|
|
|
|
|
|
|
|
|
|
Previous: UCFC ACCEPTANCE CORP, 8-K, 1998-12-03 |
Next: ADVANTA MORTGAGE CONDUIT SERVICES INC, 8-K, 1998-12-03 |
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: November 25, 1998
ADVANTA Mortgae 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 October, 1998 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 October,1998 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 October, 1998 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
November 30, 1998
<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 63,357,325 340,0 3,218,733 3,558,751.20
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 75,154,032 403,3 4,560,162 4,963,489.14
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-16 180,000,000 168,172,785. 753,8 4,803,687 5,557,575.23
A-17 60,000,00 60,000,000 302,5 302,500.00
A-18 101,250,000 94,150,290 422,0 2,528,048 2,950,106.56
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 925,000,000 883,584,432. 5,050,77 15,110,631. 20,161,403.38
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 60,138,591 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 70,593,869 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-16 163,369,097. 5.379380% 5.202340%
A-17 60,000,000 6.050000% 6.050000%
A-18 91,622,242 5.379380% 5.202340%
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 868,473,801.25
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WFD3 867.908562 4.657776 44.092241 48.750017 823.816321
A-2 00755WFE1 1000 5.1 0 5.1 1000
A-3 00755WFF8 1000 5.158333 0 5.158333 1000
A-4 00755WFG6 1000 5.258334 0 5.258334 1000
A-5 00755WFH4 1000 5.275 0 5.275 1000
A-6 00755WFJ0 1000 5.525 0 5.525 1000
A-7 00755WFK7 1000 5.125 0 5.125 1000
A-8 00755WFL5 1000 5.3 0 5.3 1000
A-9 00755WFM3 854.023091 4.583257 51.820028 56.403285 802.203063
A-IO 00755WFN1 1000 5.1 0 5.1 1000
A-11 00755WFP6 1000 5.175 0 5.175 1000
A-12 00755WFQ4 1000 5.275 0 5.275 1000
A-13 00755WFR2 1000 5.3 0 5.3 1000
A-14 00755WFS0 1000 5.541667 0 5.541667 1000
A-15 00755WFT8 1000 5.208333 0 5.208333 1000
A-16 00755WFV3 934.293252 4.188265 26.687153 30.875418 907.606099
A-17 00755WFW1 1000 5.041667 0 5.041667 1000
A-18 00755WFX9 929.879413 4.168479 24.968376 29.136855 904.911037
A-19 00755WFY7 1000 5.041667 0 5.041667 1000
F-IO* 00755WFU5 1000 4.166667 0 4.166667 1000
A-IO* 00755WFZ4 1000 4.166667 0 4.166667 1000
RS AM9802122 0 0 0 0 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 IA Principal Balan 7,620,16 1,515,69 426,57 2,831,386
% of Pool Balan 3.31352% 0.65908% 0.18549% 0.00000% 1.23119%
Number of Loans 115 30 7 0 58
% of Loans 3.30840% 0.86306% 0.20138% 0.00000% 1.66858%
Group IIA Principal Balan 7,038,66 2,112,07 921,57 3,882,870
% of Pool Balan 3.11683% 0.93527% 0.40809% 0.00000% 1.71940%
Number of Loans 93 27 10 0 47
% of Loans 3.85732% 1.11987% 0.41477% 0.00000% 1.94940%
Group IB Principal Balan 6,127,73 1,810,14 1,073,300 62,0 1,734,012
% of Pool Balan 2.07307% 0.61239% 0.36311% 0.02099% 0.58663%
Number of Loans 105 37 21 1 22
% of Loans 2.34166% 0.82516% 0.46833% 0.02230% 0.49063%
Group IIB Principal Balan 2,382,60 1,638,12 393,43 606,39
% of Pool Balan 1.03604% 0.71232% 0.17108% 0.00000% 0.26368%
Number of Loans 33 17 7 0 8
% of Loans 2.15827% 1.11184% 0.45782% 0.00000% 0.52322%
Loans in Bankrup Group IA 1,108,658.99
Group IIA 733,659.76
Group IB 1,066,189.66
Group IIB 282,796.51
3,191,304.92
</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 232,632,810. 230,071,585. 299,558,373. 128,835,961. 891,098,731.
Principal Reduction 2,660,76 4,244,23 3,971,352 2,247,43 13,123,798.
Ending Aggregate Mortgage Loan B 229,972,043. 225,827,346. 295,587,021. 126,588,521. 877,974,932.
Beginning Aggregate Mortgage Loa 3525 2459 4549 1554 12087
Ending Aggregate Mortgage Loan C 3476 2411 4484 1529 11900
Current Weighted Average Coupon 10.260303% 10.363064% 9.760772% 10.071047% 10.091546%
Next Weighted Average Coupon Rat 10.253738% 10.355393% 9.750179% 10.072898% 10.084278%
</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 232,1 815,9 644,47 71,0 1,763,592
Curtailments
Prepayments 2,428,61 3,428,32 3,326,874 2,176,39 11,360,205.
Repurchases/Substitutions
Liquidation Proceeds
Other Principal
Less: Realized Losses
Less: Delinquent Principal not A
Total Principal Reduction 2,660,76 4,244,23 3,971,352 2,247,43 13,123,798.
</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 96,9 95,8 124,81 53,6 371,29
Less: Amounts to Cover Interest 1,4
Less: Delinquent Service Fees 21,0 18,1 22,5 10,3 72,1
Collected Servicing Fees for Cur 75,0 77,4 102,23 42,9 297,66
Advanced Principal (73,5 6, 34,6 6, (25,8
Advanced Interest 440,5 375,4 453,91 204,3 1,474,279
</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 2,419,8 2,795,51
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9 3,428,3 3,960,56
A-10
A-11
A-12
A-13
A-14
A-15
A-16 3,611,4 4,172,07
A-17
A-18 1,900,5 2,195,64
A-19
Total 11,360,20 13,123,798
</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 2,275,48 557,9 557,96
Group IIA NO N/A 1,898,80 559,4 559,44
Group IB NO N/A 2,404,34 588,8 588,80
Group IIB NO N/A 935,6 280,6 280,60
Total 7,514,29 1,986,83 1,986,833
</TABLE>
<TABLE>
<CAPTION>
Current Target
Overcolla- Overcolla-
teralization teralization
Amount Amount
<S> <C> <C>
Group IA 2,833,45 3,000,000
Group IIA 2,458,24 3,000,000
Group IB 2,993,15 10,075,000.
Group IIB 1,216,27 4,387,500
Total 9,501,13 20,462,500.
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 5,947,346.77
Principal Collected: 13,149,692.53
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 1,474,279.86
Delinquency Advances on Mortgage Principal (25,894.18)
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 12,238.56
Sum of the Above Amounts: 20,557,663.54
LESS:
Servicing Fees (including PPIS): 299,114.82
Dealer Reserve: -
Trustee Fees: 5,198.06
Insurance Premiums: 91,947.27
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 396,260.15
Total Available Funds: 20,161,403.
</TABLE>
|
|