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Previous: DUNHILL INVESTMENT TRUST, NSAR-A, 1998-10-30 |
Next: HYPERTENSION DIAGNOSTICS INC /MN, DEF 14A, 1998-10-30 |
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: October 26, 1998
ADVANTA Home Equity Loan Trust 1998-1
New York 333-37107-02 "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 September, 1998 Monthly Period of the Trust in respect of
the Home Equity Loan Pass-Through Certificates, Series 1998-1
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 March 1, 1998 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 September, 1998 Monthly
Period relating to the Mortgage Loan Asset-
Backed Certificates Series 1998-1, Class A
issued by the ADVANTA Home Equity Loan
Trust 1998-1.
EXHIBIT INDEX
Exhibit
1. Monthly Report for the September, 1998 Monthly
Period relating to the Mortgage Loan Asset-Backed
Certificates, Series 1998-1, Class A issued by the
ADVANTA Home Equity Loan Trust 1998-1.
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 1998-1
BY: ADVANTA Mortgage Corp., USA
BY: /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
October 30, 1998
<TABLE>
EXHIBIT 1
ADVANTA Mortgage Loan Trust 1998-1
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A-1 143,000,000. 100,603,982. 493,2 10,121,918. 10,615,179.73
A-2 89,000,000 89,000,000 463,5 463,541.67
A-3 64,000,000 64,000,000 334,4 334,400.00
A-4 42,000,000 42,000,000 224,7 224,700.00
A-5 68,000,000 68,000,000 374,0 374,000.00
A-6 50,000,000 50,000,000 267,9 267,916.67
A-IO 208,3 208,333.33
A-7 330,000,000. 287,598,713. 1,437,33 10,847,011. 12,284,348.79
A-8 44,000,000 44,000,000 228,8 228,800.00
M-1 26,000,000 26,000,000 134,1 134,194.52
M-2 23,000,000 23,000,000 122,6 122,671.65
B-1 21,000,000 21,000,000 121,9 121,950.38
RS -
Totals 900,000,000. 815,202,696. 4,411,10 20,968,930. 25,380,036.74
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 90,482,063 5.693800% 5.319400%
A-2 89,000,000 6.250000% 6.250000%
A-3 64,000,000 6.270000% 6.270000%
A-4 42,000,000 6.420000% 6.420000%
A-5 68,000,000 6.600000% 6.600000%
A-6 50,000,000 6.430000% 6.430000%
A-IO 5.000000% 5.000000%
A-7 276,751,701. 5.803800% 5.429400%
A-8 44,000,000 6.240000% 6.240000%
M-1 26,000,000 5.993800% 5.619400%
M-2 23,000,000 6.193800% 5.819400%
B-1 21,000,000 6.743800% 6.369400%
RS 0.000000% 0.000000%
Totals 794,233,765.45
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WER3 703.524355 3.449376 70.78265 74.232026 632.741705
A-2 00755WES1 1000 5.208333 0 5.208333 1000
A-3 00755WET9 1000 5.225 0 5.225 1000
A-4 00755WEU6 1000 5.35 0 5.35 1000
A-5 00755WEV4 1000 5.5 0 5.5 1000
A-6 00755WEW2 1000 5.358333 0 5.358333 1000
A-IO 00755WFC5 1000 4.166667 0 4.166667 1000
A-7 00755WEX0 871.511253 4.355566 32.869733 37.225299 838.64152
A-8 00755WEY8 1000 5.2 0 5.2 1000
M-1 00755WEZ5 1000 5.161328 0 5.161328 1000
M-2 00755WFA9 1000 5.33355 0 5.33355 1000
B-1 00755WFB7 1000 5.807161 0 5.807161 1000
RS AM9801113 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 12,052,596 3,701,71 1,549,511 227,7 6,131,258
% of Pool Balanc 2.65047% 0.81404% 0.34075% 0.05008% 1.34832%
Number of Loans 227 64 31 4 129
% of Loans 2.92714% 0.82527% 0.39974% 0.05158% 1.66344%
Group 2 Principal Balanc 9,447,37 2,546,75 1,210,253 476,5 11,382,512.
% of Pool Balanc 2.63869% 0.71132% 0.33803% 0.13310% 3.17918%
Number of Loans 133 37 11 5 130
% of Loans 3.20250% 0.89092% 0.26487% 0.12039% 3.13027%
Loans in Bankrup Group 1 3,169,919.40
Group 2 2,951,117.97
6,121,037.37
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Beginning Aggregate Mortgage Loan Balance 464,856,650. 366,391,011. 831,247,661.
Principal Reduction 10,121,918. 8,358,31 18,480,232.
Ending Aggregate Mortgage Loan Balance 454,734,731. 358,032,697. 812,767,428.
Beginning Aggregate Mortgage Loan Count 7918 4259 12177
Ending Aggregate Mortgage Loan Count 7755 4153 11908
Current Weighted Average Coupon Rate 10.524878% 10.475090% 10.502932%
Next Weighted Average Coupon Rate 10.512684% 10.474614% 10.495914%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Scheduled Principal 666,92 264,7 931,63
Curtailments
Prepayments 9,454,992 8,093,60 17,548,597.
Repurchases/Substitutions
Liquidation Proceeds
Other Principal
Less: Realized Losses
Less: Delinquent Principal not Advanced by Servicer
Total Principal Reduction 10,121,918. 8,358,31 18,480,232.
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Accrued Servicing Fee for the Current Period 193,69 152,6 346,35
Less: Amounts to Cover Interest Shortfalls 4,3 4,8
Less: Delinquent Service Fees 40,8 32,0 72,9
Collected Servicing Fees for Current Period: 148,46 120,1 268,64
Advanced Principal 61,9 10,1 72,1
Advanced Interest 877,03 672,0 1,549,057
</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 8,470,88
A-2
A-3
A-4
A-5
A-6
A-IO
A-7 9,077,70
A-8
M-1
M-2
B-1
Total 17,548,597
</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 N/A N/A 7,252,66 7,252,66 7,252,668
Group II NO 23.440691% 8,792,29 2,488,697 11,280,995 12,008,191.
Total 16,044,965 2,488,697 18,533,663 19,260,859.
</TABLE>
<TABLE>
<CAPTION>
Beginning Ending
Balance Balance
<S> <S> <C> <C> <C> <C> <C>
Component I 44,000,000 44,000,000.00
Component II 243,598,713. 232,751,701.60
Group I Group II Total
Insured Payment 0.00 N/A 0.00
Pool Rolling six month delinquency rate N/A N/A N/A
Pool Cumulative 12 months loss ratio - average balance N/A N/A N/A
Pool Cumulative 12 months loss ratio - current balance 0.00% 0.00% 0.00%
60+ day Delinquent loans (excluding f/c, reo & bankruptcy) 5,251,230.93 3,757,007.06 9,008,237.99
Book Value of REO loans 94,993.00 670,379.00 765,372.00
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 5,653,488.54
Principal Collected: 18,408,116.11
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 1,549,057.25
Delinquency Advances on Mortgage Principal 72,116.82
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 24,727.50
Capitalized Interest Requirement: -
Pre-Funding Account: -
Sum of the Above Amounts: 25,707,506.22
LESS:
Servicing Fees (including PPIS): 273,450.59
Dealer Reserve: -
Trustee Fees: 5,541.65
Insurance Premiums: 48,477.22
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 327,469.46
Total Available Funds: 25,380,036.
</TABLE>
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