SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from________________to_______________.
Commission file number '333-52351-02
Commission file number '333-52351-03
Commission file number '333-52351-04
ADVANTA Mortgage Loan Trust 1998-4
New York "not yet available"
(State of other jurisdictio (IRS Employer
incorporation or organizat Identification No.)
c/o Bankers Trust Company
4 Albany Street
New York, NY 10015
Registrant's telephone number, including area code: (212) 250-2500
Securities registered pursuant to Section 12(b) of the Act.
Title of each class Name of each exchange on
which registered:
None None
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K ($ 229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates
of registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices
of such stock, as of specified date within 60 days prior to the date of filing:
$636,674,691.8Series 1998-4A
$345,046,838.3Series 1998-4B
$97,509,130.14Series 1998-4C
Documents Incorporated by Reference: Not Applicable
PART 1
ITEM 1 - BUSINESS
The ADVANTA Mortgage Loan Trust 1998-4, (the "Trust" or "Issuer") is
a New York common law trust established as of November 1, 1998,
pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") between ADVANTA Mortgage Conduit Services, Inc. as
sponsors (the "Sponsor") and ADVANTA Mortgage Corp. USA as Master
Servicer (the "Master Servicer") (together, the "Companies") and Bankers
Trust Company, acting thereunder not in its individual capacity but solely as
trustee (the "Trustee"). The Issuer's only purpose is the issuance of
$1,1000,000.00 principal amount of ADVANTA Mortgage Loan Asset-Backed
Certificates, Series 1998-4A, Class A, Series 1998-4B, Class B, and
Series 1998-4C, Class C Certificates, pursuant to the Pooling
and the subordinated residual certificates pursuant to the Pooling
and Servicing Agreement. On November 24, 1998, the Sponsor sold
$1,100,000.00 aggregate principal amount of mortgage loans (the "Mort-
gage Loans"), to the Issuer in exchange for the Certificates, and sold the
Certificates pursuant to a public offering, the underwriting of which was
co-managed by Morgan Stanley Dean Witter, Lehman Brothers and
Prudential Securities Incorporated. The Mortgage Loans and the
distributions thereon, along with certain insurance proceeds, certain
proceeds obtained on foreclosure and any investment income earned
thereon, are the only significant assets of the Issuer. The Certificates
represent obligations solely of the Issuer. The Certificates were registered
under a Registration Statement (file no. 333-52351) on Form S-3 declared
effective on May 11, 1998.
ITEM 2 - PROPERTIES
The Issuer neither owns nor leases any physical properties.
ITEM 3 - LEGAL PROCEEDINGS
The Master Servicer is not aware of any material pending legal proceedings
involving either the Issuer, the Trustee, the Sponsor or the Master Servicer
with respect to the Certificates or the Issuer's property.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial interests
in the Issuer through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK-
HOLDER MATTERS
The Trust is not an issuer of common stock in a corporation, although the
Certificates represent equity interest that has voting rights. The equity of
the Trust consists of the beneficial or ownership interest therein for which,
to the best knowledge of the Master Servicer, there is no established
public trading market.
As of March 4, 1999, there was 1 holder of the Series 1998-4 Class A
Certificates, 3 holders of the Series 1998-4 Class B Certificates, and 1 holder
of the Series 1998-4 Class C Certificates. The number of
holders includes individual participants in security position listings. As of
December 26, 1998, 1 monthly distribution had been made to the holders
of the Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATION
On November 24, 1998, the Issuer issued $650,000,000.00 aggregate
principal amount of Class A Certificates having a floating pass-thru rate,
$350,000,000.00 aggregate principal amount of Class B Certificates
having a floating pass-thru rate, and $100,000,000 aggregate principal
amount of Class C Certificates with a floating pass-thru rate
which are collateralized by Mortgage Loans. The sale of the Mortgage Loans
to the Issuer, the issuance of the Certificates and the simultaneous delivery
of the Certificates to the Companies for sale pursuant to a public offering, the
underwriting of which was co-managed by Morgan Stanley Dean Wittier
Lehman Brothers, Prudential Securities Incorporated has been accounted
for as a sale of the Certificates.
The value of the Certificates issued by the Issuer equaled the value of the
Mortgage Loans conveyed to the Issuer by the Companies, plus funds held in
the Prefunding Account (if any) and subsequently used to acquire additional
mortgage loans. Accordingly, there was no income, expense, gain or loss
resulting from the aforementioned transaction.
CAPITAL RESOURCES AND LIQUIDITY
The Issuer's primary sources of funds with respect to the Certificates will be
receipts of interest on and principal of the Mortgage Loans, along with certain
insurance proceeds, certain proceeds obtained on foreclosure and any
investment income earned thereon. The respective management's of the
Companies believe that the Issuer will have sufficient liquidity and capital
resources to pay all amounts on the Certificates as they become due and
all other anticipated expenses of the Issuer. The Issuer does not have, nor
will it have in the future, any significant source of capital for payment of the
Certificates and its operating expenses other than the receipt of interest on
and principal of the mortgage loans, certain insurance proceeds and certain
proceeds obtained on foreclosure and any payments made by the Certificate
Insurer. The Issuer is a limited purpose trust. The Certificates represent
obligations solely of the Issuer.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Issuer does not have any directors or officers.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.See "Item 10-Directors and Executive Officers of the Registrant".
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (i) the name and address of each entity owning
more than 5% of the outstanding principal amount of the ADVANTA
Mortgage Loan Certificates, Series 1998-4, Class A ("Class A Certificates"),
the name and address of each entity owning more than 5% of the
outstanding principal amount of the ADVANTA Mortgage Loan Certificates,
Series 1998-4, Class B ("Class B Certificates"), and the name and address
of each entity owning more than 5% of the outsanding principal amount of the
ADVANTA Mortgage Loan Certificates, Series 1998-4, Class C ("Class C
Certificates").; (ii) the principal amount of the Series 1998-4A Class A
Certificates, Series 1998-4B Class B Certificates, or Series 1998-4C Class C
Certificates and (iii) the percent that the principal amount of the 1998-4 Class
A Certificates, 1998-4 Class B or 1998-4 Class C Certificates owned
represents of the outstanding principal amount of the Class A Certificates,
Class B or Class C Certificates, respectively. The information set forth in the
table is based upon information obtained by the Issuer from Depository Trust
Company. The Master Servicer is not aware of any Schedules 13D or 13G
filed with the Securities and Exchange Commission in respect of the
Certificates.
Amount Owned
(All Dollar Amounts are in Thousands)
Name and Address Principal Percent
Class A Certificates
Boston Safe Deposit & Trust Company
C. Holloway, c/o Mellon Bank NA
Three Mellon Bank Ctr, Rm 153-3015
Pittsburgh, PA 15259 6 100.00%
Class B Certificates
Bank of New York
Diana Karenbauer
925 Patterson Plank Road
Secaucus, NJ 07094 3 92.86%
Class C Certificates
State Street Bank & Trust Company
Global Corp Action Dept JAB5W
PP Box 1631
Boston, MA 02105-1631 1 100.00%
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements: Not applicable.
2. Financial Statement Schedules: Not applicable.
3. Exhibits: As the Issuer was established as of November 1,
1998, the Master Servicer was obligated to prepare an Annual Statement to
Certificateholders as to Compliance for the year ended December 31, 1998,
and mail such statement to the Certificateholders on or before the last day
of March, 1999 and Independent Certified Public Accountants were required
to prepare an annual report pertaining to the compliance of the Master Servicer
with its servicing obligations pursuant to the Pooling and Servicing Agreement
on or before the last day of March, 1999. The Annual Statement to Certificate-
holders as to Compliance is included herewith as Exhibit 28.1 and the Annual
Independent Certified Public Accountants' Report is included herewith as
Exhibit 28.2. The Statement to Certificateholders on December 26, 1998, is
included herewith as Exhibit 28.3.
Exhibit No. Description
*3.1 Certificates of Incorporation of the
Companies
*3.2 By-laws of the Companies
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders
as to Compliance for the year ended
December 31, 1998.
28.2 Annual Independent Certified Public
Accountants' Report.
28.3 Report of Management on Compliance
with Minimum Servicing Standards.
28.4 Statement to Certificateholders on
December 26, 1998.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective May 11
1998.
(b) Reports on Form 8-K.
One report on Form 8-K have been filed by the Issuer during the
period covered by this report.
Items Reported/Financial
Date of Reports on Form 8-K Statements Filed
December 28, 199Monthly Report for the November 1998 Monthly
Period relating to the ADVANTA Mortgage Loan
Trust 1998-4A, Certificates Class A, ADVANTA
Mortgage Loan Trust 1998-4B, Certificates Class
B, and ADVANTA Mortgage Loan Trust 1998-4C,
Certificates Class C, issued by the ADVANTA
Mortgage Loan Trust 1998-4.
(c) See "Item 14(a) (3)-Exhibits".
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 Corp., USA,
as Master Servicer and on behalf of
ADVANTA Mortgage Loan Trust 1998-4
Registrant
BY; /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
March 31, 1999
INDEX TO EXHIBITS (Item 14(c))
Exhibit # Description
*3.1 Certificates of Incorporation of the Companies
*3.2 By-laws of the Companies.
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders as to
Compliance for the year ended December 31,
1998.
28.2 Annual Independent Certified Public Account-
ants' Report.
28.3 Report of Management on Compliance
with Minimum Servicing Standards.
28.4 Statement to Certificateholders on December 28,
1998.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective May 11,
1998.
<TABLE>
EXHIBIT 28.1
<S>
March 24, 1999
Bankers Trust Company(293)
Attention: Mark McNeill
3 Park Plaza -- 16th Floor
Irvine, CA 92714
RE: Annual Statement as to Compliance
Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of
November 1, 1998, relating to ADVANTA Mortgage Loan Trust 1998-4, I,
William P. Garland, hereby certify that (I) a review of the activities of the Servicer
during the preceding year and the performance under this Agreement has
been made under my supervision, and (II) to the best of my knowledge, based
on such review, the Servicer has fulfilled all its obligations under this Agreement
for such year.
Sincerely,
BY; /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
WPG/cg
cc: Mr. James L. Shreero
Mary T. Woehr, Esq.
Mr. Mark Casale
<S>
</TABLE>
<TABLE>
EXHIBIT 28.2
<S>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To ADVANTA Mortgage Corp. USA:
We have examined management's assertion included in the accompanying Report
of Management on Compliance with Minimum Servicing Standards, that Advanta
Mortgage Corp. USA, an indirect wholly-owned subsidiary of Advanta Corp., complied
with the minimum servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that
Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million
and mortgage contingent liability protection coverage in the amount of $5 million per
occurrence as of and during the year ended December 31, 1998. As discussed
in the accompanying Report of Management on compliance with Minimum Servicing
Standards, Management is responsible for Advanta Mortgage Corp. USA's compliance
with those minimum servicing standards and maintaining a fidelity bond and errors
and omissions policies. Our responsibility is to express an opinion on
management's assertion about Advanta Mortgage Corp. USA's compliance
based on our examination.
Our examination was made in accordance with attestation standards established
by the American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination provides
provides a reasonable basis for our opinion. Our examination does not provide a legal
determination on Advanta Mortgage Corp. USA's compliance with the minimum
servicing standards.
In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the
aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in
effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability
protection coverage in the amount of $5 million per occurrence as of and during the year
ended December 31, 1998 is fairly stated, in all material respects.
BY; /s/ Arthur Andersen LLP
Philadelphia, PA
26-Jan-99
<S>
</TABLE>
<TABLE>
EXHIBIT 28.3
<S>
REPORT OF MANAGEMENT ON COMPLIANCE WITH
MINIMUM SERVICING STANDARDS
As of and during the year ended December 31, 1998, Advanta Mortgage Corp. USA has
complied in all material respects with the minimum servicing standards as set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of and during the same period, Advanta Mortgage Corp. USA had in effect fidelity
bond coverage in the same amount of $15 million and mortgage contigent liability protection
coverage in the amount of $5 million per occurrence.
BY; /s/ William P. Garland BY; /s/ James L. Shreero
William P. Garland James L. Shreero
Senior Vice President Senior Vice President
Loan Servicing and Chief Financial
Officer
Finance and Accounting
<S>
</TABLE>
<TABLE>
EXHIBIT 28.3
ADVANTA Mortgage Loan Trust 1998-4A
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A 650,000,000. 650,000,000. 3,529,19 2,129,328 5,658,520.39
A Certificate -
Totals 650,000,000. 650,000,000. 3,529,19 2,129,328 5,658,520.39
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A 647,870,671. 5.748910% 6.324380%
A Certificate NA NA
Totals 647,870,671.58
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A 00755WGC4 1000.000000 5.429526 3.275890 8.705416 996.724110
A Certificate 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 Bankruptcy REO
<S> <C> <C> <C> <C> <C>
Trust A Principal Balanc 4,758,456.49 301,152.99 0.00 133,112.36 0.00
% of Pool Balanc 1.03259% 0.06535% 0.00000% 0.02889% 0.00000%
Number of Loans 88 6 0 2 0
% of Loans 1.23370% 0.08412% 0.00000% 0.02804% 0.00000%
Loans
in
Foreclosure
<C>
Trust A Principal Balanc 40,000.00
% of Pool Balanc 0.00868%
Number of Loans 1
% of Loans 0.01402%
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Trust A
<S> <C>
Beginning Aggregate Mortgage Loan Balance 461,929,841.08
Prefunding 0.00
Principal Reduction 1,103,136.16
Ending Aggregate Mortgage Loan Balance 460,826,704.92
Beginning Aggregate Mortgage Loan Count 7147
Ending Aggregate Mortgage Loan Count 7133
Current Weighted Average Coupon Rate 9.667878%
Next Weighted Average Coupon Rate 9.666311%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Trust A
<S> <C>
Scheduled Principal 307,181.48
Curtailments (7,299.17)
Prepayments 534,520.78
Repurchases 268,733.07
Substitutions 0.00
Liquidation Proceeds 0.00
Other Principal 0.00
Less: Realized Losses 0.00
Total Principal Reduction 1,103,136.1
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Trust A
<S> <C>
Accrued Servicing Fee for the Current Period 192,470.
Less: Amounts to Cover Interest Shortfalls 0.00
Less: Delinquent Service Fees 21,535
Collected Servicing Fees for Current Period: 170,934.
Advanced Principal NA
Advanced Interest 428,654.
</TABLE>
<TABLE>
<CAPTION>
Other Scheduled Interest Available Available Funds
Prepayment Unscheduled Principal Carry Funds Cap Cap Carry
Principal Principal Distribution Forward Current Forward
Class Distributed Distributed Amount Amount Amount Amount
<S> <C> <C> <C> <C> <C> <C>
Class A 534,5 261,4 1,103,13
Total 534,5 261,4 1,103,13
Applied
Realized Loss
Amount
<S> <C> <C> <C> <C> <C> <C>
Class A -
-
Total -
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Has a Remaining Over- Accelerated Extra Over
Trigger Event Pre-Funded Collateral Principal Principal Collateral
Occurred Amount Amount Distributed Distributed Amount
<S> <S> <C> <C> <C> <C> <C>
Trust A NO 197,969,353.51 0.00 1,026,192.26 0.00 0.00
Total 1,026,192 0.00 0.00
Specified Over-
Over- Collateral
Collateral Deficit
Amount Amount
<S> <S> <S>
Trust A 24,746,219.80 0.00
Total 24,746,219.80 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <C> <C> <C> <C> <C>
Trust A Insured Payment 0.00
Pool Rolling six month delinquency rate N/A
Pool Cumulative Realized Losses - Average of 12 preceeding remittance periods 0.00%
Pool Cumulative Realized Losses - Percentage of the original aggregate loan balance 0.00%
Book Value of REO loans 0.00
Cumulative Number of Mortgage loans repurchased to date 4
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 3,271,377.48
Principal Collected: 834,403.09
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 428,654.24
Delinquency Advances on Mortgage Principal NA
Substitution Amounts: 268,733.07
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 4,214.06
Capitalized Interest Requirement: 508,602.44
Capitalized Interest Fund Earnings 0.00
Capitalized Interest Account 0.00
Investment Earnings on Pre-Funding Account 586,651.60
Remaining Pre-Funding Account: -
Sum of the Above Amounts: 5,902,635.98
LESS:
Servicing Fees (including PPIS): 170,934.89
Dealer Reserve: -
Indenture Trustee Fees: 2,694.59
Owner Trustee Fees: 69.44
Insurance Premiums: 70,416.67
Reimbursement of Delinquency Advances/Servicing -
Total Reductions to Available Funds Amount: 244,115.59
Total Available Funds: 5,658,520.3
</TABLE>
<TABLE>
EXHIBIT 1
ADVANTA Mortgage Loan Trust 1998-4B
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
B 350,000,000. 350,000,000. 1,900,33 975,62 2,875,957.32
B Certificate -
Totals 350,000,000. 350,000,000. 1,900,33 975,62 2,875,957.32
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
B 349,024,376. 5.748910% 6.324380%
B Certificate NA NA
Totals 349,024,376.82
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
B 00755WGD2 1000.000000 5.429526 2.787495 8.217021 997.212505
B Certificate 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 Bankruptcy REO
<S> <C> <C> <C> <C> <C>
Trust B Principal Balanc 947,248.68 0.00 0.00 0.00 0.00
% of Pool Balanc 0.44539% 0.00000% 0.00000% 0.00000% 0.00000%
Number of Loans 17 0 0 0 0
% of Loans 0.60910% 0.00000% 0.00000% 0.00000% 0.00000%
Loans
in
Foreclosure
<C>
Trust B Principal Balanc 0.00
% of Pool Balanc 0.00000%
Number of Loans 0
% of Loans 0.00000%
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Trust B
<S> <C>
Beginning Aggregate Mortgage Loan Balance 213,198,102.88
Prefunding 0.00
Principal Reduction 518,630.75
Ending Aggregate Mortgage Loan Balance 212,679,472.13
Beginning Aggregate Mortgage Loan Count 2795
Ending Aggregate Mortgage Loan Count 2791
Current Weighted Average Coupon Rate 9.550207%
Next Weighted Average Coupon Rate 9.549662%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Trust B
<S> <C>
Scheduled Principal 101,680.99
Curtailments (242.21)
Prepayments 252,195.81
Repurchases 164,996.16
Substitutions 0.00
Liquidation Proceeds 0.00
Other Principal 0.00
Less: Realized Losses 0.00
Total Principal Reduction 518,630.
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Trust B
<S> <C>
Accrued Servicing Fee for the Current Period 88,832
Less: Amounts to Cover Interest Shortfalls 0.00
Less: Delinquent Service Fees 6,048
Collected Servicing Fees for Current Period: 82,783
Advanced Principal NA
Advanced Interest 121,148.
</TABLE>
<TABLE>
<CAPTION>
Other Scheduled Interest Available Available Funds
Prepayment Unscheduled Principal Carry Funds Cap Cap Carry
Principal Principal Distribution Forward Current Forward
Class Distributed Distributed Amount Amount Amount Amount
<S> <C> <C> <C> <C> <C> <C>
Class B 252,1 164,7 518,6
-
Total 252,1 164,7 518,6
Applied
Realized Loss
Amount
<S> <C> <C> <C> <C> <C> <C>
Class B -
-
Total -
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Has a Remaining Over- Accelerated Extra Over
Trigger Event Pre-Funded Collateral Principal Principal Collateral
Occurred Amount Amount Distributed Distributed Amount
<S> <S> <C> <C> <C> <C> <C>
Trust B NO 142,131,846.36 0.00 456,992.43 0.00 0.00
Total 456,99 0.00 0.00
Specified Over-
Over- Collateral
Collateral Deficit
Amount Amount
<S> <S> <S>
Trust B 13,324,873.10 0.00
Total 13,324,873.10 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <C> <C> <C> <C> <C>
Trust B Insured Payment 0.00
Pool Rolling six month delinquency rate N/A
Pool Cumulative Realized Losses - Average of 12 preceeding remittance periods 0.00%
Pool Cumulative Realized Losses - Percentage of the original aggregate loan balance 0.00%
Book Value of REO loans 0.00
Cumulative Number of Mortgage loans repurchased to date 2
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 1,569,541.12
Principal Collected: 353,634.59
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 121,148.51
Delinquency Advances on Mortgage Principal NA
Repurchase and Substitution Amounts: 164,996.16
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 2,121.82
Capitalized Interest Requirement: 365,531.19
Capitalized Interest Fund Earnings 0.00
Capitalized Interest Account 0.00
Investment Earnings on Pre-Funding Account 420,997.59
Remaining Pre-Funding Account: -
Sum of the Above Amounts: 2,997,970.98
LESS:
Servicing Fees (including PPIS): 82,783.89
Dealer Reserve: -
Indenture Trustee Fees: 1,243.66
Owner Trustee Fees: 69.44
Insurance Premiums: 37,916.67
Reimbursement of Delinquency Advances/Servicing -
Total Reductions to Available Funds Amount: 122,013.66
Total Available Funds: 2,875,957.3
</TABLE>
<TABLE>
EXHIBIT 1
ADVANTA Mortgage Loan Trust 1998-4C
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
C 100,000,000. 100,000,000. 528,7 671,84 1,200,628.86
C Certificate -
Totals 100,000,000. 100,000,000. 528,7 671,84 1,200,628.86
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
C 99,328,157 5.598910% 6.174380%
C Certificate NA NA
Totals 99,328,157.08
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
C 00755WGE0 1000.000000 5.287859 6.718429 12.006288 993.281571
C Certificate 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 Bankruptcy REO
<S> <C> <C> <C> <C> <C>
Trust C Principal Balanc 652,950.14 243,037.67 0.00 0.00 0.00
% of Pool Balanc 0.63995% 0.23820% 0.00000% 0.00000% 0.00000%
Number of Loans 9 4 0 0 0
% of Loans 0.82418% 0.36630% 0.00000% 0.00000% 0.00000%
Loans
in
Foreclosure
<C>
Trust C Principal Balanc 0.00
% of Pool Balanc 0.00000%
Number of Loans 0
% of Loans 0.00000%
</TABLE>
<TABLE>
General Mortgage Loan Information:
<CAPTION>
Trust C
<S> <C>
Beginning Aggregate Mortgage Loan Balance 102,464,951.49
Prefunding 0.00
Principal Reduction 433,127.59
Ending Aggregate Mortgage Loan Balance 102,031,823.90
Beginning Aggregate Mortgage Loan Count 1096
Ending Aggregate Mortgage Loan Count 1092
Current Weighted Average Coupon Rate 9.636864%
Next Weighted Average Coupon Rate 9.639670%
</TABLE>
<TABLE>
Mortgage Loan Principal Reduction Information:
<CAPTION>
Trust C
<S> <C>
Scheduled Principal 26,712.34
Curtailments (181.07)
Prepayments 182,196.32
Repurchases 224,400.00
Substitutions 0.00
Liquidation Proceeds 0.00
Other Principal 0.00
Less: Realized Losses 0.00
Total Principal Reduction 433,127.
</TABLE>
<TABLE>
Servicer Information:
<CAPTION>
Trust C
<S> <C>
Accrued Servicing Fee for the Current Period 42,693
Less: Amounts to Cover Interest Shortfalls 0.00
Less: Delinquent Service Fees 4,944
Collected Servicing Fees for Current Period: 37,748
Advanced Principal NA
Advanced Interest 96,005
</TABLE>
<TABLE>
<CAPTION>
Other Scheduled Interest Available Available Funds
Prepayment Unscheduled Principal Carry Funds Cap Cap Carry
Principal Principal Distribution Forward Current Forward
Class Distributed Distributed Amount Amount Amount Amount
<S> <C> <C> <C> <C> <C> <C>
Class C 182,1 224,2 433,1
-
Total 182,1 224,2 433,1
Applied
Realized Loss
Amount
<S> <C> <C> <C> <C> <C> <C>
Class C -
-
Total -
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Has a Over- Accelerated Extra Over
Trigger Event Collateral Principal Principal Collateral
Occurred Amount Distributed Distributed Amount
<S> <S> <C> <C> <C> <C>
Trust C NO 2,464,951.49 238,715.33 0.00 2,703,666.82
Total 2,464,95 238,71 0.00 2,703,666.82
Specified Over-
Over- Collateral
Collateral Deficit
Amount Amount
<S> <S> <S>
Trust B 4,867,085.20 0.00
Total 4,867,085.20 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <C> <C> <C> <C> <C>
Trust C Insured Payment 0.00
Pool Rolling six month delinquency rate N/A
Pool Cumulative Realized Losses - Average of 12 preceeding remittance periods 0.00%
Pool Cumulative Realized Losses - Percentage of the original aggregate loan balance 0.00%
Book Value of REO loans 0.00
Cumulative Number of Mortgage loans repurchased to date 2
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 721,917.02
Principal Collected: 208,727.59
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 96,005.45
Delinquency Advances on Mortgage Principal NA
Repurchase and Substitution Amounts: 224,400.00
Trust Termination Proceeds: -
Investment Earnings on Note Account: 911.52
Sum of the Above Amounts: 1,251,961.58
LESS:
Servicing Fees (including PPIS): 37,748.90
Dealer Reserve: -
Indenture Trustee Fees: 597.71
Owner Trustee Fees: 69.44
Insurance Premiums: 12,916.67
Reimbursement of Delinquency Advances/Servicing -
Total Reductions to Available Funds Amount: 51,332.72
Total Available Funds: 1,200,628.8
</TABLE>
