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: May 26, 1998
ADVANTA Home Equity Loan Trust 1998-1
New York 333-37107 "Pending"
c/o ADVANTA Mortgage Corp., USA
Attn: William P. Garland
16875 West Bernardo Drive
San Diego, Ca 92127
(619) 674-1800
Item 5. Other Events
Information relating to the distributions to Certificate holders
for the April, 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 April, 1998 Monthly Period
relating to the Home Equity Loan Pass-Through
Certificates Series 1998-1, Class A issued by the
ADVANTA Home Equity Loan Trust 1998-1.
EXHIBIT INDEX
Exhibit
1. Monthly Report for the April, 1998 Monthly
Period relating to the Home Equity Loan Pass-Through
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 Home Equity Loan Trust 1998-1
BY: ADVANTA Mortgage Corp., USA
BY: /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
May 29, 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. 139,137,748. 645,1 7,207,133 7,852,318.43
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. 326,831,425. 1,544,48 6,482,776 8,027,261.39
A-8 44,000,000 44,000,000 228,8 228,800.00
M-1 26,000,000 26,000,000 126,8 126,845.84
M-2 23,000,000 23,000,000 115,9 115,915.34
B-1 21,000,000 21,000,000 115,1 115,139.91
RS -
Totals 900,000,000. 892,969,174. 4,649,26 13,689,910. 18,339,172.58
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 131,930,614. 5.756300% 5.748400%
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-7 320,348,649. 5.866300% 5.858400%
A-8 44,000,000 6.240000% 6.240000%
M-1 26,000,000 6.056300% 6.048400%
M-2 23,000,000 6.256300% 6.248400%
B-1 21,000,000 6.806300% 6.798400%
RS 0.000000% 0.000000%
Totals 879,279,263.84
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WER3 972.99125 4.511779 50.399538 54.911317 922.591711
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 0
A-7 00755WEX0 990.39826 4.680256 19.644778 24.325034 970.753482
A-8 00755WEY8 1000 5.2 0 5.2 1000
M-1 00755WEZ5 1000 4.878686 0 4.878686 1000
M-2 00755WFA9 1000 5.039797 0 5.039797 1000
B-1 00755WFB7 1000 5.482853 0 5.482853 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 7,433,05 1,643,84 44,9 277,63
% of Pool Balanc 1.51197% 0.33438% 0.00914% 0.00000% 0.05647%
Number of Loans 137 30 2 0 6
% of Loans 1.63993% 0.35911% 0.02394% 0.00000% 0.07182%
Group 2 Principal Balanc 6,583,23 510,5 246,21 565,39
% of Pool Balanc 1.67376% 0.12981% 0.06260% 0.00000% 0.14375%
Number of Loans 76 9 3 0 8
% of Loans 1.67217% 0.19802% 0.06601% 0.00000% 0.17602%
Loans in Bankrup Group 1 238,714.52
Group 2 230,766.01
469,480.53
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Beginning Aggregate Mortgage Loan Balance 497,422,902. 398,420,473. 895,843,375.
Principal Reduction 5,808,583 5,101,31 10,909,899.
Ending Aggregate Mortgage Loan Balance 491,614,319. 393,319,156. 884,933,475.
Beginning Aggregate Mortgage Loan Count 8448 4606 13054
Ending Aggregate Mortgage Loan Count 8354 4545 12899
Current Weighted Average Coupon Rate 10.574582% 10.445737% 10.517279%
Next Weighted Average Coupon Rate 10.565368% 10.443734% 10.511306%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Scheduled Principal 632,77 182,3 815,12
Curtailments
Prepayments 4,669,126 4,695,82 9,364,947
Repurchases/Substitutions 506,28 223,1 729,40
Liquidation Proceeds
Other Principal
Less: Realized Losses
Less: Delinquent Principal not Advanced by Servicer
Total Principal Reduction 5,808,583 5,101,31 10,909,899.
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Accrued Servicing Fee for the Current Period 180,46 145,8 326,33
Less: Amounts to Cover Interest Shortfalls 2,0 1, 3,7
Less: Delinquent Service Fees 26,7 20,1 46,9
Collected Servicing Fees for Current Period: 151,61 123,9 275,60
Advanced Principal 38,4 7, 45,9
Advanced Interest 586,27 422,4 1,008,735
</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 4,930,23 384,2
A-2
A-3
A-4
A-5
A-6
A-IO
A-7 4,434,71 345,6
A-8
M-1
M-2
B-1
Total 9,364,94 729,8
</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 1,285,15 1,398,550 2,683,70 7,252,668
Group II NO 18.693675% 1,589,04 1,381,460 2,970,50 12,008,191.
Total 2,874,20 2,780,011 5,654,21 19,260,859.
</TABLE>
<TABLE>
MISCELLANEOUS INFORMATION:
<CAPTION>
<S> <C>
Class A-IO Notional Balance -
Group II Insured Payment Included in amounts Distributed to -
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 6,796,303.66
Principal Collected: 10,134,588.77
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 1,008,735.32
Delinquency Advances on Mortgage Principal 45,901.59
Substitution Amounts: 729,409.40
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 10,732.23
Capitalized Interest Requirement: -
Pre-Funding Account: -
Sum of the Above Amounts: 18,725,670.97
LESS:
Servicing Fees (including PPIS): 326,331.04
Dealer Reserve: -
Trustee Fees: 5,972.29
Insurance Premiums: 54,195.06
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 386,498.39
Total Available Funds: 18,339,172.
</TABLE>
