SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 7, 1999.
Oakwood Mortgage Investors, Inc.
(Exact name of registrant as specified in charter)
North Carolina 333-58497 56-1886793
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7800 McCloud Road, Greensboro, North Carolina 27425-7081
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (336) 664-2400
-------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On or about May 10, 1999, the Registrant expects to enter into an
underwriting agreement with Credit Suisse First Boston Corporation and
NationsBanc Montgomery Securities LLC (the "Underwriters"), pursuant to which
the Underwriters will agreed to purchase and offer for sale to the public,
$255,621,150 aggregate initial principal amount of the Registrant's
Senior/Subordinated Pass-Through Certificates, Series 1999-B, Class A-1, Class
A-2, Class A-3, Class A-4, Class M-1, Class M-2, Class B-1 and Class B-2 (the
"Offered Securities"). The Offered Securities are registered for sale under the
Registrant's effective shelf Registration Statement on Form S-3 (333-58497), and
are offered pursuant to a Prospectus, dated May 10, 1999, and a related
Prospectus Supplement, dated May 10, 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.
Exhibits
- --------
99.1 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credit Suisse First Boston
Corporation and NationsBanc Montgomery Securities LLC
99.2 Copy of "Series Term Sheets", "Computational Materials" and/or
"Structural Terms Sheet(s)" as provided by Credit Suisse First Boston
Corporation and NationsBanc Montgomery Securities LLC
-2-
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
May 7, 1999 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Douglas R. Muir
-----------------------
Name: Douglas R. Muir
Title: Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Page
99.1 Copy of "Series Term Sheets", "Computational
Materials" and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston
Corporation and NationsBanc Montgomery [Electronic
Securities LLC .................................... Format]
99.2 Copy of "Series Term Sheets", "Computational
Materials" and/or "Structural Terms Sheet(s)"
as provided by Credit Suisse First Boston
Corporation and NationsBanc Montgomery [Electronic
Securities LLC .................................... Format]
-4-
SUBJECT TO REVISION
SERIES TERM SHEET DATED MAY 7, 1999
[LOGO]
$255,621,150
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1999-B
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-B. The Series Term
Sheet has been prepared by Oakwood Mortgage Investors, Inc. for informational
purposes only and is subject to modification or change. The information and
assumptions contained therein are preliminary and will be superseded by a
prospectus supplement and by any other additional information subsequently filed
with the Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston, NationsBanc Montgomery Securities LLC nor
any of their respective affiliates makes any representation as to the accuracy
or completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO THE
PASS-THROUGH CERTIFICATES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION AND HAS BEEN DECLARED EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT
RELATING TO THE SECURITIES WILL BE FILED AFTER THE SECURITIES HAVE BEEN PRICED
AND ALL OF THE TERMS AND INFORMATION ARE FINALIZED. THIS COMMUNICATION IS NOT AN
OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE
OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD
BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF
ANY SUCH STATE. INTERESTED PERSONS ARE REFERRED TO THE FINAL PROSPECTUS AND
PROSPECTUS SUPPLEMENT TO WHICH THE SECURITIES RELATE. ANY INVESTMENT DECISION
SHOULD BE BASED ONLY UPON THE INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT AS OF THEIR PUBLICATION DATES.
THE INFORMATION CONTAINED IN THIS REVISED SERIES TERM SHEET SUPERSEDES THE
INFORMATION CONTAINED IN ALL PRIOR SERIES TERM SHEETS.
Credit Suisse First Boston
NationsBanc Montgomery Securities LLC
<PAGE>
THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1999-B POOLING AND SERVICING AGREEMENT (INCLUDING THE JULY 1998 EDITION
TO THE STANDARD TERMS) TO BE DATED AS OF APRIL 1, 1999, AMONG OAKWOOD MORTGAGE
INVESTORS, INC., AS DEPOSITOR, OAKWOOD ACCEPTANCE CORPORATION, AS SERVICER, AND
CHASE MANHATTAN TRUST COMPANY, NATIONAL ASSOCIATION, AS
TRUSTEE.
The Offered Certificates...............
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Average Modified
Moodys/ Life Duration First Last
Class Principal Description Fitch (yrs)(3) Coupon (yrs) (3) Pay(3) Pay(3)
Amount(1) Ratings(2)
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $61,200,000 Senior SEQ Aaa / AAA 1.10 . %(4) 1.04 6/99 7/01
A-2 $49,100,000 Senior SEQ Aaa / AAA 3.10 . %(5) 2.74 7/01 6/03
A-3 $28,900,000 Senior SEQ Aaa / AAA 5.10 . %(5) 4.23 6/03 10/05
A-4 $57,628,000 Senior SEQ Aaa / AAA 9.06 . %(5) 6.53 10/05 5/09
M-1 $15,337,000 Mezzanine Aa3 / AA 8.14 . %(5) 5.95 12/03 5/09
(6)
M-2 $12,781,000 Mezzanine A2 / A 8.14 . %(5) 5.85 12/03 5/09
(6)
B-1 $12,781,000 Subordinate Baa2 / BBB 6.11 . %(5) 4.60 12/03 4/07
(6)
B-2 $17,894,150 Guarantee Baa3 / BBB- 10.00 . %(5) 6.32 5/09 5/09
(6)
-------------------------------------------------------------------------------------------------
</TABLE>
(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 May 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>
<CAPTION>
Class Designations
<S> <C> <C> <C> <C>
CLASS A CERTIFICATES.............Class A-1, Class A-2 ,Class A-3, and Class A-4 Certificates.
CLASS M CERTIFICATES.............Class M-1 and Class M-2 Certificates.
CLASS B CERTIFICATES.............Class B-1 and Class B-2 Certificates.
SUBORDINATED CERTIFICATES........Class M, Class B, Class X and Class R Certificates.
OFFERED CERTIFICATES.............Class A, Class M and Class B Certificates.
OFFERED SUBORDINATED
CERTIFICATES.....................Class M and Class B Certificates.
</TABLE>
Other Certificates.................The Class X and Class R Certificates
are not being offered hereby. They are
expected to be sold initially to related
entities of the Company, which may offer them
in the future in one or more privately
negotiated transactions.
Denominations......................The Offered Certificates will be Book-Entry
Certificates only, in minimum denominations
of $1,000 and integral multiples of $1 in
excess thereof.
Cut-off Date.......................April 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
June 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 June
14th, 1999), and (ii) for all
1
<PAGE>
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, and (d)(i) if Oakwood is not the
Servicer, Serivicing 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 May 2009, and on and after
the May 2009 Distribution Date, none of the
Servicing Fees for the related Collection
Period.
The Class A Principal Distribution Amount
will, in general, be allocated sequentially
to the Class A Certificates in order of their
numerical designations. The Class M Principal
Distribution Amount will be allocated pro
rata between the Class M-1 and the Class M-2
Certificates. The Class B Principal
Distribution Amount will be allocated
sequentially to the Class B-1 and the Class
B-2 Certificates, except that prior to the
May 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 May
2009 Distribution Date (unless 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
May 2009 Distribution Date.
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
2
<PAGE>
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, the Class A-2 Certificates,
the Class A-3 Certificates and the Class A-4
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; (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; (iii) third, to the Class
A-3 Certificates in reduction of the
Certificate Principal Balance of such Class,
until it has been reduced to zero; and (iv)
fourth, to the Class A-4 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; (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, and
(d) fourth, any related Principal
Distribution Amount 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 May 2009,
otherwise 100% of the Servicing Fee with
respect to such Distribution Date; and (ii)
any Servicing Fees from previous
3
<PAGE>
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; for the Class B-1
Certificates is the subordination of the
Class B-2, Class X and Class R certificates;
and for the Class B-2 Certificates is the
subordination of the Class X and Class R
Certificates plus the Limited Guarantee of
certain collections of principal and interest
on the Assets by Oakwood Homes.
Cross-over Date....................The later to occur of (a) the Distribution
Date occurring in December 2003 or (b) the
first Distribution Date on which the
percentage equivalent of a fraction (which
shall not be greater than 1) the numerator of
which is the 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 5%; the Average 30-Day
Delinquency Ratio is less than or equal to
7%, the Current Realized Loss Ratio is less
than or equal to 2.75%; and the Cumulative
Realized Losses are less than or equal to the
percentage of the Aggregate Cut-off Date Pool
Principal Balance set forth below:
7% December 2003 through May 2005,
8% June 2005 through May 2006, 9%
June 2006 through November 2007,
and 10.5% thereafter.
Limited Guarantee..................The Class B-2 Certificateholders will have
the benefit of a limited guarantee provided
by Oakwood Homes of certain collections on
the Assets. The Limited Guarantee will not be
available to support other Classes of
Certificates.
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
4
<PAGE>
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.
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.
<TABLE>
<CAPTION>
Final Scheduled
Distribution Dates
<S> <C>
Class A-1 Certificates.... May 15, 2009
Class A-2 Certificates.... December 15, 2013
Class A-3 Certificates.... November 15, 2017
Class A-4 Certificates.... December 15, 2026
Class M-1 Certificates.... December 15, 2026
Class M-2 Certificates.... December 15, 2026
Class B-1 Certificates.... December 15, 2026
Class B-2 Certificates.... November 15, 2011
</TABLE>
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 May
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.
5
<PAGE>
The Assets.........................The Trust will consist of (1) fixed rate
manufactured housing installment sales
contracts (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) fixed
rate mortgage loans secured by first liens on
the real estate to which the related
Manufactured Homes are deemed permanently
affixed (the "Mortgage Loans," and together
with the Contracts, the "Assets"). The Asset
Pool consists of approximately 5,860 Assets
having an aggregate Scheduled Principal
Balance as of the Cut-off Date of
$255,621,150.90.
As of the Cut-off Date, approximately 25.34%
of the Assets are Mortgage Loans and
approximately 3.17% of the Assets are Land
Secured Contracts. Based on Cut-off Date Pool
Scheduled Principal Balance, approximately
77.87% of the Assets are secured by
Manufactured Homes which were new,
approximately 2.49% of the Assets are secured
by Manufactured Homes which were used,
approximately 17.12% of the Assets are
secured by Manufactured Homes which were
repossessed and approximately 2.51% of the
Assets are secured by Manufactured Homes
which were transferred. As of the Cut-off
Date, the Assets were secured by Manufactured
Homes or Mortgaged Properties (or Real
Properties, in the case of Land Secured
Contracts) located in 38 states, Washington
DC and Puerto Rico, and approximately 18.38%
and 17.29% of the Assets were secured by
Manufactured Homes or Mortgaged Properties
located in North Carolina and Texas,
respectively (based on the mailing addresses
of the Obligors on the Assets as of the
Cut-off Date). Each Asset bears interest at
an annual percentage rate (an "APR") of at
least 6.90% and not more than 13.50%. The
weighted average APR of the Assets as of the
Cut-off Date is approximately 10.34%. The
Assets have remaining terms to maturity as of
the Cut-off Date of at least 9 months but not
more than 360 months and original terms to
stated maturity of at least 12 months but not
more than 360 months. As of the Cut-off Date,
the Assets had a weighted average original
term to stated maturity of approximately 282
months, and a weighted average remaining term
to stated maturity of approximately 281
months. The Assets have Loan-to-Value Ratios
as of the Cut-off Date of at least 13.56% but
not more than 100.00%. As of the Cut-off
Date, the Assets had a weighted average
Loan-to-Value Ratio of approximately 92.43%.
The final scheduled payment date on the Asset
with the latest maturity occurs in April
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.
6
<PAGE>
Recent Developments................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 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.
7
<PAGE>
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30, DECEMBER 31,
--------------------------------------------------------------- ---------------------
1994 1995 1996 1997 1998 1997 1998
-------- -------- -------- --------- --------- --------- -------
<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 94,570 114,697
Acquired Portfolios.... 5,773 4,872 4,177 3,602 2,818 3,404 2,635
Aggregate Outstanding
Principal Balance of
Serviced Assets
Oakwood Originated.... $757,640 $1,130,378 $1,687,406 $2,499,794 $3,536,657 $2,724,953 $3,692,078
Acquired Portfolios... $85,227 $70,853 $57,837 $47,027 $35,882 $43,677 $32,734
Average Outstanding
Principal Balance per
Serviced Asset
Oakwood Originated..... $19.3 $21.9 $25.1 $28.0 $31.8 $28.8 $32.2
Acquired Portfolios.... $14.8 $14.5 $13.8 $13.1 $12.7 $12.8 $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% 11.0%
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30, DECEMBER 31,
----------------------------------------------------------- --------------------
1994 1995 1996 1997 1998 1997 1998
------- ------- ------- ------- ------- ------- -------
<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 94,570 114,697
Acquired Portfolios........... 5,773 4,872 4,177 3,602 2,818 3,404 2,635
Number of Delinquent Assets (2)...
Oakwood Originated:...........
30-59 Days................... 350 601 835 1,171 2,345 2,342 2,695
60-89 Days................... 97 185 308 476 906 598 973
90 Days or More.............. 198 267 492 716 1,222 880 1,474
Total Number of Assets 645 1,053 1,635 2,363 4,473 3,820 5,142
Delinquent
Acquired Portfolios...........
30-59 Days................... 127 63 66 90 75 85 52
60-89 Days................... 49 17 23 23 31 20 19
90 Days or More.............. 98 76 62 75 57 69 53
Total Number of Assets 274 156 151 188 163 174 124
Delinquent
Total Delinquencies as a Percentage
of Serviced Assets (3)........
Oakwood Originated............ 1.6% 2.0% 2.4% 2.6% 4.0% 4.0% 4.5%
Acquired Portfolios........... 4.7% 3.2% 3.6% 5.2% 5.8% 5.1% 4.7%
</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.
8
<PAGE>
<TABLE>
<CAPTION>
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
AT OR FOR THE FISCAL YEAR AT OR FOR THE THREE
ENDED MONTHS ENDED
SEPTEMBER 30, DECEMBER 31,
---------------------------------------------------- -------------------
1994 1995 1996 1997 1998 1997 1998
------- -------- -------- -------- --------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced 45,046 56,438 71,297 93,013 114,169 97,974 117,332
Assets (1).............
Average Number of Serviced
Assets During Period... 37,788 50,742 63,868 82,155 103,591 95,494 115,751
Number of Serviced
Assets Repossessed..... 1,241 1,718 2,746 3,885 5,411 1,208 1,865
Serviced Assets Repossessed
as a Percentage of Total
Serviced Assets (2).... 2.75% 3.04% 3.85% 4.18% 4.74% 4.93%(6) 6.36%(6)
Serviced Assets Repossessed
as a Percentage of
Average Number of
Serviced Assets........ 3.28% 3.39% 4.30% 4.73% 5.22% 5.06%(6) 6.44%(6)
Average Outstanding
Principal Balance of
Assets (3).............
Oakwood Originated..... $701,875 $976,905 $1,409,467 $2,065,033 $2,978,235 $2,570,959 $3,573,337
Acquired Portfolios.... $30,432 $30,235 $27,351 $22,943 $19,179 $20,659 $16,276
Net Losses from Asset
Liquidation(4):
Total Dollars (3)......
Oakwood Originated... $4,630 $7,303 $14,248 $26,872 $45,189 $7,865 $14,266
Acquired Portfolios $203 $473 $592 $528 $220 $35 $34
As a Percentage of
Average Outstanding
Principal Balance of
Assets (3) (5)
Oakwood Originated... 0.66% 0.75% 1.01% 1.30% 1.52% 1.22%(6) 1.60%(6)
Acquired Portfolios.. 0.67% 1.56% 2.16% 2.30% 1.15% 0.68%(6) 0.84%(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.
9
<PAGE>
Whenever reference is made herein to a percentage of the Assets (or to a
percentage of the Scheduled Principal Balance of the Assets), the percentage is
calculated based on the Scheduled Principal Balances ("SPB") of the Assets as of
the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
Alabama............... 201 $ 7,762,861 3.04%
Alaska................ 1 69,634 0.03
Arizona............... 218 14,726,820 5.76
Arkansas.............. 85 3,298,153 1.29
California............ 36 2,722,896 1.07
Colorado.............. 37 2,059,599 0.81
Delaware.............. 43 1,545,953 0.60
Florida............... 153 7,639,545 2.99
Georgia............... 275 12,165,972 4.76
Idaho................. 70 4,845,515 1.90
Illinois.............. 9 375,622 0.15
Indiana............... 4 91,690 0.04
Kansas................ 59 2,414,419 0.94
Kentucky.............. 114 4,149,102 1.62
Louisiana............. 278 11,528,355 4.51
Maryland.............. 12 475,726 0.19
Massachusetts......... 1 24,702 0.01
Michigan.............. 15 778,959 0.30
Minnesota............. 1 30,571 0.01
Mississippi........... 236 9,321,312 3.65
Missouri.............. 102 4,028,652 1.58
Nevada................ 16 858,160 0.34
New Jersey............ 1 28,613 0.01
New Mexico............ 147 6,668,294 2.61
New York.............. 2 48,829 0.02
North Carolina........ 1,216 46,992,819 18.38
Ohio.................. 68 2,774,389 1.09
Oklahoma.............. 99 3,751,324 1.47
Oregon................ 110 10,573,860 4.14
Pennsylvania.......... 5 208,693 0.08
Puerto Rico........... 1 79,917 0.03
South Carolina........ 424 16,145,437 6.32
Tennessee............. 262 10,027,758 3.92
Texas................. 1,098 44,192,191 17.29
Utah.................. 29 1,913,587 0.75
Virginia.............. 260 10,180,746 3.98
Washington............ 97 8,942,501 3.50
Washington DC......... 1 26,433 0.01
West Virginia......... 72 2,103,868 0.82
Wisconsin............. 2 47,674 0.02
-------- ----------- ----
Total............... 5,860 $255,621,151 100.00%
===== ============ ======
(1)Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
10
<PAGE>
YEAR OF ORIGINATION OF ASSETS (1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
1987............... 1 $ 7,310 0.00%
1993............... 2 31,195 0.01
1994............... 2 26,585 0.01
1995............... 3 46,015 0.02
1996............... 18 578,871 0.23
1997............... 27 1,036,776 0.41
1998............... 1,544 75,374,779 29.49
1999............... 4,263 178,519,621 69.84
----- ------------- -------
Total......... 5,860 $255,621,151 100.00%
===== ============ ======
.......
(1)The weighted average seasoning of the Assets was approximately 2 months as
of the Cut-off Date.
DISTRIBUTION OF ORIGINAL ASSET AMOUNTS(1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
ORIGINAL ASSET AMOUNT ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
$ 4,999 or less......... 27 $ 102,570 0.04%
$ 5,000 - $ 9,999.... 136 1,038,806 0.41
$ 10,000 - $ 14,999..... 220 2,745,472 1.07
$ 15,000 - $ 19,999..... 263 4,576,525 1.79
$ 20,000 - $ 24,999..... 408 9,259,624 3.62
$ 25,000 - $ 29,999..... 890 24,352,803 9.53
$ 30,000 - $ 34,999..... 895 29,117,238 11.39
$ 35,000 - $ 39,999..... 626 23,144,476 9.05
$ 40,000 - $ 44,999..... 323 13,621,519 5.33
$ 45,000 - $ 49,999..... 274 12,911,618 5.05
$ 50,000 - $ 54,999..... 250 13,050,591 5.11
$ 55,000 - $ 59,999..... 210 12,044,484 4.71
$ 60,000 - $ 64,999..... 270 16,878,603 6.60
$ 65,000 - $ 69,999...... 252 16,927,776 6.62
$ 70,000 - $ 74,999..... 147 10,625,681 4.16
$ 75,000 - $ 79,999..... 129 9,975,481 3.90
$ 80,000 - $ 84,999..... 97 7,966,532 3.12
$ 85,000 - $ 89,999..... 83 7,256,973 2.84
$ 90,000 - $ 94,999..... 63 5,819,242 2.28
$ 95,000 - $ 99,999..... 65 6,324,412 2.47
$100,000 or more.......... 232 27,880,726 10.91
------ -------------- ---------
Total................ 5,860 $255,621,151 100.00%
===== ============ ======
(1)The highest original Asset amount was $194,682, which represents
approximately 0.08% of the aggregate principal balance of the Assets at
origination. The average original principal amount of the Assets was
approximately $43,760 as of the Cut-off Date.
11
<PAGE>
ASSET RATES (1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
ASSET RATE ASSETS PRINCIPAL ASSET POOL BY SPB
BALANCE
6.000% - 6.999%....... 84 $ 5,493,997 2.15%
7.000% - 7.999%....... 421 34,984,016 13.69
8.000% - 8.999%....... 675 44,900,108 17.57
9.000% - 9.999%..... 640 37,713,930 14.75
10.000% - 10.999%..... 523 23,766,488 9.30
11.000% - 11.999%..... 1,584 47,350,602 18.52
12.000% - 12.999%..... 1,627 51,747,322 20.24
13.000% - 13.999%..... 306 9,664,687 3.78
---- ---------- ------
Total............ 5,860 $255,621,151 100.00%
===== ============ ======
(1)The weighted average Asset Rate was approximately 10.34% as of the Cut-off
Date. This table reflects Asset Rates of the Step-up Rate Loans as of the
Cut-off Date and does not reflect any subsequent increases in the Rates of
the Step-up Rate Loans.
REMAINING TERMS TO MATURITY OF ASSETS (IN MONTHS) (1)
AGGREGATE
REMAINING TERM NUMBER OF SCHEDULED PERCENTAGE OF
TO MATURITY ASSETS PRINCIPAL ASSET POOL BY SPB
BALANCE
1 - 60 months... 214 $ 1,897,012 0.74%
61 - 96 months.... 142 1,913,331 0.75
97 - 120 months..... 245 4,967,990 1.94
121 - 156 months...... 394 9,050,969 3.54
157 - 180 months...... 940 28,923,766 11.32
181 - 216 months...... 121 3,946,218 1.54
217 - 240 months...... 1,611 59,329,005 23.21
241 - 300 months...... 905 43,338,923 16.95
301 - 360 months...... 1,288 102,253,937 40.00
----- ------------- -------
Total............... 5,860 $255,621,151 100.00%
===== ============ ======
(1)The weighted average remaining term to maturity of the Assets was
approximately 281 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF ASSETS (IN MONTHS) (1)
AGGREGATE
ORIGINAL TERM NUMBER OF SCHEDULED PERCENTAGE OF
TO MATURITY ASSETS PRINCIPAL ASSET POOL BY SPB
BALANCE
1 - 60 months... 212 $ 1,879,500 0.74%
61 - 96 months.... 139 1,842,121 0.72
97 - 120 months..... 244 4,973,332 1.95
121 - 156 months...... 390 8,928,566 3.49
157 - 180 months...... 950 29,129,547 11.40
181 - 216 months...... 118 3,853,396 1.51
217 - 240 months...... 1,614 59,421,827 23.25
241 - 300 months...... 905 43,338,923 16.95
301 - 360 months...... 1,288 102,253,937 40.00
----- ------------- -------
Total............... 5,860 $255,621,151 100.00%
===== ============ ======
(1)The weighted average original term to maturity of the Assets was
approximately 282 months as of the Cut-off Date.
12
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ASSETS(1)
AGGREGATE
NUMBER SCHEDULED PERCENTAGE OF
LOAN-TO VALUE RATIO(2) OF ASSETS PRINCIPAL ASSET POOL BY SPB
BALANCE
50% or less........... 38 $ 1,092,006 0.43%
51% - 55%............... 24 861,584 0.34
56% - 60%............... 19 886,969 0.35
61% - 65%............... 23 959,687 0.38
66% - 70%............... 55 2,435,469 0.95
71% - 75%............... 95 3,356,398 1.31
76% - 80%............... 216 8,750,076 3.42
81% - 85%............... 452 16,478,229 6.45
86% - 90%............... 1,084 38,997,536 15.26
91% - 95%............... 1,973 83,783,968 32.78
96% - 100%.............. 1,881 98,019,228 38.35
----- -------------- --------
Total.............. 5,860 $255,621,151 100.00%
===== ============ ======
(1)The weighted average original Loan-to-Value Ratio of the Assets was
approximately 92.43% 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:
13
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
----------------------------------------------------------------------------------
TO CALL:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 SENIOR FLOAT 61,200,000 FLOAT(1) 1.10 N/A 100-00 6/99 7/01 1.04
A2 SENIOR 49,100,000 6.0800 3.10 6.083 99-31 7/01 6/03 2.74
A3 SENIOR 28,900,000 6.3000 5.10 6.329 99-31+ 6/03 10/05 4.23
A4 SENIOR 57,628,000 6.8500 9.06 6.910 99-31+ 10/05 5/09 6.53
M1 AA MEZZ 15,337,000 7.0100 8.14 7.070 99-31+ 12/03 5/09 5.95
M2 A SUB 12,781,000 7.4000 8.14 7.471 99-31 12/03 5/09 5.85
B1 BBB SUB 12,781,000 8.0400 6.11 8.641 97-18 12/03 4/07 4.60
B2 BBB- SUB 17,894,150 9.1000 10.00 9.221 99-31+ 5/09 5/09 6.32
-------------------------------
TO MATURITY:
A4 SENIOR 57,628,000 6.8500 11.07 6.914 99-31+ 10/05 6/19 7.34
M1 AA MEZZ 15,337,000 7.0100 9.64 7.074 99-31+ 12/03 6/19 6.54
M2 A SUB 12,781,000 7.4000 9.64 7.475 99-31 12/03 6/19 6.41
B2 BBB- SUB 17,894,150 9.1000 12.26 9.227 99-31+ 5/09 6/14 7.08
----------------------------------------------------------------------------------
</TABLE>
Note:
(1) Data assumes a prepayment speed of 200% MHP.
(2) Coupon and price are assumes for computational materials.
(3) A1 coupon based on 1 month LIBOR.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
A1 SENIOR FLOAT
Price: 100-00 Coupon: FLOATER Original Par: 61,200,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 5.68 1.85 1.38 1.10 0.91 0.78
Duration: 4.68 1.70 1.29 1.04 0.87 0.74
First Prin Pay: 6/99 6/99 6/99 6/99 6/99 6/99
Last Prin Pay: 5/09 1/03 1/02 7/01 3/01 12/00
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-31 Coupon: 6.0800 Original Par: 49,100,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.13 6.11 6.10 6.08 6.07 6.06
Average Life: 10.00 5.23 3.90 3.10 2.57 2.20
Duration: 7.30 4.34 3.37 2.74 2.31 2.00
First Prin Pay: 5/09 1/03 1/02 7/01 3/01 12/00
Last Prin Pay: 5/09 4/06 7/04 6/03 10/02 4/02
---------------------------
TO MATURITY:
Bond Yield: 6.13 6.11 6.10 6.08 6.07 6.06
Average Life: 12.37 5.23 3.90 3.10 2.57 2.20
Duration: 8.45 4.34 3.37 2.74 2.31 2.00
First Prin Pay: 5/09 1/03 1/02 7/01 3/01 12/00
Last Prin Pay: 12/13 4/06 7/04 6/03 10/02 4/02
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-31+ Coupon: 6.3000 Original Par: 28,900,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.35 6.35 6.34 6.33 6.32 6.31
Average Life: 10.00 8.72 6.67 5.10 3.98 3.39
Duration: 7.22 6.51 5.28 4.23 3.42 2.97
First Prin Pay: 5/09 4/06 7/04 6/03 10/02 4/02
Last Prin Pay: 5/09 5/09 9/07 10/05 1/04 4/03
---------------------------
TO MATURITY:
Bond Yield: 6.36 6.35 6.34 6.33 6.32 6.31
Average Life: 16.69 8.81 6.67 5.10 3.98 3.39
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Duration: 10.04 6.55 5.28 4.23 3.42 2.97
First Prin Pay: 12/13 4/06 7/04 6/03 10/02 4/02
Last Prin Pay: 11/17 4/10 9/07 10/05 1/04 4/03
-----------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-31+ Coupon: 6.8500 Original Par: 57,628,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.91 6.91 6.91 6.91 6.91 6.90
Average Life: 10.00 10.00 9.83 9.06 7.86 6.58
Duration: 7.03 7.03 6.94 6.53 5.83 5.05
First Prin Pay: 5/09 5/09 9/07 10/05 1/04 4/03
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
--------------------------
TO MATURITY:
Bond Yield: 6.93 6.92 6.92 6.91 6.91 6.90
Average Life: 22.74 16.17 13.55 11.07 8.83 6.95
Duration: 11.15 9.37 8.41 7.34 6.23 5.20
First Prin Pay: 11/17 4/10 9/07 10/05 1/04 4/03
Last Prin Pay: 12/26 3/23 4/21 6/19 6/18 11/17
-----------------------------------------------------------------------------
M1 AA MEZZ
Price: 99-31+ Coupon: 7.0100 Original Par: 15,337,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.08 7.08 7.07 7.07 7.07 7.07
Average Life: 10.00 9.57 8.79 8.14 7.79 7.43
Duration: 6.98 6.75 6.32 5.95 5.75 5.55
First Prin Pay: 5/09 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
---------------------------
TO MATURITY:
Bond Yield: 7.09 7.08 7.08 7.07 7.07 7.07
Average Life: 20.67 13.70 11.28 9.64 8.74 7.94
Duration: 10.50 8.28 7.28 6.54 6.14 5.76
First Prin Pay: 11/13 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 12/26 3/23 4/21 6/19 6/18 11/17
-----------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
M2 A SUB
Price: 99-31 Coupon: 7.4000 Original Par: 12,781,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.48 7.48 7.47 7.47 7.47 7.47
Average Life: 10.00 9.57 8.79 8.14 7.79 7.43
Duration: 6.85 6.63 6.21 5.85 5.66 5.47
First Prin Pay: 5/09 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
---------------------------
TO MATURITY:
Bond Yield: 7.49 7.48 7.48 7.48 7.47 7.47
Average Life: 20.67 13.70 11.28 9.64 8.74 7.94
Duration: 10.16 8.08 7.12 6.41 6.03 5.67
First Prin Pay: 11/13 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 12/26 3/23 4/21 6/19 6/18 11/17
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 97-18 Coupon: 8.0400 Original Par: 12,781,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 8.50 8.53 8.59 8.64 8.66 8.67
Average Life: 10.00 8.96 7.15 6.11 5.83 5.63
Duration: 6.59 6.10 5.18 4.60 4.45 4.33
First Prin Pay: 5/09 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 5/09 5/09 10/08 4/07 9/06 4/06
---------------------------
TO MATURITY:
Bond Yield: 8.40 8.49 8.59 8.64 8.66 8.67
Average Life: 20.67 11.01 7.15 6.11 5.83 5.63
Duration: 9.52 6.73 5.18 4.60 4.45 4.33
First Prin Pay: 11/13 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 12/26 3/23 10/08 4/07 9/06 4/06
-----------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 200 250 300
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 99-31+ Coupon: 9.1000 Original Par: 17,894,150
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 9.22 9.22 9.22 9.22 9.22 9.22
Average Life: 10.00 10.00 10.00 10.00 10.00 10.00
Duration: 6.32 6.32 6.32 6.32 6.32 6.32
First Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
---------------------------
TO MATURITY:
Bond Yield: 9.22 9.23 9.23 9.23 9.23 9.23
Average Life: 11.26 11.76 12.02 12.26 12.46 12.59
Duration: 6.77 6.93 7.01 7.08 7.13 7.17
First Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
Last Prin Pay: 11/11 12/12 9/13 6/14 5/15 4/16
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1
- --------------------------------------------------------------------------------
Percent of MHP 0 100 150 200 250 300
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 93 73 63 53 43 33
May 15, 2001 86 45 25 5 0 0
May 15, 2002 79 17 0 0 0 0
May 15, 2003 70 0 0 0 0 0
May 15, 2004 60 0 0 0 0 0
May 15, 2005 50 0 0 0 0 0
May 15, 2006 38 0 0 0 0 0
May 15, 2007 25 0 0 0 0 0
May 15, 2008 13 0 0 0 0 0
May 15, 2009 0 0 0 0 0 0
May 15, 2010 0 0 0 0 0 0
May 15, 2011 0 0 0 0 0 0
May 15, 2012 0 0 0 0 0 0
May 15, 2013 0 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life in Years: 5.68 1.85 1.38 1.10 0.91 0.78
- --------------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-2
- --------------------------------------------------------------------------------
Percent of MHP 0 100 150 200 250 300
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 83 61
May 15, 2002 100 100 85 52 20 0
May 15, 2003 100 87 43 3 0 0
May 15, 2004 100 55 5 0 0 0
May 15, 2005 100 25 0 0 0 0
May 15, 2006 100 0 0 0 0 0
May 15, 2007 100 0 0 0 0 0
May 15, 2008 100 0 0 0 0 0
May 15, 2009 99 0 0 0 0 0
May 15, 2010 80 0 0 0 0 0
May 15, 2011 59 0 0 0 0 0
May 15, 2012 36 0 0 0 0 0
May 15, 2013 10 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life in Years: 12.37 5.23 3.90 3.10 2.57 2.20
- --------------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-3
- --------------------------------------------------------------------------------
Percent of MHP 0 100 150 200 250 300
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 85
May 15, 2003 100 100 100 100 44 0
May 15, 2004 100 100 100 49 0 0
May 15, 2005 100 100 69 13 0 0
May 15, 2006 100 96 37 0 0 0
May 15, 2007 100 68 8 0 0 0
May 15, 2008 100 43 0 0 0 0
May 15, 2009 100 19 0 0 0 0
May 15, 2010 100 0 0 0 0 0
May 15, 2011 100 0 0 0 0 0
May 15, 2012 100 0 0 0 0 0
May 15, 2013 100 0 0 0 0 0
May 15, 2014 90 0 0 0 0 0
May 15, 2015 68 0 0 0 0 0
May 15, 2016 42 0 0 0 0 0
May 15, 2017 14 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life in Years: 16.69 8.81 6.67 5.10 3.98 3.39
- --------------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-4
- --------------------------------------------------------------------------------
Percent of MHP 0 100 150 200 250 300
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 94
May 15, 2004 100 100 100 100 93 66
May 15, 2005 100 100 100 100 77 52
May 15, 2006 100 100 100 91 63 41
May 15, 2007 100 100 100 76 49 28
May 15, 2008 100 100 91 61 36 19
May 15, 2009 100 100 78 49 26 11
May 15, 2010 100 98 68 41 21 9
May 15, 2011 100 87 58 34 17 7
May 15, 2012 100 77 49 28 13 5
May 15, 2013 100 65 41 23 11 4
May 15, 2014 100 56 34 19 8 3
May 15, 2015 100 47 27 14 7 2
May 15, 2016 100 39 21 10 4 2
May 15, 2017 100 31 15 6 2 0
May 15, 2018 91 23 10 3 0 0
May 15, 2019 78 17 5 0 0 0
May 15, 2020 69 12 2 0 0 0
May 15, 2021 58 8 0 0 0 0
May 15, 2022 47 3 0 0 0 0
May 15, 2023 34 0 0 0 0 0
May 15, 2024 23 0 0 0 0 0
May 15, 2025 14 0 0 0 0 0
May 15, 2026 5 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life in Years: 22.74 16.17 13.55 11.07 8.83 6.95
- --------------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M-1
- --------------------------------------------------------------------------------
Percent of MHP 0 100 150 200 250 300
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 100
May 15, 2004 100 100 100 93 91 89
May 15, 2005 100 100 90 79 75 71
May 15, 2006 100 98 79 67 62 56
May 15, 2007 100 89 70 57 48 39
May 15, 2008 100 81 61 46 36 25
May 15, 2009 100 73 52 36 26 15
May 15, 2010 100 65 45 30 21 12
May 15, 2011 100 58 39 25 17 9
May 15, 2012 100 51 33 21 13 7
May 15, 2013 100 43 28 17 10 5
May 15, 2014 96 37 23 14 8 4
May 15, 2015 88 31 18 10 6 3
May 15, 2016 80 26 14 7 4 2
May 15, 2017 71 20 10 4 2 1
May 15, 2018 60 15 6 2 0 0
May 15, 2019 51 11 4 0 0 0
May 15, 2020 45 8 2 0 0 0
May 15, 2021 39 5 0 0 0 0
May 15, 2022 31 2 0 0 0 0
May 15, 2023 23 0 0 0 0 0
May 15, 2024 15 0 0 0 0 0
May 15, 2025 9 0 0 0 0 0
May 15, 2026 3 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life in Years: 20.67 13.70 11.28 9.64 8.74 7.94
- --------------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M-2
- --------------------------------------------------------------------------------
Percent of MHP 0 100 150 200 250 300
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 100
May 15, 2004 100 100 100 93 91 89
May 15, 2005 100 100 90 79 75 71
May 15, 2006 100 98 79 67 62 56
May 15, 2007 100 89 70 57 48 39
May 15, 2008 100 81 61 46 36 25
May 15, 2009 100 73 52 36 26 15
May 15, 2010 100 65 45 30 21 12
May 15, 2011 100 58 39 25 17 9
May 15, 2012 100 51 33 21 13 7
May 15, 2013 100 43 28 17 10 5
May 15, 2014 96 37 23 14 8 4
May 15, 2015 88 31 18 10 6 3
May 15, 2016 80 26 14 7 4 2
May 15, 2017 71 20 10 4 2 1
May 15, 2018 60 15 6 2 0 0
May 15, 2019 51 11 4 0 0 0
May 15, 2020 45 8 2 0 0 0
May 15, 2021 39 5 0 0 0 0
May 15, 2022 31 2 0 0 0 0
May 15, 2023 23 0 0 0 0 0
May 15, 2024 15 0 0 0 0 0
May 15, 2025 9 0 0 0 0 0
May 15, 2026 3 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life in Years: 20.67 13.70 11.28 9.64 8.74 7.94
- --------------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-1
- --------------------------------------------------------------------------------
Percent of MHP 0 100 150 200 250 300
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 100
May 15, 2004 100 100 100 82 78 75
May 15, 2005 100 100 77 50 40 31
May 15, 2006 100 96 51 22 8 0
May 15, 2007 100 74 27 0 0 0
May 15, 2008 100 54 7 0 0 0
May 15, 2009 100 36 0 0 0 0
May 15, 2010 100 32 0 0 0 0
May 15, 2011 100 29 0 0 0 0
May 15, 2012 100 25 0 0 0 0
May 15, 2013 100 22 0 0 0 0
May 15, 2014 96 19 0 0 0 0
May 15, 2015 88 16 0 0 0 0
May 15, 2016 80 13 0 0 0 0
May 15, 2017 71 10 0 0 0 0
May 15, 2018 60 8 0 0 0 0
May 15, 2019 51 5 0 0 0 0
May 15, 2020 45 4 0 0 0 0
May 15, 2021 39 3 0 0 0 0
May 15, 2022 31 1 0 0 0 0
May 15, 2023 23 0 0 0 0 0
May 15, 2024 15 0 0 0 0 0
May 15, 2025 9 0 0 0 0 0
May 15, 2026 3 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
Avg Life in Years: 20.67 11.01 7.15 6.11 5.83 5.63
- --------------------------------------------------------------------------------
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.
[CREDIT SUISSE/FIRST BOSTON LOGO]
<PAGE>
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
[CREDIT SUISSE/FIRST BOSTON LOGO]
SUBJECT TO REVISION
SERIES TERM SHEET DATED MAY 7, 1999
[OAKWOOD LOGO APPEARS HERE]
$255,621,150
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1999-B
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-B. The Series Term
Sheet has been prepared by Oakwood Mortgage Investors, Inc. for informational
purposes only and is subject to modification or change. The information and
assumptions contained therein are preliminary and will be superseded by a
prospectus supplement and by any other additional information subsequently filed
with the Securities and Exchange Commission or incorporated by reference in the
Registration Statement.
Neither Credit Suisse First Boston, NationsBanc Montgomery Securities LLC nor
any of their respective affiliates makes any representation as to the accuracy
or completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO THE
PASS-THROUGH CERTIFICATES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION AND HAS BEEN DECLARED EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT
RELATING TO THE SECURITIES WILL BE FILED AFTER THE SECURITIES HAVE BEEN PRICED
AND ALL OF THE TERMS AND INFORMATION ARE FINALIZED. THIS COMMUNICATION IS NOT AN
OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE
OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD
BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF
ANY SUCH STATE. INTERESTED PERSONS ARE REFERRED TO THE FINAL PROSPECTUS AND
PROSPECTUS SUPPLEMENT TO WHICH THE SECURITIES RELATE. ANY INVESTMENT DECISION
SHOULD BE BASED ONLY UPON THE INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT AS OF THEIR PUBLICATION DATES.
THE INFORMATION CONTAINED IN THIS REVISED SERIES TERM SHEET SUPERSEDES THE
INFORMATION CONTAINED IN ALL PRIOR SERIES TERM SHEETS.
Credit Suisse First Boston
NationsBanc Montgomery Securities LLC
<PAGE>
THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1999-B POOLING AND SERVICING AGREEMENT (INCLUDING THE JULY 1998 EDITION
TO THE STANDARD TERMS) TO BE DATED AS OF APRIL 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...............
-------------------------------------------------------------------------------------------------
Moodys/ Average Modified
Principal Fitch Life Duration First Last
Class Amount(1) Description Ratings(2) (yrs)(3) Coupon (yrs)(3) Pay(3) Pay(3)
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $61,200,000 Senior SEQ Aaa / AAA 1.10 . %(4) 1.04 6/99 7/01
A-2 $49,100,000 Senior SEQ Aaa / AAA 3.10 . %(5) 2.74 7/01 6/03
A-3 $28,900,000 Senior SEQ Aaa / AAA 5.10 . %(5) 4.23 6/03 10/05
A-4 $57,628,000 Senior SEQ Aaa / AAA 9.06 . %(5) 6.53 10/05 5/09
M-1 $15,337,000 Mezzanine Aa3 / AA 8.14 . %(5) 5.95 12/03 5/09
(6)
M-2 $12,781,000 Mezzanine A2 / A 8.14 . %(5) 5.85 12/03 5/09
(6)
B-1 $12,781,000 Subordinate Baa2 / BBB 6.11 . %(5) 4.60 12/03 4/07
(6)
B-2 $17,894,150 Guarantee Baa3 / BBB- 10.00 . %(5) 6.32 5/09 5/09
(6)
-------------------------------------------------------------------------------------------------
</TABLE>
(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 May 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, Class A-2 ,Class A-3, and Class
A-4 Certificates.
CLASS M CERTIFICATES...............Class M-1 and Class M-2 Certificates.
CLASS B CERTIFICATES...............Class B-1 and Class B-2 Certificates.
SUBORDINATED CERTIFICATES..........Class M, Class B, Class X and Class R
Certificates.
OFFERED CERTIFICATES...............Class A, Class M and Class B Certificates.
OFFERED SUBORDINATED CERTIFICATES..Class M and Class B Certificates.
Other Certificates..................The Class X and Class R Certificates are
not being offered hereby. They are expected
to be sold initially to related entities of
the Company, which may offer them in the
future in one or more privately negotiated
transactions.
Denominations.....................The Offered Certificates will be
Book-Entry Certificates only, in minimum
denominations of $1,000 and integral
multiples of $1 in excess thereof.
Cut-off Date........................April 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
June 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
1
<PAGE>
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 June 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, and (d)(i) if Oakwood is not the
Servicer, Serivicing 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 May 2009, and on and after
the May 2009 Distribution Date, none of the
Servicing Fees for the related Collection
Period.
The Class A Principal Distribution Amount
will, in general, be allocated sequentially
to the Class A Certificates in order of
their numerical designations. The Class M
Principal Distribution Amount will be
allocated pro rata between the Class M-1 and
the Class M-2 Certificates. The Class B
Principal Distribution Amount will be
allocated sequentially to the Class B-1 and
the Class B-2 Certificates, except that
prior to the May 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 May
2009 Distribution Date (unless 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
May 2009 Distribution Date.
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
2
<PAGE>
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, the Class A-2
Certificates, the Class A-3 Certificates and
the Class A-4 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;
(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; (iii) third, to the Class
A-3 Certificates in reduction of the
Certificate Principal Balance of such Class,
until it has been reduced to zero; and (iv)
fourth, to the Class A-4 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; (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
3
<PAGE>
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-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
May 2009, otherwise 100% of the Servicing
Fee with respect to such 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; for the Class B-1
Certificates is the subordination of the
Class B-2, Class X and Class R certificates;
and for the Class B-2 Certificates is the
subordination of the Class X and Class R
Certificates plus the Limited Guarantee of
certain collections of principal and
interest on the Assets by Oakwood Homes.
Cross-over Date.....................The later to occur of (a) the Distribution
Date occurring in December 2003 or (b) the
first Distribution Date on which the
percentage equivalent of a fraction (which
shall not be greater than 1) the numerator
of which is the 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 5%; the Average 30-Day
Delinquency Ratio is less than or equal to
7%, the Current Realized Loss Ratio is less
than or equal to 2.75%; and the Cumulative
Realized Losses are less than or equal to
the percentage of the Aggregate Cut-off Date
Pool Principal Balance set forth below:
7% December 2003 through May 2005,
8% June 2005 through May 2006, 9%
June 2006 through November 2007,
and 10.5% thereafter.
Limited Guarantee..................The Class B-2 Certificateholders will
have the benefit of a limited guarantee
provided by Oakwood Homes of certain
collections on the Assets. The Limited
Guarantee will not be available to support
other Classes of Certificates.
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
4
<PAGE>
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.
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.... May 15, 2009
Class A-2 Certificates.... December 15, 2013
Class A-3 Certificates.... November 15, 2017
Class A-4 Certificates.... December 15, 2026
Class M-1 Certificates.... December 15, 2026
Class M-2 Certificates.... December 15, 2026
Class B-1 Certificates.... December 15, 2026
Class B-2 Certificates.... November 15, 2011
5
<PAGE>
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
May 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 rate
manufactured housing installment sales
contracts (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)
fixed rate mortgage loans secured by first
liens on the real estate to which the
related Manufactured Homes are deemed
permanently affixed (the "Mortgage Loans,"
and together with the Contracts, the
"Assets"). The Asset Pool consists of
approximately 5,860 Assets having an
aggregate Scheduled Principal Balance as of
the Cut-off Date of $255,621,150.90.
As of the Cut-off Date, approximately 25.34%
of the Assets are Mortgage Loans and
approximately 3.17% of the Assets are Land
Secured Contracts. Based on Cut-off Date
Pool Scheduled Principal Balance,
approximately 77.87% of the Assets are
secured by Manufactured Homes which were
new, approximately 2.49% of the Assets are
secured by Manufactured Homes which were
used, approximately 17.12% of the Assets are
secured by Manufactured Homes which were
repossessed and approximately 2.51% of the
Assets are secured by Manufactured Homes
which were transferred. As of the Cut-off
Date, the Assets were secured by
Manufactured Homes or Mortgaged Properties
(or Real Properties, in the case of Land
Secured Contracts) located in 38 states,
Washington DC and Puerto Rico, and
approximately 18.38% and 17.29% of the
Assets were secured by Manufactured Homes or
Mortgaged Properties located in North
Carolina and Texas, respectively (based on
the mailing addresses of the Obligors on the
Assets as of the Cut-off Date). Each Asset
bears interest at an annual percentage rate
(an "APR") of at least 6.90% and not more
than 13.50%. The weighted average APR of the
Assets as of the Cut-off Date is
approximately 10.34%. The Assets have
remaining terms to maturity as of the
Cut-off Date of at least 9 months but not
more than 360 months and original terms to
stated maturity of at least 12 months but
not more than 360 months. As of the Cut-off
Date, the Assets had a weighted average
original term to stated maturity of
approximately 282 months, and a weighted
average remaining term to stated maturity of
approximately 281 months. The Assets have
Loan-to-Value Ratios as of the Cut-off Date
of at least 13.56% but not more than
100.00%. As of the Cut-off Date, the Assets
had a weighted average Loan-to-Value Ratio
of approximately 92.43%. The final scheduled
payment date on the Asset with the latest
maturity occurs in April 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.
6
<PAGE>
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.................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.
7
<PAGE>
Legal Investment Considerations....The Class A and Class M-1 Certificates are
expected to constitute "mortgage related
securities" for purposes of the Secondary
Mortgage Market Enhancement Act of 1984
("SMMEA").
THE CLASS M-2 AND CLASS B CERTIFICATES ARE
NOT "MORTGAGE RELATED SECURITIES" FOR
PURPOSES OF SMMEA BECAUSE SUCH CERTIFICATES
ARE NOT RATED IN ONE OF THE TWO HIGHEST
RATING CATEGORIES BY A NATIONALLY RECOGNIZED
RATING AGENCY.
8
<PAGE>
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30, DECEMBER 31,
--------------------------------------------------------- ----------------------
1994 1995 1996 1997 1998 1997 1998
-------- -------- -------- --------- ------- --------- -------
<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 94,570 114,697
Acquired Portfolios.... 5,773 4,872 4,177 3,602 2,818 3,404 2,635
Aggregate Outstanding
Principal Balance of
Serviced Assets
Oakwood Originated..... $757,640 $1,130,378 $1,687,406 $2,499,794 $3,536,657 $2,724,953 $3,692,078
Acquired Portfolios.... $85,227 $70,853 $57,837 $47,027 $35,882 $43,677 $32,734
Average Outstanding
Principal Balance per
Serviced Asset
Oakwood Originated..... $19.3 $21.9 $25.1 $28.0 $31.8 $28.8 $32.2
Acquired Portfolios.... $14.8 $14.5 $13.8 $13.1 $12.7 $12.8 $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% 11.0%
</TABLE>
DELINQUENCY EXPERIENCE(1)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AT SEPTEMBER 30, DECEMBER 31,
------------------------------------------- -----------------
1994 1995 1996 1997 1998 1997 1998
------- ------- ------- ------- ------- ------- -------
<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 94,570 114,697
Acquired Portfolios........... 5,773 4,872 4,177 3,602 2,818 3,404 2,635
Number of Delinquent Assets (2)...
Oakwood Originated:...........
30-59 Days................... 350 601 835 1,171 2,345 2,342 2,695
60-89 Days................... 97 185 308 476 906 598 973
90 Days or More.............. 198 267 492 716 1,222 880 1,474
Total Number of Assets
Delinquent.................... 645 1,053 1,635 2,363 4,473 3,820 5,142
Acquired Portfolios...........
30-59 Days................... 127 63 66 90 75 85 52
60-89 Days................... 49 17 23 23 31 20 19
90 Days or More.............. 98 76 62 75 57 69 53
Total Number of Assets
Delinquent.................... 274 156 151 188 163 174 124
Total Delinquencies as a Percentage
of Serviced Assets (3)........
Oakwood Originated............ 1.6% 2.0% 2.4% 2.6% 4.0% 4.0% 4.5%
Acquired Portfolios........... 4.7% 3.2% 3.6% 5.2% 5.8% 5.1% 4.7%
</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 THREE
ENDED MONTHS ENDED
SEPTEMBER 30, DECEMBER 31,
----------------------------------------------------------- ----------------------
1994 1995 1996 1997 1998 1997 1998
--------- -------- -------- -------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced
Assets (1)............. 45,046 56,438 71,297 93,013 114,169 97,974 117,332
Average Number of Serviced
Assets During Period... 37,788 50,742 63,868 82,155 103,591 95,494 115,751
Number of Serviced
Assets Repossessed..... 1,241 1,718 2,746 3,885 5,411 1,208 1,865
Serviced Assets Repossessed
as a Percentage of Total
Serviced Assets (2).... 2.75% 3.04% 3.85% 4.18% 4.74% 4.93%(6) 6.36%(6)
Serviced Assets Repossessed
as a Percentage of
Average Number of
Serviced Assets........ 3.28% 3.39% 4.30% 4.73% 5.22% 5.06%(6) 6.44%(6)
Average Outstanding
Principal Balance of
Assets (3).............
Oakwood Originated..... $701,875 $976,905 $1,409,467 $2,065,033 $2,978,235 $2,570,959 $3,573,337
Acquired Portfolios.... $30,432 $30,235 $27,351 $22,943 $19,179 $20,659 $16,276
Net Losses from Asset
Liquidation(4):
Total Dollars (3)......
Oakwood Originated... $4,630 $7,303 $14,248 $26,872 $45,189 $7,865 $14,266
Acquired Portfolios.. $203 $473 $592 $528 $220 $35 $34
As a Percentage of
Average Outstanding
Principal Balance of
Assets (3) (5)
Oakwood Originated... 0.66% 0.75% 1.01% 1.30% 1.52% 1.22%(6) 1.60%(6)
Acquired Portfolios.. 0.67% 1.56% 2.16% 2.30% 1.15% 0.68%(6) 0.84%(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.
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
GEOGRAPHIC LOCATION ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
- -------------------- ---------- ----------------- -----------------
Alabama............... 201 $ 7,762,861 3.04%
Alaska................ 1 69,634 0.03
Arizona............... 218 14,726,820 5.76
Arkansas.............. 85 3,298,153 1.29
California............ 36 2,722,896 1.07
Colorado.............. 37 2,059,599 0.81
Delaware.............. 43 1,545,953 0.60
Florida............... 153 7,639,545 2.99
Georgia............... 275 12,165,972 4.76
Idaho................. 70 4,845,515 1.90
Illinois.............. 9 375,622 0.15
Indiana............... 4 91,690 0.04
Kansas................ 59 2,414,419 0.94
Kentucky.............. 114 4,149,102 1.62
Louisiana............. 278 11,528,355 4.51
Maryland.............. 12 475,726 0.19
Massachusetts......... 1 24,702 0.01
Michigan.............. 15 778,959 0.30
Minnesota............. 1 30,571 0.01
Mississippi........... 236 9,321,312 3.65
Missouri.............. 102 4,028,652 1.58
Nevada................ 16 858,160 0.34
New Jersey............ 1 28,613 0.01
New Mexico............ 147 6,668,294 2.61
New York.............. 2 48,829 0.02
North Carolina........ 1,216 46,992,819 18.38
Ohio.................. 68 2,774,389 1.09
Oklahoma.............. 99 3,751,324 1.47
Oregon................ 110 10,573,860 4.14
Pennsylvania.......... 5 208,693 0.08
Puerto Rico........... 1 79,917 0.03
South Carolina........ 424 16,145,437 6.32
Tennessee............. 262 10,027,758 3.92
Texas................. 1,098 44,192,191 17.29
Utah.................. 29 1,913,587 0.75
Virginia.............. 260 10,180,746 3.98
Washington............ 97 8,942,501 3.50
Washington DC......... 1 26,433 0.01
West Virginia......... 72 2,103,868 0.82
Wisconsin............. 2 47,674 0.02
-------- ----------- ----
Total............... 5,860 $255,621,151 100.00%
===== ============ ======
- -----------
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
11
<PAGE>
YEAR OF ORIGINATION OF ASSETS (1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
- ------------------- ---------- ----------------- -----------------
1987............... 1 $ 7,310 0.00%
1993............... 2 31,195 0.01
1994............... 2 26,585 0.01
1995............... 3 46,015 0.02
1996............... 18 578,871 0.23
1997............... 27 1,036,776 0.41
1998............... 1,544 75,374,779 29.49
1999............... 4,263 178,519,621 69.84
----- ------------- -------
Total......... 5,860 $255,621,151 100.00%
===== ============ ======
- -----------
(1) The weighted average seasoning of the Assets was approximately 2 months as
of the Cut-off Date.
DISTRIBUTION OF ORIGINAL ASSET AMOUNTS(1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
ORIGINAL ASSET AMOUNT ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
- --------------------- ---------- ------------------ -----------------
$ 4,999 or less......... 27 $ 102,570 0.04%
$ 5,000 - $ 9,999..... 136 1,038,806 0.41
$ 10,000 - $ 14,999..... 220 2,745,472 1.07
$ 15,000 - $ 19,999..... 263 4,576,525 1.79
$ 20,000 - $ 24,999..... 408 9,259,624 3.62
$ 25,000 - $ 29,999..... 890 24,352,803 9.53
$ 30,000 - $ 34,999..... 895 29,117,238 11.39
$ 35,000 - $ 39,999..... 626 23,144,476 9.05
$ 40,000 - $ 44,999..... 323 13,621,519 5.33
$ 45,000 - $ 49,999..... 274 12,911,618 5.05
$ 50,000 - $ 54,999..... 250 13,050,591 5.11
$ 55,000 - $ 59,999..... 210 12,044,484 4.71
$ 60,000 - $ 64,999..... 270 16,878,603 6.60
$ 65,000 - $ 69,999...... 252 16,927,776 6.62
$ 70,000 - $ 74,999..... 147 10,625,681 4.16
$ 75,000 - $ 79,999..... 129 9,975,481 3.90
$ 80,000 - $ 84,999..... 97 7,966,532 3.12
$ 85,000 - $ 89,999..... 83 7,256,973 2.84
$ 90,000 - $ 94,999..... 63 5,819,242 2.28
$ 95,000 - $ 99,999..... 65 6,324,412 2.47
$100,000 or more.......... 232 27,880,726 10.91
------ -------------- ---------
Total................ 5,860 $255,621,151 100.00%
===== ============ ======
- ------------
(1) The highest original Asset amount was $194,682, which represents
approximately 0.08% of the aggregate principal balance of the Assets at
origination. The average original principal amount of the Assets was
approximately $43,760 as of the Cut-off Date.
12
<PAGE>
ASSET RATES (1)
AGGREGATE
NUMBER OF SCHEDULED PERCENTAGE OF
ASSET RATE ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
- ---------- --------- ----------------- -----------------
6.000% - 6.999%....... 84 $ 5,493,997 2.15%
7.000% - 7.999%....... 421 34,984,016 13.69
8.000% - 8.999%....... 675 44,900,108 17.57
9.000% - 9.999%..... 640 37,713,930 14.75
10.000% - 10.999%..... 523 23,766,488 9.30
11.000% - 11.999%..... 1,584 47,350,602 18.52
12.000% - 12.999%..... 1,627 51,747,322 20.24
13.000% - 13.999%..... 306 9,664,687 3.78
---- ---------- ------
Total............ 5,860 $255,621,151 100.00%
===== ============ ======
- -----------
(1) The weighted average Asset Rate was approximately 10.34% as of the Cut-off
Date. This table reflects Asset Rates of the Step-up Rate Loans as of the
Cut-off Date and does not reflect any subsequent increases in the Rates of
the Step-up Rate Loans.
REMAINING TERMS TO MATURITY OF ASSETS (IN MONTHS)(1)
AGGREGATE
REMAINING TERM NUMBER OF SCHEDULED PERCENTAGE OF
TO MATURITY ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
- -------------- --------- ----------------- -----------------
1 - 60 months..... 214 $ 1,897,012 0.74%
61 - 96 months..... 142 1,913,331 0.75
97 - 120 months...... 245 4,967,990 1.94
121 - 156 months...... 394 9,050,969 3.54
157 - 180 months...... 940 28,923,766 11.32
181 - 216 months...... 121 3,946,218 1.54
217 - 240 months...... 1,611 59,329,005 23.21
241 - 300 months...... 905 43,338,923 16.95
301 - 360 months...... 1,288 102,253,937 40.00
----- ------------- -------
Total............... 5,860 $255,621,151 100.00%
===== ============ ======
- ----------
(1) The weighted average remaining term to maturity of the Assets was
approximately 281 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY OF ASSETS (IN MONTHS) (1)
AGGREGATE
ORIGINAL TERM NUMBER OF SCHEDULED PERCENTAGE OF
TO MATURITY ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
- ------------- ----------- ----------------- ------------------
1 - 60 months...... 212 $ 1,879,500 0.74%
61 - 96 months...... 139 1,842,121 0.72
97 - 120 months...... 244 4,973,332 1.95
121 - 156 months...... 390 8,928,566 3.49
157 - 180 months...... 950 29,129,547 11.40
181 - 216 months...... 118 3,853,396 1.51
217 - 240 months...... 1,614 59,421,827 23.25
241 - 300 months...... 905 43,338,923 16.95
301 - 360 months...... 1,288 102,253,937 40.00
----- ------------- -------
Total............... 5,860 $255,621,151 100.00%
===== ============ ======
- ------------
(1) The weighted average original term to maturity of the Assets was
approximately 282 months as of the Cut-off Date.
13
<PAGE>
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ASSETS(1)
AGGREGATE
NUMBER SCHEDULED PERCENTAGE OF
LOAN-TO VALUE RATIO(2) OF ASSETS PRINCIPAL BALANCE ASSET POOL BY SPB
- ---------------------- --------- ----------------- -----------------
50% or less............. 38 $ 1,092,006 0.43%
51% - 55%............... 24 861,584 0.34
56% - 60%............... 19 886,969 0.35
61% - 65%............... 23 959,687 0.38
66% - 70%............... 55 2,435,469 0.95
71% - 75%............... 95 3,356,398 1.31
76% - 80%............... 216 8,750,076 3.42
81% - 85%............... 452 16,478,229 6.45
86% - 90%............... 1,084 38,997,536 15.26
91% - 95%............... 1,973 83,783,968 32.78
96% - 100%.............. 1,881 98,019,228 38.35
----- -------------- --------
Total.............. 5,860 $255,621,151 100.00%
===== ============ ======
- --------------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 92.43% 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:
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TO CALL:
A1 SENIOR FLOAT 61,200,000 FLOAT<1> 1.10 N/A 100-00 6/99 7/01 1.04
A2 SENIOR 49,100,000 6.0800 3.10 6.083 99-31 7/01 6/03 2.74
A3 SENIOR 28,900,000 6.3000 5.10 6.329 99-31+ 6/03 10/05 4.23
A4 SENIOR 57,628,000 6.8500 9.06 6.910 99-31+ 10/05 5/09 6.53
M1 AA MEZZ 15,337,000 7.0100 8.14 7.070 99-31+ 12/03 5/09 5.95
M2 A SUB 12,781,000 7.4000 8.14 7.471 99-31 12/03 5/09 5.85
B1 BBB SUB 12,781,000 8.0400 6.11 8.641 97-18 12/03 4/07 4.60
B2 BBB- SUB 17,894,150 9.1000 10.00 9.221 99-31+ 5/09 5/09 6.32
-------------------------------
TO MATURITY:
A4 SENIOR 57,628,000 6.8500 11.07 6.914 99-31+ 10/05 6/19 7.34
M1 AA MEZZ 15,337,000 7.0100 9.64 7.074 99-31+ 12/03 6/19 6.54
M2 A SUB 12,781,000 7.4000 9.64 7.475 99-31 12/03 6/19 6.41
B2 BBB- SUB 17,894,150 9.1000 12.26 9.227 99-31+ 5/09 6/14 7.08
----------------------------------------------------------------------------------
</TABLE>
Note:
(1) Data assumes a prepayment speed of 200% MHP.
(2) Coupon and price are assumes for computational materials.
(3) A1 coupon based on 1 month LIBOR.
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 1/1
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
PERCENT OF MHP: 0 100 150 200 250 300
---
-----------------------------------------------------------------------------
A1 SENIOR FLOAT
Price: 100-00 Coupon: FLOATER Original Par: 61,200,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: N/A N/A N/A N/A N/A N/A
Average Life: 5.68 1.85 1.38 1.10 0.91 0.78
Duration: 4.68 1.70 1.29 1.04 0.87 0.74
First Prin Pay: 6/99 6/99 6/99 6/99 6/99 6/99
Last Prin Pay: 5/09 1/03 1/02 7/01 3/01 12/00
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-31 Coupon: 6.0800 Original Par: 49,100,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.13 6.11 6.10 6.08 6.07 6.06
Average Life: 10.00 5.23 3.90 3.10 2.57 2.20
Duration: 7.30 4.34 3.37 2.74 2.31 2.00
First Prin Pay: 5/09 1/03 1/02 7/01 3/01 12/00
Last Prin Pay: 5/09 4/06 7/04 6/03 10/02 4/02
---------------------------
TO MATURITY:
Bond Yield: 6.13 6.11 6.10 6.08 6.07 6.06
Average Life: 12.37 5.23 3.90 3.10 2.57 2.20
Duration: 8.45 4.34 3.37 2.74 2.31 2.00
First Prin Pay: 5/09 1/03 1/02 7/01 3/01 12/00
Last Prin Pay: 12/13 4/06 7/04 6/03 10/02 4/02
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-31+ Coupon: 6.3000 Original Par: 28,900,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.35 6.35 6.34 6.33 6.32 6.31
Average Life: 10.00 8.72 6.67 5.10 3.98 3.39
Duration: 7.22 6.51 5.28 4.23 3.42 2.97
First Prin Pay: 5/09 4/06 7/04 6/03 10/02 4/02
Last Prin Pay: 5/09 5/09 9/07 10/05 1/04 4/03
---------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 2/2
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
TO MATURITY:
Bond Yield: 6.36 6.35 6.34 6.33 6.32 6.31
Average Life: 16.69 8.81 6.67 5.10 3.98 3.39
Duration: 10.04 6.55 5.28 4.23 3.42 2.97
First Prin Pay: 12/13 4/06 7/04 6/03 10/02 4/02
Last Prin Pay: 11/17 4/10 9/07 10/05 1/04 4/03
-----------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 3/3
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
PERCENT OF MHP: 0 100 150 200 250 300
---
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-31+ Coupon: 6.8500 Original Par: 57,628,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.91 6.91 6.91 6.91 6.91 6.90
Average Life: 10.00 10.00 9.83 9.06 7.86 6.58
Duration: 7.03 7.03 6.94 6.53 5.83 5.05
First Prin Pay: 5/09 5/09 9/07 10/05 1/04 4/03
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
--------------------------
TO MATURITY:
Bond Yield: 6.93 6.92 6.92 6.91 6.91 6.90
Average Life: 22.74 16.17 13.55 11.07 8.83 6.95
Duration: 11.15 9.37 8.41 7.34 6.23 5.20
First Prin Pay: 11/17 4/10 9/07 10/05 1/04 4/03
Last Prin Pay: 12/26 3/23 4/21 6/19 6/18 11/17
-----------------------------------------------------------------------------
M1 AA MEZZ
Price: 99-31+ Coupon: 7.0100 Original Par: 15,337,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.08 7.08 7.07 7.07 7.07 7.07
Average Life: 10.00 9.57 8.79 8.14 7.79 7.43
Duration: 6.98 6.75 6.32 5.95 5.75 5.55
First Prin Pay: 5/09 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
---------------------------
TO MATURITY:
Bond Yield: 7.09 7.08 7.08 7.07 7.07 7.07
Average Life: 20.67 13.70 11.28 9.64 8.74 7.94
Duration: 10.50 8.28 7.28 6.54 6.14 5.76
First Prin Pay: 11/13 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 12/26 3/23 4/21 6/19 6/18 11/17
-----------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 4/4
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
PERCENT OF MHP: 0 100 150 200 250 300
---
-----------------------------------------------------------------------------
M2 A SUB
Price: 99-31 Coupon: 7.4000 Original Par: 12,781,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.48 7.48 7.47 7.47 7.47 7.47
Average Life: 10.00 9.57 8.79 8.14 7.79 7.43
Duration: 6.85 6.63 6.21 5.85 5.66 5.47
First Prin Pay: 5/09 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
---------------------------
TO MATURITY:
Bond Yield: 7.49 7.48 7.48 7.48 7.47 7.47
Average Life: 20.67 13.70 11.28 9.64 8.74 7.94
Duration: 10.16 8.08 7.12 6.41 6.03 5.67
First Prin Pay: 11/13 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 12/26 3/23 4/21 6/19 6/18 11/17
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 97-18 Coupon: 8.0400 Original Par: 12,781,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 8.50 8.53 8.59 8.64 8.66 8.67
Average Life: 10.00 8.96 7.15 6.11 5.83 5.63
Duration: 6.59 6.10 5.18 4.60 4.45 4.33
First Prin Pay: 5/09 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 5/09 5/09 10/08 4/07 9/06 4/06
---------------------------
TO MATURITY:
Bond Yield: 8.40 8.49 8.59 8.64 8.66 8.67
Average Life: 20.67 11.01 7.15 6.11 5.83 5.63
Duration: 9.52 6.73 5.18 4.60 4.45 4.33
First Prin Pay: 11/13 4/06 8/04 12/03 12/03 12/03
Last Prin Pay: 12/26 3/23 10/08 4/07 9/06 4/06
-----------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 5/5
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
PERCENT OF MHP: 0 100 150 200 250 300
---
-----------------------------------------------------------------------------
B2 BBB- SUB
Price: 99-31+ Coupon: 9.1000 Original Par: 17,894,150
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 9.22 9.22 9.22 9.22 9.22 9.22
Average Life: 10.00 10.00 10.00 10.00 10.00 10.00
Duration: 6.32 6.32 6.32 6.32 6.32 6.32
First Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
Last Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
---------------------------
TO MATURITY:
Bond Yield: 9.22 9.23 9.23 9.23 9.23 9.23
Average Life: 11.26 11.76 12.02 12.26 12.46 12.59
Duration: 6.77 6.93 7.01 7.08 7.13 7.17
First Prin Pay: 5/09 5/09 5/09 5/09 5/09 5/09
Last Prin Pay: 11/11 12/12 9/13 6/14 5/15 4/16
-----------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 6/6
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-1
- --------------------------------------------------------------------------------
PERCENT OF MHP 0 100 150 200 250 300
---
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 93 73 63 53 43 33
May 15, 2001 86 45 25 5 0 0
May 15, 2002 79 17 0 0 0 0
May 15, 2003 70 0 0 0 0 0
May 15, 2004 60 0 0 0 0 0
May 15, 2005 50 0 0 0 0 0
May 15, 2006 38 0 0 0 0 0
May 15, 2007 25 0 0 0 0 0
May 15, 2008 13 0 0 0 0 0
May 15, 2009 0 0 0 0 0 0
May 15, 2010 0 0 0 0 0 0
May 15, 2011 0 0 0 0 0 0
May 15, 2012 0 0 0 0 0 0
May 15, 2013 0 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
AVG LIFE IN YEARS: 5.68 1.85 1.38 1.10 0.91 0.78
- --------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 7/7
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-2
- --------------------------------------------------------------------------------
PERCENT OF MHP 0 100 150 200 250 300
---
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 83 61
May 15, 2002 100 100 85 52 20 0
May 15, 2003 100 87 43 3 0 0
May 15, 2004 100 55 5 0 0 0
May 15, 2005 100 25 0 0 0 0
May 15, 2006 100 0 0 0 0 0
May 15, 2007 100 0 0 0 0 0
May 15, 2008 100 0 0 0 0 0
May 15, 2009 99 0 0 0 0 0
May 15, 2010 80 0 0 0 0 0
May 15, 2011 59 0 0 0 0 0
May 15, 2012 36 0 0 0 0 0
May 15, 2013 10 0 0 0 0 0
May 15, 2014 0 0 0 0 0 0
May 15, 2015 0 0 0 0 0 0
May 15, 2016 0 0 0 0 0 0
May 15, 2017 0 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
AVG LIFE IN YEARS: 12.37 5.23 3.90 3.10 2.57 2.20
- --------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 8/8
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-3
- --------------------------------------------------------------------------------
PERCENT OF MHP 0 100 150 200 250 300
---
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 85
May 15, 2003 100 100 100 100 44 0
May 15, 2004 100 100 100 49 0 0
May 15, 2005 100 100 69 13 0 0
May 15, 2006 100 96 37 0 0 0
May 15, 2007 100 68 8 0 0 0
May 15, 2008 100 43 0 0 0 0
May 15, 2009 100 19 0 0 0 0
May 15, 2010 100 0 0 0 0 0
May 15, 2011 100 0 0 0 0 0
May 15, 2012 100 0 0 0 0 0
May 15, 2013 100 0 0 0 0 0
May 15, 2014 90 0 0 0 0 0
May 15, 2015 68 0 0 0 0 0
May 15, 2016 42 0 0 0 0 0
May 15, 2017 14 0 0 0 0 0
May 15, 2018 0 0 0 0 0 0
May 15, 2019 0 0 0 0 0 0
May 15, 2020 0 0 0 0 0 0
May 15, 2021 0 0 0 0 0 0
May 15, 2022 0 0 0 0 0 0
May 15, 2023 0 0 0 0 0 0
May 15, 2024 0 0 0 0 0 0
May 15, 2025 0 0 0 0 0 0
May 15, 2026 0 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
AVG LIFE IN YEARS: 16.69 8.81 6.67 5.10 3.98 3.39
- --------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 9/9
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS A-4
- --------------------------------------------------------------------------------
PERCENT OF MHP 0 100 150 200 250 300
---
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 94
May 15, 2004 100 100 100 100 93 66
May 15, 2005 100 100 100 100 77 52
May 15, 2006 100 100 100 91 63 41
May 15, 2007 100 100 100 76 49 28
May 15, 2008 100 100 91 61 36 19
May 15, 2009 100 100 78 49 26 11
May 15, 2010 100 98 68 41 21 9
May 15, 2011 100 87 58 34 17 7
May 15, 2012 100 77 49 28 13 5
May 15, 2013 100 65 41 23 11 4
May 15, 2014 100 56 34 19 8 3
May 15, 2015 100 47 27 14 7 2
May 15, 2016 100 39 21 10 4 2
May 15, 2017 100 31 15 6 2 0
May 15, 2018 91 23 10 3 0 0
May 15, 2019 78 17 5 0 0 0
May 15, 2020 69 12 2 0 0 0
May 15, 2021 58 8 0 0 0 0
May 15, 2022 47 3 0 0 0 0
May 15, 2023 34 0 0 0 0 0
May 15, 2024 23 0 0 0 0 0
May 15, 2025 14 0 0 0 0 0
May 15, 2026 5 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
AVG LIFE IN YEARS: 22.74 16.17 13.55 11.07 8.83 6.95
- --------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 10/10
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 11/11
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS M-1
- --------------------------------------------------------------------------------
PERCENT OF MHP 0 100 150 200 250 300
---
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 100
May 15, 2004 100 100 100 93 91 89
May 15, 2005 100 100 90 79 75 71
May 15, 2006 100 98 79 67 62 56
May 15, 2007 100 89 70 57 48 39
May 15, 2008 100 81 61 46 36 25
May 15, 2009 100 73 52 36 26 15
May 15, 2010 100 65 45 30 21 12
May 15, 2011 100 58 39 25 17 9
May 15, 2012 100 51 33 21 13 7
May 15, 2013 100 43 28 17 10 5
May 15, 2014 96 37 23 14 8 4
May 15, 2015 88 31 18 10 6 3
May 15, 2016 80 26 14 7 4 2
May 15, 2017 71 20 10 4 2 1
May 15, 2018 60 15 6 2 0 0
May 15, 2019 51 11 4 0 0 0
May 15, 2020 45 8 2 0 0 0
May 15, 2021 39 5 0 0 0 0
May 15, 2022 31 2 0 0 0 0
May 15, 2023 23 0 0 0 0 0
May 15, 2024 15 0 0 0 0 0
May 15, 2025 9 0 0 0 0 0
May 15, 2026 3 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
AVG LIFE IN YEARS: 20.67 13.70 11.28 9.64 8.74 7.94
- --------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 12/12
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS M-2
- --------------------------------------------------------------------------------
PERCENT OF MHP 0 100 150 200 250 300
---
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 100
May 15, 2004 100 100 100 93 91 89
May 15, 2005 100 100 90 79 75 71
May 15, 2006 100 98 79 67 62 56
May 15, 2007 100 89 70 57 48 39
May 15, 2008 100 81 61 46 36 25
May 15, 2009 100 73 52 36 26 15
May 15, 2010 100 65 45 30 21 12
May 15, 2011 100 58 39 25 17 9
May 15, 2012 100 51 33 21 13 7
May 15, 2013 100 43 28 17 10 5
May 15, 2014 96 37 23 14 8 4
May 15, 2015 88 31 18 10 6 3
May 15, 2016 80 26 14 7 4 2
May 15, 2017 71 20 10 4 2 1
May 15, 2018 60 15 6 2 0 0
May 15, 2019 51 11 4 0 0 0
May 15, 2020 45 8 2 0 0 0
May 15, 2021 39 5 0 0 0 0
May 15, 2022 31 2 0 0 0 0
May 15, 2023 23 0 0 0 0 0
May 15, 2024 15 0 0 0 0 0
May 15, 2025 9 0 0 0 0 0
May 15, 2026 3 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
AVG LIFE IN YEARS: 20.67 13.70 11.28 9.64 8.74 7.94
- --------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 13/13
<PAGE>
[OAKWOOD LOGO APPEARS HERE]
OAKWOOD SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1999-B
COMPUTATIONAL MATERIALS
PERCENT OF PRINCIPAL OUTSTANDING OF CLASS B-1
- --------------------------------------------------------------------------------
PERCENT OF MHP 0 100 150 200 250 300
---
- --------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
May 15, 2000 100 100 100 100 100 100
May 15, 2001 100 100 100 100 100 100
May 15, 2002 100 100 100 100 100 100
May 15, 2003 100 100 100 100 100 100
May 15, 2004 100 100 100 82 78 75
May 15, 2005 100 100 77 50 40 31
May 15, 2006 100 96 51 22 8 0
May 15, 2007 100 74 27 0 0 0
May 15, 2008 100 54 7 0 0 0
May 15, 2009 100 36 0 0 0 0
May 15, 2010 100 32 0 0 0 0
May 15, 2011 100 29 0 0 0 0
May 15, 2012 100 25 0 0 0 0
May 15, 2013 100 22 0 0 0 0
May 15, 2014 96 19 0 0 0 0
May 15, 2015 88 16 0 0 0 0
May 15, 2016 80 13 0 0 0 0
May 15, 2017 71 10 0 0 0 0
May 15, 2018 60 8 0 0 0 0
May 15, 2019 51 5 0 0 0 0
May 15, 2020 45 4 0 0 0 0
May 15, 2021 39 3 0 0 0 0
May 15, 2022 31 1 0 0 0 0
May 15, 2023 23 0 0 0 0 0
May 15, 2024 15 0 0 0 0 0
May 15, 2025 9 0 0 0 0 0
May 15, 2026 3 0 0 0 0 0
May 15, 2027 0 0 0 0 0 0
May 15, 2028 0 0 0 0 0 0
AVG LIFE IN YEARS: 20.67 11.01 7.15 6.11 5.83 5.63
- --------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery 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.
[OBJECT OMITTED]
NationsBanc Montgomery Securities LLC 14/14
