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Previous: OAK ASSOCIATES FUNDS, N-30D, 1998-12-03 |
Next: VIB CORP, S-4/A, 1998-12-03 |
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: November 25, 1998
ADVANTA Home Equity Loan Trust 1997-4
New York 333-37107-01 "Pending"
c/o ADVANTA Mortgage Corp., USA
Attn: William P. Garland
10790 Rancho Bernardo Road
San Diego, CA 92127
(619) 674-1800
Item 5. Other Events
Information relating to the distributions to Certificate holders
for the October, 1998 Monthly Period of the Trust in respect of
the Home Equity Loan Pass-Through Certificates, Series 1997-4
Class A (the "Certificates") issued by the Registrant and the
performance of the Trust (including distributions of principal
and interest, delinquent balances of Home Equity Loans,
and the Subordinated amount remaining), together with certain other
information relating to the certificates, is contained in the
Monthly Report for the Monthly Period provided to certificateholders
pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated as of December 1, 1997 between ADVANTA Mortgage Corp.,
USA as Servicer, and Bankers Trust Company, as Trustee.
Item 7. Financial Statements, Exhibits
Exhibit No. Exhibit
1. Monthly Report for the October, 1998 Monthly
Period relating to the Home Equity Loan Pass-
Through Certificates Series 1997-4, Class A
issued by the ADVANTA Home Equity Loan
Trust 1997-4.
EXHIBIT INDEX
Exhibit
1. Monthly Report for the October, 1998 Monthly
Period relating to the Home Equity Loan Pass-Through
Certificates, Series 1997-4, Class A issued by the
ADVANTA Home Equity Loan Trust 1997-4.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
ADVANTA Mortgage Loan Trust 1997-4
BY: ADVANTA Mortgage Corp., USA
BY: /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
December 3, 1998
<TABLE>
EXHIBIT 1
ADVANTA Mortgage Loan Trust 1997-4
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A-1 146,039,000. 62,464,750 278,9 13,988,011. 14,266,988.45
A-2 91,159,000 91,159,000 496,0 496,056.89
A-3 33,579,000 33,579,000 183,2 183,285.37
A-4 59,837,000 59,837,000 332,0 332,095.35
A-5 15,601,000 15,601,000 87,3 87,365.60
A-6 41,285,000 41,285,000 244,2 244,269.58
A-7 50,000,000 50,000,000 276,2 276,250.00
A-8 98,000,000 63,773,784 286,4 5,496,028 5,782,446.16
A-9 302,000,000. 244,956,308. 1,114,42 10,265,745. 11,380,169.83
A-IO 208,333.33 208,333.33
B-1 15,000,000 15,000,000 94,2 94,250.00
M-1 17,500,000 17,500,000 102,6 102,666.67
M-2 30,000,000 30,000,000 181,0 181,000.00
R -
Totals 900,000,000. 725,155,843. 3,885,39 29,749,785. 33,635,177.23
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 48,476,738 5.359380% 5.182340%
A-2 91,159,000 6.530000% 6.530000%
A-3 33,579,000 6.550000% 6.550000%
A-4 59,837,000 6.660000% 6.660000%
A-5 15,601,000 6.720000% 6.720000%
A-6 41,285,000 7.100000% 7.100000%
A-7 50,000,000 6.630000% 6.630000%
A-8 58,277,756 5.389380% 5.212340%
A-9 234,690,563. 5.459380% 5.282340%
A-IO 5.000000% 5.000000%
B-1 15,000,000 7.540000% 7.540000%
M-1 17,500,000 7.040000% 7.040000%
M-2 30,000,000 7.240000% 7.240000%
R 0.000000% 0.000000%
Totals 695,406,058.00
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WEC6 427.726499 1.910291 95.782712 97.693003 331.943786
A-2 00755WED4 1000 5.441667 0 5.441667 1000
A-3 00755WEE2 1000 5.458333 0 5.458333 1000
A-4 00755WEF9 1000 5.55 0 5.55 1000
A-5 00755WEG7 1000 5.6 0 5.6 1000
A-6 00755WEH5 1000 5.916667 0 5.916667 1000
A-7 00755WEJ1 1000 5.525 0 5.525 1000
A-8 00755WEL6 650.752907 2.922629 56.081924 59.004553 594.670983
A-9 00755WEM4 811.113603 3.690148 33.992534 37.682682 777.12107
A-IO 00755WEK8 1000 4.166667 0 4.166667 0
B-1 00755WEQ5 1000 6.283333 0 6.283333 1000
M-1 00755WEN2 1000 5.866667 0 5.866667 1000
M-2 00755WEP7 1000 6.033333 0 6.033333 1000
R AM9704114 0 0 0 0 0
</TABLE>
<TABLE>
Delinquent Loan Information:
<CAPTION>
90+ Days Loans Loans
30-59 60-89 excldg f/c,REO in in
Days Days & Bkrptcy REO Foreclosure
<S> <C> <C> <C> <C> <C>
Group 1 Principal Balanc 13,041,856 3,903,21 2,842,668 1,743,53 9,451,915
% of Pool Balanc 3.14309% 0.94067% 0.68508% 0.42019% 2.27791%
Number of Loans 240 82 51 24 167
% of Loans 3.35149% 1.14509% 0.71219% 0.33515% 2.33208%
Group 2 Principal Balanc 10,537,109 4,690,57 1,307,702 1,926,31 13,837,471.
% of Pool Balanc 3.42413% 1.52424% 0.42495% 0.62597% 4.49661%
Number of Loans 122 42 18 20 159
% of Loans 3.39738% 1.16959% 5.01250% 0.55695% 4.42774%
Loans in Bankrup Group 1 4,846,995.05
Group 2 5,686,909.00
10,533,904.05
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Beginning Aggregate Mortgage Loan Balance 428,869,531. 321,195,875. 750,065,407.
Principal Reduction 13,975,988. 13,399,041 27,375,030.
Ending Aggregate Mortgage Loan Balance 414,937,882. 307,730,929. 722,668,811.
Beginning Aggregate Mortgage Loan Count 7409 3748 11157
Ending Aggregate Mortgage Loan Count 7161 3591 10752
Current Weighted Average Coupon Rate 10.555544% 10.542945% 10.550149%
Next Weighted Average Coupon Rate 10.542150% 10.543516% 10.542731%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Scheduled Principal 859,62 223,8 1,083,437
Curtailments
Prepayments 12,971,628. 12,926,162 25,897,790.
Repurchases/Substitutions
Liquidation Proceeds 100,39 314,9 415,36
Other Principal
Less: Realized Losses (44,3 65,9 21,5
Less: Delinquent Principal not Advanced by Servicer
Total Principal Reduction 13,975,988. 13,399,041 27,375,030.
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Accrued Servicing Fee for the Current Period 133,35 98,6 231,97
Less: Amounts to Cover Interest Shortfalls 7,6 2, 9,8
Less: Delinquent Service Fees 45,3 35,2 80,5
Collected Servicing Fees for Current Period: 80,3 61,2 141,60
Advanced Principal 103,98 16,1 120,18
Advanced Interest 973,91 743,3 1,717,292
</TABLE>
<TABLE>
<CAPTION>
Other Subordination
Prepayment Unscheduled Increase Applied Realized Loss Unpaid
Principal Principal Principal Realized Loss Amortization Realized Loss
Class Distributed Distributed Distributed Amount Amount Amount
<S> <C> <C> <C> <C> <C> <C>
A-1 12,971,628 100,3 12,0
A-2
A-3
A-4
A-5
A-6
A-7
A-8 4,507,26 109,8 438,3 65,9
A-9 8,418,89 205,1 818,7
A-IO
B-1
M-1
M-2
R
Total 25,897,790 415,3 1,269,05 65,9
</TABLE>
<TABLE>
<CAPTION>
Prior Current Target
Has a Senior Overcolla- Extra Overcolla- Overcolla-
Trigger Event Enhancement Teralization Principal Teralization Teralization
Occurred Percentage Amount Distributed Amount Amount
<S> <S> <C> <C> <C> <C> <C>
Group I No 18.075029% 12,443,781 12,0 12,500,144 12,500,144.
Group II N/A N/A 12,465,782 1,257,034 14,762,609 15,000,257.
Total 24,909,564 1,269,057 27,262,753 27,500,402.
</TABLE>
<TABLE>
<CAPTION>
Prior Current Cumulative Prior Unreimbursed Unreimbursed
Realized Realized Realized Unreimbursed Servicing Fee Servicing Fee
Losses Losses Losses Servicing Fee Due Paid
<S> <S> <C> <C> <C> <C> <C>
Group I 0.00 (44,339.57) (44,339.57) 0.00 N/A N/A
Group II 0.00 65,904.91 65,904.91 0.00 N/A N/A
Total 0.00 21,565.34 21,565.34 0.00 0.00 0.00
Cumulative
Unreimbursed
Servicing Fee
<S> <S>
Group I 0.00
Group II 0.00
Total 0.00
</TABLE>
<TABLE>
<CAPTION>
MISCELLANEOUS INFORMATION:
<CAPTION>
<S> <C>
Class A-IO Notional Balance 50,000,000.00
Group II Insured Payment Included in amounts Distributed to Clas -
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 4,796,575.37
Principal Collected: 26,861,046.71
Insurance Proceeds Received: -
Net Liquidation Proceeds: 393,801.39
Delinquency Advances on Mortgage Interest: 1,717,292.00
Delinquency Advances on Mortgage Principal 120,181.92
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 20,346.68
Capitalized Interest Requirement: -
Pre-Funding Account: -
Sum of the Above Amounts: 33,909,244.07
LESS:
Servicing Fees (including PPIS): 231,976.59
Dealer Reserve: -
Trustee Fees: 5,469.22
Insurance Premiums: 36,621.04
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 274,066.85
Total Available Funds: 33,635,177.
</TABLE>
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