ITEM 1 - BUSINESS
The ADVANTA Revolving Home Equity Loan Trust 2000-A, (the "Trust" or "Issuer") is a New York common law trust established as of April 1, 2000, 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 $400,000,000.00 principal amount of ADVANTA Revolving Home Equity Loan Asset Backed Notes, Series 2000-A, Class A (the "Certificates") and the subordinated residual certificates pursuant to the Pooling and Servicing Agreement. On April 1, 2000, the Sponsor sold $400,000,000.00 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 Bear, Stearns & Co. Inc Morgan Stanley Dean Prudential Securities and Salomon Smith Barney. The Mortgage Loans and the distributions there on 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. 333-92669) on Form S-3 declared effective on April 1, 2000.
ITEM 2
ITEM 2 - PROPERTIES
The Issuer neither owns nor leases any physical properties.
ITEM 3
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
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
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 March 4, 2000, there were approximately 13 holders of the Class A-1 Certificates. The number of holders includes individual participants in security position listings. As of December 26, 2000, 8 monthly distributions had been made to the holders of the Certificates.
ITEM 6
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATION
On April 1, 2000, the Issuer issued $400,000,000.00 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 managed by Bear Stearns & Co. Inc. Morgan Stanley Dean Witter Prudential Securities and Salomon Smith Barney, 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
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9
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
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Issuer does not have any directors or officers.
ITEM 11
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.See "Item 10 - Directors and Executive Officers of the Registrant".
ITEM 12
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 2000-A, Class A ("Class A Certificates"), the name and address of each entity owning more than 5% of the outstanding principal amount of the ADVANTA Home Equity Loan Certificates, Series 2000-A, .;(ii) the principal amount of the Class A-1 Certificates and (iii) the percent that the principal amount of Class A-1 Certificates owned represents of the outstanding principal amount 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-1 Certificates Bankers Trust Company J. Lasher, c/o BT Services Tennessee 648 Grassmere Park Drive Nashville, TN 37211 12.50%
Chase Manhattan Bank Orma Trim Supervisor 4 New York Plaza 13th Floor New York, NY 10004 13.75%
Chase Manhattan Bank Orma Trim Supervisor 4 New York Plaza 13th Floor New York, NY 10004 13.75%
Merrill Lynch, Pierce Fenner & Smith Veronica E. O'Neill 4 Corporate Place Corporate Park 287 Piscataway, NJ 08855 1 40.00%
State Street Bank and Trust Company Joseph J. Callahan 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 7.05%
Wells Fargo Bank Minnesota, N.A. Janet Buechler 733 Marquette Avenue Minneapolis, MN 55479 10.00%
ITEM 13
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
PART IV
ITEM 14
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 April 1 2000, the Master Servicer was obligated to prepare an Annual Statement to Certificateholders as to Compliance for the year ended December 31, 2000, and mail such statement to the Certificateholders on or before the last day of March, 2001 and Independent Certified Public Accountants were required 1 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, 2001. 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, 2000, 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, 2000.
28.2 Annual Independent Certified Public Accountants' Report.
28.3 Report of Management on Compliance with Minimum Servicing Standards.
28.4 Statement to Certificateholders on December 24, 2000.
* Incorporated by reference to the Exhibit of the same designation filed with the Issuer's Form S-3 registration statement declared effective April 1, 2000.
(b) Reports on Form 8-K. 8 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
May 25, 2000 Monthly Report for the April 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-A.
June 26, 2000 Monthly Report for the May 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-A.
July 25, 2000 Monthly Report for the June 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-A.
August 25, 2000 Monthly Report for the July 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-A.
September 25, 20Monthly Report for the August 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-A.
October 25, 2000Monthly Report for the September 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-A.
November 27, 200Monthly Report for the October 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-A.
December 26, 200Monthly Report for the November 2000 Monthly Period relating to the ADVANTA Revolving Home Equity Loan Pass-through Certificates 2000-A Class A-1, issued by the ADVANTA Home Equity Loan Trust 2000-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 2000-A Registrant
BY; /s/ H. John Berens H. John Berens Senior Vice President Advanta Mortgage
March 31, 2001
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,
28.2 Annual Independent Certified Public Account- ants' Report.
28.3 Report of Management on Compliance with Minimum Servicing Standards.
28.4 Statement to Certificateholders on December 24,
* Incorporated by reference to the Exhibit of the same designation filed with the Issuer's Form S-3 registration statement declared effective April 1, 2000.