<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 March 8, 1999)
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 1999-TBC1.
In connection with the offering of the Mortgage Pass-Through
Certificates, Series 1999-TBC1, Greenwich Capital Markets, Inc. prepared certain
materials (the "Computational Materials") some or all of which were distributed
by Greenwich Capital Markets, Inc., Mellon Financial Markets, Inc. and
Donaldson, Lufkin & Jenrette Securities Corporation (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 March 8, 1999, and Prospectus
Supplement dated March 8, 1999, of Mellon Residential Funding Corporation,
relating to its Mortgage Pass-Through Certificates, Series 1999-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: March 24, 1999
<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
March 8, 1999
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 public offering of
approximately $248,998,381 aggregate principal amount of Mellon Residential
Funding Corporation Mortgage Pass-Through Certificates, Series 1999-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 March 8,
1999 and the Prospectus Supplement dated March 8, 1999, the Certificates will be
issued pursuant to the provisions of a Pooling and Servicing Agreement dated as
of March 1, 1999 (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 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.
<PAGE> 2
Mellon Residential Funding Corporation
March 8, 1999
Page 2
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,
/s/ 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: MARCH 5, 1999
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC1
=====================================================
THE BOSTON COMPANY
=====================================================
$253,139,902 (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>
A-1 $72,750,000 0.83 1 - 21 Fixed Rate (4) Senior/Sequential AAA/AAA
A-2 $63,750,000 2.75 21 - 47 Fixed Rate (4) Senior/Sequential AAA/AAA
A-3 $109,678,455 4.38 47 - 53 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 $1,900,000 4.40 53 - 53 WAC (4) Subordinate AA/AA
B-2 $1,265,000 4.40 53 - 53 WAC (4) Subordinate A/A
B-3 $1,265,000 4.40 53 - 53 WAC (4) Subordinate BBB/BBB
========= ------------------ ----------------------------------------- ----------------- ---------------------- ================
B-4 $1,265,000 Privately WAC (4) Subordinate BB/NR
Placed
Certificates
B-5 $633,000 WAC (4) Subordinate B/NR
B-6 $633,347 WAC (4) Subordinate NR/NR
========= ================== ========================================= ================= ====================== ================
TOTAL $253,139,902
</TABLE>
(1) The Certificates (as described herein) are collateralized by a pool of
adjustable rate residential mortgage loans. Class sizes are subject to
final collateral and rating agency approval.
(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 Put Date (as defined herein). On each Distribution Date after
the Put 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 values of the
underlying indices (substantially all of which are One-Year LIBOR) plus
1.25% and (b) the Net WAC of the Mortgage Loans.
GREENWICH CAPITAL
- -------------------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. DONALDSON, LUFKIN & JENRETTE
<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.
<TABLE>
<CAPTION>
<S> <C>
Co-Underwriters: Greenwich Capital Markets, Inc., Mellon Financial Markets, Inc. and Donaldson, Lufkin
& Jenrette.
Seller and Servicer: Boston Safe Deposit and Trust ("THE BOSTON COMPANY").
Trustee: Bankers Trust Company.
Cut-off Date: March 1, 1999.
Pricing Date: March [9], 1999.
Closing Date: On or about March 30, 1999.
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 March 1, 1999 (the "CUT-OFF DATE") up to, but not including, the
Closing Date (29 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 April 1999.
Registration: The Offered Certificates (except for the 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 A-R Certificate) are expected to
be ERISA eligible. Prospective investors should review with their legal advisors
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.
</TABLE>
GREENWICH CAPITAL
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MELLON FINANCIAL MARKETS, INC. DONALDSON, LUFKIN & JENRETTE
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.
<TABLE>
<CAPTION>
<S> <C>
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 Distribution Date in [June 2003] each of the
certificateholders (with the exception of holders of the Class X Certificates) will
have the option to require Mellon Bank, N.A. ("MELLON BANK") to purchase such
certificateholder's certificates of the related class on the Distribution Date in
[August 2003] (the "PUT DATE"). For the Offered Certificates, the repurchase price
will be par (based on the outstanding certificate balance).
Clean-Up Option: If the Put Option is exercised with respect to more than 90% of the aggregate
outstanding principal balance of the certificates, Mellon Bank will have the option
to purchase all of the outstanding certificates, 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 [18%] 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 $253,139,902, of which substantially all are 5/1 ARMs having
an initial fixed rate period of 5 years and thereafter adjusting annually generally
based on the One-Year LIBOR 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.
</TABLE>
GREENWICH CAPITAL
- -------------------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. DONALDSON, LUFKIN & JENRETTE
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.
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancement: Senior/subordinate, shifting interest structure.
Credit enhancement for the Senior 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 [2.75]%).
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]%).
Shifting Interest: Until the first Distribution Date occurring after March 2009 the Subordinate
Certificates will be locked out from receipt of any principal (unless the Senior
Certificates are paid down to zero prior to such date). After such time and subject
to standard collateral performance triggers, 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:
April 1999 - March 2009 0% Pro Rata Share
April 2009 - March 2010 30% Pro Rata Share
April 2010 - March 2011 40% Pro Rata Share
April 2011 - March 2012 60% Pro Rata Share
April 2012 - March 2013 80% Pro Rata Share
April 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; thereafter, to the Senior Certificates (other than the Class X
Certificates) pro-rata in reduction of their respective Class Principal Balances.
</TABLE>
GREENWICH CAPITAL
- -------------------------------------------------------------------------------
MELLON FINANCIAL MARKETS, INC. DONALDSON, LUFKIN & JENRETTE
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.
<TABLE>
<CAPTION>
<S> <C>
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.
</TABLE>
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 MASTER SERVICER
The Mortgage Loans will be master serviced by The Boston Company. The Boston
Company has a subservicing agreement in place with Mellon Mortgage Company
("MMC") which provides subservicing of the Mortgage Loans through a separate
servicing staff. Mellon Bank has announced its intention to sell MMC this year.
If such sale is consummated, the Boston Company will remain obligated as Master
Servicer and will make such alternative arrangements for direct servicing as it
may deem necessary or appropriate, including entering into a subservicing
agreement with the successor to MMC or a different entity or servicing the
Mortgage Loans directly.
GREENWICH CAPITAL
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MELLON FINANCIAL MARKETS, INC. DONALDSON, LUFKIN & JENRETTE
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 Materials' 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 the 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 1999-TBC1
(THE BOSTON COMPANY)
CLASS A-1
PRICE YIELD SENSITIVITY REPORT
Settlement 03/30/99
Class Balance $72,750,000
Cut-off Date 03/01/99
Bond Coupon 6.080%
Next Payment 04/25/99
Cleanup Put to Par Yes
Accrued Interest Days 29
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-16 6.238 6.258 6.278 6.328 6.365 6.405 6.447
99-17 6.211 6.225 6.238 6.272 6.297 6.323 6.351
99-18 6.185 6.191 6.198 6.215 6.228 6.241 6.255
99-19 6.158 6.158 6.158 6.159 6.159 6.159 6.160
99-20 6.132 6.125 6.119 6.103 6.090 6.078 6.064
99-21 6.105 6.092 6.079 6.046 6.022 5.996 5.969
- -------------------------------------------------------------------------------------------------------------------------------
99-22 6.079 6.059 6.039 5.990 5.953 5.915 5.874
99-23 6.052 6.026 5.999 5.934 5.885 5.833 5.779
99-24 6.026 5.993 5.959 5.878 5.816 5.752 5.684
99-25 5.999 5.960 5.920 5.821 5.748 5.671 5.589
99-26 5.973 5.927 5.880 5.765 5.680 5.590 5.494
99-27 5.947 5.894 5.840 5.709 5.611 5.509 5.399
99-28 5.920 5.861 5.801 5.653 5.543 5.427 5.304
99-29 5.894 5.828 5.761 5.597 5.475 5.346 5.209
99-30 5.868 5.795 5.721 5.541 5.407 5.266 5.115
99-31 5.841 5.762 5.682 5.485 5.339 5.185 5.020
- -------------------------------------------------------------------------------------------------------------------------------
100-00 5.815 5.729 5.642 5.430 5.270 5.104 4.926
- -------------------------------------------------------------------------------------------------------------------------------
100-01 5.789 5.697 5.603 5.374 5.202 5.023 4.831
100-02 5.762 5.664 5.563 5.318 5.135 4.942 4.737
100-03 5.736 5.631 5.524 5.262 5.067 4.862 4.643
100-04 5.710 5.598 5.484 5.206 4.999 4.781 4.549
100-05 5.684 5.565 5.445 5.151 4.931 4.701 4.455
100-06 5.657 5.533 5.405 5.095 4.863 4.620 4.361
100-07 5.631 5.500 5.366 5.039 4.796 4.540 4.267
100-08 5.605 5.467 5.326 4.984 4.728 4.460 4.173
100-09 5.579 5.434 5.287 4.928 4.660 4.379 4.080
100-10 5.553 5.402 5.248 4.873 4.593 4.299 3.986
- -------------------------------------------------------------------------------------------------------------------------------
100-11 5.527 5.369 5.208 4.817 4.525 4.219 3.892
100-12 5.500 5.336 5.169 4.762 4.458 4.139 3.799
100-13 5.474 5.304 5.130 4.707 4.390 4.059 3.706
100-14 5.448 5.271 5.091 4.651 4.323 3.979 3.612
100-15 5.422 5.239 5.051 4.596 4.256 3.899 3.519
100-16 5.396 5.206 5.012 4.541 4.189 3.820 3.426
- -------------------------------------------------------------------------------------------------------------------------------
WAL (YR) 1.28 1.01 0.83 0.58 0.48 0.40 0.34
MDUR (YR) 1.18 0.95 0.79 0.56 0.46 0.38 0.33
FIRST PRIN PAY 04/25/99 04/25/99 04/25/99 04/25/99 04/25/99 04/25/99 04/25/99
LAST PRIN PAY 11/25/2001 04/25/2001 12/25/2000 06/25/2000 03/25/2000 01/25/2000 11/25/99
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
GREENWICH CAPITAL MARKETS, INC. 05-Mar-99 16:10:09 [wto]
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 1999-TBC1
(THE BOSTON COMPANY)
CLASS A-2
PRICE YIELD SENSITIVITY REPORT
Settlement 03/30/99
Class Balance $63,750,000
Cut-off Date 03/01/99
Bond Coupon 6.150%
Next Payment 04/25/99
Cleanup Put to Par Yes
Accrued Interest Days 29
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-16 6.256 6.260 6.266 6.281 6.292 6.304 6.317
99-17 6.247 6.249 6.253 6.263 6.270 6.278 6.287
99-18 6.237 6.239 6.240 6.245 6.248 6.252 6.256
99-19 6.228 6.228 6.228 6.227 6.227 6.226 6.225
99-20 6.219 6.217 6.215 6.209 6.205 6.200 6.195
99-21 6.210 6.207 6.202 6.191 6.183 6.174 6.164
- ---------------------------------------------------------------------------------------------------------------------------
99-22 6.200 6.196 6.190 6.173 6.161 6.148 6.134
99-23 6.191 6.185 6.177 6.156 6.139 6.122 6.103
99-24 6.182 6.174 6.164 6.138 6.117 6.096 6.073
99-25 6.173 6.164 6.151 6.120 6.096 6.070 6.042
99-26 6.163 6.153 6.139 6.102 6.074 6.044 6.012
99-27 6.154 6.142 6.126 6.084 6.052 6.018 5.981
99-28 6.145 6.132 6.113 6.066 6.030 5.992 5.951
99-29 6.135 6.121 6.101 6.048 6.008 5.966 5.920
99-30 6.126 6.110 6.088 6.031 5.987 5.940 5.890
99-31 6.117 6.100 6.075 6.013 5.965 5.914 5.859
- ---------------------------------------------------------------------------------------------------------------------------
100-00 6.108 6.089 6.063 5.995 5.943 5.888 5.829
- ---------------------------------------------------------------------------------------------------------------------------
100-01 6.098 6.078 6.050 5.977 5.921 5.862 5.798
100-02 6.089 6.068 6.037 5.959 5.900 5.836 5.768
100-03 6.080 6.057 6.024 5.942 5.878 5.810 5.738
100-04 6.071 6.046 6.012 5.924 5.856 5.784 5.707
100-05 6.062 6.036 5.999 5.906 5.834 5.758 5.677
100-06 6.052 6.025 5.987 5.888 5.813 5.732 5.647
100-07 6.043 6.015 5.974 5.871 5.791 5.707 5.616
100-08 6.034 6.004 5.961 5.853 5.769 5.681 5.586
100-09 6.025 5.993 5.949 5.835 5.748 5.655 5.556
100-10 6.016 5.983 5.936 5.817 5.726 5.629 5.525
- ---------------------------------------------------------------------------------------------------------------------------
100-11 6.006 5.972 5.923 5.800 5.704 5.603 5.495
100-12 5.997 5.961 5.911 5.782 5.683 5.577 5.465
100-13 5.988 5.951 5.898 5.764 5.661 5.552 5.435
100-14 5.979 5.940 5.886 5.746 5.640 5.526 5.404
100-15 5.970 5.930 5.873 5.729 5.618 5.500 5.374
100-16 5.960 5.919 5.860 5.711 5.596 5.474 5.344
- ---------------------------------------------------------------------------------------------------------------------------
WAL (YR) 3.90 3.33 2.75 1.91 1.54 1.28 1.09
MDUR (YR) 3.37 2.92 2.45 1.75 1.43 1.20 1.02
FIRST PRIN PAY 11/25/2001 04/25/2001 12/25/2000 06/25/2000 03/25/2000 01/25/2000 11/25/99
LAST PRIN PAY 08/25/2003 08/25/2003 02/25/2003 12/25/2001 06/25/2001 01/25/2001 10/25/2000
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
GREENWICH CAPITAL MARKETS, INC. 05-Mar-99 16:13:44 [wto]
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 1999-TBC1
(THE BOSTON COMPANY)
CLASS A-3
PRICE YIELD SENSITIVITY REPORT
Settlement 03/30/99
Class Balance $109,678,455
Cut-off Date 03/01/99
Bond Coupon 6.150%
Next Payment 04/25/99
Cleanup Put to Par Yes
Accrued Interest Days 29
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-16 6.253 6.253 6.253 6.255 6.258 6.260 6.264
99-17 6.245 6.245 6.245 6.246 6.248 6.250 6.252
99-18 6.237 6.237 6.237 6.237 6.238 6.239 6.240
99-19 6.228 6.228 6.228 6.228 6.228 6.228 6.228
99-20 6.220 6.220 6.220 6.219 6.218 6.217 6.216
99-21 6.212 6.212 6.212 6.210 6.209 6.206 6.204
- -----------------------------------------------------------------------------------------------------------------------------
99-22 6.203 6.203 6.203 6.201 6.199 6.196 6.192
99-23 6.195 6.195 6.195 6.192 6.189 6.185 6.180
99-24 6.187 6.187 6.186 6.183 6.179 6.174 6.168
99-25 6.178 6.178 6.178 6.174 6.169 6.163 6.156
99-26 6.170 6.170 6.170 6.165 6.160 6.153 6.144
99-27 6.162 6.162 6.161 6.156 6.150 6.142 6.132
99-28 6.153 6.153 6.153 6.147 6.140 6.131 6.120
99-29 6.145 6.145 6.145 6.138 6.130 6.120 6.108
99-30 6.137 6.137 6.136 6.129 6.121 6.110 6.096
99-31 6.129 6.129 6.128 6.120 6.111 6.099 6.084
- -----------------------------------------------------------------------------------------------------------------------------
100-00 6.120 6.120 6.120 6.111 6.101 6.088 6.073
- -----------------------------------------------------------------------------------------------------------------------------
100-01 6.112 6.112 6.111 6.102 6.091 6.077 6.061
100-02 6.104 6.104 6.103 6.093 6.082 6.067 6.049
100-03 6.095 6.095 6.095 6.084 6.072 6.056 6.037
100-04 6.087 6.087 6.086 6.075 6.062 6.045 6.025
100-05 6.079 6.079 6.078 6.066 6.052 6.035 6.013
100-06 6.071 6.071 6.070 6.058 6.043 6.024 6.001
100-07 6.062 6.062 6.062 6.049 6.033 6.013 5.989
100-08 6.054 6.054 6.053 6.040 6.023 6.002 5.977
100-09 6.046 6.046 6.045 6.031 6.014 5.992 5.966
100-10 6.038 6.038 6.037 6.022 6.004 5.981 5.954
- -----------------------------------------------------------------------------------------------------------------------------
100-11 6.029 6.029 6.028 6.013 5.994 5.970 5.942
100-12 6.021 6.021 6.020 6.004 5.984 5.960 5.930
100-13 6.013 6.013 6.012 5.995 5.975 5.949 5.918
100-14 6.005 6.005 6.003 5.986 5.965 5.938 5.906
100-15 5.996 5.996 5.995 5.977 5.955 5.928 5.894
100-16 5.988 5.988 5.987 5.968 5.946 5.917 5.883
- -----------------------------------------------------------------------------------------------------------------------------
WAL (YR) 4.40 4.40 4.38 4.03 3.68 3.32 2.96
MDUR (YR) 3.75 3.75 3.73 3.47 3.19 2.90 2.61
FIRST PRIN PAY 08/25/2003 08/25/2003 02/25/2003 12/25/2001 06/25/2001 01/25/2001 10/25/2000
LAST PRIN PAY 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
GREENWICH CAPITAL MARKETS, INC. 05-Mar-99 16:17:24 [wto]
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 1999-TBC1
(THE BOSTON COMPANY)
CLASS X
PRICE YIELD SENSITIVITY REPORT
Settlement 03/30/99
Class Balance $253,139,902
Cut-off Date 03/01/99
Bond Coupon 0.292%
Next Payment 04/25/99
Cleanup Call (5%) Yes
Accrued Interest Days 29
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 35% CPR 40% CPR 45% CPR 50% CPR
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0-12 69.294 64.331 59.362 47.533 28.889 18.070 5.688 -7.101
0-12+ 66.021 61.131 56.233 44.544 25.998 15.171 2.725 -10.102
0-13 63.035 58.212 53.377 41.815 23.347 12.504 -0.008 -12.879
0-13+ 60.299 55.538 50.761 39.312 20.905 10.042 -2.540 -15.458
0-14 57.783 53.079 48.355 37.007 18.647 7.760 -4.893 -17.860
0-14+ 55.461 50.809 46.135 34.877 16.553 5.638 -7.086 -20.106
- --------------------------------------------------------------------------------------------------------------------------------
0-15 53.312 48.709 44.079 32.901 14.603 3.659 -9.137 -22.212
0-15+ 51.317 46.758 42.170 31.064 12.782 1.807 -11.060 -24.190
0-16 49.458 44.942 40.391 29.350 11.077 0.070 -12.868 -26.054
0-16+ 47.723 43.246 38.730 27.747 9.477 -1.563 -14.572 -27.814
0-17 46.099 41.658 37.174 26.242 7.970 -3.103 -16.181 -29.479
0-17+ 44.576 40.168 35.714 24.828 6.548 -4.558 -17.703 -31.058
0-18 43.143 38.767 34.341 23.496 5.204 -5.936 -19.147 -32.558
0-18+ 41.793 37.447 33.045 22.237 3.931 -7.243 -20.518 -33.986
0-19 40.518 36.200 31.822 21.046 2.723 -8.485 -21.823 -35.346
0-19+ 39.313 35.020 30.664 19.917 1.574 -9.667 -23.067 -36.644
- --------------------------------------------------------------------------------------------------------------------------------
0-20 38.171 33.903 29.566 18.844 0.479 -10.794 -24.254 -37.886
- --------------------------------------------------------------------------------------------------------------------------------
0-20+ 37.086 32.841 28.524 17.824 -0.565 -11.871 -25.389 -39.074
0-21 36.056 31.832 27.532 16.852 -1.563 -12.900 -26.476 -40.213
0-21+ 35.075 30.871 26.587 15.924 -2.518 -13.886 -27.517 -41.305
0-22 34.139 29.955 25.685 15.037 -3.432 -14.831 -28.516 -42.355
0-22+ 33.246 29.080 24.824 14.188 -4.310 -15.739 -29.476 -43.365
0-23 32.393 28.243 23.999 13.374 -5.152 -16.611 -30.400 -44.338
0-23+ 31.576 27.442 23.210 12.594 -5.963 -17.450 -31.289 -45.275
0-24 30.793 26.675 22.453 11.844 -6.743 -18.259 -32.145 -46.179
0-24+ 30.043 25.938 21.726 11.124 -7.494 -19.038 -32.972 -47.052
0-25 29.322 25.231 21.028 10.430 -8.219 -19.790 -33.770 -47.895
- --------------------------------------------------------------------------------------------------------------------------------
0-25+ 28.629 24.550 20.356 9.761 -8.919 -20.517 -34.541 -48.711
0-26 27.962 23.896 19.709 9.116 -9.595 -21.219 -35.287 -49.500
0-26+ 27.320 23.265 19.085 8.494 -10.249 -21.899 -36.008 -50.265
0-27 26.701 22.657 18.484 7.892 -10.882 -22.557 -36.708 -51.007
0-27+ 26.105 22.070 17.903 7.311 -11.495 -23.195 -37.385 -51.726
0-28 25.528 21.503 17.341 6.748 -12.090 -23.813 -38.043 -52.424
- --------------------------------------------------------------------------------------------------------------------------------
MDUR (YR) 2.17 2.21 2.25 2.30 2.25 2.19 2.08 1.98
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
GREENWICH CAPITAL MARKETS, INC. 05-Mar-99 16:36:34 [wto]
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 1999-TBC1
(THE BOSTON COMPANY)
CLASS B-1
PRICE YIELD SENSITIVITY REPORT
Settlement 03/30/99
Class Balance $1,900,000
Cut-off Date 03/01/99
Bond Coupon 6.429%
Next Payment 04/25/99
Cleanup Put Yes
Accrued Interest Days 29
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
96-31+ 7.221 7.221 7.221 7.221 7.221 7.221 7.221
97-03+ 7.187 7.187 7.187 7.187 7.187 7.187 7.187
97-07+ 7.152 7.152 7.152 7.152 7.152 7.152 7.152
97-11+ 7.118 7.118 7.118 7.118 7.118 7.118 7.118
97-15+ 7.083 7.083 7.083 7.083 7.083 7.083 7.083
97-19+ 7.049 7.049 7.049 7.049 7.049 7.049 7.049
- ----------------------------------------------------------------------------------------------------------------------------
97-23+ 7.015 7.015 7.015 7.015 7.015 7.015 7.015
97-27+ 6.980 6.980 6.980 6.980 6.980 6.980 6.980
97-31+ 6.946 6.946 6.946 6.946 6.946 6.946 6.946
98-03+ 6.912 6.912 6.912 6.912 6.912 6.912 6.912
98-07+ 6.878 6.878 6.878 6.878 6.878 6.878 6.878
98-11+ 6.844 6.844 6.844 6.844 6.844 6.844 6.844
98-15+ 6.810 6.810 6.810 6.810 6.810 6.810 6.810
98-19+ 6.776 6.776 6.776 6.776 6.776 6.776 6.776
98-23+ 6.742 6.742 6.742 6.742 6.742 6.742 6.742
98-27+ 6.708 6.708 6.708 6.708 6.708 6.708 6.708
- ----------------------------------------------------------------------------------------------------------------------------
98-31+ 6.674 6.674 6.674 6.674 6.674 6.674 6.674
- ----------------------------------------------------------------------------------------------------------------------------
99-03+ 6.640 6.640 6.640 6.640 6.640 6.640 6.640
99-07+ 6.606 6.606 6.606 6.606 6.606 6.606 6.606
99-11+ 6.573 6.573 6.573 6.573 6.573 6.573 6.573
99-15+ 6.539 6.539 6.539 6.539 6.539 6.539 6.539
99-19+ 6.506 6.506 6.506 6.506 6.506 6.506 6.506
99-23+ 6.472 6.472 6.472 6.472 6.472 6.472 6.472
99-27+ 6.439 6.439 6.439 6.439 6.439 6.439 6.439
99-31+ 6.405 6.405 6.405 6.405 6.405 6.405 6.405
100-03+ 6.372 6.372 6.372 6.372 6.372 6.372 6.372
100-07+ 6.338 6.338 6.338 6.338 6.338 6.338 6.338
- ----------------------------------------------------------------------------------------------------------------------------
100-11+ 6.305 6.305 6.305 6.305 6.305 6.305 6.305
100-15+ 6.272 6.272 6.272 6.272 6.272 6.272 6.272
100-19+ 6.239 6.239 6.239 6.239 6.239 6.239 6.239
100-23+ 6.206 6.206 6.206 6.206 6.206 6.206 6.206
100-27+ 6.173 6.173 6.173 6.173 6.173 6.173 6.173
100-31+ 6.140 6.140 6.140 6.140 6.140 6.140 6.140
- ----------------------------------------------------------------------------------------------------------------------------
WAL (YR) 4.40 4.40 4.40 4.40 4.40 4.40 4.40
MDUR (YR) 3.72 3.72 3.72 3.72 3.72 3.72 3.72
FIRST PRIN PAY 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003
LAST PRIN PAY 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
GREENWICH CAPITAL MARKETS, INC. 05-Mar-99 16:43:32 [wto]
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 1999-TBC1
(THE BOSTON COMPANY)
CLASS B-2
PRICE YIELD SENSITIVITY REPORT
Settlement 03/30/99
Class Balance $1,265,000
Cut-off Date 03/01/99
Bond Coupon 6.429%
Next Payment 04/25/99
Cleanup Put Yes
Accrued Interest Days 29
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
95-28+ 7.527 7.527 7.527 7.527 7.527 7.527 7.527
96-00+ 7.492 7.492 7.492 7.492 7.492 7.492 7.492
96-04+ 7.457 7.457 7.457 7.457 7.457 7.457 7.457
96-08+ 7.422 7.422 7.422 7.422 7.422 7.422 7.422
96-12+ 7.387 7.387 7.387 7.387 7.387 7.387 7.387
96-16+ 7.352 7.352 7.352 7.352 7.352 7.352 7.352
- -----------------------------------------------------------------------------------------------------------------------------
96-20+ 7.317 7.317 7.317 7.317 7.317 7.317 7.317
96-24+ 7.282 7.282 7.282 7.282 7.282 7.282 7.282
96-28+ 7.247 7.247 7.247 7.247 7.247 7.247 7.247
97-00+ 7.213 7.213 7.213 7.213 7.213 7.213 7.213
97-04+ 7.178 7.178 7.178 7.178 7.178 7.178 7.178
97-08+ 7.144 7.144 7.144 7.144 7.144 7.144 7.144
97-12+ 7.109 7.109 7.109 7.109 7.109 7.109 7.109
97-16+ 7.075 7.075 7.075 7.075 7.075 7.075 7.075
97-20+ 7.040 7.040 7.040 7.040 7.040 7.040 7.040
97-24+ 7.006 7.006 7.006 7.006 7.006 7.006 7.006
- -----------------------------------------------------------------------------------------------------------------------------
97-28+ 6.972 6.972 6.972 6.972 6.972 6.972 6.972
- -----------------------------------------------------------------------------------------------------------------------------
98-00+ 6.937 6.937 6.937 6.937 6.937 6.937 6.937
98-04+ 6.903 6.903 6.903 6.903 6.903 6.903 6.903
98-08+ 6.869 6.869 6.869 6.869 6.869 6.869 6.869
98-12+ 6.835 6.835 6.835 6.835 6.835 6.835 6.835
98-16+ 6.801 6.801 6.801 6.801 6.801 6.801 6.801
98-20+ 6.767 6.767 6.767 6.767 6.767 6.767 6.767
98-24+ 6.733 6.733 6.733 6.733 6.733 6.733 6.733
98-28+ 6.699 6.699 6.699 6.699 6.699 6.699 6.699
99-00+ 6.665 6.665 6.665 6.665 6.665 6.665 6.665
99-04+ 6.632 6.632 6.632 6.632 6.632 6.632 6.632
- -----------------------------------------------------------------------------------------------------------------------------
99-08+ 6.598 6.598 6.598 6.598 6.598 6.598 6.598
99-12+ 6.564 6.564 6.564 6.564 6.564 6.564 6.564
99-16+ 6.531 6.531 6.531 6.531 6.531 6.531 6.531
99-20+ 6.497 6.497 6.497 6.497 6.497 6.497 6.497
99-24+ 6.464 6.464 6.464 6.464 6.464 6.464 6.464
99-28+ 6.430 6.430 6.430 6.430 6.430 6.430 6.430
- -----------------------------------------------------------------------------------------------------------------------------
WAL (YR) 4.40 4.40 4.40 4.40 4.40 4.40 4.40
MDUR (YR) 3.71 3.71 3.71 3.71 3.71 3.71 3.71
FIRST PRIN PAY 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003
LAST PRIN PAY 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
GREENWICH CAPITAL MARKETS, INC. 05-Mar-99 16:53:19 [wto]
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 1999-TBC1
(THE BOSTON COMPANY)
CLASS B-3
PRICE YIELD SENSITIVITY REPORT
Settlement 03/30/99
Class Balance $1,265,000
Cut-off Date 03/01/99
Bond Coupon 6.429%
Next Payment 04/25/99
Cleanup Put Yes
Accrued Interest Days 29
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
93-06+ 8.295 8.295 8.295 8.295 8.295 8.295 8.295
93-10+ 8.259 8.259 8.259 8.259 8.259 8.259 8.259
93-14+ 8.223 8.223 8.223 8.223 8.223 8.223 8.223
93-18+ 8.186 8.186 8.186 8.186 8.186 8.186 8.186
93-22+ 8.150 8.150 8.150 8.150 8.150 8.150 8.150
93-26+ 8.114 8.114 8.114 8.114 8.114 8.114 8.114
- -------------------------------------------------------------------------------------------------------------------------
93-30+ 8.078 8.078 8.078 8.078 8.078 8.078 8.078
94-02+ 8.042 8.042 8.042 8.042 8.042 8.042 8.042
94-06+ 8.006 8.006 8.006 8.006 8.006 8.006 8.006
94-10+ 7.970 7.970 7.970 7.970 7.970 7.970 7.970
94-14+ 7.935 7.935 7.935 7.935 7.935 7.935 7.935
94-18+ 7.899 7.899 7.899 7.899 7.899 7.899 7.899
94-22+ 7.863 7.863 7.863 7.863 7.863 7.863 7.863
94-26+ 7.827 7.827 7.827 7.827 7.827 7.827 7.827
94-30+ 7.792 7.792 7.792 7.792 7.792 7.792 7.792
95-02+ 7.756 7.756 7.756 7.756 7.756 7.756 7.756
- -------------------------------------------------------------------------------------------------------------------------
95-06+ 7.721 7.721 7.721 7.721 7.721 7.721 7.721
- -------------------------------------------------------------------------------------------------------------------------
95-10+ 7.685 7.685 7.685 7.685 7.685 7.685 7.685
95-14+ 7.650 7.650 7.650 7.650 7.650 7.650 7.650
95-18+ 7.615 7.615 7.615 7.615 7.615 7.615 7.615
95-22+ 7.580 7.580 7.580 7.580 7.580 7.580 7.580
95-26+ 7.544 7.544 7.544 7.544 7.544 7.544 7.544
95-30+ 7.509 7.509 7.509 7.509 7.509 7.509 7.509
96-02+ 7.474 7.474 7.474 7.474 7.474 7.474 7.474
96-06+ 7.439 7.439 7.439 7.439 7.439 7.439 7.439
96-10+ 7.404 7.404 7.404 7.404 7.404 7.404 7.404
96-14+ 7.369 7.369 7.369 7.369 7.369 7.369 7.369
- -------------------------------------------------------------------------------------------------------------------------
96-18+ 7.334 7.334 7.334 7.334 7.334 7.334 7.334
96-22+ 7.300 7.300 7.300 7.300 7.300 7.300 7.300
96-26+ 7.265 7.265 7.265 7.265 7.265 7.265 7.265
96-30+ 7.230 7.230 7.230 7.230 7.230 7.230 7.230
97-02+ 7.196 7.196 7.196 7.196 7.196 7.196 7.196
97-06+ 7.161 7.161 7.161 7.161 7.161 7.161 7.161
- -------------------------------------------------------------------------------------------------------------------------
WAL (YR) 4.40 4.40 4.40 4.40 4.40 4.40 4.40
MDUR (YR) 3.68 3.68 3.68 3.68 3.68 3.68 3.68
FIRST PRIN PAY 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003
LAST PRIN PAY 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003 08/25/2003
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
GREENWICH CAPITAL MARKETS, INC. 05-Mar-99 16:56:16 [wto]
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
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.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
03/05/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC1
02/11/99 Balances
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL CURRENT BALANCE: $ 253,139,901.88
NUMBER OF LOANS: 421
AVERAGE CURRENT BALANCE: $ 601,282.43 RANGE: $ 32,114.95 - $ 3,150,000.00
AVERAGE ORIGINAL BALANCE: $ 617,414.52 RANGE: $ 32,250.00 - $ 4,000,000.00
WEIGHTED AVERAGE NOTE RATE: 6.8160 % RANGE: 6.4500 - 7.1250 %
WEIGHTED AVERAGE GROSS MARGIN: 2.2490 % RANGE: 1.5000 - 2.2500 %
WEIGHTED AVERAGE MAX INT RATE: 11.81597 % RANGE: 11.45000 - 12.12500 %
WEIGHTED AVERAGE PERIOD RATE CAP: 2.0000 % RANGE: 2.0000 - 2.0000 %
WEIGHTED AVERAGE FICO SCORE(GT OF HI AND LO): 753 RANGE: 0 - 828
WEIGHTED AVERAGE HIGH FICO SCORE: 753 RANGE: 0 - 828
WEIGHTED AVERAGE LOW FICO SCORE: 731 RANGE: 0 - 818
WEIGHTED AVERAGE ORIGINAL LTV: 68.24 % RANGE: 23.91 - 100.00 %
WEIGHTED AVERAGE ORIGINAL LTC: 65.69 % RANGE: 6.47 - 90.00 %
WEIGHTED AVERAGE NEXT RATE RESET: 55.65 months RANGE: 53.00 - 58.00 months
WEIGHTED AVERAGE ORIGINAL TERM: 360 months RANGE: 360 - 360 months
WEIGHTED AVERAGE STATED REMAINING TERM: 354 months RANGE: 312 - 358 months
WEIGHTED AVERAGE SEASONING: 6 months RANGE: 2 - 48 months
TOP STATE CONCENTRATIONS ($): 19.47 % California, 19.40 % New York, 12.59 % Massachusetts
MAXIMUM ZIP CODE CONCENTRATION ($): 4.38 % 10021 (NYC, NY)
NOTE DATE: Jan 12, 1995 - Nov 30, 1998
FIRST PAY DATE: Mar 01, 1995 - Jan 01, 1999
RATE CHANGE DATE: Jul 01, 2003 - Dec 01, 2003
MATURITY DATE: Feb 01, 2025 - Dec 01, 2028
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C> <C>
INDEX: 1 YR LIBOR 253,139,901.88 100.00 421 100.00
DOCUMENTATION: Full Documentation 253,139,901.88 100.00 421 100.00
DELINQUENCY: CURRENT 253,139,901.88 100.00 421 100.00
CURRENT BALANCE: 32,114.95 - 100,000.00 508,343.18 0.20 8 1.90
100,000.01 - 200,000.00 2,409,226.89 0.95 15 3.56
200,000.01 - 300,000.00 13,900,296.95 5.49 52 12.35
300,000.01 - 400,000.00 30,327,114.09 11.98 84 19.95
400,000.01 - 500,000.00 32,680,653.11 12.91 71 16.86
500,000.01 - 600,000.00 25,291,092.18 9.99 45 10.69
600,000.01 - 700,000.00 20,373,659.61 8.05 31 7.36
700,000.01 - 800,000.00 18,842,271.91 7.44 25 5.94
800,000.01 - 900,000.00 14,591,995.35 5.76 17 4.04
900,000.01 - 1,000,000.00 27,690,986.18 10.94 28 6.65
1,000,000.01 - 1,100,000.00 12,892,589.99 5.09 12 2.85
1,100,000.01 - 1,200,000.00 8,212,893.27 3.24 7 1.66
1,200,000.01 - 1,300,000.00 3,750,000.00 1.48 3 0.71
1,300,000.01 - 1,400,000.00 5,550,000.00 2.19 4 0.95
1,400,000.01 - 1,500,000.00 11,950,000.00 4.72 8 1.90
1,500,000.01 - 1,600,000.00 1,600,000.00 0.63 1 0.24
1,600,000.01 - 1,700,000.00 1,700,000.00 0.67 1 0.24
1,700,000.01 - 1,800,000.00 1,701,000.00 0.67 1 0.24
1,800,000.01 - 1,900,000.00 3,706,250.00 1.46 2 0.48
2,100,000.01 - 2,200,000.00 4,312,500.00 1.70 2 0.48
2,400,000.01 - 2,500,000.00 2,499,029.17 0.99 1 0.24
2,600,000.01 - 2,700,000.00 2,650,000.00 1.05 1 0.24
2,800,000.01 - 2,900,000.00 2,850,000.00 1.13 1 0.24
> 3,000,000.00 3,150,000.00 1.24 1 0.24
</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.
(Fri Mar 5 11:43:25 EST 1999) [rmg] Page 1/4
<PAGE> 15
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.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
03/05/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC1
02/11/99 Balances
- -----------------------------------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C> <C> <C>
ORIGINAL BALANCE: 32,250.00 - 100,000.00 508,343.18 0.20 8 1.90
100,000.01 - 200,000.00 1,815,731.82 0.72 11 2.61
200,000.01 - 300,000.00 13,144,526.63 5.19 50 11.88
300,000.01 - 400,000.00 28,497,874.32 11.26 80 19.00
400,000.01 - 500,000.00 32,421,581.76 12.81 71 16.86
500,000.01 - 600,000.00 26,060,137.24 10.29 48 11.40
600,000.01 - 700,000.00 20,908,659.61 8.26 33 7.84
700,000.01 - 800,000.00 20,416,803.36 8.07 28 6.65
800,000.01 - 900,000.00 13,208,555.21 5.22 16 3.80
900,000.01 - 1,000,000.00 28,643,426.32 11.32 30 7.13
1,000,000.01 - 1,100,000.00 13,882,589.99 5.48 13 3.09
1,100,000.01 - 1,200,000.00 7,036,586.68 2.78 6 1.43
1,200,000.01 - 1,300,000.00 3,750,000.00 1.48 3 0.71
1,300,000.01 - 1,400,000.00 5,550,000.00 2.19 4 0.95
1,400,000.01 - 1,500,000.00 13,126,306.59 5.19 9 2.14
1,500,000.01 - 1,600,000.00 1,600,000.00 0.63 1 0.24
1,600,000.01 - 1,700,000.00 1,700,000.00 0.67 1 0.24
1,700,000.01 - 1,800,000.00 1,701,000.00 0.67 1 0.24
1,800,000.01 - 1,900,000.00 3,706,250.00 1.46 2 0.48
2,100,000.01 - 2,200,000.00 4,312,500.00 1.70 2 0.48
2,600,000.01 - 2,700,000.00 2,650,000.00 1.05 1 0.24
2,800,000.01 - 2,900,000.00 2,850,000.00 1.13 1 0.24
> 3,000,000.00 5,649,029.17 2.23 2 0.48
NOTE RATE: 6.4500 - 6.5000 37,149,160.11 14.68 65 15.44
6.5001 - 6.7500 54,760,986.41 21.63 94 22.33
6.7501 - 7.0000 147,579,145.82 58.30 240 57.01
7.0001 - 7.1250 13,650,609.54 5.39 22 5.23
GROSS MARGIN: 1.5000 350,000.00 0.14 1 0.24
2.2500 252,789,901.88 99.86 420 99.76
MAX INT RATE: 11.4500 - 11.5000 37,149,160.11 14.68 65 15.44
11.5001 - 11.7500 54,760,986.41 21.63 94 22.33
11.7501 - 12.0000 147,579,145.82 58.30 240 57.01
12.0001 - 12.1250 13,650,609.54 5.39 22 5.23
FICO SCORE(GT OF HI AND LO): <= 0 9,767,493.14 3.86 18 4.28
551 - 600 288,000.00 0.11 1 0.24
601 - 650 3,525,000.00 1.39 5 1.19
651 - 700 28,354,232.91 11.20 44 10.45
701 - 750 65,014,084.86 25.68 110 26.13
751 - 800 125,638,522.76 49.63 206 48.93
801 - 828 20,552,568.21 8.12 37 8.79
HIGH FICO SCORE: <= 0 20,157,866.86 7.96 40 9.50
551 - 600 288,000.00 0.11 1 0.24
601 - 650 2,625,000.00 1.04 4 0.95
651 - 700 24,946,168.82 9.85 38 9.03
701 - 750 67,251,357.17 26.57 110 26.13
751 - 800 117,318,940.82 46.35 191 45.37
801 - 828 20,552,568.21 8.12 37 8.79
LOW FICO SCORE: <= 0 6,943,177.14 2.74 13 3.09
501 - 550 288,000.00 0.11 1 0.24
601 - 650 10,881,275.51 4.30 17 4.04
651 - 700 46,781,442.43 18.48 71 16.86
701 - 750 91,155,313.79 36.01 148 35.15
751 - 800 90,954,206.48 35.93 162 38.48
801 - 818 6,136,486.53 2.42 9 2.14
</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.
(Fri Mar 5 11:43:25 EST 1999) [rmg] Page 2/4
<PAGE> 16
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.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
03/05/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC1
02/11/99 Balances
- ------------------------------------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C> <C> <C>
ORIGINAL LTV: 23.91 - 25.00 1,959,562.37 0.77 4 0.95
25.01 - 30.00 3,976,306.59 1.57 6 1.43
30.01 - 35.00 4,684,401.33 1.85 8 1.90
35.01 - 40.00 6,544,948.90 2.59 12 2.85
40.01 - 45.00 6,915,290.75 2.73 13 3.09
45.01 - 50.00 11,607,463.69 4.59 19 4.51
50.01 - 55.00 12,211,581.15 4.82 22 5.23
55.01 - 60.00 18,363,082.29 7.25 20 4.75
60.01 - 65.00 20,136,799.10 7.95 32 7.60
65.01 - 70.00 33,429,017.73 13.21 49 11.64
70.01 - 75.00 39,824,045.68 15.73 59 14.01
75.01 - 80.00 71,390,144.77 28.20 139 33.02
80.01 - 85.00 5,089,500.00 2.01 5 1.19
85.01 - 90.00 8,062,132.05 3.18 15 3.56
90.01 - 95.00 1,184,847.67 0.47 3 0.71
95.01 - 100.00 7,760,777.81 3.07 15 3.56
ORIGINAL LTC: 6.47 - 10.00 143,000.00 0.06 1 0.24
10.01 - 15.00 2,937,000.00 1.16 5 1.19
15.01 - 20.00 1,343,300.00 0.53 2 0.48
20.01 - 25.00 1,959,562.37 0.77 4 0.95
25.01 - 30.00 4,976,306.59 1.97 7 1.66
30.01 - 35.00 4,684,401.33 1.85 8 1.90
35.01 - 40.00 6,744,948.90 2.66 12 2.85
40.01 - 45.00 6,915,290.75 2.73 13 3.09
45.01 - 50.00 11,607,463.69 4.59 19 4.51
50.01 - 55.00 13,367,610.32 5.28 21 4.99
55.01 - 60.00 21,692,862.29 8.57 22 5.23
60.01 - 65.00 19,793,499.10 7.82 31 7.36
65.01 - 70.00 34,916,017.73 13.79 50 11.88
70.01 - 75.00 35,862,944.32 14.17 58 13.78
75.01 - 80.00 81,978,182.81 32.38 160 38.00
80.01 - 85.00 819,000.00 0.32 2 0.48
85.01 - 90.00 3,398,511.68 1.34 6 1.43
REMAINING TERM: 312 - 312 600,000.00 0.24 1 0.24
313 - 324 1,774,000.00 0.70 4 0.95
325 - 336 4,250,888.16 1.68 9 2.14
337 - 348 22,031,208.82 8.70 40 9.50
349 - 358 224,483,804.90 88.68 367 87.17
RATE CHANGE DATE: 07/01/03 1,027,500.00 0.41 3 0.71
08/01/03 39,575,129.88 15.63 63 14.96
09/01/03 90,215,373.88 35.64 146 34.68
10/01/03 64,440,264.57 25.46 116 27.55
11/01/03 30,876,276.15 12.20 52 12.35
12/01/03 27,005,357.40 10.67 41 9.74
BLANKET FLAG: No 226,497,243.33 89.48 394 93.59
Yes 26,642,658.55 10.52 27 6.41
PREPAY PENALTY: NO PREPAYMENT PENALTY 10,430,869.40 4.12 21 4.99
PREPAYMENT PENALTY 242,709,032.48 95.88 400 95.01
IO FLAG: No 2,988,330.52 1.18 7 1.66
Yes 250,151,571.36 98.82 414 98.34
OCCUPANCY: Primary 225,016,395.28 88.89 368 87.41
Second Home 28,123,506.60 11.11 53 12.59
</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.
(Fri Mar 5 11:43:25 EST 1999) [rmg] Page 3/4
<PAGE> 17
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.
<TABLE>
<CAPTION>
FOR INTERNAL USE ONLY
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY INFORMATION SHEET
03/05/99
MELLON RESIDENTIAL FUNDING CORPORATION Series 1999-TBC1
02/11/99 Balances
- -------------------------------------------------------------------------------------------------------------
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C>
PROPERTY TYPE: Single Family 150,892,724.31 59.61 241 57.24
PUD 33,501,547.09 13.23 57 13.54
Cooperative 30,343,659.95 11.99 74 17.58
Condominium 21,215,970.53 8.38 34 8.08
Single Family/Land 9,870,000.00 3.90 8 1.90
Single Family/Condo 3,101,000.00 1.23 3 0.71
PUD/Single Family 1,760,000.00 0.70 2 0.48
Single Family/Coop 1,455,000.00 0.57 1 0.24
Condominium/PUD 1,000,000.00 0.40 1 0.24
LOAN PURPOSE: Cash Out Refinance 53,690,405.72 21.21 90 21.38
Purchase 143,382,630.59 56.64 240 57.01
Rate/Term Refinance 56,066,865.57 22.15 91 21.62
STATE: Alabama 249,301.74 0.10 1 0.24
Arizona 7,522,551.67 2.97 16 3.80
Arizona/Nevada 1,225,000.00 0.48 1 0.24
California 49,295,322.01 19.47 63 14.96
California/Connecticut 1,500,000.00 0.59 1 0.24
Colorado 4,905,780.98 1.94 10 2.38
Connecticut 19,625,578.49 7.75 18 4.28
Delaware 909,780.00 0.36 2 0.48
District of Columbia 4,536,982.38 1.79 7 1.66
Florida 4,729,562.12 1.87 12 2.85
Florida/Ohio 634,000.00 0.25 1 0.24
Georgia 6,541,260.58 2.58 10 2.38
Hawaii 583,750.00 0.23 2 0.48
Idaho 1,314,779.76 0.52 2 0.48
Illinois 2,900,000.00 1.15 2 0.48
Indiana 383,358.75 0.15 1 0.24
Kansas 550,000.00 0.22 1 0.24
Kentucky 1,000,000.00 0.40 1 0.24
Maine 1,588,999.59 0.63 4 0.95
Maryland 8,339,698.77 3.29 16 3.80
Massachusetts 31,860,234.01 12.59 55 13.06
Michigan 425,000.00 0.17 2 0.48
Montana 1,355,000.00 0.54 2 0.48
New Hampshire 1,633,200.00 0.65 3 0.71
New Jersey 7,230,359.81 2.86 15 3.56
New Jersey/Vermont 1,000,000.00 0.40 1 0.24
New York 49,100,268.46 19.40 100 23.75
New York/Maine 1,300,000.00 0.51 1 0.24
New York/Pennsylvania 240,602.78 0.10 1 0.24
North Carolina 1,465,000.00 0.58 2 0.48
Ohio 1,032,000.00 0.41 2 0.48
Oregon 3,639,373.54 1.44 5 1.19
Pennsylvania 21,715,954.40 8.58 40 9.50
Pennsylvania/New York 535,000.00 0.21 1 0.24
Rhode Island 1,240,000.00 0.49 2 0.48
Tennessee 310,000.00 0.12 1 0.24
Texas 3,954,000.00 1.56 5 1.19
Vermont 648,000.00 0.26 2 0.48
Virginia 3,673,895.45 1.45 6 1.43
Washington 870,000.00 0.34 2 0.48
Wyoming 1,576,306.59 0.62 2 0.48
</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.
(Fri Mar 5 11:43:25 EST 1999) [rmg] Page 4/4
