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    33-99320
                      -----------------------------------------------



                              OMI TRUST 1997-B
                --------------------------------------------------  
             (Exact name of registrant as specified in its charter)

     Pennsylvania                                               23-2904988
--------------------------------------------------------------------------------
  State or other jurisdiction of            (I.R.S. Employer Identification No.)
  incorporation or organization


         c/o PNC Bank, National Association
         Corporate Trust Department
         Attention:  Judy Wisniewskie.
         1700 Market St, Philadelphia, Pennsylvania                 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 1997-B
                        Oakwood Mortgage Investors, Inc.
                Manufactured Housing Contract Senior/Subordinated
                    Pass-Through Certificates, Series 1997-B

                                    FORM 10-K
                                      INDEX

                                                                   Page Number
                                                                   ------------
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


<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
__24___ holders of the Registrant's Series 1997-B Manufactured Housing Contract
Senior/Subordinated Pass-Through Certificates, Class A-1, Class A-2, Class A-3
and Class B-1 (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 (November 1995 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
                        (November 1995 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 1997-B, REGISTRANT

                                          By:  OAKWOOD MORTGAGE INVESTORS, INC.,
                                                   as depositor


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





<PAGE>


                                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 (November 1995 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
                        (November 1995 Edition)




<PAGE>


OAKWOOD MORTGAGE INVESTORS, INC. 1997-B                         
OAKWOOD ACCEPTANCE CORP. -  SERVICER                            
FISCAL YEAR ENDED SERIES REPORT                                 
REPORTING:  FISCAL YEAR 1997                                    
                                                                
NOTE: THIS FISCAL YEAR-END SERIES REPORT REPORTS INFORMATION ON THE ASSETS
INCLUDED IN OMI TRUST 1997-B AS OF THE END OF THE PREPAYMENT PERIOD THAT BEGAN
ON SEPTEMBER 1, 1997 AND ENDED ON 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.
          

<TABLE>
<CAPTION>
                                                                                                                       
            Scheduled Principal Balance of Contracts 
----------------------------------------------------------------------------
   Beginning                                                                
   Principal         Scheduled      Prepaid        Liquidated    Contracts  
    Balance          Principal      Principal       Principal   Repurchased 
----------------  -------------  ---------------  ------------  ----------- 
<S>               <C>             <C>              <C>          <C>      
178,456,192.87    (1,365,953.64)  (4,924,066.52)  (216,898.53)      0.00    
================  ==============  ==============  ============  =========== 

</TABLE>


<TABLE>
<CAPTION>

  Scheduled Principal
Balance of Contracts
     (continued)                                                                                                    
--------------------
     Ending           Scheduled                              Scheduled                    Amount          
    Principal           Gross      Servicing    Pass Thru    Liquidation     Reserve   Available for      
    Balance            Interest      Fee        Interest      Proceeds      Fund Draw   Distribution      
 --------------      ------------  ----------  ------------  ------------  ----------  -----------------  
 <S>                 <C>           <C>         <C>             <C>          <C>        <C>                
 171,949,274.18      7,603,803.46  731,385.61  6,872,417.85    179,772.94     0.00      14,073,596.56(1)  
 ==============      ============  ==========  ============  ============  ==========  =================  
                                                                                                      
</TABLE>



<TABLE>
<CAPTION>

                   Class M Liquidity Account
-------------------------------------------------------------------------------
Beginning                          Investment    Balance Before       Reserve      Reserve       Balance After       
 Balance   Deposits (1)  Distrib.   Interest  10/15/97 Distribution  Fund Draw  Fund Deposit  10/15/97 Distribution   Excess
---------  ------------  ---------  --------  ---------------------  ---------  ------------  ---------------------  --------       
<S>        <C>            <C>       <C>              <C>               <C>          <C>             <C>              <C>          
  0.00     303,516.56    -3,062.64  4,280.49         304,734.41        0.00         0.00            304,734.41       1,217.85     
=========  ============  =========  ========  =====================  =========  ============  =====================  ========
</TABLE>


  Reserve Fund Required Balance            
---------------------------------         
 Before 10/15/97    After 10/15/97          
  Distribution       Distribution           
-----------------  ---------------    
                                            
   303,516.56         303,516.56  
=================  ================     
                    

<TABLE>
<CAPTION>
                   Class B-1 Liquidity Account                       
------------------------------------------------------------------                                                  
 Beginning                          Investment    Balance Before      Reserve       Reserve         Balance After               
  Balance   Deposits (1)  Distrib.   Interest  10/15/97 Distribution  Fund Draw   Fund Deposit  10/15/97 Distribution   Excess  
---------  ------------  ---------  --------  ---------------------  ----------  ------------  ---------------------  -------- 
<S>        <C>            <C>       <C>             <C>                 <C>         <C>             <C>               <C>      
  0.00     328,126.15    -1,784.84  3,442.44        329,783.75          0.00        0.00            329,783.75        1,319.37 
=========  ============  =========  ========  =====================  ==========  ============  =====================  ========     
 

</TABLE>
    
                                        
    Reserve Fund Required Balance            
----------------------------------
Before 10/15/97    After 10/15/97        
 Distribution       Distribution          
----------------  ---------------   
  328,464.38         328,464.38 
================  ===============   


                                                  
          Certificate Account as of 9/30/97
-------------------------------------------------------------------------
Beginning          Deposits                             Investment   Ending    
 Balance     Principal      Interest    Distributions    Interest    Balance
---------  -------------  ------------  ---------------  ---------  -----------
  0.00     6,219,956.03   6,109,686.02  (11,443,241.44)  16,555.22  902,955.83 
=========  =============  ============  ===============  =========  ===========


                            P&I Advances                                       
----------------------------------------------------------------------------   
Beginning         Recovered           Current              Ending  
 Balance           Advances          Advances             Balance          
--------------------------------------------------------------------------
  0.00         (1,777,853.73)      2,640,107.32         862,253.59  
 ============================================================================   
 
(1) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $631,642.71 OF
THE AMOUNTS AVAILABLE FOR DISTRIBUTION ON DISTRIBUTION DATES DURING THE FISCAL
YEAR WERE DEPOSITED INTO THE RESERVE FUND, AND $731,385.61 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 $12,710,568.24.

<PAGE>

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



<TABLE>
<CAPTION>
                                      Repo Properties
                                     Brought Current by                         Aggregate Repo Properties
               Gross Repossessions       Borrower         Net Current Repos     in Trust at Month-End
                      Principal           Principal                Principal                 Principal
                  #    Balance        #    Balance         #        Balance      #            Balance
                 ---  ---------      ---  ---------      ----   --------------  ----         ---------

<S>               <C> <C>             <C>  <C>            <C>  <C>               <C>            <C>
Oct-96            0   $    -          -   $  -             -   $     -           -              -
Nov-96            0        -          -      -             -         -           -              -
Dec-96            0        -          -      -             -         -           -              -
Jan-97            0        -          -      -             -         -           -              -
Feb-97            0        -          -      -             -         -           -              -
Mar-97            0        -          -      -             -         -           -              -
Apr-97            0        -          -      -             -         -           -              -
May-97            0        -          -      -             -         -           -              -               
Jun-97            6     139,919.33    -      -             6      139,919.33      6        139,919.33
Jul-97           12     229,145.10    -      -            12      229,145.10     18        369,064.43
Aug-97           12     288,119.80    -      -            12      288,119.80     30        657,184.23
Sep-97           15     349,007.68    -      -            15      349,007.68     45      1,006,191.91
                 --  -------------  ----  ---------      ----  ------------   ------  ---------------

Total of month
 end balance     45  $1,006,191.91    -   $  -            45   $1,006,191.91     99   $  2,172,359.90
                 ==  =============  ====  =========      ====  =============  ======  ===============

Average month
 end balance      9  $  201,238.38    -      -             9  $   201,238.38     20   $    434,471.98
                 ==  =============  ====  =========      ====  ==============  ====   ===============
</TABLE>


<PAGE>

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

<TABLE>
<CAPTION>
                                  Delinquency Analysis
                 ---------------------------------------------------------------

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

<S>              <C>   <C>              <C>  <C>    <C>      <C>  <C>    <C>      <C>   <C>  
Oct-96             -   $       -         -   $        -        -  $        -        -   $         -
Nov-96             -           -         -            -        -           -        -             -
Dec-96             -           -         -            -        -           -        -             -
Jan-97             -           -         -            -        -           -        -             -
Feb-97             -           -         -            -        -           -        -             -
Mar-97             -           -         -            -        -           -        -             -
Apr-97             -           -         -            -        -           -        -             -
May-97            17     509,590.14      -            -        -           -       17       509,590.14
Jun-97            54   1,523,928.56     11      299,786.08     -           -       65     1,823,714.64
Jul-97            60   1,724,721.15     29      718,326.13     6     201,247.91    95     2,644,295.19
Aug-97            87   2,272,946.64     31      871,202.80    30     779,232.82   148     3,923,382.26
Sep-97            85   2,414,107.96     35      875,659.60    45   1,300,284.13   165     4,590,051.69
                 ---  -------------  ------  -------------  ----  -------------  -----  ---------------

Total of month
 end balance     303  $8,445,294.45    106   $2,764,974.61    81  $2,280,764.86   490   $13,491,033.92
                 ===  =============   ====    =============  ====  =============  ====  ===============

Average month
end balance       61  $1,689,058.89     21  $   552,994.92    16  $  456,152.97    98   $ 2,698,206.78
                 ===  =============  =====  ==============  ===== =============  ====   ===============

</TABLE>

<PAGE>

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

REPOSSESSION LIQUIDATION REPORT
                                
<TABLE>
<CAPTION>

           Liquidated                                            Net     
Prepayment Principal   Sales   Insur.    Total    Repossession Liquidation  Unrecov.   
  Period    Balance   Proceeds Refunds  Proceeds    Expenses    Proceeds    Advances   
---------- ---------  -------- -------- ---------  --------- ------------  --------    
<S>        <C>        <C>       <C>      <C>         <C>      <C>          <C>         
SEE MONTHLY INVESTOR REPORT FOR DETAIL
Oct-96         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Nov-96         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Dec-96         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Jan-97         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Feb-97         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Mar-97         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Apr-97         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
May-97         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Jun-97         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Jul-97         0.00       0.00     0.00       0.00      0.00        0.00         0.00  
Aug-97    13,161.53   6,500.00     0.00   6,500.00  1,207.00    5,293.00       649.35  
Sep-97   203,737.00 194,100.00 8,257.23 202,357.23 15,670.64  186,686.59    11,557.30  
         ========== ========== ======== ========== =========  ============  =========  
         216,898.53 200,600.00 8,257.23 208,857.23 16,877.64  191,979.59    12,206.65  
         ========== ========== ======== ========== =========  =============  ========= 

</TABLE>


                                Net          Current
             FHA Insurance   Pass Thru     Period Net  Cumulative    
                Coverage      Proceeds     Gain/(Loss)  Gain/(Loss)   
             -------------  -----------  ------------  -----------  
                                                        
                                                        
Oct-96             0.00          0.00         0.00                  
Nov-96             0.00          0.00         0.00                  
Dec-96             0.00          0.00         0.00                  
Jan-97             0.00          0.00         0.00                  
Feb-97             0.00          0.00         0.00                  
Mar-97             0.00          0.00         0.00                  
Apr-97             0.00          0.00         0.00                  
May-97             0.00          0.00         0.00                  
Jun-97             0.00          0.00         0.00                  
Jul-97             0.00          0.00         0.00                  
Aug-97             0.00      4,643.65    (8,517.88)                 
Sep-97             0.00    175,129.29   (28,607.71)                 
            =============  ===========  ===========                 
                   0.00    179,772.94   (37,125.59)   (37,125.59)   
            ============== ===========  ============  ===========  
                                                       
<PAGE>

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

CERTIFICATE PRINCIPAL ANALYSIS

PRINCIPAL


<TABLE>
<CAPTION>

                              Original           Beginning          Current      Accelerated   
           Cert.             Certificate         Certificate        Principal     Principal    
           Class               Balances            Balances          Payable     Distribution  
---------------------------  ---------------  ----------------  ---------------  -------------   
<S>                            <C>              <C>             <C>                  <C>       
A-1                            33,741,000.00    33,741,000.00   (6,506,918.69)       0.00      
A-1 Outstanding Writedown               0.00             0.00            0.00        0.00      

A-2                            32,767,000.00    32,767,000.00            0.00        0.00      
A-2 Outstanding Writedown               0.00             0.00            0.00        0.00      

A-3                            22,379,000.00    22,379,000.00            0.00        0.00      
A-3 Outstanding Writedown               0.00             0.00            0.00        0.00      

A-4                            14,096,000.00    14,096,000.00            0.00        0.00      
A-4 Outstanding Writedown               0.00             0.00            0.00        0.00      

A-5                            33,982,000.00    33,982,000.00            0.00        0.00      
A-5 Outstanding Writedown               0.00             0.00            0.00        0.00      

M                              15,615,000.00    15,615,000.00            0.00        0.00      
M Outstanding Writedown                 0.00             0.00            0.00        0.00      

B-1                            16,953,000.00    16,953,000.00            0.00        0.00      
B-1 Outstanding Writedown               0.00             0.00            0.00        0.00      

B-2                             8,923,192.00     8,923,192.00            0.00        0.00      
B-2 Outstanding Writedown               0.00             0.00            0.00        0.00      


                             ----------------  --------------  ---------------  ----------     
                              178,456,192.00   178,456,192.00   (6,506,918.69)       0.00      
                             ================  ==============  ===============  ==========  

</TABLE>


<TABLE>
<CAPTION>

                                            Ending                   Principal Paid
                             Writedown   Certificate        Pool        Per $1,000 
                             Amounts(1)    Balances        Factor     Denomination 
                            ----------  --------------  ----------    --------------
<S>                            <C>      <C>              <C>              <C>       
A-1                            0.00     27,234,081.31    80.71510%        192.85    
A-1 Outstanding Writedown      0.00              0.00     0.00              0.00    
                                                         
A-2                            0.00     32,767,000.00   100.00000%          0.00    
A-2 Outstanding Written        0.00              0.00     0.00              0.00    
                                                         
A-3                            0.00     22,379,000.00   100.00000%          0.00    
A-3 Outstanding Written        0.00              0.00     0.00              0.00    
                                                         
A-4                            0.00     14,096,000.00   100.00000%          0.00    
A-4 Outstanding Written        0.00              0.00     0.00              0.00    
                                                         
A-5                            0.00     33,982,000.00   100.00000%          0.00    
A-5 Outstanding Written        0.00              0.00     0.00              0.00    
                                                         
M                              0.00     15,615,000.00   100.00000%          0.00    
M   Outstanding Written        0.00              0.00     0.00              0.00    
                                                         
B-1                            0.00     16,953,000.00   100.00000%          0.00    
B-1 Outstanding Written        0.00              0.00     0.00              0.00    
                                                         
B-2                            0.00      8,923,192.00   100.00000%          0.00    
B-2 Outstanding Written        0.00              0.00     0.00              0.00    
                           ----------  --------------                              
                               0.00     171,949,273.31                              
                           ==========  ==============                              
</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>

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

CERTIFICATE INTEREST ANALYSIS
                              
       Certificate         Remittance  Beginning     Current         Total    
         Class              Rate       Balance      Accrual         Paid     
                         -----------  ---------  -------------  ------------ 


A-1                        6.50000%    0.00        834,636.63     834,636.63 
A-1  Carryover Interest    0.00        0.00              0.00           0.00 
A-1  Writedown Interest    0.00        0.00              0.00           0.00 

A-2                        6.75000%    0.00        921,571.90     921,571.90 
A-2  Carryover Interest    0.00        0.00              0.00           0.00 
A-2  Writedown Interest    0.00        0.00              0.00           0.00 

A-3                        6.95000%    0.00        648,058.55     648,058.55 
A-3  Carryover Interest    0.00        0.00              0.00           0.00 
A-3  Writedown Interest    0.00        0.00              0.00           0.00 

A-4                        7.10000%    0.00        417,006.65     417,006.65 
A-4  Carryover Interest    0.00        0.00              0.00           0.00 
A-4  Writedown Interest    0.00        0.00              0.00           0.00 

A-5                        7.37500%    0.00      1,044,238.55   1,044,238.55 
A-5  Carryover Interest    0.00        0.00              0.00           0.00 
A-5  Writedown Interest    0.00        0.00              0.00           0.00 

M                          7.77500%    0.00        505,860.95     505,860.95 
M  Carryover Interest      0.00        0.00              0.00           0.00 
M  Writedown Interest      0.00        0.00              0.00           0.00 

B-1                        7.75000%    0.00        547,440.65     547,440.65 
B-1  Carryover Interest    0.00        0.00              0.00           0.00 
B-1  Writedown Interest    0.00        0.00              0.00           0.00 

B-2                        8.07500%    0.00        300,228.25     300,228.25 
B-2  Carryover Interest    0.00        0.00              0.00           0.00 
B-2  Writedown Interest    0.00        0.00              0.00           0.00 

X                                      0.00      1,653,375.72   1,616,250.13(1)

Service Fee                            0.00        731,385.61     731,385.61 
                          ---------  --------  ------------------------------

                                       0.00      7,603,803.46   7,566,677.87 
RESERVE FUND DEPOSIT                                              631,642.71 
                                                                ============ 
                                                                6,935,035.16(2)
                                                                ============ 


<TABLE>
<CAPTION>

                                                        Interest Paid                            
                           Interest         Ending        Per $1,000      Cert.       TOTAL       
                           Shortfall       Balance       Denomination    Class    DISTRIBUTION   
                         ------------  --------------   ---------------   ------  --------------  
                                                                                  
                                                                                    
<S>                         <C>            <C>               <C>           <C>        <C>            
A-1                         0.00           0.00              24.74         A-1       7,341,555.32   
A-1 Carryover Interest      0.00           0.00               0.00                                
A-1 Writedown Interest      0.00           0.00               0.00                                
                                                                                  
A-2                         0.00           0.00              28.13         A-2       921,571.90   
A-2 Carryover Interest      0.00           0.00               0.00                                
A-2 Writedown Interest      0.00           0.00               0.00                                
                                                                                  
A-3                         0.00           0.00              28.96         A-3       648,058.55   
A-3 Carryover Interest      0.00           0.00               0.00                                
A-3 Writedown Interest      0.00           0.00               0.00                                
                                                                                  
A-4                         0.00           0.00              29.58         A-4       417,006.65   
A-4 Carryover Interest      0.00           0.00               0.00                                
A-4 Writedown Interest      0.00           0.00               0.00                                
                                                                                  
A-5                         0.00           0.00              30.73         A-5     1,044,238.55   
A-5 Carryover Interest      0.00           0.00               0.00                                
A-5 Writedown Interest      0.00           0.00               0.00                                
                                                                                  
A-6                         0.00           0.00              32.40         M         505,860.95   
A-6 Carryover Interest      0.00           0.00               0.00                                
A-6 Writedown Interest      0.00           0.00               0.00                                
                                                                                  
B-1                         0.00           0.00              32.29         B-1       547,440.65   
B-1 Carryover Interest      0.00           0.00               0.00                                
B-1 Writedown Interest      0.00           0.00               0.00                                
                                                                                  
B-2                         0.00           0.00              33.65         B-2       300,228.25   
B-2 Carryover Interest      0.00           0.00               0.00                                
B-2 Writedown Interest      0.00           0.00               0.00                                
                                                           
X                      37,125.59      37,125.59                            X      1,616,250.13
 
Service Fee                 0.00           0.00                                     731,385.61   
                     -----------     ----------                                 --------------  
                       37,125.59      37,125.59                                  14,073,596.56   
                                                                                    631,642.71   
                                                                                ==============  
                                                                                 13,441,953.85(2)
                                                                                ==============  
</TABLE>
                                    
 (1) RESERVE FUND DEPOSITS WERE MADE FROM CASH FLOWS ON THE ASSETS, AS REQUIRED
     BY THE APPLICABLE POOLING AND SERVICING AGREEMENT IN THE AGGREGATE AMOUNT
     OF $631,642.71. THESE DEPOSITS HAD THE EFFECT OF REDUCING CASH AVAILABLE TO
     MAKE DISTRIBUTIONS ON THE CLASS X CERTIFICATES.  CONSEQUENTLY, THE ACTUAL 
     TOTAL AMOUNT DISTRIBUTED ON THE CLASS X CERTIFICATES WAS $984,607.42.

(2) PURSUANT TO THE APPLICABLE POOLING AND SERVICING AGREEMENT, $731,385.61 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 INTEREST DISTRIBUTED ON THE CERTIFICATES DURING THE FISCAL YEAR 
    WAS $6,835,292.26, AND THE TOTAL AMOUNT DISTRIBUTED ON THE CERTIFICATES 
    DURING THE FISCAL YEAR WAS $12,710,568.24.

<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.



/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


<PAGE>
                         OAKWOOD ACCEPTANCE CORPORATION
                          ANNUAL OFFICER'S CERTIFICATE

                        OAKWOOD MORTGAGE INVESTORS, INC.
                  SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
                                  SERIES 1997-B


Pursuant to Section 3.13(a) of the Standard Terms to Pooling and Servicing
Agreement (November 1995 Edition) which is incorporated in the Pooling and
Servicing Agreement dated May 1, 1997 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 May 1, 1997 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