8-K 1 d8k.txt FORM 8-K 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) May 31, 2002 ------------ Oakwood Mortgage Investors, Inc. -------------------------------- (Exact name of registrant as specified in charter) Nevada 333-70496 88-0396566 ---------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 101 Convention Center Drive, Suite 850, Las Vegas, Nevada 89109 ----------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (702) 949-0056 -------------- ================================================================================ (Former name or former address, if changed since last report.) Item 5. Other Events. On May 31, 2002, the Registrant caused the issuance and sale of $235,271,000 aggregate initial principal amount of Senior/Subordinated Pass-Through Certificates, Series 2002-B (the "Certificates") pursuant to the Series 2002-B Pooling and Servicing Agreement, dated as of May 1, 2002 (the "Pooling and Servicing Agreement"), among the Registrant, Oakwood Acceptance Corporation, LLC, as Servicer, and JPMorgan Chase Bank, as Trustee, and the related Standard Terms to the Pooling and Servicing Agreement (September 2001 Edition) (the "Standard Terms"). The Certificates were issued in eleven Classes with Pass-Through Rates and initial Certificate Principal Balances as set forth below:

~~Percentage~~Initial ofCertificate ~~Number~~Designation ~~of 8~~Pass-KThrough ~~Aggregate~~Rate ~~Scheduled Asset Pool by Scheduled Credit Bureau Score/(1)/ Assets~~ Principal Balance ~~Principal Balance~~ ----------- ----------------- -----------------~~-----------------------------------------------------------------~~ ~~Not~~Class ~~Available/~~A-1 (21)/ 64 $262,~~118~~300,~~432.90~~000 ~~5.73%~~Class 3A-2 ~~or 30~~ (~~Insufficient Credit History~~2)~~/(3)/~~ ~~8 312~~$50,~~088.82 0.84 341 to 500 41 1~~200,~~495,456.15~~000 ~~4.05~~Class ~~501~~A-3 to(3) ~~510 15 640,054.63 1.73 511 to 520 19 918,292.~~$22 ~~2.49 521 to 530 10 328~~,~~754.01 0.89 531 to 540 11 402~~500,~~314.10~~000 ~~1.09~~Class ~~541~~A-4 to 550 15 510,949.99 1.38 551 to 560 14 457,521.28 1.24 561 to 570 14 734,302.18 1.99 571 to 580 16 597,579.18 1.62 581 to 590 29 1,414,563.91 3.83 591 to 600 32 1,370,690.82 3.71 601 to 610 25 1,628,499.18 (4~~.41~~) ~~611 to 620~~ $31 1,~~622~~806,~~772.15~~000 ~~4.39~~Class ~~621~~A-IO to(5) ~~630 34 2,048,843.75~~ (5~~.54~~) ~~631~~Class toM-1 ~~640~~(6) ~~34 2~~$24,~~003~~896,~~575.78~~000 ~~5.42~~Class ~~641~~M-2 to(7) ~~650 34 2~~$17,~~325~~428,~~558.30~~000 ~~6.29~~Class ~~651 to 660 23~~ B-1~~,408,325.70~~ ~~3.81 661 to 719 129~~ (8) $11,~~897~~826,~~441.36~~000 ~~24.08~~Class ~~720~~B-2 or(9) ~~Greater 79 5~~$14,~~714~~315,~~732.83~~000 ~~15.47~~Class ~~---~~X ~~-------------~~(10) ~~------~~(10) ~~Total~~Class ~~677~~R ~~$36,950,749.24~~(11) ~~100.00% === ============== ======~~(11)

(1) The Pass-Through Rate on the Class A-1 Certificates for any Distribution Date shall be the per annum rate equal to the lesser of (i) One-Month LIBOR, as determined (except for the initial Distribution Date) on the applicable Floating Rate Determination Date, plus 0.23% and (ii) the Adjusted Weighted Average Net Asset Rate. For the initial Distribution Date, the Pass-Through Rate for the Class A-1 Certificates will be 2.07% per annum, and the initial Interest Accrual Period for the Class A-1 Certificates will commence on the Closing Date and end on June 14, 2002. (2) The Pass-Through Rate on the Class A-2 Certificates for any Distribution Date shall be equal to the lesser of (i) 5.19% per annum and (ii) the Adjusted Weighted Average Net Asset Rate. (3) The Pass-Through Rate on the Class A-3 Certificates for any Distribution Date shall be equal to the lesser of (i) 6.06% per annum and (ii) the Adjusted Weighted Average Net Asset Rate. (4) The Pass-Through Rate on the Class A-4 Certificates for any Distribution Date shall be equal to the lesser of (i) 7.09% per annum and (ii) the Adjusted Weighted Average Net Asset Rate. (5) The Class A-IO Certificates are interest only certificates that have no principal balance but are entitled to distributions of interest at a Pass-Through Rate for any Distribution Date equal to 6.00% per annum on the Class A-IO Notional Principal Balance. (6) The Pass-Through Rate on the Class M-1 Certificates for any Distribution Date shall be equal to the lesser of (i) 7.62% per annum and (ii) the Adjusted Weighted Average Net Asset Rate. (7) The Pass-Through Rate on the Class M-2 Certificates for any Distribution Date shall be equal to the lesser of (i) 8.50% per annum and (ii) the Adjusted Weighted Average Net Asset Rate. (8) The Pass-Through Rate on the Class B-1 Certificates for any Distribution Date shall be equal to the lesser of (i) 8.50% per annum and (ii) the Adjusted Weighted Average Net Asset Rate. (9) The Pass-Through Rate on the Class B-2 Certificates for any Distribution Date shall be equal to the lesser of (i) 9.70% per annum and (ii) the Adjusted Weighted Average Net Asset Rate. If, on any Distribution Date, the Pass-Through Rate on the Class B-2 Certificates is equal to the Adjusted Weighted Average Net Asset Rate, the Class B-2 Certificates will be entitled to the Class B-2 Certificateholders' Interest Carryover Amount. (10) The Class X Certificates shall have no Certificate Principal Balance and no Pass-Through Rate. The Class X Certificates will represent the right to receive, on each Distribution Date, the applicable Class X Strip Amount and any Class X Carryover Strip Amount. (11) The Class R Certificates shall have no Certificate Principal Balance and no Pass-Through Rate, and shall represent the residual interest in each of the Pooling REMIC, the Intermediate REMIC and the Issuing REMIC. Following the division of the Class R Certificates into three separately transferable, certificated and fully registered certificates in accordance with Section 15(b) of the Pooling and Servicing Agreement, the Class R-1, Class R-2 and Class R-3 Certificates shall have no Certificate Principal Balances and no Pass-Through Rates and shall represent the residual interest in the Issuing REMIC, the Intermediate REMIC and the Pooling REMIC, respectively. The Certificates evidence, in the aggregate, the entire beneficial ownership interest in OMI Trust 2002-B (the "Trust"), which consists primarily of a pool of Assets transferred to the Trust by the Registrant pursuant to the Pooling and Servicing Agreement. The Assets were purchased by the Registrant in privately-negotiated transactions with OMI Note Trust 2001-A ("Trust 2001-A") pursuant to a Sales Agreement, dated as of May 1, 2002, between the Registrant and Trust 2001-A. Elections will be made to treat certain assets owned by the Trust as two or more "real estate mortgage investment conduits" (the "REMICs") under the Internal Revenue Code of 1986, as amended. The Certificates, except for the Class R Certificates, will be designated as the "regular interests" in the upper tier REMIC; provided, however, that the Class B-2 Certificates will represent beneficial ownership of a "regular interest" and the right to receive the Class B-2 Certificateholders' Carryover Amount. The Class R Certificates will be designated as the "residual interests" in each of the REMICs. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-IO, Class M-1, Class M-2 and Class B-1 Certificates are collectively referred to herein as the "Offered Certificates." The Offered Certificates are senior to the Class B-2, Class X and Class R Certificates. The Offered Certificates have been sold by the Registrant to Credit Suisse First Boston Corporation ("CSFB") and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch" and together with CSFB, the "Underwriters") pursuant to a Terms Agreement, dated as of May 20, 2002, among the Underwriters, Oakwood Acceptance Corporation, LLC, a Delaware limited liability company ("OAC") and the Registrant, which incorporates by reference the Registrant's Underwriting Agreement Standard Provisions, February 2002. The Class B-2, Class X and Class R 2 Certificates have been transferred to Oakwood Financial Corporation, a Nevada corporation ("OFC") and an affiliate of the Registrant. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement or, if not defined in the Pooling and Servicing Agreement, the meanings assigned to them in the Standard Terms. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. 1.1 Terms Agreement, dated May 20, 2002, among the Registrant, Oakwood Acceptance Corporation, LLC and Credit Suisse First Boston Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Underwriters, relating to the Offered Certificates (related exhibits available upon request of the Registrant) 4.1 Copy of the Series 2002-B Pooling and Servicing Agreement, dated as of May 1, 2002, by and among the Registrant, Oakwood Acceptance Corporation, LLC, as Servicer, and JPMorgan Chase Bank, as Trustee (related exhibits available upon request of the Trustee) 8.1 Tax Opinion of Messrs. Hunton & Williams 23.1 Consent of Messrs. Hunton & Williams (included in Exhibit 8.1) [SIGNATURE PAGE FOLLOWS] 3 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. Date: June 11, 2002 OAKWOOD MORTGAGE INVESTORS, INC. By: /s/ Dennis Hazelrigg ------------------------------------ Name: Dennis Hazelrigg Title: President INDEX TO EXHIBITS

~~Aggregate~~Page ~~Percentage~~---- of1.1 ~~Scheduled~~Terms ~~Asset~~Agreement, ~~Pool~~dated byMay ~~Scheduled~~20, ~~Unit~~2002, ~~Type~~among ~~Number~~the ofRegistrant, ~~8-K~~Oakwood ~~Assets~~Acceptance ~~Principal~~Corporation, ~~Balance~~LLC ~~Principal~~and ~~Balance~~Credit ~~------------------------------------------------------------------------------------------------------------~~Suisse ~~Multi-section~~First ~~home~~Boston ~~405~~Corporation ~~$28~~and Merrill Lynch,~~359~~ Pierce,~~266.09~~ ~~76.75%~~Fenner ~~Single-section~~& ~~home~~Smith ~~272~~Incorporated, 8as Underwriters,~~591,483.15~~ ~~23.25~~relating ~~---~~to ~~--------------~~the ~~------~~Offered ~~Total~~Certificates ~~677~~(related ~~$36,950,749~~exhibits available upon request of the Registrant) .24...................................... ~~100~~[Electronic Format] 4.~~00%~~1 ~~===~~Copy ~~==============~~of ~~======~~the ~~All~~Series 82002-KB ~~Assets--Property~~Pooling ~~Type~~and ~~Aggregate~~Servicing ~~Percentage~~Agreement, dated as of ~~Scheduled~~May ~~Asset~~1, ~~Pool~~2002, by ~~Scheduled~~and ~~Property~~among ~~Type~~the ~~Number~~Registrant, ofOakwood ~~8-K~~Acceptance ~~Assets~~Corporation, ~~Principal~~LLC, ~~Balance~~as ~~Principal~~Servicer, ~~Balance~~and ~~------------------------------------------------------------------------------------------------------------~~JPMorgan ~~Home-only~~Chase ~~Contract~~Bank ~~524~~(related ~~$22,481,369~~exhibits available upon request of the Trustee) .58................................ 60[Electronic Format] 8.~~84%~~1 ~~Mortgage~~Tax ~~Loan~~Opinion ~~151~~of ~~14,347,520~~Messrs.40 ~~38.83~~Hunton ~~Land-in-lieu~~& ~~Mortgage~~Williams ~~Loan~~........................................ 2[Electronic ~~121,859~~Format] 23.261 0Consent of Messrs.33 ~~---~~Hunton ~~--------------~~& ~~------~~Williams ~~Total~~(included ~~677~~in ~~$36,950,749~~Exhibit 8.241) ~~100~~.~~00%~~................. ~~===~~[Electronic ~~============== ======~~Format]

Aggregate Percentage of Scheduled Asset Pool by Scheduled Geographic Location Number of 8-K Assets Principal Balance Principal Balance -------------------------------------------------------------------------------------------------- Alabama 18 $ 718,691.21 1.94% Arizona 25 1,705,533.39 4.62 Arkansas 14 648,125.87 1.75 California 21 1,850,099.21 5.01 Colorado 12 687,070.88 1.86 Delaware 6 389,326.48 1.05 Florida 20 960,990.60 2.60 Georgia 27 1,194,269.49 3.23 Idaho 13 1,040,054.09 2.81 Indiana 1 85,731.36 0.23 Kansas 13 726,465.63 1.97 Kentucky 9 577,487.58 1.56 Louisiana 22 939,223.20 2.54 Maryland 3 186,998.70 0.51 Michigan 15 926,000.16 2.51 Minnesota 1 46,956.00 0.13 Mississippi 9 318,321.59 0.86 Missouri 14 666,788.99 1.80 Nevada 6 443,266.64 1.20 New Mexico 9 797,329.23 2.16 North Carolina 120 5,944,863.48 16.09 Ohio 11 651,136.35 1.76 Oklahoma 8 594,174.84 1.61 Oregon 7 541,168.00 1.46 South Carolina 81 3,476,186.16 9.41 Tennessee 30 1,424,831.10 3.86 Texas 89 4,764,843.22 12.90 Utah 5 387,368.42 1.05 Virginia 47 2,853,214.49 7.72 Washington 7 798,849.08 2.16 West Virginia 13 569,241.92 1.54 Wyoming 1 36,141.88 0.10 --- -------------- ------ Total 677 $36,950,749.24 100.00% === ============== ======

Aggregate Percentage of Year of Origination Number of 8-K Scheduled Asset Pool by Scheduled Assets Principal Balance Principal Balance ------------------------------------------------------------------------------------------------------- 1997 1 $ 28,464.66 0.08% 1998 2 102,779.06 0.28 1999 1 18,450.87 0.05 2000 1 37,509.00 0.10 2001 67 4,247,444.21 11.49 2002 605 32,516,101.44 88.00 --- -------------- ------ Total 677 $36,950,749.24 100.00% === ============== ====== All 8-K Assets--Distribution of Remaining Loan Balance (1) Percentage of Number of 8-K Aggregate Scheduled Asset Pool by Scheduled Remaining Loan Balance Assets Principal Balance Principal Balance ------------------------------------------------------------------------------------------------------- $ 5,000.00 - $ 9,999.99 3 $ 23,485.31 0.06% $10,000.00 - $14,999.99 5 68,379.88 0.19 $15,000.00 - $19,999.99 19 336,316.76 0.91 $20,000.00 - $24,999.99 39 886,067.09 2.40 $25,000.00 - $29,999.99 80 2,225,368.28 6.02 $30,000.00 - $34,999.99 86 2,787,532.13 7.54 $35,000.00 - $39,999.99 53 1,983,058.46 5.37 $40,000.00 - $44,999.99 36 1,514,750.72 4.10 $45,000.00 - $49,999.99 36 1,695,566.50 4.59 $50,000.00 - $54,999.99 44 2,309,685.34 6.25 $55,000.00 - $59,999.99 40 2,291,018.70 6.20 $60,000.00 - $64,999.99 38 2,372,004.29 6.42 $65,000.00 - $69,999.99 30 2,025,131.49 5.48 $70,000.00 - $74,999.99 18 1,310,849.82 3.55 $75,000.00 - $79,999.99 25 1,923,209.17 5.20 $80,000.00 - $84,999.99 14 1,160,841.52 3.14 $85,000.00 - $89,999.99 20 1,763,264.16 4.77 $90,000.00 - $94,999.99 16 1,479,067.06 4.00 $95,000.00 - $99,999.99 14 1,362,340.11 3.69 $100,000.00 or more 61 7,432,812.45 20.12 --- -------------- ------ Total 677 $36,950,749.24 100.00% === ============== ======

Aggregate Percentage of Scheduled Asset Pool by Scheduled Original Loan Balance Number of 8-K Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- $ 5,000.00 - $ 9,999.99 3 $ 23,485.31 0.06% $ 10,000.00 - $14,999.99 5 68,379.88 0.19 $ 15,000.00 - $19,999.99 18 317,865.89 0.86 $ 20,000.00 - $24,999.99 40 904,517.96 2.45 $ 25,000.00 - $29,999.99 77 2,137,061.87 5.78 $ 30,000.00 - $34,999.99 89 2,875,838.54 7.78 $ 35,000.00 - $39,999.99 53 1,983,058.46 5.37 $ 40,000.00 - $44,999.99 35 1,473,233.69 3.99 $ 45,000.00 - $49,999.99 37 1,737,083.53 4.70 $ 50,000.00 - $54,999.99 44 2,309,685.34 6.25 $ 55,000.00 - $59,999.99 40 2,291,018.70 6.20 $ 60,000.00 - $64,999.99 38 2,372,004.29 6.42 $ 65,000.00 - $69,999.99 30 2,025,131.49 5.48 $ 70,000.00 - $74,999.99 18 1,310,849.82 3.55 $ 75,000.00 - $79,999.99 25 1,923,209.17 5.20 $ 80,000.00 - $84,999.99 13 1,076,331.89 2.91 $ 85,000.00 - $89,999.99 21 1,847,773.79 5.00 $ 90,000.00 - $94,999.99 16 1,479,067.06 4.00 $ 95,000.00 - $99,999.99 14 1,362,340.11 3.69 $100,000.00 or more 61 7,432,812.45 20.12 --- -------------- ------ Total 677 $36,950,749.24 100.00% === ============== ======

Aggregate Percentage of Scheduled Asset Pool by Scheduled Current Asset Rate Number of 8-K Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- 6.000% - 6.999% 6 $ 354,036.63 0.96% 7.000% - 7.999% 89 8,530,033.88 23.08 8.000% - 8.999% 51 4,197,693.95 11.36 9.000% - 9.999% 58 4,108,720.23 11.12 10.000% - 10.999% 66 3,781,045.23 10.23 11.000% - 11.999% 53 3,193,331.03 8.64 12.000% - 12.999% 49 2,453,153.76 6.64 13.000% - 13.999% 47 2,021,355.90 5.47 14.000% - 14.999% 96 3,806,730.24 10.30 15.000% - 15.999% 51 1,434,005.81 3.88 16.000% or more 111 3,070,642.58 8.31 --- -------------- ------ Total 677 $36,950,749.24 100.00% === ============== ======

Aggregate Percentage of Scheduled Asset Pool by Scheduled Remaining Term to Maturity Number of 8-K Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- 1 - 60 1 $ 8,283.61 0.02% 61 - 96 6 158,814.22 0.43 97 - 120 6 97,050.20 0.26 121 - 156 31 656,106.99 1.78 157 - 180 44 1,299,951.84 3.52 181 - 216 3 85,876.63 0.23 217 - 240 143 4,846,712.88 13.12 241 - 300 118 4,926,941.67 13.33 301 - 360 325 24,871,011.20 67.31 --- -------------- ------- Total 677 $36,950,749.24 100.00% === ============== =======

Percentage of Aggregate Scheduled Asset Pool by Scheduled Original Term to Maturity Number of 8-K Assets Principal Balance Principal Balance ------------------------------------------------------------------------------------------------------ 1 - 60 1 $ 8,283.61 0.02% 61 - 96 5 140,363.35 0.38 97 - 120 7 115,501.07 0.31 121 - 156 31 656,106.99 1.78 157 - 180 42 1,229,970.15 3.33 181 - 216 4 127,393.66 0.34 217 - 240 144 4,875,177.54 13.19 241 - 300 118 4,926,941.67 13.33 301 - 360 325 24,871,011.20 67.31 --- ------------- ----- Total 677 $36,950,749.24 100.00% === ============== =======

Percentage of Aggregate Scheduled Asset Pool by Scheduled Loan-to-Value Ratio(1) Number of 8-K Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------- 50% or less 5 $ 309,075.68 0.84% 51% - 55% 5 287,918.32 0.78 56% - 60% 5 176,747.93 0.48 61% - 65% 6 297,983.82 0.81 66% - 70% 23 1,160,066.25 3.14 71% - 75% 17 1,270,376.49 3.44 76% - 80% 22 1,558,256.97 4.22 81% - 85% 26 1,827,156.84 4.94 86% - 90% 116 6,880,946.04 18.62 91% - 95% 270 13,709,463.17 37.10 96% - 100% 182 9,472,757.73 25.64 --- ------------ ----- Total 677 $36,950,749.24 100.00% === ============== =======

Percentage of Number of Aggregate the Repossessed 8-K Assets Repossessed 8-K Scheduled by Scheduled Principal Credit Bureau Score Assets Principal Balance Balance ------------------------------------------- ----------------- ------------------ ---------------------------- Not Available/(2)/ 45 $1,372,239.20 21.35% 3 or 30 (Insufficient Credit History)/(3)/ 3 102,757.76 1.60 341 to 500 27 830,650.85 12.92 501 to 510 15 640,054.63 9.96 511 to 520 11 366,675.61 5.70 521 to 530 9 297,153.01 4.62 531 to 540 6 160,125.84 2.49 541 to 550 11 364,175.81 5.67 551 to 560 11 375,624.40 5.84 561 to 570 6 237,956.84 3.70 571 to 580 4 119,793.46 1.86 581 to 590 10 353,631.44 5.50 591 to 600 10 424,421.72 6.60 601 to 610 3 94,865.50 1.48 611 to 620 4 169,555.26 2.64 621 to 630 1 37,759.25 0.59 631 to 640 5 143,735.40 2.24 641 to 650 2 53,942.61 0.84 651 to 660 2 82,601.38 1.28 661 to 719 4 113,984.73 1.77 720 or Greater 2 86,710.06 1.35 - --------- ---- Total 191 $6,428,414.76 100.00% === ============= =======

Percentage of Number of Aggregate the Repossessed 8-K Assets Repossessed 8-K Scheduled by Scheduled Principal Unit Type Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- Multi-section home 54 $2,621,003.83 40.77% Single-section home 137 3,807,410.93 59.23 --- ------------ ----- Total 191 $6,428,414.76 100.00% === ============= =======

Percentage of Number of Aggregate the Repossessed 8-K Assets Repossessed 8-K Scheduled by Scheduled Principal Property Type Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- Home-only Contract 186 $6,139,194.22 95.50% Mortgage Loan 4 235,238.04 3.66 Land-in-lieu Mortgage Loan 1 53,982.50 0.84 - --------- ---- Total 191 $6,428,414.76 100.00% === ============= =======

Percentage of Number of Aggregate the Repossessed 8-K Repossessed 8-K Scheduled Assets by Scheduled Geographic Location Assets Principal Balance Principal Balance -------------------------------------------------------------------------------------------------------- Alabama 6 $186,827.50 2.91% Arizona 5 143,964.20 2.24 Arkansas 5 161,454.11 2.51 Florida 8 282,444.48 4.39 Georgia 11 476,088.31 7.41 Idaho 3 148,071.20 2.30 Kentucky 2 66,426.45 1.03 Louisiana 10 373,885.26 5.82 Maryland 1 22,790.00 0.35 Mississippi 7 209,563.65 3.26 Missouri 6 205,752.52 3.20 New Mexico 3 169,053.62 2.63 North Carolina 33 995,589.65 15.49 South Carolina 37 1,117,928.17 17.39 Tennessee 11 419,297.52 6.52 Texas 33 1,161,574.92 18.07 Utah 1 75,367.00 1.17 Virginia 7 164,389.31 2.56 West Virginia 2 47,946.89 0.75 - --------- ---- Total 191 $6,428,414.76 100.00% === ============= =======

Percentage of Number of the Repossessed 8-K Assets Repossessed 8-K Aggregate Scheduled by Scheduled Principal Year of Origination Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- 2000 1 $ 37,509.00 0.58% 2001 11 445,878.18 6.94 2002 179 5,945,027.58 92.48 --- ------------- ------- Total 191 $6,428,414.76 100.00% === ============= =======

Percentage of Number of the Repossessed 8-K Repossessed 8-K Aggregate Scheduled Assets by Scheduled Remaining Loan Balance Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- $10,000.00 - $14,999.99 3 $ 41,069.28 0.64% $15,000.00 - $19,999.99 15 265,106.19 4.12 $20,000.00 - $24,999.99 28 633,849.11 9.86 $25,000.00 - $29,999.99 44 1,230,266.21 19.14 $30,000.00 - $34,999.99 39 1,257,883.95 19.57 $35,000.00 - $39,999.99 15 562,288.53 8.75 $40,000.00 - $44,999.99 12 505,239.81 7.86 $45,000.00 - $49,999.99 9 420,632.52 6.54 $50,000.00 - $54,999.99 14 736,604.06 11.46 $55,000.00 - $59,999.99 4 224,552.00 3.49 $60,000.00 - $64,999.99 3 187,483.48 2.92 $65,000.00 - $69,999.99 2 135,325.37 2.11 $70,000.00 - $74,999.99 1 74,516.20 1.16 $75,000.00 - $79,999.99 2 153,598.05 2.39 --- ------------- ------ Total 191 $6,428,414.76 100.00% === ============= =======

Percentage of Number of Aggregate the Repossessed 8-K Assets Repossessed 8-K Scheduled by Scheduled Principal Original Loan Balance Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- $10,000.00 - $14,999.99 3 $ 41,069.28 0.64% $15,000.00 - $19,999.99 15 265,106.19 4.12 $20,000.00 - $24,999.99 28 633,849.11 9.86 $25,000.00 - $29,999.99 44 1,230,266.21 19.14 $30,000.00 - $34,999.99 39 1,257,883.95 19.57 $35,000.00 - $39,999.99 15 562,288.53 8.75 $40,000.00 - $44,999.99 12 505,239.81 7.86 $45,000.00 - $49,999.99 9 420,632.52 6.54 $50,000.00 - $54,999.99 14 736,604.06 11.46 $55,000.00 - $59,999.99 4 224,552.00 3.49 $60,000.00 - $64,999.99 3 187,483.48 2.92 $65,000.00 - $69,999.99 2 135,325.37 2.11 $70,000.00 - $74,999.99 1 74,516.20 1.16 $75,000.00 - $79,999.99 2 153,598.05 2.39 --- ------------- ------ Total 191 $6,428,414.76 100.00% === ============= ======

Percentage of Number of Aggregate the Repossessed 8-K Assets Repossessed 8-K Scheduled by Scheduled Principal Current Asset Rate Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- 10.000% - 10.999% 2 $ 85,440.46 1.33% 11.000% - 11.999% 2 114,607.30 1.78 12.000% - 12.999% 10 505,871.77 7.87 13.000% - 13.999% 9 382,125.65 5.94 14.000% - 14.999% 39 1,781,862.80 27.72 15.000% - 15.999% 33 882,848.71 13.73 16.000% or more 96 2,675,658.07 41.62 --- ------------- ------ Total 191 $6,428,414.76 100.00% === ============= ======

Percentage of Number of Aggregate the Repossessed 8-K Assets Repossessed 8-K Scheduled by Scheduled Principal Remaining Term to Maturity Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- 61 - 96 1 $ 15,749.00 0.24% 97 - 120 3 42,757.83 0.67 121 - 156 31 656,106.99 10.21 157 - 180 31 830,472.70 12.92 181 - 216 2 61,554.13 0.96 217 - 240 76 2,485,808.59 38.67 241 - 300 32 1,560,108.08 24.27 301 - 360 15 775,857.44 12.07 --- ------------- ------ Total 191 $6,428,414.76 100.00% === ============= =======

Percentage of Number of the Repossessed 8-K Assets Repossessed 8-K Aggregate Scheduled by Scheduled Principal Original Term to Maturity Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- 61 - 96 1 $ 15,749.00 0.24% 97 - 120 3 42,757.83 0.67 121 - 156 31 656,106.99 10.21 157 - 180 31 830,472.70 12.92 181 - 216 2 61,554.13 0.96 217 - 240 76 2,485,808.59 38.67 241 - 300 32 1,560,108.08 24.27 301 - 360 15 775,857.44 12.07 --- ------------- ------ Total 191 $6,428,414.76 100.00% === ============= ====== (1) The weighted average original term to maturity of the Repossessed 8-K Assets was approximately 251 months as of the Cut-off Date. Repossessed 8-K Assets--Distribution of Original Loan-to-Value Ratios of Assets /(1)/ Percentage of Number of the Repossessed 8-K Assets Repossessed 8-K Aggregate Scheduled by Scheduled Principal Loan-to-Value Ratio/(1)/ Assets Principal Balance Balance --------------------------------------------------------------------------------------------------------------- 61% - 65% 1 $ 50,740.82 0.79% 81% - 85% 2 48,873.00 0.76 86% - 90% 13 368,403.53 5.73 91% - 95% 62 2,151,049.39 33.46 96% - 100% 113 3,809,348.02 59.26 Total 191 $6,428,414.76 100.00% === ============= ======

Percentage of Number of Non the Non Repossessed 8-K Repossessed 8-K Aggregate Scheduled Assets by Scheduled Credit Bureau Score Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- Not Available /(2)/ 19 $ 746,193.70 2.44% 3 or 30 (Insufficient Credit History) /(3)/ 5 209,331.06 0.69 341 to 500 14 664,805.30 2.18 511 to 520 8 551,616.61 1.81 521 to 530 1 31,601.00 0.10 531 to 540 5 242,188.26 0.79 541 to 550 4 146,774.18 0.48 551 to 560 3 81,896.88 0.27 561 to 570 8 496,345.34 1.63 571 to 580 12 477,785.72 1.57 581 to 590 19 1,060,932.47 3.48 591 to 600 22 946,269.10 3.10 601 to 610 22 1,533,633.68 5.02 611 to 620 27 1,453,216.89 4.76 621 to 630 33 2,011,084.50 6.59 631 to 640 29 1,859,840.38 6.09 641 to 650 32 2,271,615.69 7.44 651 to 660 21 1,325,724.32 4.34 661 to 719 125 8,783,456.63 28.78 720 or Greater 77 5,628,022.77 18.44 --- -------------- ------ Total 486 $30,522,334.48 100.00% === ============== ======

Percentage of Number of Non the Non Repossessed 8-K Repossessed 8-K Aggregate Scheduled Assets by Scheduled Unit Type Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- Multi-section home 351 $ 25,738,262.26 84.33% Single-section home 135 4,784,072.22 15.67 --- --------------- ------ Total 486 $ 30,522,334.48 100.00% === =============== ======

Percentage of Number of Non the Non Repossessed 8-K Repossessed 8-K Aggregate Scheduled Assets by Scheduled Property Type Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- Home-only Contract 338 $ 16,342,175.36 53.54% Mortgage Loan 147 14,112,282.36 46.24 Land-in-lieu Mortgage Loan 1 67,876.76 0.22 - --------------- ------ Total 486 $ 30,522,334.48 100.00% === =============== ======

Percentage of Number of Non the Non Repossessed 8-K Repossessed 8-K Aggregate Scheduled Assets by Scheduled Geographic Location Assets Principal Balance Principal Balance -------------------------------------------------------------------------------------------------------------- Alabama 12 $ 531,863.71 1.74% Arizona 20 1,561,569.19 5.12 Arkansas 9 486,671.76 1.59 California 21 1,850,099.21 6.06 Colorado 12 687,070.88 2.25 Delaware 6 389,326.48 1.28 Florida 12 678,546.12 2.22 Georgia 16 718,181.18 2.35 Idaho 10 891,982.89 2.92 Indiana 1 85,731.36 0.28 Kansas 13 726,465.63 2.38 Kentucky 7 511,061.13 1.67 Louisiana 12 565,337.94 1.85 Maryland 2 164,208.70 0.54 Michigan 15 926,000.16 3.03 Minnesota 1 46,956.00 0.15 Mississippi 2 108,757.94 0.36 Missouri 8 461,036.47 1.51 Nevada 6 443,266.64 1.45 New Mexico 6 628,275.61 2.06 North Carolina 87 4,949,273.83 16.22 Ohio 11 651,136.35 2.13 Oklahoma 8 594,174.84 1.95 Oregon 7 541,168.00 1.77 South Carolina 44 2,358,257.99 7.73 Tennessee 19 1,005,533.58 3.29 Texas 56 3,603,268.30 11.81 Utah 4 312,001.42 1.02 Virginia 40 2,688,825.18 8.81 Washington 7 798,849.08 2.62 West Virginia 11 521,295.03 1.71 Wyoming 1 36,141.88 0.12 - -------------- ------ Total 486 $30,522,334.48 100.00% === ============== ======

Percentage of Number of Aggregate the Non Repossessed 8-K Non-Repossessed 8-K Scheduled Assets by Scheduled Year of Origination Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- 1997 1 $ 28,464.66 0.09% 1998 2 102,779.06 0.34 1999 1 18,450.87 0.06 2001 56 3,801,566.03 12.46 2002 426 26,571,073.86 87.05 --- -------------- ------ Total 486 $30,522,334.48 100.00% === ============== ====== Non Repossessed 8-K Assets--Distribution of Remaining Loan Balance/(1)/ Percentage of Number of Non Aggregate the Non Repossessed 8-K Repossessed 8-K Scheduled Assets by Scheduled Remaining Loan Balance Assets Principal Balance Principal Balance --------------------------------------------------------------------------------------------------------------- $ 5,000.00 - $ 9,999.99 3 $ 23,485.31 0.08% $10,000.00 - $14,999.99 2 27,310.60 0.09 $15,000.00 - $19,999.99 4 71,210.57 0.23 $20,000.00 - $24,999.99 11 252,217.98 0.83 $25,000.00 - $29,999.99 36 995,102.07 3.26 $30,000.00 - $34,999.99 47 1,529,648.18 5.01 $35,000.00 - $39,999.99 38 1,420,769.93 4.65 $40,000.00 - $44,999.99 24 1,009,510.91 3.31 $45,000.00 - $49,999.99 27 1,274,933.98 4.18 $50,000.00 - $54,999.99 30 1,573,081.28 5.15 $55,000.00 - $59,999.99 36 2,066,466.70 6.77 $60,000.00 - $64,999.99 35 2,184,520.81 7.16 $65,000.00 - $69,999.99 28 1,889,806.12 6.19 $70,000.00 - $74,999.99 17 1,236,333.62 4.05 $75,000.00 - $79,999.99 23 1,769,611.12 5.80 $80,000.00 - $84,999.99 14 1,160,841.52 3.80 $85,000.00 - $89,999.99 20 1,763,264.16 5.78 $90,000.00 - $94,999.99 16 1,479,067.06 4.85 $95,000.00 - $99,999.99 14 1,362,340.11 4.46 $100,000.00 or more 61 7,432,812.45 24.35 --- -------------- ------ Total 486 $30,522,334.48 100.00% === ============== ======

Percentage of Number of Non the Non Repossessed 8-K Repossessed 8-K Aggregate Scheduled Assets by Scheduled Original Loan Balance Assets Principal Balance Principal Balance ------------------------------------------------------------------------------------------------------------ $5,000.00 - $ 9,999.99 3 $ 23,485.31 0.08% $10,000.00 - $14,999.99 2 27,310.60 0.09 $15,000.00 - $19,999.99 3 52,759.70 0.17 $20,000.00 - $24,999.99 12 270,668.85 0.89 $25,000.00 - $29,999.99 33 906,795.66 2.97 $30,000.00 - $34,999.99 50 1,617,954.59 5.30 $35,000.00 - $39,999.99 38 1,420,769.93 4.65 $40,000.00 - $44,999.99 23 967,993.88 3.17 $45,000.00 - $49,999.99 28 1,316,451.01 4.31 $50,000.00 - $54,999.99 30 1,573,081.28 5.15 $55,000.00 - $59,999.99 36 2,066,466.70 6.77 $60,000.00 - $64,999.99 35 2,184,520.81 7.16 $65,000.00 - $69,999.99 28 1,889,806.12 6.19 $70,000.00 - $74,999.99 17 1,236,333.62 4.05 $75,000.00 - $79,999.99 23 1,769,611.12 5.80 $80,000.00 - $84,999.99 13 1,076,331.89 3.53 $85,000.00 - $89,999.99 21 1,847,773.79 6.05 $90,000.00 - $94,999.99 16 1,479,067.06 4.85 $95,000.00 - $99,999.99 14 1,362,340.11 4.46 $100,000.00 or more 61 7,432,812.45 24.35 --- -------------- ------ Total 486 $30,522,334.48 100.00% === ============== ======

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