OAKWOOD MORTGAGE INVESTORS, INC. 1996-C REPORT DATE: MAY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Apr-97
Scheduled Principal Balance of Contracts
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------------
258,564,254.49 (438,009.31) (855,986.91) (195,140.27) 0.00 257,075,118.00
====================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for
Interest Fee Interest Proceeds Fund Draw Distribution
- -------------------------------------------------------------------------------------------------------------------------
2,313,252.36 215,470.21 2,097,782.15 119,035.98 0.00 3,726,284.56
=========================================================================================================================
Reserve Fund as of Cutoff Date
- ----------------------------------------------------------------------------------------------------------------------
Beginning Investment Balance Before Reserve
Balance Deposits Distrib. Interest Current Distribution Fund Draw
- ----------------------------------------------------------------------------------------------------------------------
1,359,433.43 0.00 -5,477.43 5,396.12 1,359,352.12 0.00
======================================================================================================================
Reserve Fund Required Balance
--------------------------------------
Reserve Balance After Before Current After Current
Fund Deposit Current Distribution Excess Distribution Distribution
- ---------------------------------------------------------------------- --------------------------------------
0.00 1,359,352.12 5,396.12 1,353,956.00 1,353,956.00
====================================================================== ======================================
Class A-6 Liquidity Account
Beginning Investment Balance Before Reserve
Balance Deposits Distrib. Interest Current Distribution Fund Draw
- -----------------------------------------------------------------------------------------------------------------------------
455,000.16 0.00 -1,833.28 1,806.07 454,972.95 0.00
=============================================================================================================================
Reserve Fund Required Balance
--------------------------------------
Reserve Balance After Before Current After Current
Fund Deposit Current Distribution Excess Distribution Distribution
- ---------------------------------------------------------------------- --------------------------------------
0.00 454,972.95 1,806.07 453,166.88 453,166.88
====================================================================== ======================================
Class B Liquidity Account
Beginning Investment Balance Before Reserve
Balance Deposits Distrib. Interest Current Distribution Fund Draw
- -----------------------------------------------------------------------------------------------------------------------------
798,800.29 0.00 -3,218.53 3,170.75 798,752.51 0.00
=============================================================================================================================
Reserve Fund Required Balance
--------------------------------------
Reserve Balance After Before Current After Current
Fund Deposit Current Distribution Excess Distribution Distribution
- ---------------------------------------------------------------------- --------------------------------------
0.00 798,752.51 3,170.75 795,581.76 795,581.76
====================================================================== ======================================
Certificate Account
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ---------------------------------------------------------------------------------------------------------------------------------
1,242,211.77 1,467,093.99 2,138,407.48 4,003,772.11 3,959.76 847,900.89
=================================================================================================================================
P&I Advances at Distribution Date
- -------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -------------------------------------------------------------------------------
1,372,596.67 1,324,357.16 1,321,056.16 1,369,295.67
===============================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C REPORT DATE: MAY 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 7
REMITTANCE REPORT
REPORTING MONTH: Apr-97 Page 2 of 6
Class B Crossover Test Test Met?
- ----------------------------------------------------------------- ---------------
(a) Remittance date on or after May 2001 N
(b) Average 60 day Delinquency rate <= 5% Y
(c) Average 30 day Delinquency rate <= 7% Y
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Nov. 1996 - Nov. 1997 4% Y
April 2001 - Nov. 2002 7% N
Dec. 2002 - April 2003 8% N
May 2003 - 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Are class B principal balances plus Accelerated
Principal Distributions > = 24.501%
of stated scheduled pool balance
Beginning B-1 balance 25,726,000.00
Beginning B-2 balance 12,186,224.00
--------------------
37,912,224.00
Divided by beginning pool
balance 258,564,254.49
--------------------
14.663% N
====================
Average 60 day delinquency ratio:
Over 60s Pool Balance %
-----------------------------------------------------
Current Mo 5,541,047.43 257,075,118.00 2.16%
1st Preceding Mo 4,301,822.63 258,564,254.49 1.66%
2nd Preceding Mo 4,080,555.68 260,354,553.02 1.57%
Divided by 3
-------
1.80%
=======
Average 30 day delinquency ratio:
Over 30s Pool Balance %
-----------------------------------------------------
Current Mo 8,802,438.53 257,075,118.00 3.42%
1st Preceding Mo 7,784,842.71 258,564,254.49 3.01%
2nd Preceding Mo 7,093,812.88 260,354,553.02 2.72%
Divided by 3
-------
3.05%
=======
Cumulative loss ratio:
Cumulative losses 260,962.28
------------------------
Divided by Initial Certificate Principal 270,791,224.00 0.096%
=======
Current realized loss ratio:
Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 76,104.29 257,075,118.00
1st Preceding Mo 121,100.79 258,564,254.49
2nd Preceding Mo 61,725.19 260,354,553.02
0.401%
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MAY 6, 1997
REMITTANCE REPORT POOL REPORT # 7
REPORTING MONTH: Apr-97 Page 3 of 6
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal Principal
Loans Balance # Balance # Balance # Balance
------------------------------------------------------------------------------------------------------------------
Excluding Repos 7,818 254,441,875.26 103 3,249,167.88 39 1,337,216.93 38 1,582,810.98
Repos 80 2,633,242.74 1 12,223.22 16 508,383.60 63 2,112,635.92
------------------------------------------------------------------------------------------------------------------
Total 7,898 257,075,118.00 104 3,261,391.10 55 1,845,600.53 101 3,695,446.90
==================================================================================================================
Repossession Analysis
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
- -----------------------------------------------------------------------------------------------------------------------------------
180 6,169,195.79 80 2,633,242.74 -1 (41,877.84) 39 1,348,749.53 120 3,617,027.43
80 2,633,242.74
- ----------------------------
260 8,802,438.53
============================
3.3% 3.42%
============================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MAY 6, 1997
REMITTANCE REPORT POOL REPORT # 7
REPORTING MONTH: Apr-97 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
095276-2 Knox, E J 12,515.54 1,500.00 119.30 1,619.30 0.00 1,619.30
095840-5 Husby, C 6,258.96 1,965.00 633.10 2,598.10 603.95 1,994.15
097632-4 Campbell, S F 26,786.97 26,800.00 204.11 27,004.11 1,633.00 25,371.11
098218-1 Williams, R L 9,342.48 4,900.00 91.73 4,991.73 0.00 4,991.73
099296-6 Hedrick Jr, S W 17,165.99 11,900.00 814.14 12,714.14 3,665.34 9,048.80
102493-4 Lyons, W J 29,410.75 26,930.00 2,447.31 29,377.31 1,125.90 28,251.41
102621-0 Duncan, M L 35,401.58 30,100.00 3,368.13 33,468.13 2,135.00 31,333.13
095900-7 Rezac, R D 30,562.20 16,850.00 3,462.91 20,312.91 0.00 20,312.91
098101-9 Starling, C 27,695.80 15,200.00 0.00 15,200.00 5,121.78 10,078.22
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
----------------------------------------------------------------------------------------------------
195,140.27 136,145.00 11,140.73 147,285.73 14,284.97 133,000.76
====================================================================================================
Net Current
Account Customer Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Number Name Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- --------------------------------------------------------------------------------------------------------------------------
095276-2 Knox, E J 1,391.90 0.00 227.40 (12,288.14)
095840-5 Husby, C 995.70 0.00 998.45 (5,260.51)
097632-4 Campbell, S F 1,764.35 0.00 23,606.76 (3,180.21)
098218-1 Williams, R L 1,429.74 0.00 3,561.99 (5,780.49)
099296-6 Hedrick Jr, S W 1,614.84 0.00 7,433.96 (9,732.03)
102493-4 Lyons, W J 1,008.33 0.00 27,243.08 (2,167.67)
102621-0 Duncan, M L 1,525.90 0.00 29,807.23 (5,594.35)
095900-7 Rezac, R D 2,213.82 0.00 18,099.09 (12,463.11)
098101-9 Starling, C 2,020.20 0.00 8,058.02 (19,637.78)
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
--------------------------------------------------------------------------------------------
13,964.78 0.00 119,035.98 (76,104.29) (260,962.28)
============================================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MAY 6, 1997
REMITTANCE REPORT POOL REPORT # 7
REPORTING MONTH: Apr-97
Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Current Ending Principal Paid
Cert. Certificate Certificate Principal Writedown Certificate Pool Per $1,000
Class Balances Balances Payable Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 50,300,000.00 38,073,030.77 (1,489,136.49) 0.00 36,583,894.28 72.73140% 29.61
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 46,970,000.00 46,970,000.00 0.00 0.00 46,970,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-3 35,400,000.00 35,400,000.00 0.00 0.00 35,400,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-4 20,900,000.00 20,900,000.00 0.00 0.00 20,900,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-5 55,614,000.00 55,614,000.00 0.00 0.00 55,614,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-6 23,695,000.00 23,695,000.00 0.00 0.00 23,695,000.00 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 25,726,000.00 25,726,000.00 0.00 0.00 25,726,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-2 12,186,224.00 12,186,224.00 0.00 0.00 12,186,224.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------
270,791,224.00 258,564,254.77 (1,489,136.49) 0.00 257,075,118.28
=============================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: MAY 6, 1997
REMITTANCE REPORT POOL REPORT # 7
REPORTING MONTH: Apr-97 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
----------------------------------------------------------------------------------------------------------
A-1 5.79750% 0.00 202,334.36 202,334.36 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 6.45000% 0.00 252,463.75 252,463.75 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 6.75000% 0.00 199,125.00 199,125.00 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 7.00000% 0.00 121,916.67 121,916.67 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 7.35000% 0.00 340,635.75 340,635.75 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 7.65000% 0.00 151,055.63 151,055.63 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 7.96000% 0.00 170,649.13 170,649.13 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 9.31000% 0.00 94,544.79 94,544.79 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 184,857.99 565,057.07 488,952.78 76,104.29 260,962.28
R - 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 215,470.21 215,470.21 0.00 0.00
-------------------------------------------------------------------------------------------------
184,857.99 2,313,252.36 2,237,148.07 76,104.29 260,962.28
Class B Liquidity Account 0.00
=======================
2,237,148.07
=======================
Certificate Interest Paid
Class Per $1,000 Cert. TOTAL
Denomination Class DISTRIBUTION
--------------------------------------------------------
A-1
A-1 Carryover Interest 5.31 A-1 1,691,470.85
A-1 Writedown Interest 0.00
0.00
A-2
A-2 Carryover Interest 5.38 A-2 252,463.75
A-2 Writedown Interest 0.00
0.00
A-3
A-3 Carryover Interest 5.63 A-3 199,125.00
A-3 Writedown Interest 0.00
0.00
A-4
A-4 Carryover Interest 5.83 A-4 121,916.67
A-4 Writedown Interest 0.00
0.00
A-5
A-5 Carryover Interest 6.13 A-5 340,635.75
A-5 Writedown Interest 0.00
0.00
A-6
A-6 Carryover Interest 6.38 A-6 151,055.63
A-6 Writedown Interest 0.00
0.00
B-1
B-1 Carryover Interest 6.63 B-1 170,649.13
B-1 Writedown Interest 0.00
0.00
B-2
B-2 Carryover Interest 7.76 B-2 94,544.79
B-2 Writedown Interest 0.00
0.00
X
X 488,952.78
R
R 0.00
Service Fee
215,470.21
---------------------
3,726,284.56
0.00
=====================
Class B Liquidity Account 3,726,284.56
=====================