<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) December 14, 1998
-----------------
Mellon Residential Funding Corporation
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-24453 23-2889067
- ------------------------------ ----------- -------------
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) ID Number)
One Mellon Bank Center, Room 410, Pittsburgh, Pennsylvania 15258
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (412) 236-6559
--------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
Filing of Computational Materials.*
- -----------------------------------
Pursuant to Rule 424(b) under the Securities Act of 1933, as amended,
Mellon Residential Funding Corporation (the "Depositor") is filing a Prospectus
and Prospectus Supplement with the Securities and Exchange Commission relating
to its Mortgage Pass-Through Certificates, Series 1998-TBC1.
In connection with the offering of the Mortgage Pass-Through
Certificates, Series 1998-TBC1, Greenwich Capital Markets, Inc. prepared certain
materials (the "Computational Materials") which were distributed by Greenwich
Capital Markets, Inc. and Mellon Financial Markets, Inc. (the "Underwriters") to
their potential investors. Although the Depositor provided the Underwriters with
certain information regarding the characteristics of the Mortgage Loans in the
related portfolio, it did not participate in the preparation of the
Computational Materials. The Computational Materials are attached hereto as
Exhibit 99.1.
- --------------------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated July 16, 1998, and Prospectus
Supplement dated December 2, 1998, of Mellon Residential Funding Corporation,
relating to its Mortgage Pass-Through Certificates, Series 1998-TBC1.
-2-
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
-------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
8.1 Opinion of Stroock & Stroock & Lavan LLP with respect to certain
tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in Exhibit
8.1).
99.1 Computational Materials.
-3-
<PAGE> 4
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 thereunto duly authorized.
MELLON RESIDENTIAL FUNDING CORPORATION
By: /s/ Stephen Cobain
-------------------
Name: Stephen Cobain
Title: President
Dated: December 14, 1998
<PAGE> 5
EXHIBIT INDEX
-------------
Exhibit Page
- ------- ----
8.1 Opinion of Stroock & Stroock & Lavan LLP with respect to
certain tax matters.
23.1 Consent of Stroock & Stroock & Lavan LLP (included in
Exhibit 8.1).
99.1 Computational Materials.
<PAGE> 1
Exhibit 8.1
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
December 2, 1998
Mellon Residential Funding Corporation
One Mellon Bank Center
500 Grant Street
Pittsburgh, Pennsylvania 15258
RE: Mellon Residential Funding Corporation
Registration Statement on Form S-3
(File No. 333-24453)
--------------------
Ladies and Gentlemen:
We have acted as special counsel for Mellon Residential Funding Corporation, a
Delaware Corporation ("the Company") in connection with the issuance of
approximately $303,860,100 aggregate principal amount of Mellon Residential
Funding Corporation Mortgage Pass-Through Certificates, Series 1998-TBC1 (the
"Certificates"). A Registration Statement on Form S-3 relating to the
Certificates (No. 333-24453) (the "Registration Statement") has been filed with
the Securities and Exchange Commission under the Securities Act of 1933, as
amended (the "Securities Act"). As set forth in the Prospectus dated July 16,
1998 and the Prospectus Supplement dated December 2, 1998, the Certificates will
be issued pursuant to the provisions of a Pooling and Servicing Agreement dated
as of December 1, 1998 (the "Pooling and Servicing Agreement") among the
Company, as Depositor, Boston Safe Deposit and Trust Company, as Seller and
Master Servicer, Mellon Bank, N.A., as Standby Purchaser, and Bankers Trust
Company of California, N.A., as Trustee.
We have examined a form of the Pooling and Servicing Agreement, a form of the
Certificates, and a form of the Prospectus and Prospectus Supplement referred to
above. We also have examined such other documents, papers, statutes and
authorities as we have deemed necessary to form the basis for the opinions
hereinafter expressed. In our examination of such material, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals and the conformity to original documents of copies of documents
submitted to us.
On the basis of the foregoing, we are of the opinion that the information in the
Prospectus Supplement under the caption "Federal Income Tax Considerations," and
in the Prospectus under
<PAGE> 2
Securities and Exchange Commission
December 2, 1998
Page 2
the caption "Federal Income Tax Considerations," to the extent that it
constitutes matters of law or legal conclusions, is correct in all material
respects.
This opinion is based on current provisions of the Internal Revenue Code of
1986, as amended, the Treasury regulations promulgated thereunder, and judicial
and administrative interpretations thereof.
Except as provided below, this opinion is solely for the benefit of the
addressee hereof and may not be relied upon in any manner by any other person or
entity.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, to the references to us in the Prospectus Supplement,
and to the filing of this opinion as an exhibit to an application made by or on
behalf of the Company or any dealer in connection with the registration of the
Certificates under the securities or blue sky laws of any state or jurisdiction.
In giving such permission, we do not admit hereby that we come within the
category of persons whose consent is required under Section 7 of the Securities
Act or the General Rules and Regulations of the Securities and Exchange
Commission thereunder.
Very truly yours,
Stroock & Stroock & Lavan LLP
STROOCK & STROOCK & LAVAN LLP
<PAGE> 1
Exhibit 99.1
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent
for the Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
PRELIMINARY TERM SHEET DATE PREPARED: DECEMBER 2, 1998
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
=====================================================
THE BOSTON COMPANY
=====================================================
$309,164,049 (APPROXIMATE, SUBJECT TO FINAL COLLATERAL)
5/1 ARM RESIDENTIAL MORTGAGE LOANS
<TABLE>
<CAPTION>
============= =================== ================= ====================== ================= ===================== =================
Principal (1) WAL Payment Window Initial Interest Expected Ratings
Class Amount (Approx.) (Years) (3) (Months) (3) Rate Type Tranche Type S&P / Fitch
------ ---------------- ----------- ------------ -------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $98,160,000 0.86 1 - 21 Fixed Rate (4) Senior/Sequential AAA/AAA
A-2 $78,064,000 2.73 21 - 46 Fixed Rate (4) Senior/Sequential AAA/AAA
A-3 $123,666,000 4.02 46 - 48 Fixed Rate (4) Senior/Sequential AAA/AAA
X (2) N/A N/A IO (2) Senior/Interest Only AAAr/AAA
A-R $100 N/A N/A Fixed Rate Senior/Residual AAA/AAA
B-1 $3,092,000 4.02 48 - 48 WAC (4) Subordinate AA/AA
B-2 $1,546,000 4.02 48 - 48 WAC (4) Subordinate A/A
B-3 $1,546,000 4.02 48 - 48 WAC (4) Subordinate BBB/BBB
- ------------- ------------------- ---------------------------------------- ----------------- --------------------- -----------------
B-4 $1,546,000 Privately WAC (4) Subordinate BB/NR
B-5 $773,000 Placed WAC (4) Subordinate B/NR
B-6 $770,949 Certificates WAC (4) Subordinate NR/NR
============= =================== ======================================== ================= ===================== =================
TOTAL $309,164,049
</TABLE>
(1) The Certificates (as described herein) are collateralized by a pool of
adjustable rate residential mortgage loans.
(2) The Class X Certificates will have no principal balance and will bear
interest on the notional amount which is equal to the aggregate principal
balance of the mortgage loans. The Class X Certificates will receive the
positive difference between the Net WAC of the Mortgage Loans and the
weighted average of the Certificate Interest Rates. The Class X
Certificates will not be entitled to receive any distributions of
principal.
(3) As described further herein, the Certificates may be put to Mellon Bank
under certain circumstances.
(4) The Class A-1, Class A-2 and Class A-3 Certificates will initially have a
fixed rate coupon set at pricing. The Certificate Interest Rate for the
Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates will be equal to the Net WAC of the Mortgage Loans up to and
including the Initial Roll Date (as defined herein). On each Distribution
Date after the Initial Roll Date, the Certificate Interest Rate for the
Class A-1, Class A-2, Class A-3, Class B-1, Class B-2, Class B-3, Class
B-4, Class B-5 and Class B-6 Certificates (to the extent any such classes
are outstanding) will be equal to the lesser of (a) the weighted average of
the underlying indices (which include One-Year CMT and One-Year LIBOR) plus
1.50% and (b) the Net WAC of the Mortgage Loans.
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
<PAGE> 2
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent
for the Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Co-Underwriters: Greenwich Capital Markets, Inc. and Mellon Financial
Markets, Inc.
Seller and Servicer: Boston Safe Deposit and Trust ("THE BOSTON COMPANY").
Depositor: Mellon Residential Funding Corporation.
Sub-Servicer: Mellon Mortgage Company.
Trustee: Bankers Trust Company.
Cut-off Date: December 1, 1998.
Pricing Date: December [2], 1998.
Closing Date: On or about December [17], 1998.
Certificates: The "SENIOR CERTIFICATES" will consist of (i) the
Class A-1, Class A-2 and Class A-3 Certificates
(together, the "SENIOR SEQUENTIAL CERTIFICATES"),
(ii) the Class X Certificates and (iii) the Class A-R
Certificate. The "SUBORDINATE CERTIFICATES" will
consist of the Class B-1, Class B-2, Class B-3, Class
B-4, Class B-5 and Class B-6 Certificates. The Senior
Certificates and the Subordinate Certificates are
collectively referred to herein as the
"CERTIFICATES". Only the Senior Certificates and the
Class B-1, Class B-2 and Class B-3 Certificates
(collectively, the "OFFERED CERTIFICATES") are being
offered publicly.
Accrued Interest: The price to be paid by investors for the Offered
Certificates will include accrued interest from
December 1, 1998 (the "CUT-OFF DATE") up to, but not
including the Closing Date (16 days).
Interest Accrual Period: The interest accrual period for each class of
Certificates will be the calendar month preceding the
month in which such Distribution Date occurs.
Distribution Dates: The 25th day of each month (or the next succeeding
business day) commencing in January 1999.
Registration: The Offered Certificates (except for the Class X and
Class A-R Certificates) will be made available in
book-entry form through DTC.
Federal Tax Treatment: It is anticipated that the Certificates (except for
the Class A-R Certificate) will be treated as REMIC
regular interests for tax purposes. The Class A-R
Certificate will be treated as a REMIC residual
interest for tax purposes.
ERISA Eligibility: The Certificates rated "AAA" (except for the Class X
and Class A-R) are expected to be ERISA eligible.
Prospective investors should review with their legal
advisors as to whether the purchase and holding of
the Offered Certificates could give rise to a
transaction prohibited or not otherwise permissible
under ERISA, the Code or other similar laws.
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
2
<PAGE> 3
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent
for the Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
SMMEA Treatment: Certificates rated "AAA" or "AA" are expected to
constitute "mortgage related securities" for purposes
of SMMEA.
Put Option: During the 30 day period ending on the second
Distribution Date preceding the Distribution Date in
December 2002 (the "INITIAL ROLL DATE"), each of the
certificateholders (with the exception of holders of
the Class X Certificates) will have the option to
require Mellon Bank to purchase such
certificateholder's certificates of the related
class. For the Offered Certificates, the repurchase
price will be par (based on the outstanding
certificate balance of the respective class).
Clean-Up Option: If the Put Option is exercised with respect to more
than 90% of the outstanding principal balance of a
class of certificates, Mellon Bank will have the
option to purchase all of the outstanding
certificates of such class, including certificates
with respect to which the applicable
certificateholder has not exercised the Put Option.
Optional Termination: The terms of the transaction allow for a termination
of the Offered Certificates which may be exercised
once the current principal balance of the mortgage
loans is equal to [5%] or less of the initial
principal balance of such mortgage loans as of the
Cut-Off Date.
Pricing Prepayment
Speed: The Offered Certificates will be priced to a
prepayment speed of [20%] CPR.
Rating Agencies: S&P and Fitch will rate the Offered Certificates.
Mortgage Loans: The initial aggregate principal balance of the
Mortgage Loans (the "POOL BALANCE") will be
approximately $309,164,049, of which substantially
all are 5/1 ARMs having an initial fixed rate period
of 5 years and thereafter adjusting annually based on
either the One-Year LIBOR or the One-Year CMT Index.
The loans are secured by first liens on one- to
four-family residential properties. For further
information, please see the attached collateral
description of the Mortgage Loans.
Credit Enhancement: Senior/subordinate, shifting interest structure.
Credit enhancement for the Class A Certificates will
consist of the subordination of the Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially [3.00]%).
Credit enhancement for the Class B-1 Certificates
will consist of the subordination of the Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially [2.00]%).
Credit enhancement for the Class B-2 Certificates
will consist of the subordination of the Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates
(total subordination initially [1.50]%).
Credit enhancement for the Class B-3 Certificates
will consist of the subordination of the Class B-4,
Class B-5 and Class B-6 Certificates (total
subordination initially [1.00]%).
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
3
<PAGE> 4
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent
for the Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Shifting Interest: Until the first Distribution Date occurring after
December 2008 the Subordinate Certificates will be
locked out from any principal subject to standard
collateral performance triggers. After such time the
Subordinate Certificates will receive their pro-rata
share of scheduled principal and increasing portions of
unscheduled principal prepayments. The prepayment
percentages on the Subordinate Certificates are as
follows:
January 1999 - December 2008 0% Pro Rata Share
January 2009 - December 2009 30% Pro Rata Share
January 2010 - December 2010 40% Pro Rata Share
January 2011 - December 2011 60% Pro Rata Share
January 2012 - December 2012 80% Pro Rata Share
January 2013 and after 100% Pro Rata Share
Any principal not allocated to the Subordinate
Certificates will be allocated to the Senior
Certificates. In the event the current senior percentage
(aggregate current senior balance divided by aggregate
current pool balance) exceeds the initial senior
percentage (aggregate initial senior balance divided by
aggregate initial pool balance), the Senior Certificates
will receive all unscheduled prepayments, regardless of
any prepayment percentages.
Allocation of
Realized Losses: Any realized losses on the mortgage loans will be
allocated as follows: first, to the Subordinate
Certificates in reverse order of their numerical Class
designations, in each case until the respective Class
Principal Balance has been reduced to zero; second, to
the Senior Certificates (other than the Class X
Certificates) pro-rata in reduction of their respective
Class Principal Balances.
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
4
<PAGE> 5
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates.
Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent
for the Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
may be superseded by information contained in term sheets circulated after the
date hereof and is qualified in its entirety by information contained in the
Prospectus and Prospectus Supplement for this transaction. An offering may be
made only through the delivery of the Prospectus and Prospectus Supplement.
Certificates
Priority of Distributions: Available funds from the mortgage loans will be
distributed in the following order of priority:
1) Senior Certificates, accrued and unpaid
interest at the related Certificate Interest
Rate.
2) Class A-R Certificates, principal, until its
balance is reduced to zero.
3) Senior Sequential Certificates, principal
paid sequentially, until the respective
balance is reduced to zero.
4) Class B-1 Certificates, accrued and unpaid
interest at the Class B-1 Certificate
Interest Rate.
5) Class B-1 Certificates, principal.
6) Class B-2 Certificates, accrued and unpaid
interest at the Class B-2 Certificate
Interest Rate.
7) Class B-2 Certificates, principal.
8) Class B-3 Certificates, accrued and unpaid
interest at the Class B-3 Certificate
Interest Rate.
9) Class B-3 Certificates, principal.
10) Class B-4, Class B-5 and Class B-6
Certificates, in sequential order, accrued
and unpaid interest at the respective
certificate interest rate and its respective
share of principal.
11) Class A-R Certificates, any remaining amount.
UNDERWRITING STANDARDS
The Boston Company's underwriting process is intended to assess both the
prospective borrower's credit standing and ability to repay, and the value and
adequacy of the mortgaged property as collateral. In underwriting a Mortgage
Loan, The Boston Company relies primarily on the borrower's ability to repay the
loan, determined by analyzing the borrower's cash flow, liquidity and overall
financial condition and the value of the mortgaged property as a measure of the
extent of its recovery in the event of a default. In determining the adequacy of
the property as collateral for a loan, appraisals are obtained from qualified
outside appraisers approved by The Boston Company.
THE SERVICER
The Mortgage Loans will be serviced by The Boston Company which has a separate
servicing staff at the Mellon Mortgage Company facility in Denver, Colorado.
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC.
5
<PAGE> 6
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc. in
reliance upon information furnished by the issuer of the securities and its
affiliates. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities. They
may not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
the Computational Material's accuracy, appropriateness or completeness in any
particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions, and changes in
such prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates shown in the attached Computational Materials. Furthermore, unless
otherwise provided, the Computational Materials assume no losses on the
underlying assets and no interest shortfall. The specific characteristics of the
securities may differ from those shown in the Computational Materials due to
differences between the actual underlying assets and the hypothetical underlying
assets used in preparing the Computational Materials. The principal amount and
designation of any security described in the Computational Materials are subject
to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of
its affiliates makes any representation or warranty as to actual rate or timing
of payments on any of the underlying assets or the payments or yield on the
securities.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with Securities and Exchange Commission. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities discussed in this communication in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification of such securities under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. Once available, a
final prospectus and prospectus supplement may be obtained by contacting the
Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayment, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
<PAGE> 7
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(THE BOSTON COMPANY)
CLASS A-1
PRICE YIELD SENSITIVITY REPORT
Settlement 12/17/98
Class Balance $98,160,000
Cut-off Date 12/01/98
Bond Coupon 6.030%
Next Payment 01/25/99
Cleanup Put to Par Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-16 6.180 6.198 6.227 6.258 6.289 6.321 6.355
99-17 6.156 6.169 6.189 6.210 6.231 6.253 6.276
99-18 6.133 6.140 6.150 6.162 6.173 6.185 6.197
99-19 6.110 6.111 6.112 6.113 6.115 6.116 6.118
99-20 6.086 6.082 6.074 6.065 6.057 6.048 6.039
99-21 6.063 6.053 6.035 6.017 5.999 5.980 5.961
- -------------------------------------------------------------------------------------------------------------------------
99-22 6.040 6.024 5.997 5.969 5.941 5.912 5.882
99-23 6.017 5.995 5.958 5.921 5.883 5.844 5.803
99-24 5.993 5.966 5.920 5.873 5.825 5.776 5.725
99-25 5.970 5.937 5.882 5.825 5.767 5.708 5.646
99-26 5.947 5.908 5.843 5.777 5.709 5.640 5.568
99-27 5.924 5.880 5.805 5.729 5.652 5.572 5.490
99-28 5.900 5.851 5.767 5.681 5.594 5.505 5.411
99-29 5.877 5.822 5.729 5.633 5.536 5.437 5.333
99-30 5.854 5.793 5.691 5.586 5.478 5.369 5.255
99-31 5.831 5.764 5.652 5.538 5.421 5.301 5.177
- -------------------------------------------------------------------------------------------------------------------------
100-00 5.808 5.736 5.614 5.490 5.363 5.234 5.099
- -------------------------------------------------------------------------------------------------------------------------
100-01 5.784 5.707 5.576 5.442 5.306 5.166 5.021
100-02 5.761 5.678 5.538 5.395 5.248 5.099 4.943
100-03 5.738 5.650 5.500 5.347 5.191 5.031 4.865
100-04 5.715 5.621 5.462 5.299 5.133 4.964 4.787
100-05 5.692 5.592 5.424 5.252 5.076 4.897 4.710
100-06 5.669 5.564 5.386 5.204 5.019 4.829 4.632
100-07 5.646 5.535 5.348 5.156 4.961 4.762 4.554
100-08 5.623 5.506 5.310 5.109 4.904 4.695 4.477
100-09 5.600 5.478 5.272 5.061 4.847 4.628 4.399
100-10 5.577 5.449 5.234 5.014 4.790 4.561 4.322
- -------------------------------------------------------------------------------------------------------------------------
100-11 5.553 5.421 5.196 4.967 4.732 4.494 4.244
100-12 5.530 5.392 5.158 4.919 4.675 4.427 4.167
100-13 5.507 5.364 5.120 4.872 4.618 4.360 4.090
100-14 5.484 5.335 5.083 4.824 4.561 4.293 4.013
100-15 5.461 5.306 5.045 4.777 4.504 4.226 3.935
100-16 5.438 5.278 5.007 4.730 4.447 4.159 3.858
=========================================================================================================================
WAL (YR) 1.46 1.16 0.86 0.69 0.57 0.48 0.41
MDUR (YR) 1.35 1.08 0.82 0.65 0.54 0.46 0.40
FIRST PRIN PAY 01/25/99 01/25/99 01/25/99 01/25/99 01/25/99 01/25/99 01/25/99
LAST PRIN PAY 12/25/01 05/25/01 09/25/00 04/25/00 01/25/00 11/25/99 09/25/99
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
<TABLE>
<S> <C> <C> <C>
GREENWICH CAPITAL MARKETS, INC. 02-Dec-98 14:11:06 [wto]
</TABLE>
This information is furnished to you solely by Greenwich Capital Markets,
Inc. ("GCM") and not by the Issuer of the securities or any of its
affiliates. GCM is acting as underwriter and not as Agent for the issuer
or its affiliates in connection with the proposed transaction.
<PAGE> 8
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(THE BOSTON COMPANY)
CLASS A-2
PRICE YIELD SENSITIVITY REPORT
Settlement 12/17/98
Class Balance $78,064,000
Cut-off Date 12/01/98
Bond Coupon 5.760%
Next Payment 01/25/99
Cleanup Put to Par Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-16 5.864 5.867 5.877 5.889 5.902 5.916 5.931
99-17 5.855 5.857 5.864 5.873 5.883 5.893 5.903
99-18 5.846 5.847 5.852 5.857 5.863 5.870 5.876
99-19 5.836 5.837 5.839 5.841 5.844 5.846 5.849
99-20 5.827 5.827 5.826 5.825 5.824 5.823 5.822
99-21 5.818 5.817 5.813 5.809 5.805 5.800 5.795
- -----------------------------------------------------------------------------------------------------------------------------
99-22 5.808 5.806 5.801 5.793 5.785 5.777 5.768
99-23 5.799 5.796 5.788 5.777 5.766 5.754 5.741
99-24 5.790 5.786 5.775 5.761 5.746 5.731 5.714
99-25 5.781 5.776 5.762 5.745 5.727 5.707 5.687
99-26 5.771 5.766 5.750 5.729 5.707 5.684 5.660
99-27 5.762 5.756 5.737 5.713 5.688 5.661 5.633
99-28 5.753 5.746 5.724 5.697 5.668 5.638 5.606
99-29 5.744 5.736 5.711 5.681 5.649 5.615 5.579
99-30 5.735 5.725 5.699 5.665 5.630 5.592 5.552
99-31 5.725 5.715 5.686 5.649 5.610 5.569 5.525
- -----------------------------------------------------------------------------------------------------------------------------
100-00 5.716 5.705 5.673 5.633 5.591 5.546 5.498
- -----------------------------------------------------------------------------------------------------------------------------
100-01 5.707 5.695 5.661 5.617 5.571 5.523 5.471
100-02 5.698 5.685 5.648 5.601 5.552 5.500 5.444
100-03 5.688 5.675 5.635 5.585 5.533 5.477 5.417
100-04 5.679 5.665 5.623 5.569 5.513 5.454 5.390
100-05 5.670 5.655 5.610 5.553 5.494 5.431 5.364
100-06 5.661 5.645 5.597 5.537 5.474 5.408 5.337
100-07 5.652 5.635 5.585 5.522 5.455 5.385 5.310
100-08 5.642 5.625 5.572 5.506 5.436 5.362 5.283
100-09 5.633 5.614 5.559 5.490 5.416 5.339 5.256
100-10 5.624 5.604 5.547 5.474 5.397 5.316 5.229
- -----------------------------------------------------------------------------------------------------------------------------
100-11 5.615 5.594 5.534 5.458 5.378 5.293 5.203
100-12 5.606 5.584 5.521 5.442 5.358 5.270 5.176
100-13 5.596 5.574 5.509 5.426 5.339 5.247 5.149
100-14 5.587 5.564 5.496 5.410 5.320 5.224 5.122
100-15 5.578 5.554 5.484 5.394 5.301 5.201 5.096
100-16 5.569 5.544 5.471 5.379 5.281 5.178 5.069
=============================================================================================================================
WAL (YR) 3.86 3.50 2.73 2.13 1.73 1.44 1.23
MDUR (YR) 3.38 3.09 2.46 1.95 1.61 1.35 1.16
FIRST PRIN PAY 12/25/01 05/25/01 09/25/00 04/25/00 01/25/00 11/25/99 09/25/99
LAST PRIN PAY 12/25/02 12/25/02 10/25/02 12/25/01 05/25/01 12/25/00 08/25/00
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
<TABLE>
<S> <C> <C> <C>
GREENWICH CAPITAL MARKETS, INC. 02-Dec-98 02:13:19 [wto]
</TABLE>
This information is furnished to you solely by Greenwich
Capital Markets, Inc. ("GCM") and not by the Issuer of
the securities or any of its affiliates. GCM is acting
as underwriter and not as Agent for the issuer or its
affiliates in connection with the proposed transaction.
<PAGE> 9
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(THE BOSTON COMPANY)
CLASS A-3
PRICE YIELD SENSITIVITY REPORT
Settlement 12/17/98
Class Balance $123,666,000
Cut-off Date 12/01/98
Bond Coupon 5.610%
Next Payment 01/25/99
Cleanup Put to Par Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-16 5.712 5.712 5.712 5.713 5.716 5.719 5.723
99-17 5.703 5.703 5.703 5.704 5.706 5.708 5.712
99-18 5.694 5.694 5.694 5.695 5.696 5.698 5.700
99-19 5.685 5.685 5.685 5.686 5.686 5.687 5.688
99-20 5.676 5.676 5.676 5.676 5.676 5.676 5.676
99-21 5.667 5.667 5.667 5.667 5.667 5.666 5.665
- -------------------------------------------------------------------------------------------------------------------------
99-22 5.659 5.659 5.659 5.658 5.657 5.655 5.653
99-23 5.650 5.650 5.650 5.649 5.647 5.645 5.641
99-24 5.641 5.641 5.641 5.640 5.637 5.634 5.630
99-25 5.632 5.632 5.632 5.630 5.627 5.623 5.618
99-26 5.623 5.623 5.623 5.621 5.618 5.613 5.606
99-27 5.614 5.614 5.614 5.612 5.608 5.602 5.595
99-28 5.605 5.605 5.605 5.603 5.598 5.591 5.583
99-29 5.596 5.596 5.596 5.594 5.588 5.581 5.572
99-30 5.588 5.588 5.587 5.584 5.578 5.570 5.560
99-31 5.579 5.579 5.579 5.575 5.569 5.560 5.548
- -------------------------------------------------------------------------------------------------------------------------
100-00 5.570 5.570 5.570 5.566 5.559 5.549 5.537
- -------------------------------------------------------------------------------------------------------------------------
100-01 5.561 5.561 5.561 5.557 5.549 5.538 5.525
100-02 5.552 5.552 5.552 5.548 5.539 5.528 5.513
100-03 5.543 5.543 5.543 5.539 5.530 5.517 5.502
100-04 5.534 5.534 5.534 5.529 5.520 5.507 5.490
100-05 5.526 5.526 5.525 5.520 5.510 5.496 5.479
100-06 5.517 5.517 5.517 5.511 5.500 5.485 5.467
100-07 5.508 5.508 5.508 5.502 5.491 5.475 5.455
100-08 5.499 5.499 5.499 5.493 5.481 5.464 5.444
100-09 5.490 5.490 5.490 5.484 5.471 5.454 5.432
100-10 5.481 5.481 5.481 5.475 5.461 5.443 5.421
- -------------------------------------------------------------------------------------------------------------------------
100-11 5.472 5.472 5.472 5.465 5.452 5.433 5.409
100-12 5.464 5.464 5.463 5.456 5.442 5.422 5.397
100-13 5.455 5.455 5.455 5.447 5.432 5.412 5.386
100-14 5.446 5.446 5.446 5.438 5.422 5.401 5.374
100-15 5.437 5.437 5.437 5.429 5.413 5.391 5.363
100-16 5.428 5.428 5.428 5.420 5.403 5.380 5.351
=========================================================================================================================
WAL (YR) 4.02 4.02 4.02 3.87 3.62 3.31 3.00
MDUR (YR) 3.52 3.52 3.51 3.40 3.19 2.94 2.68
FIRST PRIN PAY 12/25/02 12/25/02 10/25/02 12/25/01 05/25/01 12/25/00 08/25/00
LAST PRIN PAY 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
<TABLE>
<S> <C> <C> <C>
GREENWICH CAPITAL MARKETS, INC. 02-Dec-98 14:15:30 [wto]
</TABLE>
This information is furnished to you solely by Greenwich Capital Markets,
Inc. ("GCM") and not by the Issuer of the securities or any of its
affiliates. GCM is acting as underwriter and not as Agent for the issuer
or its affiliates in connection with the proposed transaction.
<PAGE> 10
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(THE BOSTON COMPANY)
CLASS B-1
PRICE YIELD SENSITIVITY REPORT
Settlement 12/17/98
Class Balance $3,092,000
Cut-off Date 12/01/98
Bond Coupon 6.593%
Next Payment 01/25/99
Cleanup Put to Par Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
98-20+ 6.954 6.954 6.954 6.954 6.954 6.954 6.954
98-24+ 6.917 6.917 6.917 6.917 6.917 6.917 6.917
98-28+ 6.881 6.881 6.881 6.881 6.881 6.881 6.881
99-00+ 6.844 6.844 6.844 6.844 6.844 6.844 6.844
99-04+ 6.807 6.807 6.807 6.807 6.807 6.807 6.807
99-08+ 6.771 6.771 6.771 6.771 6.771 6.771 6.771
- -------------------------------------------------------------------------------------------------------------------------
99-12+ 6.734 6.734 6.734 6.734 6.734 6.734 6.734
99-16+ 6.697 6.697 6.697 6.697 6.697 6.697 6.697
99-20+ 6.661 6.661 6.661 6.661 6.661 6.661 6.661
99-24+ 6.625 6.625 6.625 6.625 6.625 6.625 6.625
99-28+ 6.588 6.588 6.588 6.588 6.588 6.588 6.588
100-00+ 6.552 6.552 6.552 6.552 6.552 6.552 6.552
100-04+ 6.516 6.516 6.516 6.516 6.516 6.516 6.516
100-08+ 6.480 6.480 6.480 6.480 6.480 6.480 6.480
100-12+ 6.444 6.444 6.444 6.444 6.444 6.444 6.444
100-16+ 6.407 6.407 6.407 6.407 6.407 6.407 6.407
- -------------------------------------------------------------------------------------------------------------------------
100-20+ 6.371 6.371 6.371 6.371 6.371 6.371 6.371
- -------------------------------------------------------------------------------------------------------------------------
100-24+ 6.336 6.336 6.336 6.336 6.336 6.336 6.336
100-28+ 6.300 6.300 6.300 6.300 6.300 6.300 6.300
101-00+ 6.264 6.264 6.264 6.264 6.264 6.264 6.264
101-04+ 6.228 6.228 6.228 6.228 6.228 6.228 6.228
101-08+ 6.192 6.192 6.192 6.192 6.192 6.192 6.192
101-12+ 6.157 6.157 6.157 6.157 6.157 6.157 6.157
101-16+ 6.121 6.121 6.121 6.121 6.121 6.121 6.121
101-20+ 6.085 6.085 6.085 6.085 6.085 6.085 6.085
101-24+ 6.050 6.050 6.050 6.050 6.050 6.050 6.050
101-28+ 6.014 6.014 6.014 6.014 6.014 6.014 6.014
- -------------------------------------------------------------------------------------------------------------------------
102-00+ 5.979 5.979 5.979 5.979 5.979 5.979 5.979
102-04+ 5.944 5.944 5.944 5.944 5.944 5.944 5.944
102-08+ 5.908 5.908 5.908 5.908 5.908 5.908 5.908
102-12+ 5.873 5.873 5.873 5.873 5.873 5.873 5.873
102-16+ 5.838 5.838 5.838 5.838 5.838 5.838 5.838
102-20+ 5.803 5.803 5.803 5.803 5.803 5.803 5.803
- -------------------------------------------------------------------------------------------------------------------------
WAL (YR) 4.02 4.02 4.02 4.02 4.02 4.02 4.02
MDUR (YR) 3.44 3.44 3.44 3.44 3.44 3.44 3.44
FIRST PRIN PAY 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02
LAST PRIN PAY 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
<TABLE>
<S> <C> <C> <C>
GREENWICH CAPITAL MARKETS, INC. 02-Dec-98 13:59:40 [wto]
</TABLE>
This information is furnished to you solely by Greenwich Capital Markets,
Inc. ("GCM") and not by the Issuer of the securities or any of its
affiliates. GCM is acting as underwriter and not as Agent for the issuer
or its affiliates in connection with the proposed transaction.
<PAGE> 11
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(THE BOSTON COMPANY)
CLASS B-2
PRICE YIELD SENSITIVITY REPORT
Settlement 12/17/98
Class Balance $1,546,000
Cut-off Date 12/01/98
Bond Coupon 6.593%
Next Payment 01/25/99
Cleanup Put to Par Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
97-03 7.415 7.415 7.415 7.415 7.415 7.415 7.415
97-07 7.377 7.377 7.377 7.377 7.377 7.377 7.377
97-11 7.340 7.340 7.340 7.340 7.340 7.340 7.340
97-15 7.302 7.302 7.302 7.302 7.302 7.302 7.302
97-19 7.265 7.265 7.265 7.265 7.265 7.265 7.265
97-23 7.228 7.228 7.228 7.228 7.228 7.228 7.228
- ---------------------------------------------------------------------------------------------------------------------------------
97-27 7.190 7.190 7.190 7.190 7.190 7.190 7.190
97-31 7.153 7.153 7.153 7.153 7.153 7.153 7.153
98-03 7.116 7.116 7.116 7.116 7.116 7.116 7.116
98-07 7.079 7.079 7.079 7.079 7.079 7.079 7.079
98-11 7.042 7.042 7.042 7.042 7.042 7.042 7.042
98-15 7.005 7.005 7.005 7.005 7.005 7.005 7.005
98-19 6.968 6.968 6.968 6.968 6.968 6.968 6.968
98-23 6.931 6.931 6.931 6.931 6.931 6.931 6.931
98-27 6.894 6.894 6.894 6.894 6.894 6.894 6.894
98-31 6.858 6.858 6.858 6.858 6.858 6.858 6.858
- ---------------------------------------------------------------------------------------------------------------------------------
99-03 6.821 6.821 6.821 6.821 6.821 6.821 6.821
- ---------------------------------------------------------------------------------------------------------------------------------
99-07 6.784 6.784 6.784 6.784 6.784 6.784 6.784
99-11 6.748 6.748 6.748 6.748 6.748 6.748 6.748
99-15 6.711 6.711 6.711 6.711 6.711 6.711 6.711
99-19 6.675 6.675 6.675 6.675 6.675 6.675 6.675
99-23 6.638 6.638 6.638 6.638 6.638 6.638 6.638
99-27 6.602 6.602 6.602 6.602 6.602 6.602 6.602
99-31 6.566 6.566 6.566 6.566 6.566 6.566 6.566
100-03 6.529 6.529 6.529 6.529 6.529 6.529 6.529
100-07 6.493 6.493 6.493 6.493 6.493 6.493 6.493
100-11 6.457 6.457 6.457 6.457 6.457 6.457 6.457
- ---------------------------------------------------------------------------------------------------------------------------------
100-15 6.421 6.421 6.421 6.421 6.421 6.421 6.421
100-19 6.385 6.385 6.385 6.385 6.385 6.385 6.385
100-23 6.349 6.349 6.349 6.349 6.349 6.349 6.349
100-27 6.313 6.313 6.313 6.313 6.313 6.313 6.313
100-31 6.277 6.277 6.277 6.277 6.277 6.277 6.277
101-03 6.241 6.241 6.241 6.241 6.241 6.241 6.241
=================================================================================================================================
WAL (YR) 4.02 4.02 4.02 4.02 4.02 4.02 4.02
MDUR (YR) 3.43 3.43 3.43 3.43 3.43 3.43 3.43
FIRST PRIN PAY 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02
LAST PRIN PAY 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
<TABLE>
<S> <C> <C> <C>
GREENWICH CAPITAL MARKETS, INC. 02-Dec-98 14:04:12 [wto]
</TABLE>
This information is furnished to you solely by Greenwich Capital Markets,
Inc. ("GCM") and not by the Issuer of the securities or any of its
affiliates. GCM is acting as underwriter and not as Agent for the issuer
or its affiliates in connection with the proposed transaction.
<PAGE> 12
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(THE BOSTON COMPANY)
CLASS B-3
PRICE YIELD SENSITIVITY REPORT
Settlement 12/17/98
Class Balance $1,546,000
Cut-off Date 12/01/98
Bond Coupon 6.593%
Next Payment 01/25/99
Cleanup Put to Par Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 20% CPR 25% CPR 30% CPR 35% CPR 40% CPR
====================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
93-24 8.442 8.442 8.442 8.442 8.442 8.442 8.442
93-28 8.403 8.403 8.403 8.403 8.403 8.403 8.403
94-00 8.364 8.364 8.364 8.364 8.364 8.364 8.364
94-04 8.324 8.324 8.324 8.324 8.324 8.324 8.324
94-08 8.285 8.285 8.285 8.285 8.285 8.285 8.285
94-12 8.247 8.247 8.247 8.247 8.247 8.247 8.247
- --------------------------------------------------------------------------------------------------------------------
94-16 8.208 8.208 8.208 8.208 8.208 8.208 8.208
94-20 8.169 8.169 8.169 8.169 8.169 8.169 8.169
94-24 8.130 8.130 8.130 8.130 8.130 8.130 8.130
94-28 8.091 8.091 8.091 8.091 8.091 8.091 8.091
95-00 8.053 8.053 8.053 8.053 8.053 8.053 8.053
95-04 8.014 8.014 8.014 8.014 8.014 8.014 8.014
95-08 7.976 7.976 7.976 7.976 7.976 7.976 7.976
95-12 7.937 7.937 7.937 7.937 7.937 7.937 7.937
95-16 7.899 7.899 7.899 7.899 7.899 7.899 7.899
95-20 7.861 7.861 7.861 7.861 7.861 7.861 7.861
- --------------------------------------------------------------------------------------------------------------------
95-24 7.822 7.822 7.822 7.822 7.822 7.822 7.822
- --------------------------------------------------------------------------------------------------------------------
95-28 7.784 7.784 7.784 7.784 7.784 7.784 7.784
96-00 7.746 7.746 7.746 7.746 7.746 7.746 7.746
96-04 7.708 7.708 7.708 7.708 7.708 7.708 7.708
96-08 7.670 7.670 7.670 7.670 7.670 7.670 7.670
96-12 7.632 7.632 7.632 7.632 7.632 7.632 7.632
96-16 7.594 7.594 7.594 7.594 7.594 7.594 7.594
96-20 7.556 7.556 7.556 7.556 7.556 7.556 7.556
96-24 7.518 7.518 7.518 7.518 7.518 7.518 7.518
96-28 7.481 7.481 7.481 7.481 7.481 7.481 7.481
97-00 7.443 7.443 7.443 7.443 7.443 7.443 7.443
- --------------------------------------------------------------------------------------------------------------------
97-04 7.405 7.405 7.405 7.405 7.405 7.405 7.405
97-08 7.368 7.368 7.368 7.368 7.368 7.368 7.368
97-12 7.330 7.330 7.330 7.330 7.330 7.330 7.330
97-16 7.293 7.293 7.293 7.293 7.293 7.293 7.293
97-20 7.256 7.256 7.256 7.256 7.256 7.256 7.256
97-24 7.218 7.218 7.218 7.218 7.218 7.218 7.218
====================================================================================================================
WAL (YR) 4.02 4.02 4.02 4.02 4.02 4.02 4.02
MDUR (YR) 3.40 3.40 3.40 3.40 3.40 3.40 3.40
FIRST PRIN PAY 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02
LAST PRIN PAY 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02 12/25/02
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
<TABLE>
<S> <C> <C> <C>
GREENWICH CAPITAL MARKETS, INC. 02-Dec-98 14:06:36 [wto]
</TABLE>
This information is furnished to you solely by Greenwich Capital Markets,
Inc. ("GCM") and not by the Issuer of the securities or any of its
affiliates. GCM is acting as underwriter and not as Agent for the issuer
or its affiliates in connection with the proposed transaction.
<PAGE> 13
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(THE BOSTON COMPANY)
CLASS X
PRICE YIELD SENSITIVITY REPORT
Settlement 12/17/98
Class Balance $309,164,049
Cut-off Date 12/01/98
Bond Coupon 0.782%
Next Payment 01/25/99
Cleanup Call (5%) Yes
Accrued Interest Days 16
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 20% CPR 25% CPR 30% CPR 40% CPR 45% CPR 50% CPR
===================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0-27 91.395 87.883 81.575 74.652 67.057 49.634 39.587 28.368
0-28 87.284 83.791 77.518 70.636 63.083 45.743 35.732 24.536
0-29 83.480 80.004 73.763 66.917 59.403 42.135 32.153 20.975
0-30 79.950 76.489 70.276 63.463 55.984 38.778 28.821 17.655
0-31 76.666 73.217 67.031 60.248 52.800 35.646 25.709 14.552
1-00 73.603 70.165 64.002 57.246 49.826 32.717 22.796 11.643
- -------------------------------------------------------------------------------------------------------------------
1-01 70.738 67.311 61.169 54.438 47.042 29.971 20.063 8.910
1-02 68.055 64.637 58.514 51.805 44.430 27.390 17.492 6.336
1-03 65.536 62.125 56.020 49.331 41.974 24.960 15.068 3.908
1-04 63.166 59.762 53.673 47.002 39.661 22.666 12.778 1.611
1-05 60.933 57.535 51.460 44.805 37.478 20.498 10.612 -0.564
1-06 58.825 55.433 49.371 42.729 35.414 18.444 8.558 -2.629
1-07 56.832 53.445 47.394 40.765 33.459 16.496 6.608 -4.591
1-08 54.945 51.562 45.522 38.904 31.605 14.645 4.753 -6.460
1-09 53.156 49.777 43.746 37.137 29.844 12.882 2.986 -8.241
1-10 51.457 48.081 42.058 35.457 28.169 11.203 1.300 -9.942
- -------------------------------------------------------------------------------------------------------------------
1-11 49.842 46.469 40.453 33.859 26.573 9.600 -0.310 -11.569
- -------------------------------------------------------------------------------------------------------------------
1-12 48.305 44.934 38.924 32.335 25.051 8.069 -1.850 -13.126
1-13 46.840 43.471 37.467 30.882 23.597 6.603 -3.324 -14.618
1-14 45.442 42.075 36.075 29.493 22.207 5.199 -4.738 -16.050
1-15 44.107 40.741 34.745 28.165 20.877 3.853 -6.094 -17.425
1-16 42.830 39.466 33.473 26.894 19.602 2.561 -7.398 -18.748
1-17 41.609 38.245 32.255 25.675 18.379 1.319 -8.652 -20.021
1-18 40.439 37.076 31.087 24.507 17.205 0.124 -9.858 -21.247
1-19 39.317 35.954 29.967 23.384 16.076 -1.026 -11.021 -22.430
1-20 38.240 34.878 28.891 22.306 14.990 -2.135 -12.143 -23.571
1-21 37.206 33.844 27.857 21.268 13.945 -3.204 -13.225 -24.674
- -------------------------------------------------------------------------------------------------------------------
1-22 36.212 32.850 26.862 20.270 12.938 -4.236 -14.271 -25.739
1-23 35.256 31.893 25.904 19.308 11.966 -5.233 -15.281 -26.770
1-24 34.336 30.972 24.982 18.380 11.029 -6.197 -16.259 -27.768
1-25 33.449 30.085 24.093 17.484 10.123 -7.130 -17.206 -28.735
1-26 32.595 29.230 23.235 16.620 9.248 -8.033 -18.123 -29.673
1-27 31.770 28.404 22.406 15.784 8.401 -8.908 -19.012 -30.582
===================================================================================================================
MDUR (YR) 1.44 1.44 1.45 1.45 1.45 1.45 1.44 1.42
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
<TABLE>
<S> <C> <C> <C>
GREENWICH CAPITAL MARKETS, INC. 02-Dec-98 13:27:18 [wto]
</TABLE>
This information is furnished to you solely by Greenwich Capital Markets,
Inc. ("GCM") and not by the Issuer of the securities or any of its
affiliates. GCM is acting as underwriter and not as Agent for the issuer
or its affiliates in connection with the proposed transaction.
<PAGE> 14
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
11/25/98
MELLON RESIDENTIAL FUNDING CORPORATION: Mortgage Pass-Through Certificates,
Series 1998-TBC1 (The Boston Company)
Scheduled 11/01/98 Balances
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
TOTAL CURRENT BALANCE: $309,164,048.72
NUMBER OF LOANS: 509
AVERAGE CURRENT BALANCE: $607,394.99 RANGE: $ 29,250.00 - $ 2,400,000.00
AVERAGE ORIGINAL BALANCE: $615,989.57 RANGE: $ 29,250.00 - $ 2,400,000.00
WEIGHTED AVERAGE NOTE RATE: 6.8535% RANGE: 5.9500 - 7.2500 %
WEIGHTED AVERAGE GROSS MARGIN: 2.5434% RANGE: 2.2500 - 2.7500 %
WEIGHTED AVERAGE MAX INT RATE: 11.85352% RANGE: 10.95000 - 12.25000 %
WEIGHTED AVERAGE PERIOD RATE CAP: 2.0000% RANGE: 2.0000 - 2.0000 %
WEIGHTED AVERAGE HIGH FICO SCORE: 747 RANGE: 0 - 813
WEIGHTED AVERAGE LOW FICO SCORE: 724 RANGE: 0 - 801
WEIGHTED AVERAGE ORIGINAL LTV: 68.85% RANGE: 18.09 - 100.00 %
WEIGHTED AVERAGE ORIGINAL LTC: 67.80% RANGE: 18.09 - 91.55 %
WEIGHTED AVERAGE NEXT RATE RESET: 52.88 months RANGE: 49.00 - 58.00 months
WEIGHTED AVERAGE ORIGINAL TERM: 360 months RANGE: 360 - 360 months
WEIGHTED AVERAGE STATED REM TERM: 349 months RANGE: 303 - 358 months
WEIGHTED AVERAGE SEASONING: 11 months RANGE: 2 - 57 months
TOP STATE CONCENTRATIONS ($): 24.66 % California, 20.89 % Massachusetts, 10.08 % New York
MAXIMUM ZIP CODE CONCENTRATION ($): 2.83 % 02108 (BOSTON, MA)
NOTE DATE: Jan 25,1994 - Aug 18, 1998
FIRST PAY DATE: Mar 01,1994 - Oct 01, 1998
RATE CHANGE DATE: Dec 01,2002 - Sep 01, 2003
MATURITY DATE: Feb 01,2024 - Sep 01, 2028
</TABLE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT NUM OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ------ ------
<S> <C> <C> <C> <C> <C>
INDEX: 1 YR CMT 181,418,892.59 58.68 293 57.56
1 YR LIBOR 127,745,156.13 41.32 216 42.44
DELINQUENCY:
CURRENT 309,164,048.72 100.00 509 100.00
CURRENT BALANCE: 29,250.00 - 100,000.00 239,750.00 0.08 4 0.79
100,000.01 - 200,000.00 2,036,604.28 0.66 12 2.36
200,000.01 - 300,000.00 18,327,026.74 5.93 70 13.75
300,000.01 - 400,000.00 26,499,249.98 8.57 74 14.54
400,000.01 - 500,000.00 40,219,274.00 13.01 88 17.29
500,000.01 - 600,000.00 33,300,387.30 10.77 60 11.79
600,000.01 - 700,000.00 40,848,415.10 13.21 62 12.18
700,000.01 - 800,000.00 22,245,651.29 7.20 29 5.70
800,000.01 - 900,000.00 22,665,402.92 7.33 26 5.11
900,000.01 - 1,000,000.00 35,500,121.84 11.48 36 7.07
1,000,000.01 - 1,100,000.00 19,737,000.00 6.38 18 3.54
1,100,000.01 - 1,200,000.00 10,512,065.04 3.40 9 1.77
1,300,000.01 - 1,400,000.00 8,360,000.00 2.70 6 1.18
1,400,000.01 - 1,500,000.00 4,368,750.00 1.41 3 0.59
1,500,000.01 - 1,600,000.00 1,520,000.00 0.49 1 0.20
1,700,000.01 - 1,800,000.00 5,360,753.00 1.73 3 0.59
1,800,000.01 - 1,900,000.00 1,900,000.00 0.61 1 0.20
1,900,000.01 - 2,000,000.00 2,000,000.00 0.65 1 0.20
2,000,000.01 - 2,100,000.00 4,123,827.23 1.33 2 0.39
2,200,000.01 - 2,300,000.00 2,250,000.00 0.73 1 0.20
2,300,000.01 - 2,400,000.00 7,149,770.00 2.31 3 0.59
</TABLE>
- -------------------------------------------------------------------------------
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
(Wed Nov 25 15:09:35 EST 1998) [cha] Page 1/5
<PAGE> 15
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
11/25/98
MELLON RESIDENTIAL FUNDING CORPORATION: Mortgage Pass-Through Certificates,
Series 1998-TBC1 (The Boston Company)
Scheduled 11/01/98 Balances
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT NUM OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ------ ------
<S> <C> <C> <C> <C> <C>
ORIGINAL BALANCE: 29,250.00 - 100,000.00 239,750.00 0.08 4 0.79
100,000.01 - 200,000.00 1,886,604.28 0.61 11 2.16
200,000.01 - 300,000.00 17,374,091.20 5.62 67 13.16
300,000.01 - 400,000.00 26,078,187.27 8.44 74 14.54
400,000.01 - 500,000.00 40,508,449.51 13.10 89 17.49
500,000.01 - 600,000.00 31,982,720.63 10.34 58 11.39
600,000.01 - 700,000.00 43,400,904.51 14.04 67 13.16
700,000.01 - 800,000.00 21,455,651.29 6.94 28 5.50
800,000.01 - 900,000.00 19,965,437.01 6.46 23 4.52
900,000.01 - 1,000,000.00 36,225,087.75 11.72 37 7.27
1,000,000.01 - 1,100,000.00 18,240,000.00 5.90 17 3.34
1,100,000.01 - 1,200,000.00 10,374,065.04 3.36 9 1.77
1,200,000.01 - 1,300,000.00 1,000,000.00 0.32 1 0.20
1,300,000.01 - 1,400,000.00 10,560,000.00 3.42 8 1.57
1,400,000.01 - 1,500,000.00 4,368,750.00 1.41 3 0.59
1,500,000.01 - 1,600,000.00 1,520,000.00 0.49 1 0.20
1,700,000.01 - 1,800,000.00 3,570,000.00 1.15 2 0.39
1,800,000.01 - 1,900,000.00 3,690,753.00 1.19 2 0.39
1,900,000.01 - 2,000,000.00 3,200,000.00 1.04 2 0.39
2,000,000.01 - 2,100,000.00 4,123,827.23 1.33 2 0.39
2,200,000.01 - 2,300,000.00 2,250,000.00 0.73 1 0.20
2,300,000.01 - 2,400,000.00 7,149,770.00 2.31 3 0.59
NOTE RATE:
5.9500 - 6.0000 1,800,000.00 0.58 2 0.39
6.0001 - 6.2500 17,873,703.38 5.78 26 5.11
6.2501 - 6.5000 16,041,645.20 5.19 32 6.29
6.5001 - 6.7500 17,264,078.43 5.58 29 5.70
6.7501 - 7.0000 233,797,029.60 75.62 376 73.87
7.0001 - 7.2500 22,387,592.11 7.24 44 8.64
GROSS MARGIN:
2.25 127,745,156.13 41.32 216 42.44
2.75 181,418,892.59 58.68 293 57.56
MAX INT RATE:
10.9500 - 11.0000 1,800,000.00 0.58 2 0.39
11.0001 - 11.2500 17,873,703.38 5.78 26 5.11
11.2501 - 11.5000 16,041,645.20 5.19 32 6.29
11.5001 - 11.7500 17,264,078.43 5.58 29 5.70
11.7501 - 12.0000 233,797,029.60 75.62 376 73.87
12.0001 - 12.2500 22,387,592.11 7.24 44 8.64
HIGH FICO SCORE: = 0 56,808,327.71 18.37 88 17.29
601 - 650 1,921,999.87 0.62 3 0.59
651 - 700 25,955,374.50 8.40 44 8.64
701 - 750 94,672,316.67 30.62 149 29.27
751 - 800 123,834,429.97 40.05 214 42.04
801 - 813 5,971,600.00 1.93 11 2.16
LOW FICO SCORE:
= 0 29,712,315.18 9.61 45 8.84
551 - 600 1,100,000.00 0.36 1 0.20
601 - 650 15,135,074.37 4.90 26 5.11
651 - 700 49,649,886.67 16.06 88 17.29
701 - 750 133,682,490.78 43.24 207 40.67
751 - 800 79,584,281.72 25.74 141 27.70
801 - 801 300,000.00 0.10 1 0.20
</TABLE>
- -------------------------------------------------------------------------------
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
(Wed Nov 25 15:09:35 EST 1998) [cha] Page 2/5
<PAGE> 16
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
11/25/98
MELLON RESIDENTIAL FUNDING CORPORATION: Mortgage Pass-Through Certificates,
Series 1998-TBC1 (The Boston Company)
Scheduled 11/01/98 Balances
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT NUM OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ------ ------
<S> <C> <C> <C> <C> <C>
ORIGINAL LTV: 18.09 - 20.00 615,000.00 0.20 1 0.20
20.01 - 25.00 2,128,000.00 0.69 5 0.98
25.01 - 30.00 3,900,000.00 1.26 7 1.38
30.01 - 35.00 1,618,300.00 0.52 5 0.98
35.01 - 40.00 6,870,753.00 2.22 12 2.36
40.01 - 45.00 10,709,446.44 3.46 19 3.73
45.01 - 50.00 18,186,961.42 5.88 23 4.52
50.01 - 55.00 13,036,313.13 4.22 26 5.11
55.01 - 60.00 26,587,575.73 8.60 32 6.29
60.01 - 65.00 18,751,406.59 6.07 25 4.91
65.01 - 70.00 41,124,262.30 13.30 56 11.00
70.01 - 75.00 45,743,932.40 14.80 73 14.34
75.01 - 80.00 90,145,373.65 29.16 175 34.38
80.01 - 85.00 5,051,725.39 1.63 10 1.96
85.01 - 90.00 12,848,519.51 4.16 17 3.34
90.01 - 95.00 1,384,000.00 0.45 3 0.59
95.01 - 100.00 10,462,479.16 3.38 20 3.93
ORIGINAL LTC: 18.09 - 20.00 615,000.00 0.20 1 0.20
20.01 - 25.00 2,128,000.00 0.69 5 0.98
25.01 - 30.00 3,900,000.00 1.26 7 1.38
30.01 - 35.00 1,618,300.00 0.52 5 0.98
35.01 - 40.00 6,870,753.00 2.22 12 2.36
40.01 - 45.00 10,709,446.44 3.46 19 3.73
45.01 - 50.00 18,186,961.42 5.88 23 4.52
50.01 - 55.00 13,036,313.13 4.22 26 5.11
55.01 - 60.00 26,587,575.73 8.60 32 6.29
60.01 - 65.00 23,051,406.59 7.46 29 5.70
65.01 - 70.00 41,426,728.21 13.40 57 11.20
70.01 - 75.00 48,659,333.60 15.74 78 15.32
75.01 - 80.00 96,789,922.71 31.31 189 37.13
80.01 - 85.00 3,965,788.38 1.28 8 1.57
85.01 - 90.00 11,293,519.51 3.65 17 3.34
90.01 - 91.55 325,000.00 0.11 1 0.20
REMAINING TERM: 303 - 312 4,426,554.29 1.43 10 1.96
313 - 324 3,303,564.61 1.07 4 0.79
325 - 336 29,826,083.31 9.65 40 7.86
337 - 348 16,852,345.89 5.45 27 5.30
349 - 358 254,755,500.62 82.40 428 84.09
RATE CHANGE DATE: 12/1/02 4,962,013.35 1.60 9 1.77
1/1/03 8,036,432.28 2.60 16 3.14
2/1/03 20,031,002.96 6.48 36 7.07
3/1/03 87,476,645.87 28.29 133 26.13
4/1/03 91,261,869.18 29.52 155 30.45
5/1/03 78,952,789.08 25.54 129 25.34
6/1/03 7,338,016.00 2.37 12 2.36
7/1/03 3,041,100.00 0.98 6 1.18
8/1/03 7,229,180.00 2.34 11 2.16
9/1/03 835,000.00 0.27 2 0.39
IO FLAG: No 8,802,217.66 2.85 15 2.95
Yes 300,361,831.06 97.15 494 97.05
OCCUPANCY: Primary 275,778,816.02 89.20 454 89.19
Second Home 33,385,232.70 10.80 55 10.81
</TABLE>
- -------------------------------------------------------------------------------
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
(Wed Nov 25 15:09:35 EST 1998) [cha] Page 3/5
<PAGE> 17
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
11/25/98
MELLON RESIDENTIAL FUNDING CORPORATION: Mortgage Pass-Through Certificates,
Series 1998-TBC1 (The Boston Company)
Scheduled 11/01/98 Balances
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT NUM
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ----- ------
<S> <C> <C> <C> <C> <C>
PROPERTY TYPE: Single Family Detached 219,077,219.53 70.86 337 66.21
PUD 32,443,377.73 10.49 58 11.39
Condominium 30,838,145.64 9.97 55 10.81
Cooperative 15,573,153.82 5.04 44 8.64
Blanket 11,232,152.00 3.63 15 2.95
LOAN PURPOSE: Cash Out Refinance 60,889,296.10 19.69 103 20.24
Purchase 150,030,769.56 48.53 243 47.74
Rate/Term Refinance 98,243,983.06 31.78 163 32.02
STATE: Alabama 500,000.00 0.16 1 0.20
Arizona 1,877,000.00 0.61 3 0.59
California 76,242,580.25 24.66 104 20.43
Colorado 12,930,926.44 4.18 18 3.54
Connecticut 19,038,837.62 6.16 26 5.11
Delaware 450,000.00 0.15 1 0.20
District of Columbia 5,308,600.00 1.72 8 1.57
Florida 3,986,750.00 1.29 11 2.16
Georgia 6,817,720.00 2.21 9 1.77
Hawaii 663,550.00 0.21 2 0.39
Idaho 705,000.00 0.23 1 0.20
Illinois 2,775,935.45 0.90 7 1.38
Indiana 965,000.00 0.31 1 0.20
Kansas 193,500.00 0.06 1 0.20
Maine 1,100,000.00 0.36 1 0.20
Maryland 6,609,468.08 2.14 10 1.96
Massachusetts 64,574,469.00 20.89 103 20.24
Michigan 2,650,000.00 0.86 3 0.59
Nevada 1,000,000.00 0.32 2 0.39
New Hampshire 1,863,524.98 0.60 5 0.98
New Jersey 11,480,528.98 3.71 23 4.52
New York 31,151,187.07 10.08 67 13.16
North Carolina 2,100,600.00 0.68 5 0.98
Ohio 5,302,477.00 1.72 9 1.77
Oklahoma 450,000.00 0.15 1 0.20
Oregon 1,513,772.26 0.49 4 0.79
Pennsylvania 26,752,739.72 8.65 49 9.63
Rhode Island 1,015,000.00 0.33 2 0.39
South Carolina 979,268.70 0.32 2 0.39
Texas 2,593,000.00 0.84 6 1.18
Utah 340,000.00 0.11 1 0.20
Vermont 400,000.00 0.13 1 0.20
Virginia 11,506,615.16 3.72 16 3.14
Washington 2,920,998.01 0.94 5 0.98
Wisconsin 405,000.00 0.13 1 0.20
</TABLE>
- -------------------------------------------------------------------------------
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
(Wed Nov 25 15:09:35 EST 1998) [cha] Page 4/5
<PAGE> 18
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
11/25/98
MELLON RESIDENTIAL FUNDING CORPORATION: Mortgage Pass-Through Certificates,
Series 1998-TBC1 (The Boston Company)
Scheduled 11/01/98 Balances
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CURRENT
ZIP CODE PROPERTY CITY PRINCIPAL BALANCE PCT($) LOANS PCT(#)
- -------- ------------- ----------------- ------ ----- ------
<S> <C> <C> <C> <C> <C>
02108 BOSTON, MA 8,746,753.00 2.83 9 1.77
94027 MENLO PARK, CA 7,344,930.70 2.38 6 1.18
02116 BOSTON, MA 6,978,854.96 2.26 14 2.75
90049 LOS ANGELES, CA 6,469,770.00 2.09 5 0.98
06820 DARIEN, CT 5,307,435.70 1.72 7 1.38
94920 BELVEDERE-TIBURON, CA 5,206,250.00 1.68 6 1.18
10021 NEW YORK, NY 5,039,215.61 1.63 13 2.55
02181 WELLESLEY, MA 4,849,615.00 1.57 8 1.57
02146 BROOKLINE, MA 4,466,500.00 1.44 5 0.98
81620 AVON, CO 4,462,500.00 1.44 6 1.18
10128 NEW YORK, NY 4,012,655.21 1.30 10 1.96
02138 CAMBRIDGE, MA 3,420,000.00 1.11 5 0.98
22101 MC LEAN, VA 3,224,984.16 1.04 3 0.59
94022 LOS ALTOS, CA 3,200,000.00 1.04 3 0.59
10583 SCARSDALE, NY 3,167,193.38 1.02 5 0.98
10023 NEW YORK, NY 3,116,250.00 1.01 6 1.18
20854 ROCKVILLE, MD 2,931,468.57 0.95 3 0.59
19041 HAVERFORD, PA 2,923,827.23 0.95 2 0.39
02114 BOSTON, MA 2,804,861.25 0.91 4 0.79
94118 SAN FRANCISCO, CA 2,750,000.00 0.89 3 0.59
22102 MC LEAN, VA 2,651,469.19 0.86 4 0.79
20008 WASHINGTON, DC 2,609,000.00 0.84 4 0.79
06897 WILTON, CT 2,515,170.10 0.81 3 0.59
02167 CHESTNUT HILL, MA 2,375,000.00 0.77 3 0.59
92651 LAGUNA BEACH, CA 2,350,000.00 0.76 1 0.20
02554 NANTUCKET, MA 2,339,997.69 0.76 4 0.79
94025 MENLO PARK, CA 2,265,000.00 0.73 3 0.59
30305 ATLANTA, GA 2,200,000.00 0.71 3 0.59
22066 GREAT FALLS, VA 2,146,738.38 0.69 3 0.59
48304 PONTIAC, MI 2,060,000.00 0.67 1 0.20
15238 PITTSBURGH, PA 2,039,912.05 0.66 4 0.79
06831 GREENWICH, CT 2,000,000.00 0.65 2 0.39
94010 BURLINGAME, CA 2,000,000.00 0.65 2 0.39
94062 REDWOOD CITY, CA 2,000,000.00 0.65 2 0.39
94109 SAN FRANCISCO, CA 1,980,000.00 0.64 2 0.39
06840 NEW CANAAN, CT 1,906,087.82 0.62 3 0.59
92037 LA JOLLA, CA 1,901,937.01 0.62 3 0.59
06870 OLD GREENWICH, CT 1,900,000.00 0.61 1 0.20
81611 ASPEN, CO 1,892,500.00 0.61 2 0.39
02109 BOSTON, MA 1,882,000.00 0.61 4 0.79
30328 ATLANTA, GA 1,800,000.00 0.58 1 0.20
15232 PITTSBURGH, PA 1,760,000.00 0.57 3 0.59
06830 GREENWICH, CT 1,750,000.00 0.57 3 0.59
10024 NEW YORK, NY 1,647,000.00 0.53 4 0.79
15217 PITTSBURGH, PA 1,584,000.00 0.51 3 0.59
90266 MANHATTAN BEACH, CA 1,568,000.00 0.51 2 0.39
81435 TELLURIDE, CO 1,549,446.44 0.50 2 0.39
19118 PHILADELPHIA, PA 1,500,000.00 0.49 2 0.39
90272 PACIFIC PALISADES, CA 1,475,000.00 0.48 2 0.39
11976 WATER MILL, NY 1,462,500.00 0.47 1 0.20
===== ===================== ============== ===== === =====
TOTAL 149,533,823.45 48.37 200 39.29
</TABLE>
- -------------------------------------------------------------------------------
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
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