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Previous: ADVANTA MORTGAGE LOAN TRUST 1999-2, 8-K, 1999-11-01 |
Next: NUVEEN SENIOR INCOME FUND, POS462C, 1999-11-01 |
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 29, 1999
ADVANTA Mortgage Loan Trust 1999-3
New York 333-75295-01 Pending
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 September 1999 Monthly Period of the Trust in respect of
the Mortgage Loan Asset-Backed Certificates, Series 1999-3
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 August 1, 1999 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 1999 Monthly
period relating to the Mortgage Loan Asset-
Backed Certificates Series 1999-3, Class A
issued by the ADVANTA Mortgage Loan
Trust 1999-3.
EXHIBIT INDEX
Exhibit
1. Monthly Report for the September 1999 Monthly
Period relating to the Mortgage Loan Asset-Backed
Certificates, Series 1999-3, Class A issued by the
ADVANTA Mortgage Loan Trust 1999-3.
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 1999-3
BY: ADVANTA Mortgage Corp., USA
BY: /s/ H. John Berens
H. John Berens
Senior Vice President
Advanta Mortgage
October 29, 1999
<TABLE>
EXHIBIT 1
<CAPTION>
ADVANTA Mortgage Loan Trust 1999-3
Statement to Certificateholders
Distribution in Dollars - Current Period
<CAPTION>
Prior
Original Principal Total Realized
Class Face Value Balance Interest Principal Distribution Losses
<S> <C> <C> <C> <C> <C> <C>
A-1 117,581,000 115,471,770. 655,3 3,899,172 4,554,47
A-2 69,182,00 69,182,000 416,8 416,8
A-3 46,259,00 46,259,000 284,4 284,4
A-4 74,498,00 74,498,000 481,1 481,1
A-5 29,980,00 29,980,000 200,8 200,8
A-6 37,500,00 37,500,000 237,1 237,1
A-7 150,000,000 148,840,373. 669,4 2,111,595 2,781,00
B
BS
R-II
Totals 525,000,000 521,731,143. 2,945,21 6,010,767 8,955,98
</TABLE>
<TABLE>
<CAPTION>
Current
Deferred Principal
Class Interest Balance
<S> <C> <C>
A-1 111,572,597.73
A-2 69,182,000.00
A-3 46,259,000.00
A-4 74,498,000.00
A-5 29,980,000.00
A-6 37,500,000.00
A-7 146,728,778.31
B -
BS -
R-II -
Totals 515,720,376.04
</TABLE>
<TABLE>
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face
<CAPTION>
Orig. Principal Prior
Period Period (with Notional) Principal
Class Starting Ending Method Cusip Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 9/27/99 10/24/99 F-30/360 00755WGV2 117,581,000. 982.061
A-2 F-30/360 00755WGW0 69,182,000 1,000.0000
A-3 F-30/360 00755WGX8 46,259,000 1,000.0000
A-4 F-30/360 00755WGY6 74,498,000 1,000.0000
A-5 A-30/360 00755WGZ3 29,980,000 1,000.0000
A-6 A-30/360 00755WHA7 37,500,000 1,000.0000
A-7 9/27/99 10/24/99 A-Act/360 00755WHB5 150,000,000. 992.269
B
BS
R-II
</TABLE>
<TABLE>
<CAPTION>
Current
Total Principal
Class Interest Principal Distribution Balance
<S> <C> <C> <C> <C>
A-1 5. 33.1 38.7 948.899888
A-2 6. 6.0 1,000.000000
A-3 6. 6.1 1,000.000000
A-4 6. 6.4 1,000.000000
A-5 6. 6.7 1,000.000000
A-6 6. 6.3 1,000.000000
A-7 4. 14.0 18.5 978.191855
B -
BS -
R-II -
</TABLE>
<TABLE>
Distribution in Dollars - To Date
<CAPTION>
Original Unscheduled Scheduled Total Total
Class Face Value Interest Principal Principal Principal Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 117,581,000 1,322,57 5,214,98 793,41 6,008,40 7,330,976
A-2 69,182,00 833,6 833,64
A-3 46,259,00 568,9 568,98
A-4 74,498,00 962,2 962,26
A-5 29,980,00 401,7 401,73
A-6 37,500,00 474,3 474,37
A-7 150,000,000 1,480,45 2,956,83 314,39 3,271,22 4,751,672
B
BS
R-II 693,0 693,02
Totals 525,000,000 6,737,05 8,171,81 1,107,808 9,279,62 16,016,676.
</TABLE>
<TABLE>
<CAPTION>
Current
Realized Deferred Principal
Class Losses Interest Balance
<S> <C> <C> <C>
A-1 111,572,597.73
A-2 69,182,000.00
A-3 46,259,000.00
A-4 74,498,000.00
A-5 29,980,000.00
A-6 37,500,000.00
A-7 146,728,778.31
B -
BS -
R -
Totals 515,720,376.04
</TABLE>
<TABLE>
Interest Detail
<CAPTION>
Pass Prior Principal Non- Prior Unscheduled
Through (with Notional) Accrued Supported Unpaid Interest
Class Rate Balance Interest Interest SF Interest Adjustments
<S> <C> <C> <C> <C> <C> <C>
A-1 6.81000% 115,471,770. 655,3
A-2 7.23000% 69,182,000 416,8
A-3 7.38000% 46,259,000 284,4
A-4 7.75000% 74,498,000 481,1
A-5 8.04000% 29,980,000 200,8
A-6 7.59000% 37,500,000 237,1
A-7 5.78250% 148,840,373. 669,4
B
BS
R-II
Totals 521,731,143. 2,945,21
</TABLE>
<TABLE>
<CAPTION>
Paid or Current
Optimal Deferred Unpaid
Class Interest Interest Interest
<S> <C> <C> <C>
A-1 655,3 655,3 -
A-2 416,8 416,8 -
A-3 284,4 284,4 -
A-4 481,1 481,1 -
A-5 200,8 200,8 -
A-6 237,1 237,1 -
A-7 669,4 669,4 -
B -
BS -
R-II -
Totals 2,945,2 2,945,21 -
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Summary Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Principal Collections 1,673,203 3,351,75 5,024,954
Principal Withdrawals
Principal Other Accounts
TOTAL PRINCIPAL 1,673,203 3,351,75 5,024,954
Interest Collected 1,211,005 3,073,52 4,284,527
Interest Withdrawals
Interest Other Accounts
Fees (103,20 (250,2 (353,50
TOTAL INTEREST 1,107,801 2,823,22 3,931,025
TOTAL AVAILABLE TO CERTIFICATEHOLDERS 2,781,004 6,174,97 8,955,980
</TABLE>
<TABLE>
<CAPTION>
Principal - Collections Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Scheduled Principal 82,3 440,8 523,15
Curtailments
Prepayments in Full 1,590,883 2,910,91 4,501,803
Repurchased Principal Amounts
Substitution Principal Amount
Liquidations
Insurance Principal
Other Principal
Total Realized Loss of Principal
TOTAL PRINCIPAL COLLECTED 1,673,203 3,351,75 5,024,954
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Principal - Withdrawals Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Principal - Other Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Amounts Remaining in Pre-Funding Account
</TABLE>
<TABLE>
<CAPTION>
Interest - Collections Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Scheduled Interest 1,225,260 3,104,02 4,329,282
Repurchased Interest
Substitution Interest Amount
Liquidation Interest
Insurance Interest
Other Interest
Delinquent Interest (190,20 (430,4 (620,62
Interest Advanced 175,94 399,9 575,86
Prepayment Interest Shortfalls (1, (1,8
Compensating Interest 1, 1,8
Civil Relief Act Shortfalls
TOTAL INTEREST COLLECTED 1,211,005 3,073,52 4,284,527
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Interest - Withdrawals Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Nonrecoverable Advances
TOTAL INTEREST WITHDRAWALS
</TABLE>
<TABLE>
<CAPTION>
Interest - Other Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Capitalized Interest Requirement
Pre-Funding Account Earnings
Capitalized Interest Account
</TABLE>
<TABLE>
<CAPTION>
Interest - Fees Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Servicing Fees 82,4 204,4 286,90
Trustee Fee Amount 1,1 2, 3,9
Insurance Premium Amount 19,5 43,0 62,6
TOTAL FEES 103,20 250,2 353,50
</TABLE>
<TABLE>
Credit Enhancement Report
<CAPTION>
Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Insurance Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Total Insured Payments
</TABLE>
<TABLE>
<CAPTION>
Structural Features Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Specified Overcollateralization Amount 9,263,103.27 11,706,948.64 20,970,051.91
Current Overcollateralization Amount 6,373,350.88 3,543,204.54 9,916,555.42
Overcollateralization Deficiency Amount 3,328,144.07 8,711,165.44 12,039,309.51
Overcollateralization Deficit Amount
Overcollateralization Increase Amount 438,391.69 547,421.34 985,813.03
Overcollateralization Reduction Amount
Components of Change in Overcollateralization*
Excess Interest Generated by Pool 438,391.69 547,421.34 985,813.03
Pre-Funding Account Interest Earnings
Additional Principal
TOTAL 438,39 547,421.34 985,813.03
*(NOTE: If at specified amount, components will not equal increase amount)
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Collateral Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Loan Count:
Original
Prior
Prefunding
Scheduled Paid Offs
Full Voluntary Prepayments
Repurchases
Liquidations
Current
Principal Balance
Original 142,758,206.98 331,219,376.10 473,977,583.08
Prior 141,853,607.38 329,463,403.08 471,317,010.46
Prefunding 12,921,725. 46,423,150 59,344,875.
Scheduled Principal (82,319.83) (440,831.63) (523,151.46)
Partial and Full Voluntary Prepayments (1,590,883 (2,910,91 (4,501,803
Repurchases
Liquidations
Current 153,102,129. 372,534,802. 525,636,931.
</TABLE>
<TABLE>
<CAPTION>
Prefunding Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
PRE-FUNDING ACCOUNT
Original Pre-Funded Amount 12,924,201. 46,424,128.36 59,348,329.36
Balance of Subsequent Mortgage Loans Added This Period 12,921,725. 46,423,150 59,344,875.
Pre-Funding Account Earnings
Withdrawal Account Earnings
Pre-Funding Account Ending Balance
CAPITALIZED INTEREST ACCOUNT
Original Capitalized Interest Deposit 117,36 575,6 693,02
Capitalized Interest Requirement
Withdrawal Remaining Amounts
Capitalized Interest Account Ending Balance
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Characteristics Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Coupon Original 9.495321% 9.907285% 9.783205%
Weighted Average Coupon Prior 9.495321% 9.907285% 9.783205%
Weighted Average Coupon Current 9.499657% 9.909442% 9.789922%
Weighted Average Months to Maturity Original 348 246 277
Weighted Average Months to Maturity Prior 348 246 277
Weighted Average Months to Maturity Current 346 244 274
Weighted Average Remaining Amortization Term Original 348 302 316
Weighted Average Remaining Amortization Term Prior 348 302 316
Weighted Average Remaining Amortization Term Current 347 296 311
Weighted Average Seasoning Original 3.58 3.22 3.33
Weighted Average Seasoning Prior 3.58 3.22 3.33
Weighted Average Seasoning Current 4.28 3.82 3.95
Note: Original information refers to deal issue
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Arm Characteristics Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Margin Original 5.302%
Weighted Average Margin Prior 5.302%
Weighted Average Margin Current 5.243%
Weighted Average Max Rate Original 16.388% 9.907%
Weighted Average Max Rate Prior 16.388% 9.907%
Weighted Average Max Rate Current 16.402% 9.909%
Weighted Average Min Rate Original 9.008% 9.157%
Weighted Average Min Rate Prior 9.008% 9.157%
Weighted Average Min Rate Current 8.946% 9.159%
Weighted Average Cap Up Original 1.082%
Weighted Average Cap Up Prior 1.082%
Weighted Average Cap Up Current 1.075%
Weighted Average Cap Down Original 1.082%
Weighted Average Cap Down Prior 1.082%
Weighted Average Cap Down Current 1.075%
Note: Original information refers to deal issue
</TABLE>
<TABLE>
<CAPTION>
Servicing Fees / Advances Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Servicing Fees 82,4 204,4 286,90
Delinquent Servicing Fees 14,2 30,4 44,7
TOTAL SERVICING FEES 96,7 234,9 331,66
Total Servicing Fees 96,7 234,9 331,66
Compensating Interest (1, (1,8
Delinquent Servicing Fees (14,2 (30,4 (44,7
COLLECTED SERVING FEES 82,4 202,5 285,00
Prepayment Interest Shortfall 1, 1,8
Total Advanced Interest 175,94 399,9 575,86
Current Nonrecoverable Advances
Unreimbursed Delq/Servicing Advances Paid To Servicer
</TABLE>
<TABLE>
<CAPTION>
Additional Collateral Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Coupon Next 9.496136% 9.903984% 9.785190%
</TABLE>
<TABLE>
Delinquency Report - Total
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 6,825,02 1,181,163 67,9 8,074,156
% Balance 1.30% 0.22% 0.01% 1.53%
# Loans 107 15 1 123
% # Loans 1.50% 0.21% 0.01% 1.72%
FORECLOSURE Balance 410,69 357,5 768,20
% Balance 0.00% 0.00% 0.08% 0.07% 0.15%
# Loans 8 4 12
% # Loans 0.00% 0.00% 0.11% 0.06% 0.17%
BANKRUPTCY Balance 259,8 23,4 130,89 414,19
% Balance 0.05% 0.00% 0.02% 0.00% 0.07%
# Loans 3 0 6
% # Loans 0.04% 0.01% 0.03% 0.00% 0.08%
REO Balance
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
TOTAL Balance 259,8 6,848,45 1,722,751 425,4 9,256,560
% Balance 0.05% 1.30% 0.32% 0.08% 1.75%
# Loans
% # Loans 0.04% 1.51% 0.35% 0.07% 1.97%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Delinquency Report - Fixed Group
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 4,501,59 768,61 67,9 5,338,179
% Balance 1.21% 0.21% 0.02% 1.44%
# Loans
% # Loans 1.40% 0.20% 0.02% 1.62%
FORECLOSURE Balance 277,94 312,5 590,50
% Balance 0.00% 0.00% 0.07% 0.08% 0.15%
# Loans
% # Loans 0.00% 0.00% 0.11% 0.05% 0.16%
BANKRUPTCY Balance 106,9 23,4 67,2 197,62
% Balance 0.03% 0.01% 0.02% 0.00% 0.06%
# Loans
% # Loans 0.02% 0.02% 0.02% 0.00% 0.06%
REO Balance
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
TOTAL Balance 106,9 4,525,02 1,113,775 380,5 6,126,305
% Balance 0.03% 1.22% 0.30% 0.10% 1.65%
# Loans
% # Loans 0.02% 1.42% 0.33% 0.07% 1.84%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Delinquency Report - Adjustable Group
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 2,323,43 412,54 2,735,976
% Balance 1.52% 0.27% 0.00% 1.79%
# Loans
% # Loans 1.83% 0.24% 0.00% 2.07%
FORECLOSURE Balance 132,75 44,9 177,70
% Balance 0.00% 0.00% 0.09% 0.03% 0.12%
# Loans
% # Loans 0.00% 0.00% 0.12% 0.06% 0.18%
BANKRUPTCY Balance 152,8 63,6 216,57
% Balance 0.10% 0.00% 0.04% 0.00% 0.14%
# Loans
% # Loans 0.12% 0.00% 0.06% 0.00% 0.18%
REO Balance
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
TOTAL Balance 152,8 2,323,43 608,97 44,9 3,130,255
% Balance 0.10% 1.52% 0.40% 0.03% 2.05%
# Loans
% # Loans 0.12% 1.83% 0.42% 0.06% 2.43%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Prepayment Report - Voluntary Prepayments
<CAPTION>
Voluntary Prepayments Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current
Number of Paid in Full Loans 16 38 54
Number of Repurchased Loans
Total Number of Loans Prepaid in Full 16 38 54
Paid in Full Balance 1,590,883 2,910,91 4,501,803
Repurchase Loans Balance
Curtailments Amount
Total Prepayment Amount 1,590,883 2,910,91 4,501,803
Cumulative
Number of Paid in Full Loans 22 61 83
Number of Repurchased Loans 0
Total Number of Loans Prepaid in Full 22 61 83
Paid in Full Balance 2,263,837 4,315,66 6,579,506
Repurchase Loans Balance
Curtailments Amount ( (1, (1,7
Total Prepayment Amount 2,263,411 4,314,30 6,577,719
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
Prepayment Report - Voluntary Prepayments
<CAPTION>
Voluntary Prepayment Rates Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SMM 1.03% 0.78% 0.85%
3 Months Average SMM
12 Months Average SMM
Average SMM Since Cut-Off 0.75% 0.60% 0.64%
CPR 11.67% 8.92% 9.73%
3 Months Average CPR
12 Months Average CPR
Average CPR Since Cut-Off 8.64% 6.97% 7.46%
PSA 1362.89% 1167.17% 1230.07%
3 Months Average PSA Approximation
12 Months Average PSA Approximation
Average PSA Since Cut-Off Approximation 1099.71% 989.47% 1024.50%
</TABLE>
<TABLE>
Realized Loss Report - Collateral
<CAPTION>
Collateral Realized Losses Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current
Number of Loans Liquidated
Collateral Realized Loss / (Gain) Amount
Net Liquidation Proceeds
Cumulative
Number of Loans Liquidated
Collateral Realized Loss / (Gain) Amount
Net Liquidation Proceeds
Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
Realized Loss Report - Collateral
<CAPTION>
Default Speeds Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
MDR 0.00% 0.00% 0.00%
3 Months Average MDR
12 Months Average MDR
Average MDR Since Cut-Off 0.00% 0.00% 0.00%
CDR 0.00% 0.00% 0.00%
3 Months Average CDR
12 Months Average CDR
Average CDR Since Cut-Off 0.00% 0.00% 0.00%
SDA 0.00% 0.00% 0.00%
3 Months Average SDA Approximation
12 Months Average SDA Approximation
Average SDA Since Cut-Off Approximation 0.00% 0.00% 0.00%
Loss Severity Approximation for Current Period
3 Months Average Loss Severity Approximation
12 Months Average Loss Severity Approximation
Average Loss Severity Approximation Since Cut-Off
</TABLE>
<TABLE>
Triggers, Adj. Rate Cert. And Miscellaneous Report
<CAPTION>
Trigger Events Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Has Servicer Termination Loss Trigger Occurred? No
</TABLE>
<TABLE>
<CAPTION>
Adjustable Rate Certificate Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Next Pass-Through Rates for Adjustable Rate Certificates
Class A-5 8.040000%
Class A-6 7.590000%
Class A-7 5.808750%
</TABLE>
<TABLE>
<CAPTION>
Additional Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SUPPLEMENTAL INTEREST ACCOUNT
Supplemental Interest Amount
Supplemental Interest Shortfall Carry-Forward Amount
Supplemental Interest Shortfall Amount
Deposit to Supp Int Acct (Class B Distribution)
Payment to Supplemental interest Right
Supplemental Interest Account Ending Balance
</TABLE>
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