<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 31, 2000
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Oakwood Mortgage Investors, Inc.
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(Exact name of registrant as specified in charter)
Nevada 333-72621 88-0396566
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
101 Convention Center Drive, Suite 850, Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 949-0056
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On September 28, 2000, the Registrant caused the issuance and sale of
$243,937,000 aggregate initial principal amount of Senior/Subordinated Pass-
Through Certificates, Series 2000-C (the "Certificates") pursuant to the Series
2000-C Pooling and Servicing Agreement, dated as of September 1, 2000 (the
"Pooling and Servicing Agreement"), among the Registrant, Oakwood Acceptance
Corporation, as Servicer, and Wells Fargo Bank Minnesota, National Association,
as Trustee, and the related Standard Terms to the Pooling and Servicing
Agreement (May 1999 Edition) (the "Standard Terms").
The Certificates evidence, in the aggregate, the entire beneficial
ownership interest in OMI Trust 2000-C (the "Trust"), which consists primarily
of a pool of Assets transferred to the Trust by the Registrant pursuant to the
Pooling and Servicing Agreement. The Assets were purchased by the Registrant in
privately-negotiated transactions with Oakwood Capital Corp. ("OCC") pursuant to
a Sales Agreement, dated as of September 1, 2000, between the Registrant and
OCC. Elections will be made to treat certain assets owned by the Trust as "real
estate mortgage investment conduits" (each, a "REMIC") under the Internal
Revenue Code of 1986, as amended. The Certificates, except for the Class R
Certificates, will be designated as the "regular interests" in one of such
REMICs. The Class R Certificates will be designated as the "residual interests"
in each of the REMICs.
The Class A-1, Class M-1, Class M-2 and Class B-1 Certificates are
collectively referred to herein as the "Offered Certificates." The Offered
Certificates are senior to the Class B-2, Class X and Class R Certificates. The
Offered Certificates have been sold by the Registrant to Credit Suisse First
Boston Corporation and (the "Underwriter") pursuant to a Terms Agreement, dated
as of September 26, 2000, among the Underwriter, the Registrant and OAC, which
incorporates by reference the Registrant's Underwriting Agreement Standard
Provisions, May 1999. The Class B-2, Class X and Class R Certificates have been
transferred to Oakwood Financial Corporation, a Nevada corporation ("OFC") and
an affiliate of the Registrant.
On the Closing Date, the Trust contained, among other things, the Initial
Assets and $64,416,658 on deposit in the Pre-Funding Account. This Pre-Funded
Amount was intended to be used for the purchase of Subsequent Assets satisfying
criteria specified in the Sales Agreement and the Pooling and Servicing
Agreement not later than December 27, 2000. The Registrant has transferred to
the Trustee, on behalf of the Trust, Subsequent Assets on October 31, 2000 with
an aggregate Scheduled Principal Balance of $64,416,538 in exchange for that
amount of the Pre-Funded Amount. The remaining amount of the Pre-Funded Amount
will be paid through to Certificateholders as a prepayment of principal
according to the terms of the Pooling and Servicing Agreement. This Current
Report on Form 8-K is being filed to update the description of the Assets
contained in the Prospectus Supplement.
The description of the Assets transferred to the Trust pursuant to the
Pooling and Servicing Agreement but not disclosed in the Prospectus Supplement
begins on the following page. This table includes Subsequent Assets purchased
with funds on deposit in the Pre-Funding Account (the "8-K Assets").
2
<PAGE>
Whenever reference is made herein to a percentage of 8-K Assets (or to a
percentage of the scheduled principal balance of the initial assets), the
percentage is calculated based on the scheduled principal balances ("SPB") of
the 8-K Assets as of their 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.
8-K Assets
Geographical Distribution of Manufactured Homes (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Geographic Location 8-K Assets Principal Balance Asset Pool by SPB
------------------- ----------- ------------------- -----------------
<S> <C> <C> <C>
Alabama 47 $ 1,776,338 2.76%
Arizona 61 4,780,176 7.42
Arkansas 26 1,015,388 1.58
California 8 903,226 1.40
Colorado 16 854,902 1.33
Connecticut 1 69,769 0.11
Delaware 12 442,920 0.69
Florida 33 1,666,971 2.59
Georgia 56 2,264,144 3.51
Idaho 15 936,733 1.45
Illinois 2 94,729 0.15
Indiana 1 84,768 0.13
Kansas 16 693,997 1.08
Kentucky 35 1,325,228 2.06
Louisiana 37 1,504,805 2.34
Maryland 3 107,623 0.17
Mississippi 50 2,003,455 3.11
Missouri 28 1,109,106 1.72
Nevada 7 583,670 0.91
New Mexico 36 2,132,456 3.31
North Carolina 255 10,408,655 16.16
Ohio 24 1,013,466 1.57
Oklahoma 29 1,648,000 2.56
Oregon 29 2,630,787 4.08
Pennsylvania 1 27,886 0.04
South Carolina 96 3,924,559 6.09
Tennessee 76 3,554,579 5.52
Texas 209 9,936,923 15.43
Utah 5 515,384 0.80
Virginia 64 2,685,398 4.17
Washington 30 2,926,398 4.54
West Virginia 23 711,809 1.11
Wyoming 1 82,288 0.13
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TOTAL 1,332 $64,416,538 100.00%
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</TABLE>
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(1) Based on the mailing address of the obligor on the related Cut-off Date.
3
<PAGE>
Year of Origination of Assets (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Year of Origination 8-K Assets Principal Balance Asset Pool by SPB
----------------------------- ----------------- ---------------------------- ------------------------------
<S> <C> <C> <C>
1992 2 $ 19,791 0.03%
1993 3 42,055 0.07
1997 3 125,367 0.19
1998 5 304,764 0.47
1999 6 514,839 0.80
2000 1,313 63,409,722 98.44
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TOTAL 1,332 $64,416,538 100.00%
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</TABLE>
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(1) The weighted average seasoning of the 8-K assets was approximately 0.60
months as of the Cut-off Date.
Distribution of Remaining Loan Balance (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Remaining Loan Balance 8-K Assets Principal Balance Asset Pool by SPB
-------------------------------- ---------------- -------------------------- ---------------------------------
<S> <C> <C> <C>
$ 4,999.99 or less 3 $ 9,965 0.02%
$ 5,000.00 - $ 9,999.99 9 70,061 0.11
$ 10,000.00 - $ 14,999.99 16 191,288 0.30
$ 15,000.00 - $ 19,999.99 48 861,098 1.34
$ 20,000.00 - $ 24,999.99 97 2,206,960 3.43
$ 25,000.00 - $ 29,999.99 179 4,969,255 7.71
$ 30,000.00 - $ 34,999.99 192 6,252,218 9.71
$ 35,000.00 - $ 39,999.99 133 4,943,805 7.67
$ 40,000.00 - $ 44,999.99 98 4,165,997 6.47
$ 45,000.00 - $ 49,999.99 107 5,086,127 7.90
$ 50,000.00 - $ 54,999.99 79 4,159,071 6.46
$ 55,000.00 - $ 59,999.99 63 3,631,573 5.64
$ 60,000.00 - $ 64,999.99 44 2,748,628 4.27
$ 65,000.00 - $ 69,999.99 43 2,904,758 4.51
$ 70,000.00 - $ 74,999.99 19 1,364,548 2.12
$ 75,000.00 - $ 79,999.99 27 2,090,348 3.25
$ 80,000.00 - $ 84,999.99 31 2,556,485 3.97
$ 85,000.00 - $ 89,999.99 24 2,093,314 3.25
$ 90,000.00 - $ 94,999.99 15 1,386,781 2.15
$ 95,000.00 - $ 99,999.99 21 2,038,123 3.16
$100,000.00 or more 84 10,686,134 16.59
----- ----------- ------
TOTAL 1,332 $64,416,538 100.00%
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</TABLE>
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(1) The highest remaining asset amount was approximately $184,248 which
represents approximately 0.29% of the aggregate remaining principal balance
of the 8-K assets. The average remaining principal amount of the 8-K assets
was approximately $48,361.
4
<PAGE>
Distribution of Original Loan Balance (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Original Loan Balance 8-K Assets Principal Balance Asset Pool by SPB
-------------------------------- ---------------- -------------------------- ---------------------------------
<S> <C> <C> <C>
$ 4,999.99 or less 2 $ 5,352 0.01%
$ 5,000.00 - $ 9,999.99 8 62,466 0.10
$ 10,000.00 - $ 14,999.99 14 156,945 0.24
$ 15,000.00 - $ 19,999.99 51 887,698 1.38
$ 20,000.00 - $ 24,999.99 97 2,202,624 3.42
$ 25,000.00 - $ 29,999.99 179 4,963,545 7.71
$ 30,000.00 - $ 34,999.99 193 6,282,217 9.75
$ 35,000.00 - $ 39,999.99 133 4,943,805 7.67
$ 40,000.00 - $ 44,999.99 97 4,121,919 6.40
$ 45,000.00 - $ 49,999.99 107 5,080,216 7.89
$ 50,000.00 - $ 54,999.99 80 4,209,059 6.53
$ 55,000.00 - $ 59,999.99 62 3,572,011 5.55
$ 60,000.00 - $ 64,999.99 45 2,808,190 4.36
$ 65,000.00 - $ 69,999.99 42 2,834,783 4.40
$ 70,000.00 - $ 74,999.99 20 1,434,523 2.23
$ 75,000.00 - $ 79,999.99 27 2,090,348 3.25
$ 80,000.00 - $ 84,999.99 30 2,471,489 3.84
$ 85,000.00 - $ 89,999.99 24 2,088,620 3.24
$ 90,000.00 - $ 94,999.99 16 1,476,472 2.29
$ 95,000.00 - $ 99,999.99 21 2,038,123 3.16
$100,000.00 or more 84 10,686,134 16.59
----- ----------- ------
TOTAL 1,332 $64,416,538 100.00%
===== =========== ======
</TABLE>
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(1) The highest original asset amount was approximately $184,248 which
represents approximately 0.29% of the aggregate principal balance of the
8-K assets at origination. The average original principal amount of the 8-K
assets was approximately $48,410 as of the Cut-off Date.
Current Asset Rates (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Current Asset Rate 8-K Assets Principal Balance Asset Pool by SPB
-------------------------------- ------------------- --------------------------- --------------------------------
<S> <C> <C> <C>
6.000%- 6.999% 10 $ 1,035,849 1.61%
7.000%- 7.999% 57 5,917,894 9.19
8.000%- 8.999% 49 4,393,577 6.82
9.000%- 9.999% 127 9,324,609 14.48
10.000%-10.999% 66 5,004,790 7.77
11.000%-11.999% 89 5,324,822 8.27
12.000%-12.999% 153 6,509,480 10.11
13.000%-13.999% 161 6,199,569 9.62
14.000%-14.999% 157 5,567,492 8.64
15.000%-15.999% 209 7,677,268 11.92
16.000% or more 254 7,461,189 11.58
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TOTAL 1,332 $64,416,538 100.00%
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</TABLE>
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(1) The weighted average current asset rate was approximately 12.02% as of the
Cut-off Date. This table reflects the asset rates of the Step-up Rate Loans
as of the Cut-off Date and does not reflect any subsequent increases in the
asset rates of the Step-up Rate Loans.
5
<PAGE>
Remaining Terms to Maturity of Assets (In Months) (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Remaining Term to Maturity 8-K Assets Principal Balance Asset Pool by SPB
-------------------------------- ------------------ --------------------------- -----------------------------------
<S> <C> <C> <C>
1 - 60 11 $ 95,224 0.15%
61 - 96 15 204,140 0.32
97 - 120 19 342,240 0.53
121 - 156 67 1,474,503 2.29
157 - 180 116 3,196,345 4.96
181 - 216 8 234,297 0.36
217 - 240 280 8,897,592 13.81
241 - 300 277 11,168,672 17.34
301 - 360 539 38,803,523 60.24
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TOTAL 1,332 $64,416,538 100.00%
===== =========== ======
</TABLE>
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(1) The weighted average remaining term to maturity of the 8-K assets was
approximately 315 months as of the Cut-off Date.
Original Terms to Maturity of Assets (In Months) (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Original Term to Maturity 8-K Assets Principal Balance Asset Pool by SPB
----------------------------------- ------------------ ----------------------------- ---------------------------------
<S> <C> <C> <C>
1 - 60 9 $ 83,016 0.13%
61 - 96 13 178,792 0.28
97 - 120 19 333,246 0.52
121 - 156 68 1,471,419 2.28
157 - 180 118 3,221,693 5.00
181 - 216 8 234,297 0.36
217 - 240 281 8,921,880 13.85
241 - 300 277 11,168,672 17.34
301 - 360 539 38,803,523 60.24
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TOTAL 1,332 $64,416,538 100.00%
===== =========== ======
</TABLE>
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(1) The weighted average original term to maturity of the 8-K assets was
approximately 316 months as of the Cut-off Date.
6
<PAGE>
Distribution of Original Loan-to-Value Ratios of Assets (1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Loan-to-Value Ratio (2) 8-K Assets Principal Balance Asset Pool by SPB
----------------------- ----------- -------------------- ------------------
<S> <C> <C> <C>
50% or less 8 $ 181,749 0.28%
51% - 55% 3 137,583 0.21
56% - 60% 8 377,280 0.59
61% - 65% 15 942,511 1.46
66% - 70% 17 971,694 1.51
71% - 75% 19 1,218,214 1.89
76% - 80% 66 3,652,975 5.67
81% - 85% 83 5,232,893 8.12
86% - 90% 183 9,456,512 14.68
91% - 95% 410 22,070,780 34.26
96% - 100% 494 19,414,699 30.14
Not Available 26 759,650 1.18
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TOTAL 1,332 $64,416,538 100.00%
===== =========== ======
</TABLE>
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(1) The weighted average original Loan-to-Value Ratio of the 8-K assets for
which an original Low-to-Value Ratio was available was approximately 90.93%
as of the Cut-off Date.
(2) Rounded to nearest 1%.
Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Pooling and Servicing Agreement or, if not defined in
the Pooling and Servicing Agreement, the meanings assigned to them in the
Standard Terms or the Prospectus Supplement.
7
<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.
October 31, 2000 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Dennis Hazelrigg
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Name: Dennis Hazelrigg
Title: President
8
