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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): July 27, 1998
MELLON RESIDENTIAL FUNDING CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated
as of January 1, 1998, which forms Mellon Bank Residential Funding
Mortgage Pass-Through Certificates, Series 1998-1.
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
July 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
October 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 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 January 1, 1998.
Date: December 29, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
July 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
October 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1998.
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 294,377,000.00 236,434,317.54 1,280,685.89 10,100,202.25 11,
>380,888.14 0.00 0.00 226,334,115.29
A-2 77,052,000.00 77,052,000.00 417,365.00 0.00
>417,365.00 0.00 0.00 77,052,000.00
A-3 24,911,000.00 24,911,000.00 134,934.58 0.00
>134,934.58 0.00 0.00 24,911,000.00
A-4 45,952,000.00 45,952,000.00 248,906.67 0.00
>248,906.67 0.00 0.00 45,952,000.00
A-5 70,826,000.00 62,149,136.07 336,641.15 2,085,679.02 2,
>422,320.17 0.00 0.00 60,063,457.05
X * 533,109,991.55 466,382,765.24 348,222.69 0.00
>348,222.69 0.00 0.00 454,174,781.87
B-1 7,996,000.00 7,952,972.11 43,078.60 8,840.00
> 51,918.60 0.00 0.00 7,944,132.11
B-2 2,665,000.00 2,650,659.15 14,357.74 2,946.30
> 17,304.04 0.00 0.00 2,647,712.85
B-3 2,665,000.00 2,650,659.15 14,357.74 2,946.30
> 17,304.04 0.00 0.00 2,647,712.85
B-4 3,465,000.00 3,446,354.22 18,667.75 3,830.74
> 22,498.49 0.00 0.00 3,442,523.48
B-5 1,599,000.00 1,590,395.50 8,614.64 1,767.78
> 10,382.42 0.00 0.00 1,588,627.72
B-6 1,601,892.00 1,593,271.95 8,630.22 1,770.98
> 10,401.20 0.00 0.00 1,591,500.97
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 533,109,992.00 466,382,765.69 2,874,462.67 12,207,983.37 15,
>082,446.04 0.00 0.00 454,174,782.32
* Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 585525AA6 803.168446 4.350496 34.310433
> 38.660928 768.858013 6.500000% 6.500000%
A-2 585525AB4 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-3 585525AC2 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-4 585525AD0 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525AE8 877.490414 4.753073 29.447929
> 34.201002 848.042485 6.500000% 6.500000%
X * 585525AF5 874.834035 0.653191 0.000000
> 0.653191 851.934477 0.895975% 0.895006%
B-1 585525AH1 994.618823 5.387519 1.105553
> 6.493072 993.513270 6.500000% 6.500000%
B-2 585525AJ7 994.618818 5.387520 1.105553
> 6.493073 993.513265 6.500000% 6.500000%
B-3 585525AK4 994.618818 5.387520 1.105553
> 6.493073 993.513265 6.500000% 6.500000%
B-4 585525AL2 994.618823 5.387518 1.105553
> 6.493071 993.513270 6.500000% 6.500000%
B-5 585525AM0 994.618824 5.387517 1.105553
> 6.493071 993.513271 6.500000% 6.500000%
B-6 585525AN8 994.618832 5.387517 1.105555
> 6.493072 993.513277 6.500000% 6.500000%
A-R 585525AG3 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.500000% 6.500000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 2,357,673. 0.00 0.00 0.00 2,357,673.0
>
> PERCENTA
>GE OF POOL BALANCE 0.60236% 0.00000% 0.00000% 0.00000% 0.60236%
>
> NUMBER O
>F LOANS 9 0 0 0 9
>
> PERCENTA
>GE OF POOL LOANS 0.70810% 0.00000% 0.00000% 0.00000% 0.70810%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 2,357,673. 0.00 0.00 0.00 2,357,673.0
>
> PERCENTA
>GE OF POOL BALANCE 0.60236% 0.00000% 0.00000% 0.00000% 0.60236%
>
> NUMBER O
>F LOANS 9 0 0 0 9
>
> PERCENTA
>GE OF POOL LOANS 0.70810% 0.00000% 0.00000% 0.00000% 0.70810%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
>
> Page 2 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 305,134.32 216,286.69 521,421.01
>
> PREPAYME
>NTS & CURTAILMENTS 9,808,115.40 1,878,446.96 11,686,562.36
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 10,438.68 6,112.77 16,551.45
>
> LESS: DE
>LINQUENT PRINCIPAL (10,438.68) (6,112.77)(16,551.45)
>
> TOTAL P
>RINCIPAL 10,113,249.72 2,094,733.65 12,207,983.37
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,569,683.79 401,941.96 2,971,625.7
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (86,633.31) (11,381.26)(98,014.57)
>
> LESS: PP
>IS (33,668.87) (7,012.55)(40,681.42)
>
> LESS: CU
>RRENT SERVICING FEES (80,832.86) (13,126.12)(93,958.98)
>
> LESS: RE
>ALIZED LOSSES 0.00 0.00 0.00
>
> PLUS: CO
>MPENSATING INTEREST 33,668.87 7,012.55 40,681.42
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 83,816.56 10,993.91 94,810.47
>
> TOTAL IN
>TEREST 2,486,034.18 388,428.49 2,874,462.6
>
> PERMITTE
>D WITHDRAWALS
> NONRECOV
>ERABLE ADVANCES 0.00 0.00 0.00
>
> EXPENSES
> INCURRED BY SERVICER 0.00 0.00 0.00
>
> TOTAL SO
>URCES
>
> 12,599,283.92,483,162.1415,082,446.
>
> TOTAL REMITTANCE DUE
> 15,082,446.04
>
>
> Page 3 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 80,832.86 13,126.12 93,958.98
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED LOSS 0.00 0.00 0.00
>
> CURRENT REALIZED LOSS
> 0.00 0.00 0.00
>
> TOTAL REALIZED LOSS
> 0.00 0.00 0.00
>
> POOL INFORMATION
> Group 1 Group 2 Total
>
> PRIOR PRINCIPAL BALANCE
> OF POOL: 401,518,136.64,864,628.7466,382,765
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 391,404,886.80 62,769,895.07 454,174,781.87
>
> PRIOR NUMBER OF LOANS:
> 1,299 212 1,511
>
> CURRENT NUMBER OF LOANS
>: 1,271 206 1,477
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 28 6 34
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.67990% 7.43595%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.67837% 7.43699%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 349 168
> TRIGGER EVENTS
> Group 1 Group 2
> SENIOR STEPDOWN CRITERI
>A MET? YES YES
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 95.72402% 95.81360%
> SUBORDINATION PERCENTAG
>E 4.27598% 4.18640%
> SENIOR CREDIT DEPLETION
> DATE? NO NO
>
> Page 4 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> UNPAID INTEREST SHORTFA
>LL Prior Current
>
> CLASS A-
>1 0.00 0.00
>
> CLASS A-
>2 0.00 0.00
>
> CLASS A-
>3 0.00 0.00
>
> CLASS A-
>4 0.00 0.00
>
> CLASS A-
>5 0.00 0.00
>
> CLASS X
> 0.00 0.00
>
> CLASS B-
>1 0.00 0.00
>
> CLASS B-
>2 0.00 0.00
>
> CLASS B-
>3 0.00 0.00
>
> CLASS B-
>4 0.00 0.00
>
> CLASS B-
>5 0.00 0.00
>
> CLASS B-
>6 0.00 0.00
>
> CLASS A-
>R 0.00 0.00
>
> LOSS COVERAGE
> CURRENT
>SPECIAL HAZARD LOSS COVERAGE AMOUNT 4,663,827.65
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
>
> Page 5 of 5 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 294,377,000.00 226,334,115.29 1,225,976.46 12,964,234.75 14,
>190,211.21 0.00 0.00 213,369,880.54
A-2 77,052,000.00 77,052,000.00 417,365.00 0.00
>417,365.00 0.00 0.00 77,052,000.00
A-3 24,911,000.00 24,911,000.00 134,934.58 0.00
>134,934.58 0.00 0.00 24,911,000.00
A-4 45,952,000.00 45,952,000.00 248,906.67 0.00
>248,906.67 0.00 0.00 45,952,000.00
A-5 70,826,000.00 60,063,457.05 325,343.73 1,510,168.72 1,
>835,512.45 0.00 0.00 58,553,288.33
X * 533,109,991.55 454,174,781.87 338,741.06 0.00
>338,741.06 0.00 0.00 439,678,053.12
B-1 7,996,000.00 7,944,132.11 43,030.72 8,929.27
> 51,959.99 0.00 0.00 7,935,202.84
B-2 2,665,000.00 2,647,712.85 14,341.78 2,976.05
> 17,317.83 0.00 0.00 2,644,736.80
B-3 2,665,000.00 2,647,712.85 14,341.78 2,976.05
> 17,317.83 0.00 0.00 2,644,736.80
B-4 3,465,000.00 3,442,523.48 18,647.00 3,869.42
> 22,516.42 0.00 0.00 3,438,654.06
B-5 1,599,000.00 1,588,627.72 8,605.07 1,785.63
> 10,390.70 0.00 0.00 1,586,842.09
B-6 1,601,892.00 1,591,500.97 8,620.63 1,788.86
> 10,409.49 0.00 0.00 1,589,712.11
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 533,109,992.00 454,174,782.32 2,798,854.48 14,496,728.75 17,
>295,583.23 0.00 0.00 439,678,053.57
* Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 585525AA6 768.858013 4.164648 44.039564
> 48.204212 724.818449 6.500000% 6.500000%
A-2 585525AB4 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-3 585525AC2 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-4 585525AD0 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525AE8 848.042485 4.593564 21.322236
> 25.915800 826.720249 6.500000% 6.500000%
X * 585525AF5 851.934477 0.635406 0.000000
> 0.635406 824.741723 0.895006% 0.889449%
B-1 585525AH1 993.513270 5.381531 1.116717
> 6.498248 992.396553 6.500000% 6.500000%
B-2 585525AJ7 993.513265 5.381531 1.116717
> 6.498248 992.396548 6.500000% 6.500000%
B-3 585525AK4 993.513265 5.381531 1.116717
> 6.498248 992.396548 6.500000% 6.500000%
B-4 585525AL2 993.513270 5.381530 1.116716
> 6.498245 992.396554 6.500000% 6.500000%
B-5 585525AM0 993.513271 5.381532 1.116717
> 6.498249 992.396554 6.500000% 6.500000%
B-6 585525AN8 993.513277 5.381530 1.116717
> 6.498247 992.396560 6.500000% 6.500000%
A-R 585525AG3 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.500000% 6.500000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 1,463,994. 0.00 0.00 0.00 1,463,994.6
>
> PERCENTA
>GE OF POOL BALANCE 0.38686% 0.00000% 0.00000% 0.00000% 0.38686%
>
> NUMBER O
>F LOANS 5 0 0 0 5
>
> PERCENTA
>GE OF POOL LOANS 0.40486% 0.00000% 0.00000% 0.00000% 0.40486%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 1,463,994. 0.00 0.00 0.00 1,463,994.6
>
> PERCENTA
>GE OF POOL BALANCE 0.38686% 0.00000% 0.00000% 0.00000% 0.38686%
>
> NUMBER O
>F LOANS 5 0 0 0 5
>
> PERCENTA
>GE OF POOL LOANS 0.40486% 0.00000% 0.00000% 0.00000% 0.40486%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
>
> Page 2 of 5 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 298,855.14 213,978.60 512,833.74
>
> PREPAYME
>NTS & CURTAILMENTS 12,678,478.81 1,305,416.20 13,983,895.01
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 245,270.89 168,955.03 414,225.92
>
> LESS: DE
>LINQUENT PRINCIPAL (245,270.89)(168,955.03)(414,225.92
>
> TOTAL P
>RINCIPAL 12,977,333.95 1,519,394.80 14,496,728.75
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,504,458.50 389,015.72 2,893,474.2
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (2,003,929.5(300,502.86)(2,304,432.
>
> LESS: PP
>IS (37,578.19) (4,265.45)(41,843.64)
>
> LESS: CU
>RRENT SERVICING FEES (16,265.82) (2,961.21)(19,227.03)
>
> LESS: RE
>ALIZED LOSSES 0.00 0.00 0.00
>
> PLUS: CO
>MPENSATING INTEREST 37,578.19 4,265.45 41,843.64
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 1,938,652.66 290,387.01 2,229,039.6
>
> TOTAL IN
>TEREST 2,422,915.82 375,938.66 2,798,854.4
>
> PERMITTE
>D WITHDRAWALS
> NONRECOV
>ERABLE ADVANCES 0.00 0.00 0.00
>
> EXPENSES
> INCURRED BY SERVICER 0.00 0.00 0.00
>
> TOTAL SO
>URCES
>
> 15,400,249.77 1,895,333.46 17,295,583.23
>
> TOTAL REMITTANCE DUE
> 17,295,583.23
>
>
> Page 3 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 16,265.82 2,961.21 19,227.03
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED LOSS 0.00 0.00 0.00
>
> CURRENT REALIZED LOSS
> 0.00 0.00 0.00
>
> TOTAL REALIZED LOSS
> 0.00 0.00 0.00
>
> POOL INFORMATION
> Group 1 Group 2 Total
>
> PRIOR PRINCIPAL BALANCE
> OF POOL: 391,404,886.62,769,895.0454,174,781
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 378,427,552.85 61,250,500.27 439,678,053.12
>
> PRIOR NUMBER OF LOANS:
> 1,271 206 1,477
>
> CURRENT NUMBER OF LOANS
>: 1,235 202 1,437
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 36 4 40
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.67837% 7.43699%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.67278% 7.43354%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 347 166
> TRIGGER EVENTS
> Group 1 Group 2
> SENIOR STEPDOWN CRITERI
>A MET? YES YES
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 95.61687% 95.68832%
> SUBORDINATION PERCENTAG
>E 4.38313% 4.31168%
> SENIOR CREDIT DEPLETION
> DATE? NO NO
>
> Page 4 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> UNPAID INTEREST SHORTFA
>LL Prior Current
>
> CLASS A-
>1 0.00 0.00
>
> CLASS A-
>2 0.00 0.00
>
> CLASS A-
>3 0.00 0.00
>
> CLASS A-
>4 0.00 0.00
>
> CLASS A-
>5 0.00 0.00
>
> CLASS X
> 0.00 0.00
>
> CLASS B-
>1 0.00 0.00
>
> CLASS B-
>2 0.00 0.00
>
> CLASS B-
>3 0.00 0.00
>
> CLASS B-
>4 0.00 0.00
>
> CLASS B-
>5 0.00 0.00
>
> CLASS B-
>6 0.00 0.00
>
> CLASS A-
>R 0.00 0.00
>
> LOSS COVERAGE
> CURRENT
>SPECIAL HAZARD LOSS COVERAGE AMOUNT 4,541,747.82
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
>
> Page 5 of 5 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 294,377,000.00 213,369,880.54 1,155,753.52 17,533,040.96 18,
>688,794.48 0.00 0.00 195,836,839.58
A-2 77,052,000.00 77,052,000.00 417,365.00 0.00
>417,365.00 0.00 0.00 77,052,000.00
A-3 24,911,000.00 24,911,000.00 134,934.58 0.00
>134,934.58 0.00 0.00 24,911,000.00
A-4 45,952,000.00 45,952,000.00 248,906.67 0.00
>248,906.67 0.00 0.00 45,952,000.00
A-5 70,826,000.00 58,553,288.33 317,163.65 1,923,636.26 2,
>240,799.91 0.00 0.00 56,629,652.07
X * 533,109,991.55 439,678,053.12 325,892.77 0.00
>325,892.77 0.00 0.00 420,199,003.29
B-1 7,996,000.00 7,935,202.84 42,982.35 8,948.20
> 51,930.55 0.00 0.00 7,926,254.64
B-2 2,665,000.00 2,644,736.80 14,325.66 2,982.36
> 17,308.02 0.00 0.00 2,641,754.44
B-3 2,665,000.00 2,644,736.80 14,325.66 2,982.36
> 17,308.02 0.00 0.00 2,641,754.44
B-4 3,465,000.00 3,438,654.06 18,626.04 3,877.63
> 22,503.67 0.00 0.00 3,434,776.43
B-5 1,599,000.00 1,586,842.09 8,595.39 1,789.42
> 10,384.81 0.00 0.00 1,585,052.67
B-6 1,601,892.00 1,589,712.11 8,610.94 1,792.64
> 10,403.58 0.00 0.00 1,587,919.47
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 533,109,992.00 439,678,053.57 2,707,482.23 19,479,049.83 22,
>186,532.06 0.00 0.00 420,199,003.74
* Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 585525AA6 724.818449 3.926100 59.559819
> 63.485919 665.258630 6.500000% 6.500000%
A-2 585525AB4 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-3 585525AC2 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-4 585525AD0 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525AE8 826.720249 4.478068 27.160030
> 31.638098 799.560219 6.500000% 6.500000%
X * 585525AF5 824.741723 0.611305 0.000000
> 0.611305 788.203204 0.889449% 0.884055%
B-1 585525AH1 992.396553 5.375481 1.119085
> 6.494566 991.277469 6.500000% 6.500000%
B-2 585525AJ7 992.396548 5.375482 1.119084
> 6.494567 991.277463 6.500000% 6.500000%
B-3 585525AK4 992.396548 5.375482 1.119084
> 6.494567 991.277463 6.500000% 6.500000%
B-4 585525AL2 992.396554 5.375481 1.119085
> 6.494566 991.277469 6.500000% 6.500000%
B-5 585525AM0 992.396554 5.375478 1.119087
> 6.494565 991.277467 6.500000% 6.500000%
B-6 585525AN8 992.396560 5.375481 1.119077
> 6.494558 991.277483 6.500000% 6.500000%
A-R 585525AG3 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.500000% 6.500000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 269,943.84 0.00 0.00 0.00 269,943.84
>
> PERCENTA
>GE OF POOL BALANCE 0.07480% 0.00000% 0.00000% 0.00000% 0.07480%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.08453% 0.00000% 0.00000% 0.00000% 0.08453%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 269,943.84 0.00 0.00 0.00 269,943.84
>
> PERCENTA
>GE OF POOL BALANCE 0.07480% 0.00000% 0.00000% 0.00000% 0.07480%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.08453% 0.00000% 0.00000% 0.00000% 0.08453%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
>
> Page 2 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 289,563.14 210,180.72 499,743.86
>
> PREPAYME
>NTS & CURTAILMENTS 17,256,594.91,722,711.0118,979,305.97
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 4,526.19 0.00 4,526.19
>
> LESS: DE
>LINQUENT PRINCIPAL (4,526.19) 0.00 (4,526.19)
>
> TOTAL P
>RINCIPAL 17,546,158.10 1,932,891.73 19,479,049.83
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,419,658.70 379,423.12 2,799,081.8
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (24,406.04) 0.00 (24,406.04)
>
> LESS: PP
>IS 0.00 0.00 0.00
>
> LESS: CU
>RRENT SERVICING FEES (78,065.27) (12,760.52)(90,825.79)
>
> LESS: RE
>ALIZED LOSSES 0.00 0.00 0.00
>
> PLUS: CO
>MPENSATING INTEREST 0.00 0.00 0.00
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 23,632.24 0.00 23,632.24
>
> TOTAL IN
>TEREST 2,340,819.63 366,662.60 2,707,482.2
>
> PERMITTE
>D WITHDRAWALS
> NONRECOV
>ERABLE ADVANCES 0.00 0.00 0.00
>
> EXPENSES
> INCURRED BY SERVICER 0.00 0.00 0.00
>
> TOTAL SO
>URCES
>
> 19,886,977.72,299,554.3322,186,532.
>
> TOTAL REMITTANCE DUE
> 22,186,532.06
>
>
> Page 3 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 78,065.27 12,760.52 90,825.79
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED LOSS 0.00 0.00 0.00
>
> CURRENT REALIZED LOSS
> 0.00 0.00 0.00
>
> TOTAL REALIZED LOSS
> 0.00 0.00 0.00
>
> POOL INFORMATION
> Group 1 Group 2 Total
>
> PRIOR PRINCIPAL BALANCE
> OF POOL: 378,427,552.61,250,500.2439,678,053
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 360,881,394.75 59,317,608.54 420,199,003.29
>
> PRIOR NUMBER OF LOANS:
> 1,235 202 1,437
>
> CURRENT NUMBER OF LOANS
>: 1,183 197 1,380
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 52 5 57
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.67278% 7.43354%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.66748% 7.43073%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 346 165
> TRIGGER EVENTS
> Group 1 Group 2
> SENIOR STEPDOWN CRITERI
>A MET? YES YES
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 95.47003% 95.59642%
> SUBORDINATION PERCENTAG
>E 4.52997% 4.40358%
> SENIOR CREDIT DEPLETION
> DATE? NO NO
>
> Page 4 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> UNPAID INTEREST SHORTFA
>LL Prior Current
>
> CLASS A-
>1 0.00 0.00
>
> CLASS A-
>2 0.00 0.00
>
> CLASS A-
>3 0.00 0.00
>
> CLASS A-
>4 0.00 0.00
>
> CLASS A-
>5 0.00 0.00
>
> CLASS X
> 0.00 0.00
>
> CLASS B-
>1 0.00 0.00
>
> CLASS B-
>2 0.00 0.00
>
> CLASS B-
>3 0.00 0.00
>
> CLASS B-
>4 0.00 0.00
>
> CLASS B-
>5 0.00 0.00
>
> CLASS B-
>6 0.00 0.00
>
> CLASS A-
>R 0.00 0.00
>
> LOSS COVERAGE
> CURRENT
>SPECIAL HAZARD LOSS COVERAGE AMOUNT 4,396,780.53
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
>
> Page 5 of 5 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 294,377,000.00 195,836,839.58 1,060,782.88 14,117,739.05 15,
>178,521.93 0.00 0.00 181,719,100.53
A-2 77,052,000.00 77,052,000.00 417,365.00 0.00
>417,365.00 0.00 0.00 77,052,000.00
A-3 24,911,000.00 24,911,000.00 134,934.58 0.00
>134,934.58 0.00 0.00 24,911,000.00
A-4 45,952,000.00 45,952,000.00 248,906.67 0.00
>248,906.67 0.00 0.00 45,952,000.00
A-5 70,826,000.00 56,629,652.07 306,743.95 1,133,647.77 1,
>440,391.72 0.00 0.00 55,496,004.30
X * 533,109,991.55 420,199,003.29 309,566.04 0.00
>309,566.04 0.00 0.00 404,924,845.08
B-1 7,996,000.00 7,926,254.64 42,933.88 9,107.69
> 52,041.57 0.00 0.00 7,917,146.95
B-2 2,665,000.00 2,641,754.44 14,309.50 3,035.52
> 17,345.02 0.00 0.00 2,638,718.92
B-3 2,665,000.00 2,641,754.44 14,309.50 3,035.52
> 17,345.02 0.00 0.00 2,638,718.92
B-4 3,465,000.00 3,434,776.43 18,605.04 3,946.74
> 22,551.78 0.00 0.00 3,430,829.69
B-5 1,599,000.00 1,585,052.67 8,585.70 1,821.31
> 10,407.01 0.00 0.00 1,583,231.36
B-6 1,601,892.00 1,587,919.47 8,601.23 1,824.61
> 10,425.84 0.00 0.00 1,586,094.86
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 533,109,992.00 420,199,003.74 2,585,643.97 15,274,158.21 17,
>859,802.18 0.00 0.00 404,924,845.53
* Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 585525AA6 665.258630 3.603484 47.958023
> 51.561508 617.300606 6.500000% 6.500000%
A-2 585525AB4 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-3 585525AC2 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-4 585525AD0 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525AE8 799.560219 4.330951 16.006096
> 20.337047 783.554123 6.500000% 6.500000%
X * 585525AF5 788.203204 0.580679 0.000000
> 0.580679 759.552159 0.884055% 0.880405%
B-1 585525AH1 991.277469 5.369420 1.139031
> 6.508450 990.138438 6.500000% 6.500000%
B-2 585525AJ7 991.277463 5.369418 1.139032
> 6.508450 990.138432 6.500000% 6.500000%
B-3 585525AK4 991.277463 5.369418 1.139032
> 6.508450 990.138432 6.500000% 6.500000%
B-4 585525AL2 991.277469 5.369420 1.139030
> 6.508450 990.138439 6.500000% 6.500000%
B-5 585525AM0 991.277467 5.369418 1.139031
> 6.508449 990.138437 6.500000% 6.500000%
B-6 585525AN8 991.277483 5.369419 1.139034
> 6.508454 990.138449 6.500000% 6.500000%
A-R 585525AG3 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.500000% 6.500000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 2,115,151. 0.00 0.00 0.00 2,115,151.0
>
> PERCENTA
>GE OF POOL BALANCE 0.60999% 0.00000% 0.00000% 0.00000% 0.60999%
>
> NUMBER O
>F LOANS 7 0 0 0 7
>
> PERCENTA
>GE OF POOL LOANS 0.61350% 0.00000% 0.00000% 0.00000% 0.61350%
>
> Group 2 PRINCIPA
>L BALANCE 519,195.51 0.00 0.00 0.00 519,195.51
>
> PERCENTA
>GE OF POOL BALANCE 0.89248% 0.00000% 0.00000% 0.00000% 0.89248%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.51546% 0.00000% 0.00000% 0.00000% 0.51546%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 2,115,151. 0.00 0.00 0.00 2,115,151.0
>
> PERCENTA
>GE OF POOL BALANCE 0.60999% 0.00000% 0.00000% 0.00000% 0.60999%
>
> NUMBER O
>F LOANS 7 0 0 0 7
>
> PERCENTA
>GE OF POOL LOANS 0.61350% 0.00000% 0.00000% 0.00000% 0.61350%
>
> Group 2 PRINCIPA
>L BALANCE 519,195.51 0.00 0.00 0.00 519,195.51
>
> PERCENTA
>GE OF POOL BALANCE 0.89248% 0.00000% 0.00000% 0.00000% 0.89248%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.51546% 0.00000% 0.00000% 0.00000% 0.51546%
>
>
> Page 2 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 280,834.53 208,350.46 489,184.99
>
> PREPAYME
>NTS & CURTAILMENTS 13,850,234.58 934,738.64 14,784,973.22
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 3,597.07 1,672.39 5,269.46
>
> LESS: DE
>LINQUENT PRINCIPAL (3,597.07) (1,672.39) (5,269.46)
>
> TOTAL P
>RINCIPAL 14,131,069.11 1,143,089.10 15,274.21
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,305,874.39 367,311.03 2,673,185.42
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (13,620.06) (3,299.05)(16,919.11)
>
> LESS: PP
>IS 0.00 0.00 0.00
>
> LESS: CU
>RRENT SERVICING FEES (74,742.97) (12,249.67)(86,992.64)
>
> LESS: RE
>ALIZED LOSSES 0.00 0.00 0.00
>
> PLUS: CO
>MPENSATING INTEREST 0.00 0.00 0.00
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 13,179.41 3,190.89 16,370.30
>
> TOTAL IN
>TEREST 2,230,690.77 354,953.20 2,585,643.97
>
> PERMITTE
>D WITHDRAWALS
> NONRECOV
>ERABLE ADVANCES 0.00 0.00 0.00
>
> EXPENSES
> INCURRED BY SERVICER 0.00 0.00 0.00
>
> TOTAL SO
>URCES
>
> 16,361,759.81,498,042.3017,859,802.
>
> TOTAL REMITTANCE DUE
> 17,859,802.18
>
>
> Page 3 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 74,742.97 12,249.67 86,992.64
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED LOSS 0.00 0.00 0.00
>
> CURRENT REALIZED LOSS
> 0.00 0.00 0.00
>
> TOTAL REALIZED LOSS
> 0.00 0.00 0.00
>
> POOL INFORMATION
> Group 1 Group 2 Total
>
> PRIOR PRINCIPAL BALANCE
> OF POOL: 360,881,394.59,317,608.5420,199,003
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 346,750,325.64 58,174,519.44 404,924,845.08
>
> PRIOR NUMBER OF LOANS:
> 1,183 197 1,380
>
> CURRENT NUMBER OF LOANS
>: 1,141 194 1,335
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 42 3 45
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.66748% 7.43073%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.66403% 7.42996%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 345 164
> TRIGGER EVENTS
> Group 1 Group 2
> SENIOR STEPDOWN CRITERI
>A MET? YES YES
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 95.25341% 95.46854%
> SUBORDINATION PERCENTAG
>E 4.74659% 4.53146%
> SENIOR CREDIT DEPLETION
> DATE? NO NO
>
> Page 4 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> UNPAID INTEREST SHORTFA
>LL Prior Current
>
> CLASS A-
>1 0.00 0.00
>
> CLASS A-
>2 0.00 0.00
>
> CLASS A-
>3 0.00 0.00
>
> CLASS A-
>4 0.00 0.00
>
> CLASS A-
>5 0.00 0.00
>
> CLASS X
> 0.00 0.00
>
> CLASS B-
>1 0.00 0.00
>
> CLASS B-
>2 0.00 0.00
>
> CLASS B-
>3 0.00 0.00
>
> CLASS B-
>4 0.00 0.00
>
> CLASS B-
>5 0.00 0.00
>
> CLASS B-
>6 0.00 0.00
>
> CLASS A-
>R 0.00 0.00
>
> LOSS COVERAGE
> CURRENT
>SPECIAL HAZARD LOSS COVERAGE AMOUNT 4,201,990.03
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
>
> Page 5 of 5 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 294,377,000.00 181,719,100.53 984,311.79 15,043,427.61 16,
>027,739.40 0.00 0.00 166,675,672.92
A-2 77,052,000.00 77,052,000.00 417,365.00 0.00
>417,365.00 0.00 0.00 77,052,000.00
A-3 24,911,000.00 24,911,000.00 134,934.58 0.00
>134,934.58 0.00 0.00 24,911,000.00
A-4 45,952,000.00 45,952,000.00 248,906.67 0.00
>248,906.67 0.00 0.00 45,952,000.00
A-5 70,826,000.00 55,496,004.30 300,603.36 2,959,808.69 3,
>260,412.05 0.00 0.00 52,536,195.61
X * 533,109,991.55 404,924,845.08 297,081.65 0.00
>297,081.65 0.00 0.00 386,899,126.08
B-1 7,996,000.00 7,917,146.95 42,884.55 8,992.23
> 51,876.78 0.00 0.00 7,908,154.72
B-2 2,665,000.00 2,638,718.92 14,293.06 2,997.03
> 17,290.09 0.00 0.00 2,635,721.89
B-3 2,665,000.00 2,638,718.92 14,293.06 2,997.03
> 17,290.09 0.00 0.00 2,635,721.89
B-4 3,465,000.00 3,430,829.69 18,583.66 3,896.71
> 22,480.37 0.00 0.00 3,426,932.98
B-5 1,599,000.00 1,583,231.36 8,575.84 1,798.22
> 10,374.06 0.00 0.00 1,581,433.14
B-6 1,601,892.00 1,586,094.86 8,591.35 1,801.48
> 10,392.83 0.00 0.00 1,584,293.38
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 533,109,992.00 404,924,845.53 2,490,424.57 18,025,719.00 20,
>516,143.57 0.00 0.00 386,899,126.53
* Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 585525AA6 617.300606 3.343712 51.102592
> 54.446303 566.198015 6.500000% 6.500000%
A-2 585525AB4 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-3 585525AC2 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-4 585525AD0 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525AE8 783.554123 4.244252 41.789861
> 46.034112 741.764262 6.500000% 6.500000%
X * 585525AF5 759.552159 0.557261 0.000000
> 0.557261 725.739776 0.880405% 0.875748%
B-1 585525AH1 990.138438 5.363250 1.124591
> 6.487841 989.013847 6.500000% 6.500000%
B-2 585525AJ7 990.138432 5.363250 1.124589
> 6.487839 989.013842 6.500000% 6.500000%
B-3 585525AK4 990.138432 5.363250 1.124589
> 6.487839 989.013842 6.500000% 6.500000%
B-4 585525AL2 990.138439 5.363250 1.124592
> 6.487841 989.013847 6.500000% 6.500000%
B-5 585525AM0 990.138437 5.363252 1.124590
> 6.487842 989.013846 6.500000% 6.500000%
B-6 585525AN8 990.138449 5.363252 1.124595
> 6.487847 989.013854 6.500000% 6.500000%
A-R 585525AG3 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.500000% 6.500000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 2,773,644. 0.00 0.00 0.00 2,773,644.2
>
> PERCENTA
>GE OF POOL BALANCE 0.83621% 0.00000% 0.00000% 0.00000% 0.83621%
>
> NUMBER O
>F LOANS 11 0 0 0 11
>
> PERCENTA
>GE OF POOL LOANS 1.00733% 0.00000% 0.00000% 0.00000% 1.00733%
>
> Group 2 PRINCIPA
>L BALANCE 413,029.52 0.00 0.00 0.00 413,029.52
>
> PERCENTA
>GE OF POOL BALANCE 0.74817% 0.00000% 0.00000% 0.00000% 0.74817%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.54348% 0.00000% 0.00000% 0.00000% 0.54348%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 2,773,644. 0.00 0.00 0.00 2,773,644.2
>
> PERCENTA
>GE OF POOL BALANCE 0.83621% 0.00000% 0.00000% 0.00000% 0.83621%
>
> NUMBER O
>F LOANS 11 0 0 0 11
>
> PERCENTA
>GE OF POOL LOANS 1.00733% 0.00000% 0.00000% 0.00000% 1.00733%
>
> Group 2 PRINCIPA
>L BALANCE 413,029.52 0.00 0.00 0.00 413,029.52
>
> PERCENTA
>GE OF POOL BALANCE 0.74817% 0.00000% 0.00000% 0.00000% 0.74817%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.54348% 0.00000% 0.00000% 0.00000% 0.54348%
>
>
> Page 2 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 267,671.06 201,333.87 469,004.93
>
> PREPAYME
>NTS & CURTAILMENTS 14,788,969.28 2,767,744.79 17,556,714.07
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 239,660.59 176,146.70 415,807.29
>
> LESS: DE
>LINQUENT PRINCIPAL (239,660.59)(176,146.70)(415,807.29
>
> TOTAL P
>RINCIPAL 15,056,640.34 2,969,078.66 18,025,719.00
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,214,588.80 360,195.10 2,574,783.9
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (1,901,590.3(302,568.53)(2,204,158.
>
> LESS: PP
>IS (46,018.33) (6,366.11)(52,384.44)
>
> LESS: CU
>RRENT SERVICING FEES (10,180.95) (1,929.40)(12,110.35)
>
> LESS: RE
>ALIZED LOSSES 0.00 0.00 0.00
>
> PLUS: CO
>MPENSATING INTEREST 46,018.33 6,366.11 52,384.44
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 1,839,531.69 292,378.24 2,131,909.9
>
> TOTAL IN
>TEREST 2,142,349.16 348,075.41 2,490,424.5
>
> PERMITTE
>D WITHDRAWALS
> NONRECOV
>ERABLE ADVANCES 0.00 0.00 0.00
>
> EXPENSES
> INCURRED BY SERVICER 0.00 0.00 0.00
>
> TOTAL SO
>URCES
>
> 17,198,989.53,317,154.0720,516,143.
>
> TOTAL REMITTANCE DUE
> 20,516,143.57
>
>
> Page 3 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 10,180.95 1,929.40 12,110.35
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED LOSS 0.00 0.00 0.00
>
> CURRENT REALIZED LOSS
> 0.00 0.00 0.00
>
> TOTAL REALIZED LOSS
> 0.00 0.00 0.00
>
> POOL INFORMATION
> Group 1 Group 2 Total
>
> PRIOR PRINCIPAL BALANCE
> OF POOL: 346,750,325.58,174,519.4404,924,845
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 331,693,685.30 55,205,440.78 386,899,126.08
>
> PRIOR NUMBER OF LOANS:
> 1,141 194 1,335
>
> CURRENT NUMBER OF LOANS
>: 1,092 184 1,276
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 49 10 59
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.66403% 7.42996%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.65841% 7.42948%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 344 162
> TRIGGER EVENTS
> Group 1 Group 2
> SENIOR STEPDOWN CRITERI
>A MET? YES YES
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 95.06382% 95.39572%
> SUBORDINATION PERCENTAG
>E 4.93618% 4.60428%
> SENIOR CREDIT DEPLETION
> DATE? NO NO
>
> Page 4 of 5 COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> UNPAID INTEREST SHORTFA
>LL Prior Current
>
> CLASS A-
>1 0.00 0.00
>
> CLASS A-
>2 0.00 0.00
>
> CLASS A-
>3 0.00 0.00
>
> CLASS A-
>4 0.00 0.00
>
> CLASS A-
>5 0.00 0.00
>
> CLASS X
> 0.00 0.00
>
> CLASS B-
>1 0.00 0.00
>
> CLASS B-
>2 0.00 0.00
>
> CLASS B-
>3 0.00 0.00
>
> CLASS B-
>4 0.00 0.00
>
> CLASS B-
>5 0.00 0.00
>
> CLASS B-
>6 0.00 0.00
>
> CLASS A-
>R 0.00 0.00
>
> LOSS COVERAGE
> CURRENT
>SPECIAL HAZARD LOSS COVERAGE AMOUNT 4,049,248.45
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
>
> Page 5 of 5 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
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