<PAGE>
- - -----------------------------------------------------------
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 13, 1996
Advanta Mortgage Loan Trust 1996-2
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 33-95006 Application Pending
- - --------------- ------------ -------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
c/o Advanta Mortgage Conduit 92127
Services, Inc. ------------
Attention: Milton Riseman (Zip Code)
16875 West Bernardo Drive
San Diego, California
(Address of Principal
Executive Offices)
Registrant's telephone number,
including area code: (619) 674-1800
--------------
500 Office Center Drive, Suite 400,
Ft. Washington, Pennsylvania 19043
----------------------------------
(Former name or former address,
if changed since last report)
<PAGE>
<PAGE>
Item 5. Other Events
In connection with the offering of Advanta Mortgage
Loan Trust 1996-2 Mortgage Loan Asset-Backed Certificates,
Series 1996-2, described in a Prospectus Supplement dated
as of May 13, 1996, certain "Computational Materials"
within the meanings of the May 20, 1994 Kidder, Peabody
No-Action Letter and the February 17, 1995 Public Securities
Association No-Action Letter were furnished to certain
prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits.
-----------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials
(as defined in Item 5 above).
<PAGE>
<PAGE>
SIGNATURES
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
hereunto duly authorized.
ADVANTA MORTGAGE LOAN TRUST 1996-2
By: Advanta Mortgage Conduit
Services, Inc., as Sponsor
By: /s/ Mark Casale
------------------------
Name: Mark Casale
Title: Vice-President
Dated: May 13, 1996
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page No.
- - ----------- ----------- --------
99.1 Related Computational 5
Materials (as defined
in Item 5 above).
<PAGE>
EXHIBIT 99.1
------------
LEHMAN BROTHERS
---------------
DERIVED INFORMATION
-------------------
$300,000,000 Certificates (Approximate)
ADVANTA Mortgage Loan Trust 1996-2
ADVANTA Mortgage Conduit Services, Inc. (Sponsor)
ADVANTA Mortgage Corp. USA (Master Servicer)
_______________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).<PAGE>
<PAGE>
<TABLE>
Collateral Summary
- - ------------------
Group I Initial Loans
---------------------
Total Number of Loans <C> <C> 3,208
Total Outstanding Loan Balance $195,762,287.93
Balloon (% of Total) 23.12%
Level Pay (% of Total) 76.88%
Average Loan Principal Balance $61,023.16 $6,135.09 -
700,000.00
Weighted Average Coupon 10.75% 5.00%-17.75%
Weighted Average
Original Term (mths) 248 36-360
Range of Original Terms Level Pay Balloons
--------- --------
36-84: 1.00% 120: 0.13%
85-120: 3.91% 180-181: 99.87%
121-180: 38.67%
181-240: 7.62%
241-300: 0.75%
301-360: 48.05%
_______________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).
<PAGE>
<PAGE>
Collateral Summary
- - ------------------
Group I Initial Loans (continued)
---------------------------------
Weighted Average
Remaining Term (mths) 244 20-360
Weighted Average CLTV 74.15% 7.50%-97.87%
Weighted Average
Second Mortgage Ratio
(as of origination
for 2nd liens) 38.52%
Lien Position
(first/second/third) 87.32%/12.66%/0.02%
Property Type
Single Family Detached 91.42%
2-4 Family 4.01%
Condo/Townhouse 3.69%
Other 0.88%
Occupancy Status
Owner Occupied 94.43%
Non-owner Occupied 5.57%
_______________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).<PAGE>
<PAGE>
Collateral Summary
- - ------------------
Group I Initial Loans (continued)
---------------------------------
Geographic Distribution
other states account MD 10.43% IL 7.00%
individually for less CA 10.23% OH 6.33%
than 5% of Group I NJ 7.32% VA 5.58%
principal balance PA 7.30%
Origination Years 1996: 84.31%
1995: 13.69%
before 1995: 2.00%
Credit Class A: 64.26% C: 10.96%
B: 21.48% D: 3.30%
</TABLE>
_______________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).
<PAGE>
<PAGE>
<TABLE>
Collateral Summary
__________________
Group II Initial Loans
---------------------
Total Number of Loans <C> <C> 454
Total Outstanding Loan Balance $50,412,053.23
Balloon (% of Total) 0.32%
Level Pay (% of Total) 99.68%
Average Loan Principal Balance $111,039.76 $13,787.68 -
$835,000.00
Weighted Average Coupon 9.84% 6.13% - 14.75%
Weighted Average Margin 5.52% 0.02% - 9.13%
Weighted Average
Original Term (mths) 356 180 - 360
Range of Original Terms (mths) Level Pay Balloon
--------- --------
180: 1.01% 180: 100.00%
181-240: 0.92%
241-300: 0.09%
301-360: 97.98%
_______________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).
<PAGE>
<PAGE>
Collateral Summary
__________________
Group II Initial Loans (continued)
----------------------------------
Weighted Average
Remaining Term (mths) 352 96 - 360
Weighted Average Lifecap 16.66% 12.50% - 21.75%
Weighted Average
Periodic Cap 6 mo LIBOR: 1.08% per 6 months
1 Year CMT: 1.95% per 12 months
Weighted Average Floor 9.27% 0.00%-14.25%
Weighted Average LTV 77.30% 16.45%-96.06%
Lien Position
(first/second) 100.00% / 0.00%
Property Type
Single Family 92.20%
Two to Four Family 3.84%
Townhouse/Condo 3.07%
Other 0.89%
_______________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).<PAGE>
<PAGE>
Collateral Summary
- - ------------------
Group II Initial Loans (continued)
__________________________________
Occupancy Status
Owner Occupied 93.95%
Non-owner Occupied 6.05%
Geographic Distribution
other states account
individually for less
than 5% of Group II
principal balance CA 19.67% OH 6.58%
VA 9.83% MI 5.33%
MD 7.16% PA 5.18%
IL 6.85% NJ 5.03%
Origination Years 1996: 74.40%
1995: 22.16%
before 1995: 3.44%
________________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).
<PAGE>
<PAGE>
Collateral Summary
- - ------------------
Group II Initial Loans (continued)
__________________________________
Next Rate
Adjustment Date: 6 mo. LIBOR Loans 1 Yr CMT loans
----------------- --------------
6/96: 0.52% 7/96-12/96: 7.62%
7/96: 9.30% 1/97: 4.03%
8/96: 6.60% 2/97: 4.57%
9/96: 12.70% 3/97: 5.58%
10/96: 9.96% 4/97: 13.29%
11/96: 8.98% 5/97-9/98: 6.56%
12/96: 2.60% 12/98: 8.71%
4/97 - 2/99: 6.32% 1/99: 17.74%
3/99: 8.75% 2/99: 4.85%
4/99: 12.89% 3/99: 6.24%
5/99: 1.87% 4/99-3/01: 11.03%
2/01: 4.81% 4/01: 9.78%
3/01: 8.00%
4/01 - 5/01: 6.70%
Index 6 month LIBOR: 80.87%
1 Year CMT: 18.32%
Other: 0.81%
Reset Frequency 6 months: 41.87%
2 years/6 months: 2.81%
3 years/6 months: 21.04%
5 years/6 months: 15.78%
12 months: 7.53%
3 years/12 months: 7.94%
5 years/12 months: 3.03%
Credit Class A: 57.37% C: 9.98%
B: 29.93% D: 2.72%
</TABLE>
_______________________________________________________
This information does not constitute either an offer to
sell or a solicitation of an offer to buy any of the
securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made
only by, and this information must be read in conjunction
with, the final Prospectus Supplement and the related
Prospectus or, if not registered under the securities laws,
the final Offering Memorandum (the "Offering Document").
Information contained herein does not purport to be complete
and is subject to the same qualifications and assumptions,
and should be considered by investors only in the light of
the same warnings, lack of assurances and representations
and other precautionary matters, as disclosed in the
Offering Document. Information regarding the underlying
assets has been provided by the issuer of the securities
or an affiliate thereof and has not been independently
verified by Lehman Brothers Inc. or any affiliate. The
analyses contained herein have been prepared on the basis
of certain assumptions (including, in certain cases,
assumptions specified by the recipient hereof) regarding
payments, interest rates, losses and other matters,
including, but not limited to, the assumptions described
in the Offering Document. Lehman Brothers Inc., and any
of its affiliates, make no representation or warranty as
to the actual rate or timing of payments on any of the
underlying assets or the payments or yield on the securities.
This information supersedes any prior versions hereof and
will be deemed to be superseded by any subsequent versions
(including, with respect to any description of the securities
or underlying assets, the information contained in the
Offering Document).
