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) September 15, 1997.
OMI Trust 1997-C
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(Exact name of registrant as specified in charter)
Pennsylvania 333-31441 Applied for
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 585-8738
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(Former name or former address, if changed since last report.)
OMI TRUST 1997-C
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-C (the "Trust"), the issuer of the Oakwood Mortgage
Investors, Inc. Manufactured Housing Contract Senior/Subordinated Pass-Through
Certificates, Series 1997-C (the "Certificates"), makes monthly distributions to
holders of the Certificates. The latest distribution was made on September 15,
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 September 15, 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-C, Registrant
By: Oakwood Acceptance Corporation,
as servicer
September 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 September 15, 1997...................... 5-10
OAKWOOD MORTGAGE INVESTORS, INC. 1997-C REPORT DATE: September 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT Page 1 of 6
REPORTING MONTH: Aug-97
Scheduled Principal Balance of Contracts
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Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- --------------------------------------------------------------------------------------------------------------------------------
234,625,441.12 (314,617.44) (1,691,490.70) 0.00 0.00 232,619,332.98
================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
1,971,778.78 195,521.20 1,776,257.58 0.00 0.00 3,977,886.92 0.00 3,977,886.92
===================================================================================================================================
Certificate Account
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Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
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0.00 1,768,038.89 332,730.97 0.00 510.18 2,101,280.04
================================================================================
P&I Advances at Distribution Date
- ----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
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0.00 (14,486.15) 470,815.99 485,302.14
============================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1997-C REPORT DATE: September 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-97 Page 2 of 6
Class B Crossover Test Test Met?
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(a) Remittance date on or after March 2002 N
(b) Average 60 day Delinquency rate <= 5% #DIV/0!
(c) Average 30 day Delinquency rate <= 7% #DIV/0!
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Mar 2002- Aug 2003 7% N
Sept 2003-Aug 2004 8% N
Sept. 2004 and thereafter 9% N
(e) Current realized loss ratio <= 2.75% Y
(f) Does Subordinated Certificate percentage equal or
exceed 38.500%
of Pool Scheduled Principal Balance
Beginning M balance 18,770,000.00
Beginning B-1 balance 21,116,000.00
Beginning B-2 balance 11,731,441.00
51,617,441.00
Divided by beginning pool
balance 234,625,441.12
22.000% N
Average 60 day delinquency ratio:
Over 60s Pool Balance %
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Current Mo 0.00 232,619,332.98 0.00%
1st Preceding Mo 0.00 0.00 #DIV/0!
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
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#DIV/0!
========
Average 30 day delinquency ratio:
Over 30s Pool Balance %
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Current Mo 1,026,709.88 232,619,332.98 0.44%
1st Preceding Mo 0.00 0.00 #DIV/0!
2nd Preceding Mo 0.00 0.00 #DIV/0!
Divided by 3
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#DIV/0!
=======
Cumulative loss ratio:
Cumulative losses 0.00
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Divided by Initial Certificate Principal 234,625,441.00 0.000%
=======
Current realized loss ratio:
Liquidation Pool
Losses Balance
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Current Mo 0.00 232,619,332.98
1st Preceding Mo 0.00 0.00
2nd Preceding Mo 0.00 0.00
0.000%
=======
OAKWOOD MORTGAGE INVESTORS, INC. 1997-C REPORT DATE: September 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT Page 3 of 6
REPORTING MONTH: Aug-97
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
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Excluding Repos 6,541 232,615,917.23 26 1,023,294.13 0 0.00 0 0.00 26 1,023,294.13
Repos 1 3,415.75 1 3,415.75 0 0.00 0 0.00 1 3,415.75
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Total 6,542 232,619,332.98 27 1,026,709.88 0 0.00 0 0.00 27 1,026,709.88
================================================================================================================
0.4% 0.44%
==============================
Repossession Analysis
Active Repos Reversal Current Month
Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal
# Balance # Balance # Balance # Balance
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1 3,415.75 0 0.00 1 3,415.75 1 3,415.75
OAKWOOD MORTGAGE INVESTORS, INC. 1997-C REPORT DATE: September 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-97 Page 4 of 6
REPOSSESSION LIQUIDATION REPORT
Liquidated
Account Customer Principal Sales Insur. Total
Number Name Balance Proceeds Refunds Proceeds
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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
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0 0.00 0.00 0.00 0.00
=======================================================
Net Net Current
Repossession Liquidation Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Expenses Proceeds Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
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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 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 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
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0.00 0.00 0.00 0.00 0.00 0.00 0.00
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0.00
================
As a percentage of the aggregate cut-off date principal balance
OAKWOOD MORTGAGE INVESTORS, INC. 1997-C REPORT DATE: September 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-97 Page 5 of 6
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
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A-1 43,620,000.00 43,620,000.00 0.00 2,006,108.14
A-1 Outstanding Writedown 0.00 0.00
A-2 42,810,000.00 42,810,000.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00
A-3 27,750,000.00 27,750,000.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00
A-4 12,930,000.00 12,930,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00
A-5 27,080,000.00 27,080,000.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00
A-6 28,818,000.00 28,818,000.00 0.00 0.00
A-6 Outstanding Writedown 0.00 0.00
M 18,770,000.00 18,770,000.00 0.00 0.00
0.00
B-1 21,116,000.00 21,116,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00
B-2 11,731,441.00 11,731,441.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00
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234,625,441.00 234,625,441.00 0.00 2,006,108.14
===================================================================================
Current Ending Ending Principal Paid
Cert. Principal Carryover Writedown Certificate Pool Per $1,000
Class Paid Principal Amounts Balances Factor Denomination
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A-1 2,006,108.14 0.00 0.00 41,613,891.86 95.40094% 45.99
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 0.00 0.00 42,810,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 27,750,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 12,930,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 27,080,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
A-6 0.00 0.00 0.00 28,818,000.00 100.00000% 0.00
A-6 Outstanding Writedown 0.00 0.00 0.00 0.00
M 0.00 0.00 0.00 18,770,000.00 100.00000% 0.00
0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 21,116,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 11,731,441.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
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2,006,108.14 0.00 0.00 232,619,332.86
===================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1997-C REPORT DATE: September 6, 1997
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 1
REMITTANCE REPORT
REPORTING MONTH: Aug-97 Page 6 of 6
CERTIFICATE INTEREST ANALYSIS
Interest Paid
Certificate Remittance Beginning Current Total Interest Ending Per $1,000
Class Rate Balance Accrual Paid Shortfall Balance Denomination
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A-1 5.63281% 0.00 177,452.29 177,452.29 0.00 0.00 4.07
A-1 Carryover Interest 0.00 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 0.00
A-2 6.45000% 0.00 230,103.75 230,103.75 0.00 0.00 5.38
A-2 Carryover Interest 0.00 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 0.00
A-3 6.65000% 0.00 153,781.25 153,781.25 0.00 0.00 5.54
A-3 Carryover Interest 0.00 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 0.00
A-4 6.85000% 0.00 73,808.75 73,808.75 0.00 0.00 5.71
A-4 Carryover Interest 0.00 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 0.00
A-5 7.05000% 0.00 159,095.00 159,095.00 0.00 0.00 5.88
A-5 Carryover Interest 0.00 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 0.00
A-6 7.35000% 0.00 176,510.25 176,510.25 0.00 0.00 6.13
A-6 Carryover Interest 0.00 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 0.00
M 7.15000% 0.00 111,837.92 111,837.92 0.00 0.00 5.96
M Carryover Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M Writedown Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 7.45000% 0.00 131,095.17 131,095.17 0.00 0.00 6.21
B-1 Carryover Interest 0.00 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 0.00
B-2 7.70000% 0.00 75,276.75 75,276.75 0.00 0.00 6.42
B-2 Carryover Interest 0.00 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 0.00
Limited Guarantee 0.00 0.00 0.00 0.00 0.00
X 0.00 487,296.45 487,296.45 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 195,521.20 195,521.20 0.00 0.00
---------------------------------------
1,971,778.78 1,971,778.78 0.00 0.00
=======================================
Cert. TOTAL
Class DISTRIBUTION
- ----------------------------------------------
A-1 2,183,560.43
A-2 230,103.75
A-3 153,781.25
A-4 73,808.75
A-5 159,095.00
A-6 176,510.25
M 111,837.92
B-1 131,095.17
B-2 75,276.75
Limited Guarantee 0.00
X 487,296.45
R 0.00
195,521.20
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3,977,886.92
=============