<PAGE>
                                   -------------------------------------  
                                             OMB APPROVAL                 
                                   -------------------------------------  
                                   OMB Number             3235-0063       
                                   Expires:           June 30, 1997       
                                   Estimated average burden               
                                   hours per response  .... 1711.00       
                                   -------------------------------------  
                                   



                                  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, 1997
                          -----------------------------------------------------
                                       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    33-83660
                          ------------------------------------------------------

                                OMI TRUST 1995-B
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

              Pennsylvaina                               23-2824328
              ------------                               ----------
  State or other jurisdiction of           (I.R.S.  Employer Identification No.)
   incorporation or organization


c/o PNC Bank, N.A.
Corporate Trust Department
Attention:  Judy Wisniewskie
1700 Market Street, Suite 1412, Philadelphia, PA                 19103
--------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code (215) 585-8872
                                                   -----------------------------

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 (ss. 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]


<PAGE>


                                OMI Trust 1995-B
                        Oakwood Mortgage Investors, Inc.
                Manufactured Housing Contract Senior/Subordinated
                    Pass-Through Certificates, Series 1995-B

                                    FORM 10-K
                                      INDEX

<TABLE>
<CAPTION>


                                                                                                        Page Number
<S>                      <C>                                                                            <C>
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
</TABLE>


<PAGE>


                                     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 48
holders of the Registrant's Series 1995-B Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Class A-1, Class A-2, Class A-3,
Class A-4, Class B-1 and 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.

<PAGE>


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 (September 1994
                           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
                           (September 1994 Edition)




<PAGE>


                                   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 1995-B, Registrant

                                         By:  OAKWOOD MORTGAGE INVESTORS, INC.,
                                                  as servicer


Dated:  December 26, 1997                  /s/ Douglas R. Muir
                                         -----------------------------
                                          Douglas R. Muir
                                          Vice President






<PAGE>


                                INDEX OF EXHIBITS

<TABLE>
<CAPTION>


                                                                                               Page of Sequentially
                                                                                                   Numbered Pages


<S>      <C>                                                                                   <C>
99.1     Annualized Remittance Report

99.2     Annual Report of Registrant's Independent Certified Public Accountants as Required by
         Section 3.13(b) of the Registrant's Standard Terms to Pooling and Servicing Agreement
         (September 1994 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 (September 1994 Edition)

</TABLE>

<PAGE>


<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B                NOTE: THIS FISCAL YEAR-END SERIES REPORT REPORTS INFORMATION ON
OAKWOOD ACCEPTANCE CORP. -  SERVICER                   THE ASSETS INCLUDED IN OMI TRUST 1995-B AS OF THE END OF THE
FISCAL YEAR ENDED SERIES REPORT                        PREPAYMENT PERIOD THAT BEGAN ON SEPTEMBER 1, 1997 AND ENDED ON
REPORTING:  FISCAL YEAR 1997                           SEPTEMBER 30, 1997 AND AS OF THE END OF THE COLLECTION PERIOD
                                                       THAT BEGAN ON SEPTEMBER 2, 1997 AND ENDED ON OCTOBER 1, 1997.
                                                       ACCORDINGLY, THE INFORMATION PRESENTED WITH REGARD TO THE
                                                       CERTIFICATES REFLECTS INFORMATION AS OF THE CLOSE OF BUSINESS ON
                                                       OCTOBER 15, 1997, WHICH IS THE DISTRIBUTION DATE ON WHICH
                                                       COLLECTIONS MADE AND LOSSES INCURRED DURING SUCH PREPAYMENT
                                                       PERIOD AND COLLECTION PERIOD WERE PASSED THROUGH TO
                                                       CERTIFICATEHOLDERS.




                                            Scheduled Principal Balance of Contracts
--------------------------------------------------------------------------------------------------------------------------

Beginning                                                                                            Ending               
Principal            Scheduled             Prepaid            Liquidated          Contracts          Principal            
Balance              Principal             Principal          Principal           Repurchased        Balance              
--------------------------------------------------------------------------------------------------------------------------
<S>               <C>                    <C>                <C>                     <C>             <C>                   
170,502,156.40    (4,833,858.05)         (7,378,487.51)     (11,058,575.58)         0.00            147,231,235.26        
==========================================================================================================================

<CAPTION>
                                                                                                                                
  Scheduled                                   Scheduled                                                    Amount               
  Gross                      Servicing        Pass Thru              Liquidation        Reserve            Available for        
  Interest                      Fee           Interest               Proceeds           Fund Draw          Distribution         
------------------------------------------------------------------------------------------------------------------------------- 
<C>                        <C>               <C>                    <C>                   <C>               <C>                 
18,166,076.19              1,603,287.79      16,562,788.40          7,679,027.13          0.00              38,057,448.88(1)    
=============================================================================================================================== 
</TABLE>


<TABLE>
<CAPTION>


                                    Reserve Fund
----------------------------------------------------------------------------------------------------
                                                                                                                                    
                                                                                                                                    
 Beginning                           Investment       Balance Before      Reserve     Reserve       Balance After                   
  Balance     Deposits   Distrib.     Interest     10/15/97 Distribution  Fund Draw   Fund Deposit  10/15/97 Distribution    Excess 
------------------------------------------------------------------------------------------------------------------------------------
<S>             <C>      <C>          <C>              <C>                    <C>       <C>              <C>                <C>     
 376,474.77     0.00    -17,966.32    17,996.22        376,504.67             0.00      0.00             376,504.67         1,504.67
====================================================================================================================================


<CAPTION>

Reserve Fund Required Balance               
---------------------------------------     
Before 10/15/97    After 10/15/97           
Distribution       Distribution             
---------------------------------------     
<S>                  <C>                    
 375,000.00          375,000.00             
=======================================     
</TABLE>

<TABLE>
<CAPTION>


                                                Certificate Account as of 9/30/97
----------------------------------------------------------------------------------------------------------------------------------

 Beginning                          Deposits                                             Investment                Ending
  Balance                 Principal            Interest            Distributions          Interest                Balance
----------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>                <C>                   <C>                     <C>                   <C>       
 307,038.47              23,240,813.94      18,709,865.39         (41,360,881.05)         33,553.57             930,390.32
==================================================================================================================================


</TABLE>
<TABLE>
<CAPTION>

                               P&I Advances at Distribution Date
-----------------------------------------------------------------------------------------
                                  Aggregate           Aggregate
         Beginning                Recovered            Advances                Ending
          Balance                 Advances               Made                 Balance
-----------------------------------------------------------------------------------------
<S>                            <C>                  <C>                     <C>         
        2,006,215.13           (18,831,008.33)      18,442,326.80           1,617,533.60
=========================================================================================
</TABLE>

(1) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $0.00 OF THE
AMOUNTS AVAILABLE FOR DISTRIBUTION ON DISTRIBUTION DATES DURING THE FISCAL YEAR
WERE DEPOSITED INTO THE RESERVE FUND, AND $1,603,287.79 OF SUCH AMOUNTS WERE
USED TO PAY SERVICING FEES DUE TO THE SERVICER. CONSEQUENTLY, THE TOTAL AMOUNT
DISTRIBUTED ON THE CERTIFICATES DURING THE FISCAL YEAR WAS $36,454,161.09.




<PAGE>


<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. -  SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING:  FISCAL YEAR 1997

[zz]

OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. -  SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING:  FISCAL YEAR 1997

                                                              Repo Properties
                                                              Brought Current by                                   
                           Gross Repossessions                      Borrower                    Net Current Repos  
                                     Principal                     Principal                      Principal        
                      #               Balance          #            Balance             #          Balance         
                  ------------------------------  -------------------------------  --------------------------------
<S>                   <C>      <C>                     <C>      <C>                      <C>  <C>                  
Oct-96                56       $  1,590,724.70         (1)      $ (24,464.56)            55   $ 1,566,260.14       
Nov-96                37            948,037.38                                           37       948,037.38       
Dec-96                40          1,160,894.62          -                  -             40     1,160,894.62       
Jan-97                29            708,016.75         (1)         (5,271.08)            28       702,745.67       
Feb-97                32            955,032.64         (2)        (63,263.52)            30       891,769.12       
Mar-97                36          1,032,822.35          -                  -             36     1,032,822.35       
Apr-97                34          1,045,502.28         (1)        (33,872.39)            33     1,011,629.89       
May-97                35          1,074,523.33          -                  -             35     1,074,523.33       
Jun-97                33            898,315.04          -                  -             33       898,315.04       
Jul-97                27            776,644.51          -                  -             27       776,644.51       
Aug-97                33            919,992.43         (1)        (58,179.80)            32       861,812.63       
Sep-97                41          1,214,191.15          -                  -             41     1,214,191.15       
                  -----------------------------  -------------------------------  ---------------------------------

Total of month
 end balance         433       $ 12,324,697.18         (6)     $ (185,051.35)           427  $ 12,139,645.83       
                  =============================  ===============================  =================================

Average month
 end balance          36  $     1,027,058.10           (1)     $  (15,420.95)            36  $  1,011,637.15       
                  =============================  ==============================  ==================================



<CAPTION>


                            Aggregate Repo Properties     
                             in Trust at Month-End        
                                    Principal             
                      #              Balance              
                  -------------------------------------   
                                                          
<S>                   <C>          <C>                    
Oct-96                55           1,566,260.14           
Nov-96                92           2,514,297.52           
Dec-96               132           3,675,192.14           
Jan-97               160           4,377,937.81           
Feb-97               190           5,269,706.93           
Mar-97               226           6,302,529.28           
Apr-97               259           7,314,159.17           
May-97               294           8,388,682.50           
Jun-97               327           9,286,997.54           
Jul-97               354          10,063,642.05           
Aug-97               386          10,925,454.68           
Sep-97               427          12,139,645.83           
                 ---------------------------------------  
                                                          
Total of month                                            
 end balance       2,902        $ 81,824,505.59           
                 =======================================  
                                                          
Average month                                             
 end balance         242        $  6,818,708.80           
                 =======================================  
                 
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. -  SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING:  FISCAL YEAR 1997
<S>                 <C>       <C>             <C>                      <C>                         <C>             <C>         


                                                                          Delinquency Analysis
                    ------------------------------------------------------------------------------------------------------------

                       31 to 59 days             60 to 89 days          90 days and Over              Total Delinq.
                                 Principal             Principal                Principal                          Principal
                    #             Balance      #        Balance        #         Balance           #                Balance
                    ------------------------------------------------------------------------------------------------------------


Oct-96                 98    $ 2,585,789.02    68   $ 1,810,706.35    164    $ 5,123,285.42       330           $ 9,519,780.79
Nov-96                100      2,817,068.05    53     1,372,365.86    193      5,880,924.27       346            10,070,358.18
Dec-96                112      3,236,723.19    63     1,858,199.80    196      5,892,732.27       371            10,987,655.26
Jan-97                116      3,321,269.22    69     2,119,743.04    193      6,085,201.81       378            11,526,214.07
Feb-97                104      2,954,016.52    43     1,311,587.72    197      6,389,916.07       344            10,655,520.31
Mar-97                 91      2,700,449.72    44     1,360,847.95    179      5,948,894.68       314            10,010,192.35
Apr-97                 66      1,723,920.56    50     1,511,012.65    163      5,463,647.80       279             8,698,581.01
May-97                 94      2,702,825.37    42     1,082,042.07    165      5,580,446.75       301             9,365,314.19
Jun-97                113      3,139,946.18    51     1,640,089.52    169      5,498,424.92       333            10,278,460.62
Jul-97                 88      2,486,874.36    53     1,647,087.79    171      5,419,961.87       312             9,553,924.02
Aug-97                115      3,044,637.70    47     1,372,401.84    164      5,237,783.88       326             9,654,823.42
Sep-97                 97      2,705,948.78    47     1,288,048.25    171      5,420,569.36       315             9,414,566.39
                    ----------------------------------------------------------------------------------------------------------

Total of month
 end balance        1,194   $ 33,419,468.67   630  $ 18,374,132.84  2,125   $ 67,941,789.10     3,949         $ 119,735,390.61
                    ==========================================================================================================

Average month
end balance           100    $ 2,784,955.72    53   $ 1,531,177.74    177    $ 5,661,815.76       329           $ 9,977,949.22
                    ==========================================================================================================
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. -  SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING:  FISCAL YEAR 1997

REPOSSESSION LIQUIDATION REPORT



                 Liquidated                                                                                       Net               
Prepayment        Principal             Sales            Insur.            Total          Repossession        Liquidation           
Period             Balance            Proceeds          Refunds          Proceeds           Expenses            Proceeds            
------------------------------------------------------------------------------------------------------------------------------------

SEE MONTHLY INVESTOR REPORTS FOR DETAIL
<S>                <C>                 <C>             <C>                <C>                <C>                 <C>                
Oct-96             582,777.80          532,700.00      28,110.74          560,810.74         56,819.58           503,991.16         
Nov-96             589,532.30          519,092.00      30,479.51          549,571.51         67,093.51           482,478.00         
Dec-96             865,005.51          830,291.72      42,688.50          872,980.22        109,924.91           763,055.31         
Jan-97             918,724.60          831,903.67      43,051.05          874,954.72        132,046.56           742,908.16         
Feb-97             988,593.39          889,304.08      41,670.94          930,975.02        131,576.37           799,398.65         
Mar-97           1,163,825.86        1,059,210.33      41,477.63        1,100,687.96        131,010.25           969,677.71         
Apr-97           1,222,203.78        1,135,511.00      46,578.67        1,182,089.67        161,645.95         1,020,443.72         
May-97             813,227.03          696,252.00      21,934.50          718,186.50        118,801.17           599,385.33         
Jun-97             926,714.73          808,423.36      30,310.94          838,734.30        139,876.11           698,858.19         
Jul-97           1,027,103.67          822,205.35      32,170.04          854,375.39        115,795.55           738,579.84         
Aug-97           1,271,219.03        1,218,574.05      38,140.53        1,256,714.58        166,834.69         1,089,879.89         
Sep-97             689,647.88          611,932.48      17,535.60          629,468.08        100,522.12           528,945.96         
               =====================================================================================================================
                11,058,575.58        9,955,400.04     414,148.65       10,369,548.69      1,431,946.77         8,937,601.92         
               =====================================================================================================================


<CAPTION>
                                        Net              Current                            
Prepayment       Unrecov.            Pass Thru          Period Net       Cumulative         
Period           Advances             Proceeds         Gain/(Loss)    Gain/(Loss)           
----------      ------------------------------------------------------------------------    
                                                                                            
SEE MONTHLY INVESTOR REPORTS FOR DETAIL
<S>                <C>                 <C>             <C>                                  
Oct-96             57,737.86           446,253.30      (136,524.50)                         
Nov-96             59,001.46           423,476.54      (166,055.76)                         
Dec-96             89,182.63           673,872.68      (191,132.83)                         
Jan-97            109,707.97           633,200.19      (285,524.41)                         
Feb-97            103,133.45           696,265.20      (292,328.19)                         
Mar-97            131,008.24           838,669.47      (325,156.39)                         
Apr-97            147,652.51           872,791.21      (349,412.57)                         
May-97             97,977.86           501,407.47      (311,819.56)                         
Jun-97            126,420.84           572,437.35      (354,277.38)                         
Jul-97            112,482.22           626,097.62      (401,006.05)                         
Aug-97            135,691.34           954,188.55      (317,030.48)                         
Sep-97             88,578.41           440,367.55      (249,280.33)                         
                ===================================================                            
                1,258,574.79         7,679,027.13    (3,379,548.45)    (4,132,046.43)       
                ====================================================================          
                
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. -  SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING:  FISCAL YEAR 1997

CERTIFICATE PRINCIPAL ANALYSIS

PRINCIPAL

                                       Original              Beginning              Current         Accelerated                     
             Cert.                    Certificate           Certificate            Principal         Principal        Writedown     
             Class                     Balances               Balances              Payable         Distribution      Amounts (1)   
------------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>                    <C>                 <C>                     <C>              <C>        
A-1                                  52,393,000.00          35,750,198.65       (23,270,921.39)         0.00             0.00       
A-1 Outstanding Writedown                     0.00                   0.00                 0.00          0.00             0.00       

A-2                                  62,169,000.00          62,169,000.00                 0.00          0.00             0.00       
A-2 Outstanding Writedown                     0.00                   0.00                 0.00          0.00             0.00       

A-3                                  29,540,000.00          29,540,000.00                 0.00          0.00             0.00       
A-3 Outstanding Writedown                     0.00                   0.00                 0.00          0.00             0.00       

A-4                                  15,907,000.00          15,907,000.00                 0.00          0.00             0.00       
A-4 Outstanding Writedown                     0.00                   0.00                 0.00          0.00             0.00       

B-1                                  19,650,000.00          19,650,000.00                 0.00          0.00             0.00       
B-1 Outstanding Writedown                     0.00                   0.00                 0.00          0.00             0.00       

B-2                                   7,485,958.00           7,485,958.00                 0.00          0.00             0.00       
B-2 Outstanding Writedown                     0.00                   0.00                 0.00          0.00             0.00       


                                 ---------------------------------------------------------------------------------------------------

                                    187,144,958.00         170,502,156.65       (23,270,921.39)         0.00             0.00       
                                 ===================================================================================================


<CAPTION>
                                         Ending                                 Principal Paid       
             Cert.                    Certificate                   Pool           Per $1,000        
             Class                       Balances                  Factor         Denomination       
----------------------------       ----------------------------------------------------------------- 
<S>                                   <C>                           <C>              <C>             
A-1                                   12,479,277.26                 23.81860%        650.93          
A-1 Outstanding Writedown                      0.00                  0.00              0.00          
                                                                                                     
A-2                                   62,169,000.00                100.00000%          0.00          
A-2 Outstanding Writedown                      0.00                  0.00              0.00          
                                                                                                     
A-3                                   29,540,000.00                100.00000%          0.00          
A-3 Outstanding Writedown                      0.00                  0.00              0.00          
                                                                                                     
A-4                                   15,907,000.00                100.00000%          0.00          
A-4 Outstanding Writedown                      0.00                  0.00              0.00          
                                                                                                     
B-1                                   19,650,000.00                100.00000%          0.00          
B-1 Outstanding Writedown                      0.00                  0.00              0.00          
                                                                                                     
B-2                                    7,485,958.00                100.00000%          0.00          
B-2 Outstanding Writedown                      0.00                  0.00              0.00          
                                                                                                     
                                                                                                     
                                   ----------------                                                  
                                                                                                     
                                     147,231,235.26                                                  
                                   ================                                                  

</TABLE>

(1) THIS REPRESENTS THE AMOUNT OF LOSSES ON THE ASSETS THAT WERE ALLOCATED TO 
    REDUCED THE OUTSTANDING PRINCIPAL BALANCE OF THE CERTIFICATES IN ACCORDANCE
    WITH THE APPLICABLE POOLING AND SERVICING AGREEMENT.






<PAGE>

<TABLE>
<CAPTION>
OAKWOOD MORTGAGE INVESTORS, INC. 1995-B
OAKWOOD ACCEPTANCE CORP. -  SERVICER
FISCAL YEAR ENDED SERIES REPORT
REPORTING:  FISCAL YEAR 1997


CERTIFICATE INTEREST ANALYSIS


                                                                                                                                    
           Certificate               Remittance      Beginning          Current               Total                   Interest      
              Class                     Rate          Balance           Accrual                Paid                   Shortfall     
                                   -------------------------------------------------------------------------------------------------
<S>                                     <C>             <C>          <C>                  <C>                              <C>      
A-1                                     6.25%           0.00         1,598,551.34         1,598,551.34                     0.00     
A-1  Carryover Interest                 0.00            0.00                 0.00                 0.00                     0.00     
A-1  Writedown Interest                 0.00            0.00                 0.00                 0.00                     0.00     

A-2                                     6.45%           0.00         4,009,900.56         4,009,900.56                     0.00     
A-2  Carryover Interest                 0.00            0.00                 0.00                 0.00                     0.00     
A-2  Writedown Interest                 0.00            0.00                 0.00                 0.00                     0.00     

A-3                                     6.90%           0.00         2,038,260.00         2,038,260.00                     0.00     
A-3  Carryover Interest                 0.00            0.00                 0.00                 0.00                     0.00     
A-3  Writedown Interest                 0.00            0.00                 0.00                 0.00                     0.00     

A-4                                     7.50%           0.00         1,193,025.00         1,193,025.00                     0.00     
A-4  Carryover Interest                 0.00            0.00                 0.00                 0.00                     0.00     
A-4  Writedown Interest                 0.00            0.00                 0.00                 0.00                     0.00     

B-1                                     7.55%           0.00         1,483,575.00         1,483,575.00                     0.00     
B-1  Carryover Interest                 0.00            0.00                 0.00                 0.00                     0.00     
B-1  Writedown Interest                 0.00            0.00                 0.00                 0.00                     0.00     

B-2                                     8.65%           0.00           647,535.36           647,535.36                     0.00     
B-2  Carryover Interest                 0.00            0.00                 0.00                 0.00                     0.00     
B-2  Writedown Interest                 0.00            0.00                 0.00                 0.00                     0.00     

X                                                 752,497.73         5,591,941.14         2,212,392.44             3,379,548.70     

R                                                       0.00                 0.00                 0.00                     0.00     

Service Fee                                             0.00         1,603,287.79         1,603,287.79                     0.00     
                                          ------------------------------------------------------------------------------------------

                                                  752,497.73        18,166,076.19        14,786,527.49             3,379,548.70     

Less Reserve Fund Deposit                                                                         0.00                              
                                                                               ------------------------                             

                                                                                         14,786,527.49(1)                           
                                                                               ========================                             

<CAPTION>

                                                             Interest Paid                                                       
           Certificate                        Ending           Per $1,000              Cert.                    TOTAL            
              Class                           Balance         Denomination             Class                 DISTRIBUTION        
                                        ----------------------------------------------------------------------------------       
<S>                                              <C>                <C>                                                          
A-1                                              0.00              44.71                  A-1                 24,869,472.73      
A-1  Carryover Interest                          0.00               0.00                                                         
A-1  Writedown Interest                          0.00               0.00                                                         
                                                                                                                                 
A-2                                              0.00              64.50                  A-2                  4,009,900.56      
A-2  Carryover Interest                          0.00               0.00                                                         
A-2  Writedown Interest                          0.00               0.00                                                         
                                                                                                                                 
A-3                                              0.00              69.00                  A-3                  2,038,260.00      
A-3  Carryover Interest                          0.00               0.00                                                         
A-3  Writedown Interest                          0.00               0.00                                                         
                                                                                                                                 
A-4                                              0.00              75.00                  A-4                  1,193,025.00      
A-4  Carryover Interest                          0.00               0.00                                                         
A-4  Writedown Interest                          0.00               0.00                                                         
                                                                                                                                 
B-1                                              0.00              75.50                  B-1                  1,483,575.00      
B-1  Carryover Interest                          0.00               0.00                                                         
B-1  Writedown Interest                          0.00               0.00                                                         
                                                                                                                                 
B-2                                              0.00              86.50                  B-2                    647,535.36      
B-2  Carryover Interest                          0.00               0.00                                                         
B-2  Writedown Interest                          0.00               0.00                                                         
                                                                                                                                 
X                                        4,132,046.43                                      X                   2,212,392.44      
                                                                                                                                 
R                                                0.00                                      R                                     
                                                                                                                                 
Service Fee                                      0.00                                                          1,603,287.79      
                                        -------------                                                 ---------------------        
                                                                                                                                 
                                         4,132,046.43                                                         38,057,448.88      
                                                                                                                                 
Less Reserve Fund Deposit                                                                                              0.00      
                                                                                                       ---------------------     
                                                                                                                                 
                                                                                                                38,057,448.88(1) 
                                                                                                       =====================     
                                        


</TABLE>

(1) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $0.00 OF THE
AMOUNTS AVAILABLE FOR DISTRIBUTION ON DISTRIBUTION DATES DURING THE FISCAL YEAR
WERE DEPOSITED INTO THE RESERVE FUND, AND $1,603,287.79 OF SUCH AMOUNTS WERE
USED TO PAY SERVICING FEES DUE TO THE SERVICER. CONSEQUENTLY, THE TOTAL AMOUNT
DISTRIBUTED ON THE CERTIFICATES DURING THE FISCAL YEAR WAS $36,454,161.09.


<PAGE>


                         Independent Accountant's Report


November 3, 1997

To the Board of Directors
of Oakwood Acceptance Corporation






We have examined management's assertion about Oakwood Acceptance Corporation's
(the "Company") compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP) as of and for the year ended September 30, 1997
included in the accompanying management assertion. Management is responsible for
the Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
September 30, 1997 is fairly stated, in all material respects.



/s/ PRICE WATERHOUSE LLP



<PAGE>



November 3, 1997


Price Waterhouse LLP
Suite 1800
200 West 2nd Street
Winston-Salem, NC 27101

Ladies and Gentlemen:

As of and for the year ended September 30, 1997, Oakwood Acceptance Corporation
(OAC) has complied in all material respects with the minimum servicing standards
set forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers (the "USAP"). As of and for this same
period, OAC had in effect a fidelity bond and errors and omissions policy in the
amount of $5,000,000 and $3,500,000 respectively.


<TABLE>
<CAPTION>
<S>                                                 <C>
/s/ Nicholas J St. George                            /s/ C. Michael Kilbourne
-------------------------                            ------------------------
Nicholas J. St. George, Chairman of the Board        C. Michael Kilbourne, President





/s/ Robert A. Smith                                  /s/ Douglass R Muir
-------------------                                  -------------------  
Robert A. Smith, EVP-Consumer Finance                Douglas R. Muir, VP, Treasurer/Secretary





/s/ Matthew S. Hukill
---------------------
Matthew S. Hukill, Controller
</TABLE>



<PAGE>


                         OAKWOOD ACCEPTANCE CORPORATION
                          ANNUAL OFFICER'S CERTIFICATE

                        OAKWOOD MORTGAGE INVESTORS, INC.
                  SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
                                  SERIES 1995-B


Pursuant to Section 3.13(a) of the Standard Terms to Pooling and Servicing
Agreement (September 1994 Edition) which is incorporated in the Pooling and
Servicing Agreement dated October 1, 1995 among Oakwood Mortgage Investors,
Inc., Oakwood Acceptance Corporation (the "Servicer") and PNC Bank, N.A., the
undersigned officer of the Servicer hereby certifies that a review of the
activities of the Servicer during the period October 1, 1996 through September
30, 1997 and of its performance under the Pooling and Servicing Agreement has
been made under his supervision and to the best of his knowledge, based on such
review, the Servicer has fulfilled all its obligations under the Pooling and
Servicing Agreement through such period.



By:  /s/ Douglas R. Muir
------------------------

Name:  Douglas R. Muir
------------------------

Title:  Vice President
------------------------

Date:  September 30, 1997
------------------------