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) August 25, 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 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 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.
On the Closing Date, the Trust contained, among other things, the
Initial Assets and $85,907,373 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 September 26, 2000. The Registrant has
transferred to the Trustee, on behalf of the Trust, the Subsequent Assets. 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 both (1) Subsequent Assets
purchased with funds on deposit in the Pre-Funding Account and (2) the Initial
Assets that were not included in the Statistical Assets in the Prospectus
Supplement ((1) and (2) together, 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 63 2,217,711 2.46%
Arizona 66 3,668,365 4.07%
Arkansas 31 1,105,273 1.23%
California 12 921,629 1.02%
Colorado 27 1,343,667 1.49%
Connecticut 1 8,931 0.01%
Delaware 33 707,232 0.79%
Florida 47 1,936,155 2.15%
Georgia 79 2,608,296 2.90%
Idaho 16 716,137 0.80%
Illinois 1 46,816 0.05%
Indiana 1 88,485 0.10%
Kansas 20 855,829 0.95%
Kentucky 70 2,236,733 2.48%
Louisiana 66 2,634,307 2.92%
Maryland 9 194,448 0.22%
Michigan 1 6,192 0.01%
Minnesota 2 72,739 0.08%
Mississippi 65 2,485,418 2.76%
Missouri 31 1,195,908 1.33%
Nevada 12 723,146 0.80%
New Jersey 1 10,455 0.01%
New Mexico 65 2,709,765 3.01%
New York 3 54,980 0.06%
North Carolina 777 18,642,185 20.70%
Ohio 38 1,139,647 1.27%
Oklahoma 29 1,288,440 1.43%
Oregon 33 2,940,946 3.26%
Pennsylvania 3 88,782 0.10%
South Carolina 284 8,212,588 9.12%
Tennessee 172 6,165,216 6.84%
Texas 371 13,144,696 14.59%
Utah 5 253,045 0.28%
Virginia 192 4,888,992 5.43%
Washington 31 2,904,375 3.22%
Washington DC 1 53,676 0.06%
West Virginia 65 1,714,630 1.90%
Wisconsin 1 22,495 0.02%
Wyoming 2 71,552 0.08%
------ ---------- ------
Total................... $2,726 90,079,885 100.00%
====== ========== =======
</TABLE>
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(1) Based on the mailing address of the obligor on the related asset as of the
Cut-off Date.
3
<PAGE>
<TABLE>
<CAPTION>
Year of Origination of 8-K Assets (1)
Aggregate
Number of Scheduled Percentage of
Year of Origination 8-K Assets Principal Balance Asset Pool by SPB
------------------- ---------- ----------------- -----------------
<S> <C> <C> <C> <C>
1985 1 5,317 0.01%
1989 1 9,022 0.01%
1991 1 8,668 0.01%
1992 195 2,808,240 3.12%
1993 566 8,568,061 9.51%
1994 1 36,661 0.04%
1995 3 38,332 0.04%
1996 2 58,542 0.06%
1997 8 405,545 0.45%
1998 6 235,670 0.26%
1999 26 1,349,429 1.50%
2000 1,916 76,556,398 84.99%
----- ---------- ------
Total 2,726 90,079,885 100%
===== ========== ======
</TABLE>
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(1) The weighted average seasoning of the 8-K Assets was approximately 11.74
months as of the Cut-off Date.
Distribution of Original Asset Amounts(1)
<TABLE>
<CAPTION>
Aggregate
Number of Scheduled Percentage of
Original Asset Amount 8-K Assets Principal Balance Asset Pool by SPB
--------------------- ---------- ----------------- -----------------
<S> <C> <C> <C>
$ 4,999 or less............ 6 37,734 0.04%
$ 5,000 - $ 9,999........ 25 145,575 0.16%
$ 10,000 - $ 14,999........ 118 1,003,119 1.11%
$ 15,000 - $ 19,999........ 357 4,246,695 4.71%
$ 20,000 - $ 24,999........ 396 7,372,958 8.18%
$ 25,000 - $ 29,999........ 450 11,438,608 12.70%
$ 30,000 - $ 34,999........ 363 11,328,990 12.58%
$ 35,000 - $ 39,999........ 253 9,220,376 10.24%
$ 40,000 - $ 44,999........ 182 7,468,298 8.29%
$ 45,000 - $ 49,999........ 163 7,611,538 8.45%
$ 50,000 - $ 54,999........ 97 5,072,606 5.63%
$ 55,000 - $ 59,999........ 75 4,279,099 4.75%
$ 60,000 - $ 64,999........ 44 2,744,008 3.05%
$ 65,000 - $ 69,999........ 39 2,619,056 2.91%
$ 70,000 - $ 74,999........ 27 1,954,066 2.17%
$ 75,000 - $ 79,999........ 26 2,007,345 2.23%
$ 80,000 - $ 84,999........ 16 1,317,350 1.46%
$ 85,000 - $ 89,999........ 12 1,046,361 1.16%
$ 90,000 - $ 94,999........ 14 1,291,417 1.43%
$ 95,000 - $ 99,999........ 6 585,299 0.65%
$ 100,000 or more............ 57 7,289,386 8.09%
-- --------- -----
Total................... 2,726 $ 90,079,885 100.00%
===== ============= ======
</TABLE>
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(1) The highest original asset amount was $203,349, which represents
approximately 0.21% of the aggregate principal balance of the 8-K Assets at
origination. The average original principal amount of the 8-K Assets was
approximately $35,283.
4
<PAGE>
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%.......... 4 554,604 0.62%
7.000% - 7.999%.......... 30 3,048,827 3.38%
8.000% - 8.999%......... 45 3,605,540 4.00%
9.000% - 9.999%.......... 71 4,295,950 4.77%
10.000% - 10.999%.......... 243 9,839,212 10.92%
11.000% - 11.999%.......... 531 15,975,380 17.73%
12.000% - 12.999%.......... 645 17,249,946 19.15%
13.000% - 13.999%.......... 512 15,687,943 17.42%
14.000% - 14.999%.......... 363 11,665,421 12.95%
15.000% - 15.999%.......... 282 8,157,061 9.06%
----- ----------- ------
Total................. 2,726 $90,079,885 100.00%
===== =========== ======
</TABLE>
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(1) The weighted average current asset rate was approximately 12.28%. 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 8-K Assets as of the Cut-off Date and does not reflect any
subsequent increases in the asset rates of the adjustable rate 8-K Assets.
<TABLE>
<CAPTION>
Remaining Terms to Maturity of 8-K Assets (In Months) (1)
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 months.......... 281 2,095,691 2.33%
61 - 96 months.......... 435 6,833,075 7.59%
97 - 120 months.......... 85 1,874,428 2.08%
121 - 156 months.......... 226 5,912,051 6.56%
157 - 180 months.......... 212 5,725,921 6.36%
181 - 216 months.......... 25 679,665 0.75%
217 - 240 months.......... 446 13,666,325 15.17%
241 - 300 months.......... 453 17,199,967 19.09%
301 - 360 months.......... 563 36,092,761 40.07%
----- ----------- ------
Total.................... 2,726 $90,079,885 100.00%
===== =========== ======
</TABLE>
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(1) The weighted average remaining term to maturity of the 8-K Assets was
approximately 271 months as of the Cut-off Date.
5
<PAGE>
<TABLE>
<CAPTION>
Original Terms to Maturity of 8-K Assets (In Months) (1)
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 months........... 31 274,021 0.30%
61 - 96 months........... 41 394,334 0.44%
97 - 120 months........... 216 2,641,714 2.93%
121 - 156 months........... 223 3,695,209 4.10%
157 - 180 months........... 625 12,317,006 13.67%
181 - 216 months........... 23 630,678 0.70%
217 - 240 months........... 551 16,834,196 18.69%
241 - 300 months........... 453 17,199,967 19.09%
301 - 360 months........... 563 36,092,761 40.07%
----- ----------- ------
Total.................... 2,726 $90,079,885 100.00%
===== =========== ======
</TABLE>
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(1) The weighted average original term to maturity of the 8-K Assets was
approximately 282 months as of the Cut-off Date.
<TABLE>
<CAPTION>
Distribution of Original Loan-to-Value Ratios of 8-K Assets(1)
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.................. 27 571,127 0.63%
51% - 55%.................... 10 209,063 0.23%
56% - 60%.................... 19 514,435 0.57%
61% - 65%.................... 24 816,327 0.91%
66% - 70%.................... 30 826,344 0.92%
71% - 75%.................... 61 2,085,290 2.31%
76% - 80%.................... 126 4,243,784 4.71%
81% - 85%.................... 186 6,265,594 6.96%
86% - 90%.................... 719 19,756,380 21.93%
91% - 95%.................... 906 33,902,470 37.64%
96% - 100%................... 618 20,889,070 23.19%
--- ---------- ------
Total................... 2,726 $90,079,885 100.00%
===== =========== ======
</TABLE>
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(1) The weighted average original Loan-to-Value Ratio of the 8-K Assets was
approximately 90.63% 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.
6
<PAGE>
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.
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.
August 25, 2000 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Dennis Hazelrigg
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Name: Dennis Hazelrigg
Title: President
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