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Previous: ACADIA REALTY TRUST, 8-K, 1999-01-05 |
Next: ADVANTA MORTGAGE CONDUIT SERVICES INC, 8-K, 1999-01-05 |
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: December 28, 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 November, 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 November,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 November, 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
December 31, 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 60,138,591 322,7 3,265,055 3,587,799.16
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 70,593,869 378,8 5,443,563 5,822,417.51
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-16 180,000,000 163,369,097. 779,0 4,764,097 5,543,174.41
A-17 60,000,00 60,000,000 302,5 302,500.00
A-18 101,250,000 91,622,242 436,9 3,910,156 4,347,085.35
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 925,000,000 868,473,801. 5,049,08 17,382,873. 22,431,957.68
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 56,873,536 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 65,150,305 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-16 158,604,999. 5.202340% 5.784380%
A-17 60,000,000 6.050000% 6.050000%
A-18 87,712,086 5.202340% 5.784380%
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 851,090,928.04
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WFD3 823.816321 4.421148 44.726786 49.147934 779.089535
A-2 00755WFE1 1,000.000000 5.100000 0.000000 5.100000 1,000.000000
A-3 00755WFF8 1,000.000000 5.158333 0.000000 5.158333 1,000.000000
A-4 00755WFG6 1,000.000000 5.258334 0.000000 5.258334 1,000.000000
A-5 00755WFH4 1,000.000000 5.275000 0.000000 5.275000 1,000.000000
A-6 00755WFJ0 1,000.000000 5.525000 0.000000 5.525000 1,000.000000
A-7 00755WFK7 1,000.000000 5.125000 0.000000 5.125000 1,000.000000
A-8 00755WFL5 1,000.000000 5.300000 0.000000 5.300000 1,000.000000
A-9 00755WFM3 802.203063 4.305156 61.858679 66.163835 740.344384
A-IO 00755WFN1 1,000.000000 5.100000 0.000000 5.100000 1,000.000000
A-11 00755WFP6 1,000.000000 5.175000 0.000000 5.175000 1,000.000000
A-12 00755WFQ4 1,000.000000 5.275000 0.000000 5.275000 1,000.000000
A-13 00755WFR2 1,000.000000 5.300000 0.000000 5.300000 1,000.000000
A-14 00755WFS0 1,000.000000 5.541667 0.000000 5.541667 1,000.000000
A-15 00755WFT8 1,000.000000 5.208333 0.000000 5.208333 1,000.000000
A-16 00755WFV3 907.606099 4.328203 26.467211 30.795414 881.138888
A-17 00755WFW1 1,000.000000 5.041667 0.000000 5.041667 1,000.000000
A-18 00755WFX9 904.911037 4.315350 38.618826 42.934176 866.292211
A-19 00755WFY7 1,000.000000 5.041667 0.000000 5.041667 1,000.000000
F-IO* 00755WFU5 1,000.000000 4.166667 0.000000 4.166667 1,000.000000
A-IO* 00755WFZ4 1,000.000000 4.166667 0.000000 4.166667 1,000.000000
RS AM9802122 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 REO Foreclosure
<S> <C> <C> <C> <C> <C>
Group IA Principal Balan 6,154,68 2,139,65 935,64 55,2 3,826,470
% of Pool Balan 2.70820% 0.94150% 0.41171% 0.02430% 1.68373%
Number of Loans 106 34 19 1 77
% of Loans 3.08229% 0.98866% 0.55249% 0.02908% 2.23902%
Group IIA Principal Balan 8,001,05 2,199,33 603,83 73,7 6,089,279
% of Pool Balan 3.61128% 0.99267% 0.27254% 0.03328% 2.74840%
Number of Loans 100 23 6 1 77
% of Loans 4.22297% 0.97128% 0.25338% 0.04223% 3.25169%
Group IB Principal Balan 7,939,19 2,216,75 1,604,491 168,3 2,346,658
% of Pool Balan 2.73082% 0.76249% 0.55189% 0.05792% 0.80717%
Number of Loans 133 43 29 2 36
% of Loans 3.01314% 0.97417% 0.65700% 0.04531% 0.81559%
Group IIB Principal Balan 5,312,86 960,1 660,74 1,183,114
% of Pool Balan 2.33778% 0.42247% 0.29074% 0.00000% 0.52060%
Number of Loans 64 13 7 0 16
% of Loans 4.29530% 0.87248% 0.46980% 0.00000% 1.07383%
Loans in Bankrup Group IA 1,483,060.11
Group IIA 1,225,194.31
Group IB 1,128,592.93
Group IIB 445,127.76
4,281,975.11
Combined REO BOOK VALUE 319,293.00
</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 229,972,043. 225,827,346. 295,587,021. 126,588,521. 877,974,932.
Principal Reduction 2,711,15 4,270,02 4,861,420 3,660,99 15,503,601.
Ending Aggregate Mortgage Loan B 227,260,888. 221,557,318. 290,725,600. 122,927,524. 862,471,331.
Beginning Aggregate Mortgage Loa 3476 2411 4484 1529 11900
Ending Aggregate Mortgage Loan C 3439 2368 4414 1490 11711
Current Weighted Average Coupon 10.253738% 10.355393% 9.750179% 10.072898% 10.084278%
Next Weighted Average Coupon Rat 10.251051% 10.351501% 9.741842% 10.064097% 10.078562%
</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 286,5 146,0 401,23 60,0 893,95
Curtailments
Prepayments 2,424,58 4,078,37 4,337,687 3,600,91 14,441,556.
Repurchases/Substitutions 122,50 122,50
Liquidation Proceeds 45,5 45,5
Other Principal
Less: Realized Losses (5, (5,6
Less: Delinquent Principal not A
Total Principal Reduction 2,711,15 4,275,67 4,861,420 3,660,99 15,509,249.
</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 95,8 94,0 123,16 52,7 365,82
Less: Amounts to Cover Interest 1, 2,3
Less: Delinquent Service Fees 23,1 20,5 23,9 11,4 79,1
Collected Servicing Fees for Cur 71,3 72,9 99,2 40,8 284,33
Advanced Principal 20,9 7, 35,1 6, 69,4
Advanced Interest 483,4 423,7 482,62 225,9 1,615,786
</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 2,712,5 2,912,06
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9 4,522,4 4,855,05
A-10
A-11
A-12
A-13
A-14
A-15
A-16 3,957,9 4,249,04
A-17
A-18 3,248,5 3,487,42
A-19
Total 14,441,55 15,503,601
</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 2,833,45 166,5 166,54
Group IIA NO N/A 2,458,24 494,0 494,06
Group IB NO N/A 2,993,15 969,4 969,49
Group IIB NO N/A 1,216,27 249,1 249,15
Total 9,501,13 1,879,27 1,879,272
</TABLE>
<TABLE>
<CAPTION>
Current Target
Overcolla- Overcolla-
teralization teralization
Amount Amount
<S> <C> <C>
Group IA 3,000,00 3,000,000
Group IIA 2,952,31 3,000,000
Group IB 3,962,64 10,075,000.
Group IIB 1,465,43 4,387,500
Total 11,380,403 20,462,500.
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 5,683,185.31
Principal Collected: 15,266,025.32
Insurance Proceeds Received: -
Net Liquidation Proceeds: 39,936.60
Delinquency Advances on Mortgage Interest: 1,615,786.52
Delinquency Advances on Mortgage Principal 69,491.19
Substitution Amounts: 122,500.00
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 16,893.95
Sum of the Above Amounts: 22,813,818.89
LESS:
Servicing Fees (including PPIS): 286,675.13
Dealer Reserve: -
Trustee Fees: 5,121.52
Insurance Premiums: 90,064.56
Reimbursement of Delinquency Advances: -
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 381,861.21
Total Available Funds: 22,431,957.
</TABLE>
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