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)
                                 June 16, 1997.

                                OMI Trust 1997-B
               (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) June 16, 1997.

                                OMI Trust 1997-B
               (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-B

                                    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-B (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1997- B (the "Certificates"), makes monthly distributions
to holders of the Certificates. The latest distribution was made on June 16,
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 June 16, 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-B, Registrant

                                            By:  Oakwood Acceptance Corporation,
                                                     as servicer


June 23, 1997
                                            ------------------------------------
                                                     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-B, Registrant

                                            By:  Oakwood Acceptance Corporation,
                                                     as servicer


June 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 June 16, 1997................................ 5-10











                                INDEX OF EXHIBITS

                                                          Page of Sequentially
                                                              Numbered Pages

20.1     Monthly Remittance Report relating to Distribution
         Date occurring on June 16, 1997.................