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Previous: ADVANTA MORTGAGE LOAN TRUST 1998-2, 10-K, 1999-04-06 |
Next: GOODNOISE CORP, 8-K, 1999-04-06 |
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: March 25, 1999
ADVANTA Mortgage Loan Trust 1998-2
New York 33-99510-08 33-0816529
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 February, 1999 Monthly Period of the Trust in respect of
the Mortgage Loan Asset-Backed Certificates, Series 1998-2
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 June 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 February, 1999 Monthly
period relating to the Mortgage Loan Asset-
Backed Certificates Series 1998-2, Class A
issued by the ADVANTA Mortgage Loan
Trust 1998-2.
EXHIBIT INDEX
Exhibit
1. Monthly Report for the February, 1999 Monthly
Period relating to the Mortgage Loan Asset-Backed
Certificates, Series 1998-2, Class A issued by the
ADVANTA Mortgage Loan Trust 1998-2.
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 1998-2
BY: ADVANTA Mortgage Corp., USA
BY: /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
April 1, 1999
<TABLE>
EXHIBIT 1
ADVANTA Mortgage Loan Trust 1998-2
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A-1 73,000,00 50,749,455 272,3 3,122,137 3,394,493.23
A-2 41,000,00 41,000,000 209,1 209,100.00
A-3 34,000,00 34,000,000 175,3 175,383.33
A-4 17,000,00 17,000,000 89,3 89,391.67
A-5 24,000,00 24,000,000 126,6 126,600.00
A-6 27,000,00 27,000,000 149,1 149,175.00
A-7 15,000,00 15,000,000 76,8 76,875.00
A-8 9,000,0 9,000,00 47,7 47,700.00
A-9 88,000,00 52,069,393 279,4 5,214,358 5,493,797.41
A-10 61,000,00 61,000,000 311,1 311,100.00
A-11 38,000,00 38,000,000 196,6 196,650.00
A-12 28,000,00 28,000,000 147,7 147,700.00
A-13 28,000,00 28,000,000 148,4 148,400.00
A-14 36,000,00 36,000,000 199,5 199,500.00
A-15 31,000,00 31,000,000 161,4 161,458.33
A-16 180,000,000 150,464,642. 596,4 4,263,860 4,860,338.12
A-17 60,000,00 60,000,000 302,5 302,500.00
A-18 101,250,000 80,194,916 317,9 3,498,916 3,816,828.52
A-19 33,750,00 33,750,000 170,1 170,156.25
F-IO* 55,000,00 55,000,000 229,1 229,166.67
A-IO* 93,750,00 93,750,000 390,6 390,625.00
RS -
Totals 925,000,000 816,228,407. 4,597,66 16,099,272. 20,696,938.53
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 47,627,317 6.440000% 6.440000%
A-2 41,000,000 6.120000% 6.120000%
A-3 34,000,000 6.190000% 6.190000%
A-4 17,000,000 6.310000% 6.310000%
A-5 24,000,000 6.330000% 6.330000%
A-6 27,000,000 6.630000% 6.630000%
A-7 15,000,000 6.150000% 6.150000%
A-8 9,000,00 6.360000% 6.360000%
A-9 46,855,035 6.440000% 6.440000%
A-IO 61,000,000 6.120000% 6.120000%
A-11 38,000,000 6.210000% 6.210000%
A-12 28,000,000 6.330000% 6.330000%
A-13 28,000,000 6.360000% 6.360000%
A-14 36,000,000 6.650000% 6.650000%
A-15 31,000,000 6.250000% 6.250000%
A-16 146,200,782. 5.096880% 5.098750%
A-17 60,000,000 6.050000% 6.050000%
A-18 76,695,999 5.968800% 5.098750%
A-19 33,750,000 6.050000% 6.050000%
F-IO* 55,000,000 5.000000% 5.000000%
A-IO* 93,750,000 5.000000% 5.000000%
RS 0.000000% 0.000000%
Totals 800,129,134.88
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WFD3 695.198015 3.730896 42.769011 46.499907 652.429004
A-2 00755WFE1 1,000.000000 5.100000 0.000000 5.100000 1,000.000000
A-3 00755WFF8 1,000.000000 5.158333 0.000000 5.158333 1,000.000000
A-4 00755WFG6 1,000.000000 5.258334 0.000000 5.258334 1,000.000000
A-5 00755WFH4 1,000.000000 5.275000 0.000000 5.275000 1,000.000000
A-6 00755WFJ0 1,000.000000 5.525000 0.000000 5.525000 1,000.000000
A-7 00755WFK7 1,000.000000 5.125000 0.000000 5.125000 1,000.000000
A-8 00755WFL5 1,000.000000 5.300000 0.000000 5.300000 1,000.000000
A-9 00755WFM3 591.697656 3.175444 59.254072 62.429516 532.443584
A-IO 00755WFN1 1,000.000000 5.100000 0.000000 5.100000 1,000.000000
A-11 00755WFP6 1,000.000000 5.175000 0.000000 5.175000 1,000.000000
A-12 00755WFQ4 1,000.000000 5.275000 0.000000 5.275000 1,000.000000
A-13 00755WFR2 1,000.000000 5.300000 0.000000 5.300000 1,000.000000
A-14 00755WFS0 1,000.000000 5.541667 0.000000 5.541667 1,000.000000
A-15 00755WFT8 1,000.000000 5.208333 0.000000 5.208333 1,000.000000
A-16 00755WFV3 835.914683 3.313766 23.688112 27.001878 812.226571
A-17 00755WFW1 1,000.000000 5.041667 0.000000 5.041667 1,000.000000
A-18 00755WFX9 792.048554 3.139871 34.557201 37.697072 757.491353
A-19 00755WFY7 1,000.000000 5.041667 0.000000 5.041667 1,000.000000
F-IO* 00755WFU5 1,000.000000 4.166667 0.000000 4.166667 1,000.000000
A-IO* 00755WFZ4 1,000.000000 4.166667 0.000000 4.166667 1,000.000000
RS AM9802122 0.000000 0.000000 0.000000 0.000000 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 IA Principal Balan 7,082,61 1,181,15 918,93 338,5 6,588,444
% of Pool Balan 3.25447% 0.54274% 0.42225% 0.15554% 3.02740%
Number of Loans 116 25 17 4 125
% of Loans 3.53335% 0.76150% 0.51782% 0.12184% 3.80749%
Group IIA Principal Balan 7,247,18 2,359,05 344,80 722,2 7,997,028
% of Pool Balan 3.46422% 1.12765% 0.16482% 0.34523% 3.82266%
Number of Loans 72 21 6 5 107
% of Loans 3.20570% 0.93500% 0.26714% 0.22262% 4.76402%
Group IB Principal Balan 7,778,69 2,235,55 122,21 262,0 6,238,716
% of Pool Balan 2.81711% 0.80962% 0.04426% 0.09490% 2.25940%
Number of Loans 135 40 5 4 107
% of Loans 3.21735% 0.95329% 0.11916% 0.09533% 2.55005%
Group IIB Principal Balan 4,971,42 1,272,97 189,25 4,470,862
% of Pool Balan 2.28437% 0.58493% 0.08696% 0.00000% 2.05437%
Number of Loans 59 17 2 0 51
% of Loans 4.28779% 1.23547% 0.14535% 0.00000% 3.70640%
Loans in Bankrup Group IA 2,696,284.40
Group IIA 3,952,619.13
Group IB 2,036,154.25
Group IIB 392,225.63
9,077,283.41
Combined REO BOOK VALUE 1,481,124.00
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Group IA Group IIA Group IB Group IIB Total
<S> <C> <C> <C> <C> <C>
Beginning Aggregate Mortgage Loa 220,749,455. 213,464,643. 280,252,910. 116,942,093. 831,409,102.
Principal Reduction 3,122,13 4,263,86 4,129,710 2,629,78 14,145,491.
Ending Aggregate Mortgage Loan B 217,627,317. 209,200,783. 276,123,200. 114,312,310. 817,263,611.
Beginning Aggregate Mortgage Loa 3335 2283 4258 1407 11283
Ending Aggregate Mortgage Loan C 3283 2246 4196 1376 11101
Current Weighted Average Coupon 10.233297% 10.345788% 9.723281% 10.037465% 10.062717%
Next Weighted Average Coupon Rat 10.224984% 10.345520% 9.712191% 10.035125% 10.056029%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Group IA Group IIA Group IB Group IIB Total
<S> <C> <C> <C> <C> <C>
Scheduled Principal 275,7 91,6 576,10 63,9 1,007,536
Curtailments
Prepayments 2,846,34 4,172,17 3,553,605 2,565,82 13,137,954.
Repurchases/Substitutions
Liquidation Proceeds
Other Principal
Less: Realized Losses
Less: Delinquent Principal not A
Total Principal Reduction 3,122,137.82 4,263,860.16 4,129,710.35 2,629,782.75 14,145,491.08
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Group IA Group IIA Group IB Group IIB Total
<S> <C> <C> <C> <C> <C>
Accrued Servicing Fee for the Cu 91,9 88,9 116,77 48,7 346,42
Less: Amounts to Cover Interest 1, 1, 2,7
Less: Delinquent Service Fees 25,7 22,3 26,4 11,9 86,6
Collected Servicing Fees for Cur 64,8 66,4 90,2 35,5 257,07
Advanced Principal 28,2 5, 50,3 6, 91,4
Advanced Interest 525,9 458,3 527,68 233,7 1,745,704
</TABLE>
<TABLE>
<CAPTION>
Other Subordination Interest
Prepayment Unscheduled Increase Carry Applied Realized Loss
Principal Principal Principal Forward Realized Loss Amortization
Class Distributed Distributed Distributed Amount Amount Amount
<S> <C> <C> <C> <C> <C> <C>
A-1 2,547,8 2,743,24
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9 4,255,2 4,581,55
A-10
A-11
A-12
A-13
A-14
A-15
A-16 3,479,5 3,746,40
A-17
A-18 2,855,3 3,074,29
A-19
Total 13,137,95 14,145,491
</TABLE>
<TABLE>
<CAPTION>
Unpaid
Realized Loss
Class Amount
<S> <C>
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-18
A-19
Total
</TABLE>
<TABLE>
<CAPTION>
Prior
Has a Senior Overcolla- Supplemental Subordination Subordination
Trigger Event Enhancement Teralization Interest Increase Increase
Occurred Percentage Amount Amount Amount Distributed
<S> <S> <C> <C> <C> <C> <C>
Group IA NO N/A 3,000,00
Group IIA NO N/A 3,000,00
Group IB NO N/A 6,183,51 1,084,64 1,084,647
Group IIB NO N/A 2,997,17 869,1 869,13
Total 15,180,694 1,953,78 1,953,781
</TABLE>
<TABLE>
<CAPTION>
Current Target
Overcolla- Overcolla-
teralization teralization
Amount Amount
<S> <C> <C>
Group IA 3,000,00 3,000,000
Group IIA 3,000,00 3,000,000
Group IB 7,268,16 10,075,000.
Group IIB 3,866,31 4,387,500
Total 17,134,476 20,462,500.
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 5,139,226.85
Principal Collected: 14,054,036.06
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 1,745,704.75
Delinquency Advances on Mortgage Principal 91,455.02
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 15,761.78
Sum of the Above Amounts: 21,046,184.46
LESS:
Servicing Fees (including PPIS): 259,800.83
Dealer Reserve: -
Trustee Fees: 4,849.89
Insurance Premiums: 84,595.21
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 349,245.93
Total Available Funds: 20,696,938.
</TABLE>
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