-----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, I5O2OpGANbuhi4W+nUpHZvKx9uWAvGNnPy7QOqEEa+VkfRUCmRJ5xYCW2cuZBvSo cS8C0fjx/CzkBP58I7Zc5A== 0000950168-97-001976.txt : 19970729 0000950168-97-001976.hdr.sgml : 19970729 ACCESSION NUMBER: 0000950168-97-001976 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970715 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970728 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OMI TRUST 1997 A CENTRAL INDEX KEY: 0001036342 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-99320-03 FILM NUMBER: 97645955 BUSINESS ADDRESS: STREET 1: 1700 MARKET ST CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2155858738 8-K 1 OMI TRUST 1997-A 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) July 15, 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) July 15, 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 July 15, 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 July 15, 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 July 23, 1997 /s/ DOUGLAS R. MUIR ------------------------------------ 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 July 23, 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 July 15, 1997............................. 5-10 INDEX OF EXHIBITS Page of Sequentially Numbered Pages --------------------- 20.1 Monthly Remittance Report relating to Distribution Date occurring on July 15, 1997.............................. EX-20 2 EXHIBIT 20.1 OAKWOOD MORTGAGE INVESTORS, INC. 1997-A REPORT DATE: June 6, 1997 OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5 REMITTANCE REPORT Page 1 of 6 REPORTING MONTH: June, 1997
Scheduled Principal Balance of Contracts - -------------------------------------------------------------------------------------------------- Beginning Ending Principal Scheduled Prepaid Liquidated Contracts Principal Balance Principal Principal Principal Repurchased Balance - ------------------------------------------------------------------------------------------------- 180,107,841.34 (274,203.15) (692,308.55) (125,182.07) 0.00 179,016,147.57 =================================================================================================
Scheduled Scheduled Amount Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution - -------------------------------------------------------------------------------------------------------------------------- 1,584,202.22 150,089.87 1,434,112.35 74,384.20 0.00 2,625,098.12 0.00 2,625,098.12 ==========================================================================================================================
Class A-6 Liquidity Account Beginning Investment Balance Before Reserve Reserve Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit - ---------------------------------------------------------------------------------------------------------------------------- 302,905.35 0.00 -1,236.22 1,203.63 302,872.76 0.00 0.00 ============================================================================================================================
Reserve Fund Required Balance ------------------------------------- Balance After Before Current After Current Current Distribution Excess Distribution Distribution - ----------------------------------------- ------------------------------------- 302,872.76 1,203.63 301,669.13 301,669.13 ========================================= =====================================
Class B-1 Liquidity Account Beginning Investment Balance Before Reserve Reserve Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit - ---------------------------------------------------------------------------------------------------------------------------- 328,881.48 0.00 -1,342.23 1,306.84 328,846.09 0.00 0.00 ============================================================================================================================
Reserve Fund Required Balance ------------------------------------- Balance After Before Current After Current Current Distribution Excess Distribution Distribution - ----------------------------------------- ------------------------------------- 328,846.09 1,306.84 327,539.25 327,539.25 ========================================= =====================================
Certificate Account - ----------------------------------------------------------------------------------------- Beginning Deposits Investment Ending Balance Principal Interest Distributions Interest Balance - ----------------------------------------------------------------------------------------- 831,264.92 1,074,829.13 1,509,674.79 (2,597,567.05) 2,567.37 820,769.16 =========================================================================================
P&I Advances at Distribution Date - ----------------------------------------------------- Beginning Recovered Current Ending Balance Advances Advances Balance - ----------------------------------------------------- 640,748.30 611,175.60 701,970.93 731,543.63 =====================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A REPORT DATE: June 6, 1997 OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 5 REMITTANCE REPORT REPORTING MONTH: June, 1997 Page 2 of 6
Class B Crossover Test Test Met? - -------------------------------------------------------------- --------- (a) Remittance date on or after September 2001 Y (b) Average 60 day Delinquency rate less than or equal to 5% #DIV/0! (c) Average 30 day Delinquency rate less than or equal to 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 less than or equal to 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 180,107,841.34 -------------- 14.903% N ==============
Average 60 day delinquency ratio: Over 60s Pool Balance % -------------------------------------------------------- Current Mo 2,639,638.23 179,016,147.57 1.47% 1st Preceding Mo 0.00 1,638,488.18 0.00% 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 5,159,615.88 179,016,147.57 2.88% 1st Preceding Mo 0.00 3,821,871.40 0.00% 2nd Preceding Mo 0.00 0.00 #DIV/0! Divided by 3 ------------- #DIV/0! ============= Cumulative loss ratio: Cumulative losses 81,436.24 -------------- Divided by Initial Certificate Principal 185,107,770.00 0.044% ============= Current realized loss ratio: Liquidation Pool Losses Balance -------------------------------- Current Mo 50,797.88 179,016,147.57 1st Preceding Mo 0.00 28,075.42 2nd Preceding Mo 0.00 0.00 0.341% ============= OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: June, 1997 Page 3 of 6
Delinquency Analysis 31 to 59 days 60 to 89 days 90 days and Over Total Delinq. No. of Principal Principal Principal Principal Principal Loans Balance # Balance # Balance # Balance # Balance ---------------------------------------------------------------------------------------------------------------- Excluding Repos 5,191 178,168,562.81 78 2,477,578.22 36 1,159,267.01 20 675,185.89 134 4,312,031.12 Repos 28 847,584.76 2 42,399.43 8 199,478.40 18 605,706.93 28 847,584.76 ---------------------------------------------------------------------------------------------------------------- Total 5,219 179,016,147.57 80 2,519,977.65 44 1,358,745.41 38 1,280,892.82 162 5,159,615.88 ================================================================================================================ 3.1% 2.88% ======================
Repossession Analysis Active Repos Reversal Current Month Outstanding (Redemption) Repos Cumulative Repos Principal Principal Principal Principal # Balance # Balance # Balance # Balance ----------------------------------------------------------------------------------- Excluding Repos 28 647,584.76 0 0.00 13 329,810.89 42 1,123,589,88
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: June, 1997 REPOSSESSION LIQUIDATION REPORT Page 4 of 6
Liquidated Net Account Customer Principal Sales Insur. Total Repossession Liquidation Unrecov. Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds Advances - -------------------------------------------------------------------------------------------------------------------------- 110563-4 Hendricks, Darrell 17,642.51 2,800.00 201.67 3,001.67 0.00 3,001.67 1,342.48 111273-9 Antel, Matthew 14,446.53 11,000.00 213.72 11,213.72 0.00 11,213.72 894.40 105969-0 Smith Jr, Michael 27,174.34 31,600.00 752.22 32,352.22 2,313.95 30,038.27 1,166.88 105145-7 Roberts, Linda 7,706.23 1,200.00 392.00 1,592.00 0.00 1,592.00 942.68 106062-3 Hammerback, Chad 18,093.49 2,830.19 1,309.99 4,140.18 0.00 4,140.18 1,134.72 106397-3 Varner, James 12,408.57 3,000.00 1,156.56 4,156.56 0.00 4,156.56 770.96 105466-7 Mitchell, David 27,710.40 19,000.00 615.91 19,615.91 2,839.80 16,776.11 1,230.56 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 ------------------------------------------------------------------------------------------- 125,182.07 71,430.19 4,642.07 76,072.26 5,153.75 70,918.51 7,482.68 ===========================================================================================
Net Current Account Customer FHA Insurance Pass Thru Period Net Cumulative Number Name Coverage Proceeds Gain/(Loss) Gain/(Loss) - ----------------------------------------------------------------------------------------- 110563-4 Hendricks, Darrell 0.00 1,659.19 (15,983.32) 111273-9 Antel, Matthew 0.00 10,319.32 (4,127.21) 105969-0 Smith Jr, Michael 0.00 28,871.39 1,697.05 105145-7 Roberts, Linda 0.00 649.32 (7,056.91) 106062-3 Hammerback, Chad 0.00 3,005.46 (15,088.03) 106397-3 Varner, James 0.00 3,385.60 (9,022.97) 105466-7 Mitchell, David 10,948.37 26,493.92 (1,216.49) 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 ------------------------------------------ 10,948.37 74,384.20 (50,797.88) (81,436.24) ========================================================= 0.00 ==============
As a percentage of the aggregate cut-off date principal balance OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: June, 1997 CERTIFICATE PRINCIPAL ANALYSIS Page 5 of 6 PRINCIPAL
Original Beginning Beginning Current Current Ending Cert. Certificate Certificate Carryover Principal Principal Carryover Class Balances Balances Principal Due Paid Principal - -------------------------------------------------------------------------------------------------------------------------- A-1 36,152,000.00 31,152,071.34 0.00 1,091,693.77 1,091,693.77 0.00 A-1 Outstanding Writedown 0.00 0.00 A-2 32,798,000.00 32,798,000.00 0.00 0.00 0.00 0.00 A-2 Outstanding Writedown 0.00 0.00 A-3 23,683,000.00 23,683,000.00 0.00 0.00 0.00 0.00 A-3 Outstanding Writedown 0.00 0.00 A-4 11,771,000.00 11,771,000.00 0.00 0.00 0.00 0.00 A-4 Outstanding Writedown 0.00 0.00 A-5 37,665,000.00 37,665,000.00 0.00 0.00 0.00 0.00 A-5 Outstanding Writedown 0.00 0.00 A-6 16,197,000.00 16,197,000.00 0.00 0.00 0.00 0.00 A-6 Outstanding Writedown 0.00 0.00 B-1 17,586,000.00 17,586,000.00 0.00 0.00 0.00 0.00 B-1 Outstanding Writedown 0.00 0.00 B-2 9,255,770.00 9,255,770.00 0.00 0.00 0.00 0.00 B-2 Outstanding Writedown 0.00 0.00 --------------------------------------------------------------------------------------------- 185,107,770.00 180,107,841.34 0.00 1,091,693.77 1,091,693.77 0.00 =============================================================================================
Ending Principal Paid Cert. Writedown Certificate Pool Per $1,000 Class Amounts Balances Factor Denomination - --------------------------------------------------------------------------------------------- A-1 0.00 30,060,377.57 83.14997% 30.20 A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 A-2 0.00 32,798,000.00 100.00000% 0.00 A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 A-3 0.00 23,683,000.00 100.00000% 0.00 A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 A-4 0.00 11,771,000.00 100.00000% 0.00 A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 A-5 0.00 37,665,000.00 100.00000% 0.00 A-5 Outstanding Writedown 0.00 0.00 0.00 0.00 A-6 0.00 16,197,000.00 100.00000% 0.00 A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 B-1 0.00 17,586,000.00 100.00000% 0.00 B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 B-2 0.00 9,255,770.00 100.00000% 0.00 B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 --------------------------------- 0.00 179,016,147.57 =================================
OAKWOOD MORTGAGE INVESTORS, INC. 1997-A OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997 REMITTANCE REPORT POOL REPORT # 5 REPORTING MONTH: June, 1997 CERTIFICATE INTEREST ANALYSIS Page 6 of 6
Certificate Remittance Beginning Current Total Interest Ending Class Rate Balance Accrual Paid Shortfall Balance ----------------------------------------------------------------------------------------- A-1 5.76750% 0.00 149,724.64 149,724.64 0.00 0.00 A-1 Carryover Interest 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 A-2 6.40000% 0.00 174,922.67 174,922.67 0.00 0.00 A-2 Carryover Interest 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 A-3 6.65000% 0.00 131,243.29 131,243.29 0.00 0.00 A-3 Carryover Interest 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 A-4 6.85000% 0.00 67,192.79 67,192.79 0.00 0.00 A-4 Carryover Interest 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 A-5 7.12500% 0.00 223,635.94 223,635.94 0.00 0.00 A-5 Carryover Interest 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 A-6 7.45000% 0.00 100,556.38 100,556.38 0.00 0.00 A-6 Carryover Interest 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 B-1 7.45000% 0.00 109,179.75 109,179.75 0.00 0.00 B-1 Carryover Interest 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 B-2 8.02500% 0.00 61,897.96 61,897.96 0.00 0.00 B-2 Carryover Interest 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 Limited Guarantee 0.00 0.00 0.00 0.00 0.00 X 30,638.36 415,758.93 364,961.06 50,797.87 81,436.23 R 0.00 0.00 0.00 0.00 0.00 Service Fee 0.00 150,089.87 150,089.87 0.00 0.00 ------------------------------------------------- 30,638.36 1,584,202.22 1,533,404.35 50,797.87 81,436.23 Disbursed as follows: - ---------------------------------- X Proceeds to Class A-6 Liquidity Account 0.00 X Proceeds to Class B-1 Liquidity Account 0.00 Service Fee to Class B-1 Liquidity Account 0.00 ---------------- 1,533,404.35 ================
Interest Paid Certificate Per $1,000 Cert. TOTAL Class Denomination Class DISTRIBUTION ---------------------------------------------------- A-1 4.81 A-1 1,241,418.41 A-1 Carryover Interest 0.00 A-1 Writedown Interest 0.00 A-2 5.33 A-2 174,922.67 A-2 Carryover Interest 0.00 A-2 Writedown Interest 0.00 A-3 5.54 A-3 131,243.29 A-3 Carryover Interest 0.00 A-3 Writedown Interest 0.00 A-4 5.71 A-4 67,192.79 A-4 Carryover Interest 0.00 A-4 Writedown Interest 0.00 A-5 5.94 A-5 223,635.94 A-5 Carryover Interest 0.00 A-5 Writedown Interest 0.00 A-6 6.21 A-6 100,556.38 A-6 Carryover Interest 0.00 A-6 Writedown Interest 0.00 B-1 6.21 B-1 109,179.75 B-1 Carryover Interest 0.00 B-1 Writedown Interest 0.00 B-2 6.69 B-2 61,897.96 B-2 Carryover Interest 0.00 B-2 Writedown Interest 0.00 Limited Guarantee Limited Guarantee 0.00 X X 364,961.06 R R 0.00 Service Fee 150,089.87 ------------ 2,625,098.12 ============
-----END PRIVACY-ENHANCED MESSAGE-----