SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 25, 1999.
Oakwood Mortgage Investors, Inc.
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(Exact name of registrant as specified in charter)
North Carolina 333-72621 88-0396566
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(State or other jurisdiction Commission (IRS Employer
of incorporation) File Number) Identification No.)
101 Convention Center Drive, Suite 850, Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 949-0056
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On or about June 25, 1999, the Registrant expects to enter into an
underwriting agreement with Credit Suisse First Boston Corporation, Banc of
America Securities LLC and First Union Capital Markets Corp. (the
"Underwriters"), pursuant to which the Underwriters will agreed to purchase and
offer for sale to the public, $299,286,000 aggregate initial principal amount of
the Registrant's Senior/Subordinated Pass-Through Certificates, Series 1999-C,
Class A-1, Class A-2, Class M-1, Class M-2 and Class B-1 (the "Offered
Securities"). The Offered Securities are registered for sale under the
Registrant's effective shelf Registration Statement on Form S-3 (333-72621), and
are offered pursuant to a Prospectus, dated June 25, 1999, and a related
Prospectus Supplement, dated June 25, 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.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits.
(c) Exhibits.
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credit Suisse First Boston
Corporation, Banc of America Securities LLC and First Union Capital
Markets Corp.
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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.
June 23, 1999 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Zaklina McGrew
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Name: Zaklina McGrew
Title: Vice President
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INDEX TO EXHIBITS
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99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credit Suisse First Boston
Corporation, Banc of America Securities LLC and First Union Capital
Markets Corp. ........................................................................... [Electronic Format]
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Exhibit 99.1
SUBJECT TO REVISION
SERIES TERM SHEET DATED JUNE 23, 1999
[OAKWOOD MORTGAGE LOGO APPEARS HERE]
$299,286,000
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1999-C
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates, Series 1999-C. The Series Term
Sheet has been prepared by Oakwood Mortgage Investors, Inc. for informational
purposes only and is subject to modification or change. The information and
assumptions contained therein are preliminary and will be superseded by a
prospectus supplement and by any other additional information subsequently filed
with the Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston, Banc of America Securities LLC, First Union
Capital Markets Corp. 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. 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
Banc of America Securities LLC
First Union Capital Markets Corp.
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THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1999-C POOLING AND SERVICING AGREEMENT (INCLUDING THE MAY 1999 EDITION TO
THE STANDARD TERMS) TO BE DATED AS OF JUNE 1, 1999, AMONG OAKWOOD MORTGAGE
INVESTORS, INC., AS DEPOSITOR, OAKWOOD ACCEPTANCE CORPORATION, AS SERVICER, AND
CHASE MANHATTAN TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE.
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The Offered Certificates........................
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Average Modified
Principal S&P/ Fitch Life Duration First Last
Class Amount(1) Description Ratings(2) (yrs)(3) Coupon (yrs) (3) Pay(3) Pay(3)
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A-1 $ 72,200,000 Senior SEQ AAA / AAA 1.10 . %(4) 1.03 7/99 8/01
A-2 $174,270,000 Senior SEQ AAA / AAA 6.13 . %(5) (6) 4.57 8/01 6/09
M-1 $ 20,808,000 Mezzanine AA / AA 8.17 . %(5) (6) 5.71 1/04 6/09
M-2 $ 16,004,000 Mezzanine A / A 8.17 . %(5) (6) 5.56 1/04 6/09
B-1 $ 16,004,000 Subordinate BBB / BBB- 6.21 . %(5) (6) 4.49 1/04 9/07
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(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) It is a condition to the issuance of the Certificates that they be rated as above.
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.
(3) Assumed that the Optional Termination is exercised on the June 2009 Distribution
Date. Data run at a prepayment speed of 200% MHP.
(4) Based on One-Month LIBOR and subject to a cap of the Weighted Average Net Asset
Rate for the related Distribution Date. Computed on the basis of a 360-day year and
the actual number of days in each Interest Accrual Period.
(5) Computed on the basis of a 360-day year of twelve 30-day months.
(6) The lesser of (i) specified rate per annum, or (ii) the Weighted Average Net Asset
Rate for the related Distribution Date.
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Class Designations
CLASS A CERTIFICATES...................Class.A-1 and Class A-2 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-1 Certificates.
OFFERED SUBORDINATED CERTIFICATES......Class M and Class B-1 Certificates.
Other Certificates...........................The Class B-2, Class X and Class R Certificates are not being offered hereby. The Class
B-2 Certificates are expected to be sold in a private placement at or around the
Closing Date, and will be acquired in the interim by an affiliate of the Company. The
Class X and Class R Certificates are expected to be sold initially to related entities
of the Company, which may offer them in the future in one or more privately negotiated
transactions. The Class B-2 Certificates will have an initial Certificate Principal
Balance of approximately $20,807,916.
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................................June.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 July 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").
Interest Accrual Period......................With respect to each Distribution Date, (i) for the 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 July 14th,
1999), and (ii) for all other Classes of the Offered Certificates, the calendar month
preceding the month in which the
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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) amounts required to reimburse the Servicer for previously unreimbursed Advances
in accordance with the Agreement, (b) amounts required to reimburse the Company or the
Servicer for certain reimbursable expenses in accordance with the Agreement, (c)
amounts required to reimburse any party for an overpayment of a Repurchase Price for an
Asset in accordance with the Agreement, (d) the Interest Deficiency Amount or portion
thereof, if any, paid from collections on the Preceding Distribution Date, and (e)(i)
if Oakwood is not the Servicer, Servicing Fees for the related Collection Period; (ii)
if Oakwood is the Servicier, 50% of the Servicing Fee for the related Collection Period
for Distribution Dates prior to June 2009, and on and after the June 2009 Distribution
Date, none of the Servicing Fees for the related Collection Period.
Principal distributions to Class A will, in general, be allocated sequentially to the
Class A Certificates in order of their numerical designations. Principal distributions
to Class M will be allocated pro rata between the Class M-1 and the Class M-2
Certificates. Principal distributions to Class B will be allocated sequentially to the
Class B-1 and the Class B-2 Certificates, except that prior to the June 2009
Distribution Date, the Class B-2 Principal Distribution Amount will be distributed pro
rata among Class A, Class M and Class B-1 Certificates. Prior to the Cross-over Date or
on any Distribution Date as of which the Principal Distribution Tests are not met,
principal will be allocated solely to the Class A Certificates.
No principal will be distributable to the Class B-2 Certificateholders until the June
2009 Distribution Date (unless the aggregate principal balance of the outstanding
Assets are less than the Class B-2 Certificate balance). The Class B-2 Certificates
will receive principal distributions equal to all amounts otherwise distributable in
accordance with "Priority of Distributions" below after distributions on the Offered
Certificates if the Class B-2 Certificates are outstanding on or after the June 2009
Distribution Date.
If an Interest Deficiency Event occurs on any Distribution Date with respect to the
Class M-1, Class M-2 or Class B-1 Certificates, collections received after the end of
the related Collection Period and prior to such Distribution Date will be applied, up
to a limited amount determined by the Rating Agencies, to remedy such deficiency in
order of Class seniority. Any remaining deficiency will be carried forward as shortfall
for the next Distribution Date. "Interest Deficiency Event" means, with respect to the
Class M-1, Class M-2 or Class B-1 Certificates and a Distribution Date, that after
distribution of the Available Distribution Amount in the order of priority set forth
below under "Priority of Distributions," there remains unpaid any of the Interest
Distribution Amount, Carryover Interest Distribution Amount, Writedown Interest
Distribution Amount or Carryover Writedown Interest Distribution Amount for such Class
and Distribution Date (the "Interest Deficiency Amount").
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.
Priority of Distributions ...................On each Distribution Date the Available Distribution Amount will be distributed in the
following amounts and in the following order of priority:
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(1) first, concurrently, to each Class of the Class A Certificates (a) first, the
related Interest Distribution Amount for such Distribution Date with the Available
Distribution Amount being allocated among such Classes pro rata based on their
respective Interest Distribution Amounts and (b) second, the related Carryover Interest
Distribution Amount, if any, for such Distribution Date, in each case with the
Available Distribution Amount being allocated among the Classes of Class A Certificates
pro rata based on their respective Carryover Interest Distribution Amounts;
(2) second, to the Class M-1 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, the related Carryover Interest
Distribution Amount, if any, for such Distribution Date;
(3) third, to the Class M-2 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, the related Carryover Interest
Distribution Amount, if any, for such Distribution Date;
(4) fourth, to the Class B-1 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, the related Carryover Interest
Distribution Amount, if any, for such Distribution Date;
(5) fifth, concurrently, to each Class of the Class A Certificates, the related
Principal Distribution Shortfall Carryover Amount for each such Class, if any, for such
Distribution Date; allocated among the Class A Certificates pro rata based on their
respective Principal Distribution Shortfall Carryover Amounts;
(6) sixth, to the Class A-1 Certificates and the Class A-2 Certificates, the Class A
Principal Distribution Amount, allocated in the following sequential order: (i) first,
to the Class A-1 Certificates in reduction of the Certificate Principal Balance of such
Class, until it has been reduced to zero; and (ii) second, to the Class A-2
Certificates in reduction of the Certificate Principal Balance of such Class, until it
has been reduced to zero; PROVIDED, HOWEVER, that on any Distribution Date on which the
Pool Scheduled Principal Balance is less than the aggregate Certificate Principal
Balance of the Class A Certificates immediately prior to such Distribution Date, the
Class A Principal Distribution Amount will be allocated among the Class A Certificates
PRO RATA based upon their respective Certificate Principal Balances;
(7) seventh, to the Class M-1 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class M-1 Certificate Principal Balance is
reduced to zero;
(8) eighth, to the Class M-2 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Distribution Amount for such Distribution Date, (c) third, any related
Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class M-2 Certificate Principal Balance is
reduced to zero;
(9) ninth, to the Class B-1 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class B-1 Certificate Principal Balance is
reduced to zero;
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(10) tenth, to the Class B-2 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, the related Carryover Interest
Distribution Amount, if any, for such Distribution Date;
(11) eleventh, to the Class B-2 Certificates, (a) first any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, (d) fourth, any related
Principal Distribution Amount, and (e) fifth, the Class B-2 Accelerated Principal
Distribution Amount for such Distribution Date, until the Class B-2 Certificate
Principal Balance is reduced to zero;
(12) twelfth, to the Servicer, the following amounts in sequential order: (i) as long
as Oakwood is the Servicer, 50% of the Servicing Fee with respect to any Distribution
Date prior to June 2009, otherwise 100% of the Servicing Fee with respect to any
Distribution Date; and (ii) any Servicing Fees from previous Distribution Dates
remaining unpaid;
(13) thirteenth, to the Class X Certificates, in the following sequential order: (i)
the current Class X Strip Amount; and (ii) any Class X Strip Amounts from previous
Distribution Dates remaining unpaid; and
(14) finally, any remainder to the Class R Certificates.
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; and for the Class
B-1 Certificates is the subordination of the Class B-2, Class X
Cross-over Date...........................The later to occur of (a) the Distribution Date occurring in January 2004 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 sum of the Adjusted Certificate
Principal Balance of the Subordinated Certificates and the Overcollateralization Amount
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 6%, the Current Realized
Loss Ratio is less than or equal to 3.25%; and the Cumulative Realized Losses are less
than or equal to the percentage of the Aggregate Cut-off Date Pool Principal Balance
set forth below:
7% January 2004 through June 2005,
8% July 2005 through June 2006,
9.5% July 2006 through December 2007, and
10.5% thereafter.
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:
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(1) first, to the Class B-2 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero;
(3) third, to the Class M-2 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero.
Advances..................................For each Distribution Date, the Servicer will be obligated to make an advance (a "P&I
Advance") in respect of any delinquent Monthly Payment that will, in the Servicer's
judgement, be recoverable from late payments on or Liquidation Proceeds from such
Asset. The Servicer will also be obligated to make Advances ("Servicing Advances" and,
together with P&I Advances, "Advances") in respect of Liquidation Expenses and certain
taxes and insurance premiums not paid by an Obligor on a timely basis, to the extent
the Servicer deems such Servicing Advances recoverable out of Liquidation Proceeds or
from subsequent collections. P&I Advances and Servicing Advances are reimbursable to
the Servicer under certain circumstances. In addition, the Servicer is obligated under
certain circumstances to pay Compensating Interest with respect to any Asset that
prepays on a date other than on a Due Date for such Asset.
Final Scheduled Distribution Dates........Based on the assumptions that (i) there are no defaults, prepayments or delinquencies
with respect to payments due on the Assumed Contract Characteristics, and (ii) the
optional termination right is not exercised by the Servicer, the Final Scheduled
Distribution Dates for each of the Classes are set forth below. The actual final
Distribution Date for each Class may occur earlier than the Final Schedule Distribution
Dates. In the event of large losses and delinquencies on the Contracts, however, the
actual payment on certain of the subordinate classes of Certificates may occur later
than the Final Scheduled Distribution Dates and in certain scenarios, holders of such
classes may incur a loss on their investment.
Final Scheduled
Distribution Dates
Class A-1 Certificates.......... April 15, 2010
Class A-2 Certificates.......... August 15, 2027
Class M-1 Certificates.......... August 15, 2027
Class M-2 Certificates.......... August 15, 2027
Class B-1 Certificates.......... August 15, 2027
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 later of (i) the Distribution Date in June 2009, and (ii) the date on which the
amount of outstanding assets falls to a level at which, in the reasonable opinion of
the Servicer, the cost of servicing those assets becomes burdensome.
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.
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The Assets................................The Trust will consist of (1) fixed and adjustable rate manufactured housing
installment sales contracts (collectively, the "Contracts") secured by security
interests in manufactured homes, as defined herein (the "Manufactured Homes"), and with
respect to certain of the Contracts ("Land Secured Contracts"), secured by liens on the
real estate on which the related Manufactured Homes are located, and (2) mortgage loans
secured by first liens on the real estate to which the related Manufactured Homes are
deemed permanently affixed (the "Mortgage Loans," and together with the Contracts, the
"Assets"). The Asset Pool consists of 7,485 Assets having an aggregate Scheduled
Principal Balance as of the Cut-off Date of $320,093,916.36.
FIXED RATE ASSETS
As of the Cut-off Date, 7,417 Assets, aggregating $313,708,370.34 are secured by fixed
rate Assets ("Fixed Rate Assets"). As of the Cut-off Date, approximately 16.32% of the
Assets are Mortgage Loans and approximately 1.03% of the Assets are Land Secured
Contracts. Based on Cut-off Date Pool Scheduled Principal Balance, approximately 79.76%
of the Fixed Rate Assets are secured by Manufactured Homes which were new,
approximately 1.80% of the Fixed Rate Assets are secured by Manufactured Homes which
were used, approximately 16.30% of the Fixed Rate Assets are secured by Manufactured
Homes which were repossessed and approximately 2.14% 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 42 states and District of
Columbia, and approximately 19.17% and 15.87% of the Fixed Rate Assets were secured by
Manufactured Homes or Mortgaged Properties located in North Carolina and Texas,
respectively (based on the mailing addresses of the Obligors on the Assets as of the
Cut-off Date). Each Fixed Rate Asset bears interest at an annual percentage rate (an
"APR") of at least 6.90% and not more than 14.50%. The weighted averaged APR of the
Fixed Rate Assets as of the Cut-off Date is approximately 10.26%. The Fixed Rate Assets
have remaining terms to maturity as of the Cut-off Date of at least 10 months but not
more than 360 months and original terms to stated maturity of at least 12 months but
not more than 360 months. As of the Cut-off Date, the Fixed Rate Assets had a weighted
average original term to stated maturity of approximately 295 months, and a weighted
average remaining term to stated maturity of approximately 293 months. The Fixed Rate
Assets have Loan-to-Value Ratio as of the Cut-off Date of at least 8.22% but not more
than 100.00%. As of the Cut-off Date, the Fixed Rate Assets had a weighted average
Loan-to-Value Ratio of approximately 91.62%. The final scheduled payment date on the
Fixed Rate Asset with the latest maturity occurs in June 2029.
ADJUSTABLE RATE ASSETS
As of the Cut-off Date, 68 Assets aggregating $6,385,546.02, 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 17 states, and approximately 16.61%, 16.28%, 12.27% and 10.13% of the Adjustable
Assets were secured by Mortgaged Properties located in North Carolina, Kentucky,
Colorado and Washington, 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 6.125% and not more than 8.50%. The
weighted averaged APR of the Adjustable Rate Assets as of the Cut-off Date is
approximately 7.38%. The Adjustable Rate Assets have remaining terms to maturity as of
the Cut-off Date of at least 239 months but not more than 360 months and original terms
to stated maturity of at least 240 months but not more than 360 months. As of the
Cut-off Date, the Adjustable Rate Assets had a
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weighted average original term to stated maturity of 355 months, and a weighted average
remaining term to stated maturity of approximately 352 months. The Adjustable Rate
Assets have Loan-to-Value Ratio as of the Cut-off Date of at least 67.20% but not more
than 100.00%. As of the Cut-off Date, the Adjustable Rate Assets had a weighted average
Loan-to-Value Ratio of approximately 93.92%. 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 13%. The Adjustable Rate Assets have gross margins as of the Cut-off Date
of at least 3.25% but not more than 4.50%. The weighted average gross margin of the
Adjustable Rate Assets as of the Cut-off Date is approximately 4.35%. The final
scheduled payment date on the Adjustable Rate Asset with the latest maturity occurs in
June 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 (each, a"REMIC"). The Class A, Class M, Class B and
Class X Certificates will constitute "regular interests" in a REMIC for federal income
tax purposes. The Class R Certificates will be treated as the sole class of "residual
interests" in each REMIC for federal income tax purposes.
Recent Developments.......................Oakwood Homes, the parent corporation of both Oakwood Acceptance and Oakwood
Mortgage, announced on June 18, 1999 that its board of directors will be exploring
strategic alternatives to enhance shareholder value including a merger or sale of
Oakwood Homes. The board of directors stated that Oakwood Homes' management was
pursuing the possibility of a management led buyout. Discussion of these matters is
preliminary, and there can be no assurance that a transaction will result. Oakwood
Homes' board of directors will engage a financial advisor to advise it in its
consideration of strategic alternatives.
During November and December, 1998, Oakwood Homes and some of its officers and
directors were named as defendants in lawsuits filed on behalf of purchasers of Oakwood
Homes' common stock between April 11, 1997 and July 21, 1998. These suits were filed in
the United States District Court for the Middle District of North Carolina and in the
United States District Court for the Eastern District of Arkansas. They allege
violations of the Exchange Act in the statements made by Oakwood Homes concerning its
business and financial operations. Oakwood Homes intends to defend these suits
vigorously. Oakwood Mortgage believes that these lawsuits will not adversely affect .
ERISA Considerations......................Fiduciaries of employee benefit plans and certain other retirement plans and
arrangements, including individual retirement accounts and annuities, Keogh plans, and
collective investment funds in which such plans, accounts, annuities or arrangements
are invested, that are subject to the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), or corresponding provisions of the Code (any of the foregoing, a
"Plan"), persons acting on behalf of a Plan, or persons using the assets of a Plan
("Plan Investors") should consult with their own counsel to determine whether the
purchase or holding of the Offered Certificates could give rise to a transaction that
is prohibited either under ERISA or the Code.
BECAUSE THE OFFERED SUBORDINATED CERTIFICATES ARE SUBORDINATED SECURITIES, THEY WILL
NOT SATISFY THE REQUIREMENTS OF CERTAIN PROHIBITED TRANSACTION EXEMPTIONS. AS A RESULT,
THE PURCHASE OR HOLDING OF ANY OF THE OFFERED SUBORDINATED CERTIFICATES BY A PLAN
INVESTOR MAY CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION OR RESULT IN THE IMPOSITION
OF EXCISE
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
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, AND TRANSACTIONS IN CONNECTION WITH THE SERVICING, OPERATION AND
MANAGEMENT OF THE TRUST FROM THE
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-1 CERTIFICATES ARE NOT "MORTGAGE RELATED SECURITIES" FOR
PURPOSES OF SMMEA BECAUSE SUCH CERTIFICATES ARE NOT RATED IN ONE OF THE TWO HIGHEST
RATING CATEGORIES BY A NATIONALLY RECOGNIZED RATING AGENCY.
</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.
<TABLE>
<CAPTION>
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, MARCH 31,
-------------------------------------------------------------- ---------------------
1994 1995 1996 1997 1998 1998 1999
--------- ---------- ----------- ----------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 39,273 51,566 67,120 89,411 111,351 99,878 117,673
Acquired Portfolios......... 5,773 4,872 4,177 3,602 2,818 3,221 2,471
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $757,640 $1,130,378 $1,687,406 $2,499,794 $3,536,657 $2,937,886 $3,874,548
Acquired Portfolios......... $85,227 $70,853 $57,837 $47,027 $35,882 $40,919 $30,532
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $19.3 $21.9 $25.1 $28.0 $31.8 $29.4 $32.9
Acquired Portfolios......... $14.8 $14.5 $13.8 $13.1 $12.7 $12.7 $12.4
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.2% 12.0% 11.5% 11.0% 10.8% 11.0% 10.7%
Acquired Portfolios......... 11.0% 11.3% 11.2% 11.1% 11.0% 11.1% 10.9%
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, MARCH 31,
--------------------------------------------------- --------------------
1994 1995 1996 1997 1998 1998 1999
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.................. 39,273 51,566 67,120 89,411 111,351 99,878 117,673
Acquired Portfolios................. 5,773 4,872 4,177 3,602 2,818 3,221 2,471
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days......................... 350 601 835 1,171 2,345 1,445 1,560
60-89 Days......................... 97 185 308 476 906 499 630
90 Days or More.................... 198 267 492 716 1,222 1,004 1,474
Total Number of Assets Delinquent 645 1,053 1,635 2,363 4,473 2,948 3,664
Acquired Portfolios.................
30-59 Days......................... 127 63 66 90 75 72 32
60-89 Days......................... 49 17 23 23 31 31 14
90 Days or More.................... 98 76 62 75 57 61 60
Total Number of Assets Delinquent 274 156 151 188 163 164 106
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.6% 2.0% 2.4% 2.6% 4.0% 3.0% 3.1%
Acquired Portfolios................. 4.7% 3.2% 3.6% 5.2% 5.8% 5.1% 4.3%
</TABLE>
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
9
<PAGE>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT OR FOR THE FISCAL YEAR AT OR FOR THE SIX MONTHS
SEPTEMBER 30, ENDED MARCH 31,
------------------------------------------------------------ -------------------------
1994 1995 1996 1997 1998 1998 1999
--------- ---------- ---------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1)................. 45,046 56,438 71,297 93,013 114,169 103,099 120,144
Average Number of Serviced
Assets During Period....... 37,788 50,742 63,868 82,155 103,591 98,056 117,157
Number of Serviced
Assets Repossessed......... 1,241 1,718 2,746 3,885 5,411 2,429 3,810
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2)................. 2.75% 3.04% 3.85% 4.18% 4.74% 4.71%(6) 6.34%(6)
Serviced Assets Repossessed as a
Percentage of Average Number
of Serviced Assets......... 3.28% 3.39% 4.30% 4.73% 5.22% 4.95%(6) 6.50%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $701,875 $976,905 $1,409,467 $2,065,033 $2,978,235 $2,677,949 $3,663,991
Acquired Portfolios........ $30,432 $30,235 $27,351 $22,943 $19,179 $20,088 $15,721
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $4,630 $7,303 $14,248 $26,872 $45,189 $19,767 $36,984
Acquired Portfolios...... $203 $473 $592 $528 $220 $135 $105
As a Percentage of Average
Outstanding Principal Balance
of Assets (3) (5)
Oakwood Originated....... 0.66% 0.75% 1.01% 1.30% 1.52% 1.48%(6) 2.02%(6)
Acquired Portfolios...... 0.67% 1.56% 2.16% 2.30% 1.15% 1.34%(6) 1.34%(6)
</TABLE>
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced by
Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual period
for the amount of accrued and unpaid interest include in the calculation of
the net loss varies depending upon the period in which the loss was charged
and whether the asset was owned by an entity other than Oakwood Acceptance
Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
(6) Annualized.
The data presented in the foregoing tables are for illustrative
purposes only and there is no assurance that the delinquency, loan loss or
repossession experience of the Assets will be similar to that set forth above.
The delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
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:
<TABLE>
<CAPTION>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ---------- ------------------- ----------------------
<S> <C> <C> <C>
Alabama.................... 263 $ 10,319,228 3.29%
Arizona.................... 263 15,421,265 4.92
Arkansas................... 148 5,930,396 1.89
California................. 38 2,360,285 0.75
Colorado................... 81 4,070,989 1.30
Connecticut................ 1 30,118 0.01
Delaware................... 52 2,012,030 0.64
Florida.................... 180 7,631,975 2.43
Georgia.................... 361 14,643,691 4.67
Idaho...................... 91 5,197,072 1.66
Illinois................... 10 349,139 0.11
Indiana.................... 9 263,136 0.08
Iowa....................... 2 55,588 0.02
Kansas..................... 72 3,117,201 0.99
Kentucky................... 178 6,631,937 2.11
Louisiana.................. 274 10,912,854 3.48
Maryland................... 22 876,928 0.28
Massachusetts.............. 1 36,480 0.01
Michigan................... 63 3,305,969 1.05
Minnesota.................. 2 96,022 0.03
Mississippi................ 281 10,584,016 3.37
Missouri................... 122 4,663,568 1.49
Montana.................... 2 169,714 0.05
Nevada..................... 35 1,877,269 0.60
New Jersey................. 5 261,041 0.08
New Mexico................. 208 8,729,619 2.78
New York................... 3 118,264 0.04
North Carolina............. 1,523 60,150,066 19.17
Ohio....................... 85 3,232,359 1.03
Oklahoma................... 121 4,987,707 1.59
Oregon..................... 73 5,909,362 1.88
Pennsylvania............... 5 164,089 0.05
South Carolina............. 596 22,655,059 7.22
South Dakota............... 1 49,556 0.02
Tennessee.................. 377 14,438,841 4.60
Texas...................... 1,187 49,771,100 15.87
Utah....................... 26 1,419,844 0.45
Virginia................... 387 14,863,000 4.74
Washington................. 129 11,570,173 3.69
Washington DC.............. 1 42,991 0.01
West Virginia.............. 129 4,366,667 1.39
Wisconsin.................. 2 121,889 0.04
Wyoming.................... 8 299,876 0.10
-------- ------- --------
Total................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset
as of the Cut-off Date.
11
<PAGE>
<TABLE>
<CAPTION>
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
- ------------------- ---------- ----------------- ----------------------
<S> <C> <C> <C>
1990..................... 1 $ 31,413 0.01%
1991..................... 1 12,475 0.00
1993..................... 1 15,428 0.00
1995..................... 2 34,730 0.01
1996..................... 1 17,258 0.01
1997..................... 6 332,863 0.11
1998..................... 103 5,746,750 1.83
1999..................... 7,302 307,517,454 98.03
----- ------------- -------
Total............... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
- ------------------
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 2
months as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL FIXED RATE ASSET AMOUNTS(1)
NUMBER OF AGGREGATE PERCENTAGE OF
ORIGINAL FIXED RATE ASSET FIXED RATE SCHEDULED FIXED RATE ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ ---------- ----------------- ----------------------
<S> <C> <C> <C>
$ 4,999 or less.............. 16 $ 61,340 0.02%
$ 5,000 - $ 9,999......... 96 716,418 0.23
$ 10,000 - $ 14,999.......... 149 1,847,789 0.59
$ 15,000 - $ 19,999.......... 314 5,499,883 1.75
$ 20,000 - $ 24,999.......... 643 14,545,486 4.64
$ 25,000 - $ 29,999.......... 968 26,721,292 8.52
$ 30,000 - $ 34,999.......... 1,163 37,496,918 11.95
$ 35,000 - $ 39,999.......... 801 29,810,550 9.50
$ 40,000 - $ 44,999.......... 546 23,177,172 7.39
$ 45,000 - $ 49,999.......... 592 28,158,828 8.98
$ 50,000 - $ 54,999.......... 520 27,212,488 8.67
$ 55,000 - $ 59,999.......... 483 27,742,608 8.84
$ 60,000 - $ 64,999.......... 317 19,698,340 6.28
$ 65,000 - $ 69,999.......... 178 12,017,274 3.83
$ 70,000 - $ 74,999.......... 146 10,527,415 3.36
$ 75,000 - $ 79,999.......... 106 8,204,211 2.62
$ 80,000 - $ 84,999.......... 68 5,573,816 1.78
$ 85,000 - $ 89,999.......... 43 3,746,470 1.19
$ 90,000 - $ 94,999.......... 48 4,425,557 1.41
$ 95,000 - $ 99,999.......... 37 3,599,963 1.15
$100,000 or more............... 183 22,924,554 7.31
------ -------------- --------
Total..................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The highest original Fixed Rate Asset amount was $205,736, 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 $42,296 as of the Cut-off Date.
12
<PAGE>
<TABLE>
<CAPTION>
FIXED RATE ASSET RATES (1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- ---------- ------------------- ----------------------
<S> <C> <C> <C>
6.000% - 6.999%............ 40 $ 2,360,370 0.75%
7.000% - 7.999%............ 791 53,533,140 17.06
8.000% - 8.999%........... 973 54,413,406 17.35
9.000% - 9.999%.......... 917 48,890,061 15.58
10.000% - 10.999%.......... 719 31,331,874 9.99
11.000% - 11.999%.......... 1,450 43,680,242 13.92
12.000% - 12.999%.......... 2,281 71,634,771 22.83
13.000% - 13.999%.......... 243 7,805,773 2.49
14.000% - 14.999%.......... 3 58,733 0.02
----- ------------- ------
Total................. 7,417 $313,708,370 100.00%
===== ============ ======
(1) The weighted average Fixed Rate Asset Rate was approximately 10.26% 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.
</TABLE>
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
REMAINING TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- --------------- ---------- --------------------- ----------------------
<S> <C> <C> <C>
1 - 60 months......... 125 $ 1,015,625 0.32%
61 - 96 months......... 124 1,759,669 0.56
97 - 120 months.......... 233 4,505,741 1.44
121 - 156 months........... 328 7,245,738 2.31
157 - 180 months........... 750 21,698,775 6.92
181 - 216 months........... 148 4,469,607 1.42
217 - 240 months........... 2,178 72,906,268 23.24
241 - 300 months........... 1,337 58,721,144 18.72
301 - 360 months........... 2,194 141,385,803 45.07
----- ------------- -------
Total.................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The weighted average remaining term to maturity of the Fixed Rate Assets
was approximately 293 months as of the Cut-off Date.
<TABLE>
<CAPTION>
ORIGINAL TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
ORIGINAL TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ---------- -------------------- ----------------------
<S> <C> <C> <C>
1 - 60 months......... 124 $ 1,001,755 0.32%
61 - 96 months......... 123 1,743,806 0.56
97 - 120 months.......... 230 4,453,358 1.42
121 - 156 months........... 329 7,265,221 2.32
157 - 180 months........... 754 21,761,407 6.94
181 - 216 months........... 146 4,401,687 1.40
217 - 240 months........... 2,179 72,939,185 23.25
241 - 300 months........... 1,338 58,756,147 18.73
301 - 360 months........... 2,194 141,385,803 45.07
----- ------------- -------
Total.................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original term to maturity of the Fixed Rate Assets
was approximately 295 months as of the Cut-off Date.
13
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF FIXED RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ---------- ------------------- ----------------------
<S> <C> <C> <C>
50% or less................ 66 $ 1,827,209 0.58%
51% - 55%.................... 20 641,586 0.20
56% - 60%.................... 27 863,730 0.28
61% - 65%.................... 45 1,646,507 0.52
66% - 70%.................... 92 3,645,058 1.16
71% - 75%.................... 148 5,697,060 1.82
76% - 80%.................... 281 10,695,896 3.41
81% - 85%.................... 679 24,376,428 7.77
86% - 90%.................... 1,493 56,841,825 18.12
91% - 95%.................... 2,478 105,800,001 33.73
96% - 100%................... 2,088 101,673,072 32.41
----- ------------ --------
Total................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 91.62% 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:
<TABLE>
<CAPTION>
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
- ------------------- ----------- ----------------- ---------------
<S> <C> <C> <C>
Arizona.................... 1 $ 88,402 1.38%
Colorado................... 7 783,486 12.27
Georgia.................... 1 87,907 1.38
Idaho...................... 2 230,971 3.62
Indiana.................... 1 92,449 1.45
Kansas..................... 2 193,187 3.03
Kentucky................... 13 1,039,490 16.28
New Mexico................. 2 182,618 2.86
North Carolina............. 12 1,060,710 16.61
Ohio....................... 2 156,485 2.45
Oklahoma................... 2 216,124 3.38
Oregon..................... 6 579,364 9.07
Tennessee.................. 7 575,819 9.02
Texas...................... 1 118,230 1.85
Utah....................... 1 88,422 1.38
Virginia................... 3 244,970 3.84
Washington................. 5 646,911 10.13
--- ------------- --------
Total................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
14
<PAGE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION OF ADJUSTABLE RATE ASSETS (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ----------- ------------------- ---------------
<S> <C> <C> <C>
1998..................... 18 $ 1,775,133 27.80%
1999..................... 50 4,610,413 72.20
-- --------- -------
Total............... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
- ------------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 3 months as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ADJUSTABLE RATE ASSETS GROSS MARGINS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
GROSS MARGINS ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ---------- ------------------- ----------------
<S> <C> <C> <C>
3.250% - 3.500%............ 10 $ 913,361 14.30%
4.250% - 4.500%........... 58 5,472,185 85.70
-- ----------- -------
Total............... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
- ------------------
(1) The weighted average gross margin of the Adjustable Rate Assets was
approximately 4.35% as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL ADJUSTABLE RATE ASSET AMOUNTS(1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL ADJUSTABLE RATE ASSET ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ --------------- ------------------- ----------------
<S> <C> <C> <C>
$ 55,000 - $ 59,999.......... 1 $ 55,244 0.87%
$ 60,000 - $ 64,999.......... 1 64,816 1.02
$ 65,000 - $ 69,999.......... 2 138,741 2.17
$ 70,000 - $ 74,999.......... 9 645,307 10.11
$ 75,000 - $ 79,999.......... 5 391,631 6.13
$ 80,000 - $ 84,999.......... 8 651,800 10.21
$ 85,000 - $ 89,999.......... 8 700,414 10.97
$ 90,000 - $ 94,999.......... 4 372,566 5.83
$ 95,000 - $ 99,999.......... 5 485,009 7.60
$100,000 or more............... 25 2,880,019 45.10
---- ------------ --------
Total..................... 68 $6,385,546 100.00%
==== ========== ======
</TABLE>
(1) The highest original Adjustable Rate Asset amount was $165,401, which
represents approximately 2.59% of the aggregate principal balance of the
Adjustable Assets at origination. The average original principal amount of
the Adjustable Rate Assets was approximately $93,905 as of the Cut-off Date.
15
<PAGE>
<TABLE>
<CAPTION>
ADJUSTABLE RATE CURRENT ASSET RATES (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
CURRENT ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- --------------- ------------------- ---------------
<S> <C> <C> <C>
6.000% - 6.999%............ 11 $ 1,099,319 17.22%
7.000% - 7.999%........... 43 3,843,004 60.18
8.000% - 8.999%........... 14 1,443,223 22.60
-- --------------- --------
Total................. 68 $ 6,385,546 100.00%
== ============== ======
</TABLE>
(1) The weighted average Adjustable Rate Asset Rate was approximately 7.38% 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.
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
REMAINING TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- --------------- ------------------- ---------------
<S> <C> <C> <C>
217 - 240 months........... 2 $ 143,014 2.24%
241 - 300 months........... 3 252,836 3.96
301 - 360 months........... 63 5,989,696 93.80
-- --------- -----
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average remaining term to maturity of the Adjustable Assets was
approximately 352 months as of the Cut-off Date.
<TABLE>
<CAPTION>
ORIGINAL TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- --------------- ------------------- ---------------
<S> <C> <C> <C>
240 months................. 2 $ 143,014 2.24%
300 months................. 3 252,836 3.96
360 months................. 63 5,989,696 93.80
-- --------- -----
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average original term to maturity of each Adjustable Asset was
355 months as of the Cut-off Date.
16
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ADJUSTABLE RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ---------- ------------------- ---------------
<S> <C> <C> <C>
66% - 70%.................... 2 $ 192,402 3.01%
71% - 75%.................... 2 185,074 2.90
76% - 80%.................... 4 315,168 4.94
81% - 85%.................... 4 380,379 5.96
86% - 90%.................... 3 295,818 4.63
91% - 95%.................... 11 971,808 15.22
96% - 100%................... 42 4,044,897 63.34
--- ---------- --------
Total................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 93.92% 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:
<TABLE>
<CAPTION>
DISTRIBUTION OF NEXT CONTRACT RATE CHANGE DATE OF ADJUSTABLE RATE ASSETS
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
NEXT CONTRACT RATE ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
CHANGE DATE ASSETS PRINCIPAL BALANCE BY SPB
- ----------- --------------- ------------------- ---------------
<S> <C> <C> <C>
August 1, 1999............. 1 $ 99,552 1.56%
December 1, 1999........... 1 77,512 1.21
January 1, 2000............ 8 751,860 11.77
February 1, 2000........... 10 1,071,724 16.78
March 1, 2000.............. 8 794,108 12.44
April 1, 2000.............. 21 1,938,072 30.35
May 1, 2000................ 13 1,161,104 18.18
June 1, 2000............... 6 491,614 7.70
--- ------------ --------
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
17
<PAGE>
<TABLE>
<CAPTION>
MHP PREPAYMENT SENSITIVITIES
0% MHP 100% MHP 150% MHP
------ -------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
<S> <C> <C> <C> <C> <C> <C>
Class A-1 6.23 06/09 1.86 02/03 1.38 02/02
Class A-2 9.96 06/09 8.04 06/09 7.03 06/09
Class M-1 9.96 06/09 9.65 06/09 8.91 06/09
Class M-2 9.96 06/09 9.65 06/09 8.91 06/09
Class B-1 9.96 06/09 9.24 06/09 7.54 06/09
TO MATURITY
Class A-1 6.28 04/10 1.86 02/03 1.38 02/02
Class A-2 18.76 08/27 10.97 02/24 8.81 03/22
Class M-1 21.90 08/27 14.36 02/24 11.79 03/22
Class M-2 21.90 08/27 14.36 02/24 11.79 03/22
Class B-1 21.90 08/27 12.21 02/24 7.64 03/22
200% MHP 250% MHP 300% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
Class A-1 1.10 08/01 0.92 04/01 0.79 01/01
Class A-2 6.13 06/09 5.19 06/09 4.39 06/09
Class M-1 8.17 06/09 7.83 06/09 7.49 06/09
Class M-2 8.17 06/09 7.83 06/09 7.49 06/09
Class B-1 6.21 09/07 5.90 01/07 5.67 07/06
TO MATURITY
Class A-1 1.10 08/01 0.92 04/01 0.79 01/01
Class A-2 7.12 04/20 5.69 11/18 4.60 02/18
Class M-1 9.86 04/20 8.93 11/18 8.12 02/18
Class M-2 9.86 04/20 8.93 11/18 8.12 02/18
Class B-1 6.21 09/07 5.90 01/07 5.67 07/06
</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.
18
<PAGE>
[Banc of America Secuties Logo]
- --------------------------------------------------------------------------------
ABS NEW ISSUE TERM SHEET
$299,286,000 CERTIFICATES (APPROXIMATE)
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1999-C
CLASSES A-1, A-2, M-1, M-2, B-1 AND B-2
OAKWOOD MORTGAGE INVESTORS, INC.,
DEPOSITOR
OAKWOOD ACCEPTANCE CORPORATION,
SERVICER
JUNE 23, 1999
[Oakwood Logo]
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and Banc of
America Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED JUNE 23, 1999
$299,286,000
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
[Oakwood Logo] Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1999-C
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates, Series 1999-C. The Series Term
Sheet has been prepared by Oakwood Mortgage Investors, Inc. for informational
purposes only and is subject to modification or change. The information and
assumptions contained therein are preliminary and will be superseded by a
prospectus supplement and by any other additional information subsequently filed
with the Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston, Banc of America Securities LLC, First Union
Capital Markets Corp. 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. 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
Banc of America Securities LLC
First Union Capital Markets Corp.
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and Banc of
America Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.
<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-C
POOLING AND SERVICING AGREEMENT (INCLUDING THE MAY 1999 EDITION TO THE STANDARD
TERMS) TO BE DATED AS OF JUNE 1, 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........................
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Average Modified
Principal S&P/ Fitch Life Duration First Last
Class Amount(1) Description Ratings(2) (yrs)(3) Coupon (yrs) (3) Pay(3) Pay(3)
-----------------------------------------------------------------------------------------------------------------------------
A-1 $ 72,200,000 Senior SEQ AAA / AAA 1.10 . %(4) 1.03 7/99 8/01
A-2 $174,270,000 Senior SEQ AAA / AAA 6.13 . %(5) (6) 4.57 8/01 6/09
M-1 $ 20,808,000 Mezzanine AA / AA 8.17 . %(5) (6) 5.71 1/04 6/09
M-2 $ 16,004,000 Mezzanine A / A 8.17 . %(5) (6) 5.56 1/04 6/09
B-1 $ 16,004,000 Subordinate BBB / BBB- 6.21 . %(5) (6) 4.49 1/04 9/07
-----------------------------------------------------------------------------------------------------------------------------
(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) It is a condition to the issuance of the Certificates that they be rated as above.
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.
(3) Assumed that the Optional Termination is exercised on the June 2009 Distribution
Date. Data run at a prepayment speed of 200% MHP.
(4) Based on One-Month LIBOR and subject to a cap of the Weighted Average Net Asset
Rate for the related Distribution Date. Computed on the basis of a 360-day year and
the actual number of days in each Interest Accrual Period.
(5) Computed on the basis of a 360-day year of twelve 30-day months.
(6) 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 and Class A-2 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-1 Certificates.
OFFERED SUBORDINATED CERTIFICATES......Class M and Class B-1 Certificates.
Other Certificates........................The Class B-2, Class X and Class R Certificates are not being offered hereby. The Class
B-2 Certificates are expected to be sold in a private placement at or around the
Closing Date, and will be acquired in the interim by an affiliate of the Company. The
Class X and Class R Certificates are expected to be sold initially to related entities
of the Company, which may offer them in the future in one or more privately negotiated
transactions. The Class B-2 Certificates will have an initial Certificate Principal
Balance of approximately $20,807,916.
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..............................June.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 July 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").
Interest Accrual Period...................With. respect to each Distribution Date, (i) for the 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
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This page must be accompanied by the disclaimer on the back page of these materials. If you did not receive such a disclaimer please
contact your Financial Advisor at Banc of America Securities LLC.
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Closing Date through July 14th, 1999), and (ii) for all other Classes of the 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) amounts required to reimburse the Servicer for previously unreimbursed Advances
in accordance with the Agreement, (b) amounts required to reimburse the Company or the
Servicer for certain reimbursable expenses in accordance with the Agreement, (c)
amounts required to reimburse any party for an overpayment of a Repurchase Price for an
Asset in accordance with the Agreement, (d) the Interest Deficiency Amount or portion
thereof, if any, paid from collections on the Preceding Distribution Date, and (e)(i)
if Oakwood is not the Servicer, Servicing Fees for the related Collection Period; (ii)
if Oakwood is the Servicier, 50% of the Servicing Fee for the related Collection Period
for Distribution Dates prior to June 2009, and on and after the June 2009 Distribution
Date, none of the Servicing Fees for the related Collection Period.
Principal distributions to Class A will, in general, be allocated sequentially to the
Class A Certificates in order of their numerical designations. Principal distributions
to Class M will be allocated pro rata between the Class M-1 and the Class M-2
Certificates. Principal distributions to Class B will be allocated sequentially to the
Class B-1 and the Class B-2 Certificates, except that prior to the June 2009
Distribution Date, the Class B-2 Principal Distribution Amount will be distributed pro
rata among Class A, Class M and Class B-1 Certificates. Prior to the Cross-over Date or
on any Distribution Date as of which the Principal Distribution Tests are not met,
principal will be allocated solely to the Class A Certificates.
No principal will be distributable to the Class B-2 Certificateholders until the June
2009 Distribution Date (unless the aggregate principal balance of the outstanding
Assets are less than the Class B-2 Certificate balance). The Class B-2 Certificates
will receive principal distributions equal to all amounts otherwise distributable in
accordance with "Priority of Distributions" below after distributions on the Offered
Certificates if the Class B-2 Certificates are outstanding on or after the June 2009
Distribution Date.
If an Interest Deficiency Event occurs on any Distribution Date with respect to the
Class M-1, Class M-2 or Class B-1 Certificates, collections received after the end of
the related Collection Period and prior to such Distribution Date will be applied, up
to a limited amount determined by the Rating Agencies, to remedy such deficiency in
order of Class seniority. Any remaining deficiency will be carried forward as shortfall
for the next Distribution Date. "Interest Deficiency Event" means, with respect to the
Class M-1, Class M-2 or Class B-1 Certificates and a Distribution Date, that after
distribution of the Available Distribution Amount in the order of priority set forth
below under "Priority of Distributions," there remains unpaid any of the Interest
Distribution Amount, Carryover Interest Distribution Amount, Writedown Interest
Distribution Amount or Carryover Writedown Interest Distribution Amount for such Class
and Distribution Date (the "Interest Deficiency Amount").
[Banc of America Securities Logo]
2
- ------------------------------------------------------------------------------------------------------------------------------------
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contact your Financial Advisor at Banc of America Securities LLC.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
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.
Priority of Distributions..................On.each Distribution Date the Available Distribution Amount will be distributed in the
following amounts and in the following order of priority:
(1) first, concurrently, to each Class of the Class A Certificates (a) first, the
related Interest Distribution Amount for such Distribution Date with the Available
Distribution Amount being allocated among such Classes pro rata based on their
respective Interest Distribution Amounts and (b) second, the related Carryover
Interest Distribution Amount, if any, for such Distribution Date, in each case with
the Available Distribution Amount being allocated among the Classes of Class A
Certificates pro rata based on their respective Carryover Interest Distribution
Amounts;
(2) second, to the Class M-1 Certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, the related Carryover
Interest Distribution Amount, if any, for such Distribution Date;
(3) third, to the Class M-2 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, the related Carryover Interest
Distribution Amount, if any, for such Distribution Date;
(4) fourth, to the Class B-1 Certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, the related Carryover
Interest Distribution Amount, if any, for such Distribution Date;
(5) fifth, concurrently, to each Class of the Class A Certificates, the related
Principal Distribution Shortfall Carryover Amount for each such Class, if any, for
such Distribution Date; allocated among the Class A Certificates pro rata based on
their respective Principal Distribution Shortfall Carryover Amounts;
(6) sixth, to the Class A-1 Certificates and the Class A-2 Certificates, the Class A
Principal Distribution Amount, allocated in the following sequential order: (i) first,
to the Class A-1 Certificates in reduction of the Certificate Principal Balance of
such Class, until it has been reduced to zero; and (ii) second, to the Class A-2
Certificates in reduction of the Certificate Principal Balance of such Class, until it
has been reduced to zero; PROVIDED, HOWEVER, that on any Distribution Date on which
the Pool Scheduled Principal Balance is less than the aggregate Certificate Principal
Balance of the Class A Certificates immediately prior to such Distribution Date, the
Class A Principal Distribution Amount will be allocated among the Class A Certificates
PRO RATA based upon their respective Certificate Principal Balances;
(7) seventh, to the Class M-1 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class M-1 Certificate Principal Balance is
reduced to zero;
(8) eighth, to the Class M-2 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Distribution Amount for such Distribution Date, (c) third,
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3
- ------------------------------------------------------------------------------------------------------------------------------------
This page must be accompanied by the disclaimer on the back page of these materials. If you did not receive such a disclaimer please
contact your Financial Advisor at Banc of America Securities LLC.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
any related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any
related Principal Distribution Amount until the Class M-2 Certificate Principal
Balance is reduced to zero;
(9) ninth, to the Class B-1 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class B-1 Certificate Principal Balance is
reduced to zero;
(10) tenth, to the Class B-2 Certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, the related Carryover
Interest Distribution Amount, if any, for such Distribution Date;
(11) eleventh, to the Class B-2 Certificates, (a) first any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, (d) fourth, any related
Principal Distribution Amount, and (e) fifth, the Class B-2 Accelerated Principal
Distribution Amount for such Distribution Date, until the Class B-2 Certificate
Principal Balance is reduced to zero;
(12) twelfth, to the Servicer, the following amounts in sequential order: (i) as long
as Oakwood is the Servicer, 50% of the Servicing Fee with respect to any Distribution
Date prior to June 2009, otherwise 100% of the Servicing Fee with respect to any
Distribution Date; and (ii) any Servicing Fees from previous Distribution Dates
remaining unpaid;
(13) thirteenth, to the Class X Certificates, in the following sequential order: (i)
the current Class X Strip Amount; and (ii) any Class X Strip Amounts from previous
Distribution Dates remaining unpaid; and
(14) finally, any remainder to the Class R Certificates.
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; and for the
Class B-1 Certificates is the subordination of the Class B-2, Class X and Class R
Certificates.
Cross-over Date............................The later to occur of (a) the Distribution Date occurring in January 2004 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 sum of the Adjusted Certificate
Principal Balance of the Subordinated Certificates and the Overcollateralization
Amount 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 6%, the Current
Realized Loss Ratio is less than or equal to 3.25%; and the Cumulative Realized Losses
are less than or equal to the percentage of the Aggregate Cut-off Date
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<S> <C>
Pool Principal Balance set forth below:
7% January 2004 through June 2005,
8% July 2005 through June 2006,
9.5% July 2006 through December 2007, and
10.5% thereafter.
Allocation of Writedown Amounts............The "Writedown Amount" for any Distribution Date will be the amount, if any, by which
the aggregate Certificate Principal Balance of all Certificates, after all
distributions have been made on the Certificates on such Distribution Date, exceeds
the Pool Scheduled Principal Balance of the Assets for the next Distribution Date. The
Writedown Amount will be allocated among the Classes of Subordinated Certificates in
the following order of priority:
(1) first, to the Class B-2 Certificates, to be applied in reduction of the
Adjusted Certificate Principal Balance of such Class until it has been reduced
to zero;
(2) second, to the Class B-1 Certificates, to be applied in reduction of the
Adjusted Certificate Principal Balance of such Class until it has been reduced
to zero;
(3) third, to the Class M-2 Certificates, to be applied in reduction of the
Adjusted Certificate Principal Balance of such Class until it has been reduced
to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in reduction of the
Adjusted Certificate Principal Balance of such Class until it has been reduced
to zero.
Advances...................................For.each Distribution Date, the Servicer will be obligated to make an advance (a "P&I
Advance") in respect of any delinquent Monthly Payment that will, in the Servicer's
judgement, be recoverable from late payments on or Liquidation Proceeds from such
Asset. The Servicer will also be obligated to make Advances ("Servicing Advances" and,
together with P&I Advances, "Advances") in respect of Liquidation Expenses and certain
taxes and insurance premiums not paid by an Obligor on a timely basis, to the extent
the Servicer deems such Servicing Advances recoverable out of Liquidation Proceeds or
from subsequent collections. P&I Advances and Servicing Advances are reimbursable to
the Servicer under certain circumstances. In addition, the Servicer is obligated under
certain circumstances to pay Compensating Interest with respect to any Asset that
prepays on a date other than on a Due Date for such Asset.
Final Scheduled Distribution Dates.........Based on the assumptions that (i) there are no defaults, prepayments or delinquencies
with respect to payments due on the Assumed Contract Characteristics, and (ii) the
optional termination right is not exercised by the Servicer, the Final Scheduled
Distribution Dates for each of the Classes are set forth below. The actual final
Distribution Date for each Class may occur earlier than the Final Schedule
Distribution Dates. In the event of large losses and delinquencies on the Contracts,
however, the actual payment on certain of the subordinate classes of Certificates may
occur later than the Final Scheduled Distribution Dates and in certain scenarios,
holders of such classes may incur a loss on their investment.
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Final Scheduled
Distribution Dates
Class A-1 Certificates.......... April 15, 2010
Class A-2 Certificates.......... August 15, 2027
Class M-1 Certificates.......... August 15, 2027
Class M-2 Certificates.......... August 15, 2027
Class B-1 Certificates.......... August 15, 2027
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 later of (i) the Distribution Date in June 2009, and (ii) the date on which the
amount of outstanding assets falls to a level at which, in the reasonable opinion of
the Servicer, the cost of servicing those assets becomes burdensome.
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 rate manufactured housing
installment sales contracts (collectively, the "Contracts") secured by security
interests in manufactured homes, as defined herein (the "Manufactured Homes"), and
with respect to certain of the Contracts ("Land Secured Contracts"), secured by liens
on the real estate on which the related Manufactured Homes are located, and (2)
mortgage loans secured by first liens on the real estate to which the related
Manufactured Homes are deemed permanently affixed (the "Mortgage Loans," and together
with the Contracts, the "Assets"). The Asset Pool consists of 7,485 Assets having an
aggregate Scheduled Principal Balance as of the Cut-off Date of $320,093,916.36.
FIXED RATE ASSETS
As of the Cut-off Date, 7,417 Assets, aggregating $313,708,370.34 are secured by fixed
rate Assets ("Fixed Rate Assets"). As of the Cut-off Date, approximately 16.32% of the
Assets are Mortgage Loans and approximately 1.03% of the Assets are Land Secured
Contracts. Based on Cut-off Date Pool Scheduled Principal Balance, approximately
79.76% of the Fixed Rate Assets are secured by Manufactured Homes which were new,
approximately 1.80% of the Fixed Rate Assets are secured by Manufactured Homes which
were used, approximately 16.30% of the Fixed Rate Assets are secured by Manufactured
Homes which were repossessed and approximately 2.14% 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 42 states and District
of Columbia, and approximately 19.17% and 15.87% of the Fixed Rate Assets were secured
by Manufactured Homes or Mortgaged Properties located in North Carolina and Texas,
respectively (based on the mailing addresses of the Obligors on the Assets as of the
Cut-off Date). Each Fixed Rate Asset bears interest at an annual percentage rate (an
"APR") of at least 6.90% and not more than 14.50%. The weighted averaged APR of the
Fixed Rate Assets as of the Cut-off Date is approximately 10.26%. The Fixed Rate
Assets have remaining terms to maturity as of the Cut-off Date of at least 10 months
but not more than 360 months and original terms
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<S> <C>
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 295 months, and a weighted average remaining term to stated
maturity of approximately 293 months. The Fixed Rate Assets have Loan-to-Value Ratio
as of the Cut-off Date of at least 8.22% but not more than 100.00%. As of the Cut-off
Date, the Fixed Rate Assets had a weighted average Loan-to-Value Ratio of
approximately 91.62%. The final scheduled payment date on the Fixed Rate Asset with
the latest maturity occurs in June 2029.
ADJUSTABLE RATE ASSETS
As of the Cut-off Date, 68 Assets aggregating $6,385,546.02, 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 17 states, and approximately 16.61%, 16.28%, 12.27% and 10.13% of the Adjustable
Assets were secured by Mortgaged Properties located in North Carolina, Kentucky,
Colorado and Washington, 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 6.125% and not more than 8.50%. The
weighted averaged APR of the Adjustable Rate Assets as of the Cut-off Date is
approximately 7.38%. The Adjustable Rate Assets have remaining terms to maturity as of
the Cut-off Date of at least 239 months but not more than 360 months and original
terms to stated maturity of at least 240 months but not more than 360 months. As of
the Cut-off Date, the Adjustable Rate Assets had a weighted average original term to
stated maturity of 355 months, and a weighted average remaining term to stated
maturity of approximately 352 months. The Adjustable Rate Assets have Loan-to-Value
Ratio as of the Cut-off Date of at least 67.20% but not more than 100.00%. As of the
Cut-off Date, the Adjustable Rate Assets had a weighted average Loan-to-Value Ratio of
approximately 93.92%. 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
13%. The Adjustable Rate Assets have gross margins as of the Cut-off Date of at least
3.25% but not more than 4.50%. The weighted average gross margin of the Adjustable
Rate Assets as of the Cut-off Date is approximately 4.35%. The final scheduled payment
date on the Adjustable Rate Asset with the latest maturity occurs in June 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 (each, a"REMIC"). The Class A, Class M, Class
B and Class X Certificates will constitute "regular interests" in a REMIC for federal
income tax purposes. The Class R Certificates will be treated as the sole class of
"residual interests" in each REMIC for federal income tax purposes. .
Recent Developments........................Oakwood Homes, the parent corporation of both Oakwood Acceptance and Oakwood
Mortgage, announced on June 18, 1999 that its board of directors will be exploring
strategic alternatives to enhance shareholder value including a merger or sale of
Oakwood Homes. The board of directors stated that Oakwood Homes' management was
pursuing the possibility of a management led buyout. Discussion of these matters is
preliminary, and there can be no
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assurance that a transaction will result. Oakwood Homes' board of directors will
engage a financial advisor to advise it in its consideration of strategic
alternatives.
During November and December, 1998, Oakwood Homes and some of its officers and
directors were named as defendants in lawsuits filed on behalf of purchasers of
Oakwood Homes' common stock between April 11, 1997 and July 21, 1998. These suits were
filed in the United States District Court for the Middle District of North Carolina
and in the United States District Court for the Eastern District of Arkansas. They
allege violations of the Exchange Act in the statements made by Oakwood Homes
concerning its business and financial operations. Oakwood Homes intends to defend
these suits vigorously. Oakwood Mortgage believes that these lawsuits will not
adversely affect payments to be made on your certificates.
ERISA Considerations.......................Fiduciaries of employee benefit plans and certain other retirement plans and
arrangements, including individual retirement accounts and annuities, Keogh plans, and
collective investment funds in which such plans, accounts, annuities or arrangements
are invested, that are subject to the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), or corresponding provisions of the Code (any of the foregoing, a
"Plan"), persons acting on behalf of a Plan, or persons using the assets of a Plan
("Plan Investors") should consult with their own counsel to determine whether the
purchase or holding of the Offered Certificates could give rise to a transaction that
is prohibited either under ERISA or the Code.
BECAUSE THE OFFERED SUBORDINATED CERTIFICATES ARE SUBORDINATED SECURITIES, THEY WILL
NOT SATISFY THE REQUIREMENTS OF CERTAIN PROHIBITED TRANSACTION EXEMPTIONS. AS A
RESULT, THE PURCHASE OR HOLDING OF ANY OF THE OFFERED SUBORDINATED CERTIFICATES BY A
PLAN INVESTOR MAY CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION OR RESULT IN THE
IMPOSITION OF EXCISE TAXES OR CIVIL PENALTIES. ACCORDINGLY, NONE OF THE OFFERED
SUBORDINATED CERTIFICATES ARE OFFERED FOR SALE, AND ARE NOT TRANSFERABLE, TO 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, AND TRANSACTIONS IN CONNECTION WITH THE
SERVICING, OPERATION AND MANAGEMENT OF THE TRUST FROM THE PROHIBITED 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-1 CERTIFICATES ARE NOT "MORTGAGE RELATED SECURITIES" FOR
PURPOSES OF SMMEA BECAUSE SUCH CERTIFICATES ARE NOT RATED IN ONE OF THE TWO HIGHEST
RATING CATEGORIES BY A NATIONALLY RECOGNIZED RATING AGENCY.
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</TABLE>
<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, MARCH 31,
-------------------------------------------------------------- ---------------------
1994 1995 1996 1997 1998 1998 1999
--------- ---------- ----------- ----------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 39,273 51,566 67,120 89,411 111,351 99,878 117,673
Acquired Portfolios......... 5,773 4,872 4,177 3,602 2,818 3,221 2,471
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $757,640 $1,130,378 $1,687,406 $2,499,794 $3,536,657 $2,937,886 $3,874,548
Acquired Portfolios......... $85,227 $70,853 $57,837 $47,027 $35,882 $40,919 $30,532
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $19.3 $21.9 $25.1 $28.0 $31.8 $29.4 $32.9
Acquired Portfolios......... $14.8 $14.5 $13.8 $13.1 $12.7 $12.7 $12.4
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.2% 12.0% 11.5% 11.0% 10.8% 11.0% 10.7%
Acquired Portfolios......... 11.0% 11.3% 11.2% 11.1% 11.0% 11.1% 10.9%
</TABLE>
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30, MARCH 31,
--------------------------------------------------- --------------------
1994 1995 1996 1997 1998 1998 1999
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.................. 39,273 51,566 67,120 89,411 111,351 99,878 117,673
Acquired Portfolios................. 5,773 4,872 4,177 3,602 2,818 3,221 2,471
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days......................... 350 601 835 1,171 2,345 1,445 1,560
60-89 Days......................... 97 185 308 476 906 499 630
90 Days or More.................... 198 267 492 716 1,222 1,004 1,474
Total Number of Assets Delinquent 645 1,053 1,635 2,363 4,473 2,948 3,664
Acquired Portfolios.................
30-59 Days......................... 127 63 66 90 75 72 32
60-89 Days......................... 49 17 23 23 31 31 14
90 Days or More.................... 98 76 62 75 57 61 60
Total Number of Assets Delinquent 274 156 151 188 163 164 106
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.6% 2.0% 2.4% 2.6% 4.0% 3.0% 3.1%
Acquired Portfolios................. 4.7% 3.2% 3.6% 5.2% 5.8% 5.1% 4.3%
(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.
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<CAPTION>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
AT OR FOR THE FISCAL YEAR AT OR FOR THE SIX MONTHS
ENDED ENDED
SEPTEMBER 30, MARCH 31,
------------------------------------------------------------ --------------------------
1994 1995 1996 1997 1998 1998 1999
--------- ---------- ---------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1)................. 45,046 56,438 71,297 93,013 114,169 103,099 120,144
Average Number of Serviced
Assets During Period....... 37,788 50,742 63,868 82,155 103,591 98,056 117,157
Number of Serviced
Assets Repossessed......... 1,241 1,718 2,746 3,885 5,411 2,429 3,810
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2)................. 2.75% 3.04% 3.85% 4.18% 4.74% 4.71%(6) 6.34%(6)
Serviced Assets Repossessed as a
Percentage of Average Number
of Serviced Assets......... 3.28% 3.39% 4.30% 4.73% 5.22% 4.95%(6) 6.50%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $701,875 $976,905 $1,409,467 $2,065,033 $2,978,235 $2,677,949 $3,663,991
Acquired Portfolios........ $30,432 $30,235 $27,351 $22,943 $19,179 $20,088 $15,721
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $4,630 $7,303 $14,248 $26,872 $45,189 $19,767 $36,984
Acquired Portfolios...... $203 $473 $592 $528 $220 $135 $105
As a Percentage of Average
Outstanding Principal Balance
of Assets (3) (5)
Oakwood Originated....... 0.66% 0.75% 1.01% 1.30% 1.52% 1.48%(6) 2.02%(6)
Acquired Portfolios...... 0.67% 1.56% 2.16% 2.30% 1.15% 1.34%(6) 1.34%(6)
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period expressed as a percentage of the total number of
serviced assets at the end of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced by Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance Corporation-serviced portfolios. Such amounts include estimates
of net losses with respect to certain defaulted assets. Charges to the losses reserves in respect of a defaulted asset generally
are made before the defaulted asset becomes a liquidated asset. The length of the accrual period for the amount of accrued and
unpaid interest include in the calculation of the net loss varies depending upon the period in which the loss was charged and
whether the asset was owned by an entity other than Oakwood Acceptance Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period expressed as a percentage of the average outstanding
principal balance of all assets at the end of the applicable period.
(6) Annualized.
The data presented in the foregoing tables are for illustrative purposes only and there is no assurance that the
delinquency, loan loss or repossession experience of the Assets will be similar to that set forth above. The delinquency, loan loss
and repossession experience of manufactured housing contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often volatile, and no predictions can be made regarding
future economic conditions in any particular area. These downturns have tended to increase the severity of loss on repossession
because of the increased supply of used manufactured homes, which in turn may affect the supply in other regions.
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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:
<TABLE>
<CAPTION>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
<S> <C> <C> <C>
Alabama.................... 263 $ 10,319,228 3.29%
Arizona.................... 263 15,421,265 4.92
Arkansas................... 148 5,930,396 1.89
California................. 38 2,360,285 0.75
Colorado................... 81 4,070,989 1.30
Connecticut................ 1 30,118 0.01
Delaware................... 52 2,012,030 0.64
Florida.................... 180 7,631,975 2.43
Georgia.................... 361 14,643,691 4.67
Idaho...................... 91 5,197,072 1.66
Illinois................... 10 349,139 0.11
Indiana.................... 9 263,136 0.08
Iowa....................... 2 55,588 0.02
Kansas..................... 72 3,117,201 0.99
Kentucky................... 178 6,631,937 2.11
Louisiana.................. 274 10,912,854 3.48
Maryland................... 22 876,928 0.28
Massachusetts.............. 1 36,480 0.01
Michigan................... 63 3,305,969 1.05
Minnesota.................. 2 96,022 0.03
Mississippi................ 281 10,584,016 3.37
Missouri................... 122 4,663,568 1.49
Montana.................... 2 169,714 0.05
Nevada..................... 35 1,877,269 0.60
New Jersey................. 5 261,041 0.08
New Mexico................. 208 8,729,619 2.78
New York................... 3 118,264 0.04
North Carolina............. 1,523 60,150,066 19.17
Ohio....................... 85 3,232,359 1.03
Oklahoma................... 121 4,987,707 1.59
Oregon..................... 73 5,909,362 1.88
Pennsylvania............... 5 164,089 0.05
South Carolina............. 596 22,655,059 7.22
South Dakota............... 1 49,556 0.02
Tennessee.................. 377 14,438,841 4.60
Texas...................... 1,187 49,771,100 15.87
Utah....................... 26 1,419,844 0.45
Virginia................... 387 14,863,000 4.74
Washington................. 129 11,570,173 3.69
Washington DC.............. 1 42,991 0.01
West Virginia.............. 129 4,366,667 1.39
Wisconsin.................. 2 121,889 0.04
Wyoming.................... 8 299,876 0.10
-------- ------------ ------
Total................... 7,417 $313,708,370 100.00%
======== ============ ======
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset as of the Cut-off Date.
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contact your Financial Advisor at Banc of America Securities LLC.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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
- ------------------- ------ ----------------- ------
<S> <C> <C> <C>
1990..................... 1 $ 31,413 0.01%
1991..................... 1 12,475 0.00
1993..................... 1 15,428 0.00
1995..................... 2 34,730 0.01
1996..................... 1 17,258 0.01
1997..................... 6 332,863 0.11
1998..................... 103 5,746,750 1.83
1999..................... 7,302 307,517,454 98.03
----- ------------- -------
Total............... 7,417 $313,708,370 100.00%
===== ============ ======
- ------------------
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 2 months as of the Cut-off Date.
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL FIXED RATE ASSET AMOUNTS(1)
NUMBER OF AGGREGATE PERCENTAGE OF
ORIGINAL FIXED RATE ASSET FIXED RATE SCHEDULED FIXED RATE ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ ------ ----------------- ------
<S> <C> <C> <C>
$ 4,999 or less.............. 16 $ 61,340 0.02%
$ 5,000 - $ 9,999.......... 96 716,418 0.23
$ 10,000 - $ 14,999.......... 149 1,847,789 0.59
$ 15,000 - $ 19,999.......... 314 5,499,883 1.75
$ 20,000 - $ 24,999.......... 643 14,545,486 4.64
$ 25,000 - $ 29,999.......... 968 26,721,292 8.52
$ 30,000 - $ 34,999.......... 1,163 37,496,918 11.95
$ 35,000 - $ 39,999.......... 801 29,810,550 9.50
$ 40,000 - $ 44,999.......... 546 23,177,172 7.39
$ 45,000 - $ 49,999.......... 592 28,158,828 8.98
$ 50,000 - $ 54,999.......... 520 27,212,488 8.67
$ 55,000 - $ 59,999.......... 483 27,742,608 8.84
$ 60,000 - $ 64,999.......... 317 19,698,340 6.28
$ 65,000 - $ 69,999.......... 178 12,017,274 3.83
$ 70,000 - $ 74,999.......... 146 10,527,415 3.36
$ 75,000 - $ 79,999.......... 106 8,204,211 2.62
$ 80,000 - $ 84,999.......... 68 5,573,816 1.78
$ 85,000 - $ 89,999.......... 43 3,746,470 1.19
$ 90,000 - $ 94,999.......... 48 4,425,557 1.41
$ 95,000 - $ 99,999.......... 37 3,599,963 1.15
$100,000 or more............... 183 22,924,554 7.31
------ -------------- --------
Total..................... 7,417 $313,708,370 100.00%
====== ============== ========
(1) The highest original Fixed Rate Asset amount was $205,736, 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
$42,296 as of the Cut-off Date.
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contact your Financial Advisor at Banc of America Securities LLC.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIXED RATE ASSET RATES (1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- ------ ----------------- ------
<S> <C> <C> <C> <C>
6.000% - 6.999%............ 40 $ 2,360,370 0.75%
7.000% - 7.999%............ 791 53,533,140 17.06
8.000% - 8.999%........... 973 54,413,406 17.35
9.000% - 9.999%.......... 917 48,890,061 15.58
10.000% - 10.999%.......... 719 31,331,874 9.99
11.000% - 11.999%.......... 1,450 43,680,242 13.92
12.000% - 12.999%.......... 2,281 71,634,771 22.83
13.000% - 13.999%.......... 243 7,805,773 2.49
14.000% - 14.999%.......... 3 58,733 0.02
----- ------------- ------
Total................. 7,417 $313,708,370 100.00%
===== ============= ======
</TABLE>
(1) The weighted average Fixed Rate Asset Rate was approximately 10.26% 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.
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
REMAINING TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
<S> <C> <C> <C> <C>
1 - 60 months........... 125 $ 1,015,625 0.32%
61 - 96 months........... 124 1,759,669 0.56
97 - 120 months........... 233 4,505,741 1.44
121 - 156 months........... 328 7,245,738 2.31
157 - 180 months........... 750 21,698,775 6.92
181 - 216 months........... 148 4,469,607 1.42
217 - 240 months........... 2,178 72,906,268 23.24
241 - 300 months........... 1,337 58,721,144 18.72
301 - 360 months........... 2,194 141,385,803 45.07
----- ------------- -------
Total.................... 7,417 $313,708,370 100.00%
===== ============= ======
</TABLE>
(1) The weighted average remaining term to maturity of the Fixed Rate Assets was
approximately 293 months as of the Cut-off Date.
<TABLE>
<CAPTION>
ORIGINAL TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
ORIGINAL TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
<S> <C> <C> <C> <C>
1 - 60 months........... 124 $ 1,001,755 0.32%
61 - 96 months........... 123 1,743,806 0.56
97 - 120 months........... 230 4,453,358 1.42
121 - 156 months........... 329 7,265,221 2.32
157 - 180 months........... 754 21,761,407 6.94
181 - 216 months........... 146 4,401,687 1.40
217 - 240 months........... 2,179 72,939,185 23.25
241 - 300 months........... 1,338 58,756,147 18.73
301 - 360 months........... 2,194 141,385,803 45.07
----- ------------- -------
Total.................... 7,417 $313,708,370 100.00%
===== ============= =======
(1) The weighted average original term to maturity of the Fixed Rate Assets was
approximately 295 months as of the Cut-off Date.
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF FIXED RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
<S> <C> <C> <C>
50% or less................ 66 $ 1,827,209 0.58%
51% - 55%.................... 20 641,586 0.20
56% - 60%.................... 27 863,730 0.28
61% - 65%.................... 45 1,646,507 0.52
66% - 70%.................... 92 3,645,058 1.16
71% - 75%.................... 148 5,697,060 1.82
76% - 80%.................... 281 10,695,896 3.41
81% - 85%.................... 679 24,376,428 7.77
86% - 90%.................... 1,493 56,841,825 18.12
91% - 95%.................... 2,478 105,800,001 33.73
96% - 100%................... 2,088 101,673,072 32.41
----- ------------ --------
Total................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 91.62% 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:
<TABLE>
<CAPTION>
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
- ------------------- ------ ----------------- ------
<S> <C> <C> <C>
Arizona.................... 1 $ 88,402 1.38%
Colorado................... 7 783,486 12.27
Georgia.................... 1 87,907 1.38
Idaho...................... 2 230,971 3.62
Indiana.................... 1 92,449 1.45
Kansas..................... 2 193,187 3.03
Kentucky................... 13 1,039,490 16.28
New Mexico................. 2 182,618 2.86
North Carolina............. 12 1,060,710 16.61
Ohio....................... 2 156,485 2.45
Oklahoma................... 2 216,124 3.38
Oregon..................... 6 579,364 9.07
Tennessee.................. 7 575,819 9.02
Texas...................... 1 118,230 1.85
Utah....................... 1 88,422 1.38
Virginia................... 3 244,970 3.84
Washington................. 5 646,911 10.13
--- ------------- --------
Total................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
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<PAGE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION OF ADJUSTABLE RATE ASSETS (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
<S> <C> <C> <C> <C>
1998..................... 18 $ 1,775,133 27.80%
1999..................... 50 4,610,413 72.20
-- --------- -------
Total............... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
- ------------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 3 months as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ADJUSTABLE RATE ASSETS GROSS MARGINS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
GROSS MARGINS ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ------ ----------------- ------
<S> <C> <C> <C> <C>
3.250% - 3.500%............ 10 $ 913,361 14.30%
4.250% - 4.500%........... 58 5,472,185 85.70
-- ----------- -------
Total............... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
- ------------------
(1) The weighted average gross margin of the Adjustable Rate Assets was
approximately 4.35% as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL ADJUSTABLE RATE ASSET AMOUNTS(1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL ADJUSTABLE RATE ASSET ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ ------ ----------------- ------
<S> <C> <C> <C> <C>
$ 55,000 - $ 59,999.......... 1 $ 55,244 0.87%
$ 60,000 - $ 64,999.......... 1 64,816 1.02
$ 65,000 - $ 69,999.......... 2 138,741 2.17
$ 70,000 - $ 74,999.......... 9 645,307 10.11
$ 75,000 - $ 79,999.......... 5 391,631 6.13
$ 80,000 - $ 84,999.......... 8 651,800 10.21
$ 85,000 - $ 89,999.......... 8 700,414 10.97
$ 90,000 - $ 94,999.......... 4 372,566 5.83
$ 95,000 - $ 99,999.......... 5 485,009 7.60
$100,000 or more............... 25 2,880,019 45.10
---- ------------ --------
Total..................... 68 $6,385,546 100.00%
==== ========== ======
(1) The highest original Adjustable Rate Asset amount was $165,401, which
represents approximately 2.59% of the aggregate principal balance of the
Adjustable Assets at origination. The average original principal amount of
the Adjustable Rate Assets was approximately $93,905 as of the Cut-off Date.
</TABLE>
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materials. If you did not receive such a disclaimer please contact your
Financial Advisor at Banc of America Securities LLC.
<PAGE>
<TABLE>
<CAPTION>
ADJUSTABLE RATE CURRENT ASSET RATES (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
CURRENT ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- ------ ----------------- ------
<S> <C> <C> <C> <C>
6.000% - 6.999%............ 11 $ 1,099,319 17.22%
7.000% - 7.999%........... 43 3,843,004 60.18
8.000% - 8.999%........... 14 1,443,223 22.60
-- --------------- --------
Total................. 68 $ 6,385,546 100.00%
== ============== ======
</TABLE>
(1) The weighted average Adjustable Rate Asset Rate was approximately 7.38% 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.
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
REMAINING TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
<S> <C> <C> <C> <C>
217 - 240 months........... 2 $ 143,014 2.24%
241 - 300 months........... 3 252,836 3.96
301 - 360 months........... 63 5,989,696 93.80
-- --------- -----
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average remaining term to maturity of the Adjustable Assets was
approximately 352 months as of the Cut-off Date.
<TABLE>
<CAPTION>
ORIGINAL TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
<S> <C> <C> <C>
240 months................. 2 $ 143,014 2.24%
300 months................. 3 252,836 3.96
360 months................. 63 5,989,696 93.80
-- --------- -----
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average original term to maturity of each Adjustable Asset was
355 months as of the Cut-off Date.
[Banc of America Securities Logo]
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materials. If you did not receive such a disclaimer please contact your
Financial Advisor at Banc of America Securities LLC.
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ADJUSTABLE RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
<S> <C> <C> <C> <C>
66% - 70%.................... 2 $ 192,402 3.01%
71% - 75%.................... 2 185,074 2.90
76% - 80%.................... 4 315,168 4.94
81% - 85%.................... 4 380,379 5.96
86% - 90%.................... 3 295,818 4.63
91% - 95%.................... 11 971,808 15.22
96% - 100%................... 42 4,044,897 63.34
--- ---------- --------
Total................... 68 $6,385,546 100.00%
=== ========== ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 93.92% 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:
<TABLE>
<CAPTION>
DISTRIBUTION OF NEXT CONTRACT RATE CHANGE DATE OF ADJUSTABLE RATE ASSETS
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
NEXT CONTRACT RATE ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
CHANGE DATE ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ------ ----------------- ------
<S> <C> <C> <C>
August 1, 1999............. 1 $ 99,552 1.56%
December 1, 1999........... 1 77,512 1.21
January 1, 2000............ 8 751,860 11.77
February 1, 2000........... 10 1,071,724 16.78
March 1, 2000.............. 8 794,108 12.44
April 1, 2000.............. 21 1,938,072 30.35
May 1, 2000................ 13 1,161,104 18.18
June 1, 2000............... 6 491,614 7.70
--- ------------ --------
Total.................... 68 $6,385,546 100.00%
=== ============ ========
</TABLE>
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materials. If you did not receive such a disclaimer please contact your
Financial Advisor at Banc of America Securities LLC.
<PAGE>
<TABLE>
<CAPTION>
MHP PREPAYMENT SENSITIVITIES
0% MHP 100% MHP 150% MHP
------ -------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
<S> <C> <C> <C> <C> <C> <C>
Class A-1 6.23 06/09 1.86 02/03 1.38 02/02
Class A-2 9.96 06/09 8.04 06/09 7.03 06/09
Class M-1 9.96 06/09 9.65 06/09 8.91 06/09
Class M-2 9.96 06/09 9.65 06/09 8.91 06/09
Class B-1 9.96 06/09 9.24 06/09 7.54 06/09
TO MATURITY
Class A-1 6.28 04/10 1.86 02/03 1.38 02/02
Class A-2 18.76 08/27 10.97 02/24 8.81 03/22
Class M-1 21.90 08/27 14.36 02/24 11.79 03/22
Class M-2 21.90 08/27 14.36 02/24 11.79 03/22
Class B-1 21.90 08/27 12.21 02/24 7.64 03/22
200% MHP 250% MHP 300% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
Class A-1 1.10 08/01 0.92 04/01 0.79 01/01
Class A-2 6.13 06/09 5.19 06/09 4.39 06/09
Class M-1 8.17 06/09 7.83 06/09 7.49 06/09
Class M-2 8.17 06/09 7.83 06/09 7.49 06/09
Class B-1 6.21 09/07 5.90 01/07 5.67 07/06
TO MATURITY
Class A-1 1.10 08/01 0.92 04/01 0.79 01/01
Class A-2 7.12 04/20 5.69 11/18 4.60 02/18
Class M-1 9.86 04/20 8.93 11/18 8.12 02/18
Class M-2 9.86 04/20 8.93 11/18 8.12 02/18
Class B-1 6.21 09/07 5.90 01/07 5.67 07/06
</TABLE>
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materials. If you did not receive such a disclaimer please contact your
Financial Advisor at Banc of America Securities LLC.
<PAGE>
The attached tables and other statistical analyses (the "Term Sheet") are
privileged and confidential and are intended for use by the addressee only. This
Term Sheet is furnished to you solely by Banc of America Securities LLC ("Banc
of America") and not by the issuer of the securities or any of its affiliates.
The issuer of these securities has not prepared or taken part in the preparation
of these materials. Neither Banc of America, the issuer of the securities nor
any of its affiliates makes any representation as to the accuracy or
completeness of the information herein. The information herein is preliminary,
and will be subsequently filed with the Securities and Exchange Commission. They
may not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Term Sheet which may or
may not be stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Term Sheet in any particular
context; or as to whether the Term Sheet and/or the assumptions upon which it is
based reflect present market conditions or future market performance. This Term
Sheet should not be construed as either projections or predictions or as legal,
tax, financial or accounting advice.
Any yields or weighted average lives shown in the Term Sheet are based
on prepayment assumptions and actual prepayment experience may dramatically
affect such yields or weighted average lives. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates assumed in the attached Term Sheet. Furthermore, unless otherwise
provided, the Term Sheet assumes no losses on the underlying assets and no
interest shortfall. The specific characteristics of the securities may differ
from those shown in the Term Sheet due to differences between the actual
underlying assets and the hypothetical assets used in preparing the Term Sheet.
The principal amount and designation of any security described in the Term Sheet
are subject to change prior to issuance. Although a registration statement
(including the prospectus) relating to the securities discussed in this
communication has been filed with the Securities and Exchange Commission and is
effective, the final prospectus supplement relating to the securities discussed
in this communication has not been filed with the Securities and Exchange
Commission. This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
discussed in this communication in any state in which such offer, solicitations
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state. Prospective purchasers are referred to the
final prospectus and prospectus supplement relating to the securities discussed
in this communication for final information on any matter discussed in this
communication. All information in this Term Sheet will be superseded by the
information in the final prospectus and prospectus supplement. A final
prospectus and prospectus supplement may be obtained by contacting Banc of
America Syndicate Desk at (704) 386-9690.
Please be advised that asset-backed securities may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayments, yield curve and interest rate
risk. Investors should fully consider the risk of an investment in these
securities.
If you have received this communication in error, please notify the
sending party immediately by telephone and return the original to such party by
mail.
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materials. If you did not receive such a disclaimer please contact your
Financial Advisor at Banc of America Securities LLC.
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED JUNE 23, 1999
[OAKWOOD MORTGAGE LOGO APPEARS HERE]
$299,286,000
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1999-C
The attached Series Term Sheet (the "Series Term Sheet") is privileged and
confidential and is intended for use by the addressee only. This Series Term
Sheet is furnished to you solely by First Union Capital Markets Corp., Credit
Suisse First Boston, and Banc of America Securities LLC (the "Underwriters") and
not by the issuer of the certificates identified above (the "Certificates") or
any other party. The Series Term Sheet is based upon information made available
to the Underwriters. Neither the Underwriters, the issuer of the Certificates,
nor any other party makes any representation to the accuracy or completeness of
the information therein. The information herein is preliminary, and will be
superseded by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission. The information
herein may not be provided to any third party other than the addressee's legal,
tax, financial and/or accounting advisors for the purpose of evaluating such
information.
No assurance can be given as to the accuracy, appropriateness or completeness of
the Series Term Sheet in any particular context; or as to whether the Series
Term Sheet reflects future performance. This Series Term Sheet should not be
construed as either a prediction or as legal, tax, and financial or accounting
advice.
Any yields or weighted average lives shown in the Series Term Sheet are based on
prepayment and other assumptions. Actual experience may dramatically affect such
yields or weighted average lives. The principal amount and designation of any
security described in the Series Term Sheet are subject to change prior to
issuance.
Although a registration statement (including the prospectus) relating to the
Certificates has been filed with the Securities and Exchange Commission and is
effective, the final prospectus supplement relating to the Certificates has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of the Offered Certificates 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. Prospective purchasers are referred
to the final prospectus and prospectus supplement relating to the Offered
Certificates for definitive terms of the Offered Certificates and the
collateral.
Please be advised that the Certificates may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should fully consider the risk of an investment in the Certificates.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
[FIRST UNION LOGO APPEARS HERE]
FIRST UNION CAPITAL MARKETS CORP.
<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-C POOLING AND SERVICING AGREEMENT (INCLUDING THE MAY 1999 EDITION TO
THE STANDARD TERMS) TO BE DATED AS OF JUNE 1, 1999, AMONG OAKWOOD MORTGAGE
INVESTORS, INC., AS DEPOSITOR, OAKWOOD ACCEPTANCE CORPORATION, AS SERVICER, AND
CHASE MANHATTAN TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE.
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The Offered Certificates........................
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Average Modified
Principal S&P/ Fitch Life Duration First Last
Class Amount(1) Description Ratings(2) (yrs)(3) Coupon (yrs) (3) Pay(3) Pay(3)
-----------------------------------------------------------------------------------------------------------------------------
A-1 $ 72,200,000 Senior SEQ AAA / AAA 1.10 . %(4) 1.03 7/99 8/01
A-2 $ 174,270,000 Senior SEQ AAA / AAA 6.13 . %(5) (6) 4.57 8/01 6/09
M-1 $ 20,808,000 Mezzanine AA / AA 8.17 . %(5) (6) 5.71 1/04 6/09
M-2 $ 16,004,000 Mezzanine A / A 8.17 . %(5) (6) 5.56 1/04 6/09
B-1 $ 16,004,000 Subordinate BBB / BBB- 6.21 . %(5) (6) 4.49 1/04 9/07
-----------------------------------------------------------------------------------------------------------------------------
(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) It is a condition to the issuance of the Certificates that they be rated as
above. 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.
(3) Assumed that the Optional Termination is exercised on the June
2009 Distribution Date. Data run at a prepayment speed of 200% MHP. (4) Based on
One-Month LIBOR and subject to a cap of the Weighted Average Net Asset Rate for
the related Distribution Date. Computed on the basis of a 360-day year and the
actual number of days in each Interest Accrual Period. (5) Computed on the basis
of a 360-day year of twelve 30-day months. (6) The lesser of (i) specified rate
per annum, or (ii) the Weighted Average Net Asset Rate for the related
Distribution Date.
</TABLE>
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Class Designations
CLASS A CERTIFICATES...................Class.A-1 and Class A-2 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-1 Certificates.
OFFERED SUBORDINATED CERTIFICATES......Class M and Class B-1 Certificates.
Other Certificates.......................The Class B-2, Class X and Class R Certificates are not being offered hereby.
The Class B-2 Certificates are expected to be sold in a private placement at or
around the Closing Date, and will be acquired in the interim by an affiliate of
the Company. The Class X and Class R Certificates are expected to be sold
initially to related entities of the Company, which may offer them in the future
in one or more privately negotiated transactions. The Class B-2 Certificates
will have an initial Certificate Principal Balance of approximately $20,807,916.
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.............................June.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 July 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").
Interest Accrual Period......................With. respect to each Distribution Date, (i) for the 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 July 14th, 1999), and (ii) for all other Classes of the
Offered Certificates, the calendar month preceding the month in which the
Distribution Date occurs (each, an "Interest Accrual Period").
</TABLE>
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FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
1
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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) amounts required to
reimburse the Servicer for previously unreimbursed Advances in accordance with
the Agreement, (b) amounts required to reimburse the Company or the Servicer for
certain reimbursable expenses in accordance with the Agreement, (c) amounts
required to reimburse any party for an overpayment of a Repurchase Price for an
Asset in accordance with the Agreement, (d) the Interest Deficiency Amount or
portion thereof, if any, paid from collections on the Preceding Distribution
Date, and (e)(i) if Oakwood is not the Servicer, Servicing Fees for the related
Collection Period; (ii) if Oakwood is the Servicier, 50% of the Servicing Fee
for the related Collection Period for Distribution Dates prior to June 2009, and
on and after the June 2009 Distribution Date, none of the Servicing Fees for the
related Collection Period.
Principal distributions to Class A will, in general, be allocated sequentially
to the Class A Certificates in order of their numerical designations. Principal
distributions to Class M will be allocated pro rata between the Class M-1 and
the Class M-2 Certificates. Principal distributions to Class B will be allocated
sequentially to the Class B-1 and the Class B-2 Certificates, except that prior
to the June 2009 Distribution Date, the Class B-2 Principal Distribution Amount
will be distributed pro rata among Class A, Class M and Class B-1 Certificates.
Prior to the Cross-over Date or on any Distribution Date as of which the
Principal Distribution Tests are not met, principal will be allocated solely to
the Class A Certificates.
No principal will be distributable to the Class B-2 Certificateholders until the
June 2009 Distribution Date (unless the aggregate principal balance of the
outstanding Assets are less than the Class B-2 Certificate balance). The Class
B-2 Certificates will receive principal distributions equal to all amounts
otherwise distributable in accordance with "Priority of Distributions" below
after distributions on the Offered Certificates if the Class B-2 Certificates
are outstanding on or after the June 2009 Distribution Date.
If an Interest Deficiency Event occurs on any Distribution Date with respect to
the Class M-1, Class M-2 or Class B-1 Certificates, collections received after
the end of the related Collection Period and prior to such Distribution Date
will be applied, up to a limited amount determined by the Rating Agencies, to
remedy such deficiency in order of Class seniority. Any remaining deficiency
will be carried forward as shortfall for the next Distribution Date. "Interest
Deficiency Event" means, with respect to the Class M-1, Class M-2 or Class B-1
Certificates and a Distribution Date, that after distribution of the Available
Distribution Amount in the order of priority set forth below under "Priority of
Distributions," there remains unpaid any of the Interest Distribution Amount,
Carryover Interest Distribution Amount, Writedown Interest Distribution Amount
or Carryover Writedown Interest Distribution Amount for such Class and
Distribution Date (the "Interest Deficiency Amount").
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.
Priority of Distributions.................On.each Distribution Date the Available Distribution Amount will be distributed
in the following amounts and in the following order of priority:
</TABLE>
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FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
2
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(1) first, concurrently, to each Class of the Class A Certificates (a) first,
the related Interest Distribution Amount for such Distribution Date with the
Available Distribution Amount being allocated among such Classes pro rata based
on their respective Interest Distribution Amounts and (b) second, the related
Carryover Interest Distribution Amount, if any, for such Distribution Date, in
each case with the Available Distribution Amount being allocated among the
Classes of Class A Certificates pro rata based on their respective Carryover
Interest Distribution Amounts;
(2) second, to the Class M-1 Certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, the related
Carryover Interest Distribution Amount, if any, for such Distribution Date;
(3) third, to the Class M-2 Certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, the related
Carryover Interest Distribution Amount, if any, for such Distribution Date;
(4) fourth, to the Class B-1 Certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, the related
Carryover Interest Distribution Amount, if any, for such Distribution Date;
(5) fifth, concurrently, to each Class of the Class A Certificates, the related
Principal Distribution Shortfall Carryover Amount for each such Class, if any,
for such Distribution Date; allocated among the Class A Certificates pro rata
based on their respective Principal Distribution Shortfall Carryover Amounts;
(6) sixth, to the Class A-1 Certificates and the Class A-2 Certificates, the
Class A Principal Distribution Amount, allocated in the following sequential
order: (i) first, to the Class A-1 Certificates in reduction of the Certificate
Principal Balance of such Class, until it has been reduced to zero; and (ii)
second, to the Class A-2 Certificates in reduction of the Certificate Principal
Balance of such Class, until it has been reduced to zero; PROVIDED, HOWEVER,
that on any Distribution Date on which the Pool Scheduled Principal Balance is
less than the aggregate Certificate Principal Balance of the Class A
Certificates immediately prior to such Distribution Date, the Class A Principal
Distribution Amount will be allocated among the Class A Certificates PRO RATA
based upon their respective Certificate Principal Balances;
(7) seventh, to the Class M-1 Certificates, (a) first, any related Writedown
Interest Distribution Amount for such Distribution Date, (b) second, any related
Carryover Writedown Interest Distribution Amount for such Distribution Date, (c)
third, any related Principal Distribution Shortfall Carryover Amount, and (d)
fourth, any related Principal Distribution Amount until the Class M-1
Certificate Principal Balance is reduced to zero;
(8) eighth, to the Class M-2 Certificates, (a) first, any related Writedown
Interest Distribution Amount for such Distribution Date, (b) second, any related
Carryover Writedown Distribution Amount for such Distribution Date, (c) third,
any related Principal Distribution Shortfall Carryover Amount, and (d) fourth,
any related Principal Distribution Amount until the Class M-2 Certificate
Principal Balance is reduced to zero;
(9) ninth, to the Class B-1 Certificates, (a) first, any related Writedown
Interest Distribution Amount for such Distribution Date, (b) second, any related
Carryover Writedown Interest Distribution Amount for such Distribution Date, (c)
third, any related Principal Distribution Shortfall Carryover Amount, and (d)
fourth, any related Principal Distribution Amount until the Class B-1
Certificate Principal Balance is reduced to zero;
</TABLE>
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FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
3
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(10) tenth, to the Class B-2 Certificates, (a) first, the related Interest
Distribution Amount for such Distribution Date and (b) second, the related
Carryover Interest Distribution Amount, if any, for such Distribution Date;
(11) eleventh, to the Class B-2 Certificates, (a) first any related Writedown
Interest Distribution Amount for such Distribution Date, (b) second, any related
Carryover Writedown Interest Distribution Amount for such Distribution Date, (c)
third, any related Principal Distribution Shortfall Carryover Amount, (d)
fourth, any related Principal Distribution Amount, and (e) fifth, the Class B-2
Accelerated Principal Distribution Amount for such Distribution Date, until the
Class B-2 Certificate Principal Balance is reduced to zero;
(12) twelfth, to the Servicer, the following amounts in sequential order: (i) as
long as Oakwood is the Servicer, 50% of the Servicing Fee with respect to any
Distribution Date prior to June 2009, otherwise 100% of the Servicing Fee with
respect to any Distribution Date; and (ii) any Servicing Fees from previous
Distribution Dates remaining unpaid;
(13) thirteenth, to the Class X Certificates, in the following sequential order:
(i) the current Class X Strip Amount; and (ii) any Class X Strip Amounts from
previous Distribution Dates remaining unpaid; and
(14) finally, any remainder to the Class R Certificates.
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; and for the Class B-1 Certificates is the subordination of
the Class B-2, Class X and Class R Certificates.
Cross-over Date...........................The later to occur of (a) the Distribution Date occurring in January 2004 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 sum of the
Adjusted Certificate Principal Balance of the Subordinated Certificates and the
Overcollateralization Amount 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 6%, the Current
Realized Loss Ratio is less than or equal to 3.25%; and the Cumulative Realized
Losses are less than or equal to the percentage of the Aggregate Cut-off Date
Pool Principal Balance set forth below:
7% January 2004 through June 2005,
8% July 2005 through June 2006,
9.5% July 2006 through December 2007, and
10.5% thereafter.
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:
</TABLE>
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FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
4
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(1) first, to the Class B-2 Certificates, to be applied in reduction of the
Adjusted Certificate Principal Balance of such Class until it has been reduced
to zero;
(2) second, to the Class B-1 Certificates, to be applied in reduction of
the Adjusted Certificate Principal Balance of such Class until it has been
reduced to zero;
(3) third, to the Class M-2 Certificates, to be applied in reduction of the
Adjusted Certificate Principal Balance of such Class until it has been reduced
to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in reduction of
the Adjusted Certificate Principal Balance of such Class until it has been
reduced to zero.
Advances..................................For.each Distribution Date, the Servicer will be obligated to make an advance
(a "P&I Advance") in respect of any delinquent Monthly Payment that will, in the
Servicer's judgement, be recoverable from late payments on or Liquidation
Proceeds from such Asset. The Servicer will also be obligated to make Advances
("Servicing Advances" and, together with P&I Advances, "Advances") in respect of
Liquidation Expenses and certain taxes and insurance premiums not paid by an
Obligor on a timely basis, to the extent the Servicer deems such Servicing
Advances recoverable out of Liquidation Proceeds or from subsequent collections.
P&I Advances and Servicing Advances are reimbursable to the Servicer under
certain circumstances. In addition, the Servicer is obligated under certain
circumstances to pay Compensating Interest with respect to any Asset that
prepays on a date other than on a Due Date for such Asset.
Final Scheduled Distribution Dates.......... Based on the assumptions that (i) there are no defaults, prepayments or
delinquencies with respect to payments due on the Assumed Contract
Characteristics, and (ii) the optional termination right is not exercised by the
Servicer, the Final Scheduled Distribution Dates for each of the Classes are set
forth below. The actual final Distribution Date for each Class may occur earlier
than the Final Schedule Distribution Dates. In the event of large losses and
delinquencies on the Contracts, however, the actual payment on certain of the
subordinate classes of Certificates may occur later than the Final Scheduled
Distribution Dates and in certain scenarios, holders of such classes may incur a
loss on their investment.
Final Scheduled
Distribution Dates
Class A-1 Certificates.......... April 15, 2010
Class A-2 Certificates.......... August 15, 2027
Class M-1 Certificates.......... August 15, 2027
Class M-2 Certificates.......... August 15, 2027
Class B-1 Certificates.......... August 15, 2027
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 later of (i) the Distribution Date in June 2009,
and (ii) the date on which the amount of outstanding assets falls to a level at
which, in the reasonable opinion of the Servicer, the cost of servicing those
assets becomes burdensome.
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.
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FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
5
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The Assets................................The.Trust will consist of (1) fixed and adjustable rate manufactured housing
installment sales contracts (collectively, the "Contracts") secured by security
interests in manufactured homes, as defined herein (the "Manufactured Homes"),
and with respect to certain of the Contracts ("Land Secured Contracts"), secured
by liens on the real estate on which the related Manufactured Homes are located,
and (2) mortgage loans secured by first liens on the real estate to which the
related Manufactured Homes are deemed permanently affixed (the "Mortgage Loans,"
and together with the Contracts, the "Assets"). The Asset Pool consists of 7,485
Assets having an aggregate Scheduled Principal Balance as of the Cut-off Date of
$320,093,916.36.
FIXED RATE ASSETS
As of the Cut-off Date, 7,417 Assets, aggregating $313,708,370.34 are secured by
fixed rate Assets ("Fixed Rate Assets"). As of the Cut-off Date, approximately
16.32% of the Assets are Mortgage Loans and approximately 1.03% of the Assets
are Land Secured Contracts. Based on Cut-off Date Pool Scheduled Principal
Balance, approximately 79.76% of the Fixed Rate Assets are secured by
Manufactured Homes which were new, approximately 1.80% of the Fixed Rate Assets
are secured by Manufactured Homes which were used, approximately 16.30% of the
Fixed Rate Assets are secured by Manufactured Homes which were repossessed and
approximately 2.14% 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 42 states and District of
Columbia, and approximately 19.17% and 15.87% of the Fixed Rate Assets were
secured by Manufactured Homes or Mortgaged Properties located in North Carolina
and Texas, respectively (based on the mailing addresses of the Obligors on the
Assets as of the Cut-off Date). Each Fixed Rate Asset bears interest at an
annual percentage rate (an "APR") of at least 6.90% and not more than 14.50%.
The weighted averaged APR of the Fixed Rate Assets as of the Cut-off Date is
approximately 10.26%. The Fixed Rate Assets have remaining terms to maturity as
of the Cut-off Date of at least 10 months but not more than 360 months and
original terms to stated maturity of at least 12 months but not more than 360
months. As of the Cut-off Date, the Fixed Rate Assets had a weighted average
original term to stated maturity of approximately 295 months, and a weighted
average remaining term to stated maturity of approximately 293 months. The Fixed
Rate Assets have Loan-to-Value Ratio as of the Cut-off Date of at least 8.22%
but not more than 100.00%. As of the Cut-off Date, the Fixed Rate Assets had a
weighted average Loan-to-Value Ratio of approximately 91.62%. The final
scheduled payment date on the Fixed Rate Asset with the latest maturity occurs
in June 2029.
ADJUSTABLE RATE ASSETS
As of the Cut-off Date, 68 Assets aggregating $6,385,546.02, 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 17 states, and approximately 16.61%, 16.28%,
12.27% and 10.13% of the Adjustable Assets were secured by Mortgaged Properties
located in North Carolina, Kentucky, Colorado and Washington, 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 6.125% and not more than 8.50%. The weighted averaged APR
of the Adjustable Rate Assets as of the Cut-off Date is approximately 7.38%. The
Adjustable Rate Assets have remaining terms to maturity as of the Cut-off Date
of at least 239 months but not more than 360 months and original terms to stated
maturity of at least 240 months but not more than 360 months. As of the Cut-off
Date, the Adjustable Rate Assets had a
</TABLE>
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FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
6
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weighted average original term to stated maturity of 355 months, and a weighted
average remaining term to stated maturity of approximately 352 months. The
Adjustable Rate Assets have Loan-to-Value Ratio as of the Cut-off Date of at
least 67.20% but not more than 100.00%. As of the Cut-off Date, the Adjustable
Rate Assets had a weighted average Loan-to-Value Ratio of approximately 93.92%.
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 13%.
The Adjustable Rate Assets have gross margins as of the Cut-off Date of at least
3.25% but not more than 4.50%. The weighted average gross margin of the
Adjustable Rate Assets as of the Cut-off Date is approximately 4.35%. The final
scheduled payment date on the Adjustable Rate Asset with the latest maturity
occurs in June 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 (each, a"REMIC"). The Class A,
Class M, Class B and Class X Certificates will constitute "regular interests" in
a REMIC for federal income tax purposes. The Class R Certificates will be
treated as the sole class of "residual interests" in each REMIC for federal
income tax purposes.
Recent Developments........................Oakwood Homes, the parent corporation of both Oakwood Acceptance and Oakwood
Mortgage, announced on June 18, 1999 that its board of directors will be
exploring strategic alternatives to enhance shareholder value including a merger
or sale of Oakwood Homes. The board of directors stated that Oakwood Homes'
management was pursuing the possibility of a management led buyout. Discussion
of these matters is preliminary, and there can be no assurance that a
transaction will result. Oakwood Homes' board of directors will engage a
financial advisor to advise it in its consideration of strategic alternatives.
During November and December, 1998, Oakwood Homes and some of its officers and
directors were named as defendants in lawsuits filed on behalf of purchasers of
Oakwood Homes' common stock between April 11, 1997 and July 21, 1998. These
suits were filed in the United States District Court for the Middle District of
North Carolina and in the United States District Court for the Eastern District
of Arkansas. They allege violations of the Exchange Act in the statements made
by Oakwood Homes concerning its business and financial operations. Oakwood Homes
intends to defend these suits vigorously. Oakwood Mortgage believes that these
lawsuits will not adversely affect payments to be made on your certificates.
ERISA Considerations...................... Fiduciaries of employee benefit plans and certain other retirement plans and
arrangements, including individual retirement accounts and annuities, Keogh
plans, and collective investment funds in which such plans, accounts, annuities
or arrangements are invested, that are subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or corresponding provisions of the
Code (any of the foregoing, a "Plan"), persons acting on behalf of a Plan, or
persons using the assets of a Plan ("Plan Investors") should consult with their
own counsel to determine whether the purchase or holding of the Offered
Certificates could give rise to a transaction that is prohibited either under
ERISA or the Code.
BECAUSE THE OFFERED SUBORDINATED CERTIFICATES ARE SUBORDINATED SECURITIES, THEY
WILL NOT SATISFY THE REQUIREMENTS OF CERTAIN PROHIBITED TRANSACTION EXEMPTIONS.
AS A RESULT, THE PURCHASE OR HOLDING OF ANY OF THE OFFERED SUBORDINATED
CERTIFICATES BY A PLAN INVESTOR MAY CONSTITUTE A NON-EXEMPT PROHIBITED
TRANSACTION OR RESULT IN THE IMPOSITION OF EXCISE
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
7
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
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, AND
TRANSACTIONS IN CONNECTION WITH THE SERVICING, OPERATION AND MANAGEMENT OF THE
TRUST FROM THE PROHIBITED 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-1 CERTIFICATES ARE NOT "MORTGAGE RELATED SECURITIES"
FOR PURPOSES OF SMMEA BECAUSE SUCH CERTIFICATES ARE NOT RATED IN ONE OF THE TWO
HIGHEST RATING CATEGORIES BY A NATIONALLY RECOGNIZED RATING AGENCY.
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
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.
<TABLE>
<CAPTION>
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, MARCH 31,
-------------------------------------------------------------- ---------------------
1994 1995 1996 1997 1998 1998 1999
--------- ---------- ----------- ----------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 39,273 51,566 67,120 89,411 111,351 99,878 117,673
Acquired Portfolios......... 5,773 4,872 4,177 3,602 2,818 3,221 2,471
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $757,640 $1,130,378 $1,687,406 $2,499,794 $3,536,657 $2,937,886 $3,874,548
Acquired Portfolios......... $85,227 $70,853 $57,837 $47,027 $35,882 $40,919 $30,532
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $19.3 $21.9 $25.1 $28.0 $31.8 $29.4 $32.9
Acquired Portfolios......... $14.8 $14.5 $13.8 $13.1 $12.7 $12.7 $12.4
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.2% 12.0% 11.5% 11.0% 10.8% 11.0% 10.7%
Acquired Portfolios......... 11.0% 11.3% 11.2% 11.1% 11.0% 11.1% 10.9%
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, MARCH 31,
--------------------------------------------------- --------------------
1994 1995 1996 1997 1998 1998 1999
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.................. 39,273 51,566 67,120 89,411 111,351 99,878 117,673
Acquired Portfolios................. 5,773 4,872 4,177 3,602 2,818 3,221 2,471
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days......................... 350 601 835 1,171 2,345 1,445 1,560
60-89 Days......................... 97 185 308 476 906 499 630
90 Days or More.................... 198 267 492 716 1,222 1,004 1,474
Total Number of Assets Delinquent 645 1,053 1,635 2,363 4,473 2,948 3,664
Acquired Portfolios.................
30-59 Days......................... 127 63 66 90 75 72 32
60-89 Days......................... 49 17 23 23 31 31 14
90 Days or More.................... 98 76 62 75 57 61 60
Total Number of Assets Delinquent 274 156 151 188 163 164 106
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 1.6% 2.0% 2.4% 2.6% 4.0% 3.0% 3.1%
Acquired Portfolios................. 4.7% 3.2% 3.6% 5.2% 5.8% 5.1% 4.3%
</TABLE>
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
9
<PAGE>
<TABLE>
<CAPTION>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
AT OR FOR THE FISCAL YEAR AT OR FOR THE SIX MONTHS
ENDED ENDED
SEPTEMBER 30, MARCH 31,
------------------------------------------------------------ -------------------------
1994 1995 1996 1997 1998 1998 1999
--------- ---------- ---------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1)................. 45,046 56,438 71,297 93,013 114,169 103,099 120,144
Average Number of Serviced
Assets During Period....... 37,788 50,742 63,868 82,155 103,591 98,056 117,157
Number of Serviced
Assets Repossessed......... 1,241 1,718 2,746 3,885 5,411 2,429 3,810
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2)................. 2.75% 3.04% 3.85% 4.18% 4.74% 4.71%(6) 6.34%(6)
Serviced Assets Repossessed as a
Percentage of Average Number
of Serviced Assets......... 3.28% 3.39% 4.30% 4.73% 5.22% 4.95%(6) 6.50%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $701,875 $976,905 $1,409,467 $2,065,033 $2,978,235 $2,677,949 $3,663,991
Acquired Portfolios........ $30,432 $30,235 $27,351 $22,943 $19,179 $20,088 $15,721
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $4,630 $7,303 $14,248 $26,872 $45,189 $19,767 $36,984
Acquired Portfolios...... $203 $473 $592 $528 $220 $135 $105
As a Percentage of Average
Outstanding Principal Balance
of Assets (3) (5)
Oakwood Originated....... 0.66% 0.75% 1.01% 1.30% 1.52% 1.48%(6) 2.02%(6)
Acquired Portfolios...... 0.67% 1.56% 2.16% 2.30% 1.15% 1.34%(6) 1.34%(6)
</TABLE>
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood Acceptance Corporation and serviced by
Oakwood Acceptance Corporation and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance
Corporation-serviced portfolios. Such amounts include estimates of net
losses with respect to certain defaulted assets. Charges to the losses
reserves in respect of a defaulted asset generally are made before the
defaulted asset becomes a liquidated asset. The length of the accrual period
for the amount of accrued and unpaid interest include in the calculation of
the net loss varies depending upon the period in which the loss was charged
and whether the asset was owned by an entity other than Oakwood Acceptance
Corporation.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
(6) Annualized.
The data presented in the foregoing tables are for illustrative
purposes only and there is no assurance that the delinquency, loan loss or
repossession experience of the Assets will be similar to that set forth above.
The delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
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:
<TABLE>
<CAPTION>
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ---------- -------------------- ---------------------
<S> <C> <C> <C>
Alabama.................... 263 $ 10,319,228 3.29%
Arizona.................... 263 15,421,265 4.92
Arkansas................... 148 5,930,396 1.89
California................. 38 2,360,285 0.75
Colorado................... 81 4,070,989 1.30
Connecticut................ 1 30,118 0.01
Delaware................... 52 2,012,030 0.64
Florida.................... 180 7,631,975 2.43
Georgia.................... 361 14,643,691 4.67
Idaho...................... 91 5,197,072 1.66
Illinois................... 10 349,139 0.11
Indiana.................... 9 263,136 0.08
Iowa....................... 2 55,588 0.02
Kansas..................... 72 3,117,201 0.99
Kentucky................... 178 6,631,937 2.11
Louisiana.................. 274 10,912,854 3.48
Maryland................... 22 876,928 0.28
Massachusetts.............. 1 36,480 0.01
Michigan................... 63 3,305,969 1.05
Minnesota.................. 2 96,022 0.03
Mississippi................ 281 10,584,016 3.37
Missouri................... 122 4,663,568 1.49
Montana.................... 2 169,714 0.05
Nevada..................... 35 1,877,269 0.60
New Jersey................. 5 261,041 0.08
New Mexico................. 208 8,729,619 2.78
New York................... 3 118,264 0.04
North Carolina............. 1,523 60,150,066 19.17
Ohio....................... 85 3,232,359 1.03
Oklahoma................... 121 4,987,707 1.59
Oregon..................... 73 5,909,362 1.88
Pennsylvania............... 5 164,089 0.05
South Carolina............. 596 22,655,059 7.22
South Dakota............... 1 49,556 0.02
Tennessee.................. 377 14,438,841 4.60
Texas...................... 1,187 49,771,100 15.87
Utah....................... 26 1,419,844 0.45
Virginia................... 387 14,863,000 4.74
Washington................. 129 11,570,173 3.69
Washington DC.............. 1 42,991 0.01
West Virginia.............. 129 4,366,667 1.39
Wisconsin.................. 2 121,889 0.04
Wyoming.................... 8 299,876 0.10
-------- ------- --------
Total................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) Based on the mailing address of the Obligor on the related Fixed Rate Asset
as of the Cut-off Date.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
11
<PAGE>
<TABLE>
<CAPTION>
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
- ------------------- ---------- ----------------- ---------------------
<S> <C> <C> <C>
1990..................... 1 $ 31,413 0.01%
1991..................... 1 12,475 0.00
1993..................... 1 15,428 0.00
1995..................... 2 34,730 0.01
1996..................... 1 17,258 0.01
1997..................... 6 332,863 0.11
1998..................... 103 5,746,750 1.83
1999..................... 7,302 307,517,454 98.03
----- ------------- -------
Total............... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
- ------------------
(1) The weighted average seasoning of the Fixed Rate Assets was approximately 2
months as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL FIXED RATE ASSET AMOUNTS(1)
NUMBER OF AGGREGATE PERCENTAGE OF
ORIGINAL FIXED RATE ASSET FIXED RATE SCHEDULED FIXED RATE ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ ---------- ----------------- ---------------------
<S> <C> <C> <C>
$ 4,999 or less.............. 16 $ 61,340 0.02%
$ 5,000 - $ 9,999......... 96 716,418 0.23
$ 10,000 - $ 14,999.......... 149 1,847,789 0.59
$ 15,000 - $ 19,999.......... 314 5,499,883 1.75
$ 20,000 - $ 24,999.......... 643 14,545,486 4.64
$ 25,000 - $ 29,999.......... 968 26,721,292 8.52
$ 30,000 - $ 34,999.......... 1,163 37,496,918 11.95
$ 35,000 - $ 39,999.......... 801 29,810,550 9.50
$ 40,000 - $ 44,999.......... 546 23,177,172 7.39
$ 45,000 - $ 49,999.......... 592 28,158,828 8.98
$ 50,000 - $ 54,999.......... 520 27,212,488 8.67
$ 55,000 - $ 59,999.......... 483 27,742,608 8.84
$ 60,000 - $ 64,999.......... 317 19,698,340 6.28
$ 65,000 - $ 69,999.......... 178 12,017,274 3.83
$ 70,000 - $ 74,999.......... 146 10,527,415 3.36
$ 75,000 - $ 79,999.......... 106 8,204,211 2.62
$ 80,000 - $ 84,999.......... 68 5,573,816 1.78
$ 85,000 - $ 89,999.......... 43 3,746,470 1.19
$ 90,000 - $ 94,999.......... 48 4,425,557 1.41
$ 95,000 - $ 99,999.......... 37 3,599,963 1.15
$100,000 or more............... 183 22,924,554 7.31
------ -------------- --------
Total..................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The highest original Fixed Rate Asset amount was $205,736, 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 $42,296 as of the Cut-off Date.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
12
<PAGE>
<TABLE>
<CAPTION>
FIXED RATE ASSET RATES (1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- ---------- ------------------- ----------------------
<S> <C> <C> <C>
6.000% - 6.999%............ 40 $ 2,360,370 0.75%
7.000% - 7.999%............ 791 53,533,140 17.06
8.000% - 8.999%........... 973 54,413,406 17.35
9.000% - 9.999%.......... 917 48,890,061 15.58
10.000% - 10.999%.......... 719 31,331,874 9.99
11.000% - 11.999%.......... 1,450 43,680,242 13.92
12.000% - 12.999%.......... 2,281 71,634,771 22.83
13.000% - 13.999%.......... 243 7,805,773 2.49
14.000% - 14.999%.......... 3 58,733 0.02
----- ------------- ------
Total................. 7,417 $313,708,370 100.00%
===== ============ ======
(1) The weighted average Fixed Rate Asset Rate was approximately 10.26% 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.
</TABLE>
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
REMAINING TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ---------- -------------------- ---------------------
<S> <C> <C> <C>
1 - 60 months......... 125 $ 1,015,625 0.32%
61 - 96 months......... 124 1,759,669 0.56
97 - 120 months.......... 233 4,505,741 1.44
121 - 156 months........... 328 7,245,738 2.31
157 - 180 months........... 750 21,698,775 6.92
181 - 216 months........... 148 4,469,607 1.42
217 - 240 months........... 2,178 72,906,268 23.24
241 - 300 months........... 1,337 58,721,144 18.72
301 - 360 months........... 2,194 141,385,803 45.07
----- ------------- -------
Total.................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The weighted average remaining term to maturity of the Fixed Rate Assets
was approximately 293 months as of the Cut-off Date.
<TABLE>
<CAPTION>
ORIGINAL TERMS TO MATURITY OF FIXED RATE ASSETS (IN MONTHS) (1)
NUMBER OF PERCENTAGE OF
ORIGINAL TERM FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ---------- -------------------- -----------------------
<S> <C> <C> <C>
1 - 60 months......... 124 $ 1,001,755 0.32%
61 - 96 months......... 123 1,743,806 0.56
97 - 120 months.......... 230 4,453,358 1.42
121 - 156 months........... 329 7,265,221 2.32
157 - 180 months........... 754 21,761,407 6.94
181 - 216 months........... 146 4,401,687 1.40
217 - 240 months........... 2,179 72,939,185 23.25
241 - 300 months........... 1,338 58,756,147 18.73
301 - 360 months........... 2,194 141,385,803 45.07
----- ------------- -------
Total.................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original term to maturity of the Fixed Rate Assets
was approximately 295 months as of the Cut-off Date.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
13
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF FIXED RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
FIXED RATE AGGREGATE SCHEDULED FIXED RATE ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ---------- ------------------- ---------------------
<S> <C> <C> <C>
50% or less................ 66 $ 1,827,209 0.58%
51% - 55%.................... 20 641,586 0.20
56% - 60%.................... 27 863,730 0.28
61% - 65%.................... 45 1,646,507 0.52
66% - 70%.................... 92 3,645,058 1.16
71% - 75%.................... 148 5,697,060 1.82
76% - 80%.................... 281 10,695,896 3.41
81% - 85%.................... 679 24,376,428 7.77
86% - 90%.................... 1,493 56,841,825 18.12
91% - 95%.................... 2,478 105,800,001 33.73
96% - 100%................... 2,088 101,673,072 32.41
----- ------------ --------
Total................... 7,417 $313,708,370 100.00%
===== ============ ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Fixed Rate Assets
was approximately 91.62% 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:
<TABLE>
<CAPTION>
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
- ------------------- ----------- ----------------- ----------------
<S> <C> <C> <C>
Arizona.................... 1 $ 88,402 1.38%
Colorado................... 7 783,486 12.27
Georgia.................... 1 87,907 1.38
Idaho...................... 2 230,971 3.62
Indiana.................... 1 92,449 1.45
Kansas..................... 2 193,187 3.03
Kentucky................... 13 1,039,490 16.28
New Mexico................. 2 182,618 2.86
North Carolina............. 12 1,060,710 16.61
Ohio....................... 2 156,485 2.45
Oklahoma................... 2 216,124 3.38
Oregon..................... 6 579,364 9.07
Tennessee.................. 7 575,819 9.02
Texas...................... 1 118,230 1.85
Utah....................... 1 88,422 1.38
Virginia................... 3 244,970 3.84
Washington................. 5 646,911 10.13
--- ------------- --------
Total................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) Based on the mailing address of the Obligor on the related Adjustable Rate
Asset as of the Cut-off Date.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
14
<PAGE>
<TABLE>
<CAPTION>
YEAR OF ORIGINATION OF ADJUSTABLE RATE ASSETS (1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ----------- -------------------- ---------------
<S> <C> <C> <C>
1998..................... 18 $ 1,775,133 27.80%
1999..................... 50 4,610,413 72.20
-- --------- -------
Total............... 68 $6,385,546 100.00%
== ========== ======
.........
</TABLE>
- ------------------
(1) The weighted average seasoning of the Adjustable Rate Assets was
approximately 3 months as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ADJUSTABLE RATE ASSETS GROSS MARGINS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
GROSS MARGINS ASSETS PRINCIPAL BALANCE BY SPB
- ------------- ----------- ------------------- ---------------
<S> <C> <C> <C>
3.250% - 3.500%............ 10 $ 913,361 14.30%
4.250% - 4.500%........... 58 5,472,185 85.70
-- ----------- -------
Total............... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
- ------------------
(1) The weighted average gross margin of the Adjustable Rate Assets was
approximately 4.35% as of the Cut-off Date.
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL ADJUSTABLE RATE ASSET AMOUNTS(1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL ADJUSTABLE RATE ASSET ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ --------------- ------------------- ---------------
<S> <C> <C> <C>
$ 55,000 - $ 59,999.......... 1 $ 55,244 0.87%
$ 60,000 - $ 64,999.......... 1 64,816 1.02
$ 65,000 - $ 69,999.......... 2 138,741 2.17
$ 70,000 - $ 74,999.......... 9 645,307 10.11
$ 75,000 - $ 79,999.......... 5 391,631 6.13
$ 80,000 - $ 84,999.......... 8 651,800 10.21
$ 85,000 - $ 89,999.......... 8 700,414 10.97
$ 90,000 - $ 94,999.......... 4 372,566 5.83
$ 95,000 - $ 99,999.......... 5 485,009 7.60
$100,000 or more............... 25 2,880,019 45.10
---- ------------ --------
Total..................... 68 $6,385,546 100.00%
==== ========== ======
</TABLE>
(1) The highest original Adjustable Rate Asset amount was $165,401, which
represents approximately 2.59% of the aggregate principal balance of the
Adjustable Assets at origination. The average original principal amount of
the Adjustable Rate Assets was approximately $93,905 as of the Cut-off Date.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
15
<PAGE>
<TABLE>
<CAPTION>
ADJUSTABLE RATE CURRENT ASSET RATES (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
CURRENT ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
- ---------- ---------------- ------------------- ----------------
<S> <C> <C> <C>
6.000% - 6.999%............ 11 $ 1,099,319 17.22%
7.000% - 7.999%........... 43 3,843,004 60.18
8.000% - 8.999%........... 14 1,443,223 22.60
-- --------------- --------
Total................. 68 $ 6,385,546 100.00%
== ============== ======
</TABLE>
(1) The weighted average Adjustable Rate Asset Rate was approximately 7.38% 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.
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
REMAINING TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- --------------- ------------------- ---------------
<S> <C> <C> <C>
217 - 240 months........... 2 $ 143,014 2.24%
241 - 300 months........... 3 252,836 3.96
301 - 360 months........... 63 5,989,696 93.80
-- --------- -----
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average remaining term to maturity of the Adjustable Assets
was approximately 352 months as of the Cut-off Date.
<TABLE>
<CAPTION>
ORIGINAL TERMS TO MATURITY OF ADJUSTABLE RATE ASSETS (IN MONTHS) (1)
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
ORIGINAL TERM ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
- ----------- --------------- ------------------- ---------------
<S> <C> <C> <C>
240 months................. 2 $ 143,014 2.24%
300 months................. 3 252,836 3.96
360 months................. 63 5,989,696 93.80
-- --------- -----
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average original term to maturity of each Adjustable Asset was
355 months as of the Cut-off Date.
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
16
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ADJUSTABLE RATE ASSETS(1)
NUMBER OF PERCENTAGE OF
ADJUSTABLE ADJUSTABLE RATE
RATE AGGREGATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ---------- ------------------- ---------------
<S> <C> <C> <C>
66% - 70%.................... 2 $ 192,402 3.01%
71% - 75%.................... 2 185,074 2.90
76% - 80%.................... 4 315,168 4.94
81% - 85%.................... 4 380,379 5.96
86% - 90%.................... 3 295,818 4.63
91% - 95%.................... 11 971,808 15.22
96% - 100%................... 42 4,044,897 63.34
--- ---------- --------
Total................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
(1) The weighted average original Loan-to-Value Ratio of the Adjustable Assets
was approximately 93.92% 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:
<TABLE>
<CAPTION>
DISTRIBUTION OF NEXT CONTRACT RATE CHANGE DATE OF ADJUSTABLE RATE ASSETS
PERCENTAGE OF
NUMBER OF ADJUSTABLE RATE
NEXT CONTRACT RATE ADJUSTABLE RATE AGGREGATE SCHEDULED ASSET POOL
CHANGE DATE ASSETS PRINCIPAL BALANCE BY SPB
- ----------- ---------------- ------------------- ---------------
<S> <C> <C> <C>
August 1, 1999............. 1 $ 99,552 1.56%
December 1, 1999........... 1 77,512 1.21
January 1, 2000............ 8 751,860 11.77
February 1, 2000........... 10 1,071,724 16.78
March 1, 2000.............. 8 794,108 12.44
April 1, 2000.............. 21 1,938,072 30.35
May 1, 2000................ 13 1,161,104 18.18
June 1, 2000............... 6 491,614 7.70
--- ------------ --------
Total.................... 68 $6,385,546 100.00%
== ========== ======
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
17
<PAGE>
<TABLE>
<CAPTION>
MHP PREPAYMENT SENSITIVITIES
0% MHP 100% MHP 150% MHP
------ -------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
<S> <C> <C> <C> <C> <C> <C>
Classs A-1 6.23 06/09 1.86 02/03 1.38 02/02
Class A-2 9.96 06/09 8.04 06/09 7.03 06/09
Class M-1 9.96 06/09 9.65 06/09 8.91 06/09
Class M-2 9.96 06/09 9.65 06/09 8.91 06/09
Class B-1 9.96 06/09 9.24 06/09 7.54 06/09
TO MATURITY
Class A-1 6.28 04/10 1.86 02/03 1.38 02/02
Class A-2 18.76 08/27 10.97 02/24 8.81 03/22
Class M-1 21.90 08/27 14.36 02/24 11.79 03/22
Class M-2 21.90 08/27 14.36 02/24 11.79 03/22
Class B-1 21.90 08/27 12.21 02/24 7.64 03/22
200% MHP 250% MHP 300% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
Class A-1 1.10 08/01 0.92 04/01 0.79 01/01
Class A-2 6.13 06/09 5.19 06/09 4.39 06/09
Class M-1 8.17 06/09 7.83 06/09 7.49 06/09
Class M-2 8.17 06/09 7.83 06/09 7.49 06/09
Class B-1 6.21 09/07 5.90 01/07 5.67 07/06
TO MATURITY
Class A-1 1.10 08/01 0.92 04/01 0.79 01/01
Class A-2 7.12 04/20 5.69 11/18 4.60 02/18
Class M-1 9.86 04/20 8.93 11/18 8.12 02/18
Class M-2 9.86 04/20 8.93 11/18 8.12 02/18
Class B-1 6.21 09/07 5.90 01/07 5.67 07/06
</TABLE>
- --------------------------------------------------------------------------------
FIRST UNION CAPITAL MARKETS CORP.
This document does not constitute either an offer to sell or a solicitation of
an offer to buy any of the securities described herein. Offers to sell and
solicitations of offers to buy are made only by, and this document must be read
in conjunction with, the final offering circular supplement. Information
contained herein does not purport to be complete and is subject to the same
qualifications and assumptions and should be considered by investors only in the
light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the offering circular supplement. The
descriptions of the securities have been prepared on the basis of certain
assumptions regarding payments, interest rates and other factors described in
the prospectus supplement.
18
