-----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, EOoBZp1dpU+Ks+snpl17ATMOenzUVpnc93ptQU9DMgra93pjoAZIPrtYFhMzq8+h LFU6Ow6Dp1KAP+gPYad40g== 0001060937-98-000029.txt : 19980803 0001060937-98-000029.hdr.sgml : 19980803 ACCESSION NUMBER: 0001060937-98-000029 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980729 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] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 333-37107 FILM NUMBER: 98672862 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 10-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from________________to_______________. Commission file number 33-99510 ADVANTA Revolving Home Equity Loan Trust 1996-A New York 33-99510-03 (State of other jurisdictio (IRS Employer incorporation or organizat Identification No.) c/o Bankers Trust Company 4 Albany Street New York, NY 10015 Registrant's telephone number, including area code: (212) 250-2500 Securities registered pursuant to Section 12(b) of the Act. Title of each class Name of each exchange on which registered: None None Securities registered pursuant to Section 12(g) of the Act: None (Title of class) Indicated by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ($ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] State the aggregate market value of the voting stock held by non-affiliates of registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of specified date within 60 days prior to the date of filing: $34,307,490.84 Documents Incorporated by Reference: Not Applicable PART 1 ITEM 1 - BUSINESS The ADVANTA Revolving Home Equity Loan Trust 1996-A, (the "Trust" or "Issuer") is a New York common law trust established as of November 1, 1996, pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing Agreement") between ADVANTA Mortgage Conduit Services, Inc. as sponsors (the "Sponsor") and ADVANTA Mortgage Corp. USA as Master Servicer (the "Master Servicer") (together, the "Companies") and Bankers Trust Company, acting thereunder not in its individual capacity but solely as trustee (the "Trustee"). The Issuer's only purpose is the issuance of $50,000,000.00 principal amount of ADVANTA Home Equity Loan Pass- Through Certificates, Series 1996-A, Class A (the "Cert- ificates") and the subordinated residual certificates pursuant to the Pooling and Servicing Agreement. On November 22, 1996, the Sponsor sold $50,000,000.00 aggregate principal amount of mortgage loans (the "Mort- gage Loans"), to the Issuer in exchange for the Certificates, and sold the Certificates pursuant to a public offering, the underwriting of which was managed by Lehman Brothers. The Mortgage Loans and the distributions thereon, along with certain insurance proceeds, certain proceeds obtained on foreclosure and any investment income earned thereon, are the only significant assets of the Issuer. The Certificates represent obligations solely of the Issuer. The Certificates were registered under a Registration Statement (file no. 33-99510) on Form S-3 declared effective on September 6, 1996. ITEM 2 - PROPERTIES The Issuer neither owns nor leases any physical properties. ITEM 3 - LEGAL PROCEEDINGS The Master Servicer is not aware of any material pending legal proceedings involving either the Issuer, the Trustee, the Sponsor or the Master Servicer with respect to the Certificates or the Issuer's property. ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matter has been submitted to a vote of the holders of beneficial interests in the Issuer through the solicitation of proxies or otherwise. PART II ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK- HOLDER MATTERS The Trust is not an issuer of common stock in a corporation, although the Certificates represent equity interest that has voting rights. The equity of the Trust consists of the beneficial or ownership interest therein for which, to the best knowledge of the Master Servicer, there is no established public trading market. As of July 7, 1998, there were approximately 3 holders of the Class A-1 Certificates. The number of holders includes individual participants in security position listings. As of December 25, 1997, 12 monthly distributions had been made to the holders of the Certificates. ITEM 6 - SELECTED FINANCIAL DATA Not applicable. ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATION On November 22, 1996, the Issuer issued $50,000,000.00 aggregate principal amount of Class A-1 Certificates having a variable monthly rate, which are collateralized by Mortgage Loans. The sale of the Mortgage Loans to the Issuer, the issuance of the Certificates and the simultaneous delivery of the Certificates to the Companies for sale pursuant to a public offering, the underwriting of which was co-managed by Lehman Brothers has been accounted for as a sale of the Certificates. The value of the Certificates issued by the Issuer equaled the value of the Mortgage Loans conveyed to the Issuer by the Companies, plus funds held in the Prefunding Account (if any) and subsequently used to acquire additional mortgage loans. Accordingly, there was no income, expense, gain or loss resulting from the aforementioned transaction. CAPITAL RESOURCES AND LIQUIDITY The Issuer's primary sources of funds with respect to the Certificates will be receipts of interest on and principal of the Mortgage Loans, along with certain insurance proceeds, certain proceeds obtained on foreclosure and any investment income earned thereon. The respective management's of the Companies believe that the Issuer will have sufficient liquidity and capital resources to pay all amounts on the Certificates as they become due and all other anticipated expenses of the Issuer. The Issuer does not have, nor will it have in the future, any significant source of capital for payment of the Certificates and its operating expenses other than the receipt of interest on and principal of the mortgage loans, certain insurance proceeds and certain proceeds obtained on foreclosure and any payments made by the Certificate Insurer. The Issuer is a limited purpose trust. The Certificates represent obligations solely of the Issuer. ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Not applicable. ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE There were no changes of accountants or disagreements on accounting or financial disclosures between the Issuer and its accountants. PART III ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT The Issuer does not have any directors or officers. ITEM 11 - EXECUTIVE COMPENSATION Not applicable.See "Item 10-Directors and Executive Officers of the Registrant". ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of the ADVANTA Home Revolving Home Equity Loan Certificates, Series 1996-A, Class A ("Class A ("Class A Certificates"), (ii) the principal amount of the Class A Certificates and (iii) the percent that the prinicpal amount of Class A-1 Certificates owned represents of the outstanding principal amoun of the Class A-1 Certificates. The information set forth in the table is based upon information obtained by the Issuer from Depository Trust Company. The Master Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates. Amount Owned (All Dollar Amounts are in Thousands) Name and Address Principal Percent Class A Certificates Bankers Trust Company c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, TN 37211 30.00% LBI - Lehman Government Securities Inc. 101 Hudson Street, 31st Floor Jersey City, NJ 07302 60.00% NBD Municipal Bond Department Attn: Securities Dept. 611 Woodward Avenue Detroit, MI 48226 10.00% ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS None PART IV ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K (a) The following documents are filed as part of this report: 1. Financial Statements: Not applicable. 2. Financial Statement Schedules: Not applicable. 3. Exhibits: As the Issuer was established as of December 1, 1997, the Master Servicer was obligated to prepare an Annual Statement to Certificateholders as to Compliance for the year ended December 31, 1997, and mail such statement to the Certificateholders on or before the last day of March, 1998 and Independent Certified Public Accountants were required to prepare an annual report pertaining to the compliance of the Master Servicer with its servicing obligations pursuant to the Pooling and Servicing Agreement on or before the last day of March, 1998. The Annual Statement to Certificate- holders as to Compliance is included herewith as Exhibit 28.1 and the Annual Independent Certified Public Accountants' Report is included herewith as Exhibit 28.2. The Statement to Certificateholders on December 26, 1997, is included herewith as Exhibit 28.3. Exhibit No. Description *3.1 Certificates of Incorporation of the Companies *3.2 By-laws of the Companies *4 Pooling and Servicing Agreement 28.1 Annual Statement to Certificateholders as to Compliance for the year ended December 31, 1997. 28.2 Annual Independent Certified Public Accountants' Report. 28.3 Statement to Certificateholders on December 26, 1997. * Incorporated by reference to the Exhibit of the same designation filed with the Issuer's Form S-3 registration statement declared effective September 6, 1996. (b) Reports on Form 8-K. 12 reports on Form 8-K have been filed by the Issuer during the period covered by this report. Items Reported/Financial Date of Reports on Form 8-K Statements Filed June 24, 1998 Monthly Report for the December 1996 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the January 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the February 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the March 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the April 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the May 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the June 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the July 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the August 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the September 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the October 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. June 24, 1998 Monthly Report for the November 1997 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 1996-A, Class A. (c) See "Item 14(a) (3)-Exhibits". (d) Not applicable. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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 Corp., USA, as Master Servicer and on behalf of ADVANTA Revolving Home Equity Loan Trust 1996-A Registrant BY; /s/ William P. Garland William P. Garland Senior Vice President Loan Service Administration March 31, 1998 INDEX TO EXHIBITS (Item 14(c)) Exhibit # Description *3.1 Certificates of Incorporation of the Companies *3.2 By-laws of the Companies. *4 Pooling and Servicing Agreement 28.1 Annual Statement to Certificateholders as to Compliance for the year ended December 31, 1997. 28.2 Annual Independent Certified Public Account- ants' Report. 28.3 Statement to Certificateholders on December 26, 1997. * Incorporated by reference to the Exhibit of the same designation filed with the Issuer's Form S-3 registration statement declared effective September 6, 1996 EXHIBIT 28.1 March 31, 1998 Bankers Trust Company(293) Attention: Erin Deegan 3 Park Plaza -- 16th Floor Irvine, CA 92714 RE: Annual Statement as to Compliance Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of November 1, 1996, relating to ADVANTA Revolving Home Equity Loan Trust 1996-A, I, William P. Garland, hereby certify that (I) a review of the activities of the Servicer during the preceding year and the performance under this Agreement has been made under my supervision, and (II) to the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement for such year. Sincerely, BY; /s/ William P. Garland William P. Garland Senior Vice President Loan Service Administration WPG/cg cc: Mr. James L. Shreero Annette Aguirre, Esq. Mr. Mark Casale
EXHIBIT 28.2 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To ADVANTA Mortgage Corp. USA: We have examined management's assertion about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability protection coverage in the amount of $2 million as of and for the year ended December 31, 1997 included in the accompanying management assertion. Management is responsible for Advanta Mortgage Corp. USA's compliance with those minimum servicing standards and for maintaining fidelity bond and mortgage contingent liability protection coverage policies. Our responsibility is to express an opinion on management's assertion about the entity's compliance with the minimum servicing standards and maintenance of fidelity bond and mortgage contingent liability protection coverage policies based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Advanta Mortgage Corp. USA's compliance with the minimum servicing standards. In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability protection coverage in the amount of $2 million as of and for the year ended December 31, 1997 is fairly stated, in all material respects. BY; /s/ Arthur Andersen LLP Philadelphia, PA March 20, 1998
EXHIBIT 28.3 ADVANTA Revolving Home Equity Loan Trust 1996-A Statement to Certificateholders
Original Prior Face Principal Class Value Balance Interest Principal Total A 50,000,000 46,501,685 236,9 4,884,439 5,121,394.53 Totals 50,000,000 46,501,685 236,9 4,884,439 5,121,394.53
Current Pass-Through Realized Deferred Principal Rates Class Losses Interest Balance Current Next A 41,617,245 5.917500% 6.230000% Totals 41,617,245.91
Prior Current Principal Principal Class CUSIP Balance Interest Principal Total Balance A 00757CAA6 930.033706 4.739103 97.688788 102.42 832.344918
Delinquent Loan Information:
90+ Days Loans Loans 30-59 60-89 excldg f/c,REO in in Days Days & Bkrptcy REO Foreclosure Group 1 Principal Balanc 1,998,83 1,009,74 1,381,985 49,7 % of Pool Balanc 4.16800% 2.10550% 2.88170% 0.10370% 0.00000% Number of Loans 66 32 49 1 0 Loans in Bankrup Group 1 - Book Value of REO Property Servicing Fee Due and Payable for Period: 20,6 Unpaid Class A Certificate Interest Shortfall Insured Payments: Substitution Amount: Scheduled Principal Balance of Loans as of the Prior Distribution Date: 49,441,999. Scheduled Principal Balance of Loans as of the Current Distribution Date: 47,957,009. Certificate Insurer Premium Payment 8,5 Pre-funded amount applied to the Class A Certificate Principal Distribution Amount Weighted Average Coupon as of the Current Distribution Date: 11.783000% Weighted Average Net Coupon as of the Current Distribution Date: 11.283000% Non-Scheduled Principal Included in the Current Distribution: 4,884,439 Pre-Funding Account: Beginning Account Balance: Withdrawals Relating to Subsequent Loans: Withdrawals Relating to Pre-Funding Period Termination: Ending Account Balance: Interest Earnings Deposited to the Certificate Account Capitalized Interest Account: Beginning Account Balance: Deposit of Interest Earnings: Additional Deposit From Depositor: Withdrawal of Capitalized Interest Requirement: Withdrawal of Overfunded Interest Amounts per 7.04(e): Withdrawal of Amounts Required to be Deposited in Revolving Account: Ending Account Balance: Revolving Account: Beginning Account Balance: 3,000,000 Interest Earnings: 12,5 Deposit of Principal Collections: 1,729,738 Deposit of Excess Interest Amounts: 142,16 Withdrawal of AMTS Relating to Pre-Funding: Withdrawal of AMTS Relating to Revolving Feature: Withdrawal of Amounts in Excess of Required Balance: (4,884,439 Ending Account Balance:
Realized Losses Tracking:
Realized Recovered Recovered Total Losses Delinquency Servicing Advances Advances Prior Current Cumulative Percentage of Average Pool Principal Balance 0% 0% 0% 0% Percentage of Maximum Collateral Amount 0% 0% 0% 0% Remaining Pre-Funded Account: Overcollateralization Deficit: Aggregate Principal Balance of Subsequent Loans for the Related Remittance Period: Accelerated Principal Payment: Net Funds Cap Forward Amount: Step-Down Amount: Originator's Interest: 2,940,314 Non-Subordinated Originator's Interest
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