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OMB Number 3235-0063
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934. [FEE REQUIRED]
For the fiscal year ended September 30, 2001
-------------------------------
or
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934. [NO FEE REQUIRED]
For the transition period from _______________ to _______________
Commission file number 333-72621-05
---------------
Oakwood Mortgage Investors, Inc, OMI TRUST 2000-C
- -------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 56-2218128
- -------------------------------- ---------------------
State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization
c/o Wells Fargo Bank Minnesota, N.A.
Attention: Lawrence Rossiter
MAC N 9311-161
Sixth Street & Marquette Minneapolis, Minnesota 55479
---------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (612) 667-3529
-------------------
Securities registered pursuant to Section 12(b) of the Act: None
------
Securities registered pursuant to Section 12(g) of the Act: None
------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] Yes [_] No
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K ((S) 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]
OMI Trust 2000-C
Oakwood Mortgage Investors, Inc.
Manufactured Housing Contract Senior/Subordinated
Pass-Through Certificates, Series 2000-C
FORM 10-K
INDEX
PART I.
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders
PART II.
Item 1. Market for Registrant's Common Equity and Related
Stockholder Matters
Item 2. Selected Financial Data
Item 3. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Item 4. Financial Statements and Supplementary Data
Item 5. Changes In and Disagreements With Accountants on Accounting
and Financial Disclosure
PART III.
Item 1. Directors and Executive Officers of the Registrant
Item 2. Executive Compensation
Item 3. Security Ownership of Certain Beneficial Owners and
Management
Item 4. Certain Relationships and Related Transactions
PART IV.
Item 1. Exhibits, Financial Statement Schedules and
Reports on Form 8-K
SIGNATURES
INDEX OF EXHIBITS
PART I
Item 1. Business.
Not Applicable.
Item 2. Properties.
Not Applicable.
Item 3. Legal Proceedings.
Not Applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
Not Applicable.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters.
At the end of the Registrant's fiscal year, there were a total of 10
----
holders of the Registrant's Series 2000-C Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Class A-1, Class M-1, Class M-2,
Class B-1, Class B-2 (collectively, the "Certificates").
Item 6. Selected Financial Data.
Not Applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
Not Applicable.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9. Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure.
Not Applicable.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11. Executive Compensation.
Not Applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Not Applicable.
Item 13. Certain Relationships and Related Transactions.
Not Applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
Exhibits
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified
Public Accountants as Required by Section 3.13(b) of Oakwood
Mortgage Investors, Inc.'s Standard Terms to Pooling and
Servicing Agreement (May 1999 Edition).
99.3 Servicer's Annual Compliance Statement as Required by
Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s
Standard Terms to Pooling and Servicing Agreement (May 1999
Edition)
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 2000-C, Registrant
By: OAKWOOD ACCEPTANCE CORPORATION, LLC
as servicer
Dated: December 21, 2001 /s/ Derek M Surette
-------------------
Derek M Surette
Vice President/ Controller
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
----------------
99.1 Annualized Remittance Report.
99.2 Annual Report of Registrant's Independent Certified
Public Accountants as Required by Section 3.13(b) of Oakwood
Mortgage Investors, Inc.'s Standard Terms to Pooling and
Servicing Agreement (May 1999 Edition).
99.3 Servicer's Annual Compliance Statement as Required by
Section 3.13(a) of Oakwood Mortgage Investors, Inc.'s
Standard Terms to Pooling and Servicing Agreement (May 1999
Edition)
OAKWOOD MORTGAGE INVESTORS, INC 2000-C Note: This fiscal year-end series report, reports
Oakwood Acceptance Corp. - Servicer information on the assets included in OMI Trust 2000-C
Fiscal Year Ended Series Report as of the end of the prepayment period that began on
Reporting: Fiscal Year 2001 October 1, 2000 and ended on September 30, 2001 and as
of the end of the collection period that began on
October 2, 2000 and ended on October 1, 2001.
Accordingly, the information presented with regard to
the certificates reflects information as of the close of
business on October 15, 2001, which is the distribution
date on which collections made and losses incurred
during such prepayment period and collection period
were passed through to certificate holders
Scheduled Principal Balance of Contracts
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Ending
Principal Scheduled Prepaid Liquidated Pre-Funding Principal
Balance Principal Principal Principal Balance
- --------------------------------------------------------------------------------------------------------------------------------
198,526,810.23 (5,629,123.63) (24,607,652.08) (4,140,162.88) 64,416,537.52 228,566,409.16
================================================================================================================================
Scheduled Scheduled Amount
Gross Servicing Pass Thru Liquidation Reserve Available for Limited Total
Interest Fee Interest Proceeds Fund Draw Distribution Guarantee Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
29,380,490.53 2,443,383.62 26,937,106.91 2,536,701.18 0.00 62,153,967.42 0.00 62,153,967.42
====================================================================================================================================
Certificate Account
- -------------------------------------------------------------------------------------------------------
Beginning Deposits Investment Ending
Balance Principal Interest Distributions Interest Balance
- -------------------------------------------------------------------------------------------------------
3,090,263.59 34,068,934.46 27,402,800.78 (64,630,623.62) 69,386.22 761.43
=======================================================================================================
P&I Advances at Distribution Date
-----------------------------------------------------------------------------
Beginning Recovered Current Ending
Balance Advances Advances Balance
----------------------------------------------------------------------------
418,177.25 (21,587,238.13) 24,836,379.33 3,667,318.45
==============================================================================
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 2001
Gross Repossessions Repo Properties Brought Net Current Repos Aggregate Repo Properties
Current by Borrower in Trust at Month-End
# Principal Balance # Principal Balance # Principal Balance # Principal Balance
-----------------------------------------------------------------------------------------------------------------------
Oct-00 7 182649.77 0 0.00 7 182,649.77 7 182,649.77
Nov-00 19 517418.23 0 0.00 12 334,778.10 19 517,427.87
Dec-00 38 1078639.11 0 0.00 20 614,153.38 39 1,131,581.25
Jan-01 49 1586856.75 (2) (18,470.44) 21 696,900.24 58 1,810,011.05
Feb-01 94 3145848.38 0 0.00 50 1,657,898.72 108 3,467,909.77
Mar-01 110 3844249.59 (2) (47,320.83) 32 1,123,406.98 138 4,543,995.92
Apr-01 107 4008232.27 (1) (25,975.41) 21 815,837.94 158 5,333,858.45
May-01 127 4598259.02 (3) (125,435.06) 32 1,013,441.21 187 6,221,864.60
Jun-01 147 5463016.11 (1) (37,881.28) 36 1,338,180.32 222 7,522,163.64
Jul-01 157 5888679.78 0 0.00 26 951,050.06 248 8,473,213.70
Aug-01 150 5928772.04 (1) (29,624.86) 20 912,730.46 267 9,356,319.30
Sep-01 159 6502941.51 0 0.00 31 1,275,371.79 298 10,631,691.09
-----------------------------------------------------------------------------------------------------------------------
Total of month
end balance 1,164 42,745,562.56 (10) (284,707.88) 308 10,916,398.97 1,749 59,192,686.41
=======================================================================================================================
Average month
end balance 97 3,562,130.21 (1) (23,725.66) 26 909,699.91 146 4,932,723.87
=======================================================================================================================
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 2001
Delinquency Analysis
31 to 59 days 60 to 89 days 90 days and Over
No. of Principal Principal Principal
Loans Balance # Balance # Balance
-----------------------------------------------------------------------------------------
Oct-00 100 2,331,185.39 16 341,483.35 1 27,390.08
Nov-00 170 5,442,221.49 34 933,542.99 16 450,524.75
Dec-00 314 9,308,623.10 71 2,209,025.88 32 833,523.21
Jan-01 194 6,063,501.20 102 3,369,510.07 78 2,589,125.81
Feb-01 193 5,554,135.39 70 2,611,634.56 134 4,576,142.53
Mar-01 169 5,325,172.49 76 2,869,266.27 159 5,805,350.49
Apr-01 209 6,521,861.28 99 3,199,392.66 192 7,442,944.12
May-01 224 7,210,612.56 94 3,177,957.62 258 9,496,235.10
Jun-01 273 8,920,779.31 118 4,329,240.85 305 11,432,499.61
Jul-01 215 6,535,711.14 149 5,199,029.02 380 14,349,812.27
Aug-01 225 7,113,910.32 122 4,245,658.31 466 17,503,108.52
Sep-01 287 8,712,123.27 131 4,574,067.94 518 19,478,812.96
----------------------------------------------------------------------------------------
Total of month
end balance 2,573 79,039,836.94 1,082 37,059,809.52 2,539 93,985,469.45
========================================================================================
Average month
end balance 214 6,586,653.00 90 3,088,317.00 212 7,832,122.00
========================================================================================
Total Delinq.
Principal
# Balance
------------------------------
Oct-00 117 2,700,058.82
Nov-00 220 6,826,289.23
Dec-00 417 12,351,172.19
Jan-01 374 12,022,137.08
Feb-01 397 12,741,912.48
Mar-01 404 13,999,789.25
Apr-01 500 17,164,198.06
May-01 576 19,884,805.28
Jun-01 696 24,682,519.77
Jul-01 744 26,084,552.43
Aug-01 813 28,862,677.15
Sep-01 936 32,765,004.17
-------------------------------
Total of month
end balance 6,194 210,085,115.91
===============================
Average month
end balance 516 17,507,093.00
===============================
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 2001
REPOSSESSION LIQUIDATION REPORT
See Monthly Investor Report for Detail
Net
Prepayment Liquidated Sales Insur. Total Repossession Liquidation
Principal
Period Balance Proceeds Refunds Proceeds Expenses Proceeds
- ---------------------------------------------------------------------------------------------------------------------------
Oct-00 0.00 0.00 0.00 0.00 0.00 0.00
Nov-00 0.00 0.00 0.00 0.00 0.00 0.00
Dec-00 55,416.71 51,900.00 3,164.34 55,064.34 11,377.00 43,687.34
Jan-01 167,678.10 159,850.00 2,127.20 161,977.20 39,549.00 122,428.20
Feb-01 97,414.93 83,900.00 1,650.44 85,550.44 21,084.00 64,466.44
Mar-01 432,640.22 370,850.00 59,669.63 430,519.63 82,500.50 348,019.13
Apr-01 617,868.08 547,313.51 13,572.51 560,886.02 118,493.45 442,392.57
May-01 295,082.23 243,000.00 6,315.45 249,315.45 48,785.00 200,530.45
Jun-01 429,370.14 425,697.55 4,169.88 429,867.43 97,633.23 332,234.20
Jul-01 519,440.53 449,224.46 6,357.18 455,581.64 79,538.50 376,043.14
Aug-01 833,044.73 758,010.00 10,851.35 768,861.35 168,235.30 600,626.05
Sep-01 692,207.21 662,590.00 10,131.65 672,721.65 165,395.70 507,325.95
-----------------------------------------------------------------------------------------------------------
Total 4,140,162.88 3,752,335.52 118,009.63 3,870,345.15 832,591.68 3,037,753.47
===========================================================================================================
Net Current
Prepayment Unrecov. FHA Insurance Pass Thru Period Net Cumulative
Period Advances Coverage Proceeds Gain/(Loss) Gain/(Loss)
- ------------------------------------------------------------------------------------------------------------
Oct-00 0.00 0.00 0.00 0.00
Nov-00 0.00 0.00 0.00 0.00
Dec-00 2,788.35 0.00 40,898.99 (14,517.72)
Jan-01 13,396.56 0.00 109,031.64 (58,646.46)
Feb-01 8,633.15 0.00 55,833.29 (41,581.64)
Mar-01 32,785.66 0.00 315,233.47 (117,406.75)
Apr-01 72,086.08 0.00 370,306.49 (247,561.59)
May-01 28,388.46 0.00 172,141.99 (122,940.24)
Jun-01 57,236.98 0.00 274,997.22 (154,372.92)
Jul-01 69,946.95 0.00 306,096.19 (213,344.34)
Aug-01 110,584.87 0.00 490,041.18 (343,003.55)
Sep-01 105,205.23 0.00 402,120.72 (290,086.49)
---------------------------------------------------------------------------------------------
Total 501,052.29 0.00 2,536,701.18 (1,603,461.70) (1,603,461.70)
=============================================================================================
Oakwood Acceptance Corp. Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 2001
CERTIFICATE PRINCIPAL ANALYSIS
PRINCIPAL
Original Beginning Beginning Current Current
Cert. Certificate Certificate Principal Shortfall Principal Principal
Class Balances Balances Carry-Over Due Paid
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 189,284,000.00 185,623,611.32 0.00 34,376,938.59 34,376,938.59
A-1 Outstanding Writedown 0.00
M-1 26,660,000.00 26,660,000.00 0.00 0.00 0.00
M-1 Outstanding Writedown 0.00
M-2 14,663,000.00 14,663,000.00 0.00 0.00 0.00
M-2 Outstanding Writedown 0.00
B-1 13,330,000.00 13,330,000.00 0.00 0.00 0.00
B-1 Outstanding Writedown 0.00
B-2 14,663,000.00 14,663,000.00 0.00 0.00 0.00
B-2 Outstanding Writedown 0.00
Excess Asset Principal Balance 7,997,938.14 8,003,856.91 0.00 0.00 0.00
--------------------------------------------------------------------------------
266,597,938.14 262,943,468.23 0.00 34,376,938.59 34,376,938.59
================================================================================
Accelerated Ending Principal Ending Principal Paid
Cert. Principal Shortfall Carry- Writedown Certificate Pool Per $1,000
Class Distribution Over Amounts Balances Factor Denomination
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 6,245,688.95 0.00 0.00 145,000,983.78 76.60499% 214.61205
A-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-1 0.00 0.00 0.00 26,660,000.00 100.00000% 0.00000
M-1 Outstanding Writedown 0.00 0.00 0.00 0.00
M-2 0.00 0.00 0.00 14,663,000.00 100.00000% 0.00000
M-2 Outstanding Writedown 0.00 0.00 0.00 0.00
B-1 0.00 0.00 0.00 13,330,000.00 100.00000% 0.00000
B-1 Outstanding Writedown 0.00 0.00 0.00 0.00
B-2 0.00 0.00 0.00 14,663,000.00 100.00000% 0.00000
B-2 Outstanding Writedown 0.00 0.00 0.00 0.00
Excess Asset Principal Balance (6,245,688.95) 0.00 0.00 14,249,425.38
-------------------------------------------------------------------------------
0.00 0.00 0.00 228,566,409.16 4.77
===============================================================================
(1) This represents the amount of losses on the assets that were
allocated to reduce the outstanding principal balance of the
certificates in accordance with the applicable pooling and
servicing agreement.
Oakwood Acceptance Corp. - Servicer
Fiscal Year Ended Series Report
Reporting: Fiscal Year 2001
CERTIFICATE INTEREST ANALYSIS
Beginning Carry- Current Priority
Certificate Pass-Through Over Priority Interest Total
Class Rate Interest Balance Accrual Paid
--------------------------------------------------------------------------
A-1 7.72000% 0.00 12,670,214.30 12,670,214.30
A-1 Carryover Interest 0.00 0.00 0.00
A-1 Writedown Interest 0.00 0.00 0.00
M-1 8.49000% 0.00 2,263,434.00 2,263,434.00
M-1 Carryover Interest 0.00 0.00
M-1 Writedown Interest 0.00 0.00 0.00
M-2 8.90000% 0.00 1,305,006.96 1,305,006.96
M-2 Carryover Interest 0.00 0.00 0.00
M-2 Writedown Interest 0.00 0.00 0.00
B-1 9.42000% 0.00 1,255,686.00 1,255,686.00
B-1 Carryover Interest 0.00 0.00 0.00
B-1 Writedown Interest 0.00 0.00 0.00
B-2 10.50000% 0.00 1,539,615.00 1,539,615.00
B-2 Carryover Interest 0.00 0.00 0.00
B-2 Writedown Interest 0.00 0.00 0.00
X 43,462,051.44 7,849,150.65 0.00
R 0.00 0.00 0.00
Service Fee 1.00000% 0.00 2,443,383.62 2,443,383.62(1)
Current Trustee Fees 54,000.00
-------------------------------------------------------
43,462,051.44 29,326,490.53 21,531,339.88
=======================================================
Ending Carry-Over Interest Paid
Certificate Priority Interest Per $1,000 Cert. TOTAL
Class Balance Denomination Class DISTRIBUTION
-----------------------------------------------------------------
A-1 0.00 66.93759 A-1 53,292,841.84
A-1 Carryover Interest 0.00
A-1 Writedown Interest 0.00
M-1 0.00 84.90000 M-1 2,263,434.00
M-1 Carryover Interest 0.00
M-1 Writedown Interest 0.00
M-2 0.00 89.00000 M-2 1,305,006.96
M-2 Carryover Interest 0.00
M-2 Writedown Interest 0.00
B-1 0.00 94.20000 B-1 1,255,686.00
B-1 Carryover Interest 0.00
B-1 Writedown Interest 0.00
B-2 0.00 105.00000 B-2 1,539,615.00
B-2 Carryover Interest 0.00
B-2 Writedown Interest 0.00
X 51,311,202.09 X 0.00
R 0.00 R 0.00
Service Fee 0.00 2,443,383.62
Current Trustee Fees 54,000.00
------------------ ------------------
51,311,202.09 62,153,967.42(1)
================== ==================
(1) Pursuant to the applicable pooling and servicing agreeme nt, $2,443,383.62
of the amounts available for distribution on distribution dates during the
fiscal year were used to pay servicing fees due the servicer.
Consequently, the total amount distributed on the certificates during the fiscal
year was $59,710,583.80