OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: June 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 1 of 7
REPORTING MONTH: May-98
Scheduled Principal Balance of Contracts
- -----------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Contracts Principal
Balance Principal Principal Principal Repurchased Balance
- ------------------------------------------------------------------------------------------------------------------------------
191,272,917.47 (264,723.53) (1,158,509.23) (170,359.96) 0.00 189,679,324.75
==============================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
1,741,791.32 159,394.10 1,582,397.22 134,918.23 0.00 3,299,942.31 0.00 3,299,942.31
====================================================================================================================================
Certificate Account
-----------------------------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
-----------------------------------------------------------------------------------------------------------------------------
1,994,827.19 1,559,454.38 1,569,120.53 (3,962,358.84) 5,319.24 1,166,362.50
=============================================================================================================================
P&I Advances at Distribution Date
---------------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
---------------------------------------------------------------------------------
528,641.34 514,767.74 661,478.17 675,351.77
=================================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: June 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 2 of 7
Class B Crossover Test
- -------------------------------------------------------------
(a) Remittance date on or after September 2002
(b) Average 60 day Delinquency rate <= 5%
(c) Average 30 day Delinquency rate <= 7%
(d) Cumulative losses do not exceed the following
percent of the intitial principal balance of all Certificates
Sep 2002- Feb 2004 7%
Mar 2004-Feb 2005 8%
Mar 2005 and thereafter 9%
(e) Current realized loss ratio <= 2.75%
(f) Does Subordinated Certificate percentage equal or
exceed 32.813%
of Pool Scheduled Principal Balance
Beginning M balance 15,337,000.00
Beginning B-1 balance 14,843,000.00
Beginning B-2 balance 6,926,846.00
---------------
37,106,846.00
---------------
Divided by beginning pool
balance 191,272,917.47
19.400%
Test Met? Average 60 day delinquency ratio:
- ---------------
N Over 60s Pool Balance %
--------------------------------------------------------
Y Current Mo 3,124,366.31 189,679,324.75 1.65%
1st Preceding Mo 1,271,223.19 191,272,917.47 0.66%
Y 2nd Preceding Mo 381,511.02 193,464,426.40 0.20%
Divided by 3
-------------
0.84%
=============
Average 30 day delinquency ratio:
N
N
N Over 30s Pool Balance %
--------------------------------------------------------
Current Mo 7,565,490.52 189,679,324.75 3.99%
1st Preceding Mo 4,897,055.87 191,272,917.47 2.56%
Y 2nd Preceding Mo 2,407,318.34 193,464,426.40 1.24%
Divided by 3
-------------
2.60%
=============
Cumulative loss ratio:
Cumulative losses 46,205.89
------------------
Divided by Initial Certificate Principal 197,901,846.00 0.023%
=========
Current realized loss ratio:
N Liquidation Pool
Losses Balance
-------------------------------------------
Current Mo 35,441.73 189,679,324.75
1st Preceding Mo 10,764.16 191,272,917.47
2nd Preceding Mo 0.00 193,464,426.40
0.097%
=============
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: June 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT Page 3 of 7
REPORTING MONTH: May-98
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 5,034 188,731,723.64 134 4,334,329.84 57 1,888,186.17 11 461,339.62
Repos 33 947,601.11 4 106,794.37 13 384,746.89 14 390,093.63
--------------------------------------------------------------------------------------------------------------
Total 5,067 189,679,324.75 138 4,441,124.21 70 2,272,933.06 25 851,433.25
==============================================================================================================
Repossession Analysis
--------------------------------------------------------
Active Repos Reversal Current Month
Total Delinq. Outstanding (Redemption) Repos Cumulative Repos
Principal Principal Principal Principal Principal
# Balance # Balance # Balance # Balance # Balance
-------------------------------------------------------------------------------------------------------------------
Excluding Repos 202 6,683,855.63 33 947,601.11 0 0.00 17 480,738.55 40 1,150,609.93
Repos 31 881,634.89
-----------------------
Total 233 7,565,490.52
=======================
4.6% 3.99%
=======================
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: June 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 4 of 7
REPOSSESSION LIQUIDATION REPORT
Liquidated Net
Account Customer Principal Sales Insur. Total Repossession Liquidation
Number Name Balance Proceeds Refunds Proceeds Expenses Proceeds
- ------------------------------------------------------------------------------------------------------------------------------------
137462-8 Quiroz, R 5,571.38 5,000.00 436.23 5,436.23 1,210.00 4,226.23
138727-3 Cochran, J 22,349.63 20,530.00 2,063.35 22,593.35 4,910.00 17,683.35
139878-3 Pendleton, P 56,902.23 51,650.00 4,724.46 56,374.46 8,720.00 47,654.46
140724-6 Ney, R 56,142.13 56,082.00 1,729.54 57,811.54 8,720.00 49,091.54
143574-2 Bullock, J 29,394.59 27,500.00 1,837.23 29,337.23 4,910.00 24,427.23
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
------------------------------------------------------------------------------------------------------
170,359.96 160,762.00 10,790.81 171,552.81 28,470.00 143,082.81
======================================================================================================
Net Current
Account Customer Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Number Name Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------------------
137462-8 Quiroz, R 554.59 0.00 3,671.64 (1,899.74)
138727-3 Cochran, J 1,207.68 0.00 16,475.67 (5,873.96)
139878-3 Pendleton, P 2,709.94 0.00 44,944.52 (11,957.71)
140724-6 Ney, R 2,208.66 0.00 46,882.88 (9,259.25)
143574-2 Bullock, J 1,483.71 0.00 22,943.52 (6,451.07)
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
----------------------------------------------------------------------
8,164.58 0.00 134,918.23 (35,441.73) (46,205.89)
======================================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: June 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 5 of 7
ACCELERATED PRINCIPAL DISTRIBUTION CALCULATION:
The Accelerated Principal Distribution is equal to the lesser of (C) or the positive difference, if any, between (A) and (B)
(A) TARGET OVERCOLLATERALIZATION AMOUNT 989,509.23
------------------
(B) CURRENT OVERCOLLATERALIZATION AMOUNT
The positive difference, if any, between
Scheduled Principal Balance 191,272,917.47
Certificate Principal Balance of all outstanding Classes of Certificates 190,283,408.24
------------------
989,509.23
------------------
(C) CURRENT CLASS X STRIP AMOUNT 542,713.29
------------------
ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 0.00
------------------
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: June 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 6 of 7
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current
Cert. Certificate Certificate Carryover Principal
Class Balances Balances Principal Due
- --------------------------------------------------------------------------------------------------------------------------
A-1 35,000,000.00 27,381,562.24 0.00 1,593,592.72
A-1 Outstanding Writedown 0.00 0.00 0.00
A-2 13,950,000.00 13,950,000.00 0.00 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00
A-3 25,200,000.00 25,200,000.00 0.00 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00
A-4 33,450,000.00 33,450,000.00 0.00 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00
A-5 53,195,000.00 53,195,000.00 0.00 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00
M 15,337,000.00 15,337,000.00 0.00 0.00
M Outstanding Writedown 0.00 0.00 0.00
B-1 14,843,000.00 14,843,000.00 0.00 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00
B-2 6,926,846.00 6,926,846.00 0.00 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 989,509.21 0.00 0.00
------------------------------------------------------------------------------------
197,901,846.00 191,272,917.45 0.00 1,593,592.72
====================================================================================
Current Ending Accelerated Ending Principal Paid
Cert. Principal Carryover Principal Writedown Certificate Pool Per $1,000
Class Paid Principal Distribution Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 1,593,592.72 0.00 0.00 0.00 25,787,969.52 73.67991% 45.53
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
A-2 0.00 0.00 0.00 0.00 13,950,000.00 100.00000% 0.00
A-2 Outstanding Writedown 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 0.00 25,200,000.00 100.00000% 0.00
A-3 Outstanding Writedown 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 0.00 33,450,000.00 100.00000% 0.00
A-4 Outstanding Writedown 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 0.00 53,195,000.00 100.00000% 0.00
A-5 Outstanding Writedown 0.00 0.00 0.00 0.00
M 0.00 0.00 0.00 0.00 15,337,000.00 100.00000% 0.00
M Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 0.00 14,843,000.00 100.00000% 0.00
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 0.00 6,926,846.00 100.00000% 0.00
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance 0.00 0.00 0.00 0.00 989,509.21
-----------------------------------------------------------------------------
1,593,592.72 0.00 0.00 0.00 189,679,324.73
=============================================================================
OAKWOOD MORTGAGE INVESTORS, INC. 1998-A REPORT DATE: June 12, 1998
OAKWOOD ACCEPTANCE CORP. - SERVICER POOL REPORT # 4
REMITTANCE REPORT
REPORTING MONTH: May-98 Page 7 of 7
CERTIFICATE INTEREST ANALYSIS
Certificate Remittance Beginning Current Total Interest Ending
Class Rate Balance Accrual Paid Shortfall Balance
----------------------------------------------------------------------------------------------------------
A-1 6.20000% 0.00 141,471.40 141,471.40 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 6.10000% 0.00 70,912.50 70,912.50 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 6.05000% 0.00 127,050.00 127,050.00 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 6.20000% 0.00 172,825.00 172,825.00 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 6.70000% 0.00 297,005.42 297,005.42 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
M 6.82500% 0.00 87,229.19 87,229.19 0.00 0.00
M Carryover Interest 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
B-1 7.50000% 0.00 92,768.75 92,768.75 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 8.73500% 0.00 50,421.67 50,421.67 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 1,000,273.37 542,713.29 507,271.56 35,441.73 1,035,715.10
R 0.00 0.00 0.00 0.00 0.00
Service Fee 0.00 159,394.10 159,394.10 0.00 0.00
----------------------------------------------------------------------------------------------
1,000,273.37 1,741,791.32 1,706,349.59 35,441.73 1,035,715.10
==============================================================================================
Interest Paid
Certificate Per $1,000 Cert. TOTAL
Class Denomination Class DISTRIBUTION
------------------------------------------------------------
A-1 5.17 A-1 1,735,064.12
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
A-2 5.08 A-2 70,912.50
A-2 Carryover Interest 0.00
A-2 Writedown Interest 0.00
A-3 5.04 A-3 127,050.00
A-3 Carryover Interest 0.00
A-3 Writedown Interest 0.00
A-4 5.17 A-4 172,825.00
A-4 Carryover Interest 0.00
A-4 Writedown Interest 0.00
A-5 5.58 A-5 297,005.42
A-5 Carryover Interest 0.00
A-5 Writedown Interest 0.00
M 5.69 M 87,229.19
M Carryover Interest 0.00
M Writedown Interest 0.00
B-1 6.25 B-1 92,768.75
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 7.28 B-2 50,421.67
B-2 Carryover Interest 0.00 CUMULATIVE X INTEREST SHORTFALL 1,035,715.10
B-2 Writedown Interest 0.00 CUMULATIVE ACCELERATED PRINCIPAL DISTRIB (989,509.21)
--------------
X X 507,271.56 CUMULATIVE LOSSES 46,205.89
--------------
R R 0.00
Service Fee 159,394.10
---------------
3,299,942.31
===============