<PAGE> 1
- --------------------------------------------------------------------------------
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 (Date of earliest event reported): June 19, 1998
Advanta Mortgage Conduit Services, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-37107 23-2723382
- ---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
16875 West Bernardo Drive 92127
San Diego, California ------------
------------------------- (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code:
---------------------------------------------------
(619) 674-1800
No Change
-------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE> 2
Item 5. Other Events
------------
In connection with the offering of Advanta Revolving Home Equity
Loan Trust 1998-A Revolving Home Equity Loan Asset-Backed Notes, Series 1998-A,
described in a Prospectus Supplement dated as of June 19, 1998, certain
"ComPutational Materials" within the meanings of the May 20, 1994 Kidder,
Peabody No-Action Letter and the February 17, 1995 Public Securities Association
No-Action Letter were furnished to certain prospective investors (the "Related
Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
------------------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1 Related Computational Materials (as defined in Item 5
above).
2
<PAGE> 3
SIGNATURES
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 hereunto duly authorized.
ADVANTA MORTGAGE CONDUIT SERVICES, INC.
(Registrant)
By: /s/ Milton Riseman
----------------------
(Signature)
Name: Milton Riseman
Title: President
Dated: June 19, 1998
3
<PAGE> 4
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
- ----------- ----------- --------
99.1 Related Computational Materials 5
(as defined in Item 5 above).
4
<PAGE> 5
EXHIBIT 99.1
5
<PAGE> 1
JP MORGAN PAGE 1 [ADVANTA LOGO]
- --------------------------------------------------------------------------------
JP MORGAN [ADVANTA LOGO] June 15, 1998
- --------------------------------------------------------------------------------
$80,000,000 ADVANTA REVOLVING HOME EQUITY LOAN ASSET BACKED NOTES,
SERIES 1998-A
Advanta National Bank - Originator
Advanta Mortgage Corp. USA - Master Servicer
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
APPROXIMATE EXPECTED EXPECTED EXPECTED
SIZE RATINGS EXPECTED PRINCIPAL DAY FINAL LEGAL FINAL
CLASS ($ THOUSANDS) (MOODY'S/S&P) AVERAGE LIFE WINDOW COUNT MATURITY MATURITY
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TO 10% $80,000,000 Aaa/AAA 3.56 1 - 100 Act/360 10/25/06 08/25/23
CALL
- -------------------------------------------------------------------------------------------------------------------------------
TO MATURITY $80,000,000 Aaa/Aaa 3.83 1 - 215 Act/360 05/25/16 08/25/23
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SELLER: Advanta National Bank
DEPOSITOR: Advanta Mortgage Conduit Services, Inc.
TRUSTEE: Bankers Trust Company of California, N.A.
UNDERWRITERS: J.P. Morgan Securities, Inc.
COLLATERAL: Adjustable Rate Home Equity Lines of Credit
See attached "Collateral Description".
PREPAYMENT SPEED: 27% CPR
DRAW SPEED: 10% CDR
EXPECTED PRICING DATE: TBD
EXPECTED SETTLEMENT DATE: June 24, 1998, through DTC, Euroclear, and CEDEL.
CUT-OFF DATE: May 31, 1998
DISTRIBUTION DATES: The 25th of each month or the following business
day, beginning July 27, 1998.
OPTIONAL TERMINATION: On any Distribution Date on which the Class A
Principal Balance is less than 10% of the Original
Class A Principal Balance, the Master Servicer will
have the option to purchase, in whole, the Mortgage
Loans and the REO Property, if any, remaining in
the Trust Fund.
NET FUNDS CAP RATE: The Class A Interest Rate for an interest accrual
period will generally equal the lesser of (I) one
month LIBOR plus [x] bps and (II) the fraction,
expressed as an annual percentage rate, equal to
twelve times the interest due on the Mortgage Loans
during the related Remittance Period, minus the
amount of Prepayment Interest Shortfalls and Relief
Act Shortfalls for the related Remittance Period
(net of Servicing Fee, the fees payable to the
Indenture Trustee, and the Owner Trustee and the
Bond Insurer premium) divided by the Trust
Collateral Value immediately prior to the 1`related
Payment
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 2
JP MORGAN PAGE 2 [ADVANTA LOGO]
Date, commencing on the tenth Payment Date, 0.50%
(the "Net Funds Cap Rate").
TRUST TAX STATUS: Owner Trust
ERISA ELIGIBILITY: Certificates are ERISA eligible.
SMMEA ELIGIBILITY: The Certificates are NOT SMMEA eligible as there
are 2nd mortgages in the pool.
CREDIT ENHANCEMENT
100% AMBAC wrapped. AMBAC primarily insures newly issued municipal and
structured finance obligations. AMBAC is a wholly owned subsidiary of AMBAC,
Inc., a 100% publicly-held company. Moody's, Standard and Poor's and Fitch have
each assigned a triple-A claims-paying ability rating to AMBAC.
PAYMENT SCHEDULE
Managed Amortization Period: Commences July 27, 1998 ending on the earlier of
I) the July, 2001 payment date or II) the payment date immediately preceding a
Rapid Amortization Event.
Rapid Amortization Period: Period which follows the earlier of I) end of the
Managed Amortization Period and II) a Rapid Amortization Event
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1998-A COLLATERAL DESCRIPTION
Based on May 31, 1998 Pool Data (Final pool cut will be May 31, 1998)
<TABLE>
<S> <C>
COLLATERAL: Adjustable Rate Home Equity Lines of Credit(1)
AGGREGATE POOL BALANCE: $75,130,216.06
NUMBER OF LOANS: 2,388
AVERAGE OUTSTANDING BALANCE: $31,461.56
PRODUCT TYPE: Home Equity Lines of Credit
WEIGHTED AVERAGE COUPON: 12.09%
WEIGHTED AVERAGE LIFE CAP: 20.09%
ORIGINAL WEIGHTED AVERAGE TERM: 276 months
REMAINING WEIGHTED AVERAGE TERM: 273 months
WEIGHTED AVERAGE SEASONING: 2.7 months
LIEN POSITION: 22.84% First Lien; 77.16% Second Lien
WEIGHTED AVERAGE COMBINED LOAN TO VALUE RATIO: 87.47%
PROPERTY TYPE: 96.34% Single Family Homes
OWNER OCCUPANCY: 99.66% Owner Occupied
GEOGRAPHIC DISTRIBUTION (greater than or = 5%): 13.08% - NY; 10.00% - PA; 8.17% - NJ; 9.24% - MI;
5.53% - CA
</TABLE>
(1) All percentages and weighted averages calculated on the outstanding balance.
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 3
JP MORGAN PAGE 3 [ADVANTA LOGO]
AVERAGE LIFE SENSITIVITY TO CHANGES IN PREPAYMENT RATES
ASSUMES A 10% CLEAN-UP CALL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CPR
10% 20% 25% 27% 30% 35% 45%
------- ------- ------- ------- ------- ------- -------
CDR EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL
WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0% 8.30 259 3.95 123 3.08 96 2.82 88 2.49 78 2.07 65 1.49 47
5% 9.61 274 4.49 132 3.46 102 3.16 94 2.78 83 2.28 69 1.62 50
10% 11.07 274 5.14 140 3.92 109 3.56 100 3.11 88 2.55 74 1.78 54
15% 11.07 274 5.93 149 4.48 116 4.06 107 3.53 94 2.85 78 1.96 57
20% 11.07 274 6.92 159 5.18 124 4.66 113 4.03 100 3.23 83 2.19 61
25% 11.07 274 6.92 159 6.04 132 5.43 121 4.67 107 3.70 89 2.46 65
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
ASSUMES NO CLEAN-UP CALL (MATURITY)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CPR
10% 20% 25% 27% 30% 35% 45%
------- ------- ------- ------- ------- ------- -------
CDR EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL
WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0% 8.41 277 4.33 273 3.37 222 3.08 203 2.72 179 2.26 148 1.62 107
5% 9.61 277 4.86 273 3.75 228 3.42 209 3.01 184 2.47 153 1.76 110
10% 11.07 277 5.51 273 4.21 235 3.83 215 3.35 190 2.73 157 1.91 114
15% 11.07 277 6.30 273 4.77 242 4.32 221 3.76 195 3.05 162 2.10 117
20% 11.07 277 7.28 273 5.47 250 4.93 228 4.27 202 3.42 167 2.32 121
25% 11.07 277 7.28 273 6.33 258 5.69 236 4.90 208 3.89 172 2.59 125
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 4
JP MORGAN PAGE 4 [ADVANTA LOGO]
SENSITIVITY ANALYSIS - PERCENTAGE OF ORIGINAL CERTIFICATE BALANCE
- AMORTIZATION SCHEDULE
ASSUMES 10% CLEAN UP CALL AND 10% CONSTANT DRAW RATE
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
CPR
DATE 10% 20% 25% 27% 30% 35% 45%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AT CLOSING 100% 100% 100% 100% 100% 100% 100%
JUNE 25, 1999 99% 88% 82% 80% 77% 71% 60%
JUNE 25, 2000 99% 78% 68% 64% 59% 51% 36%
JUNE 25, 2001 99% 69% 56% 52% 45% 36% 21%
JUNE 25, 2002 89% 54% 42% 38% 32% 24% 12%
JUNE 25, 2003 80% 43% 31% 27% 22% 15% 0%
JUNE 25, 2004 71% 35% 24% 20% 16% 10% 0%
JUNE 25, 2005 64% 28% 18% 15% 11% 0% 0%
JUNE 25, 2006 57% 22% 13% 11% 0% 0% 0%
JUNE 25, 2007 51% 18% 10% 0% 0% 0% 0%
JUNE 25, 2008 46% 14% 0% 0% 0% 0% 0%
JUNE 25, 2009 41% 11% 0% 0% 0% 0% 0%
JUNE 25, 2010 37% 0% 0% 0% 0% 0% 0%
JUNE 25, 2011 33% 0% 0% 0% 0% 0% 0%
JUNE 25, 2012 30% 0% 0% 0% 0% 0% 0%
JUNE 25, 2013 27% 0% 0% 0% 0% 0% 0%
JUNE 25, 2014 24% 0% 0% 0% 0% 0% 0%
JUNE 25, 2015 22% 0% 0% 0% 0% 0% 0%
JUNE 25, 2016 20% 0% 0% 0% 0% 0% 0%
JUNE 25, 2017 18% 0% 0% 0% 0% 0% 0%
JUNE 25, 2018 16% 0% 0% 0% 0% 0% 0%
JUNE 25, 2019 14% 0% 0% 0% 0% 0% 0%
JUNE 25, 2020 13% 0% 0% 0% 0% 0% 0%
JUNE 25, 2021 0% 0% 0% 0% 0% 0% 0%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 5
JP MORGAN PAGE 5 [ADVANTA LOGO]
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1998-A COLLATERAL TABLES
PORTFOLIO BY REMAINING TERM
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
REMAINING TERM PERCENT OF CURRENT
(MONTHS) NUMBER OF LOANS CURRENT BALANCE BALANCE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
247 - 252 1 12,000.00 0.02%
259 - 264 5 69,544.46 0.09%
265 - 270 168 5,188,311.92 6.91%
271 - 276 2,213 69,839,859.68 92.95%
289 - 294 1 20,500.00 0.03%
- --------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- --------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY CREDIT LIMIT
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
CREDIT LIMIT PERCENT OF CURRENT
NUMBER OF LOANS CURRENT BALANCE BALANCE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.01 - 25,000.00 947 15,614,419.59 20.78%
25,000.01 - 50,000.00 1,213 41,449,480.89 55.17%
50,000.01 - 75,000.00 142 8,577,106.73 11.42%
75,000.01 - 100,000.00 52 4,457,615.64 5.93%
100,000.01 - 125,000.00 14 1,540,303.61 2.05%
125,000.01 - 150,000.00 7 994,500.00 1.32%
150,000.01 - 175,000.00 5 807,884.02 1.08%
175,000.01 - 200,000.00 4 761,000.00 1.01%
200,000.01 - 225,000.00 3 643,905.58 0.86%
275,000.01 - 300,000.00 1 284,000.00 0.38%
- ---------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ---------------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY CREDIT UTILIZATION RATE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PERCENT OF CURRENT
CREDIT UTILIZATION RATE NUMBER OF LOANS CURRENT BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.001 - 10.000 20 24,230.32 0.03%
10.001 - 20.000 22 93,369.11 0.12%
20.001 - 30.000 18 81,430.84 0.11%
30.001 - 40.000 22 227,044.34 0.30%
40.001 - 50.000 16 195,148.21 0.26%
50.001 - 60.000 30 399,886.92 0.53%
60.001 - 70.000 41 777,889.96 1.04%
70.001 - 80.000 47 953,102.02 1.27%
80.001 - 90.000 61 1,559,040.29 2.08%
90.001 - 100.000 2,080 69,454,555.13 92.45%
100.001 - 110.000 31 1,364,518.92 1.82%
- ------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 6
JP MORGAN PAGE 6 [ADVANTA LOGO]
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1998-A COLLATERAL TABLES (CONT.)
PORTFOLIO BY LIFE CAP
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PERCENT OF CURRENT
LIFE CAP NUMBER OF LOANS CURRENT BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
16.001 - 16.500 21 2,236,933.39 2.98
16.501 - 17.000 52 3,694,303.31 4.92
17.001 - 17.500 36 2,050,577.83 2.73
17.501 - 18.000 204 6,404,979.10 8.53
18.001 - 18.500 114 4,529,722.55 6.03
18.501 - 19.000 144 5,542,890.45 7.38
19.001 - 19.500 208 6,531,528.02 8.69
19.501 - 20.000 176 5,849,274.57 7.79
20.001 - 20.500 205 7,035,322.85 9.36
20.501 - 21.000 210 5,964,307.46 7.94
21.001 - 21.500 328 9,109,506.83 12.12
21.501 - 22.000 170 4,966,911.75 6.61
22.001 - 22.500 334 6,300,208.91 8.39
22.501 - 23.000 154 4,378,619.68 5.83
23.001 - 23.500 31 521,336.01 0.69
24.001 - 24.500 1 13,793.35 0.02
- ------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ------------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY ARM MARGIN
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PERCENT OF CURRENT
ARM MARGIN NUMBER OF LOANS CURRENT BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.00 - 0.000 21 2,236,933.39 2.98
0.001 - 0.500 52 3,694,303.31 4.92
0.501 - 1.000 36 2,050,577.83 2.73
1.001 - 1.500 204 6,404,979.10 8.53
1.501 - 2.000 114 4,529,722.55 6.03
2.001 - 2.500 144 5,542,890.45 7.38
2.501 - 3.000 208 6,531,528.02 8.69
3.001 - 3.500 176 5,849,274.57 7.79
3.501 - 4.000 205 7,035,322.85 9.36
4.001 - 4.500 210 5,964,307.46 7.94
4.501 - 5.000 328 9,109,506.83 12.12
5.001 - 5.500 170 4,966,911.75 6.61
5.501 - 6.000 334 6,300,208.91 8.39
6.001 - 6.500 154 4,378,619.68 5.83
6.501 - 7.000 31 521,336.01 0.69
7.501 - 8.000 1 13,793.35 0.02
- -------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 7
JP MORGAN PAGE 7 [ADVANTA LOGO]
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1998-A COLLATERAL TABLES (CONT.)
PORTFOLIO BY PROPERTY STATE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
PROPERTY STATE LOANS CURRENT BALANCE BALANCE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
Arizona 46 1,444,199.80 1.92
California 102 4,157,702.92 5.53
Colorado 37 1,096,616.31 1.46
Connecticut 37 1,413,642.36 1.88
Delaware 15 442,017.99 0.59
Florida 89 2,630,278.50 3.50
Georgia 90 2,795,492.97 3.72
Illinois 77 2,607,488.49 3.47
Indiana 49 1,250,554.98 1.66
Kansas 31 949,780.59 1.26
Kentucky 27 761,592.59 1.01
Maryland 93 2,548,644.59 3.39
Massachusetts 84 2,911,361.86 3.88
Michigan 230 6,938,565.83 9.24
Minnesota 38 1,129,637.64 1.50
Missouri 78 2,117,993.78 2.82
Nevada 20 683,679.15 0.91
New Jersey 178 6,138,512.02 8.17
New York 267 9,824,643.78 13.08
North Carolina 84 2,155,648.69 2.87
Ohio 126 3,219,746.09 4.29
Oklahoma 1 150.00 0.00
Oregon 45 1,463,610.99 1.95
Pennsylvania 263 7,516,195.45 10.00
Rhode Island 1 4,646.11 0.01
South Carolina 1 33,721.26 0.04
Tennessee 61 1,912,777.56 2.55
Utah 17 512,630.64 0.68
Virginia 95 3,231,383.32 4.30
Washington 64 2,019,875.86 2.69
Wisconsin 42 1,217,423.94 1.62
- ----------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ----------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 8
JP MORGAN PAGE 8 [ADVANTA LOGO]
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1998-A COLLATERAL TABLES (CONT.)
PORTFOLIO BY COMBINED LTV
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
COMBINED LTV LOANS CURRENT BALANCE BALANCE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
0.001 - 10.000 2 18,847.37 0.03
10.001 - 20.000 4 102,881.52 0.14
20.001 - 30.000 21 654,881.69 0.87
30.001 - 40.000 32 1,022,484.96 1.36
40.001 - 50.000 39 1,375,935.75 1.83
50.001 - 60.000 77 2,687,822.90 3.58
60.001 - 70.000 113 4,699,562.26 6.26
70.001 - 80.000 249 10,045,318.10 13.37
80.001 - 90.000 555 19,403,271.32 25.83
90.001 - 100.000 1,087 28,014,313.47 37.29
100.001 - 110.000 30 805,807.73 1.07
110.001 - 120.000 69 2,375,334.36 3.16
120.001 - 130.000 110 3,923,754.63 5.22
- ----------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY PROPERTY TYPE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PERCENT OF CURRENT
PROPERTY TYPE NUMBER OF LOANS CURRENT BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 2,297 72,378,344.71 96.34%
Townhouse 10 264,412.13 0.35%
Condo 24 605,679.63 0.81%
Duplex 29 980,771.25 1.31%
3-4 Unit 4 221,296.14 0.29%
Manufactured Housing 24 679,712.20 0.90%
- ------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ------------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY LIEN POSITION
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PERCENT OF CURRENT
LIEN POSITION NUMBER OF LOANS CURRENT BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Lien 318 17,160,895.36 22.84%
Second Lien 2070 57,969,320.70 77.16%
- ------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ------------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY OCCUPANCY TYPE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PERCENT OF CURRENT
OCCUPANCY NUMBER OF LOANS CURRENT BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
Owner Occupied 2,380 74,873,235.28 99.66%
Non-Owner Occupied 8 256,980.78 0.34%
- ------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 9
JP MORGAN PAGE 9 [ADVANTA LOGO]
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1998-A COLLATERAL TABLES (CONT.)
PORTFOLIO BY COUPON
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
COUPON RANGE LOANS CURRENT BALANCE BALANCE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
8.001 - 8.500 21 2,236,933.39 2.98
8.501 - 9.000 52 3,694,303.31 4.92
9.001 - 9.500 36 2,050,577.83 2.73
9.501 - 10.000 204 6,404,979.10 8.53
10.001 - 10.500 114 4,529,722.55 6.03
10.501 - 11.000 144 5,542,890.45 7.38
11.001 - 11.500 208 6,531,528.02 8.69
11.501 - 12.000 176 5,849,274.57 7.79
12.001 - 12.500 205 7,035,322.85 9.36
12.501 - 13.000 210 5,964,307.46 7.94
13.001 - 13.500 328 9,109,506.83 12.12
13.501 - 14.000 170 4,966,911.75 6.61
14.001 - 14.500 334 6,300,208.91 8.39
14.501 - 15.000 154 4,378,619.68 5.83
15.001 - 15.500 31 521,336.01 0.69
16.001 - 16.500 1 13,793.35 0.02
- ----------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY CURRENT BALANCE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
CURRENT BALANCE RANGE LOANS CURRENT BALANCE BALANCE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
0.001 - 25,000.00 1,032 16,837,272.96 22.41%
25,001.01 - 50,000.00 1,138 40,569,712.95 54.00%
50,001.01 - 75,000.00 134 8,327,563.51 11.08%
75,001.01 - 100,000.00 49 4,263,897.94 5.68%
100,001.01 - 125,000.00 15 1,640,479.10 2.18%
125,001.01 - 150,000.00 7 994,500.00 1.32%
150,001.01 - 175,000.00 5 807,884.02 1.08%
175,001.01 - 200,000.00 4 761,000.00 1.01%
200,001.01 - 225,000.00 3 643,905.58 0.86%
275,001.01 - 300,000.00 1 284,000.00 0.38%
- ----------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY DAYS DELINQUENT
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PERCENT OF CURRENT
DAYS DELINQUENT NUMBER OF LOANS CURRENT BALANCE BALANCE
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
Current 2,329 73,225,629.17 97.47%
1-29 52 1,729,190.79 2.30%
30-59 7 175,333.10 0.23%
- ------------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
<PAGE> 10
JP MORGAN PAGE 10 [ADVANTA LOGO]
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1998-A COLLATERAL TABLES (CONT.)
PORTFOLIO BY ORIGINATION
DATE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
ORIGINATION DATE LOANS CURRENT BALANCE BALANCE
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
1/1/96 - 12/31/96 1 12,000.00 0.02%
1/1/97 - 12/31/97 219 6,679,058.37 8.89%
1/1/98 - 12/31/98 2,168 68,439,157.69 91.09%
- ----------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- ----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO BY SEASONING
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
SEASONING LOANS CURRENT BALANCE BALANCE
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
0 - 0 232 7,918,290.00 10.54%
1 - 12 2,153 67,156,259.97 89.39%
13 - 24 2 43,666.09 0.06%
25 - 36 1 12,000.00 0.02%
- -------------------------------------------------------------------------------
2,388 75,130,216.06 100.00%
- -------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
