OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1996
NOTE: THIS FISCAL YEAR-END SERIES REPORT REPORTS INFORMATION ON THE ASSETS
INCLUDED IN OMI TRUST 1996-B AS OF THE END OF THE PREPAYMENT PERIOD THAT BEGAN
ON SEPTEMBER 1, 1996 AND ENDED ON SEPTEMBER 30, 1996 AND AS OF THE END OF THE
COLLECTION PERIOD THAT BEGAN ON SEPTEMBER 2, 1996 AND ENDED ON OCTOBER 1, 1996.
ACCORDINGLY, THE INFORMATION PRESENTED WITH REGARD TO THE CERTIFICATES REFLECTS
INFORMATION AS OF THE CLOSE OF BUSINESS ON OCTOBER 15, 1996, WHICH IS THE
DISTRIBUTION DATE ON WHICH COLLECTIONS MADE AND LOSSES INCURRED DURING SUCH
PREPAYMENT PERIOD AND COLLECTION PERIOD WERE PASSED THROUGH TO
CERTIFICATEHOLDERS.
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
215,662,295.02 (1,580,693.31) (3,552,487.02) 0.00 0.00 210,529,114.69
====================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution (1)
- -----------------------------------------------------------------------------------------------------------------------------------
5,976,866.59 534,366.48 5,442,500.11 0.00 0.00 11,110,046.92
===================================================================================================================================
Mezzanine Reserve Fund
- ---------------------------------------------------------------------
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest 10/15/96 Distribution Fund Draw Fund Deposit 10/15/96 Distribution Excess
- ------------------------------------------------------------------------------------------------------------------------------------
0.00 431,325.00 -732.02 2,426.69 433,019.67 0.00 0.00 433,019.67 1,694.67
====================================================================================================================================
Reserve Fund Required Balance
- ----------------------------------------
Before 10/15/96 After 10/15/96
Distribution Distribution
- ----------------------------------------
431,325.00 431,325.00
========================================
Class B-1 Reserve Fund
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest 10/15/96 Distribution Fund Draw Fund Deposit 10/15/96 Distribution Excess
- ----------------------------------------------------------------------------------------------------------------------------------
0.00 323,494.00 -607.79 2,014.87 324,901.08 0.00 0.00 324,901.08 1,407.08
==================================================================================================================================
Reserve Fund Required Balance
----------------------------------------
Before 10/15/96 After 10/15/96
Distribution Distribution
----------------------------------------
323,494.00 323,494.00
========================================
Class B-2 Reserve Fund
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest 10/15/96 Distribution Fund Draw Fund Deposit 10/15/96 Distribution Excess
- -----------------------------------------------------------------------------------------------------------------------------------
0.00 215,662.00 0.00 0.00 215,662.00 0.00 0.00 215,662.00 0.00
===================================================================================================================================
Reserve Fund Required Balance
- ----------------------------------------
Before 10/15/96 After 10/15/96
Distribution Distribution
- ----------------------------------------
215,662.00 215,662.00
========================================
Certificate Account as of 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
0.00 4,597,562.47 4,035,561.10 (7,683,117.57) 12,320.24 962,326.24
====================================================================================================================================
P&I Advances
- -------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- --------------------------------------------------------------------------------------
0.00 (1,130,288.42) 2,237,457.61 1,107,169.19
======================================================================================
(1) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $970,481 OF THE
AMOUNTS AVAILABLE FOR DISTRIBUTION ON DISTRIBUTION DATES DURING THE FISCAL YEAR
WERE DEPOSITED INTO THE RESERVE FUND. THE RESERVE FUND DEPOSITS WERE COMPRISED
OF $790,762.42 OF FUNDS AVAILABLE FOR DISTRIBUTION ON THE CLASS "X" CERTIFICATES
AND $179,718.58 OF FUNDS AVAILABLE FOR DISTRIBUTION AS SERVICE FEE. AN
ADDITIONAL $354,647.90 WAS PAID TO THE SERVICER AS SERVICING FEES. CONSEQUENTLY,
THE TOTAL AMOUNTS DISTRIBUTED ON THE CERTIFICATES DURING THE FISCAL YEAR WAS
$9,784,918.02.
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1996
Repo Properties
Brought Current by Aggregate Repo Properties
Gross Repossessions Borrower Net Current Repos in Trust at Month-End
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
-------------------------------- ------------------------- -------------------------- ---------------------------
Jul-96 1 $ 14,397.05 - $ - 1 $ 14,397.05 1 $ 14,397.05
Aug-96 4 91,559.08 - - 4 91,559.08 5 105,956.13
Sep-96 16 431,964.85 - - 16 431,964.85 21 537,920.98
-------------------------------- ------------------------- -------------------------- ---------------------------
Total of month
end balance 21 $ 537,920.98 - $ - 21 $ 537,920.98 27 $658,274.16
================================ ========================= ========================== ===========================
Average month
end balance 7 $ 179,306.99 - $ - 7 $ 179,306.99 9 $219,424.72
================================ ========================= ========================== ===========================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1996
Delinquency Analysis
------------------------------------------------------------------------------------------------------------------
31 to 59 days 60 to 89 days 90 days and Over Total Delinq.
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
------------------------------------------------------------------------------------------------------------------
Jul-96 42 $ 999,968.22 - $ - - $ - 42 $ 999,968.22
Aug-96 80 1,976,254.08 22 605,558.95 - - 102 2,581,813.03
Sep-96 99 2,397,553.19 29 743,322.63 15 421,133.82 143 3,562,009.64
------------------------------------------------------------------------------------------------------------------
Total of month
end balance 221 $ 5,373,775.49 51 $ 1,348,881.58 15 $421,133.82 287 $ 7,143,790.89
==================================================================================================================
Average month
end balance 74 $ 1,791,258.50 17 $ 449,627.19 5 $140,377.94 96 $ 892,973.86
==================================================================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1996
REPOSSESSION LIQUIDATION REPORT
Liquidated Net Net Current
Prepayment Principal Sales Insur. Total Repossession Liquidation Unrecov. Pass Thru Period Net Cumulative
Period Balance Proceeds Refunds Proceeds Expenses Proceeds Advances Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
SEE MONTHLY INVESTOR REPORT FOR DETAIL
Jul-96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Aug-96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sep-09 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 0.00
=========
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1996
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current Accelerated Ending
Cert. Certificate Certificate Principal Principal Writedown Certificate
Class Balances Balances Payable Distribution Amounts(1) Balances
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 45,290,000.00 45,290,000.00 (5,133,180.33) 0.00 0.00 40,156,819.67
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-2 35,585,000.00 35,585,000.00 0.00 0.00 0.00 35,585,000.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-3 32,350,000.00 32,350,000.00 0.00 0.00 0.00 32,350,000.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-4 22,642,000.00 22,642,000.00 0.00 0.00 0.00 22,642,000.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-5 32,350,000.00 32,350,000.00 0.00 0.00 0.00 32,350,000.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
A-6 19,409,000.00 19,409,000.00 0.00 0.00 0.00 19,409,000.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-1 17,253,000.00 17,253,000.00 0.00 (109,121.78) 0.00 17,143,878.22
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
B-2 10,783,295.00 10,783,295.00 0.00 (68,202.18) 0.00 10,715,092.82
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 0.00 0.00 177,323.96 0.00 177,323.96
-------------------------------------------------------------------------------------------------
215,662,295.00 215,662,295.00 (5,133,180.33) 0.00 0.00 210,529,114.67
==================================================================================================
Principal Paid
Pool Per $1,000
Factor Denomination
-------------------------------------------
A-1 88.66597% 113.34
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 99.36752% 6.32
B-1 Outstanding Writedown 0.00 0.00
B-2 99.36752% 6.32
B-2 Outstanding Writedown 0.00 0.00
Excess Asset Principal Balance
(1) THIS REPRESENTS THE AMOUNT OF LOSSES
ON THE ASSETS THAT WERE ALLOCATED TO
REDUCED THE OUTSTANDING PRINCIPAL BALANCE
OF THE CERTIFICATES IN ACCORDANCE WITH THE
APPLICABLE POOLING AND SERVICING
AGREEMENT.
OAKWOOD MORTGAGE INVESTORS, INC. 1996-B
OAKWOOD ACCEPTANCE CORP. - SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING: FISCAL YEAR 1996
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
------------------------------------------------------------------------------------------------------
A-1 5.56355% 0.00 547,117.06 547,117.06 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 6.80000% 0.00 604,944.99 604,944.99 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 7.10000% 0.00 574,212.51 574,212.51 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 7.35000% 0.00 416,046.75 416,046.75 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 7.65000% 0.00 618,693.75 618,693.75 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 8.00000% 0.00 388,179.99 388,179.99 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 8.39200% 0.00 361,584.94 361,584.94 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 9.64400% 0.00 259,710.16 259,710.16 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
X 0.00 1,494,686.00 1,494,686.00(1) 0.00 0.00
Service Fee 0.00 534,366.48 534,366.48 0.00 0.00
-------------------------------------------------------------------------------------------
0.00 5,799,542.63 5,799,542.63 0.00 0.00
Mezzanine Reserve Fund Deposit 431,325.00
B-1 Reserve Fund 323,494.00
B-2 Reserve Fund 215,662.00
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
--------------------------------------------------------
A-1 12.08 A-1 5,680,297.39
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
A-2 17.00 A-2 604,944.99
A-2 Carryover Interest 0.00
A-2 Writedown Interest 0.00
A-3 17.75 A-3 574,212.51
A-3 Carryover Interest 0.00
A-3 Writedown Interest 0.00
A-4 18.38 A-4 416,046.75
A-4 Carryover Interest 0.00
A-4 Writedown Interest 0.00
A-5 19.13 A-5 618,693.75
A-5 Carryover Interest 0.00
A-5 Writedown Interest 0.00
A-6 20.00 A-6 388,179.99
A-6 Carryover Interest 0.00
A-6 Writedown Interest 0.00
B-1 20.96 B-1 470,706.72
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 24.08 B-2 327,912.34
B-2 Carryover Interest 0.00
B-2 Writedown Interest 0.00
X X 1,494,686.00
Service Fee 534,366.48
-------------------
(2) 11,110,046.92
Mezzanine Reserve Fund Deposit
B-1 Reserve Fund
B-2 Reserve Fund
(1) RESERVE FUND DEPOSITS WERE MADE FROM CASH FLOWS ON THE ASSETS, AS REQUIRED
BY THE APPLICABLE POOLING AND SERVICING AGREEMENT IN THE AGGREGATE AMOUNT OF
$970,481. THESE DEPOSITS HAD THE EFFECT OF REDUCING CASH AVAILABLE TO MAKE
DISTRIBUTIONS ON THE CLASS X CERTIFICATES AND THE SERVICE FEE PAYABLE.
CONSEQUENTLY, THE ACTUAL TOTAL AMOUNT DISTRIBUTED ON THE CLASS X CERTIFICATES
WAS $703,923.58 AND THE ACTUAL SERVICE FEE PAID WAS $354,647.90.
(2) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $970,481 OF THE
AMOUNTS AVAILABLE FOR DISTRIBUTION ON DISTRIBUTION DATES DURING THE FISCAL YEAR
WERE DEPOSITED INTO THE RESERVE FUND, AND $354,647.90 OF SUCH AMOUNTS WERE USED
TO PAY SERVICING FEES DUE TO THE SERVICER. CONSEQUENTLY, THE TOTAL AMOUNT
DISTRIBUTED ON THE CERTIFICATES DURING THE FISCAL YEAR WAS $9,784,918.02.