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: October 26, 1998
ADVANTA Mortgage Loan Trust 1998-3
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 September, 1998 Monthly Period of the Trust in respect of
the Home Equity Loan Pass-Through Certificates, Series 1998-3
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 September 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 September, 1998 Monthly
Period relating to the Mortgage Loan Asset-
Backed Certificates Series 1998-3, Class A
issued by the ADVANTA Mortgage Loan
Trust 1998-3.
EXHIBIT INDEX
Exhibit
1. Monthly Report for the September, 1998 Monthly
Period relating to the Mortgage Loan Asset-Backed
Certificates, Series 1998-3, Class A issued by the
ADVANTA Mortgage Loan Trust 1998-3.
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 1998-3
BY: ADVANTA Mortgage Corp., USA
BY: /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
October 30, 1998
<TABLE>
EXHIBIT 1
ADVANTA Mortgage Loan Trust 1998-3
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A-1 500,000,000. 500,000,000. 2,712,18 1,813,146 4,525,333.69
A-2 500,000,000. 500,000,000. 2,744,27 2,500,460 5,244,730.96
RS 332,9 332,970.31
Totals 1,000,000,000. 1,000,000,000. 5,789,42 4,313,606 10,103,034.96
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 498,186,853. 5.917500% 5.542600%
A-2 497,499,539. 5.987500% 5.612500%
RS 0.000000% 0.000000%
Totals 995,686,393.68
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WGA8 1000 5.424375 3.626292 9.050667 996.373708
A-2 00755WGB6 1000 5.488642 5.00092 10.489562 994.99908
RS AM980103 0 0.33297 0 0.33297 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 4,634,76 278,1
% of Pool Balanc 1.17032% 0.07023% 0.00000% 0.00000% 0.00000%
Number of Loans 56 4 0 0 0
% of Loans 1.41808% 0.10129% 0.00000% 0.00000% 0.00000%
Group 2 Principal Balanc 5,502,06 492,0
% of Pool Balanc 1.10340% 0.09869% 0.00000% 0.00000% 0.00000%
Number of Loans 107 11 0 0 0
% of Loans 1.41534% 0.14660% 0.00000% 0.00000% 0.00000%
Loans in Bankrup Group 1 215,715.51
Group 2 42,741.10
258,456.61
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Beginning Aggregate Mortgage Loan Balance 397,169,452. 500,000,023. 897,169,475.
Principal Reduction 1,144,625 1,355,11 2,499,745
Ending Aggregate Mortgage Loan Balance 396,024,826. 498,644,903. 894,669,729.
Beginning Aggregate Mortgage Loan Count 3963 7580 11543
Ending Aggregate Mortgage Loan Count 3949 7560 11509
Current Weighted Average Coupon Rate 10.052403% 9.959368% 10.000664%
Next Weighted Average Coupon Rate 10.051838% 9.957528% 9.999275%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Scheduled Principal 126,79 406,9 533,77
Curtailments (3,2 (4,1
Prepayments 1,021,055 949,0 1,970,088
Repurchases/Substitutions
Liquidation Proceeds
Other Principal
Less: Realized Losses
Less: Delinquent Principal not Advanced by Servicer
Total Principal Reduction 1,144,625 1,355,11 2,499,745
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
Accrued Servicing Fee for the Current Period 165,48 208,3 373,82
Less: Amounts to Cover Interest Shortfalls
Less: Delinquent Service Fees 19,9 27,7 47,7
Collected Servicing Fees for Current Period: 145,52 180,5 326,07
Advanced Principal 4,9 26,6 31,5
Advanced Interest 398,30 569,8 968,17
</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-1 828,0 (1,
A-2 1,141,99 (2,
RS
Total 1,970,08 (4,
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Has a Senior Overcolla- Subordination Subordination Overcolla-
Trigger Event Enhancement Teralization Increase Increase Teralization
Occurred Percentage Amount Amount Distributed Amount
<S> <S> <C> <C> <C> <C> <C>
Group I N/A N/A (102,830,547. 271,40 397,1 (102,162,026.
Group II NO N/A 1,145,34 1,145,363
Total (102,830,524. 271,40 1,542,45 (101,016,662.
Target
Overcollateralization
Amount
<S> <S>
Group I 26,289,224.05
Group II 17,750,000.82
Total 44,039,224.87
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <C> <C> <C> <C> <C>
Group I Group II Total
Insured Payment 0.00 N/A 0.00
Pool Rolling six month delinquency rate N/A N/A N/A
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) 278,124.10 492,087.83 770,211.93
Book Value of REO loans 0.00 0.00 0.00
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 6,460,897.50
Principal Collected: 2,468,146.18
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 968,179.72
Delinquency Advances on Mortgage Principal 31,599.67
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 9,007.29
Capitalized Interest Requirement: 271,405.00
Investment Earnings on Pre-Funding Account 332970.31
Pre-Funding Account: -
Sum of the Above Amounts: 10,542,205.67
LESS:
Servicing Fees (including PPIS): 326,071.20
Dealer Reserve: -
Trustee Fees: 5,233.49
Insurance Premiums: 107,866.03
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 439,170.72
Total Available Funds: 10,103,034.
</TABLE>
