|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MIIX GROUP INC, 424B4, 1999-07-30 |
Next: TRITON PCS INC, POS AM, 1999-07-30 |
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: July 26, 1999
ADVANTA Mortgage Loan Trust 1998-2
New York 33-99510-08 33-0816529
c/o ADVANTA Mortgage Corp., USA
Attn: H. John Berens
10790 Rancho Bernardo Road
San Diego, CA 92127
(858) 676-3099
Item 5. Other Events
Information relating to the distributions to Certificate holders
for the June, 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 June, 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 June, 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/ H. John Berens
H. John Berens
Senior Vice President
Loan Service Administration
July 30, 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 33,312,316 178,7 5,279,478 5,458,254.56
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 35,261,404 189,2 6,619,537 6,808,773.58
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-16 180,000,000 120,422,113. 534,0 7,612,842 8,146,935.76
A-17 60,000,00 60,000,000 296,6 296,627.38
A-18 101,250,000 64,722,642 292,7 3,321,923 3,614,663.09
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 93,750,000 385,7 385,771.59
RS 1,436,51 1,436,515.08
Totals 925,000,000 736,468,476. 5,752,11 22,833,781. 28,585,897.29
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 28,032,837 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 28,641,866 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-16 112,809,271. 5.252500% 5.323750%
A-17 60,000,000 6.050000% 6.050000%
A-18 61,400,719 5.252500% 5.323750%
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 713,634,694.64
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WFD3 456.333097 2.448988 72.321623 74.770611 384.011474
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 400.697773 2.150411 75.222016 77.372427 325.475757
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 669.011741 2.967187 42.293568 45.260755 626.718173
A-17 00755WFW1 1,000.000000 4.943790 0.000000 4.943790 1,000.000000
A-18 00755WFX9 639.235977 2.891255 32.809121 35.700376 606.426856
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 4.114897 0.000000 4.114897 1,000.000000
RS AM9802122 0.000000 1.552989 0.000000 1.552989 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 5,185,80 1,229,69 369,66 1,847,58 6,871,855.93
% of Pool Balan 2.61866% 0.62096% 0.18667% 0.93297% 3.47006%
Number of Loans 94 25 11 33 120
% of Loans 3.14908% 0.83752% 0.36851% 1.10553% 4.02010%
Group IIA Principal Balan 6,287,95 1,422,33 561,28 1,365,38 10,794,870.60
% of Pool Balan 3.43821% 0.77772% 0.30691% 0.74659% 5.90257%
Number of Loans 79 18 7 19 129
% of Loans 4.00000% 0.91139% 0.35443% 0.96203% 6.53165%
Group IB Principal Balan 6,643,38 2,032,12 389,46 338,8 6,266,760.57
% of Pool Balan 2.61920% 0.80118% 0.15355% 0.13359% 2.47071%
Number of Loans 117 36 9 9 118
% of Loans 3.02795% 0.93168% 0.23292% 0.23292% 3.05383%
Group IIB Principal Balan 5,108,43 678,3 307,96 4,508,526.64
% of Pool Balan 2.57959% 0.34252% 0.15551% 0.00000% 2.27666%
Number of Loans 62 10 3 0 66
% of Loans 5.13245% 0.82781% 0.24834% 0.00000% 5.46358%
Loans in Bankrup Group IA 3,947,170.42
Group IIA 4,167,416.05
Group IB 5,045,688.82
Group IIB 2,000,071.61
15,160,346.90
Combined REO BOOK VALUE 3,701,154.00
</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 203,312,316. 190,497,113. 260,261,404. 102,860,142. 756,930,977.02
Principal Reduction 5,279,47 7,612,84 6,619,537 3,321,92 22,833,781.50
Ending Aggregate Mortgage Loan B 198,032,837. 182,884,271. 253,641,867. 99,538,219 734,097,195.52
Beginning Aggregate Mortgage Loa 3067 2049 3949 1247 10,312
Ending Aggregate Mortgage Loan C 2985 1975 3864 1208 10,032
Current Weighted Average Coupon 10.201564% 10.326232% 9.671591% 10.001235% 10.023492%
Next Weighted Average Coupon Rat 10.196046% 10.325234% 9.665431% 9.996544% 10.017844%
</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 310,7 86,9 479,68 166,8 1,044,220.09
Curtailments ( (265.85)
Prepayments 4,873,88 7,333,58 5,945,140 3,025,70 21,178,316.08
Repurchases/Substitutions -
Liquidation Proceeds 94,8 192,2 194,97 129,3 611,511.18
Other Principal -
Less: Realized Losses (28,7 (43,4 (62,4 (12,6 (147,307.48)
Less: Delinquent Principal not A -
Total Principal Reduction 5,308,266.76 7,656,261.74 6,681,974.68 3,334,585.80 22,981,088.98
</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 84,7 79,3 108,44 42,8 315,387.91
Less: Amounts to Cover Interest 2, 2,948.30
Less: Delinquent Service Fees 23,2 21,6 26,1 12,4 83,430.88
Collected Servicing Fees for Cur 59,4 56,8 82,2 30,4 229,008.73
Advanced Principal 23,3 9, 108,13 8, 149,163.35
Advanced Interest 476,9 442,5 516,36 242,6 1,678,545.98
</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 4,896,7 5,279,47 -
A-2 -
A-3 -
A-4 -
A-5 -
A-6 -
A-7 -
A-8 -
A-9 6,139,6 6,619,53 -
A-10 -
A-11 -
A-12 -
A-13 -
A-14 -
A-15 -
A-16 7,060,9 7,612,84 -
A-17 -
A-18 3,081,0 3,321,92 -
A-19 -
Total 21,178,31 22,833,781 -
</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 28,7 28,788.30
Group IIA NO N/A 10,075,000 43,4 43,419.56
Group IB NO N/A 3,000,00 62,4 62,437.30
Group IIB NO N/A 4,387,50 12,6 12,662.32
Total 20,462,500 147,3 147,307.48
</TABLE>
<TABLE>
<CAPTION>
Current Target
Overcolla- Overcolla-
teralization teralization
Amount Amount
<S> <C> <C>
Group IA 3,000,00 3,000,000.03
Group IIA 10,075,000 10,075,000.12
Group IB 3,000,00 3,000,000.62
Group IIB 4,387,50 4,387,500.11
Total 20,462,500 20,462,500.88
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 4,559,517.04
Principal Collected: 22,073,106.97
Insurance Proceeds Received: -
Net Liquidation Proceeds: 464,203.70
Delinquency Advances on Mortgage Interest: 1,678,545.98
Delinquency Advances on Mortgage Principal 149,163.35
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 26,754.37
Sum of the Above Amounts: 28,951,291.41
LESS:
Servicing Fees (including PPIS): 231,957.03
Dealer Reserve: -
Trustee Fees: 4,415.43
Insurance Premiums: 75,088.99
Reimbursement of Delinquency Advances: 32,632.67
Reimbursements of Servicing Advances: -
Civil Relief Act Shortfall 21,300.00
Total Reductions to Available Funds Amount: 365,394.12
Total Available Funds: 28,585,897.29
</TABLE>
|
|