|
|
|
|
|
|
|
|
|
|
Previous: CNY FINANCIAL CORP, 10-Q, 1999-05-06 |
Next: NATIONAL INFORMATION CONSORTIUM INC, S-1, 1999-05-06 |
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: April 26, 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 March, 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 March, 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 March, 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 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 47,627,317 255,5 5,322,740 5,578,340.16
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 46,855,035 251,4 5,899,154 6,150,609.58
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-16 180,000,000 146,200,782. 662,6 6,236,175 6,898,789.56
A-17 60,000,00 60,000,000 302,5 302,500.00
A-18 101,250,000 76,695,999 347,6 4,669,902 5,017,505.52
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 925,000,000 800,129,134. 4,648,75 22,127,971. 26,776,726.07
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 42,304,577 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 40,955,881 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-16 139,964,607. 5.098750% 5.072500%
A-17 60,000,000 6.050000% 6.050000%
A-18 72,026,097 5.098750% 5.072500%
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 778,001,163.11
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WFD3 652.429004 3.501369 72.914250 76.415619 579.514754
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 532.443584 2.857447 67.035843 69.893290 465.407741
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 812.226571 3.681191 34.645417 38.326609 777.581153
A-17 00755WFW1 1,000.000000 5.041667 0.000000 5.041667 1,000.000000
A-18 00755WFX9 757.491353 3.433119 46.122491 49.555610 711.368862
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 4,280,71 2,495,77 539,25 530,3 6,406,975
% of Pool Balan 2.01615% 1.17547% 0.25398% 0.24981% 3.01758%
Number of Loans 75 31 12 9 126
% of Loans 2.33936% 0.96694% 0.37430% 0.28072% 3.93013%
Group IIA Principal Balan 4,415,81 1,381,47 460,79 995,8 8,513,180
% of Pool Balan 2.17537% 0.68056% 0.22700% 0.49060% 4.19387%
Number of Loans 54 13 5 9 113
% of Loans 2.48276% 0.59770% 0.22989% 0.41379% 5.19540%
Group IB Principal Balan 6,889,08 1,395,86 456,57 568,6 5,731,035
% of Pool Balan 2.53853% 0.51436% 0.16824% 0.20953% 2.11181%
Number of Loans 117 27 10 11 98
% of Loans 2.84672% 0.65693% 0.24331% 0.26764% 2.38443%
Group IIB Principal Balan 2,418,64 1,193,01 431,23 4,651,072
% of Pool Balan 1.13914% 0.56189% 0.20310% 0.00000% 2.19058%
Number of Loans 30 13 6 0 57
% of Loans 2.25904% 0.97892% 0.45181% 0.00000% 4.29217%
Loans in Bankrup Group IA 3,402,841.50
Group IIA 4,286,663.88
Group IB 2,819,858.50
Group IIB 647,517.38
11,156,881.26
Combined REO BOOK VALUE 1,437,100.40
</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 217,627,317. 209,200,783. 276,123,200. 114,312,310. 817,263,611.
Principal Reduction 5,305,85 6,209,66 4,742,592 4,148,71 20,406,830.
Ending Aggregate Mortgage Loan B 212,321,460. 202,991,114. 271,380,607. 110,163,597. 796,856,780.
Beginning Aggregate Mortgage Loa 3283 2246 4197 1376 11102
Ending Aggregate Mortgage Loan C 3206 2175 4110 1328 10819
Current Weighted Average Coupon 10.224984% 10.345520% 9.712191% 10.035125% 10.056029%
Next Weighted Average Coupon Rat 10.213500% 10.345656% 9.697203% 10.025723% 10.045374%
</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 298,3 120,5 435,18 64,4 918,55
Curtailments
Prepayments 4,962,56 5,901,21 4,245,358 4,084,28 19,193,420.
Repurchases/Substitutions
Liquidation Proceeds 44,9 187,8 62,0 294,85
Other Principal
Less: Realized Losses (16,8 (26,5 (30,8 (74,2
Less: Delinquent Principal not A
Total Principal Reduction 5,322,740.22 6,236,175.12 4,773,442.82 4,148,713.51 20,481,071.67
</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 90,6 87,1 115,05 47,6 340,52
Less: Amounts to Cover Interest 2, 3,5
Less: Delinquent Service Fees 20,6 20,8 23,3 11,1 75,9
Collected Servicing Fees for Cur 67,6 66,1 91,7 35,5 261,04
Advanced Principal 25,6 8, 81,0 7, 123,06
Advanced Interest 426,8 429,3 468,14 218,4 1,542,834
</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 4,616,8 4,908,73
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9 5,116,8 5,440,31
A-10
A-11
A-12
A-13
A-14
A-15
A-16 5,409,1 5,751,11
A-17
A-18 4,050,5 4,306,67
A-19
Total 19,193,42 20,406,830
</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 16,8 16,8
Group IIA NO N/A 3,000,00 26,5 26,5
Group IB NO N/A 7,268,16 1,156,56 1,156,562
Group IIB NO N/A 3,866,31 521,1 521,18
Total 17,134,476 1,721,14 1,721,141
</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 8,424,72 10,075,000.
Group IIB 4,387,50 4,387,500
Total 18,812,227 20,462,500.
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 5,228,801.54
Principal Collected: 19,988,902.56
Insurance Proceeds Received: -
Net Liquidation Proceeds: 220,618.09
Delinquency Advances on Mortgage Interest: 1,542,834.89
Delinquency Advances on Mortgage Principal 123,069.19
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 24,025.67
Sum of the Above Amounts: 27,128,251.94
LESS:
Servicing Fees (including PPIS): 264,556.53
Dealer Reserve: -
Trustee Fees: 4,767.37
Insurance Premiums: 82,201.96
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 351,525.86
Total Available Funds: 26,776,726.
</TABLE>
|
|