SUBJECT TO REVISION
SERIES TERM SHEET DATED JUNE 22, 2000
$331,200,000
(Approximate)
[LOGO OF OAKWOOD HOMES] OMI Trust 2000-B
Issuer
Oakwood Mortgage Investors, Inc.,
Depositor
Oakwood Acceptance Corporation,
Servicer
Senior/Subordinated Pass-Through Certificates, Series 2000-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 2000-B. The Series Term
Sheet has been prepared by Oakwood Mortgage 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therein are preliminary and will be superseded by a prospectus supplement and by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 Banc of America Securities LLC, Credit Suisse First Boston, Banc One
Capital Markets 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 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.
Joint Bookrunners
Banc of America Securities LLC Credit Suisse First Boston
Co-Manager
Banc One Capital Markets
This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 2000-B Pooling and Servicing Agreement (including the May 1999 Edition to
the Standard Terms) to be dated as of June 1, 2000, 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
Principal S&P / 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 $290,700,000 Senior AAA / AAA 5.14 . %(4) 3.61 7/00 12/14
(5)
M-1 21,600,000 Mezzanine AA / AA 9.57 . %(4) 6.10 1/05 12/14
(5)
B-1 18,900,000 Subordinate BBB / BBB 9.39 . %(4) 5.52 1/05 12/14
(5)
-----------------------------------------------------------------------------------------------------------------------------
</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 subject to revision of withdrawal at any time by the
assigning rating organization.
(3) Assumed that the 10% optional termination is exercised.
Data run at a prepayment speed of 200% MHP.
(4) Computed on the basis of a 360-day year of twelve
30-day months.
(5) The lesser of (i) specified rate per annum, or (ii) the
weighted average net asset rate for the related
distribution date.
Class Designations
Class B Certificates ..........Class B-1 and class B-2 certificates.
Subordinated Certificates .....Class M-1, class B, class X and class R
certificates.
Offered Certificates ..........Class A-1, class M-1 and class B-1
certificates.
Offered Subordinated
Certificates ............Class M and class B-1 certificates.
Other Certificates ............The class B-2, class X and class R
certificates are not being offered hereby.
The class B-2 certificates are expected to be
sold in a private placement and will be
acquired on the closing date prior to any
private placement by an affiliate of Oakwood
Mortgage. The class X and class R
certificates are expected to be sold
initially to related entities of Oakwood
Mortgage, which may offer them in the future
in one or more privately negotiated
transactions. The class B-2 certificates will
have an initial certificate principal balance
of approximately $16,200,000.
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 ...................With respect to each initial asset, June 1,
2000, or with respect to each subsequent
asset, the date as of which such asset is
purchased by the trust.
Distribution Dates .............The fifteenth day of each month, (or if such
fifteenth day is not a business day, the next
succeeding business day) commencing in July
2000.
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, the
calendar month preceding the month in which
the distribution date occurs (each, an
"Interest Accrual Period").
Initial Assets .................On the closing date, the trust expects to
purchase initial assets with an aggregate
principal balance of approximately
$274,000,000 as of the Cut-off Date.
Pre-Funding Account ............The Trustee will establish a trust account
(the "Pre-Funding Account"). On the closing
date, approximately $86,000,000 (the
"Pre-Funded Amount") will be deposited in the
Pre-Funding Account to provide the trust with
funds to purchase subsequent assets during
the first three months after the closing
date. The Pre-Funded Amount will not exceed
25% of the principal amount of the
certificates. The subsequent assets will, in
the aggregate, have
1
<PAGE>
characteristics very similar to the
characteristics of the statistical assets.
Among other things, the weighted average net
asset rate may not be more than 0.50% lower
at the end of the pre-funding period than it
is on the closing date.
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, the
portion of the Pre-Funded Amount not used to
acquire subsequent assets by the end of the
Pre-Funding period, Compensating Interest,
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 pooling and servicing
agreement, (b) amounts required to reimburse
Oakwood Mortgage or the servicer for certain
reimbursable expenses in accordance with the
pooling and servicing agreement, (c) amounts
required to reimburse any party for an
overpayment of a Repurchase Price for an
asset in accordance with the pooling and
servicing agreement, (d) the Interest
Deficiency Amount or portion thereof, if any,
paid from collections on the preceding
distribution date, and (e) if Oakwood
Acceptance is not the servicer, the Servicing
Fees for the related Collection Period.
Principal distributions to the class B
Certificates will be allocated pro rata
between the class B-1 and the class B-2
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-1 Certificates.
If an Interest Deficiency Event occurs on any
distribution date with respect to the class
M-1, class B-1 or class B-2 certificates,
collections received after the end of the
related Collection Period and prior to such
distribution date will be applied, up to a
limited amount determined by the rating
agencies, to remedy such deficiency in order
of class seniority. Any remaining deficiency
will be carried forward as shortfall for the
next distribution date. "Interest Deficiency
Event" means, with respect to the class M-1,
class B-1 and class B-2 certificates and a
distribution date, that after distribution of
the Available Distribution Amount in the
order of priority set forth below under
"Priority of Distributions," there remains
unpaid any of the current Interest
Distribution Amounts, Interest Distribution
Amounts remaining unpaid from prior
distribution dates, Writedown Interest
Distribution Amounts or Carryover Writedown
Interest Distribution Amounts for these
classes and distribution date (the "Interest
Deficiency Amount").
Distributions will be made on each
distribution date to holders of record on the
preceding Record Date. Distributions on a
class of certificates will be allocated among
the certificates of such class in proportion
to their respective percentage interests.
Priority of Distributions ......On each distribution date the Available
Distribution Amount will be distributed in
the following amounts and in the following
order of priority:
(1) first, to the class A-1 Certificates (a)
first, the related Interest Distribution
Amount for such distribution date and (b)
second, any Interest Distribution Amounts
remaining unpaid from previous distribution
dates, plus interest on this carryover
amount, if any, for such distribution date;
(2) second, to the class M-1 certificates,
(a) first, the related Interest Distribution
Amount for such distribution date and (b)
second, any Interest Distribution Amounts
remaining unpaid from previous distribution
dates, plus interest on this carryover
amount, if any, for such distribution date;
2
<PAGE>
(3) third, to the class B-1 certificates, (a)
first, the related Interest Distribution
Amount for such distribution date and (b)
second, any Interest Distribution Amounts
remaining unpaid from previous distribution
dates, plus interest on this carryover
amount, if any, for such distribution date;
(4) fourth, to the class B-2 certificates,
(a) first, the related Interest Distribution
Amount for such distribution date and (b)
second, any Interest Distribution Amounts
remaining unpaid from previous distribution
dates, plus interest on this carryover
amount, if any, for such distribution date;
(5) fifth, to the class A-1 certificates, the
related Principal Distribution Shortfall
Carryover Amount, if any, for such
Distribution Date;
(6) sixth, to the class A-1 certificates, the
Class A-1 Principal Distribution Amount until
the class A-1 certificate principal balance
is reduced to zero;
(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 Amounts
remaining unpaid from prior distribution
dates, 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 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 Amounts
remaining unpaid from prior distribution
dates, and (d) fourth, any related Principal
Distribution Amount until the class B-1
certificate principal balance is reduced to
zero;
(9) ninth, 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 Amounts
remaining unpaid from prior distribution
dates, and (d) fourth, any related Principal
Distribution Amount until the class B-2
certificate principal balance is reduced to
zero;
(10) tenth, if Oakwood Acceptance is the
servicer, to the servicer, the following
amounts in sequential order: (i), the
Servicing Fees for the related Collection
Period, and (ii) any Servicing Fees from
previous distribution dates remaining unpaid;
(11) eleventh, sequentially, to the class
A-1, class M-1, class B-1 and class B-2
certificates, the Accelerated Principal
Distribution Amount for such distribution
date until the certificate principal balance
of each class is reduced to zero;
(12) twelfth, 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
(13) finally, any remainder to the class R
certificates.
The primary credit support for the class A-1
certificates is the subordination of the
Subordinated Certificates and
overcollateralization; for the class M-1
certificates is the subordination of the
class B, class X, class R certificates and
overcollateralization; and for the class B-1
certificates is the subordination of the
class B-2, class X, class R certificates and
overcollateralization.
3
<PAGE>
Cross-over Date ................The later to occur of (a) the distribution
date occurring in January 2005 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 certificate principal
balance - as adjusted for write-downs - of
the Subordinated Certificates and the Current
Overcollateralization Amount for such
distribution date and the denominator of
which is the Pool Scheduled Principal Balance
on such distribution date, equals or exceeds
2.03 times the percentage equivalent of a
fraction, which shall not be greater than 1,
the numerator of which is the sum of the
initial aggregate certificate principal
balance - as adjusted for write-downs - of
the Subordinated Certificates and the Current
Overcollateralization Amount and the
denominator of which is the Pool Scheduled
Principal Balance on the Cut-off Date.
Performance Test ...............The Average Sixty Day Delinquency Ratio is
less than or equal to 5.5%, the Current
Realized Loss Ratio is less than or equal to
3.0%; and the Cumulative Realized Losses are
less than or equal to the following
percentages of the original Pool Scheduled
Principal Balance set forth below:
7% January 2005 through June 2006,
8% July 2006 through June 2007,
9.5% July 2007 through December 2008, and
10.5% thereafter.
Overcollateralization ..........Excess interest collections will be applied,
to the extent available, to make accelerated
payments of principal on the class A-1, class
M-1, class B-1 and class B-2 certificates.
The "Target Overcollateralization Amount"
generally shall mean, (i) for any
distribution date prior to the Cross-over
Date, 6.5% of the Cut-off Date Pool Scheduled
Principal Balance and (ii) for any other
distribution date, the lesser of (x) 6.5% of
the Cut-off Date Pool Scheduled Principal
Balance and (y) 11.375% of the
then-outstanding Pool Scheduled Principal
Balance; provided, however, that in no event
shall the Target Overcollateralization Amount
be less than 0.5% of the Cut-off Date Pool
Scheduled Principal Balance. On the closing
date, the initial overcollateralization
amount shall equal 3.5% of the Pool Scheduled
Principal Balance as of the Cut-off Date.
The "Current Overcollateralization Amount"
shall mean, for any distribution date, the
positive difference, if any, between the Pool
Scheduled Principal Balance of the assets and
the certificate principal balance of all the
outstanding classes of certificates. The
"Accelerated Principal Distribution Amount"
for any distribution date shall be the
positive difference, if any, between the
Target Overcollateralization Amount and the
Current Overcollateralization Amount.
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
certificate principal balance - as
adjusted for write-downs - 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
certificate principal balance - as
adjusted for write-downs - of such class
until it has been reduced to zero; and
(3) third, to the class M-1 certificates, to
be applied in reduction of the
certificate principal balance - as
adjusted for write-downs - of such class
until it has been reduced to zero; and
4
<PAGE>
Advances .......................For each distribution date, the servicer will
be obligated to make an advance (a "P&I
Advance") in respect of any delinquent
monthly payment that will, in the servicer's
judgement, be recoverable from late payments
on or liquidation proceeds from such asset.
The servicer will also be obligated to make
advances ("Servicing Advances" and, together
with P&I Advances, "Advances") in respect of
liquidation expenses and certain taxes and
insurance premiums not paid by an obligor on
a timely basis, to the extent the servicer
deems such Servicing Advances recoverable out
of liquidation proceeds or from subsequent
collections. P&I Advances and Servicing
Advances are reimbursable to the servicer
under certain circumstances. In addition, the
servicer is obligated under certain
circumstances to pay Compensating Interest
with respect to any asset that prepays on a
date other than on a Due Date for such asset.
Final Scheduled Distribution
Dates ........................To the extent not previously paid prior to
such dates, the outstanding principal amount
of each class of Offered Certificates will be
payable on the distribution date set forth
below (with respect to each class of
certificates, the "Final Scheduled
Distribution Date"). For the class A-1
certificates, the Final Scheduled
Distribution Dates were determined based on
the assumptions that (I) there are no
defaults, prepayments or delinquencies with
respect to payments due on the Assumed Asset
Characteristics and (ii) the optional
termination right is not exercised by the
Servicer. For each class of the Subordinate
Certificates, the Final Scheduled
Distribution Dates were determined by the
maturity date of the asset with the latest
stated maturity.
Final Scheduled
Distribution Dates
------------------
Class A-1 Certificates.... February 15, 2030
Class M-1 Certificates.... August 15, 2030
Class B-1 Certificates.... August 15, 2030
Optional Termination ...........The servicer at its option and subject to the
limitations imposed by the pooling and
servicing agreement, will have the option to
purchase from the Trust all assets then
outstanding and all other property in the
trust on any distribution date occurring on
or after the distribution date on which the
sum of the certificate principal balance of
the certificates is less than 10% of the sum
of the original certificate principal balance
of the certificates. The servicer also may
terminate the trust estate if it determines
that there is a substantial risk that the
trust estate's REMIC status will be lost.
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>
Statistical Assets .............The trust will consist of (1) manufactured
housing installment sales contracts secured
by security interests in manufactured homes,
and with respect to certain of the contracts
("Land Secured Contracts"), secured by liens
on the real estate on which the related
manufactured homes are located, and (2)
mortgage loans secured by first liens on the
real estate to which the related manufactured
homes are deemed permanently affixed. On the
closing date, the trust expects to (i)
purchase initial assets with an aggregate
principal balance of approximately
$274,000,000 as of the Cut-off Date and (ii)
receive the Pre-Funded Amount, which will be
used to acquire additional contracts and
mortgage loans. This term sheet only contains
information on the statistical assets, which
represent approximately 98.48% of the initial
assets and approximately 74.96% of the total
expected asset pool. As of the Cut-off Date,
the statistical assets consist of 6,076
assets with an aggregate principal balance of
$269,838,626.32.
As of the Cut-off Date, 5,791 statistical
assets aggregating $265,872,411.13 are
secured by fixed rate assets and 285
statistical assets aggregating $3,966,215.19
are secured by adjustable rate assets. As of
the Cut-off Date, approximately 32.03% of the
statistical assets are mortgage loans and
approximately 0.02% of the statistical assets
are Land-Secured Contracts. Based on Cut-off
Date Pool Scheduled Principal Balance,
approximately 72.99% of the statistical
assets are secured by manufactured homes
which were new, approximately 7.48% of the
statistical assets are secured by
manufactured homes which were used,
approximately 18.04% of the statistical
assets are secured by manufactured homes
which were repossessed, approximately 0.06%
of the statistical assets are secured by
manufactured homes which were transferred,
and this information is not available for
approximately 1.43% of the statistical
assets. As of the Cut-off Date, the
statistical assets were secured by
manufactured homes or mortgaged properties
located in 39 states and the District of
Columbia, and approximately 17.67% and 11.85%
of the statistical 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 statistical asset bears
interest at an annual percentage rate of at
least 6.25% and not more than 17.00%. The
weighted averaged APR of the statistical
assets as of the Cut-off Date is
approximately 11.29%. The statistical 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 statistical assets had a weighted average
original term to stated maturity of
approximately 310 months, and a weighted
average remaining term to stated maturity of
approximately 307 months. Of the 5,792
statistical assets for which such information
is available, they have the Loan-to-Value
Ratio as of the Cut-off Date of at least
18.07% but not more than 100.00%, with a
weighted average Loan-to-Value Ratio of
approximately 90.73%. The final scheduled
payment date on the asset with the latest
maturity occurs in July 2030.
Approximately 1.43% of the statistical assets
with an aggregate principal balance as of the
Cut-off Date of approximately $3,866,383 were
acquired by Oakwood Acceptance from Daiwa
Finance Corp. in March, 1993. Daiwa Finance
Corp. had acquired these assets from the
Resolution Trust Corporation, which in turn
acquired these assets from financial
institution for which it served as receiver.
All of these assets are adjustable rate
assets. The asset characteristics information
on these assets will be limited.
The servicer will be required to cause to be
maintained one or more standard hazard
insurance policies with respect to each
manufactured homes or mortgaged properties.
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-1, 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 ............In November 1998, four shareholder suits were
filed against Oakwood Homes and certain of
its directors and officers. These suits have
been consolidated in one suit in the Middle
District of North Carolina. The lawsuit
generally alleges that certain of Oakwood
Home's financial statements were false and
misleading and that certain other disclosures
were inaccurate. Oakwood Homes has filed a
motion to dismiss this complaint, and the
litigants have concluded their oral arguments
on their motion. Oakwood Mortgage believes
that this lawsuit will not adversely affect
distributions 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,
Oakwood Capital 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................When the amount on deposit in the Pre-Funding
Account has been reduced to zero, the class
A-1 and class M-1 certificates are expected
to constitute "mortgage related securities"
for purposes of SMMEA.
The class B-1 certificates are not "mortgage
related securities" for purposes of SMMEA
because such certificates are not rated in
one of the two highest rating categories by a
nationally recognized rating agency.
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 Acceptance. Because delinquencies, losses and repossessions
are affected by a variety of economic, geographic and other factors, there can
be no assurance that the delinquency and loss experience of the assets will be
comparable to that set forth below.
Asset Servicing Portfolio
(Dollars in thousands)
<TABLE>
<CAPTION>
At September 30, March 31,
---------------------------------------------------------------- -----------------------
1995 1996 1997 1998 1999 1999 2000
----------- ---------- ----------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced Assets
Oakwood Originated.......... 51,566 67,120 89,411 111,351 122,955 117,673 122,752
Acquired Portfolios......... 4,872 4,177 3,602 2,818 2,160 2,471 1,931
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.......... $1,130,378 $1,687,406 $2,499,794 $3,536,657 $4,223,475 $3,874,548 $4,339,720
Acquired Portfolios......... $70,853 $57,837 $47,027 $35,882 $26,306 $30,532 $22,922
Average Outstanding Principal
Balance per Serviced Asset
Oakwood Originated.......... $21.9 $25.1 $28.0 $31.8 $34.3 $32.9 $35.4
Acquired Portfolios......... $14.5 $13.8 $13.1 $12.7 $12.2 $12.4 $11.9
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.......... 12.0% 11.5% 11.0% 10.8% 10.6% 10.7% 10.6%
Acquired Portfolios......... 11.3% 11.2% 11.1% 11.0% 10.7% 10.9% 10.7%
Delinquency Experience (1)
(Dollars in thousands)
At September 30, March 31,
--------------------------------------------------- ---------------------
1995 1996 1997 1998 1999 1999 2000
-------- -------- -------- -------- -------- -------- ---------
Total Number of Serviced Assets
Oakwood Originated.................. 51,566 67,120 89,411 111,351 122,955 117,673 122,752
Acquired Portfolios................. 4,872 4,177 3,602 2,818 2,160 2,471 1,931
Number of Delinquent Assets (2)..........
Oakwood Originated:.................
30-59 Days......................... 601 835 1,171 2,345 3,391 1,560 1,723
60-89 Days......................... 185 308 476 906 1,046 630 753
90 Days or More.................... 267 492 716 1,222 1,783 1,474 1,957
Total Number of Assets Delinquent 1,053 1,635 2,363 4,473 6,220 3,664 4,433
Acquired Portfolios.................
30-59 Days......................... 63 66 90 75 59 32 40
60-89 Days......................... 17 23 23 31 14 14 13
90 Days or More.................... 76 62 75 57 45 60 47
Total Number of Assets Delinquent 156 151 188 163 118 106 100
Total Delinquencies as a Percentage of
Serviced Assets (3).................
Oakwood Originated.................. 2.0% 2.4% 2.6% 4.0% 5.1% 3.1% 3.6%
Acquired Portfolios................. 3.2% 3.6% 5.2% 5.8% 5.5% 4.3% 5.2%
</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>
Loan Loss/Repossession Experience
(Dollars in thousands)
<TABLE>
<CAPTION>
At or for the fiscal year At or for the six months
ended ended
September 30, March 31,
------------------------------------------------------------ ------------------------
1995 1996 1997 1998 1999 1999 2000
--------- ---------- ----------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Number of Serviced 56,438 71,297 93,013 114,169 125,115 120,144 124,683
Assets (1).................
Average Number of Serviced
Assets During Period....... 50,742 63,868 82,155 103,591 119,642 117,157 124,899
Number of Serviced
Assets Repossessed......... 1,718 2,746 3,885 5,411 7,790 3,810 4,016
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets (2)................. 3.04% 3.85% 4.18% 4.74% 6.23% 6.34%(6) 6.44%(6)
Serviced Assets Repossessed as a
Percentage of Average Number
of Serviced Assets......... 3.39% 4.30% 4.73% 5.22% 6.51% 6.50%(6) 6.43%(6)
Average Outstanding Principal
Balance of Assets (3)......
Oakwood Originated......... $976,905 $1,409,467 $2,065,033 $2,978,235 $3,839,274 $3,663,991 $4,239,614
Acquired Portfolios........ $30,235 $27,351 $22,943 $19,179 $14,781 $15,721 $11,753
Net Losses from Asset
Liquidation(4):
Total Dollars (3)..........
Oakwood Originated....... $7,303 $14,248 $26,872 $45,189 $66,037 $36,984 $37,835
Acquired Portfolios...... $473 $592 $528 $220 $173 $105 $42
As a Percentage of Average
Outstanding Principal Balance
of Assets (3) (5)
Oakwood Originated....... 0.75% 1.01% 1.30% 1.52% 1.72% 2.02%(6) 1.78%(6)
Acquired Portfolios...... 1.56% 2.16% 2.30% 1.15% 1.17% 1.34%(6) 0.71%(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 and serviced by Oakwood
Acceptance and others.
(4) Net losses represent all losses incurred on Oakwood Acceptance -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.
(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 statistical
assets (or to a percentage of the scheduled principal balance of the statistical
assets), the percentage is calculated based on the scheduled principal balances
("SPB") of the statistical 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.
Statistical Assets
Geographical Distribution of Manufactured Homes(1)
<TABLE>
<CAPTION>
Number of Aggregate Scheduled Percentage of
Geographic Location Statistical Assets Principal Balance Statistical Asset Pool by SPB
------------------- ------------------ ----------------- -----------------------------
<S> <C> <C> <C>
Alabama.................... 171 $ 6,454,891 2.39%
Arizona.................... 248 16,596,614 6.15
Arkansas................... 99 3,655,045 1.35
California................. 31 2,348,740 0.87
Colorado................... 94 4,637,607 1.72
Connecticut................ 1 8,532 0.00
Delaware................... 49 1,917,236 0.71
Florida.................... 377 9,241,457 3.42
Georgia.................... 221 9,468,281 3.51
Idaho...................... 66 4,040,492 1.50
Illinois................... 1 6,601 0.00
Indiana.................... 6 312,387 0.12
Iowa....................... 1 112,810 0.04
Kansas..................... 52 1,968,648 0.73
Kentucky................... 122 4,963,343 1.84
Louisiana.................. 216 9,271,055 3.44
Maine...................... 1 64,243 0.02
Maryland................... 14 513,113 0.19
Michigan................... 7 448,413 0.17
Minnesota.................. 5 250,997 0.09
Mississippi................ 168 6,419,131 2.38
Missouri................... 141 5,939,233 2.20
Nevada..................... 42 3,191,868 1.18
New Jersey................. 3 74,166 0.03
New Mexico................. 142 6,686,872 2.48
New York................... 2 90,147 0.03
North Carolina............. 1,228 47,687,308 17.67
Ohio....................... 139 5,865,973 2.17
Oklahoma................... 96 4,950,638 1.83
Oregon..................... 111 11,039,745 4.09
Pennsylvania............... 3 97,270 0.04
South Carolina............. 461 17,439,094 6.46
Tennessee.................. 413 18,000,490 6.67
Texas...................... 762 31,980,984 11.85
Utah....................... 25 1,610,367 0.60
Virginia................... 289 12,234,568 4.53
Washington................. 158 16,099,402 5.97
Washington DC.............. 2 95,454 0.04
West Virginia.............. 101 3,419,452 1.27
Wyoming.................... 8 635,962 0.24
-------- ---------------- ---------
Total................... 6,076 $269,838,626 100.00%
===== ============ ======
</TABLE>
(1) Based on the mailing address of the obligor on the related statistical asset
as of the Cut-off Date.
10
<PAGE>
<TABLE>
<CAPTION>
Year of Origination of Assets (1)
Number of Aggregate Scheduled Percentage of
Year of Origination Statistical Assets Principal Balance Statistical Asset Pool by SPB
------------------- ------------------ ----------------- -----------------------------
<S> <C> <C> <C> <C>
1984................. 1 $ 9,131 0.00%
1986................. 20 111,807 0.04
1987................. 127 1,642,650 0.61
1988................. 104 1,527,488 0.57
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 0.14
1998................. 12 556,599 0.21
1999................. 140 11,556,587 4.28
2000................. 5,588 252,475,474 93.57
------ ------------- -------
Total........... 6,076 $269,838,626 100.00%
===== ============ ======
</TABLE>
------------------
(1) The weighted average seasoning of the statistical 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 Statistical Assets Principal Balance Statistical 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 0.64
$ 15,000 - $ 19,999........ 295 4,772,832 1.77
$ 20,000 - $ 24,999........ 585 11,929,312 4.42
$ 25,000 - $ 29,999........ 851 22,314,525 8.27
$ 30,000 - $ 34,999........ 853 27,189,349 10.08
$ 35,000 - $ 39,999........ 598 22,002,644 8.15
$ 40,000 - $ 44,999........ 448 18,869,137 6.99
$ 45,000 - $ 49,999........ 380 18,030,819 6.68
$ 50,000 - $ 54,999........ 381 19,852,133 7.36
$ 55,000 - $ 59,999........ 260 14,855,473 5.51
$ 60,000 - $ 64,999........ 194 12,058,787 4.47
$ 65,000 - $ 69,999........ 158 10,647,581 3.95
$ 70,000 - $ 74,999........ 126 9,084,425 3.37
$ 75,000 - $ 79,999........ 103 7,984,162 2.96
$ 80,000 - $ 84,999........ 93 7,671,433 2.84
$ 85,000 - $ 89,999........ 82 7,152,587 2.65
$ 90,000 - $ 94,999........ 62 5,726,838 2.12
$ 95,000 - $ 99,999........ 61 5,961,018 2.21
$ 100,000 or more............ 331 41,480,772 15.37
--- ---------- -----
Total................... 6,076 $269,838,626 100.00%
===== ============ ======
</TABLE>
------------------
(1) The highest original statistical asset amount was $242,207, which
represents approximately 0.09% of the aggregate principal balance of the
statistical assets at origination. The average original principal amount
of the statistical assets was approximately $45,112 as of the Cut-off
Date.
11
<PAGE>
<TABLE>
<CAPTION>
Current Asset Rates (1)
Number of Aggregate Scheduled Percentage of
Current Asset Rate Statistical Assets Principal Balance Statistical Asset Pool by SPB
------------------ ------------------ ----------------- -----------------------------
<S> <C> <C> <C>
6.000% - 6.999%............ 30 $ 3,414,587 1.27%
7.000% - 7.999%............ 260 25,124,705 9.31
8.000% - 8.999%........... 400 25,636,190 9.50
9.000% - 9.999%.......... 455 27,340,403 10.13
10.000% - 10.999%.......... 625 34,450,204 12.77
11.000% - 11.999%.......... 749 33,953,236 12.58
12.000% - 12.999%.......... 1,082 40,983,639 15.19
13.000% - 13.999%.......... 1,222 40,433,372 14.98
14.000% - 14.999%.......... 815 25,806,222 9.56
15.000% - 15.999%.......... 436 12,644,605 4.69
16.000% or more............ 2 51,463 0.02
-------- ----------------- ---------
Total................. 6,076 $269,838,626 100.00%
===== ============ ======
</TABLE>
------------------
(1) The weighted average current asset rate was approximately 11.29% 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 Statistical Assets Principal Balance Statistical Asset Pool by SPB
-------------------------- ------------------ ----------------- -----------------------------
<S> <C> <C> <C>
1 - 60 months........... 151 $ 1,189,576 0.44%
61 - 96 months........... 226 3,256,162 1.21
97 - 120 months........... 253 4,882,803 1.81
121 - 156 months........... 313 6,571,739 2.44
157 - 180 months........... 558 15,341,146 5.69
181 - 216 months........... 91 2,604,205 0.97
217 - 240 months........... 1,060 33,586,385 12.45
241 - 300 months........... 1,233 48,329,637 17.91
301 - 360 months........... 2,191 154,076,972 57.10
----- ----------- -----
Total.................... 6,076 $269,838,626 100.00%
===== ============ ======
</TABLE>
------------------
(1) The weighted average remaining term to maturity of the statistical 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 Statistical Assets Principal Balance Statistical Asset Pool by SPB
------------------------- ------------------ ----------------- -----------------------------
<S> <C> <C> <C>
1 - 60 months........... 79 $ 768,555 0.28%
61 - 96 months........... 74 994,447 0.37
97 - 120 months........... 177 3,605,518 1.34
121 - 156 months........... 309 6,462,552 2.39
157 - 180 months........... 629 15,797,894 5.85
181 - 216 months........... 84 2,340,305 0.87
217 - 240 months........... 1,298 37,382,070 13.85
241 - 300 months........... 1,235 48,410,315 17.94
301 - 360 months........... 2,191 154,076,972 57.10
------ -------------- --------
Total.................... 6,076 $269,838,626 100.00%
===== ============ ======
</TABLE>
------------------
(1) The weighted average original term to maturity of the statistical assets was
approximately 310 months as of the Cut-off Date.
12
<PAGE>
<TABLE>
<CAPTION>
Distribution of Original Loan-to-Value Ratios of Assets(1)
Number of Aggregate Scheduled Percentage of
Loan-to Value Ratio(2) Statistical Assets Principal Balance Statistical Asset Pool by SPB
------------------- ------------------ ----------------- -----------------------------
<S> <C> <C> <C>
N/A.......................... 284 $ 3,866,383 1.43%
50% or less................ 43 1,209,613 0.45
51% - 55%.................... 19 702,945 0.26
56% - 60%.................... 35 1,633,903 0.61
61% - 65%.................... 51 2,718,938 1.01
66% - 70%.................... 70 4,018,872 1.49
71% - 75%.................... 101 5,369,106 1.99
76% - 80%.................... 232 12,906,384 4.78
81% - 85%.................... 373 17,657,901 6.54
86% - 90%.................... 966 43,862,783 16.26
91% - 95%.................... 2,427 117,441,851 43.52
96% - 100%................... 1,475 58,449,946 21.66
----- ---------- -----
Total................... 6,076 $269,838,626 100.00%
===== ============ ======
</TABLE>
------------------
(1) The weighted average original Loan-to-Value Ratio of the statistical assets
was approximately 90.73% as of the Cut-off Date. This does not include the
284 statistical 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.
13
<PAGE>
<TABLE>
<CAPTION>
MHP Prepayment Sensitivities
0% MHP 100% MHP 150% MHP
------ -------- --------
WAL Maturity WAL Maturity WAL Maturity
<S> <C> <C> <C> <C> <C> <C>
To Call
Class A-1 15.45 4/28 8.22 11/21 6.41 2/18
Class M-1 23.62 4/28 14.76 11/21 11.62 2/18
Class B-1 23.51 4/28 14.53 11/21 11.39 2/18
To Maturity
Class A-1 15.54 2/30 8.48 4/28 6.71 12/25
Class M-1 23.75 6/29 15.14 3/25 12.03 1/22
Class B-1 23.53 9/28 14.57 3/23 11.44 5/19
200% MHP 250% MHP 300% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
To Call
Class A-1 5.14 12/14 4.16 9/12 3.42 11/10
Class M-1 9.57 12/14 8.65 9/12 7.92 11/10
Class B-1 9.39 12/14 8.57 9/12 7.90 11/10
To Maturity
Class A-1 5.44 3/23 4.41 3/20 3.63 10/17
Class M-1 10.01 12/18 9.18 12/16 8.58 3/15
Class B-1 9.45 6/16 8.70 8/14 8.16 5/13
</TABLE>
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely
upon all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities may not be sold nor may
an offer to buy be accepted prior to the delivery of a final prospectus
relating to the securities. The above preliminary description of the
underlying assets has been provided by the issuer and has not been
independently verified by Banc of America Securities LLC, Credit Suisse
First Boston or Banc One Capital Markets. All information described above is
preliminary, limited in nature and subject to completion or amendment. Banc
of America Securities LLC, Credit Suisse First Boston and Banc One Capital
Markets make no representations that the above referenced security will
actually perform as described in any scenario presented.
14
