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 26, 1997
MELLON RESIDENTIAL FUNDING CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated
as of September 30, 1997, which forms Mellon Bank Home Equity
Installment Loan Trust 1997-1, which will issue the Mortgage
Pass-Through Certificates, Series 1997-1)
MELLON RESIDENTIAL FUNDING CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-24453 23-2889067
(Commission File Number) (I.R.S. Employer
Identification No.)
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
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
December 26, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
January 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
March 25, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of September 30, 1997.
Date: March 10, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of December 26, 1997. 3
Monthly Remittance Statement to the Certificateholders
dated as of January 27, 1998. 5
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998. 8
Monthly Remittance Statement to the Certificateholders
dated as of March 25, 1998. 10
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 49,865,000.00 48,317,605.70 242,099.73 1,451,797.06
A-2 9,196,000.00 9,196,000.00 49,658.40 0.00
A-3 24,270,000.00 24,270,000.00 131,867.00 0.00
A-4 22,689,000.00 22,689,000.00 129,327.30 0.00
A-5 12,518,000.00 12,518,000.00 69,787.85 0.00
B 6,635,000.00 6,635,000.00 38,593.58 0.00
R 0.00 0.00 0.00 0.00
TOTALS 125,173,000.00 123,625,605.70 661,333.86 1,451,797.06
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,693,896.79 0.00 0.00 46,865,808.64
49,658.40 0.00 0.00 9,196,000.00
131,867.00 0.00 0.00 24,270,000.00
129,327.30 0.00 0.00 22,689,000.00
69,787.85 0.00 0.00 12,518,000.00
38,593.58 0.00 0.00 6,635,000.00
0.00 0.00 0.00 0.00
2,113,130.92 0.00 0.00 122,173,808.64
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 58550SAA8 968.968329 4.855103 29.114550
A-2 58550SAB6 1,000.000000 5.400000 0.000000
A-3 58550SAC4 1,000.000000 5.433333 0.000000
A-4 58550SAE0 1,000.000000 5.700000 0.000000
A-5 58550SAD2 1,000.000000 5.575000 0.000000
B 58550SAE0 1,000.000000 5.816666 0.000000
R 58550SAF7 0.000000 0.000000 0.000000
PRIOR PRINCIPAL PASS-THROUGH RATES
TOTAL BALANCE CURRENT NEXT
33.969654 939.853778 5.818750% 6.225000%
5.400000 1,000.000000 6.480000% 6.480000%
5.433333 1,000.000000 6.520000% 6.520000%
5.700000 1,000.000000 6.840000% 6.840000%
5.575000 1,000.000000 6.690000% 6.690000%
5.816666 1,000.000000 6.980000% 6.980000%
0.000000 0.000000 0.000000% 0.000000%
SELLER: MELLON BANK, N.A.
SERVICER: MELLON BANK, N.A.
LEAD UNDERWRITER: J.P. MORGAN & CO.
RECORD DATE: NOVEMBER 28, 1997
DISTRIBUTION DATE: DECEMBER 26, 1997
ADMINISTRATOR: BARBARA CAMPBELL BANKERS TRUST COMPANY
IRVINE, CA 92614 (800) 735-7777
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: DECEMBER 26, 1997
DELINQUENT AND FORECLOSURE LOAN INFORMATION* GROUP 1
30 TO 59 60 TO 89 90 PLUS LOANS IN
DAYS DAYS DAYS FORECLOSURE
PRINCIPAL BALANCE 524,157.00 91,475.00 0.00 120,437.00
PERCENTAGE OF POOL BALANCE 0.4280% 0.0747% 0.0000% 0.0983%
NUMBER OF LOANS 12 1 0 1
PERCENTAGE OF LOANS 0.4601% 0.0383% 0.0000% 0.0383%
LOANS IN LOSS IN
REO BANKRUPTCY
0.00 0.00
0.0000% 0.0000%
0 0
0.0000% 0.0000%
*FORECLOSURES, REOS, AND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY
BUCKETS
BEGINNING POOL BALANCE 123,728,815.12
ENDING POOL BALANCE 122,462,732.09
BEGINNING LOAN COUNT 2630
ENDING LOAN COUNT 2608
TOTAL PRINCIPAL COLLECTIONS 1,266,083.03
TOTAL INTEREST COLLECTIONS 854,068.15
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 22
AGGREGATE BALANCE OF PREPAYMENTS IN FULL 922,348.19
POOL REALIZED LOSSES 0.00
LIQUIDATION PROCEEDS 0.00
THE EXTRA PRINCIPAL DISTRIBUTION AMOUNT 185,714.03
THE OVERCOLLATERALIZATION AMOUNT 288,923.45
THE OVERCOLLATERALIZATION DEFICIENCY 962,806.55
ACCRUED SERVICING FEE FOR THE RELATED DUE PERIOD 51,553.67
LESS: COMPENSATING INTEREST (439.94)
DELINQUENT SERVICING FEES (7,886.18)
COLLECT SERVICING FEES FOR THE RELATED DUE PERIOD 43,227.55
DOES A TRIGGER EVENT EXIST? NO
PROPERTIES IN REO:
LOAN NUMBER: STATED PRINCIPAL BALANCE
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 49,865,000.00 46,865,808.64 251,220.20 1,430,736.03
A-2 9,196,000.00 9,196,000.00 49,658.40 0.00
A-3 24,270,000.00 24,270,000.00 131,867.00 0.00
A-4 22,689,000.00 22,689,000.00 129,327.30 0.00
A-5 12,518,000.00 12,518,000.00 69,787.85 0.00
B 6,635,000.00 6,635,000.00 38,593.58 0.00
R 0.00 0.00 0.00 0.00
TOTALS 125,173,000.00 122,173,808.64 670,454.39 1,430,736.03
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,681,956.29 0.00 0.00 45,435,072.61
49,658.40 0.00 0.00 9,196,000.00
131,867.00 0.00 0.00 24,270,000.00
129,327.30 0.00 0.00 22,689,000.00
69,787.85 0.00 0.00 12,518,000.00
38,593.58 0.00 0.00 6,635,000.00
0.00 0.00 0.00 0.00
2,101,190.42 0.00 0.00 120,743,072.61
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 58550SAA8 939.853778 5.038008 28.692190
A-2 58550SAB6 1,000.000000 5.400000 0.000000
A-3 58550SAC4 1,000.000000 5.433333 0.000000
A-4 58550SAE0 1,000.000000 5.700000 0.000000
A-5 58550SAD2 1,000.000000 5.575000 0.000000
B 58550SAE0 1,000.000000 5.816666 0.000000
R 58550SAF7 0.000000 0.000000 0.000000
PRIOR PRINCIPAL PASS-THROUGH RATES
TOTAL BALANCE CURRENT NEXT
33.730197 911.161589 6.225000% 5.756250%
5.400000 1,000.000000 6.480000% 6.480000%
5.433333 1,000.000000 6.520000% 6.520000%
5.700000 1,000.000000 6.840000% 6.840000%
5.575000 1,000.000000 6.690000% 6.690000%
5.816666 1,000.000000 6.980000% 6.980000%
0.000000 0.000000 0.000000% 0.000000%
SELLER: MELLON BANK, N.A.
SERVICER: MELLON BANK, N.A.
LEAD UNDERWRITER: J.P. MORGAN & CO.
RECORD DATE: DECEMBER 31, 1997
DISTRIBUTION DATE: JANUARY 26, 1998
ADMINISTRATOR: BARBARA CAMPBELL BANKERS TRUST COMPANY
IRVINE, CA 92614 (800) 735-7777
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
DELINQUENT AND FORECLOSURE LOAN INFORMATION* GROUP 1
30 TO 59 60 TO 89 90 PLUS LOANS IN
DAYS DAYS DAYS FORECLOSURE
PRINCIPAL BALANCE 601,278.00 16,524.00 0.00 120,437.00
PERCENTAGE OF POOL BALANCE 0.4965% 0.0136% 0.0000% 0.09995%
NUMBER OF LOANS 13 1 0 1
PERCENTAGE OF LOANS 0.5027% 0.0387% 0.0000% 0.0387%
LOANS IN LOSS IN
REO BANKRUPTCY
0.00 0.00
0.0000% 0.0000%
0 0
0.0000% 0.0000%
*FORECLOSURES, REOS, AND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY
BUCKETS
BEGINNING POOL BALANCE 122,462,732.09
ENDING POOL BALANCE 121,091,179.82
BEGINNING LOAN COUNT 2608
ENDING LOAN COUNT 2586
TOTAL PRINCIPAL COLLECTIONS 1,371,552.27
TOTAL INTEREST COLLECTIONS 972,939.19
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 22
AGGREGATE BALANCE OF PREPAYMENTS IN FULL 887,142.03
POOL REALIZED LOSSES 0.00
LIQUIDATION PROCEEDS 0.00
THE EXTRA PRINCIPAL DISTRIBUTION AMOUNT 59,183.76
THE OVERCOLLATERALIZATION AMOUNT 348,107.21
THE OVERCOLLATERALIZATION DEFICIENCY 903,622.79
ACCRUED SERVICING FEE FOR THE RELATED DUE PERIOD 51,026.14
LESS: COMPENSATING INTEREST (497.66)
DELINQUENT SERVICING FEES (9,924.18)
COLLECT SERVICING FEES FOR THE RELATED DUE PERIOD 40,604.30
DOES A TRIGGER EVENT EXIST? NO
PROPERTIES IN REO:
LOAN NUMBER: STATED PRINCIPAL BALANCE
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 49,865,000.00 45,435,072.61 217,946.36 1,505,618.49
A-2 9,196,000.00 9,196,000.00 49,658.40 0.00
A-3 24,270,000.00 24,270,000.00 131,867.00 0.00
A-4 22,689,000.00 22,689,000.00 129,327.30 0.00
A-5 12,518,000.00 12,518,000.00 69,787.85 0.00
B 6,635,000.00 6,635,000.00 38,593.58 0.00
R 0.00 0.00 0.00 0.00
TOTALS 125,173,000.00 120,743,072.61 637,180.49 1,505,618.49
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,723,564.85 0.00 0.00 43,929,454.12
49,658.40 0.00 0.00 9,196,000.00
131,867.00 0.00 0.00 24,270,000.00
129,327.30 0.00 0.00 22,689,000.00
69,787.85 0.00 0.00 12,518,000.00
38,593.58 0.00 0.00 6,635,000.00
0.00 0.00 0.00 0.00
2,142,798.98 0.00 0.00 119,237,454.12
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 58550SAA8 911.161589 4.370728 30.193893
A-2 58550SAB6 1,000.000000 5.400000 0.000000
A-3 58550SAC4 1,000.000000 5.433333 0.000000
A-4 58550SAE0 1,000.000000 5.700000 0.000000
A-5 58550SAD2 1,000.000000 5.575000 0.000000
B 58550SAE0 1,000.000000 5.816666 0.000000
R 58550SAF7 0.000000 0.000000 0.000000
PRIOR PRINCIPAL PASS-THROUGH RATES
TOTAL BALANCE CURRENT NEXT
34.564622 880.967695 5.756250% 5.756250%
5.400000 1,000.000000 6.480000% 6.480000%
5.433333 1,000.000000 6.520000% 6.520000%
5.700000 1,000.000000 6.840000% 6.840000%
5.575000 1,000.000000 6.690000% 6.690000%
5.816666 1,000.000000 6.980000% 6.980000%
0.000000 0.000000 0.000000% 0.000000%
SELLER: MELLON BANK, N.A.
SERVICER: MELLON BANK, N.A.
LEAD UNDERWRITER: J.P. MORGAN & CO.
RECORD DATE: JANUARY 30, 1998
DISTRIBUTION DATE: FEBRUARY 25, 1998
ADMINISTRATOR: BARBARA CAMPBELL BANKERS TRUST COMPANY
IRVINE, CA 92614 (800) 735-7777
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
DELINQUENT AND FORECLOSURE LOAN INFORMATION* GROUP 1
30 TO 59 60 TO 89 90 PLUS LOANS IN
DAYS DAYS DAYS FORECLOSURE
PRINCIPAL BALANCE 1,199,122.00 144,650.00 0.00 192,399.00
PERCENTAGE OF POOL BALANCE 1.0020% 0.1209% 0.0000% 0.1608%
NUMBER OF LOANS 25 2 0 2
PERCENTAGE OF LOANS 0.9750% 0.0780% 0.0000% 0.0780%
LOANS IN LOSS IN
REO BANKRUPTCY
0.00 0.00
0.0000% 0.0000%
0 0
0.0000% 0.0000%
*FORECLOSURES, REOS, AND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY
BUCKETS
BEGINNING POOL BALANCE 121,091,179.82
ENDING POOL BALANCE 119,668,336.96
BEGINNING LOAN COUNT 2586
ENDING LOAN COUNT 2564
TOTAL PRINCIPAL COLLECTIONS 1,422,842.86
TOTAL INTEREST COLLECTIONS 891,874.35
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 22
AGGREGATE BALANCE OF PREPAYMENTS IN FULL 1,052,607.68
POOL REALIZED LOSSES 0.00
LIQUIDATION PROCEEDS 0.00
THE EXTRA PRINCIPAL DISTRIBUTION AMOUNT 82,775.63
THE OVERCOLLATERALIZATION AMOUNT 430,882.84
THE OVERCOLLATERALIZATION DEFICIENCY 820,847.16
ACCRUED SERVICING FEE FOR THE RELATED DUE PERIOD 50,454.66
LESS: COMPENSATING INTEREST (577.31)
DELINQUENT SERVICING FEES (11,432.72)
COLLECT SERVICING FEES FOR THE RELATED DUE PERIOD 38,444.63
DOES A TRIGGER EVENT EXIST? NO
PROPERTIES IN REO:
LOAN NUMBER: STATED PRINCIPAL BALANCE
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 49,865,000.00 43,929,454.12 196,675.83 2,544,941.87
A-2 9,196,000.00 9,196,000.00 49,658.40 0.00
A-3 24,270,000.00 24,270,000.00 131,867.00 0.00
A-4 22,689,000.00 22,689,000.00 129,327.30 0.00
A-5 12,518,000.00 12,518,000.00 69,787.85 0.00
B 6,635,000.00 6,635,000.00 38,593.58 0.00
R 0.00 0.00 0.00 0.00
TOTALS 125,173,000.00 119,237,454.12 615,909.96 2,544,941.87
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,741,617.70 0.00 0.00 41,384,512.25
49,658.40 0.00 0.00 9,196,000.00
131,867.00 0.00 0.00 24,270,000.00
129,327.30 0.00 0.00 22,689,000.00
69,787.85 0.00 0.00 12,518,000.00
38,593.58 0.00 0.00 6,635,000.00
0.00 0.00 0.00 0.00
2,741,617.70 0.00 0.00 116,692,512.25
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 58550SAA8 880.967695 3.944166 51.036636
A-2 58550SAB6 1,000.000000 5.400000 0.000000
A-3 58550SAC4 1,000.000000 5.433333 0.000000
A-4 58550SAE0 1,000.000000 5.700000 0.000000
A-5 58550SAD2 1,000.000000 5.575000 0.000000
B 58550SAE0 1,000.000000 5.816666 0.000000
R 58550SAF7 0.000000 0.000000 0.000000
PRIOR PRINCIPAL PASS-THROUGH RATES
TOTAL BALANCE CURRENT NEXT
54.980802 829.931059 5.756250% 5.850000%
5.400000 1,000.000000 6.480000% 6.480000%
5.433333 1,000.000000 6.520000% 6.520000%
5.700000 1,000.000000 6.840000% 6.840000%
5.575000 1,000.000000 6.690000% 6.690000%
5.816666 1,000.000000 6.980000% 6.980000%
0.000000 0.000000 0.000000% 0.000000%
SELLER: MELLON BANK, N.A.
SERVICER: MELLON BANK, N.A.
LEAD UNDERWRITER: J.P. MORGAN & CO.
RECORD DATE: FEBRUARY 27, 1998
DISTRIBUTION DATE: MARCH 25, 1998
ADMINISTRATOR: BARBARA CAMPBELL BANKERS TRUST COMPANY
IRVINE, CA 92614 (800) 735-7777
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST 1997-1
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
DELINQUENT AND FORECLOSURE LOAN INFORMATION* GROUP 1
30 TO 59 60 TO 89 90 PLUS LOANS IN
DAYS DAYS DAYS FORECLOSURE
PRINCIPAL BALANCE 699,776.00 172,887.00 0.00 347,695.00
PERCENTAGE OF POOL BALANCE 0.5939% 0.1467% 0.0000% 0.2951%
NUMBER OF LOANS 14 4 0 4
PERCENTAGE OF LOANS 0.5551% 0.1586% 0.0000% 0.1586%
LOANS IN LOSS IN
REO BANKRUPTCY
99,892.15 0.00
0.0848% 0.0000%
1 0
0.0397% 0.0000%
*FORECLOSURES, REOS, AND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY
BUCKETS
BEGINNING POOL BALANCE 119,668,336.96
ENDING POOL BALANCE 117,826,358.55
BEGINNING LOAN COUNT 2564
ENDING LOAN COUNT 2522
TOTAL PRINCIPAL COLLECTIONS 1,841,978.41
TOTAL INTEREST COLLECTIONS 881,569.96
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 42
AGGREGATE BALANCE OF PREPAYMENTS IN FULL 1,360,520.10
POOL REALIZED LOSSES 0.00
LIQUIDATION PROCEEDS 0.00
THE EXTRA PRINCIPAL DISTRIBUTION AMOUNT 702,963.46
THE OVERCOLLATERALIZATION AMOUNT 1,133,846.30
THE OVERCOLLATERALIZATION DEFICIENCY 820,847.16
ACCRUED SERVICING FEE FOR THE RELATED DUE PERIOD 49,861.81
LESS: COMPENSATING INTEREST (1,396.53)
DELINQUENT SERVICING FEES (8,354.80)
COLLECT SERVICING FEES FOR THE RELATED DUE PERIOD 40,110.48
DOES A TRIGGER EVENT EXIST? NO
PROPERTIES IN REO:
LOAN NUMBER: STATED PRINCIPAL BALANCE
