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: December 28, 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 November, 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 November, 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 November, 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
December 31, 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. 79,576,196 375,1 11,381,706. 11,756,810.40
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 50,000,000.00 208,3 208,333.33
A-7 330,000,000. 264,290,665. 1,272,45 10,962,722. 12,235,178.75
A-8 44,000,000 44,000,000 228,8 228,800.00
M-1 26,000,000 26,000,000 129,7 129,708.15
M-2 23,000,000 23,000,000 118,9 118,958.49
B-1 21,000,000 21,000,000 119,2 119,201.78
RS 2,376,33 2,376,334.16
Totals 950,000,000. 770,866,861. 6,493,45 22,344,428. 28,837,883.40
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 68,194,490 5.142300% 5.724400%
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-7 253,327,942. 5.252300% 5.834400%
A-8 44,000,000 6.240000% 6.240000%
M-1 26,000,000 5.442300% 6.024400%
M-2 23,000,000 5.642300% 6.224400%
B-1 21,000,000 6.192300% 6.774400%
RS 0.000000% 0.000000%
Totals 748,522,432.98
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WER3 556.476899 2.623107 79.592350 82.215457 476.884549
A-2 00755WES1 1,000.000000 5.208333 0.000000 5.208333 1,000.000000
A-3 00755WET9 1,000.000000 5.225000 0.000000 5.225000 1,000.000000
A-4 00755WEU6 1,000.000000 5.350000 0.000000 5.350000 1,000.000000
A-5 00755WEV4 1,000.000000 5.500000 0.000000 5.500000 1,000.000000
A-6 00755WEW2 1,000.000000 5.358333 0.000000 5.358333 1,000.000000
A-IO 00755WFC5 1,000.000000 4.166667 0.000000 4.166667 1,000.000000
A-7 00755WEX0 800.880804 3.855927 33.220372 37.076299 767.660432
A-8 00755WEY8 1,000.000000 5.200000 0.000000 5.200000 1,000.000000
M-1 00755WEZ5 1,000.000000 4.988775 0.000000 4.988775 1,000.000000
M-2 00755WFA9 1,000.000000 5.172108 0.000000 5.172108 1,000.000000
B-1 00755WFB7 1,000.000000 5.676275 0.000000 5.676275 1,000.000000
RS AM9801113 0.000000 2.501404 0.000000 2.501404 0.000000
</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 14,140,984 3,367,58 1,943,031 629,0 8,593,604
% of Pool Balanc 3.26999% 0.77873% 0.44931% 0.14547% 1.98720%
Number of Loans 256 63 41 9 169
% of Loans 3.47637% 0.85551% 0.55676% 0.12222% 2.29495%
Group 2 Principal Balanc 15,886,925 4,812,59 1,070,423 924,4 11,929,800.
% of Pool Balanc 4.73761% 1.43515% 0.31921% 0.27568% 3.55756%
Number of Loans 179 58 13 11 143
% of Loans 4.60746% 1.49292% 0.33462% 0.28314% 3.68082%
Loans in Bankrup Group 1 3,866,247.42
Group 2 4,999,501.34
8,865,748.76
Combined REO BOOK VALUE 1,700,752.00
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Beginning Aggregate Mortgage Loan Balance 443,828,864. 346,298,856. 790,127,721.
Principal Reduction 11,337,406. 10,962,722 22,300,129.
Ending Aggregate Mortgage Loan Balance 432,447,158. 335,336,133. 767,783,291.
Beginning Aggregate Mortgage Loan Count 7559 4013 11572
Ending Aggregate Mortgage Loan Count 7364 3885 11249
Current Weighted Average Coupon Rate 10.480347% 10.466348% 10.474211%
Next Weighted Average Coupon Rate 10.484755% 10.463036% 10.475269%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Scheduled Principal 786,66 379,2 1,165,899
Curtailments
Prepayments 10,539,217. 10,204,999 20,744,216.
Repurchases/Substitutions 297,3 297,35
Liquidation Proceeds 55,8 81,1 136,95
Other Principal
Less: Realized Losses 44,2 44,3
Less: Delinquent Principal not Advanced by Servicer
Total Principal Reduction 11,337,406. 10,962,722 22,300,129.
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Accrued Servicing Fee for the Current Period 184,92 144,2 329,21
Less: Amounts to Cover Interest Shortfalls 4,3 2, 6,7
Less: Delinquent Service Fees 42,2 35,6 77,9
Collected Servicing Fees for Current Period: 138,29 106,2 244,58
Advanced Principal 61,0 13,6 74,7
Advanced Interest 905,07 745,3 1,650,412
</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 10,566,597 221,2
A-2
A-3
A-4
A-5
A-6
A-IO
A-7 10,177,619 213,0
A-8
M-1
M-2
B-1
Total 20,744,216 434,3
</TABLE>
<TABLE>
<CAPTION>
Prior
Has a Senior Overcolla- Supplemental Extra Extra
Trigger Event Enhancement Teralization Interest Principal Principal
Occurred Percentage Amount Amount Dist. Amt. Distributed
<S> <S> <C> <C> <C> <C> <C>
Group I N/A N/A 7,252,66 44,2 44,2
Group II NO 25.363781% 12,008,191
Total 19,260,859 44,3 44,3
Current Target
Overcolla- Overcolla-
Teralization Teralization
Amount Amount
<C> <C>
Group I 7,252,66 7,252,668.02
Group II 12,008,190 12,008,191.59
Total 19,260,858 19,260,859.61
</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 220,290,665. 209,327,942.49
Group I Group II Total
Insured Payment 0.00 N/A 0.00
Pool Rolling six month delinquency rate 2.1499% 3.7178% 2.8390%
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) 5,310,617.98 5,883,013.58 11,193,631.56
Book Value of REO loans 29,059.00 1,671,693.00 1,700,752.00
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 5,168,298.75
Principal Collected: 21,835,384.46
Insurance Proceeds Received: -
Net Liquidation Proceeds: 92,655.62
Delinquency Advances on Mortgage Interest: 1,650,412.63
Delinquency Advances on Mortgage Principal 74,731.88
Substitution Amounts: 297,357.48
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 21,666.91
Capitalized Interest Requirement: -
Pre-Funding Account: -
Sum of the Above Amounts: 29,140,507.73
LESS:
Servicing Fees (including PPIS): 251,294.07
Dealer Reserve: -
Trustee Fees: 5,267.52
Insurance Premiums: 46,062.74
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 302,624.33
Total Available Funds: 28,837,883.
</TABLE>
