-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TdooBYE8ajCtQwDYeWSVZC1vzpIzHLZNNEEhmQjpT5FiIFnpjx7i8pL5S6v42ZT7 oKP2EsuJ59zk/lScEgjx+w== 0000950168-97-000838.txt : 19970402 0000950168-97-000838.hdr.sgml : 19970402 ACCESSION NUMBER: 0000950168-97-000838 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970317 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970401 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OMI TRUST 1997 A CENTRAL INDEX KEY: 0001036342 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: NC FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-99320-03 FILM NUMBER: 97572462 BUSINESS ADDRESS: STREET 1: OAKWOOD HOMES CORPORATION CITY: GREENSBORO STATE: NC ZIP: 27409 BUSINESS PHONE: 9106643578 8-K 1 OAKWOOD HOMES CORPORATION OMI1997-A 8-K 48784.1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 17, 1997. OMI Trust 1997-A -------------------------------------------------- (Exact name of registrant as specified in charter) Pennsylvania 33-99320 Applied for - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) c/o PNC Bank, National Association Corporate Trust Department Attention: Constantine Hromych 1700 Market Street Philadelphia, Pennsylvania 19103 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (215) 585-8738 ------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 17, 1997. OMI Trust 1997-A (Exact name of registrant as specified in charter) Pennsylvania 33-99320 Applied for (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) c/o PNC Bank, National Association Corporate Trust Department Attention: Constantine Hromych 1700 Market Street Philadelphia, Pennsylvania 19103 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (215) 585-8738 ------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) OMI TRUST 1997-A FORM 8-K ITEM 1. CHANGES IN CONTROL OF REGISTRANT. Not Applicable. ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. Not Applicable. ITEM 3. BANKRUPTCY OR RECEIVERSHIP. Not Applicable. ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT. Not Applicable. ITEM 5. OTHER EVENTS. OMI Trust 1997-A (the "Trust"), the issuer of the Oakwood Mortgage Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates, Series 1997- A (the "Certificates"), makes monthly distributions to holders of the Certificates. The latest distribution was made on March 17, 1997. Oakwood Acceptance Corporation, as Servicer for the Trust, has prepared a monthly Remittance Report and delivered it to the Trustee. Remittance Report. . . . . . . . . . . . .Exhibit 20.1 ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS. Not Applicable. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. Exhibits 20.1 Monthly Remittance Report relating to the Distribution Date occurring on March 17, 1997. ITEM 8. CHANGE IN FISCAL YEAR. Not Applicable. 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. OMI TRUST 1997-A, Registrant By: Oakwood Acceptance Corporation, as servicer March 27, 1997 ----------------------------------- Douglas R. Muir Vice President 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. OMI TRUST 1997-A, Registrant By: Oakwood Acceptance Corporation, as servicer March 27, 1997 /s/ DOUGLAS R. MUIR ------------------------------------ Douglas R. Muir Vice President INDEX OF EXHIBITS Page of Sequentially Numbered Pages 20.1 Monthly Remittance Report relating to Distribution Date occurring on March 17, 1997......................... 5-10 INDEX OF EXHIBITS Page of Sequentially Numbered Pages 20.1 Monthly Remittance Report relating to Distribution Date occurring on March 17, 1997.......................... OAKWOOD MORTGAGE INVESTORS, INC. 1997-A REPORT DATE: MARCH 6, 1997 OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5 REMITTANCE REPORT Page 1 of 6 REPORTING MONTH: Feb-97
Scheduled Principal Balance of Contracts - -------------------------------------------------------------------------------- Beginning Ending Principal Scheduled Prepaid Liquidated Contracts Principal Balance Principal Principal Principal Repurchased Balance - -------------------------------------------------------------------------------- 185,107,770.91 (268,711.98) (1,213,341.81) 0.00 0.00 183,625,717.12 ================================================================================ Scheduled Scheduled Amount Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution - ------------------------------------------------------------------------------------------------------ 1,629,002.56 154,256.48 1,474,746.08 0.00 0.00 3,111,056.35 0.00 3,111,056.35 ======================================================================================================
Class A-6 Liquidity Account Beginning Investment Balance Before Reserve Reserve Balance After Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess - ------------------------------------------------------------------------------------------------------------------------------ 0.00 0.00 0.00 0.00 0.00 0.00 301,669.13 301,669.13 0.00 ============================================================================================================================== Reserve Fund Required Balance ------------------------------------- Before Current After Current Distribution Distribution ------------------------------------- 301,669.13 301,669.13 =====================================
Class B-1 Liquidity Account Beginning Investment Balance Before Reserve Reserve Balance After Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess - --------------------------------------------------------------------------------------------------------------------- 0.00 0.00 0.00 0.00 0.00 0.00 327,539.25 327,539.25 0.00 ===================================================================================================================== Reserve Fund Required Balance - ------------------------------------- Before Current After Current Distribution Distribution - ------------------------------------- 327,539.25 327,539.25 =====================================
Certificate Account - ------------------------------------------------------------------------------- Beginning Deposits Investment Ending Balance Principal Interest Distributions Interest Balance - ------------------------------------------------------------------------------- 0.00 1,258,397.51 325,432.91 0.00 954.07 1,584,784.49 =============================================================================== P&I Advances at Distribution Date - --------------------------------------------------- Beginning Recovered Current Ending Balance Advances Advances Balance - --------------------------------------------------- 0.00 0.00 2,851,989.22 2,869,775.66 =================================================== OAKWOOD MORTGAGE INVESTORS, INC. 1997-A REPORT DATE: MARCH 6, 1997 OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5 REMITTANCE REPORT REPORTING MONTH: Feb-97 Page 2 of 6 Class B Crossover Test Test Met? - ------------------------------------------------------------- --------- (a) Remittance date on or after September 2001 N (b) Average 60 day Delinquency rate <= 5% #DIV/0! (c) Average 30 day Delinquency rate <= 7% #DIV/0! (d) Cumulative losses do not exceed the following percent of the intitial principal balance of all Certificates -------------------------------------------- Sep 2001- Feb 2003 7% N March 2003-Feb 2004 8% N March 2004 and thereafter 9% N -------------------------------------------- (e) Current realized loss ratio <= 2.75% Y (f) Does Class B Percentage equal or exceed 25.376% of stated scheduled pool balance Beginning B-1 balance 17,586,000.00 Beginning B-2 balance 9,255,770.00 ------------ 26,841,770.00 Divided by beginning pool balance 185,107,770.91 ------------ 14.501% N ============ Average 60 day delinquency ratio: Over 60s Pool Balance % ----------------------------------------------------- Current Mo 52,296.63 183,625,717.12 0.03% 1st Preceding Mo 0.00 0.00 #DIV/0! 2nd Preceding Mo 0.00 0.00 #DIV/0! Divided by 3 ----------- #DIV/0! =========== Average 30 day delinquency ratio: Over 30s Pool Balance % ------------------------------------------------------- Current Mo 1,374,873.75 183,625,717.12 0.75% 1st Preceding Mo 0.00 0.00 #DIV/0! 2nd Preceding Mo 0.00 0.00 #DIV/0! Divided by 3 ------------- #DIV/0! ============= Cumulative loss ratio: Cumulative losses 0.00 --------------- Divided by Initial Certificate Principal 185,107,770.00 0.000% ========== Current realized loss ratio: Liquidation Pool Losses Balance ------------------------------------------ Current Mo 0.00 183,625,717.12 1st Preceding Mo 0.00 0.00 2nd Preceding Mo 0.00 0.00 0.000% ============= OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: Feb-97 Page 3 of 6
Delinquency Analysis Active Repos 31 to 59 days 60 to 89 days 90 days and Over Total Delinq. Outstanding No. of Principal Principal Principal Principal Principal Principal Loans Balance # Balance # Balance # Balance # Balance # Balance ---------------------------------------------------------------------------------------------------------------------- Excluding Repos 5,319 183,603,816.00 40 1,300,804.26 2 52,296.63 0 0.00 42 1,353,100.89 1 21,901.12 Repos 1 21,901.12 1 21,772.86 0 0.00 0 0.00 1 21,772.86 ----------------------------------------------------------------------------------------------------- Total 5,320 183,625,717.12 41 1,322,577.12 2 52,296.63 0 0.00 43 1,374,873.75 ===================================================================================================== 0.8% 0.75% ========================== Repossession Analysis Reversal Current Month (Redemption) Repos Cumulative Repos Principal Principal Principal # Balance # Balance # Balance - ----------------------------------------------- 0 0.00 1 21,901.12 1 21,901.12 OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: Feb-97 Page 4 of 6 REPOSSESSION LIQUIDATION REPORT
Liquidated Net Net Current Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov. Pass Thru Period Net Cumulative Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss) - ----------------------------------------------------------------------------------------------------------------------------------- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ----------------------------------------------------------------------------------------------- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 =============================================================================================================== As a percentage of the aggregate cut-off date principal balance 0% ===============
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: Feb-97 Page 5 of 6 CERTIFICATE PRINCIPAL ANALYSIS PRINCIPAL
Original Beginning Beginning Current Current Ending Ending Cert. Certificate Certificate Carryover Principal Principal Carryover Writedown Certificate Class Balances Balances Principal Due Paid Principal Amounts Balances - ------------------------------------------------------------------------------------------------------------------------------------ A-1 36,152,000.00 36,152,000.00 0.00 1,482,052.88 1,482,052.88 0.00 0.00 34,669,947.12 A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 A-2 32,798,000.00 32,798,000.00 0.00 0.00 0.00 0.00 0.00 32,798,000.00 A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 A-3 23,683,000.00 23,683,000.00 0.00 0.00 0.00 0.00 0.00 23,683,000.00 A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 A-4 11,771,000.00 11,771,000.00 0.00 0.00 0.00 0.00 0.00 11,771,000.00 A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 A-5 37,665,000.00 37,665,000.00 0.00 0.00 0.00 0.00 0.00 37,665,000.00 A-5 Outstanding Writedown 0.00 0.00 0.00 0.00 A-6 16,197,000.00 16,197,000.00 0.00 0.00 0.00 0.00 0.00 16,197,000.00 A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 B-1 17,586,000.00 17,586,000.00 0.00 0.00 0.00 0.00 0.00 17,586,000.00 B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 B-2 9,255,770.00 9,255,770.00 0.00 0.00 0.00 0.00 0.00 9,255,770.00 B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------------------- 185,107,770.00 185,107,770.00 0.00 1,482,052.88 1,482,052.88 0.00 0.00 183,625,717.12 ========================================================================================================== Principal Paid Cert. Pool Per $1,000 Class Factor Denomination - ------------------------------------------------------------------------- A-1 95.90050% 41.00 A-1 Outstanding Writedown 0.00 0.00 A-2 100.00000% 0.00 A-2 Outstanding Writedown 0.00 0.00 A-3 100.00000% 0.00 A-3 Outstanding Writedown 0.00 0.00 A-4 100.00000% 0.00 A-4 Outstanding Writedown 0.00 0.00 A-5 100.00000% 0.00 A-5 Outstanding Writedown 0.00 0.00 A-6 100.00000% 0.00 A-6 Outstanding Writedown 0.00 0.00 B-1 100.00000% 0.00 B-1 Outstanding Writedown 0.00 0.00 B-2 100.00000% 0.00 B-2 Outstanding Writedown 0.00 0.00
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MARCH 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: Feb-97 Page 6 of 6 CERTIFICATE INTEREST ANALYSIS
Interest Paid Certificate Remittance Beginning Current Total Interest Ending Per $1,000 Class Rate Balance Accrual Paid Shortfall Balance Denomination ---------------------------------------------------------------------------------------- A-1 5.45500% 0.00 87,648.52 87,648.52 0.00 0.00 2.42 A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-2 6.40000% 0.00 174,922.67 174,922.67 0.00 0.00 5.33 A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-3 6.65000% 0.00 131,243.29 131,243.29 0.00 0.00 5.54 A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-4 6.85000% 0.00 67,192.79 67,192.79 0.00 0.00 5.71 A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-5 7.12500% 0.00 223,635.94 223,635.94 0.00 0.00 5.94 A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-6 7.45000% 0.00 100,556.38 100,556.38 0.00 0.00 6.21 A-6 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-6 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 7.45000% 0.00 109,179.75 109,179.75 0.00 0.00 6.21 B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-2 8.02500% 0.00 61,897.96 61,897.96 0.00 0.00 6.69 B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Limited Guarantee 0.00 0.00 0.00 0.00 0.00 X 0.00 518,468.79 518,468.79 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Service Fee 0.00 154,256.48 154,256.48 0.00 0.00 ----------------------------------------------------------------- 0.00 1,629,002.56 1,629,002.56 0.00 0.00 Disbursed as follows: - ---------------------------------- X Proceeds to Class A-6 Liquidity Account 301,669.13 X Proceeds to Class B-1 Liquidity Account 216,799.67 Service Fee to Class B-1 Liquidity Account 110,739.58 ------------ 999,794.18 ============ Certificate Cert. TOTAL Class Class DISTRIBUTION --------------------------------------- A-1 A-1 1,569,701.40 A-1 Carryover Interest A-1 Writedown Interest A-2 A-2 174,922.67 A-2 Carryover Interest A-2 Writedown Interest A-3 A-3 131,243.29 A-3 Carryover Interest A-3 Writedown Interest A-4 A-4 67,192.79 A-4 Carryover Interest A-4 Writedown Interest A-5 A-5 223,635.94 A-5 Carryover Interest A-5 Writedown Interest A-6 A-6 100,556.38 A-6 Carryover Interest A-6 Writedown Interest B-1 B-1 109,179.75 B-1 Carryover Interest B-1 Writedown Interest B-2 B-2 61,897.96 B-2 Carryover Interest B-2 Writedown Interest Limited Guarantee Limited Guarantee 0.00 X X 518,468.79 R R 0.00 Service Fee 154,256.48 -------------- 3,111,055.44 ==============
-----END PRIVACY-ENHANCED MESSAGE-----