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) January 14, 1999.
Oakwood Mortgage Investors, Inc.
---------------------------------------
(Exact name of registrant as specified in charter)
North Carolina 333-58497 56-1886793
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27425-7081
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (336) 664-2400
===============================================================================
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On January 14, 1999, the Registrant expects to enter into an underwriting
agreement with Credit Suisse First Boston Corporation and NationsBanc Montgomery
Securities LLC (the "Underwriters"), pursuant to which the Underwriters will
agreed to purchase and offer for sale to the public, $351,290,125 aggregate
initial principal amount of the Registrant's Senior/Subordinated Pass-Through
Certificates, Series 1999-A, Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class M-1, Class M-2, Class B-1 and Class B-2 (the "Offered Securities").
The Offered Securities are registered for sale under the Registrant's effective
shelf Registration Statement on Form S-3 (333-58497), and are offered pursuant
to a Prospectus, dated January 14, 1999, and a related Prospectus Supplement,
dated January 14, 1999, 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
NationsBanc Montgomery Securities LLC
-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.
January 12, 1999 OAKWOOD MORTGAGE INVESTORS,
INC.
By: /s/ Douglas R. Muir
---------------------------------
Name: Douglas R. Muir
Title: Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Page
----
99.1 Copy of "Series Term Sheets", "Computational
Materials" and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston
Corporation and NationsBanc Montgomery
Securities LLC ...................................................
-4-
EXHIBIT 99.1
SUBJECT TO REVISION
SERIES TERM SHEET DATED JANUARY 12, 1999
$351,290,125
[LOGO APPEARS HERE] Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1999-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 1999-A. 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, NationsBanc Montgomery Securities LLC 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 HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION AND HAS BEEN DECLARED EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT
RELATING TO THE SECURITIES WILL BE FILED AFTER THE SECURITIES HAVE BEEN PRICED
AND ALL OF THE TERMS AND INFORMATION ARE FINALIZED. THIS COMMUNICATION IS NOT AN
OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE
OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD
BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF
ANY SUCH STATE. INTERESTED PERSONS ARE REFERRED TO THE FINAL PROSPECTUS AND
PROSPECTUS SUPPLEMENT TO WHICH THE SECURITIES RELATE. ANY INVESTMENT DECISION
SHOULD BE BASED ONLY UPON THE INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT AS OF THEIR PUBLICATION DATES.
Credit Suisse First Boston
NationsBanc Montgomery Securities LLC
<PAGE>
THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1999-A POOLING AND SERVICING AGREEMENT (INCLUDING THE JULY 1998 EDITION
TO THE STANDARD TERMS) TO BE DATED AS OF JANUARY 14, 1999, AMONG OAKWOOD
MORTGAGE INVESTORS, INC., AS DEPOSITOR, OAKWOOD ACCEPTANCE CORPORATION, AS
SERVICER, AND CHASE MANHATTAN TRUST COMPANY, NATIONAL
ASSOCIATION, AS TRUSTEE.
<TABLE>
<CAPTION>
The Offered Certificates............... Approximate
Initial
Certificate
Principal Pass-Through
Title of Class Balance(1) Rate
-------------- ------------ -------------
<S> <C> <C> <C>
Class A-1 Certificates... $ 50,200,000 . %(2)
Class A-2 Certificates... 44,300,000 . %(3)
Class A-3 Certificates... 22,800,000 . %(3)
Class A-4 Certificates... 53,193,000 . %(3)
Class A-5 Certificates... 100,000,000 . %(3)
Class M-1 Certificates... 22,834,000 . %(3)(4)
Class M-2 Certificates... 17,564,000 . %(3)(4)
Class B-1 Certificates... 15,808,000 . %(3)(4)
Class B-2 Certificates... 24,591,125 . %(3)(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) Based on One-Month LIBOR. 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) specified rate per annum, or (ii) the
Weighted Average Net Asset Rate for the related
Distribution Date.
Class Designations
CLASS A CERTIFICATES................. Class A-1, Class A-2 ,Class A-3, Class A-4 and Class
A-5 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, Class M and Class B Certificates.
OFFERED SUBORDINATED CERTIFICATES.... Class M and Class B Certificates.
Other Certificates..................... The Class X and Class R Certificates are not being offered
hereby. They are expected to be sold initially to related
entities of the Company, which may offer them in the future
in one or more privately negotiated transactions.
Denominations.......................... The Offered Certificates will be Book-Entry Certificates
only, in minimum denominations of $1,000 and integral
multiples of $1 in excess thereof.
Cut-off Date........................... January 1, 1999.
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 February 1999 (each, a "Distribution Date").
Record Date............................ With respect to each Distribution Date, the close of
business on the last business day of the month preceding
the month in which such Distribution Date occurs (each, a
"Record Date").
1
<PAGE>
Interest Accrual Period................ Class A-1 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
Certificates will be the period from the Closing Date
through February 14, 1999), and (ii) for all other Classes
of Offered Certificates, the calendar month preceding the
month in which the Distribution Date occurs (each, an
"Interest Accrual Period").
Distributions.......................... The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal
and interest due on the Assets during the related
Collection Period, to the extent such payments were
actually collected from the Obligors or advanced by the
Servicer and (b) unscheduled payments received with respect
to the Assets during the related Prepayment Period,
including Principal Prepayments, proceeds of repurchases,
Net Liquidation Proceeds and Net Insurance Proceeds, less
(2)(a) if Oakwood is not the Servicer, Servicing Fees for
the related Collection Period, (b) amounts required to
reimburse the Servicer for previously unreimbursed Advances
in accordance with the Agreement, (c) amounts required to
reimburse the Company or the Servicer for certain
reimbursable expenses in accordance with the Agreement and
(d) amounts required to reimburse any party for an
overpayment of a Repurchase Price for an Asset in
accordance with the Agreement. 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-1 Certificates is the subordination of the Class
M-2, Class B, Class X and Class R Certificates; for the
Class M-2 Certificates is the subordination of the Class B,
Class X and Class R certificates; for the Class B-1
Certificates is the subordination of the Class B-2, Class X
and Class R certificates; and for the Class B-2
Certificates is the subordination of the Class X and Class
R Certificates plus the Limited Guarantee of certain
collections of principal and interest on the Assets by
Oakwood Homes.
Subordination of the Offered
Subordinated 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 Certificateholders to receive
distributions of principal similarly will be subordinated
to such rights of the Class A and Class M
Certificateholders to receive distributions of principal
and interest. Interest and interest
2
<PAGE>
shortfalls on the Class B Certificates will not be
subordinated to principal payments on the Class A and Class
M Certificates.
3
<PAGE>
Cross-over Date..........................The later to occur of (a) the Distribution Date occurring
in August 2003 or (b) the first Distribution Date on which
the percentage equivalent of a fraction (which shall not be
greater than 1) the numerator of which is the Adjusted
Certificate Principal Balance of the Subordinated
Certificates for such Distribution Date and the denominator
of which is the Pool Scheduled Principal Balance on such
Distribution Date, equals or exceeds 1.75 times the
percentage equivalent of a fraction (which shall not be
greater than 1) the numerator of which is the initial
aggregate Adjusted Certificate Principal Balance of the
Subordinated Certificates and the denominator of which is
the Pool Scheduled Principal Balance on the Cut-off Date.
Performance Test.........................The Average 60-Day Delinquency 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.
Limited Guarantee........................The Class B-2 Certificateholders will have the benefit of a
limited guarantee provided by Oakwood Homes of certain
collections on the Assets. The Limited Guarantee will not
be available to support other Classes of Certificates.
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 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") will be allocated to the Class M and Class B
Certificates as a Writedown Amount in reduction of their
Certificate Principal Balances 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:
4
<PAGE>
(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") equal to the positive
difference, if any, between the P&I Advance Calculation
Amount for such Distribution Date and the amount of funds
available in the Certificate Account. The Servicer will
also be obligated to make Advances ("Servicing Advances"
and, together with P&I Advances, "Advances") in respect of
Liquidation Expenses and certain taxes and insurance
premiums not paid by an Obligor on a timely basis, to the
extent the Servicer deems such Servicing Advances
recoverable out of Liquidation Proceeds or from subsequent
collections. P&I Advances and Servicing Advances are
reimbursable to the Servicer under certain circumstances.
Final Scheduled Distribution Dates..... To the extent not previously paid prior to such dates, the
outstanding principal amount of each Class of Offered
Certificates will be payable on the April 2029 Distribution
Date (with respect to each Class of Certificates, the
"Final Scheduled Distribution Date"). The Final Scheduled
Distribution Date has been determined by adding three
months to the maturity date of the Asset with the latest
stated maturity.
Optional Termination................... The Servicer at its option and subject to the limitations
imposed by the Agreement, will have the option to purchase
from the Trust Estate all Assets then outstanding and all
other property in the Trust Estate on any Distribution Date
occurring on or after the Distribution Date on which the
sum of the Certificate Principal Balance of the
Certificates is less than 10% of the sum of the original
Certificate Principal Balance of the Certificates.
Auction Sale........................... If the Servicer does not exercise its optional termination
right within 90 days after it first becomes eligible to do
so, the Trustee shall solicit bids for the purchase of all
Assets then outstanding and all other property in the Trust
Estate. In the event that satisfactory bids are received,
the sale proceeds will be distributed to
Certificateholders.
The Assets............................. The Trust will consist of (1) fixed and adjustable
manufactured housing installment sales contracts
(collectively, the "Contracts") secured by security
interests in manufactured homes, as defined herein (the
"Manufactured Homes"), and with respect to certain of the
Contracts ("Land Secured Contracts"), secured by liens on
the real estate on
5
<PAGE>
which the related Manufactured Homes are located, and (2)
mortgage loans secured by first liens on the real estate to
which the related Manufactured Homes are deemed permanently
affixed (the "Mortgage Loans," and together with the
Contracts, the "Assets"). The Asset Pool consists of
approximately 7,708 Assets having an aggregate Scheduled
Principal Balance as of the Cut-off Date of
$351,290,125.16.
FIXED RATE ASSETS
-----------------
As of the Cut-off Date, 7,660 Assets, aggregating
$346,896,547.59 are secured by fixed rate Assets ("Fixed
Rate Assets"). Approximately 20.99% of the Fixed Rate
Assets are Mortgage Loans and approximately 23.65% of the
Fixed Rate Assets are Land Secured Mortgage Loans or Land
Secured Contracts. Based on Cut-off Date Pool Scheduled
Principal Balance, approximately 87.39% of the Fixed Rate
Assets are secured by Manufactured Homes which were new,
approximately 2.15% of the Fixed Rate Assets are secured by
Manufactured Homes which were used, approximately 9.27% of
the Fixed Rate Assets are secured by Manufactured Homes
which were repossessed and approximately 1.19% 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 39 states, and approximately 17.41% and 14.89%
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 6.25% and not more than 14.50%.
The weighted averaged APR of the Fixed Rate Assets as of
the Cut-off Date is approximately 9.61%. The Fixed Rate
Assets have remaining terms to maturity as of the Cut-off
Date of at least 9 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 302 months, and a weighted
average remaining term to stated maturity of approximately
299 months. The Fixed Rate Assets have Loan-to-Value Ratio
as of the Cut-off Date of at least 19.67% but not more than
109.77%. As of the Cut-off Date, the Fixed Rate Assets had
a weighted average Loan-to-Value Ratio of approximately
92.04%. The final scheduled payment date on the Fixed Rate
Asset with the latest maturity occurs in January 2029.
ADJUSTABLE RATE ASSETS
----------------------
As of the Cut-off Date, 48 Assets aggregating
$4,393,577.57, 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 14 states, and approximately 16.24%,
15.42% and 14.66% of the Adjustable Assets were secured by
Mortgaged Properties
6
<PAGE>
located in North Carolina, Washington and Kentucky,
respectively (based on the mailing addresses of the
Obligors on the Assets as of the Cut-off Date). Each
Adjustable Rate Asset bears interest at an annual
percentage rate (an "APR") of at least 7.00% and not more
than 9.25%. The weighted averaged APR of the Adjustable
Rate Assets as of the Cut-off Date is approximately 8.08%.
The Adjustable Rate Assets have remaining terms to maturity
as of the Cut-off Date of at least 348 months but not more
than 360 months and original terms to stated maturity of
360 months. As of the Cut-off Date, the Adjustable Rate
Assets had a weighted average original term to stated
maturity of 360 months, and a weighted average remaining
term to stated maturity of approximately 357 months. The
Adjustable Rate Assets have Loan-to-Value Ratio as of the
Cut-off Date of at least 52.94% but not more than 100.99%.
As of the Cut-off Date, the Adjustable Rate Assets had a
weighted average Loan-to-Value Ratio of approximately
92.34%. All Adjustable Rate Assets adjust annually based on
the monthly average yield on United States treasury
securities adjusted to a constant maturity of one year. All
Adjustable Rate Assets have annual caps of 2%. The weighted
average lifetime cap of the Adjustable Rate Assets as of
the Cut-off Date is approximately 14%. The Adjustable Rate
Assets have gross margins as of the Cut-off Date of at
least 3.25% but not more than 4.75%. The weighted average
gross margin of the Adjustable Rate Assets as of the
Cut-off Date is approximately 4.23%. The final scheduled
payment date on the Adjustable Rate Asset with the latest
maturity occurs in January 2029.
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, 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
7
<PAGE>
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 A PLAN INVESTOR,
UNLESS SUCH PLAN INVESTOR PROVIDES THE SELLER AND THE
TRUSTEE WITH A BENEFIT PLAN OPINION, OR 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 CLASS EXEMPTION 95-60
WILL APPLY TO EXEMPT THE PURCHASE, HOLDING AND RESALE OF
SUCH CERTIFICATE FROM THE PROHITED TRANSACTION RULES OF ERISA AND THE CODE.
Legal Investment Considerations........ The Class A and Class M-1 Certificates are expected to
constitute "mortgage related securities" for purposes of
the Secondary Mortgage Market Enhancement Act of 1984
("SMMEA").
THE CLASS M-2 AND CLASS B 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 they be rated as follow:
MOODY'S FITCH
------- -----
Class A.......................... Aaa AAA
Class M-1........................ Aa3 AA
Class M-2........................ A2 A-
Class B-1........................ Baa2 BBB
Class B-2........................ Baa3 BBB-
A security rating is not a recommendation to buy, sell or
hold securities and may be object to revision of withdrawal
at any time by the assigning rating organization.
</TABLE>
8
<PAGE>
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30,
----------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
---------- ---------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets
Oakwood Originated .. 28,938 39,273 51,566 67,120 89,411 111,351
Acquired Portfolios . 1,591 5,773 4,872 4,177 3,602 2,818
Aggregate Outstanding
Principal Balance of
Serviced Assets
Oakwood Originated .. $ 507,394 $ 757,640 $ 1,130,378 $ 1,687,406 $ 2,499,794 $ 3,536,657
Acquired Portfolios . $ 30,498 $ 85,227 $ 70,853 $ 57,837 $ 47,027 $ 35,882
Average Outstanding
Principal Balance per
Serviced Asset
Oakwood Originated .. $ 17.5 $ 19.3 $ 21.9 $ 25.1 $ 28.0 $ 31.8
Acquired Portfolios . $ 19.2 $ 14.8 $ 14.5 $ 13.8 $ 13.1 $ 12.7
Weighted Average Interest
Rate of Serviced Assets
Oakwood Originated .. 12.8% 12.2% 12.0% 11.5% 11.0% 10.8%
Acquired Portfolios . 9.4% 11.0% 11.3% 11.2% 11.1% 11.0%
</TABLE>
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30,
---------------------------------------------------
1993 1994 1995 1996 1997 1998
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated............ 28,938 39,273 51,566 67,120 89,411 111,351
Acquired Portfolios........... 1,591 5,773 4,872 4,177 3,602 2,818
Number of Delinquent Assets (2)...
Oakwood Originated:...........
30-59 Days................... 244 350 601 835 1,171 2,345
60-89 Days................... 51 97 185 308 476 906
90 Days or More.............. 150 198 267 492 716 1,222
Total Number of Assets 445 645 1,053 1,635 2,363 4,473
Delinquent
Acquired Portfolios...........
30-59 Days................... 37 127 63 66 90 75
60-89 Days................... 26 49 17 23 23 31
90 Days or More.............. 16 98 76 62 75 57
Total Number of Assets 79 274 156 151 188 163
Delinquent
Total Delinquencies as a Percentage
of Serviced Assets (3)........
Oakwood Originated............ 1.5% 1.6% 2.0% 2.4% 2.6% 4.0%
Acquired Portfolios........... 5.0% 4.7% 3.2% 3.6% 5.2% 5.8%
</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.
9
<PAGE>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT OR FOR THE FISCAL YEAR ENDED
SEPTEMBER 30,
--------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced ... 30,529 45,046 56,438 71,297 93,013 114,169
Assets (1)
Average Number of Serviced
Assets During Period ... 25,990 37,788 50,742 63,868 82,155 103,591
Number of Serviced
Assets Repossessed ..... 902 1,241 1,718 2,746 3,885 5,411
Serviced Assets Repossessed
as a Percentage of Total
Serviced Assets (2) .... 2.95% 2.75% 3.04% 3.85% 4.18% 4.74%
Serviced Assets Repossessed
as a Percentage of
Average Number of ...... 3.47% 3.28% 3.39% 4.30% 4.73% 5.22%
Serviced Assets
Average Outstanding
Principal Balance of
Assets (3)
Oakwood Originated ..... $ 531,199 $ 701,875 $ 976,905 $1,409,467 $2,065,033 $2,978,235
Acquired Portfolios .... $ 15,249 $ 30,432 $ 30,235 $ 27,351 $ 22,943 $ 19,179
Net Losses from Asset
Liquidation(4):
Total Dollars (3)
Oakwood Originated ... $ 3,328 $ 4,630 $ 7,303 $ 14,248 $ 26,872 $ 45,189
Acquired Portfolios .. $ 0 $ 203 $ 473 $ 592 $ 528 $ 220
As a Percentage of
Average Outstanding
Principal Balance of
Assets (3) (5)
Oakwood Originated ... 0.63% 0.66% 0.75% 1.01% 1.30% 1.52%
Acquired Portfolios .. 0.00% 0.67% 1.56% 2.16% 2.30% 1.15%
</TABLE>
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced
by Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual
period for the amount of accrued and unpaid interest include in the
calculation of the net loss varies depending upon the period in which the
loss was charged and whether the asset was owned by an entity other than
Oakwood Acceptance Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
The data presented in the foregoing tables are for illustrative purposes
only and there is no assurance that the delinquency, loan loss or repossession
experience of the Assets will be similar to that set forth above. The
delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
10
<PAGE>
Whenever reference is made herein to a percentage of the Assets (or to a
percentage of the Scheduled Principal Balance of the Assets), the percentage is
calculated based on the Scheduled Principal Balances ("SPB") of the Assets as of
the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
FIXED RATE ASSETS:
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
NUMBER OF AGGREGATE PERCENTAGE OF
FIXED RATE SCHEDULED FIXED RATE ASSET
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE POOL BY SPB
- ------------------- ------ ----------------- -----------
Alabama............... 345 $ 13,948,116 4.02%
Arizona............... 336 19,893,649 5.73
Arkansas.............. 151 5,814,485 1.68
California............ 99 5,907,934 1.70
Colorado.............. 75 4,605,962 1.33
Delaware.............. 48 1,786,174 0.51
Florida............... 246 11,575,689 3.34
Georgia............... 356 15,590,085 4.49
Idaho................. 68 4,655,967 1.34
Illinois.............. 12 507,569 0.15
Indiana............... 11 379,371 0.11
Kansas................ 48 2,091,362 0.60
Kentucky.............. 144 6,123,267 1.77
Louisiana............. 369 15,538,783 4.48
Maine................. 1 38,045 0.01
Maryland.............. 22 853,798 0.25
Michigan.............. 5 252,999 0.07
Minnesota............. 2 85,287 0.02
Mississippi........... 334 12,855,065 3.71
Missouri.............. 139 5,323,641 1.53
Montana............... 3 99,120 0.03
Nevada................ 31 1,405,330 0.41
New Jersey............ 5 276,887 0.08
New Mexico............ 210 10,311,075 2.97
New York.............. 3 120,913 0.03
North Carolina........ 1,231 51,653,576 14.89
Ohio.................. 78 2,713,199 0.78
Oklahoma.............. 94 3,925,235 1.13
Oregon................ 130 10,168,751 2.93
Pennsylvania.......... 3 139,346 0.04
South Carolina........ 554 23,561,487 6.79
Tennessee............. 386 15,992,050 4.61
Texas................. 1,426 60,385,117 17.41
Utah.................. 46 3,109,090 0.90
Virginia.............. 332 14,626,192 4.22
Washington............ 169 15,160,077 4.37
West Virginia......... 114 3,928,623 1.13
Wisconsin............. 14 491,365 0.14
Wyoming............... 20 1,001,866 0.29
----- ------------- ------
Total............... 7,660 $346,896,548 100.00%
===== ============ ======
- ---------------
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset
as of the Cut-off Date.
11
<PAGE>
YEAR OF ORIGINATION OF FIXED RATE ASSETS (1)
NUMBER OF AGGREGATE PERCENTAGE OF
FIXED RATE SCHEDULED FIXED RATE ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1996............... 13 $ 524,158 0.15%
1997............... 218 10,009,206 2.89
1998............... 7,429 336,363,183 96.96
----- ------------- ------
Total......... 7,660 $346,896,548 100.00%
===== ============= ======
- ------------
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 3
months as of the Cut-off Date.
DISTRIBUTION OF ORIGINAL FIXED RATE ASSET AMOUNTS(1)
NUMBER OF AGGREGATE PERCENTAGE OF
ORIGINAL FIXED RATE ASSET FIXED RATE SCHEDULED FIXED RATE ASSET
AMOUNT ASSETS PRINCIPAL BALANCE POOL BY SPB
- ------ ------ ----------------- -----------
$ 4,999 or less......... 17 $ 63,710 0.02%
$ 5,000 - $ 9,999.... 117 894,554 0.26
$ 10,000 - $ 14,999..... 245 3,041,039 0.88
$ 15,000 - $ 19,999..... 299 5,206,180 1.50
$ 20,000 - $ 24,999..... 527 11,897,989 3.43
$ 25,000 - $ 29,999..... 824 22,596,218 6.51
$ 30,000 - $ 34,999..... 913 29,580,922 8.53
$ 35,000 - $ 39,999..... 819 30,389,621 8.76
$ 40,000 - $ 44,999..... 555 23,420,338 6.75
$ 45,000 - $ 49,999..... 530 25,053,873 7.22
$ 50,000 - $ 54,999..... 529 27,721,668 7.99
$ 55,000 - $ 59,999..... 522 29,871,013 8.61
$ 60,000 - $ 64,999..... 453 28,178,557 8.12
$ 65,000 - $ 69,999..... 371 24,912,785 7.18
$ 70,000 - $ 74,999..... 222 16,021,481 4.62
$ 75,000 - $ 79,999..... 175 13,512,336 3.90
$ 80,000 - $ 84,999..... 117 9,620,238 2.77
$ 85,000 - $ 89,999..... 84 7,333,706 2.11
$ 90,000 - $ 94,999..... 78 7,186,344 2.07
$ 95,000 - $ 99,999..... 65 6,326,741 1.82
$100,000 or more.......... 198 24,067,235 6.94
----- ------------ ------
Total................ 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The highest original Fixed Rate Asset amount was $243,118, which represents
approximately 0.07% of the aggregate principal balance of the Fixed Rate
Assets at origination. The average original principal amount of the Fixed
Rate Assets was approximately $45,473 as of the Cut-off Date.
12
<PAGE>
FIXED RATE ASSET RATES (1)
AGGREGATE PERCENTAGE OF
NUMBER OF SCHEDULED FIXED RATE ASSET
FIXED RATE PRINCIPAL POOL
ASSET RATE ASSETS BALANCE BY SPB
- ---------- ------ ------- ------
6.000% - 6.999%..... 678 $ 40,859,741 11.78%
7.000% - 7.999%..... 654 43,288,526 12.48
8.000% - 8.999%..... 1,367 77,012,976 22.20
9.000% - 9.999%..... 1,178 57,993,294 16.72
10.000% - 10.999%..... 789 35,852,646 10.34
11.000% - 11.999%..... 1,298 40,225,640 11.60
12.000% - 12.999%..... 1,310 39,456,774 11.37
13.000% - 13.999%..... 383 12,170,258 3.51
14.000% - 14.999%..... 3 36,691 0.01
----- ------------ ------
Total............ 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The weighted average Fixed Rate Asset Rate was approximately 9.61% as of
the Cut-off Date. This table reflects the Fixed Rate Asset Rates of the
Step-up Rate Loans as of the Cut-off Date and does not reflect any
subsequent increases in the Rates of the Step-up Rate Loans.
REMAINING TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF AGGREGATE PERCENTAGE OF
FIXED RATE SCHEDULED FIXED RATE ASSET
REMAINING TERM ASSSETS PRINCIPAL POOL
TO MATURITY ASSETS BALANCE BY SPB
- ----------- ------ ------- ------
1 - 60 months...... 144 $ 1,258,695 0.36%
61 - 96 months...... 172 2,441,127 0.70
97 - 120 months...... 234 4,331,814 1.25
121 - 156 months...... 293 6,203,390 1.79
157 - 180 months...... 998 31,003,602 8.94
181 - 216 months...... 87 2,717,456 0.78
217 - 240 months...... 1,622 59,075,883 17.03
241 - 300 months...... 1,295 56,667,365 16.34
301 - 360 months...... 2,815 183,197,216 52.81
----- ------------ ------
Total............... 7,660 $346,896,548 100.00%
===== ============ ======
- -------------
(1) The weighted average remaining term to maturity of the Fixed Rate Assets
was approximately 299 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
AGGREGATE PERCENTAGE OF
NUMBER OF SCHEDULED FIXED RATE ASSET
ORIGINAL TERM FIXED RATE PRINCIPAL POOL
TO MATURITY ASSETS BALANCE BY SPB
- ----------- ------ ------- ------
1 - 60 months...... 144 $ 1,258,695 0.36%
61 - 96 months...... 169 2,388,237 0.69
97 - 120 months...... 234 4,334,974 1.25
121 - 156 months...... 295 6,234,639 1.80
157 - 180 months...... 999 31,022,084 8.94
181 - 216 months...... 84 2,621,370 0.76
217 - 240 months...... 1,625 59,171,969 17.06
241 - 300 months...... 1,295 56,667,365 16.34
301 - 360 months...... 2,815 183,197,216 52.81
----- ------------- -------
Total............... 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The weighted average original term to maturity of the Fixed Rate Assets was
approximately 302 months as of the Cut-off Date.
13
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF FIXED RATE ASSETS(1)
AGGREGATE PERCENTAGE OF
NUMBER OF SCHEDULED FIXED RATE ASSET
FIXED RATE PRINCIPAL POOL
LOAN-TO VALUE RATIO(2) ASSETS BALANCE BY SPB
- ---------------------- ------ ------- ------
50% or less........... 62 $ 1,494,737 0.43%
51% - 55%............... 38 1,508,617 0.43
56% - 60%............... 38 1,434,284 0.41
61% - 65%............... 69 2,294,411 0.66
66% - 70%............... 90 3,779,180 1.09
71% - 75%............... 163 6,838,609 1.97
76% - 80%............... 299 11,894,560 3.43
81% - 85%............... 704 26,964,666 7.77
86% - 90%............... 1,445 56,917,268 16.41
91% - 95%............... 2,157 98,827,563 28.49
96% - 100%.............. 2,586 134,064,476 38.65
101% - 110%............. 9 878,176 0.25
----- ------------ ------
Total.............. 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 92.04% 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:
ADJUSTABLE RATE ASSETS:
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
Arizona............... 3 $ 213,715 4.86%
California............ 1 92,872 2.11
Colorado.............. 4 458,345 10.43
Florida............... 1 69,776 1.59
Georgia............... 2 171,431 3.90
Idaho................. 3 302,375 6.88
Kentucky.............. 8 644,023 14.66
New Mexico............ 1 105,156 2.39
North Carolina........ 8 713,573 16.24
Oregon................ 1 95,383 2.17
South Carolina........ 1 62,816 1.43
Tennessee............. 7 561,104 12.77
Virginia.............. 3 225,453 5.13
Washington............ 5 677,556 15.42
-- ----------- ------
Total............... 48 $ 4,393,578 100.00%
-- =========== ======
- ---------------
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
14
<PAGE>
15
<PAGE>
YEAR OF ORIGINATION OF ADJUSTABLE RATE ASSETS (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1997............... 1 $ 62,403 1.42%
1998............... 47 4,331,174 98.58
-- --------- -------
Total......... 48 $4,393,578 100.00%
== ========== ======
- ----------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 3 months as of the Cut-off Date.
DISTRIBUTION OF ADJUSTABLE RATE ASSETS GROSS MARGINS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
GROSS MARGINS ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ------ ----------------- ------
3.250% - 3.500%....... 11 $1,118,850 25.47%
4.500% - 4.750%....... 37 3,274,728 74.53
-- ---------- -------
Total......... 48 $4,393,578 100.00%
== ========== ======
- ---------------
(1) The weighted average gross margin of the Adjustable Rate Assets was
approximately 4.23% as of the Cut-off Date.
DISTRIBUTION OF ORIGINAL ADJUSTABLE RATE ASSET AMOUNTS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
ORIGINAL ADJUSTABLE RATE RATE SCHEDULED ASSET POOL
ASSET AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------------ ------ ----------------- ------
$ 45,000 - $ 49,999..... 1 $ 45,192 1.03%
$ 55,000 - $ 59,999..... 1 58,205 1.32
$ 60,000 - $ 64,999..... 3 189,414 4.31
$ 65,000 - $ 69,999..... 3 203,018 4.62
$ 70,000 - $ 74,999..... 4 290,318 6.61
$ 75,000 - $ 79,999..... 6 463,768 10.56
$ 80,000 - $ 84,999..... 6 493,929 11.24
$ 85,000 - $ 89,999..... 4 352,845 8.03
$ 90,000 - $ 94,999..... 3 275,832 6.28
$ 95,000 - $ 99,999..... 3 290,362 6.61
$100,000 or more.......... 14 1,730,694 39.39
---- ---------- ------
Total................ 48 $4,393,578 100.00%
==== ========== ======
- --------------
(1) The highest original Adjustable Rate Asset amount was $162,111, which
represents approximately 3.68% of the aggregate principal balance of the
Adjustable Assets at origination. The average original principal amount of
the Adjustable Rate Assets was approximately $91,722 as of the Cut-off
Date.
16
<PAGE>
ADJUSTABLE RATE CURRENT ASSET RATES (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
CURRENT RATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- ------ ----------------- ------
7.000% - 7.999%....... 13 $ 1,238,847 28.20%
8.000% - 8.999%....... 34 3,092,327 70.38
9.000% - 9.999%....... 1 62,403 1.42
-- -------------- ------
Total............ 48 $ 4,393,578 100.00%
== ============== ======
- ----------------
(1) The weighted average Adjustable Rate Asset Rate was approximately 8.08% as
of the Cut-off Date. This table reflects the Asset Rates of the Adjustable
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Asset Rates of the Adjustable Rate Loans.
REMAINING TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
REMAINING TERM RATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
348 - 360 months...... 48 $4,393,578 100.00%
-- ---------- ------
Total............... 48 $4,393,578 100.00%
== ========== ======
- --------------
(1) The weighted average remaining term to maturity of the Adjustable Assets
was approximately 357 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
ORIGINAL TERM RATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
360 months............ 48 $4,393,578 100.00%
-- ---------- ------
Total............... 48 $4,393,578 100.00%
== ========== ======
- ----------------
(1) The original term to maturity of each Adjustable Asset was 360 months as of
the Cut-off Date.
17
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ADJUSTABLE RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
51% - 55%............... 2 $ 245,193 5.58%
66% - 70%............... 1 45,192 1.03
71% - 75%............... 1 149,886 3.41
76% - 80%............... 2 138,998 3.16
81% - 85%............... 1 100,191 2.28
86% - 90%............... 2 256,830 5.85
91% - 95%............... 11 923,345 21.02
96% - 100%.............. 27 2,453,291 55.84
101% - 105%............. 1 80,650 1.84
-- ---------- ------
Total.............. 48 $4,393,578 100.00%
== ========== ======
- -----------------
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 92.34% 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 OF ADJUSTABLE RATE ASSETS
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
NEXT CONTRACT RATE RATE SCHEDULED ASSET POOL
CHANGE DATE ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
April 1, 1999......... 1 $ 62,816 1.43%
April 15, 1999........ 2 173,091 3.94
May 1, 1999........... 1 92,872 2.11
June 1, 1999.......... 2 164,604 3.75
August 1, 1999........ 1 74,805 1.70
August 15, 1999....... 1 90,148 2.05
October 1, 1999....... 2 230,103 5.24
November 1, 1999...... 29 2,797,492 63.67
December 1, 1999...... 6 466,528 10.62
January 1, 2000....... 3 241,119 5.49
--- ---------- ------
Total............... 48 $4,393,578 100.00%
== ========== ======
18
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
------------------------------------------------------------------------------
TO CALL:
A1 SENIOR FLO 50,200,000 FLOAT(3) 1.10 N/A 100-00 2/99 3/01 1.03
A2 SENIOR 44,300,000 5.9700 3.10 5.972 99-31 3/01 3/03 2.74
A3 SENIOR 22,800,000 6.0950 5.10 6.121 99-31+ 3/03 5/05 4.25
A4 SENIOR 53,193,000 6.7150 10.92 6.781 99-30+ 5/05 10/13 7.37
A5 SENIOR 100,000,000 6.3500 5.22 6.380 99-31 2/99 10/13 3.92
M1 AA MEZZ 22,834,000 7.1300 9.61 7.199 99-31 8/03 10/13 6.53
M2 A SUB 17,564,000 7.8650 9.61 7.949 99-31+ 8/03 10/13 6.30
B1 BBB SUB 15,808,000 8.8400 9.41 8.920 99-31+ 8/03 10/13 5.97
B2 BBB- SUB 24,591,125 7.9500 9.74 9.950 88-27 8/03 10/13 5.98
----------------------------
TO MATURITY:
A4 SENIOR 53,193,000 6.7150 11.75 6.782 99-30+ 5/05 4/21 7.63
A5 SENIOR 100,000,000 6.3500 5.48 6.381 99-31 2/99 4/21 4.01
M1 AA MEZZ 22,834,000 7.1300 10.04 7.200 99-31 8/03 7/17 6.66
M2 A SUB 17,564,000 7.8650 9.83 7.949 99-31+ 8/03 12/15 6.36
B1 BBB SUB 15,808,000 8.8400 9.42 8.920 99-31+ 8/03 2/14 5.97
B2 BBB- SUB 24,591,125 7.9500 12.66 9.811 88-27 8/03 10/28 6.38
------------------------------------------------------------------------------
Note:
(1) Data assumes a prepayment speed of 200% MHP.
(2) Coupon and price are assumed for computational materials.
(3) A1 coupon based on 1 month LIBOR.
THE B-1 TRANCHE PAYS AT THE WEIGHTED AVERAGE NET ASSET RATE FOR SOME PAYMENTS
USING THE ASSUMED COUPONS. THE CHANGES ARE NOTED IN BOLD AND ITALICS.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
A1 SENIOR FLOATER
Price: 100-00 Coupon: FLOATER Original Par: 50,200,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 6.26 1.85 1.37 1.10 0.92 0.79
Duration: 5.00 1.69 1.28 1.03 0.87 0.75
First Prin Pay: 2/99 2/99 2/99 2/99 2/99 2/99
Last Prin Pay: 12/09 8/02 9/01 3/01 10/00 8/00
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-31 Coupon: 5.9700 Original Par: 44,300,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.02 6.00 5.99 5.97 5.96 5.94
Average Life: 13.65 5.32 3.92 3.10 2.57 2.20
Duration: 9.06 4.41 3.39 2.74 2.31 2.00
First Prin Pay: 12/09 8/02 9/01 3/01 10/00 8/00
Last Prin Pay: 6/15 3/06 5/04 3/03 7/02 12/01
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-31+ Coupon: 6.0950 Original Par: 22,800,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.15 6.14 6.13 6.12 6.11 6.10
Average Life: 18.36 8.92 6.65 5.10 3.97 3.37
Duration: 10.74 6.67 5.31 4.25 3.43 2.96
First Prin Pay: 6/15 3/06 5/04 3/03 7/02 12/01
Last Prin Pay: 6/19 12/09 4/07 5/05 8/03 11/02
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-30+ Coupon: 6.7150 Original Par: 53,193,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.79 6.79 6.78 6.78 6.78 6.77
Average Life: 24.72 16.83 13.54 10.92 8.65 6.87
Duration: 11.69 9.65 8.48 7.37 6.23 5.21
First Prin Pay: 6/19 12/09 4/07 5/05 8/03 11/02
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 6.79 6.79 6.79 6.78 6.78 6.77
Average Life: 24.97 17.57 14.40 11.75 9.33 7.41
Duration: 11.72 9.80 8.70 7.63 6.47 5.44
First Prin Pay: 6/19 12/09 4/07 5/05 8/03 11/02
Last Prin Pay: 3/28 3/26 12/23 4/21 6/18 1/16
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-31 Coupon: 6.3500 Original Par: 100,000,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.41 6.40 6.39 6.38 6.37 6.36
Average Life: 15.56 8.37 6.54 5.22 4.17 3.40
Duration: 8.90 5.61 4.66 3.92 3.29 2.78
First Prin Pay: 2/99 2/99 2/99 2/99 2/99 2/99
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 6.41 6.40 6.39 6.38 6.37 6.36
Average Life: 15.64 8.60 6.80 5.48 4.38 3.57
Duration: 8.92 5.66 4.74 4.01 3.37 2.86
First Prin Pay: 2/99 2/99 2/99 2/99 2/99 2/99
Last Prin Pay: 3/28 3/26 12/23 4/21 6/18 1/16
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
M1 AA MEZZ
Price: 99-31 Coupon: 7.1300 Original Par: 22,834,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.21 7.21 7.20 7.20 7.20 7.19
Average Life: 22.85 14.51 11.55 9.61 8.64 7.86
Duration: 10.85 8.49 7.36 6.53 6.10 5.73
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 7.21 7.21 7.20 7.20 7.20 7.20
Average Life: 22.97 14.87 11.94 10.04 9.13 8.45
Duration: 10.87 8.56 7.46 6.66 6.28 5.97
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 6/27 7/23 6/20 7/17 7/15 11/13
-----------------------------------------------------------------------------
M2 A SUB
Price: 99-31+ Coupon: 7.8650 Original Par: 17,564,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.97 7.96 7.95 7.95 7.95 7.94
Average Life: 22.85 14.51 11.55 9.61 8.64 7.86
Duration: 10.18 8.09 7.06 6.30 5.90 5.56
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 7.97 7.96 7.95 7.95 7.95 7.94
Average Life: 22.91 14.68 11.72 9.83 8.94 8.29
Duration: 10.19 8.12 7.10 6.36 6.01 5.73
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 12/26 4/22 9/18 12/15 1/14 8/12
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-31+ Coupon: 8.8400 Original Par: 15,808,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 8.94 8.94 8.93 8.92 8.91 8.91
Average Life: 22.72 14.23 11.28 9.41 8.55 7.84
Duration: 9.39 7.58 6.65 5.97 5.64 5.35
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 8.94 8.94 8.93 8.92 8.92 8.91
Average Life: 22.72 14.23 11.28 9.42 8.59 7.98
Duration: 9.39 7.58 6.65 5.97 5.65 5.40
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 6/20 11/16 2/14 6/12 3/11
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 88-27 Coupon: 7.9500 Original Par: 24,591,125
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 9.26 9.55 9.75 9.95 10.07 10.20
Average Life: 22.93 14.70 11.72 9.74 8.69 7.87
Duration: 9.40 7.60 6.67 5.98 5.62 5.31
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 9.25 9.51 9.67 9.81 9.89 9.96
Average Life: 23.56 16.69 14.34 12.66 11.57 10.60
Duration: 9.44 7.78 6.96 6.38 6.12 5.89
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 10/28 10/28 10/28 10/28 10/28 10/28
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
- ---------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 94 74 64 54 45 35
January 15, 2001 88 45 24 4 0 0
January 15, 2002 81 16 0 0 0 0
January 15, 2003 74 0 0 0 0 0
January 15, 2004 65 0 0 0 0 0
January 15, 2005 56 0 0 0 0 0
January 15, 2006 46 0 0 0 0 0
January 15, 2007 34 0 0 0 0 0
January 15, 2008 24 0 0 0 0 0
January 15, 2009 12 0 0 0 0 0
January 15, 2010 0 0 0 0 0 0
January 15, 2011 0 0 0 0 0 0
January 15, 2012 0 0 0 0 0 0
January 15, 2013 0 0 0 0 0 0
January 15, 2014 0 0 0 0 0 0
January 15, 2015 0 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 6.3 1.8 1.4 1.1 0.9 0.8
- ---------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 83 61
January 15, 2002 100 100 84 52 22 0
January 15, 2003 100 87 45 6 0 0
January 15, 2004 100 58 9 0 0 0
January 15, 2005 100 30 0 0 0 0
January 15, 2006 100 3 0 0 0 0
January 15, 2007 100 0 0 0 0 0
January 15, 2008 100 0 0 0 0 0
January 15, 2009 100 0 0 0 0 0
January 15, 2010 98 0 0 0 0 0
January 15, 2011 81 0 0 0 0 0
January 15, 2012 62 0 0 0 0 0
January 15, 2013 41 0 0 0 0 0
January 15, 2014 24 0 0 0 0 0
January 15, 2015 7 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 13.7 5.3 3.9 3.1 2.6 2.2
--------------------------------------------------------------------------------------------
</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.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 89
January 15, 2003 100 100 100 100 44 0
January 15, 2004 100 100 100 50 0 0
January 15, 2005 100 100 71 11 0 0
January 15, 2006 100 100 36 0 0 0
January 15, 2007 100 73 5 0 0 0
January 15, 2008 100 46 0 0 0 0
January 15, 2009 100 21 0 0 0 0
January 15, 2010 100 0 0 0 0 0
January 15, 2011 100 0 0 0 0 0
January 15, 2012 100 0 0 0 0 0
January 15, 2013 100 0 0 0 0 0
January 15, 2014 100 0 0 0 0 0
January 15, 2015 100 0 0 0 0 0
January 15, 2016 85 0 0 0 0 0
January 15, 2017 60 0 0 0 0 0
January 15, 2018 32 0 0 0 0 0
January 15, 2019 7 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 18.4 8.9 6.7 5.1 4.0 3.4
--------------------------------------------------------------------------------------------
</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.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 93
January 15, 2004 100 100 100 100 92 65
January 15, 2005 100 100 100 100 76 52
January 15, 2006 100 100 100 90 63 42
January 15, 2007 100 100 100 77 52 33
January 15, 2008 100 100 90 65 43 27
January 15, 2009 100 100 79 56 35 21
January 15, 2010 100 99 70 47 29 17
January 15, 2011 100 89 61 40 23 13
January 15, 2012 100 79 52 33 19 10
January 15, 2013 100 70 45 27 15 8
January 15, 2014 100 62 39 23 12 6
January 15, 2015 100 55 33 19 10 3
January 15, 2016 100 48 28 16 7 0
January 15, 2017 100 42 24 13 4 0
January 15, 2018 100 36 19 9 1 0
January 15, 2019 100 30 16 6 0 0
January 15, 2020 94 26 13 3 0 0
January 15, 2021 84 22 10 0 0 0
January 15, 2022 73 18 6 0 0 0
January 15, 2023 61 14 3 0 0 0
January 15, 2024 49 9 0 0 0 0
January 15, 2025 38 5 0 0 0 0
January 15, 2026 27 0 0 0 0 0
January 15, 2027 15 0 0 0 0 0
January 15, 2028 2 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 25.0 17.6 14.4 11.8 9.3 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.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 98 92 90 87 84 81
January 15, 2001 96 84 78 72 66 60
January 15, 2002 94 75 66 58 50 43
January 15, 2003 92 67 56 46 37 29
January 15, 2004 90 60 47 38 29 20
January 15, 2005 87 52 41 33 24 16
January 15, 2006 84 45 36 28 20 13
January 15, 2007 81 41 32 24 16 10
January 15, 2008 77 37 28 20 13 8
January 15, 2009 74 34 25 17 11 7
January 15, 2010 70 31 22 15 9 5
January 15, 2011 66 28 19 12 7 4
January 15, 2012 61 25 16 10 6 3
January 15, 2013 55 22 14 9 5 2
January 15, 2014 51 19 12 7 4 2
January 15, 2015 46 17 10 6 3 1
January 15, 2016 43 15 9 5 2 0
January 15, 2017 39 13 7 4 1 0
January 15, 2018 36 11 6 3 0 0
January 15, 2019 32 9 5 2 0 0
January 15, 2020 29 8 4 1 0 0
January 15, 2021 26 7 3 0 0 0
January 15, 2022 23 6 2 0 0 0
January 15, 2023 19 4 1 0 0 0
January 15, 2024 15 3 0 0 0 0
January 15, 2025 12 1 0 0 0 0
January 15, 2026 8 0 0 0 0 0
January 15, 2027 5 0 0 0 0 0
January 15, 2028 1 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 15.6 8.6 6.8 5.5 4.4 3.6
--------------------------------------------------------------------------------------------
</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.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 23
January 15, 2011 100 62 43 30 23 18
January 15, 2012 100 56 37 25 19 14
January 15, 2013 100 49 32 21 15 7
January 15, 2014 100 44 27 17 12 0
January 15, 2015 100 39 23 14 4 0
January 15, 2016 96 34 20 11 0 0
January 15, 2017 89 30 17 3 0 0
January 15, 2018 80 25 14 0 0 0
January 15, 2019 73 21 9 0 0 0
January 15, 2020 66 18 3 0 0 0
January 15, 2021 59 15 0 0 0 0
January 15, 2022 52 13 0 0 0 0
January 15, 2023 43 4 0 0 0 0
January 15, 2024 34 0 0 0 0 0
January 15, 2025 27 0 0 0 0 0
January 15, 2026 19 0 0 0 0 0
January 15, 2027 8 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 23.0 14.9 11.9 10.0 9.1 8.4
--------------------------------------------------------------------------------------------
</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.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 23
January 15, 2011 100 62 43 30 23 18
January 15, 2012 100 56 37 25 19 6
January 15, 2013 100 49 32 21 10 0
January 15, 2014 100 44 27 17 0 0
January 15, 2015 100 39 23 8 0 0
January 15, 2016 96 34 20 0 0 0
January 15, 2017 89 30 15 0 0 0
January 15, 2018 80 25 6 0 0 0
January 15, 2019 73 21 0 0 0 0
January 15, 2020 66 18 0 0 0 0
January 15, 2021 59 11 0 0 0 0
January 15, 2022 52 2 0 0 0 0
January 15, 2023 43 0 0 0 0 0
January 15, 2024 34 0 0 0 0 0
January 15, 2025 27 0 0 0 0 0
January 15, 2026 19 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 22.9 14.7 11.7 9.8 8.9 8.3
--------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 14
January 15, 2011 100 62 43 30 15 1
January 15, 2012 100 56 37 20 4 0
January 15, 2013 100 49 32 9 0 0
January 15, 2014 100 44 25 0 0 0
January 15, 2015 100 39 15 0 0 0
January 15, 2016 96 34 7 0 0 0
January 15, 2017 89 30 0 0 0 0
January 15, 2018 80 20 0 0 0 0
January 15, 2019 73 10 0 0 0 0
January 15, 2020 66 3 0 0 0 0
January 15, 2021 59 0 0 0 0 0
January 15, 2022 52 0 0 0 0 0
January 15, 2023 43 0 0 0 0 0
January 15, 2024 34 0 0 0 0 0
January 15, 2025 24 0 0 0 0 0
January 15, 2026 4 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 22.7 14.2 11.3 9.4 8.6 8.0
--------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 29
January 15, 2011 100 62 43 30 29 29
January 15, 2012 100 56 37 29 29 29
January 15, 2013 100 49 32 29 29 29
January 15, 2014 100 44 29 29 29 29
January 15, 2015 100 39 29 29 29 29
January 15, 2016 96 34 29 29 29 29
January 15, 2017 89 30 29 29 29 22
January 15, 2018 80 29 29 29 29 16
January 15, 2019 73 29 29 29 24 12
January 15, 2020 66 29 29 29 19 9
January 15, 2021 59 29 29 29 14 7
January 15, 2022 52 29 29 23 11 5
January 15, 2023 43 29 29 17 7 3
January 15, 2024 34 29 27 12 5 2
January 15, 2025 29 29 19 8 3 1
January 15, 2026 29 29 13 5 2 1
January 15, 2027 29 16 6 3 1 0
January 15, 2028 29 6 2 1 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 23.6 16.7 14.3 12.7 11.6 10.6
--------------------------------------------------------------------------------------------
</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.
[LOGO APPEARS HERE]
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED JANUARY 12, 1999
$351,290,125
[LOGO APPEARS HERE] Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1999-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 1999-A. 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, NationsBanc Montgomery Securities LLC 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 HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION AND HAS BEEN DECLARED EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT
RELATING TO THE SECURITIES WILL BE FILED AFTER THE SECURITIES HAVE BEEN PRICED
AND ALL OF THE TERMS AND INFORMATION ARE FINALIZED. THIS COMMUNICATION IS NOT AN
OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE
OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD
BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF
ANY SUCH STATE. INTERESTED PERSONS ARE REFERRED TO THE FINAL PROSPECTUS AND
PROSPECTUS SUPPLEMENT TO WHICH THE SECURITIES RELATE. ANY INVESTMENT DECISION
SHOULD BE BASED ONLY UPON THE INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT AS OF THEIR PUBLICATION DATES.
Credit Suisse First Boston
NationsBanc Montgomery Securities LLC
<PAGE>
THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1999-A POOLING AND SERVICING AGREEMENT (INCLUDING THE JULY 1998 EDITION
TO THE STANDARD TERMS) TO BE DATED AS OF JANUARY 14, 1999, AMONG OAKWOOD
MORTGAGE INVESTORS, INC., AS DEPOSITOR, OAKWOOD ACCEPTANCE CORPORATION, AS
SERVICER, AND CHASE MANHATTAN TRUST COMPANY, NATIONAL
ASSOCIATION, AS TRUSTEE.
<TABLE>
<CAPTION>
The Offered Certificates............... Approximate
Initial
Certificate
Principal Pass-Through
Title of Class Balance(1) Rate
-------------- ------------ -------------
<S> <C> <C> <C>
Class A-1 Certificates... $ 50,200,000 . %(2)
Class A-2 Certificates... 44,300,000 . %(3)
Class A-3 Certificates... 22,800,000 . %(3)
Class A-4 Certificates... 53,193,000 . %(3)
Class A-5 Certificates... 100,000,000 . %(3)
Class M-1 Certificates... 22,834,000 . %(3)(4)
Class M-2 Certificates... 17,564,000 . %(3)(4)
Class B-1 Certificates... 15,808,000 . %(3)(4)
Class B-2 Certificates... 24,591,125 . %(3)(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) Based on One-Month LIBOR. 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) specified rate per annum, or (ii) the
Weighted Average Net Asset Rate for the related
Distribution Date.
Class Designations
CLASS A CERTIFICATES................. Class A-1, Class A-2 ,Class A-3, Class A-4 and Class
A-5 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, Class M and Class B Certificates.
OFFERED SUBORDINATED CERTIFICATES.... Class M and Class B Certificates.
Other Certificates..................... The Class X and Class R Certificates are not being offered
hereby. They are expected to be sold initially to related
entities of the Company, which may offer them in the future
in one or more privately negotiated transactions.
Denominations.......................... The Offered Certificates will be Book-Entry Certificates
only, in minimum denominations of $1,000 and integral
multiples of $1 in excess thereof.
Cut-off Date........................... January 1, 1999.
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 February 1999 (each, a "Distribution Date").
Record Date............................ With respect to each Distribution Date, the close of
business on the last business day of the month preceding
the month in which such Distribution Date occurs (each, a
"Record Date").
1
<PAGE>
Interest Accrual Period................ Class A-1 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
Certificates will be the period from the Closing Date
through February 14, 1999), and (ii) for all other Classes
of Offered Certificates, the calendar month preceding the
month in which the Distribution Date occurs (each, an
"Interest Accrual Period").
Distributions.......................... The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal
and interest due on the Assets during the related
Collection Period, to the extent such payments were
actually collected from the Obligors or advanced by the
Servicer and (b) unscheduled payments received with respect
to the Assets during the related Prepayment Period,
including Principal Prepayments, proceeds of repurchases,
Net Liquidation Proceeds and Net Insurance Proceeds, less
(2)(a) if Oakwood is not the Servicer, Servicing Fees for
the related Collection Period, (b) amounts required to
reimburse the Servicer for previously unreimbursed Advances
in accordance with the Agreement, (c) amounts required to
reimburse the Company or the Servicer for certain
reimbursable expenses in accordance with the Agreement and
(d) amounts required to reimburse any party for an
overpayment of a Repurchase Price for an Asset in
accordance with the Agreement. 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-1 Certificates is the subordination of the Class
M-2, Class B, Class X and Class R Certificates; for the
Class M-2 Certificates is the subordination of the Class B,
Class X and Class R certificates; for the Class B-1
Certificates is the subordination of the Class B-2, Class X
and Class R certificates; and for the Class B-2
Certificates is the subordination of the Class X and Class
R Certificates plus the Limited Guarantee of certain
collections of principal and interest on the Assets by
Oakwood Homes.
Subordination of the Offered
Subordinated 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 Certificateholders to receive
distributions of principal similarly will be subordinated
to such rights of the Class A and Class M
Certificateholders to receive distributions of principal
and interest. Interest and interest
2
<PAGE>
shortfalls on the Class B Certificates will not be
subordinated to principal payments on the Class A and Class
M Certificates.
3
<PAGE>
Cross-over Date..........................The later to occur of (a) the Distribution Date occurring
in August 2003 or (b) the first Distribution Date on which
the percentage equivalent of a fraction (which shall not be
greater than 1) the numerator of which is the Adjusted
Certificate Principal Balance of the Subordinated
Certificates for such Distribution Date and the denominator
of which is the Pool Scheduled Principal Balance on such
Distribution Date, equals or exceeds 1.75 times the
percentage equivalent of a fraction (which shall not be
greater than 1) the numerator of which is the initial
aggregate Adjusted Certificate Principal Balance of the
Subordinated Certificates and the denominator of which is
the Pool Scheduled Principal Balance on the Cut-off Date.
Performance Test.........................The Average 60-Day Delinquency 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.
Limited Guarantee........................The Class B-2 Certificateholders will have the benefit of a
limited guarantee provided by Oakwood Homes of certain
collections on the Assets. The Limited Guarantee will not
be available to support other Classes of Certificates.
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 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") will be allocated to the Class M and Class B
Certificates as a Writedown Amount in reduction of their
Certificate Principal Balances 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:
4
<PAGE>
(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") equal to the positive
difference, if any, between the P&I Advance Calculation
Amount for such Distribution Date and the amount of funds
available in the Certificate Account. The Servicer will
also be obligated to make Advances ("Servicing Advances"
and, together with P&I Advances, "Advances") in respect of
Liquidation Expenses and certain taxes and insurance
premiums not paid by an Obligor on a timely basis, to the
extent the Servicer deems such Servicing Advances
recoverable out of Liquidation Proceeds or from subsequent
collections. P&I Advances and Servicing Advances are
reimbursable to the Servicer under certain circumstances.
Final Scheduled Distribution Dates..... To the extent not previously paid prior to such dates, the
outstanding principal amount of each Class of Offered
Certificates will be payable on the April 2029 Distribution
Date (with respect to each Class of Certificates, the
"Final Scheduled Distribution Date"). The Final Scheduled
Distribution Date has been determined by adding three
months to the maturity date of the Asset with the latest
stated maturity.
Optional Termination................... The Servicer at its option and subject to the limitations
imposed by the Agreement, will have the option to purchase
from the Trust Estate all Assets then outstanding and all
other property in the Trust Estate on any Distribution Date
occurring on or after the Distribution Date on which the
sum of the Certificate Principal Balance of the
Certificates is less than 10% of the sum of the original
Certificate Principal Balance of the Certificates.
Auction Sale........................... If the Servicer does not exercise its optional termination
right within 90 days after it first becomes eligible to do
so, the Trustee shall solicit bids for the purchase of all
Assets then outstanding and all other property in the Trust
Estate. In the event that satisfactory bids are received,
the sale proceeds will be distributed to
Certificateholders.
The Assets............................. The Trust will consist of (1) fixed and adjustable
manufactured housing installment sales contracts
(collectively, the "Contracts") secured by security
interests in manufactured homes, as defined herein (the
"Manufactured Homes"), and with respect to certain of the
Contracts ("Land Secured Contracts"), secured by liens on
the real estate on
5
<PAGE>
which the related Manufactured Homes are located, and (2)
mortgage loans secured by first liens on the real estate to
which the related Manufactured Homes are deemed permanently
affixed (the "Mortgage Loans," and together with the
Contracts, the "Assets"). The Asset Pool consists of
approximately 7,708 Assets having an aggregate Scheduled
Principal Balance as of the Cut-off Date of
$351,290,125.16.
FIXED RATE ASSETS
-----------------
As of the Cut-off Date, 7,660 Assets, aggregating
$346,896,547.59 are secured by fixed rate Assets ("Fixed
Rate Assets"). Approximately 20.99% of the Fixed Rate
Assets are Mortgage Loans and approximately 23.65% of the
Fixed Rate Assets are Land Secured Mortgage Loans or Land
Secured Contracts. Based on Cut-off Date Pool Scheduled
Principal Balance, approximately 87.39% of the Fixed Rate
Assets are secured by Manufactured Homes which were new,
approximately 2.15% of the Fixed Rate Assets are secured by
Manufactured Homes which were used, approximately 9.27% of
the Fixed Rate Assets are secured by Manufactured Homes
which were repossessed and approximately 1.19% 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 39 states, and approximately 17.41% and 14.89%
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 6.25% and not more than 14.50%.
The weighted averaged APR of the Fixed Rate Assets as of
the Cut-off Date is approximately 9.61%. The Fixed Rate
Assets have remaining terms to maturity as of the Cut-off
Date of at least 9 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 302 months, and a weighted
average remaining term to stated maturity of approximately
299 months. The Fixed Rate Assets have Loan-to-Value Ratio
as of the Cut-off Date of at least 19.67% but not more than
109.77%. As of the Cut-off Date, the Fixed Rate Assets had
a weighted average Loan-to-Value Ratio of approximately
92.04%. The final scheduled payment date on the Fixed Rate
Asset with the latest maturity occurs in January 2029.
ADJUSTABLE RATE ASSETS
----------------------
As of the Cut-off Date, 48 Assets aggregating
$4,393,577.57, 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 14 states, and approximately 16.24%,
15.42% and 14.66% of the Adjustable Assets were secured by
Mortgaged Properties
6
<PAGE>
located in North Carolina, Washington and Kentucky,
respectively (based on the mailing addresses of the
Obligors on the Assets as of the Cut-off Date). Each
Adjustable Rate Asset bears interest at an annual
percentage rate (an "APR") of at least 7.00% and not more
than 9.25%. The weighted averaged APR of the Adjustable
Rate Assets as of the Cut-off Date is approximately 8.08%.
The Adjustable Rate Assets have remaining terms to maturity
as of the Cut-off Date of at least 348 months but not more
than 360 months and original terms to stated maturity of
360 months. As of the Cut-off Date, the Adjustable Rate
Assets had a weighted average original term to stated
maturity of 360 months, and a weighted average remaining
term to stated maturity of approximately 357 months. The
Adjustable Rate Assets have Loan-to-Value Ratio as of the
Cut-off Date of at least 52.94% but not more than 100.99%.
As of the Cut-off Date, the Adjustable Rate Assets had a
weighted average Loan-to-Value Ratio of approximately
92.34%. All Adjustable Rate Assets adjust annually based on
the monthly average yield on United States treasury
securities adjusted to a constant maturity of one year. All
Adjustable Rate Assets have annual caps of 2%. The weighted
average lifetime cap of the Adjustable Rate Assets as of
the Cut-off Date is approximately 14%. The Adjustable Rate
Assets have gross margins as of the Cut-off Date of at
least 3.25% but not more than 4.75%. The weighted average
gross margin of the Adjustable Rate Assets as of the
Cut-off Date is approximately 4.23%. The final scheduled
payment date on the Adjustable Rate Asset with the latest
maturity occurs in January 2029.
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, 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
7
<PAGE>
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 A PLAN INVESTOR,
UNLESS SUCH PLAN INVESTOR PROVIDES THE SELLER AND THE
TRUSTEE WITH A BENEFIT PLAN OPINION, OR 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 CLASS EXEMPTION 95-60
WILL APPLY TO EXEMPT THE PURCHASE, HOLDING AND RESALE OF
SUCH CERTIFICATE FROM THE PROHITED TRANSACTION RULES OF ERISA AND THE CODE.
Legal Investment Considerations........ The Class A and Class M-1 Certificates are expected to
constitute "mortgage related securities" for purposes of
the Secondary Mortgage Market Enhancement Act of 1984
("SMMEA").
THE CLASS M-2 AND CLASS B 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 they be rated as follow:
MOODY'S FITCH
------- -----
Class A.......................... Aaa AAA
Class M-1........................ Aa3 AA
Class M-2........................ A2 A-
Class B-1........................ Baa2 BBB
Class B-2........................ Baa3 BBB-
A security rating is not a recommendation to buy, sell or
hold securities and may be object to revision of withdrawal
at any time by the assigning rating organization.
</TABLE>
8
<PAGE>
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30,
----------------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
---------- ---------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets
Oakwood Originated .. 28,938 39,273 51,566 67,120 89,411 111,351
Acquired Portfolios . 1,591 5,773 4,872 4,177 3,602 2,818
Aggregate Outstanding
Principal Balance of
Serviced Assets
Oakwood Originated .. $ 507,394 $ 757,640 $ 1,130,378 $ 1,687,406 $ 2,499,794 $ 3,536,657
Acquired Portfolios . $ 30,498 $ 85,227 $ 70,853 $ 57,837 $ 47,027 $ 35,882
Average Outstanding
Principal Balance per
Serviced Asset
Oakwood Originated .. $ 17.5 $ 19.3 $ 21.9 $ 25.1 $ 28.0 $ 31.8
Acquired Portfolios . $ 19.2 $ 14.8 $ 14.5 $ 13.8 $ 13.1 $ 12.7
Weighted Average Interest
Rate of Serviced Assets
Oakwood Originated .. 12.8% 12.2% 12.0% 11.5% 11.0% 10.8%
Acquired Portfolios . 9.4% 11.0% 11.3% 11.2% 11.1% 11.0%
</TABLE>
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30,
---------------------------------------------------
1993 1994 1995 1996 1997 1998
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated............ 28,938 39,273 51,566 67,120 89,411 111,351
Acquired Portfolios........... 1,591 5,773 4,872 4,177 3,602 2,818
Number of Delinquent Assets (2)...
Oakwood Originated:...........
30-59 Days................... 244 350 601 835 1,171 2,345
60-89 Days................... 51 97 185 308 476 906
90 Days or More.............. 150 198 267 492 716 1,222
Total Number of Assets 445 645 1,053 1,635 2,363 4,473
Delinquent
Acquired Portfolios...........
30-59 Days................... 37 127 63 66 90 75
60-89 Days................... 26 49 17 23 23 31
90 Days or More.............. 16 98 76 62 75 57
Total Number of Assets 79 274 156 151 188 163
Delinquent
Total Delinquencies as a Percentage
of Serviced Assets (3)........
Oakwood Originated............ 1.5% 1.6% 2.0% 2.4% 2.6% 4.0%
Acquired Portfolios........... 5.0% 4.7% 3.2% 3.6% 5.2% 5.8%
</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.
9
<PAGE>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT OR FOR THE FISCAL YEAR ENDED
SEPTEMBER 30,
--------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Total Number of Serviced ... 30,529 45,046 56,438 71,297 93,013 114,169
Assets (1)
Average Number of Serviced
Assets During Period ... 25,990 37,788 50,742 63,868 82,155 103,591
Number of Serviced
Assets Repossessed ..... 902 1,241 1,718 2,746 3,885 5,411
Serviced Assets Repossessed
as a Percentage of Total
Serviced Assets (2) .... 2.95% 2.75% 3.04% 3.85% 4.18% 4.74%
Serviced Assets Repossessed
as a Percentage of
Average Number of ...... 3.47% 3.28% 3.39% 4.30% 4.73% 5.22%
Serviced Assets
Average Outstanding
Principal Balance of
Assets (3)
Oakwood Originated ..... $ 531,199 $ 701,875 $ 976,905 $1,409,467 $2,065,033 $2,978,235
Acquired Portfolios .... $ 15,249 $ 30,432 $ 30,235 $ 27,351 $ 22,943 $ 19,179
Net Losses from Asset
Liquidation(4):
Total Dollars (3)
Oakwood Originated ... $ 3,328 $ 4,630 $ 7,303 $ 14,248 $ 26,872 $ 45,189
Acquired Portfolios .. $ 0 $ 203 $ 473 $ 592 $ 528 $ 220
As a Percentage of
Average Outstanding
Principal Balance of
Assets (3) (5)
Oakwood Originated ... 0.63% 0.66% 0.75% 1.01% 1.30% 1.52%
Acquired Portfolios .. 0.00% 0.67% 1.56% 2.16% 2.30% 1.15%
</TABLE>
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced
by Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual
period for the amount of accrued and unpaid interest include in the
calculation of the net loss varies depending upon the period in which the
loss was charged and whether the asset was owned by an entity other than
Oakwood Acceptance Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
The data presented in the foregoing tables are for illustrative purposes
only and there is no assurance that the delinquency, loan loss or repossession
experience of the Assets will be similar to that set forth above. The
delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
10
<PAGE>
Whenever reference is made herein to a percentage of the Assets (or to a
percentage of the Scheduled Principal Balance of the Assets), the percentage is
calculated based on the Scheduled Principal Balances ("SPB") of the Assets as of
the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
FIXED RATE ASSETS:
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
NUMBER OF AGGREGATE PERCENTAGE OF
FIXED RATE SCHEDULED FIXED RATE ASSET
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE POOL BY SPB
- ------------------- ------ ----------------- -----------
Alabama............... 345 $ 13,948,116 4.02%
Arizona............... 336 19,893,649 5.73
Arkansas.............. 151 5,814,485 1.68
California............ 99 5,907,934 1.70
Colorado.............. 75 4,605,962 1.33
Delaware.............. 48 1,786,174 0.51
Florida............... 246 11,575,689 3.34
Georgia............... 356 15,590,085 4.49
Idaho................. 68 4,655,967 1.34
Illinois.............. 12 507,569 0.15
Indiana............... 11 379,371 0.11
Kansas................ 48 2,091,362 0.60
Kentucky.............. 144 6,123,267 1.77
Louisiana............. 369 15,538,783 4.48
Maine................. 1 38,045 0.01
Maryland.............. 22 853,798 0.25
Michigan.............. 5 252,999 0.07
Minnesota............. 2 85,287 0.02
Mississippi........... 334 12,855,065 3.71
Missouri.............. 139 5,323,641 1.53
Montana............... 3 99,120 0.03
Nevada................ 31 1,405,330 0.41
New Jersey............ 5 276,887 0.08
New Mexico............ 210 10,311,075 2.97
New York.............. 3 120,913 0.03
North Carolina........ 1,231 51,653,576 14.89
Ohio.................. 78 2,713,199 0.78
Oklahoma.............. 94 3,925,235 1.13
Oregon................ 130 10,168,751 2.93
Pennsylvania.......... 3 139,346 0.04
South Carolina........ 554 23,561,487 6.79
Tennessee............. 386 15,992,050 4.61
Texas................. 1,426 60,385,117 17.41
Utah.................. 46 3,109,090 0.90
Virginia.............. 332 14,626,192 4.22
Washington............ 169 15,160,077 4.37
West Virginia......... 114 3,928,623 1.13
Wisconsin............. 14 491,365 0.14
Wyoming............... 20 1,001,866 0.29
----- ------------- ------
Total............... 7,660 $346,896,548 100.00%
===== ============ ======
- ---------------
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset
as of the Cut-off Date.
11
<PAGE>
YEAR OF ORIGINATION OF FIXED RATE ASSETS (1)
NUMBER OF AGGREGATE PERCENTAGE OF
FIXED RATE SCHEDULED FIXED RATE ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1996............... 13 $ 524,158 0.15%
1997............... 218 10,009,206 2.89
1998............... 7,429 336,363,183 96.96
----- ------------- ------
Total......... 7,660 $346,896,548 100.00%
===== ============= ======
- ------------
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 3
months as of the Cut-off Date.
DISTRIBUTION OF ORIGINAL FIXED RATE ASSET AMOUNTS(1)
NUMBER OF AGGREGATE PERCENTAGE OF
ORIGINAL FIXED RATE ASSET FIXED RATE SCHEDULED FIXED RATE ASSET
AMOUNT ASSETS PRINCIPAL BALANCE POOL BY SPB
- ------ ------ ----------------- -----------
$ 4,999 or less......... 17 $ 63,710 0.02%
$ 5,000 - $ 9,999.... 117 894,554 0.26
$ 10,000 - $ 14,999..... 245 3,041,039 0.88
$ 15,000 - $ 19,999..... 299 5,206,180 1.50
$ 20,000 - $ 24,999..... 527 11,897,989 3.43
$ 25,000 - $ 29,999..... 824 22,596,218 6.51
$ 30,000 - $ 34,999..... 913 29,580,922 8.53
$ 35,000 - $ 39,999..... 819 30,389,621 8.76
$ 40,000 - $ 44,999..... 555 23,420,338 6.75
$ 45,000 - $ 49,999..... 530 25,053,873 7.22
$ 50,000 - $ 54,999..... 529 27,721,668 7.99
$ 55,000 - $ 59,999..... 522 29,871,013 8.61
$ 60,000 - $ 64,999..... 453 28,178,557 8.12
$ 65,000 - $ 69,999..... 371 24,912,785 7.18
$ 70,000 - $ 74,999..... 222 16,021,481 4.62
$ 75,000 - $ 79,999..... 175 13,512,336 3.90
$ 80,000 - $ 84,999..... 117 9,620,238 2.77
$ 85,000 - $ 89,999..... 84 7,333,706 2.11
$ 90,000 - $ 94,999..... 78 7,186,344 2.07
$ 95,000 - $ 99,999..... 65 6,326,741 1.82
$100,000 or more.......... 198 24,067,235 6.94
----- ------------ ------
Total................ 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The highest original Fixed Rate Asset amount was $243,118, which represents
approximately 0.07% of the aggregate principal balance of the Fixed Rate
Assets at origination. The average original principal amount of the Fixed
Rate Assets was approximately $45,473 as of the Cut-off Date.
12
<PAGE>
FIXED RATE ASSET RATES (1)
AGGREGATE PERCENTAGE OF
NUMBER OF SCHEDULED FIXED RATE ASSET
FIXED RATE PRINCIPAL POOL
ASSET RATE ASSETS BALANCE BY SPB
- ---------- ------ ------- ------
6.000% - 6.999%..... 678 $ 40,859,741 11.78%
7.000% - 7.999%..... 654 43,288,526 12.48
8.000% - 8.999%..... 1,367 77,012,976 22.20
9.000% - 9.999%..... 1,178 57,993,294 16.72
10.000% - 10.999%..... 789 35,852,646 10.34
11.000% - 11.999%..... 1,298 40,225,640 11.60
12.000% - 12.999%..... 1,310 39,456,774 11.37
13.000% - 13.999%..... 383 12,170,258 3.51
14.000% - 14.999%..... 3 36,691 0.01
----- ------------ ------
Total............ 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The weighted average Fixed Rate Asset Rate was approximately 9.61% as of
the Cut-off Date. This table reflects the Fixed Rate Asset Rates of the
Step-up Rate Loans as of the Cut-off Date and does not reflect any
subsequent increases in the Rates of the Step-up Rate Loans.
REMAINING TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF AGGREGATE PERCENTAGE OF
FIXED RATE SCHEDULED FIXED RATE ASSET
REMAINING TERM ASSSETS PRINCIPAL POOL
TO MATURITY ASSETS BALANCE BY SPB
- ----------- ------ ------- ------
1 - 60 months...... 144 $ 1,258,695 0.36%
61 - 96 months...... 172 2,441,127 0.70
97 - 120 months...... 234 4,331,814 1.25
121 - 156 months...... 293 6,203,390 1.79
157 - 180 months...... 998 31,003,602 8.94
181 - 216 months...... 87 2,717,456 0.78
217 - 240 months...... 1,622 59,075,883 17.03
241 - 300 months...... 1,295 56,667,365 16.34
301 - 360 months...... 2,815 183,197,216 52.81
----- ------------ ------
Total............... 7,660 $346,896,548 100.00%
===== ============ ======
- -------------
(1) The weighted average remaining term to maturity of the Fixed Rate Assets
was approximately 299 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
AGGREGATE PERCENTAGE OF
NUMBER OF SCHEDULED FIXED RATE ASSET
ORIGINAL TERM FIXED RATE PRINCIPAL POOL
TO MATURITY ASSETS BALANCE BY SPB
- ----------- ------ ------- ------
1 - 60 months...... 144 $ 1,258,695 0.36%
61 - 96 months...... 169 2,388,237 0.69
97 - 120 months...... 234 4,334,974 1.25
121 - 156 months...... 295 6,234,639 1.80
157 - 180 months...... 999 31,022,084 8.94
181 - 216 months...... 84 2,621,370 0.76
217 - 240 months...... 1,625 59,171,969 17.06
241 - 300 months...... 1,295 56,667,365 16.34
301 - 360 months...... 2,815 183,197,216 52.81
----- ------------- -------
Total............... 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The weighted average original term to maturity of the Fixed Rate Assets was
approximately 302 months as of the Cut-off Date.
13
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF FIXED RATE ASSETS(1)
AGGREGATE PERCENTAGE OF
NUMBER OF SCHEDULED FIXED RATE ASSET
FIXED RATE PRINCIPAL POOL
LOAN-TO VALUE RATIO(2) ASSETS BALANCE BY SPB
- ---------------------- ------ ------- ------
50% or less........... 62 $ 1,494,737 0.43%
51% - 55%............... 38 1,508,617 0.43
56% - 60%............... 38 1,434,284 0.41
61% - 65%............... 69 2,294,411 0.66
66% - 70%............... 90 3,779,180 1.09
71% - 75%............... 163 6,838,609 1.97
76% - 80%............... 299 11,894,560 3.43
81% - 85%............... 704 26,964,666 7.77
86% - 90%............... 1,445 56,917,268 16.41
91% - 95%............... 2,157 98,827,563 28.49
96% - 100%.............. 2,586 134,064,476 38.65
101% - 110%............. 9 878,176 0.25
----- ------------ ------
Total.............. 7,660 $346,896,548 100.00%
===== ============ ======
- --------------
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 92.04% 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:
ADJUSTABLE RATE ASSETS:
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
Arizona............... 3 $ 213,715 4.86%
California............ 1 92,872 2.11
Colorado.............. 4 458,345 10.43
Florida............... 1 69,776 1.59
Georgia............... 2 171,431 3.90
Idaho................. 3 302,375 6.88
Kentucky.............. 8 644,023 14.66
New Mexico............ 1 105,156 2.39
North Carolina........ 8 713,573 16.24
Oregon................ 1 95,383 2.17
South Carolina........ 1 62,816 1.43
Tennessee............. 7 561,104 12.77
Virginia.............. 3 225,453 5.13
Washington............ 5 677,556 15.42
-- ----------- ------
Total............... 48 $ 4,393,578 100.00%
-- =========== ======
- ---------------
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
14
<PAGE>
15
<PAGE>
YEAR OF ORIGINATION OF ADJUSTABLE RATE ASSETS (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1997............... 1 $ 62,403 1.42%
1998............... 47 4,331,174 98.58
-- --------- -------
Total......... 48 $4,393,578 100.00%
== ========== ======
- ----------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 3 months as of the Cut-off Date.
DISTRIBUTION OF ADJUSTABLE RATE ASSETS GROSS MARGINS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
GROSS MARGINS ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ------ ----------------- ------
3.250% - 3.500%....... 11 $1,118,850 25.47%
4.500% - 4.750%....... 37 3,274,728 74.53
-- ---------- -------
Total......... 48 $4,393,578 100.00%
== ========== ======
- ---------------
(1) The weighted average gross margin of the Adjustable Rate Assets was
approximately 4.23% as of the Cut-off Date.
DISTRIBUTION OF ORIGINAL ADJUSTABLE RATE ASSET AMOUNTS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
ORIGINAL ADJUSTABLE RATE RATE SCHEDULED ASSET POOL
ASSET AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------------ ------ ----------------- ------
$ 45,000 - $ 49,999..... 1 $ 45,192 1.03%
$ 55,000 - $ 59,999..... 1 58,205 1.32
$ 60,000 - $ 64,999..... 3 189,414 4.31
$ 65,000 - $ 69,999..... 3 203,018 4.62
$ 70,000 - $ 74,999..... 4 290,318 6.61
$ 75,000 - $ 79,999..... 6 463,768 10.56
$ 80,000 - $ 84,999..... 6 493,929 11.24
$ 85,000 - $ 89,999..... 4 352,845 8.03
$ 90,000 - $ 94,999..... 3 275,832 6.28
$ 95,000 - $ 99,999..... 3 290,362 6.61
$100,000 or more.......... 14 1,730,694 39.39
---- ---------- ------
Total................ 48 $4,393,578 100.00%
==== ========== ======
- --------------
(1) The highest original Adjustable Rate Asset amount was $162,111, which
represents approximately 3.68% of the aggregate principal balance of the
Adjustable Assets at origination. The average original principal amount of
the Adjustable Rate Assets was approximately $91,722 as of the Cut-off
Date.
16
<PAGE>
ADJUSTABLE RATE CURRENT ASSET RATES (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
CURRENT RATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- ------ ----------------- ------
7.000% - 7.999%....... 13 $ 1,238,847 28.20%
8.000% - 8.999%....... 34 3,092,327 70.38
9.000% - 9.999%....... 1 62,403 1.42
-- -------------- ------
Total............ 48 $ 4,393,578 100.00%
== ============== ======
- ----------------
(1) The weighted average Adjustable Rate Asset Rate was approximately 8.08% as
of the Cut-off Date. This table reflects the Asset Rates of the Adjustable
Rate Loans as of the Cut-off Date and does not reflect any subsequent
increases in the Asset Rates of the Adjustable Rate Loans.
REMAINING TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
REMAINING TERM RATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
348 - 360 months...... 48 $4,393,578 100.00%
-- ---------- ------
Total............... 48 $4,393,578 100.00%
== ========== ======
- --------------
(1) The weighted average remaining term to maturity of the Adjustable Assets
was approximately 357 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
ORIGINAL TERM RATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
360 months............ 48 $4,393,578 100.00%
-- ---------- ------
Total............... 48 $4,393,578 100.00%
== ========== ======
- ----------------
(1) The original term to maturity of each Adjustable Asset was 360 months as of
the Cut-off Date.
17
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ADJUSTABLE RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
RATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
51% - 55%............... 2 $ 245,193 5.58%
66% - 70%............... 1 45,192 1.03
71% - 75%............... 1 149,886 3.41
76% - 80%............... 2 138,998 3.16
81% - 85%............... 1 100,191 2.28
86% - 90%............... 2 256,830 5.85
91% - 95%............... 11 923,345 21.02
96% - 100%.............. 27 2,453,291 55.84
101% - 105%............. 1 80,650 1.84
-- ---------- ------
Total.............. 48 $4,393,578 100.00%
== ========== ======
- -----------------
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 92.34% 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 OF ADJUSTABLE RATE ASSETS
NUMBER OF PERCENTAGE OF
ADJUSTABLE AGGREGATE ADJUSTABLE RATE
NEXT CONTRACT RATE RATE SCHEDULED ASSET POOL
CHANGE DATE ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
April 1, 1999......... 1 $ 62,816 1.43%
April 15, 1999........ 2 173,091 3.94
May 1, 1999........... 1 92,872 2.11
June 1, 1999.......... 2 164,604 3.75
August 1, 1999........ 1 74,805 1.70
August 15, 1999....... 1 90,148 2.05
October 1, 1999....... 2 230,103 5.24
November 1, 1999...... 29 2,797,492 63.67
December 1, 1999...... 6 466,528 10.62
January 1, 2000....... 3 241,119 5.49
--- ---------- ------
Total............... 48 $4,393,578 100.00%
== ========== ======
18
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
------------------------------------------------------------------------------
TO CALL:
A1 SENIOR FLO 50,200,000 FLOAT(3) 1.10 N/A 100-00 2/99 3/01 1.03
A2 SENIOR 44,300,000 5.9700 3.10 5.972 99-31 3/01 3/03 2.74
A3 SENIOR 22,800,000 6.0950 5.10 6.121 99-31+ 3/03 5/05 4.25
A4 SENIOR 53,193,000 6.7150 10.92 6.781 99-30+ 5/05 10/13 7.37
A5 SENIOR 100,000,000 6.3500 5.22 6.380 99-31 2/99 10/13 3.92
M1 AA MEZZ 22,834,000 7.1300 9.61 7.199 99-31 8/03 10/13 6.53
M2 A SUB 17,564,000 7.8650 9.61 7.949 99-31+ 8/03 10/13 6.30
B1 BBB SUB 15,808,000 8.8400 9.41 8.920 99-31+ 8/03 10/13 5.97
B2 BBB- SUB 24,591,125 7.9500 9.74 9.950 88-27 8/03 10/13 5.98
----------------------------
TO MATURITY:
A4 SENIOR 53,193,000 6.7150 11.75 6.782 99-30+ 5/05 4/21 7.63
A5 SENIOR 100,000,000 6.3500 5.48 6.381 99-31 2/99 4/21 4.01
M1 AA MEZZ 22,834,000 7.1300 10.04 7.200 99-31 8/03 7/17 6.66
M2 A SUB 17,564,000 7.8650 9.83 7.949 99-31+ 8/03 12/15 6.36
B1 BBB SUB 15,808,000 8.8400 9.42 8.920 99-31+ 8/03 2/14 5.97
B2 BBB- SUB 24,591,125 7.9500 12.66 9.811 88-27 8/03 10/28 6.38
------------------------------------------------------------------------------
Note:
(1) Data assumes a prepayment speed of 200% MHP.
(2) Coupon and price are assumed for computational materials.
(3) A1 coupon based on 1 month LIBOR.
THE B-1 TRANCHE PAYS AT THE WEIGHTED AVERAGE NET ASSET RATE FOR SOME PAYMENTS
USING THE ASSUMED COUPONS. THE CHANGES ARE NOTED IN BOLD AND ITALICS.
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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NaitonsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
A1 SENIOR FLOATER
Price: 100-00 Coupon: FLOATER Original Par: 50,200,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 6.26 1.85 1.37 1.10 0.92 0.79
Duration: 5.00 1.69 1.28 1.03 0.87 0.75
First Prin Pay: 2/99 2/99 2/99 2/99 2/99 2/99
Last Prin Pay: 12/09 8/02 9/01 3/01 10/00 8/00
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-31 Coupon: 5.9700 Original Par: 44,300,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.02 6.00 5.99 5.97 5.96 5.94
Average Life: 13.65 5.32 3.92 3.10 2.57 2.20
Duration: 9.06 4.41 3.39 2.74 2.31 2.00
First Prin Pay: 12/09 8/02 9/01 3/01 10/00 8/00
Last Prin Pay: 6/15 3/06 5/04 3/03 7/02 12/01
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-31+ Coupon: 6.0950 Original Par: 22,800,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.15 6.14 6.13 6.12 6.11 6.10
Average Life: 18.36 8.92 6.65 5.10 3.97 3.37
Duration: 10.74 6.67 5.31 4.25 3.43 2.96
First Prin Pay: 6/15 3/06 5/04 3/03 7/02 12/01
Last Prin Pay: 6/19 12/09 4/07 5/05 8/03 11/02
-----------------------------------------------------------------------------
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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-30+ Coupon: 6.7150 Original Par: 53,193,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.79 6.79 6.78 6.78 6.78 6.77
Average Life: 24.72 16.83 13.54 10.92 8.65 6.87
Duration: 11.69 9.65 8.48 7.37 6.23 5.21
First Prin Pay: 6/19 12/09 4/07 5/05 8/03 11/02
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 6.79 6.79 6.79 6.78 6.78 6.77
Average Life: 24.97 17.57 14.40 11.75 9.33 7.41
Duration: 11.72 9.80 8.70 7.63 6.47 5.44
First Prin Pay: 6/19 12/09 4/07 5/05 8/03 11/02
Last Prin Pay: 3/28 3/26 12/23 4/21 6/18 1/16
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-31 Coupon: 6.3500 Original Par: 100,000,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.41 6.40 6.39 6.38 6.37 6.36
Average Life: 15.56 8.37 6.54 5.22 4.17 3.40
Duration: 8.90 5.61 4.66 3.92 3.29 2.78
First Prin Pay: 2/99 2/99 2/99 2/99 2/99 2/99
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 6.41 6.40 6.39 6.38 6.37 6.36
Average Life: 15.64 8.60 6.80 5.48 4.38 3.57
Duration: 8.92 5.66 4.74 4.01 3.37 2.86
First Prin Pay: 2/99 2/99 2/99 2/99 2/99 2/99
Last Prin Pay: 3/28 3/26 12/23 4/21 6/18 1/16
-----------------------------------------------------------------------------
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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
M1 AA MEZZ
Price: 99-31 Coupon: 7.1300 Original Par: 22,834,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.21 7.21 7.20 7.20 7.20 7.19
Average Life: 22.85 14.51 11.55 9.61 8.64 7.86
Duration: 10.85 8.49 7.36 6.53 6.10 5.73
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 7.21 7.21 7.20 7.20 7.20 7.20
Average Life: 22.97 14.87 11.94 10.04 9.13 8.45
Duration: 10.87 8.56 7.46 6.66 6.28 5.97
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 6/27 7/23 6/20 7/17 7/15 11/13
-----------------------------------------------------------------------------
M2 A SUB
Price: 99-31+ Coupon: 7.8650 Original Par: 17,564,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.97 7.96 7.95 7.95 7.95 7.94
Average Life: 22.85 14.51 11.55 9.61 8.64 7.86
Duration: 10.18 8.09 7.06 6.30 5.90 5.56
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 7.97 7.96 7.95 7.95 7.95 7.94
Average Life: 22.91 14.68 11.72 9.83 8.94 8.29
Duration: 10.19 8.12 7.10 6.36 6.01 5.73
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 12/26 4/22 9/18 12/15 1/14 8/12
-----------------------------------------------------------------------------
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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-31+ Coupon: 8.8400 Original Par: 15,808,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 8.94 8.94 8.93 8.92 8.91 8.91
Average Life: 22.72 14.23 11.28 9.41 8.55 7.84
Duration: 9.39 7.58 6.65 5.97 5.64 5.35
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 8.94 8.94 8.93 8.92 8.92 8.91
Average Life: 22.72 14.23 11.28 9.42 8.59 7.98
Duration: 9.39 7.58 6.65 5.97 5.65 5.40
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 6/20 11/16 2/14 6/12 3/11
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 88-27 Coupon: 7.9500 Original Par: 24,591,125
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 9.26 9.55 9.75 9.95 10.07 10.20
Average Life: 22.93 14.70 11.72 9.74 8.69 7.87
Duration: 9.40 7.60 6.67 5.98 5.62 5.31
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 4/26 5/20 10/16 10/13 7/11 9/09
---------------------------
TO MATURITY:
Bond Yield: 9.25 9.51 9.67 9.81 9.89 9.96
Average Life: 23.56 16.69 14.34 12.66 11.57 10.60
Duration: 9.44 7.78 6.96 6.38 6.12 5.89
First Prin Pay: 7/15 4/06 6/04 8/03 8/03 8/03
Last Prin Pay: 10/28 10/28 10/28 10/28 10/28 10/28
-----------------------------------------------------------------------------
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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-1
- ---------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 94 74 64 54 45 35
January 15, 2001 88 45 24 4 0 0
January 15, 2002 81 16 0 0 0 0
January 15, 2003 74 0 0 0 0 0
January 15, 2004 65 0 0 0 0 0
January 15, 2005 56 0 0 0 0 0
January 15, 2006 46 0 0 0 0 0
January 15, 2007 34 0 0 0 0 0
January 15, 2008 24 0 0 0 0 0
January 15, 2009 12 0 0 0 0 0
January 15, 2010 0 0 0 0 0 0
January 15, 2011 0 0 0 0 0 0
January 15, 2012 0 0 0 0 0 0
January 15, 2013 0 0 0 0 0 0
January 15, 2014 0 0 0 0 0 0
January 15, 2015 0 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 6.3 1.8 1.4 1.1 0.9 0.8
- ---------------------------------------------------------------------------------------------
</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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 83 61
January 15, 2002 100 100 84 52 22 0
January 15, 2003 100 87 45 6 0 0
January 15, 2004 100 58 9 0 0 0
January 15, 2005 100 30 0 0 0 0
January 15, 2006 100 3 0 0 0 0
January 15, 2007 100 0 0 0 0 0
January 15, 2008 100 0 0 0 0 0
January 15, 2009 100 0 0 0 0 0
January 15, 2010 98 0 0 0 0 0
January 15, 2011 81 0 0 0 0 0
January 15, 2012 62 0 0 0 0 0
January 15, 2013 41 0 0 0 0 0
January 15, 2014 24 0 0 0 0 0
January 15, 2015 7 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 13.7 5.3 3.9 3.1 2.6 2.2
--------------------------------------------------------------------------------------------
</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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 89
January 15, 2003 100 100 100 100 44 0
January 15, 2004 100 100 100 50 0 0
January 15, 2005 100 100 71 11 0 0
January 15, 2006 100 100 36 0 0 0
January 15, 2007 100 73 5 0 0 0
January 15, 2008 100 46 0 0 0 0
January 15, 2009 100 21 0 0 0 0
January 15, 2010 100 0 0 0 0 0
January 15, 2011 100 0 0 0 0 0
January 15, 2012 100 0 0 0 0 0
January 15, 2013 100 0 0 0 0 0
January 15, 2014 100 0 0 0 0 0
January 15, 2015 100 0 0 0 0 0
January 15, 2016 85 0 0 0 0 0
January 15, 2017 60 0 0 0 0 0
January 15, 2018 32 0 0 0 0 0
January 15, 2019 7 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 18.4 8.9 6.7 5.1 4.0 3.4
--------------------------------------------------------------------------------------------
</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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 93
January 15, 2004 100 100 100 100 92 65
January 15, 2005 100 100 100 100 76 52
January 15, 2006 100 100 100 90 63 42
January 15, 2007 100 100 100 77 52 33
January 15, 2008 100 100 90 65 43 27
January 15, 2009 100 100 79 56 35 21
January 15, 2010 100 99 70 47 29 17
January 15, 2011 100 89 61 40 23 13
January 15, 2012 100 79 52 33 19 10
January 15, 2013 100 70 45 27 15 8
January 15, 2014 100 62 39 23 12 6
January 15, 2015 100 55 33 19 10 3
January 15, 2016 100 48 28 16 7 0
January 15, 2017 100 42 24 13 4 0
January 15, 2018 100 36 19 9 1 0
January 15, 2019 100 30 16 6 0 0
January 15, 2020 94 26 13 3 0 0
January 15, 2021 84 22 10 0 0 0
January 15, 2022 73 18 6 0 0 0
January 15, 2023 61 14 3 0 0 0
January 15, 2024 49 9 0 0 0 0
January 15, 2025 38 5 0 0 0 0
January 15, 2026 27 0 0 0 0 0
January 15, 2027 15 0 0 0 0 0
January 15, 2028 2 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 25.0 17.6 14.4 11.8 9.3 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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 98 92 90 87 84 81
January 15, 2001 96 84 78 72 66 60
January 15, 2002 94 75 66 58 50 43
January 15, 2003 92 67 56 46 37 29
January 15, 2004 90 60 47 38 29 20
January 15, 2005 87 52 41 33 24 16
January 15, 2006 84 45 36 28 20 13
January 15, 2007 81 41 32 24 16 10
January 15, 2008 77 37 28 20 13 8
January 15, 2009 74 34 25 17 11 7
January 15, 2010 70 31 22 15 9 5
January 15, 2011 66 28 19 12 7 4
January 15, 2012 61 25 16 10 6 3
January 15, 2013 55 22 14 9 5 2
January 15, 2014 51 19 12 7 4 2
January 15, 2015 46 17 10 6 3 1
January 15, 2016 43 15 9 5 2 0
January 15, 2017 39 13 7 4 1 0
January 15, 2018 36 11 6 3 0 0
January 15, 2019 32 9 5 2 0 0
January 15, 2020 29 8 4 1 0 0
January 15, 2021 26 7 3 0 0 0
January 15, 2022 23 6 2 0 0 0
January 15, 2023 19 4 1 0 0 0
January 15, 2024 15 3 0 0 0 0
January 15, 2025 12 1 0 0 0 0
January 15, 2026 8 0 0 0 0 0
January 15, 2027 5 0 0 0 0 0
January 15, 2028 1 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 15.6 8.6 6.8 5.5 4.4 3.6
--------------------------------------------------------------------------------------------
</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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 23
January 15, 2011 100 62 43 30 23 18
January 15, 2012 100 56 37 25 19 14
January 15, 2013 100 49 32 21 15 7
January 15, 2014 100 44 27 17 12 0
January 15, 2015 100 39 23 14 4 0
January 15, 2016 96 34 20 11 0 0
January 15, 2017 89 30 17 3 0 0
January 15, 2018 80 25 14 0 0 0
January 15, 2019 73 21 9 0 0 0
January 15, 2020 66 18 3 0 0 0
January 15, 2021 59 15 0 0 0 0
January 15, 2022 52 13 0 0 0 0
January 15, 2023 43 4 0 0 0 0
January 15, 2024 34 0 0 0 0 0
January 15, 2025 27 0 0 0 0 0
January 15, 2026 19 0 0 0 0 0
January 15, 2027 8 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 23.0 14.9 11.9 10.0 9.1 8.4
--------------------------------------------------------------------------------------------
</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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 23
January 15, 2011 100 62 43 30 23 18
January 15, 2012 100 56 37 25 19 6
January 15, 2013 100 49 32 21 10 0
January 15, 2014 100 44 27 17 0 0
January 15, 2015 100 39 23 8 0 0
January 15, 2016 96 34 20 0 0 0
January 15, 2017 89 30 15 0 0 0
January 15, 2018 80 25 6 0 0 0
January 15, 2019 73 21 0 0 0 0
January 15, 2020 66 18 0 0 0 0
January 15, 2021 59 11 0 0 0 0
January 15, 2022 52 2 0 0 0 0
January 15, 2023 43 0 0 0 0 0
January 15, 2024 34 0 0 0 0 0
January 15, 2025 27 0 0 0 0 0
January 15, 2026 19 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 22.9 14.7 11.7 9.8 8.9 8.3
--------------------------------------------------------------------------------------------
</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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 14
January 15, 2011 100 62 43 30 15 1
January 15, 2012 100 56 37 20 4 0
January 15, 2013 100 49 32 9 0 0
January 15, 2014 100 44 25 0 0 0
January 15, 2015 100 39 15 0 0 0
January 15, 2016 96 34 7 0 0 0
January 15, 2017 89 30 0 0 0 0
January 15, 2018 80 20 0 0 0 0
January 15, 2019 73 10 0 0 0 0
January 15, 2020 66 3 0 0 0 0
January 15, 2021 59 0 0 0 0 0
January 15, 2022 52 0 0 0 0 0
January 15, 2023 43 0 0 0 0 0
January 15, 2024 34 0 0 0 0 0
January 15, 2025 24 0 0 0 0 0
January 15, 2026 4 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 22.7 14.2 11.3 9.4 8.6 8.0
--------------------------------------------------------------------------------------------
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-A
REVISED COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 93 91 90
January 15, 2005 100 100 92 80 76 72
January 15, 2006 100 100 82 68 63 57
January 15, 2007 100 93 72 58 52 46
January 15, 2008 100 85 64 50 43 36
January 15, 2009 100 77 56 43 35 29
January 15, 2010 100 70 49 36 29 29
January 15, 2011 100 62 43 30 29 29
January 15, 2012 100 56 37 29 29 29
January 15, 2013 100 49 32 29 29 29
January 15, 2014 100 44 29 29 29 29
January 15, 2015 100 39 29 29 29 29
January 15, 2016 96 34 29 29 29 29
January 15, 2017 89 30 29 29 29 22
January 15, 2018 80 29 29 29 29 16
January 15, 2019 73 29 29 29 24 12
January 15, 2020 66 29 29 29 19 9
January 15, 2021 59 29 29 29 14 7
January 15, 2022 52 29 29 23 11 5
January 15, 2023 43 29 29 17 7 3
January 15, 2024 34 29 27 12 5 2
January 15, 2025 29 29 19 8 3 1
January 15, 2026 29 29 13 5 2 1
January 15, 2027 29 16 6 3 1 0
January 15, 2028 29 6 2 1 0 0
January 15, 2029 0 0 0 0 0 0
Avg Life In Years: 23.6 16.7 14.3 12.7 11.6 10.6
--------------------------------------------------------------------------------------------
</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 NationsBanc Montgomery Securities. All
information described above is preliminary, limited in nature and subject to
completion or amendment. NationsBanc Montgomery Securities makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[LOGO APPEARS HERE]
