OAKWOOD MORTGAGE INVESTORS, INC. 1996-C REPORT DATE: June 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: May-97
Page 1 of 6
Scheduled Principal Balance of Contracts
- ----------------------------------------------------------------------------------------------------
Beginning Ending Scheduled
Principal Scheduled Prepaid Liquidated Contracts Principal Gross Servicing
Balance Principal Principal Principal Repurchased Balance Interest Fee
- --------------------------------------------------------------------------------------------------------------------------------
257,075,118.00 (438,541.87) (842,591.88) (534,446.89) 0.00 255,259,537.36 2,299,437.56 214,229.27
================================================================================================================================
Scheduled Amount
Pass Thru Liquidation Reserve Available for
Interest Proceeds Fund Draw Distribution
- --------------------------------------------------------------------------------
2,085,208.29 414,307.74 0.00 3,994,879.05
================================================================================
Reserve Fund as of Cutoff Date
- -----------------------------------------------------------------------------
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess
- ------------------------------------------------------------------------------------------------------------------------------------
1,359,352.12 0.00 -5,396.12 5,548.42 1,359,504.42 0.00 0.00 1,359,504.42 5,548.42
====================================================================================================================================
Reserve Fund Required Balance
- -------------------------------------------
Before Current After Current
Distribution Distribution
- -------------------------------------------
1,353,956.00 1,353,956.00
===========================================
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
- ------------------------------------------------------------------------------------------------------------------------------------
454,972.95 0.00 -1,806.07 1,857.04 455,023.92 0.00 0.00 455,023.92 1,857.04
====================================================================================================================================
Reserve Fund Required Balance
- ----------------------------------------------------
Before Current After Current
Distribution Distribution
- ----------------------------------------------------
453,166.88 453,166.88
====================================================
Class B Liquidity Account
Beginning Investment Balance Before Reserve Reserve Balance After
Balance Deposits Distrib. Interest Current Distribution Fund Draw Fund Deposit Current Distribution Excess
- ------------------------------------------------------------------------------------------------------------------------------------
798,752.51 0.00 -3,170.75 3,260.23 798,841.99 0.00 0.00 798,841.99 3,260.23
====================================================================================================================================
Reserve Fund Required Balance
- ---------------------------------------------
Before Current After Current
Distribution Distribution
- ---------------------------------------------
795,581.76 795,581.76
=============================================
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- ------------------------------------------------------------------------------------------------------------------------------------
847,900.89 1,807,406.22 2,269,017.47 3,806,348.61 3,006.54 1,120,982.51
====================================================================================================================================
P&I Advances at Distribution Date
- -------------------------------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
- -------------------------------------------------------------------------------------------------------
1,369,295.67 1,316,063.13 1,556,076.81 1,609,309.35
=======================================================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C REPORT DATE: June 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: May-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 257,075,118.00
--------------------------
14.748% N
==========================
Average 60 day delinquency ratio:
Over 60s Pool Balance %
--------------------------------------------------------------------------
Current Mo 5,974,832.58 255,259,537.36 2.34%
1st Preceding Mo 5,541,047.43 257,075,118.00 2.16%
2nd Preceding Mo 4,301,822.63 258,564,254.49 1.66%
Divided by 3
------------------
2.05%
==================
Average 30 day delinquency ratio:
Over 30s Pool Balance %
--------------------------------------------------------------------------
Current Mo 9,806,833.01 255,259,537.36 3.84%
1st Preceding Mo 8,802,438.53 257,075,118.00 3.42%
2nd Preceding Mo 7,784,842.71 258,564,254.49 3.01%
Divided by 3
------------------
3.43%
==================
Cumulative loss ratio:
Cumulative losses 381,101.43
--------------------
Divided by Initial Certificate Principal 270,791,224.00 0.141%
==================
Current realized loss ratio:
Liquidation Pool
Losses Balance
--------------------------------------------------------
Current Mo 120,139.15 255,259,537.36
1st Preceding Mo 76,104.29 257,075,118.00
2nd Preceding Mo 121,100.79 258,564,254.49
0.495%
==================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997
REMITTANCE REPORT POOL REPORT # 8
REPORTING MONTH: May-97
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 7,771 252,331,303.61 116 3,790,427.94 35 1,092,388.32 51 1,995,783.00 202 6,878,599.26
Repos 84 2,928,233.75 2 41,572.49 11 337,623.12 71 2,549,038.14 84 2,928,233.75
------------------------------------------------------------------------------------------------------------------
Total 7,855 255,259,537.36 118 3,832,000.43 46 1,430,011.44 122 4,544,821.14 286 9,806,833.01
====================================================================================================================
3.6% 3.84%
========================================
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
- ---------------------------------------------------------------------------------------------------------------------------------
84 2,928,233.75 -1 (57,275.51) 26 893,416.42 145 4,453,168.34
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C REPORT DATE: June 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 8
REMITTANCE REPORT
REPORTING MONTH: May-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
- ----------------------------------------------------------------------------------------------------------------------------
093783-9 Lock, A 26,831.68 21,900.00 2,431.44 24,331.44 657.00 23,674.44
100645-1 Martinez, J 42,090.46 35,900.00 1,299.44 37,199.44 2,277.00 34,922.44
101467-9 Barreras, L 36,646.89 33,900.00 3,271.65 37,171.65 5,397.70 31,773.95
099088-7 Kinser, K 17,803.16 16,200.00 0.00 16,200.00 3,303.65 12,896.35
099203-2 Dillard, T 27,463.05 23,700.00 281.75 23,981.75 4,178.55 19,803.20
098050-8 Wilson, W 11,923.75 9,800.00 222.45 10,022.45 317.98 9,704.47
097326-3 Absher, E 26,781.29 25,500.00 859.23 26,359.23 3,617.13 22,742.10
095339-8 Goscinski, D 29,627.44 27,300.00 1,168.36 28,468.36 3,309.00 25,159.36
097400-6 Varnadore, A 23,041.90 23,400.00 182.45 23,582.45 3,117.00 20,465.45
096791-9 Williams, D 17,152.31 16,700.00 668.44 17,368.44 1,169.00 16,199.44
100766-5 Powell, L 19,322.50 19,900.00 190.17 20,090.17 1,533.14 18,557.03
097166-3 Kite, M 24,734.21 22,900.00 1,051.71 23,951.71 2,262.00 21,689.71
100159-3 Walker, C 31,348.36 28,900.00 818.64 29,718.64 2,822.23 26,896.41
094100-5 Torain, A 8,914.90 5,840.00 495.44 6,335.44 0.00 6,335.44
096671-3 Largent, G 26,780.16 25,900.00 0.00 25,900.00 2,590.00 23,310.00
096736-4 Blackwell, R 9,713.44 4,140.00 746.50 4,886.50 1,486.46 3,400.04
097958-3 Easterly, A 30,200.60 26,000.00 178.08 26,178.08 1,350.00 24,828.08
097868-4 Effler, W 24,443.47 22,900.00 1,524.43 24,424.43 3,617.00 20,807.43
098443-5 Johnson, K 27,400.10 26,100.00 129.22 26,229.22 1,341.53 24,887.69
100463-9 Rainbolt, K 42,358.11 39,180.00 2,110.33 41,290.33 2,062.31 39,228.02
098697-6 Robertson, J 29,869.11 25,900.00 1,660.09 27,560.09 1,979.70 25,580.39
-------------------------------------------------------------------------------------------
534,446.89 481,960.00 19,289.82 501,249.82 48,388.38 452,861.44
===========================================================================================
Net Current
Account Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Number Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ----------------------------------------------------------------------------------------------------------------------------
093783-9 2,289.70 0.00 21,384.74 (5,446.94)
100645-1 3,271.59 0.00 31,650.85 (10,439.61)
101467-9 2,285.49 0.00 29,488.46 (7,158.43)
099088-7 1,621.27 0.00 11,275.08 (6,528.08)
099203-2 2,170.68 0.00 17,632.52 (9,830.53)
098050-8 708.66 0.00 8,995.81 (2,927.94)
097326-3 2,118.45 0.00 20,623.65 (6,157.64)
095339-8 1,339.36 0.00 23,820.00 (5,807.44)
097400-6 1,056.52 0.00 19,408.93 (3,632.97)
096791-9 1,238.30 0.00 14,961.14 (2,191.17)
100766-5 1,668.66 0.00 16,888.37 (2,434.13)
097166-3 1,532.30 0.00 20,157.41 (4,576.80)
100159-3 2,320.50 0.00 24,575.91 (6,772.45)
094100-5 909.52 0.00 5,425.92 (3,488.98)
096671-3 1,209.20 0.00 22,100.80 (4,679.36)
096736-4 1,545.25 0.00 1,854.79 (7,858.65)
097958-3 2,313.64 0.00 22,514.44 (7,686.16)
097868-4 2,258.34 0.00 18,549.09 (5,894.38)
098443-5 2,200.14 0.00 22,687.55 (4,712.55)
100463-9 3,082.73 0.00 36,145.29 (6,212.82)
098697-6 1,413.40 0.00 24,166.99 (5,702.12)
------------------------------------------------------------------------------------------------------------
38,553.70 0.00 414,307.74 (120,139.15) (381,101.43)
============================================================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997
REMITTANCE REPORT POOL REPORT # 8
REPORTING MONTH: May-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 36,583,894.28 (1,815,580.64) 0.00 34,768,313.64 69.12190% 36.10
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
------------------------------------------------------------------------------
270,791,224.00 257,075,118.28 (1,815,580.64) 0.00 255,259,537.64
==============================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1996-C
OAKWOOD ACCEPTANCE CORP. - SERVICER REPORT DATE: June 6, 1997
REMITTANCE REPORT POOL REPORT # 8
REPORTING MONTH: May-97
Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest
Class Rate Balance Accrual Paid Shortfall
-------------------------------------------------------------------------------------------------
A-1 5.79750% 0.00 182,637.47 182,637.47 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
A-2 6.45000% 0.00 252,463.75 252,463.75 0.00
A-2 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-2 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-3 6.75000% 0.00 199,125.00 199,125.00 0.00
A-3 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-3 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-4 7.00000% 0.00 121,916.67 121,916.67 0.00
A-4 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-4 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-5 7.35000% 0.00 340,635.75 340,635.75 0.00
A-5 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-5 Writedown Interest 0.00 0.00 0.00 0.00 0.00
A-6 7.65000% 0.00 151,055.63 151,055.63 0.00
A-6 Carryover Interest 0.00 0.00 0.00 0.00 0.00
A-6 Writedown Interest 0.00 0.00 0.00 0.00 0.00
B-1 7.96000% 0.00 170,649.13 170,649.13 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 9.31000% 0.00 94,544.79 94,544.79 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 260,962.28 572,180.10 452,040.95 120,139.15
R - 0.00 0.00 0.00 0.00
Service Fee 0.00 214,229.27 214,229.27 0.00
----------------------------------------------------------------------------------------
260,962.28 2,299,437.56 2,179,298.41 120,139.15
Class B Liquidity Account 0.00
======================
2,179,298.41
Certificate Ending Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
-------------------------------------------------------------
A-1 0.00 4.99 A-1 1,998,218.11
A-1 Carryover Interest 0.00 0.00
A-1 Writedown Interest 0.00 0.00
A-2 0.00 5.38 A-2 252,463.75
A-2 Carryover Interest 0.00 0.00
A-2 Writedown Interest 0.00 0.00
A-3 0.00 5.63 A-3 199,125.00
A-3 Carryover Interest 0.00 0.00
A-3 Writedown Interest 0.00 0.00
A-4 0.00 5.83 A-4 121,916.67
A-4 Carryover Interest 0.00 0.00
A-4 Writedown Interest 0.00 0.00
A-5 0.00 6.13 A-5 340,635.75
A-5 Carryover Interest 0.00 0.00
A-5 Writedown Interest 0.00 0.00
A-6 0.00 6.38 A-6 151,055.63
A-6 Carryover Interest 0.00 0.00
A-6 Writedown Interest 0.00 0.00
B-1 0.00 6.63 B-1 170,649.13
B-1 Carryover Interest 0.00 0.00
B-1 Writedown Interest 0.00 0.00
B-2 0.00 7.76 B-2 94,544.79
B-2 Carryover Interest 0.00 0.00
B-2 Writedown Interest 0.00 0.00
X 381,101.43 X 452,040.95
R 0.00 R 0.00
Service Fee 0.00 214,229.27
-------- -------------
381,101.43 3,994,879.05
Class B Liquidity Account 0.00
================
3,994,879.05
================