SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 29, 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 June 29, 2000, the Registrant caused the issuance and sale of
$347,400,000 aggregate initial principal amount of Senior/Subordinated
Pass-Through Certificates, Series 2000-B (the "Certificates") pursuant to the
Series 2000-B Pooling and Servicing Agreement, dated as of June 1, 2000 (the
"Pooling and Servicing Agreement"), among the Registrant, Oakwood Acceptance
Corporation, as Servicer, and Chase Manhattan Trust Company, National
Association, as Trustee, and the related Standard Terms to the Pooling and
Servicing Agreement (May 1999 Edition) (the "Standard Terms"). The Certificates
were issued in six Classes with Pass-Through Rates and initial Certificate
Principal Balances as set forth below:
<TABLE>
<CAPTION>
Initial Certificate
Designation Pass-Through Rate Principal Balance
<S> <C> <C>
Class A-1........................... (1) $290,700,000
Class M-1........................... (2) 21,600,000
Class B-1........................... (3) 18,900,000
Class B-2........................... (4) 16,200,000
Class X............................. (5) (5)
Class R............................. (6) (6)
</TABLE>
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(1) The Pass-Through Rate on the Class A-1 Certificates for any Distribution
Date shall be equal to the lesser of (i) 8.150% per annum and (ii) the
Weighted Average Net Asset Rate.
(2) The Pass-Through Rate on the Class M-1 Certificates for any Distribution
Date shall be equal to the lesser of (i) 8.720% per annum and (ii) the
Weighted Average Net Asset Rate.
(3) The Pass-Through Rate on the Class B-1 Certificates for any Distribution
Date shall be equal to the lesser of (i) 9.150% per annum and (ii) the
Weighted Average Net Asset Rate.
(4) The Pass-Through Rate on the Class B-2 Certificates for any Distribution
Date shall be equal to (i) the lesser of (a) 8.500% per annum and (b) the
Weighted Average Net Asset Rate.
(5) The Class X Certificates have no Certificate Principal Balance and no
Pass-Through Rate.
(6) The Class R Certificates have no Certificate Principal Balance and no
Pass-Through Rate.
The Certificates evidence, in the aggregate, the entire beneficial
ownership interest in OMI Trust 2000-B (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 June 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 and Class B-1 Certificates are collectively
referred to herein as
2
<PAGE>
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 Banc of America Securities LLC, Credit Suisse First Boston
Corporation and Banc One Capital Markets, Inc. (the "Underwriters") pursuant to
a Terms Agreement, dated as of June 26, 2000, among the Underwriters, 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.
The description of the initial Assets transferred to the Trust pursuant
to the Pooling and Servicing Agreement begins on the following page. Asterisks
(*) in the following tables indicate values between 0.0% and 0.01%.
Whenever reference is made herein to a percentage of the initial 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 initial 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.
Initial Assets
Geographical Distribution of Manufactured Homes(1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Geographic Location Initial Assets Principal Balance Initial Asset Pool by SPB
------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
Alabama.................... 174 $ 6,558,333 2.39%
Arizona.................... 248 16,596,614 6.06
Arkansas................... 100 3,692,473 1.35
California................. 31 2,348,740 0.86
Colorado................... 94 4,637,607 1.69
Connecticut................ 1 8,532 *
Delaware................... 49 1,917,236 0.70
Florida.................... 382 9,524,584 3.47
Georgia.................... 225 9,684,308 3.53
Idaho...................... 66 4,040,492 1.47
Illinois................... 1 6,601 *
Indiana.................... 6 312,387 0.11
Iowa....................... 1 112,810 0.04
Kansas..................... 55 2,075,727 0.76
Kentucky................... 123 5,001,081 1.82
Louisiana.................. 218 9,353,596 3.41
Maine...................... 1 64,243 0.02
Maryland................... 14 513,113 0.19
Michigan................... 7 448,413 0.16
Minnesota.................. 6 291,564 0.11
Mississippi................ 180 6,968,743 2.54
Missouri................... 142 5,994,644 2.19
Nevada..................... 42 3,191,868 1.16
New Jersey................. 3 74,166 0.03
New Mexico................. 142 6,686,872 2.44
New York................... 2 90,147 0.03
North Carolina............. 1,232 47,859,883 17.46
Ohio....................... 143 6,013,199 2.19
Oklahoma................... 100 5,159,376 1.88
Oregon..................... 111 11,039,745 4.03
Pennsylvania............... 3 97,270 0.04
South Carolina............. 474 18,060,142 6.59
Tennessee.................. 416 18,128,759 6.61
Texas...................... 787 33,300,329 12.15
Utah....................... 25 1,610,367 0.59
Virginia................... 291 12,341,364 4.50
Washington................. 158 16,099,402 5.87
Washington DC.............. 2 95,454 0.03
West Virginia.............. 102 3,456,482 1.26
Wyoming.................... 8 635,962 0.23
-------- ---------------- ---------
Total................... 6,165 $274,092,627 100.00%
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</TABLE>
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(1) Based on the mailing address of the obligor on the related initial asset as
of the Cut-off Date.
3
<PAGE>
<TABLE>
<CAPTION>
Year of Origination of Assets (1)
Number of Aggregate Scheduled Percentage of
Year of Origination Initial Assets Principal Balance Initial Asset Pool by SPB
------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
1984................. 1 $ 9,131 *%
1986................. 20 111,807 0.04
1987................. 127 1,642,650 0.60
1988................. 104 1,527,488 0.56
1989................. 46 650,965 0.24
1993................. 2 45,679 0.02
1994................. 2 27,554 0.01
1995................. 7 186,452 0.07
1996................. 19 678,287 0.25
1997................. 8 369,954 0.13
1998................. 12 556,599 0.20
1999................. 140 11,556,587 4.22
2000................. 5,677 256,729,474 93.67
------ ------------- -------
Total........... 6,165 $274,092,627 100.00%
===== ============ ======
</TABLE>
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(1) The weighted average seasoning of the initial assets was approximately 4
months as of the Cut-off Date.
<TABLE>
<CAPTION>
Distribution of Original Asset Amounts(1)
Number of Aggregate Scheduled Percentage of
Original Asset Amount Initial Assets Principal Balance Initial Asset Pool by SPB
--------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
$ 4,999 or less............ 10 $ 31,161 0.01%
$ 5,000 - $ 9,999....... 66 507,947 0.19
$ 10,000 - $ 14,999........ 139 1,715,692 0.63
$ 15,000 - $ 19,999........ 295 4,772,832 1.74
$ 20,000 - $ 24,999........ 586 11,949,780 4.36
$ 25,000 - $ 29,999........ 856 22,454,807 8.19
$ 30,000 - $ 34,999........ 868 27,692,558 10.10
$ 35,000 - $ 39,999........ 615 22,639,927 8.26
$ 40,000 - $ 44,999........ 457 19,249,088 7.02
$ 45,000 - $ 49,999........ 388 18,413,243 6.72
$ 50,000 - $ 54,999........ 390 20,329,462 7.42
$ 55,000 - $ 59,999........ 267 15,257,013 5.57
$ 60,000 - $ 64,999........ 197 12,242,129 4.47
$ 65,000 - $ 69,999........ 164 11,046,995 4.03
$ 70,000 - $ 74,999........ 129 9,300,071 3.39
$ 75,000 - $ 79,999........ 106 8,211,420 3.00
$ 80,000 - $ 84,999........ 95 7,835,083 2.86
$ 85,000 - $ 89,999........ 82 7,152,587 2.61
$ 90,000 - $ 94,999........ 62 5,726,838 2.09
$ 95,000 - $ 99,999........ 61 5,961,018 2.17
$100,000 or more............. 332 41,602,977 15.18
------ ------------- -------
Total................... 6,165 $274,092,627 100.00%
===== ============ ======
</TABLE>
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(1) The highest original initial asset amount was $242,207, which represents
approximately 0.09% of the aggregate principal balance of the initial
assets at origination. The average original principal amount of the initial
assets was approximately $45,151 as of the Cut-off Date.
4
<PAGE>
<TABLE>
<CAPTION>
Current Asset Rates (1)
Number of Aggregate Scheduled Percentage of
Current Asset Rate Initial Assets Principal Balance Initial Asset Pool by SPB
------------------ -------------- ----------------- -------------------------
<S> <C> <C> <C>
6.000% - 6.999%............ 30 $ 3,414,587 1.25%
7.000% - 7.999%............ 260 25,124,705 9.17
8.000% - 8.999%........... 401 25,719,031 9.38
9.000% - 9.999%.......... 456 27,462,608 10.02
10.000% - 10.999%.......... 636 35,121,038 12.81
11.000% - 11.999%.......... 765 34,736,683 12.67
12.000% - 12.999%.......... 1,110 42,397,138 15.47
13.000% - 13.999%.......... 1,237 40,993,598 14.96
14.000% - 14.999%.......... 829 26,343,148 9.61
15.000% - 15.999%.......... 439 12,728,627 4.64
16.000% or more............ 2 51,463 0.02
-------- ---------------- ---------
Total................. 6,165 $274,092,627 100.00%
===== ============ ======
</TABLE>
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(1) The weighted average current asset rate was approximately 11.30% 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. This table also reflects the asset
rates of the adjustable rate assets as of the Cut-off Date and does not
reflect any subsequent increases in the asset rates of the adjustable rate
assets.
<TABLE>
<CAPTION>
Remaining Terms to Maturity of Assets (In Months) (1)
Number of Aggregate Scheduled Percentage of
Remaining Term to Maturity Initial Assets Principal Balance Initial Asset Pool by SPB
-------------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
1 - 60 months........... 151 $ 1,189,576 0.43%
61 - 96 months........... 226 3,256,162 1.19
97 - 120 months........... 253 4,882,803 1.78
121 - 156 months........... 314 6,592,207 2.41
157 - 180 months........... 558 15,341,146 5.60
181 - 216 months........... 91 2,604,205 0.95
217 - 240 months........... 1,069 33,882,528 12.36
241 - 300 months........... 1,269 49,710,012 18.14
301 - 360 months........... 2,234 156,633,987 57.15
------ ------------- --------
Total.................... 6,165 $274,092,627 100.00%
===== ============ ======
</TABLE>
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(1) The weighted average remaining term to maturity of the initial assets was
approximately 307 months as of the Cut-off Date.
<TABLE>
<CAPTION>
Original Terms to Maturity of Assets (In Months) (1)
Number of Aggregate Scheduled Percentage of
Original Term to Maturity Initial Assets Principal Balance Initial Asset Pool by SPB
------------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
1 - 60 months........... 79 $ 768,555 0.28%
61 - 96 months........... 74 994,447 0.36
97 - 120 months........... 177 3,605,518 1.32
121 - 156 months........... 310 6,483,019 2.37
157 - 180 months........... 629 15,797,894 5.76
181 - 216 months........... 84 2,340,305 0.85
217 - 240 months........... 1,307 37,678,213 13.75
241 - 300 months........... 1,271 49,790,690 18.17
301 - 360 months........... 2,234 156,633,987 57.15
------ ------------- --------
Total.................... 6,165 $ 274,092,627 100.00%
===== ============ ======
</TABLE>
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(1) The weighted average original term to maturity of the initial assets was
approximately 311 months as of the Cut-off Date.
5
<PAGE>
<TABLE>
<CAPTION>
Distribution of Original Loan-to-Value Ratios of Assets(1)
Number of Aggregate Scheduled Percentage of
Loan-to Value Ratio(2) Initial Assets Principal Balance Initial Asset Pool by SPB
------------------- -------------- ----------------- -------------------------
<S> <C> <C> <C>
N/A.......................... 284 $ 3,866,383 1.41%
50% or less................ 43 1,209,613 0.44
51% - 55%.................... 19 702,945 0.26
56% - 60%.................... 35 1,633,903 0.60
61% - 65%.................... 51 2,718,938 0.99
66% - 70%.................... 70 4,018,872 1.47
71% - 75%.................... 101 5,369,106 1.96
76% - 80%.................... 235 12,993,566 4.74
81% - 85%.................... 377 17,850,922 6.51
86% - 90%.................... 978 44,491,864 16.23
91% - 95%.................... 2,494 120,566,729 43.99
96% - 100%................... 1,478 58,669,786 21.41
------ -------------- -------
Total................... 6,165 $274,092,627 100.00%
===== ============ ======
</TABLE>
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(1) The weighted average original Loan-to-Value Ratio of the initial assets was
approximately 90.75% as of the Cut-off Date. This does not include the 284
initial assets for which the original Loan-to-Value Ratio is not available.
(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.
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.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
1.1 Terms Agreement, dated June 26, 2000, among the Registrant,
Oakwood Acceptance Corporation, and Banc of America Securities
LLC, Credit Suisse First Boston Corporation and Banc One
Capital Markets, Inc., as Underwriters, relating to the
Offered Certificates (related exhibits available upon request
of the Registrant)
4.1 Copy of the Series 2000-B Pooling and Servicing Agreement,
dated as of June 1, 2000, by and among the Registrant, Oakwood
Acceptance Corporation, as Servicer, and Chase Manhattan Trust
Company, National Association, as Trustee. (related exhibits
available upon request of the Trustee)
8.1 Tax Opinion of Messrs. Hunton & Williams
23.1 Consent of Messrs. Hunton & Williams (included in Exhibit 8.1)
6
<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.
June 29, 2000 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Dennis Hazelrigg
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Name: Dennis Hazelrigg
Title: President
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<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
1.1 Terms Agreement, dated June 26, 2000,
among the Registrant, Oakwood Acceptance
Corporation, Banc of America Securities
Credit Suisse First Boston Corporation
and Banc One Capital Markets, Inc.
LLC, as Underwriters, relating to the
Offered Certificates (related exhibits
available upon request of the Registrant).......................................... [Electronic Format]
4.1 Copy of the Series 2000-B Pooling and Servicing Agreement, dated as of
June 1, 2000, by and among the Registrant, Oakwood Acceptance
Corporation, as Servicer, and Chase Manhattan Trust Company, National
Association (related exhibits available upon request of the Trustee)................[Electronic Format]
8.1 Tax Opinion of Messrs. Hunton & Williams ...........................................[Electronic Format]
23.1 Consent of Messrs. Hunton & Williams (included in Exhibit 8.1)......................[Electronic Format]
</TABLE>
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