-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BlrBWYpREiAIu1e95UQ9DWj/whRNp4y7nX8aSpVTFfTcduZCbHrF+pMF2Rydi8KW 0yRVGhneVmbBUxgB85V9uA== 0000889812-97-001022.txt : 19970423 0000889812-97-001022.hdr.sgml : 19970423 ACCESSION NUMBER: 0000889812-97-001022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961118 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970422 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1996-A CENTRAL INDEX KEY: 0001027266 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-99510-04 FILM NUMBER: 97584799 BUSINESS ADDRESS: STREET 1: C/O ADVANTA MORTGAGE CONDULT SERVICES IN STREET 2: 16875 WEST BERNARDO DRIVE CITY: SAN DIEGO STATE: CA ZIP: 92127 MAIL ADDRESS: STREET 1: C/O ADVANTA MORTGAGE CONDULT SERVICES IN STREET 2: 16875 WEST BERNARDO DRIVE CITY: SAN DIEGO STATE: CA ZIP: 92127 8-K 1 CURRENT REPORT - -------------------------------------------------------------------------------- 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) November 18, 1996 Advanta Revolving Home Equity Loan Trust 1996-A - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New York 33-99510 Application Pending - ----------------------------- -------------- ------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) c/o Advanta Mortgage Conduit 92127 Services, Inc. ---------- Attention: Milton Riseman (Zip Code) 16875 West Bernardo Drive San Diego, California (Address of Principal Executive Offices) Registrant's telephone number, including area code (619) 674-1800 --------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) - -------------------------------------------------------------------------------- Item 5. Other Events In connection with the offering of Advanta Revolving Home Equity Loan Trust 1996-A, Revolving Home Equity Loan Asset-Backed Certificates, Series 1996-A, described in a Prospectus Supplement dated as of November 15, 1996, 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). 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 REVOLVING HOME EQUITY LOAN TRUST 1996-a By: Advanta Mortgage Conduit Services, Inc., as Sponsor By: /s/ Mark T. Dunsheath ------------------------------- Name: Mark T. Dunsheath Title: Vice President Dated: November 18, 1996 EXHIBIT INDEX Exhibit No. Description Page No. - ----------- ----------- -------- 99.1 Related Computational 5 Materials (as defined in Item 5 above). EX-99.1 2 RELATED COMPUTATIONAL MATERIALS EXHIBIT 99.1 ------------ LEHMAN BROTHERS DERIVED INFORMATION $50,000,000 Certificates ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1996-A Revolving Home Equity Loan Asset-Backed Certificates ADVANTA National Bank USA (Originator) ADVANTA Mortgage Conduit Services, Inc. (Sponsor) ADVANTA Mortgage Corp. USA (Master Servicer) This information does not constitute either an offer to sell or a solicitation of an offer to buy any of the securities referred to herein. Offers to sell and solicitations of offers to buy the securities are made only by, and this information must be read in conjunction with, the final Prospectus Supplement and the related Prospectus or, if not registered under the securities laws, the final Offering Memorandum (the "Offering Document"). Information contained herein does not purport to complete and is subject to the same qualifications and assumptions, and should be considered by investors only in the light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in the Offering Document. Information regarding the underlying assets has been provided by the issuer of the securities or an affiliate thereof and has not been independently verified by Lehman Brothers Inc. or any affiliate. The analyses contained herein have been prepared on the basis of certain assumptions (including, in certain cases, assumptions specified by the recipient hereof) regarding payments, interest rates, losses and other matters, including, but not limited to, the assumptions described in the Offering Document. Lehman Brothers Inc., and any of its affiliates, make no representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. This information supersedes any prior versions hereof and will be deemed to be superseded by any subsequent versions (including, with respect to any description of the securities or underlying assets, the information contained in the Offering Document).
Securities Offered(1): ------------- ------------ --------------- ------------ --------------------- ------------- ------------ ----------------- Estimated Est. Principal Expected Stated Expected Expected WAL Pmt. Window Final Final Ratings Securities Size Benchmark (yrs) (mos) Maturity Maturity (Moody's/S&P) ------------- ------------ --------------- ------------ --------------------- ------------- ------------ ----------------- To 10% Call $50,000,000 1 Mo. LIBOR 4.61 13 - 111 months 2/25/06 12/25/21 Aaa/AAA ------------- ------------ --------------- ------------ --------------- ------------- ------------ ----------------- To Maturity $50,000,000 1 Mo. LIBOR 4.83 13 - 183 months 2/25/12 12/25/21 Aaa/AAA ------------- ------------ --------------- ------------ --------------- ------------- ------------ -----------------
(1) The base case pricing assumptions used are 25% CPR and 10% CDR. This information does not constitute either an offer to sell or a solicitation of an offer to buy any of the securities referred to herein. Offers to sell and solicitations of offers to buy the securities are made only by, and this information must be read in conjunction with, the final Prospectus Supplement and the related Prospectus or, if not registered under the securities laws, the final Offering Memorandum (the "Offering Document"). Information contained herein does not purport to complete and is subject to the same qualifications and assumptions, and should be considered by investors only in the light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in the Offering Document. Information regarding the underlying assets has been provided by the issuer of the securities or an affiliate thereof and has not been independently verified by Lehman Brothers Inc. or any affiliate. The analyses contained herein have been prepared on the basis of certain assumptions (including, in certain cases, assumptions specified by the recipient hereof) regarding payments, interest rates, losses and other matters, including, but not limited to, the assumptions described in the Offering Document. Lehman Brothers Inc., and any of its affiliates, make no representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. This information supersedes any prior versions hereof and will be deemed to be superseded by any subsequent versions (including, with respect to any description of the securities or underlying assets, the information contained in the Offering Document). - ------------------------------------------------------------------------------- LEHMAN BROTHERS - ------------------------------------------------------------------------------- Sensitivity Analysis Weighted Average Life and Principal Payment Window Sensitivity of the Certificates to Payments and Draws (Assumes 10% Clean Up Call) Conditional Prepayment Rate (% CPR)
- ----------------------------------------------------------------------------------------------------------------------------------- 10% 15% 20% 25% 30% 35% 40% - ----------------------------------------------------------------------------------------------------------------------------------- Constant Draw WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final Rate (% CDR) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) - ----------------------------------------------------------------------------------------------------------------------------------- 0% 9.35 271 6.44 181 4.90 134 3.83 105 3.11 85 2.59 71 2.20 60 5% 10.16 273 6.98 187 5.36 140 4.27 111 3.44 90 2.84 75 2.40 64 10% 10.83 271 7.39 183 5.66 138 4.61 111 3.78 92 3.11 77 2.61 66 15% 10.04 238 7.84 178 6.00 136 4.88 110 4.13 93 3.43 79 2.86 68 20% 9.95 234 7.37 159 6.39 133 5.18 109 4.37 92 3.79 81 3.15 70 25% 9.90 232 7.30 156 6.07 120 5.53 107 4.65 91 4.01 80 3.50 71 - -----------------------------------------------------------------------------------------------------------------------------------
Assumes No Clean-up Call Conditional Prepayment Rate (% CPR)
- ----------------------------------------------------------------------------------------------------------------------------------- 10% 15% 20% 25% 30% 35% 40% - ----------------------------------------------------------------------------------------------------------------------------------- Constant Draw WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final WAL Exp. Final Rate (% CDR) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) (yrs) (months) - ----------------------------------------------------------------------------------------------------------------------------------- 0% 9.37 278 6.86 277 5.28 272 4.12 231 3.34 186 2.78 155 2.36 131 5% 10.16 278 7.39 277 5.73 272 4.56 231 3.67 189 3.04 158 2.56 134 10% 10.83 272 7.73 272 5.93 225 4.83 183 3.96 154 3.27 133 2.75 116 15% 10.25 272 8.11 255 6.20 196 5.05 161 4.27 137 3.55 119 2.98 106 20% 10.18 272 7.54 207 6.54 176 5.31 146 4.48 125 3.89 110 3.25 99 25% 10.13 272 7.46 200 6.17 149 5.63 134 4.74 116 4.09 103 3.57 93 - ----------------------------------------------------------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation of an offer to buy any of the securities referred to herein. Offers to sell and solicitations of offers to buy the securities are made only by, and this information must be read in conjunction with, the final Prospectus Supplement and the related Prospectus or, if not registered under the securities laws, the final Offering Memorandum (the "Offering Document"). Information contained herein does not purport to complete and is subject to the same qualifications and assumptions, and should be considered by investors only in the light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in the Offering Document. Information regarding the underlying assets has been provided by the issuer of the securities or an affiliate thereof and has not been independently verified by Lehman Brothers Inc. or any affiliate. The analyses contained herein have been prepared on the basis of certain assumptions (including, in certain cases, assumptions specified by the recipient hereof) regarding payments, interest rates, losses and other matters, including, but not limited to, the assumptions described in the Offering Document. Lehman Brothers Inc., and any of its affiliates, make no representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. This information supersedes any prior versions hereof and will be deemed to be superseded by any subsequent versions (including, with respect to any description of the securities or underlying assets, the information contained in the Offering Document). Sensitivity Analysis Percentage of Original Certificate Principal Balance - - Amortization Schedule (Assumes 10% Clean Up Call Exercised and a 10% Constant Draw Rate) (Conditional Prepayment Rate)
- ----------------------------------------------------------------------------------------------------------------------------------- Date 10% 15% 20% 25% 30% 35% 40% - ----------------------------------------------------------------------------------------------------------------------------------- At Closing 100% 100% 100% 100% 100% 100% 100% November 25, 1997 100% 100% 100% 100% 96% 89% 82% November 25, 1998 100% 94% 89% 83% 74% 63% 54% November 25, 1999 100% 89% 78% 69% 57% 45% 36% November 25, 2000 90% 75% 62% 50% 39% 29% 21% November 25, 2001 80% 63% 48% 37% 27% 18% 12% November 25, 2002 71% 52% 38% 27% 18% 12% 0% November 25, 2003 64% 44% 30% 20% 12% 0% 0% November 25, 2004 57% 37% 24% 15% 0% 0% 0% November 25, 2005 50% 31% 18% 11% 0% 0% 0% November 25, 2006 45% 26% 14% 0% 0% 0% 0% November 25, 2007 40% 22% 11% 0% 0% 0% 0% November 25, 2008 36% 18% 0% 0% 0% 0% 0% November 25, 2009 32% 15% 0% 0% 0% 0% 0% November 25, 2010 28% 12% 0% 0% 0% 0% 0% November 25, 2011 25% 10% 0% 0% 0% 0% 0% November 25, 2012 22% 0% 0% 0% 0% 0% 0% November 25, 2013 20% 0% 0% 0% 0% 0% 0% November 25, 2014 18% 0% 0% 0% 0% 0% 0% November 25, 2015 16% 0% 0% 0% 0% 0% 0% November 25, 2016 14% 0% 0% 0% 0% 0% 0% November 25, 2017 12% 0% 0% 0% 0% 0% 0% November 25, 2018 11% 0% 0% 0% 0% 0% 0% November 25, 2019 0% 0% 0% 0% 0% 0% 0% - ----------------------------------------------------------------------------------------------------------------------------------- Average Life 10.83 7.39 5.66 4.61 3.78 3.11 2.61 - -----------------------------------------------------------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation of an offer to buy any of the securities referred to herein. Offers to sell and solicitations of offers to buy the securities are made only by, and this information must be read in conjunction with, the final Prospectus Supplement and the related Prospectus or, if not registered under the securities laws, the final Offering Memorandum (the "Offering Document"). Information contained herein does not purport to complete and is subject to the same qualifications and assumptions, and should be considered by investors only in the light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in the Offering Document. Information regarding the underlying assets has been provided by the issuer of the securities or an affiliate thereof and has not been independently verified by Lehman Brothers Inc. or any affiliate. The analyses contained herein have been prepared on the basis of certain assumptions (including, in certain cases, assumptions specified by the recipient hereof) regarding payments, interest rates, losses and other matters, including, but not limited to, the assumptions described in the Offering Document. Lehman Brothers Inc., and any of its affiliates, make no representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. This information supersedes any prior versions hereof and will be deemed to be superseded by any subsequent versions (including, with respect to any description of the securities or underlying assets, the information contained in the Offering Document). - ------------------------------------------------------------------------------- LEHMAN BROTHERS - ------------------------------------------------------------------------------- Collateral Summary Total Number of Loans 1,282 Aggregate Loan Principal Balance $38,501,016.94 Average Loan Principal Balance $30,031.99 $0 - $243,507 Average Credit Limit $31,743.55 $10,000 - $246,000 Average Credit Utilization Rate 94.30% 0.00% - 103.30% Weighted Average Credit Utilization Rate 94.61% Weighted Average Coupon (1) 11.40% 7.25% - 16.25% Weighted Average Margin 3.21% 1.00% - 8.00% Weighted Average Periodic Cap (per month)* 1.00% 1.00% - 1.00% Weighted Average Remaining Term (mos) 272 259 - 276 Weighted Average Original Term (mos) 276 276 - 276 Weighted Average Life Cap 19.50% 17.25% - 24.00% Weighted Average CLTV 74.39% 7.10% - 88.45% Weighted Average Second Mtg. Ratio 38.43% (for loans in second lien position only) Lien Position (first/second) 34.82%/65.18% Property Type Single Family 97.06% Two to Four Family 1.84% Condo 0.88% Other 0.22% Occupancy Status Owner Occupied / Investment 99.71%/0.29% Geographic Distribution: NJ 14.74% OH 6.51% (Other states account individually for less than 5% PA 12.32% MD 6.25% of the Initial Pool Balance) NY 11.44% VA 5.51% IL 8.38% Loan Documentation Full Doc 99.89% Reduced Doc 0.11% Credit Class A 69.25% B 22.30% C 8.46% Days Delinquent Current 98.58% 30-59 Days 1.27% 60-89 Days 0.15%
* Subject to an annual periodic cap of 2%. This information does not constitute either an offer to sell or a solicitation of an offer to buy any of the securities referred to herein. Offers to sell and solicitations of offers to buy the securities are made only by, and this information must be read in conjunction with, the final Prospectus Supplement and the related Prospectus or, if not registered under the securities laws, the final Offering Memorandum (the "Offering Document"). Information contained herein does not purport to complete and is subject to the same qualifications and assumptions, and should be considered by investors only in the light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in the Offering Document. Information regarding the underlying assets has been provided by the issuer of the securities or an affiliate thereof and has not been independently verified by Lehman Brothers Inc. or any affiliate. The analyses contained herein have been prepared on the basis of certain assumptions (including, in certain cases, assumptions specified by the recipient hereof) regarding payments, interest rates, losses and other matters, including, but not limited to, the assumptions described in the Offering Document. Lehman Brothers Inc., and any of its affiliates, make no representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. This information supersedes any prior versions hereof and will be deemed to be superseded by any subsequent versions (including, with respect to any description of the securities or underlying assets, the information contained in the Offering Document). -----END PRIVACY-ENHANCED MESSAGE-----