553 13.21
------ ------------ --------
Total..................... 99 $7,625,928 100.00%
==== =========== ======
</TABLE>
- -------------------
(1) The highest original Adjustable Rate Asset amount was $130,221.00, which
represents 1.70% of the aggregate principal balance of the Adjustable Assets
at origination. The average original principal amount of the Adjustable Rate
Assets was approximately $77,261.15 as of the Cut-off Date.
17
<PAGE>
Adjustable Rate Current Asset Rates (1)
<TABLE>
<CAPTION>
<S> <C>
Percentage of
Number of Adjustable Rate
Current Adjustable Rate Aggregate Scheduled Asset Pool
Asset Rate Assets Principal Balance by SPB
---------- ------ ----------------- ------
7.000% - 7.999%............ 43 $ 3,186,456 41.78%
8.000% - 8.999%........... 56 4,439,472 58.22
-- --------------- -------
Total................. 99 $ 7,625,928 100.00%
== ============== ======
</TABLE>
- ----------------
(1) The weighted average Adjustable Rate Asset Rate was approximately 8.00% as
of the Cut-off Date. This table reflects the Asset Rates of the Adjustable
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Asset Rates of the Adjustable Rate Loans.
Remaining Terms to Maturity of Adjustable Rate Assets (In Months) (1)
<TABLE>
<CAPTION>
<S> <C>
Percentage of
Number of Adjustable Rate
Remaining Term Adjustable Rate Aggregate Scheduled Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
217 - 240 months........... 1 79,333 1.04
241 - 300 months........... 5 285,882 3.75
301 - 360 months........... 93 7,260,713 95.21
-- ------------- -------
Total.................... 99 $7,625,928 100.00%
== ============ ======
</TABLE>
- ----------------------
(1) The weighted average remaining term to maturity of the Adjustable Assets was
approximately 353 months as of the Cut-off Date.
Original Terms to Maturity of Adjustable Rate Assets (In Months) (1)
<TABLE>
<CAPTION>
<S> <C>
Percentage of
Number of Adjustable Rate
Original Term Adjustable Rate Aggregate Scheduled Asset Pool
to Maturity Assets Principal Balance by SPB
----------- ------ ----------------- ------
217 - 240 months........... 1 79,333 1.04
241 - 300 months........... 5 285,882 3.75
301 - 360 months........... 93 7,260,713 95.21
-- --------- -------
Total.................... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
- ----------------
(1) The weighted average original term to maturity of the Adjustable Assets was
approximately 357 months as of the Cut-off Date.
18
<PAGE>
Distribution of Original Loan-to-Value Ratios of Adjustable Rate Assets(1)
<TABLE>
<CAPTION>
<S> <C>
Number of Percentage of
Adjustable Adjustable Rate
Rate Aggregate Scheduled Asset Pool
Loan-to Value Ratio(2) Assets Principal Balance by SPB
- ---------------------- ------ ----------------- ------
61% - 65%.................... 1 84,933 1.11
66% - 70%.................... 1 42,856 0.56
76% - 80%.................... 4 268,100 3.52
81% - 85%.................... 7 529,407 6.94
86% - 90%.................... 15 1,045,749 13.71
91% - 95%.................... 28 2,151,864 28.22
96% - 100%................... 43 3,503,019 45.94
-- ----------- -------
Total................... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
- --------------------
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 93.11% as of the Cut-off Date.
(2) Rounded to nearest 1%.
"Loan-to-Value Ratio" means, (a) with respect to each Contract, (i) as
to each Contract with respect to which a lien on land is required for
underwriting purposes, the ratio, expressed as a percentage, of the principal
amount of such Contract to the sum of the purchase price of the home (including
taxes, insurance and any land improvements), the tax value or appraised value of
the land and the amount of any prepaid finance charges or closing costs that are
financed; and (ii) as to each other Contract, the ratio, expressed as a
percentage, of the principal amount of such Contract to the purchase price of
the home (including taxes, insurance and any land improvements) and the amount
of any prepaid finance charges or closing costs that are financed; and (b) with
respect to each Mortgage Loan, the ratio, expressed as a percentage, of the
principal amount of such Mortgage Loan at the time of determination, to either
(i) the sum of the appraised value of the land and improvements, and the amount
of any prepaid finance charges or closing costs that are financed or (ii) the
sum of the purchase price of the home (including taxes, insurance and any land
improvements), the appraised value of the land and the amount of any prepaid
finance charges or closing costs that are financed:
Distribution of Next Contract Rate Change Date
<TABLE>
<CAPTION>
<S> <C>
Percentage of
Number of Adjustable Rate
Month of Next Adjustable Rate Aggregate Scheduled Asset Pool
Contract Rate Change Date Assets Principal Balance by SPB
------------------------- ------ ----------------- ------
September 1, 1998......... 1 $ 71,836 0.94%
October 1, 1998............ 4 272,255 3.57
November 1, 1998........... 1 55,305 0.73
December 1, 1998........... 6 429,563 5.63
January 1, 1999............ 11 778,849 10.21
February 1, 1999........... 5 388,869 5.10
March 1, 1999.............. 6 461,260 6.05
April 1, 1999.............. 8 639,549 8.39
May 1, 1999................ 12 926,761 12.15
June 1, 1999............... 21 1,719,256 22.54
July 1, 1999............... 19 1,467,850 19.25
August 1, 1999............. 5 414,575 5.44
--- ------- --------
Total.................... 99 $7,625,928 100.00%
== ========== ======
</TABLE>
19
