-----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, S55KCudZDCXhSIduLazFbs+ikp6urDfrL2/sDzcV6YE52OlY7qGRKRBPlhMvpI8K 76+2+smR4IWUkafUIrkszA== 0000950168-99-003227.txt : 19991230 0000950168-99-003227.hdr.sgml : 19991230 ACCESSION NUMBER: 0000950168-99-003227 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OAKWOOD MORTGAGE INVESTORS INC OMI TRUST 1999-D CENTRAL INDEX KEY: 0001094627 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 880396566 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 333-72621-01 FILM NUMBER: 99782556 BUSINESS ADDRESS: STREET 1: C/O OAKWOOD HOMES CORP STREET 2: 7800 MCCLOUD RD CITY: GREENSBORO STATE: NC ZIP: 27409 BUSINESS PHONE: 2159881322 MAIL ADDRESS: STREET 1: C/O OAKWOOD HOMES CORP STREET 2: 7800 MCCLOUD DR CITY: GREENSBORO STATE: NC ZIP: 27409 10-K 1 OAKWOOD HOMES 10-K -------------------------------------------- OMB APPROVAL OMB NUMBER 3235-0063 EXPIRES: JUNE 30, 1997 ESTIMATED AVERAGE BURDEN -------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (MARK ONE) FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. [FEE REQUIRED] For the fiscal year ended September 30, 1999 ------------------------------------------------ or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. [NO FEE REQUIRED] For the transition period from ______________________ to _____________________ Commission file number 333-72621-01 ------------------------------------- OMI TRUST 1999-D - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 25-1848363 - ----------------------- ---------------------------------- State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization c/o Chase Manhattan Trust Co. Global Trust Attention: Judy Wisniewskie One Liberty Place, Suite 5520 1650 Market St Philadelphia, PA 19103 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (215) 988-1322 ---------------------------- Securities registered pursuant to Section 12(b) of the Act: None ------------------- Securities registered pursuant to Section 12(g) of the Act: None ------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |X| Yes | | No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (ss. 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] OMI TRUST 1999-D Oakwood Mortgage Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates, Series 1999-D FORM 10-K INDEX Page Number PART I. ----------- Item 1. Business Item 2. Properties Item 3. Legal Proceedings Item 4. Submission of Matters to a Vote of Security Holders PART II. Item 1. Market for Registrant's Common Equity and Related Stockholder Matters Item 2. Selected Financial Data Item 3. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 4. Financial Statements and Supplementary Data Item 5. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure PART III. Item 1. Directors and Executive Officers of the Registrant Item 2. Executive Compensation Item 3. Security Ownership of Certain Beneficial Owners and Management Item 4. Certain Relationships and Related Transactions PART IV. Item 1. Exhibits, Financial Statement Schedules and Reports on Form 8-K SIGNATURES INDEX OF EXHIBITS PART I ITEM 1. BUSINESS. Not Applicable. ITEM 2. PROPERTIES. Not Applicable. ITEM 3. LEGAL PROCEEDINGS. Not Applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Not Applicable. PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. At the end of the Registrant's fiscal year, there were a total of 8 holders of the Registrant's Series 1999-D Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates, Class A-1, Class M-1, Class M-2 , Class B-1 (collectively, the "Certificates"). ITEM 6. SELECTED FINANCIAL DATA. Not Applicable. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION. Not Applicable. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Not Applicable. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. Not Applicable. PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. Not Applicable. ITEM 11. EXECUTIVE COMPENSATION. Not Applicable. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. Not Applicable. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. Not Applicable. PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K. Exhibits 99.1 Annualized Remittance Report. 99.2 Annual Report of Registrant's Independent Certified Public Accountants as Required by Section 3.13(b) of Oakwood Mortgage Investors, Inc.'s Standard Terms to Pooling and Servicing Agreement (November 1995 Edition). 99.3 Servicer's Annual Compliance Statement as Required by Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s Standard Terms to Pooling and Servicing Agreement (November 1995 Edition) SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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 1999-D, REGISTRANT By: OAKWOOD MORTGAGE INVESTORS, INC., as servicer Dated: December 23, 1999 /s/ Douglas R. Muir ------------------------------ Douglas R. Muir Vice President INDEX OF EXHIBITS Page of Sequentially Numbered Pages -------------------- 99.1 Annualized Remittance Report. 99.2 Annual Report of Registrant's Independent Certified Public Accountants as Required by Section 3.13(b) of Oakwood Mortgage Investors, Inc.'s Standard Terms to Pooling and Servicing Agreement (November 1995 Edition). 99.3 Servicer's Annual Compliance Statement as Required by Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s Standard Terms to Pooling and Servicing Agreement (November 1995 Edition) EX-99.1 2 REMITTANCE REPORT Exhibit 99.1 Oakwood Mortgage Investors, Inc. 1999-D Note: This fiscal year-end series Oakwood Acceptance Corp. - Servicer report, reports information on the Fiscal Year Ended Series Report assets included in OMI Trust 1999-D Reporting: Fiscal Year 1999 as of the end of the prepayment period that began on September 1, 1998 and ended on September 30, 1999 and as of the end of the collection period that began on September 2, 1998 and ended on October 1, 1999. Accordingly, the information presented with regard to the collections made and losses incurred during such certificates reflects information as of the close of business on October 15, 1999, which is the distribution date on which prepayment period and collection period were passed through to certificateholders
Scheduled Principal Balance of Contracts -------------------------------------------------------------------------------------- Beginning Ending Scheduled Scheduled Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing Pass Thru Balance Principal Principal Principal Repurchased Balance Interest Fee Interest --------------------------------------------------------------------------------------------------------------------------------- 302,250,407.75 (620,034.88) (9,856,670.13) 0.00 0.00 291,773,702.74 4,770,219.99 499,750.55 4,270,469.44 ================================================================================================================================= Amount Liquidation Reserve Available for Limited Total Proceeds Fund Draw Distribution Guarantee Distribution --------------------------------------------------------------------------------------------- 0.00 0.00 15,246,925.00 0.00 15,246,925.00 ============================================================================================== Certificate Account -------------------------------------------------------------------------------------------- Beginning Deposits Investment Ending Balance Principal Interest Distributions Interest Balance -------------------------------------------------------------------------------------------- 0.00 8,942,123.21 3,862,861.19 (7,204,678.52) 1,448.82 5,601,754.70 ============================================================================================ P&I Advances at Distribution Date - ---------------------------------------------------------------------------------- Beginning Recovered Current Ending Balance Advances Advances Balance - ---------------------------------------------------------------------------------- 0.00 0.00 622,042.33 622,042.33 ==================================================================================
Oakwood Mortgage Investors, Inc. 1999-D Oakwood Acceptance Corp. - Servicer Fiscal Year Ended Series Report Reporting: Fiscal Year 1999
Gross Repossessions Repo Properties Brought Net Current Repos Aggregate Repo Properties in Current by Borrower Trust at Month-End # Principal Balance # Principal Balance # Principal Balance # Principal Balance -------------------------------------------------------------------------------------------------------------------- Aug-99 0 0.00 0 0.00 0 0.00 0 0.00 Sep-99 1 15,661.31 0 0.00 1 15,661.31 1 15,661.31 -------------------------------------------------------------------------------------------------------------------- Total of month end balance 1 15,661.31 0 0.00 1 15,661.31 1 15,661.31 ==================================================================================================================== Average month end balance 1 7,830.66 0 0.00 1 7,830.66 1 7,830.66 ====================================================================================================================
Oakwood Mortgage Investors, Inc. 1999-D Oakwood Acceptance Corp. - Servicer Fiscal Year Ended Series Report Reporting: Fiscal Year 1999
Delinquency Analysis 31 to 59 days 60 to 89 days 90 days and Over Total Delinq. No. of Principal Principal Principal Principal Loans Balance # Balance # Balance # Balance ------------------------------------------------------------------------------------------------------- Aug-99 39 1,457,417.04 0 0.00 0 0.00 39 1,457,417.04 Sep-99 90 3,524,924.96 11 357,264.13 0 0.00 101 3,882,189.09 ------------------------------------------------------------------------------------------------------- Total of month end balance 129 4,982,342.00 11 357,264.13 0 0.00 140 5,339,606.13 ======================================================================================================= Average month end balance 65 2,491,171.00 6 178,632.07 0 0.00 70 2,669,803.07 =======================================================================================================
Oakwood Mortgage Investors, Inc. 1999-D Oakwood Acceptance Corp. - Servicer Fiscal Year Ended Series Report Reporting: Fiscal Year 1999 REPOSSESSION LIQUIDATION REPORT See Monthly Investor Report for Detail
Net Net Current Prepayment Liquidated Sales Insur. Total Repossession Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative Principal Period Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss) - ------------------------------------------------------------------------------------------------------------------------------------ Aug-99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Sep-99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ========================================================================================================================= Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 =========================================================================================================================
Oakwood Mortgage Investors, Inc. 1999-D Oakwood Acceptance Corp. - Servicer Fiscal Year Ended Series Report Reporting: Fiscal Year 1999 CERTIFICATE PRINCIPAL ANALYSIS PRINCIPAL
Original Beginning Beginning Current Accelerated Cert. Certificate Certificate Principal Shortfall Principal Principal Class Balances Balances Carry-Over Distribution Distribution - ---------------------------------------------------------------------------------------------------------------------------- A-1 226,687,000.00 226,687,000.00 0.00 10,476,705.01 470,568.48 A-1 Outstanding Writedown 0.00 M-1 22,669,000.00 22,669,000.00 0.00 0.00 0.00 M-1 Outstanding Writedown 0.00 M-2 13,601,000.00 13,601,000.00 0.00 0.00 0.00 M-2 Outstanding Writedown 0.00 B-1 16,624,000.00 16,624,000.00 0.00 0.00 0.00 B-1 Outstanding Writedown 0.00 B-2 16,624,000.00 16,624,000.00 0.00 0.00 0.00 B-2 Outstanding Writedown 0.00 Excess Asset Principal Balance 6,045,407.75 6,045,407.75 0.00 0.00 (470,568.48) --------------------------------------------------------------------------- 302,250,407.75 0.00 10,476,705.01 0.00 =========================================================================== Ending Principal Ending Principal Paid Shortfall Carry- Writedown Certificate Pool Per $1,000 Over Amounts Balances Factor Denomination --------------------------------------------------------------------------------------------------- 0.00 0.00 215,739,726.51 95.17075% 46.22 0.00 0.00 0.00 0.00 0.00 0.00 22,669,000.00 100.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13,601,000.00 100.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,624,000.00 100.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,624,000.00 100.00000% 0.00 0.00 0.00 0.00 0.00 (470,568.48) 0.00 6,515,976.23 -------------------------------------------------------------------------------------------------- (470,568.48) 0.00 291,773,702.74 4.95 ==================================================================================================
(1) This represents the amount of losses on the assets that were allocated to reduce the outstanding principal balance of the certificates in accordance with the applicable pooling and servicing agreement. Oakwood Mortgage Investors, Inc. 1999-D Oakwood Acceptance Corp. - Servicer Fiscal Year Ended Series Report Reporting: Fiscal Year 1999 CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Priority Ending Carry- Certificate Pass-Through Over Priority Interest Total Interest Over Class Rate Interest Balance Accrual Paid Shortfall Balance ------------------------------------------------------------------------------------------------------- A-1 7.84000% 0.00 2,929,138.98 2,929,138.98 0.00 0.00 A-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 A-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 M-1 8.00000% 0.00 302,253.34 302,253.34 0.00 0.00 M-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 M-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 M-2 9.19000% 0.00 193,655.57 193,655.57 14,666.41 0.00 M-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 M-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 B-1 7.00000% 0.00 193,946.66 193,946.66 0.00 0.00 B-1 Carryover Interest 0.00 0.00 0.00 0.00 0.00 B-1 Writedown Interest 0.00 0.00 0.00 0.00 0.00 B-2 6.00000% 0.00 166,240.00 166,240.00 0.00 0.00 B-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00 B-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00 X 0.00 470,568.48 0.00 470,568.48 470,568.48 R 0.00 0.00 0.00 0.00 0.00 Service Fee 1.00000% 0.00 499,750.55 499,750.55 (1) 0.00 0.00 ------------------------------------------------------------------------------------- 0.00 4,755,553.58 4,284,985.10 485,234.89 470,568.48 ===================================================================================== Interest Paid Per $1,000 Cert. TOTAL Denomination Class DISTRIBUTION - ------------------------------------------------------ 12.92 A-1 13,876,412.47 0.00 0.00 13.33 M-1 302,253.34 0.00 0.00 14.24 M-2 208,321.98 0.00 0.00 11.67 B-1 193,946.66 0.00 0.00 10.00 B-2 166,240.00 0.00 0.00 X 0.00 R 0.00 499,750.55 ------------------ 15,246,925.00 (1) ==================
(1) Pursuant to the applicable pooling and servicing agreement, $499,750.55 of the amounts available for distribution on distribution dates during the fiscal year were used to pay servicing fees due the servicer. Consequently, the total amount distributed on the certificates during the fiscal year was $14,747,174.45. EX-99.2 3 INDEPENDENT ACCOUNTANT'S REPORT Exhibit 99.2 PricewaterhouseCoopers (logo) - -------------------------------------------------------------------------------- PricewaterhouseCoopers LLP 230 North Elm Street Suite 1700 Greensboro NC 27401 Telephone (910) 691 1000 Facsimile (910) 691 1140 Direct phone (336) 691-5116 Direct fax (336) 691-1140 Independent Accountant's Report ------------------------------- November 9, 1999 To the Board of Directors of Oakwood Acceptance Corporation We have examined management's assertion about Oakwood Acceptance Corporation's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS (USAP) as of and for the year ended September 30, 1999 included in the accompanying management assertion. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures, as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that, except for instances of noncompliance described in management's assertion, the Company complied with the aforementioned minimum servicing standards as of and for the year ended September 30, 1999 is fairly stated, in all material respects. Instances of noncompliance which occurred during early 1999 are more fully discussed in management's assertion which is set forth in Exhibit I. November 9, 1999 PricewaterhouseCoopers LLP 101 Centre Port Dr., Suite 250 Greensboro, NC 27409 Ladies and Gentlemen: As of and for the year ended September 30, 1999, except as specifically noted in the following paragraph, Oakwood Acceptance Corporation (the "Company") has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP). Prior to February 1999, the Company had not been analyzing escrow accounts on an annual basis. This instance of noncompliance has been remedied and procedural and operational enhancements have been implemented during 1999. As of November 5, 1999, approximately 90% of all escrow accounts have been analyzed. As of and for this same period, the Company had in effect a fidelity bond and errors and omissions policy in the amount of $5,000,000 each.
- ------------------------------------------------- ------------------------------------------------------------------- William G. Edwards Robert A. Smith President and CEO Executive Vice President and CFO - ------------------------------------------------- ------------------------------------------------------------------- Douglas R. Muir Richard D. Faulk Vice President, Treasurer & Secretary Executive Vice President, Oakwood Acceptance Corporation - ------------------------------------------------- ------------------------------------------------------------------- Joseph W. Fowler Jimmy S. Griffin Senior Vice President Senior Vice President - ------------------------------------------------- ------------------------------------------------------------------- Derek M. Surette Jeffrey T. Hinshaw Assistant Controller Assistant Treasurer
EX-99.3 4 ANNUAL OFFICER'S CERTIFICATE Exhibit 99.3 OAKWOOD ACCEPTANCE CORPORATION ANNUAL OFFICER'S CERTIFICATE OAKWOOD MORTGAGE INVESTORS, INC. SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999-D Pursuant to Section 3.13(a) of the Standard Terms to Pooling and Servicing Agreement (May 1999 Edition) which is incorporated in the Pooling and Servicing Agreement dated August 1, 1999among Oakwood Mortgage Investors, Inc., Oakwood Acceptance Corporation (the "Servicer") and Chase Manhattan Trust Co., the undersigned officer of the Servicer hereby certifies that a review of the activities of the Servicer during the period October 1, 1998 through September 30, 1999 and of its performance under the Pooling and Servicing Agreement has been made under his supervision and to the best of his knowledge, based on such review, the Servicer has fulfilled all its obligations under the Pooling and Servicing Agreement through such period. By: /s/ Douglas R. Muir - ------------------------ Name: Douglas R. Muir - ------------------------ Title: Vice President - ------------------------- Date: September 30, 1999 - -------------------------- -----END PRIVACY-ENHANCED MESSAGE-----