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): April 25, 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
April 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
May 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
June 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: September 3, 1998 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 April 25, 1998. 2
Monthly Remittance Statement to the Certificateholders
dated as of May 25, 1998. 9
Monthly Remittance Statement to the Certificateholders
dated as of June 25, 1998. 21
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certficateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 294,377,000.00 267,541,684.41 1,434,123.88 12,890,687.16
A-2 77,052,000.00 77,052,000.00 413,027.65 0.00
A-3 24,911,000.00 24,911,000.00 133,532.31 0.00
A-4 45,952,000.00 45,952,000.00 246,319.98 0.00
A-5 70,826,000.00 65,900,471.27 354,721.57 1,752,130.93
X* 533,109,991.55 501,306,972.16 376,287.24 0.00
B-1 7,996,000.00 7,979,171.57 42,917.01 8,574.71
B-2 2,665,000.00 2,659,391.22 14,303.89 2,857.88
B-3 2,665,000.00 2,659,391.22 14,303.89 2,857.88
B-4 3,465,000.00 3,457,707.54 18,597.73 3,715.78
B-5 1,599,000.00 1,595,634.74 8,582.33 1,714.73
B-6 1,601,892.00 1,598,520.64 8,597.83 1,717.83
A-R 100.00 0.00 0.00 0.00
TOT. 533,109,992.00 501,306,972.61 3,065,315.31 14,664,256.90
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 14,324,811.04 0.00 0.00 254,650,997.25
A-2 413,027.65 0.00 0.00 77,052,000.00
A-3 133,532.31 0.00 0.00 24,911,000.00
A-4 246,319.98 0.00 0.00 45,952,000.00
A-5 2,106,852.50 0.00 0.00 64,148,340.34
X* 376,287.24 0.00 0.00 486,642,715.26
B-1 51,491.72 0.00 0.00 7,970,596.86
B-2 17,161.77 0.00 0.00 2,656,533.34
B-3 17,161.77 0.00 0.00 2,656,533.34
B-4 22,313.51 0.00 0.00 3,453,991.76
B-5 10,297.06 0.00 0.00 1,593,920.01
B-6 10,315.66 0.00 0.00 1,596,802.81
A-R 0.00 0.00 0.00 0.00
TOTALS 17,729,572.21 0.00 0.00 486,642,715.71
*Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 585525AA6 908.840312 4.871725 43.789723
A-2 585525AB4 1,000.000000 5.360375 0.000000
A-3 585525AC2 1,000.000000 5.360375 0.000000
A-4 585525AD0 1,000.000000 5.360376 0.000000
A-5 585525AE8 930.455924 5.008352 24.738527
X* 585525AF5 940.344357 0.705834 0.000000
B-1 585525AH1 997.895394 5.367310 1.072375
B-2 585525AJ7 997.895392 5.367313 1.072375
B-3 585525AK4 997.895392 5.367313 1.072375
B-4 585525AL2 997.895394 5.367310 1.072375
B-5 585525AM0 997.895397 5.367311 1.072376
B-6 585525AN8 997.895389 5.367297 1.072376
A-R 585525AG3 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL
TOTAL BALANCE
A-1 48.661448 865.050589
A-2 5.360375 1,000.000000
A-3 5.360375 1,000.000000
A-4 5.360376 1,000.000000
A-5 29.746880 905.717397
X* 0.705834 912.837356
B-1 6.439685 996.823019
B-2 6.439689 996.823017
B-3 6.439689 996.823017
B-4 6.439685 996.823019
B-5 6.439687 996.823021
B-6 6.439673 996.823013
A-R 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-1 6.500000 6.500000%
A-2 6.500000 6.500000%
A-3 6.500000 6.500000%
A-4 6.500000 6.500000%
A-5 6.500000 6.500000%
X* 0.909799 0.904313%
B-1 6.500000 6.500000%
B-2 6.500000 6.500000%
B-3 6.500000 6.500000%
B-4 6.500000 6.500000%
B-5 6.500000 6.500000%
B-6 6.500000 6.500000%
A-R 6.500000 6.500000%
SELLER: Mellon Mortgage Company
SERVICER: Mellon Mortgage Company
LEAD UNDERWRITER: Mellon Financial Markets, Inc.
RECORD DATE: March 31, 1998
DISTRIBUTION DATE: April 27, 1998
ADMINISTRATOR: Barbara Campbell
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: April 27, 1998
1 to 30 31 to 60 61 to 90
DELINQUENT LOAN INFO. Days Days Days
Group 1 PRINCIPAL BALANCE 3,911,185.51 606,448.74 0.00
% OF POOL BAL. 0.93177% 0.14447% 0.00000%
NUMBER OF LOANS 13 2 0
% OF POOL LOANS 0.96225% 0.14804% 0.000000
Group 2 PRINCIPAL BALANCE 1,123,180.71 0.00 0.00
% OF POOL BAL. 1.67934% 0.00000% 0.00000%
NUMBER OF LOANS 4 0 0
% OF POOL LOANS 1.86047 0.00000% 0.00000%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 3,911,185.51 606,448.74 0.00
% OF POOL BALANCE 0.93177% 0.14447% 0.00000%
NUMBER OF LOANS 13 2 0
% OF POOL LOANS 0.96225% 0.14804% 0.00000%
Group 2 PRINCIPAL BALANCE 1,123,180.71 0.00 0.00
% OF POOL BALANCE 1.67934% 0.00000% 0.00000%
NUMBER OF LOANS 4 0 0
% OF POOL LOANS 1.86047% 0.00000% 0.00000%
91+
DELINQUENT LOAN INFO. Days Total
Group 1 PRINCIPAL BALANCE 0.00 4,517,634.25
% OF POOL BAL. 0.00000% 1.07624%
NUMBER OF LOANS 0 15
% OF POOL LOANS 0.00000% 1.11029%
Group 2 PRINCIPAL BALANCE 0.00 1,123,180.71
% OF POOL BAL. 0.00000% 1.67934%
NUMBER OF LOANS 0 4
% OF POOL LOANS 0.00000% 1.86047%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 0.00 4,517,634.25
% OF POOL BALANCE 0.00000% 1.07624%
NUMBER OF LOANS 0 15
% OF POOL LOANS 0.00000% 1.11029%
Group 2 PRINCIPAL BALANCE 0.00 1,123,180.71
% OF POOL BALANCE 0.00000% 1.67934%
NUMBER OF LOANS 0 4
% OF POOL LOANS 0.00000% 1.86047%
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: April 27, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED 316,660.29 221,377.90 538,038.19
PREPYMTS. & CURTAILMENTS 12,586,620.56 1,539,598.15 14,126,218.71
REPURCHASES/SUBTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PRINCIPAL ADVANCED 267,759.90 182,249.75 450,009.65
LESS: DELINQUENT PRINCIPAL (267,759.90) (182,249.75) (450,009.65)
TOTAL PRINCIPAL 12,903,280.85 1,760,976.05 14,664,256.90
SOURCES OF INTEREST
SCHEDULED INTEREST 2,774,170.80 425,754.71 3,199,925.51
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS: DELINQUENT INT. (2,280,015.35) (343,111.89) (2,623,127.24)
LESS: PPIS ( 43,636.97) (5,333.53) (48,970.50)
LESS: CURRENT SERVICING FEES (16,030.80) (2,768.45) (18,799.25)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 16,030.80 2,768.45 18,799.25
PLUS: INT. ADVANCED AMT. 2,205,907.84 331,579.70 2,537,487.54
TOTAL INTEREST 2,656,426.32 408,888.99 3,065,315.31
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES 0.00 0.00 0.00
EXPENSES INCURRED BY SERVICER 0.00 0.00 0.00
TOTAL SOURCES
15,559,707.17 2,169,865.04 17,729,572.21
TOTAL REMITTANCE DUE 17,729,572.21
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: April 27, 1998
SERVICING FEES Group 1 Group 2 Total
ACCRUED SERVICING
FEE FOR THE CURRENT PERIOD: 16,030.80 2,768.45 18,799.25
REALIZED LOSSES Group 1 Group 2 Total
PRIOR CUMULATIVE REALIZED 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: 432,663,877.97 68,643,094.19 501,306,972.16
CURRENT PRINCIPAL
BALANCE OF POOL: 419,760,597.12 66,882,118.14 486,642,715.26
PRIOR NUMBER OF LOANS: 1,391 219 1,610
CURRENT NUMBER OF LOANS: 1,351 215 1,566
0 0 0
0 0 0.00
NUMBER OF LOANS PAID IN FULL: 40 4 44
CURRENT WEIGHTED
AVERAGE MORTGAGE RATE: 7.69421% 7.44293%
NEXT WEIGHTED
AVERAGE MORTGAGE RATE: 7.68819% 7.44169%
WEITGHTED AVERAGE
TERM TO MATURITY: 353 171
TRIGGER EVENTS Group 1 Group 2
SENIOR STEPDOWN CRITERIA MET? YES YES
SUBORDINATION CREDIT ENHANCEMENT Group 1 Group 2
SENIOR PREPAYMENT PERCENTAGE 100.00000% 100.00000%
SENIOR PERCENTAGE 96.02297% 96.00452%
SUBORDINATION PERCENTAGE 3.97703% 3.99548%
SENIOR CREDIT DEPLETION DATE? NO NO
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: April 27, 1998
UNPAID INTEREST SHORTFALL 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 5,013,069.72
CURRENT FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certficateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 294,377,000.00 254,650,997.25 1,366,986.04 10,289,899.77
A-2 77,052,000.00 77,052,000.00 413,621.03 0.00
A-3 24,911,000.00 24,911,000.00 133,724.15 0.00
A-4 45,952,000.00 45,952,000.00 246,673.85 0.00
A-5 70,826,000.00 64,148,340.34 347,165.85 965,364.63
X* 533,109,991.55 486,642,715.26 363,753.33 0.00
B-1 7,996,000.00 7,970,596.86 42,917.84 8,756.73
B-2 2,665,000.00 2,656,533.34 14,304.16 2,918.55
B-3 2,665,000.00 2,656,533.34 14,304.16 2,918.55
B-4 3,465,000.00 3,453,991.76 18,598.08 3,794.66
B-5 1,599,000.00 1,593,920.01 8,582.49 1,751.13
B-6 1,601,892.00 1,596,802.81 8,582.49 1,754.28
A-R 100.00 0.00 0.00 0.00
TOT. 533,109,992.00 486,642,715.71 2,979,229.00 11,277,158.30
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 11,656,885.81 0.00 0.00 244,361.097.48
A-2 413,621.03 0.00 0.00 77,052,000.00
A-3 133,724.15 0.00 0.00 24,911,000.00
A-4 246,673.85 0.00 0.00 45,952,000.00
A-5 1,312,530.48 0.00 0.00 63,182,975.71
X* 363,753.33 0.00 0.00 475,365,556.96
B-1 51,674.57 0.00 0.00 7,961,840.13
B-2 17,222.71 0.00 0.00 2,653,614.79
B-3 17,222.71 0.00 0.00 2,653,614.79
B-4 22,392.74 0.00 0.00 3,450,197.10
B-5 10,333.62 0.00 0.00 1,592,168.88
B-6 10,352.30 0.00 0.00 1,595,048.53
A-R 0.00 0.00 0.00 0.00
TOTALS 14,256,387.30 0.00 0.00 475,365,557.41
*Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 585525AA6 865.050589 4.643658 34.954836
A-2 585525AB4 1,000.000000 5.368076 0.000000
A-3 585525AC2 1,000.000000 5.368076 0.000000
A-4 585525AD0 1,000.000000 5.368076 0.000000
A-5 585525AE8 905.717397 4.901672 13.630088
X* 585525AF5 912.837356 0.682323 0.000000
B-1 585525AH1 996.823019 5.367414 1.095139
B-2 585525AJ7 996.823017 5.367415 1.095141
B-3 585525AK4 996.823017 5.367415 1.095141
B-4 585525AL2 996.823019 5.367411 1.095140
B-5 585525AM0 996.823021 5.367411 1.095141
B-6 585525AN8 996.823013 5.367416 1.095130
A-R 585525AG3 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL
TOTAL BALANCE
A-1 39.598494 830.095753
A-2 5.368076 1,000.000000
A-3 5.368076 1,000.000000
A-4 5.368076 1,000.000000
A-5 18.531761 892.087308
X* 0.682323 891.683826
B-1 6.462553 995.727880
B-2 6.462555 995.727876
B-3 6.462555 995.727876
B-4 6.462551 995.727879
B-5 6.462552 995.727880
B-6 6.462546 995.727883
A-R 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-1 6.500000 6.500000%
A-2 6.500000 6.500000%
A-3 6.500000 6.500000%
A-4 6.500000 6.500000%
A-5 6.500000 6.500000%
X* 0.904313 0.900178%
B-1 6.500000 6.500000%
B-2 6.500000 6.500000%
B-3 6.500000 6.500000%
B-4 6.500000 6.500000%
B-5 6.500000 6.500000%
B-6 6.500000 6.500000%
A-R 6.500000 6.500000%
SELLER: Mellon Mortgage Company
SERVICER: Mellon Mortgage Company
LEAD UNDERWRITER: Mellon Financial Markets, Inc.
RECORD DATE: April 30, 1998
DISTRIBUTION DATE: May 26, 1998
ADMINISTRATOR: Barbara Campbell
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
1 to 30 31 to 60 61 to 90
DELINQUENT LOAN INFO. Days Days Days
Group 1 PRINCIPAL BALANCE 2,067,025.88 0.00 606,001.11
% OF POOL BAL. 0.50482% 0.00000% 0.14800%
NUMBER OF LOANS 8 0 2
% OF POOL LOANS 0.60606% 0.00000% 0.15152%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BAL. 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 2,067,025.88 0.00 606,001.11
% OF POOL BALANCE 0.50482% 0.00000% 0.14800%
NUMBER OF LOANS 8 0 2
% OF POOL LOANS 0.60606% 0.00000% 0.15152%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
91+
DELINQUENT LOAN INFO. Days Total
Group 1 PRINCIPAL BALANCE 0.00 2,673,026.99
% OF POOL BAL. 0.00000% 0.65282%
NUMBER OF LOANS 0 10
% OF POOL LOANS 0.00000% 0.75758%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BAL. 0.00000% 0.00000%
NUMBER OF LOANS 0 4
% OF POOL LOANS 0.00000% 0.00000%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 0.00 2,673,026.99
% OF POOL BALANCE 0.00000% 0.65282%
NUMBER OF LOANS 0 10
% OF POOL LOANS 0.00000% 0.75758%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED 312,109.51 222,852.38 534,961.89
PREPYMTS. & CURTAILMENTS 9,990,575.16 751,621.25 10,742,196.41
REPURCHASES/SUBTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PRINCIPAL ADVANCED 266,030.68 189,255.72 455,286.40
LESS: DELINQUENT PRINCIPAL (266,030.68) (189,255.72) (455,286.40)
TOTAL PRINCIPAL 10,302,684.67 974,473.63 11,277,158.30
SOURCES OF INTEREST
SCHEDULED INTEREST 2,689,332.79 414,763.53 3,104,096.32
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS: DELINQUENT INT. (2,242,495.58) (352,569.99) (2,595,065.57)
LESS: PPIS (37,658.19) (2,428.28) (40,086.47)
LESS: CURRENT SERVICING FEES (14,525.53) (2,077.52) (16,603.05)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 14,525.53 2,077.52 16,603.05
PLUS: INT. ADVANCED AMT. 2,169,570.99 340,713.73 2,510,284.72
TOTAL INTEREST 2,578,750.01 400,478.99 2,979,229.00
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES 0.00 0.00 0.00
EXPENSES INCURRED BY SERVICER 0.00 0.00 0.00
TOTAL SOURCES
12,881,434.68 1,374,952.62 14,256,387.30
TOTAL REMITTANCE DUE 14,256,387.30
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
SERVICING FEES Group 1 Group 2 Total
ACCRUED SERVICING
FEE FOR THE CURRENT PERIOD: 14,525.53 2,077.52 16,603.05
REALIZED LOSSES Group 1 Group 2 Total
PRIOR CUMULATIVE REALIZED 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: 419,760,597.12 66,882,118.14 486,642,715.26
CURRENT PRINCIPAL
BALANCE OF POOL: 409,457,912.45 65,907,644.51 475,365,556.96
PRIOR NUMBER OF LOANS: 1,351 215 1,566
CURRENT NUMBER OF LOANS: 1,320 214 1,534
0 0 0
0 0 0.00
NUMBER OF LOANS PAID IN FULL: 31 1 32
CURRENT WEIGHTED
AVERAGE MORTGAGE RATE: 7.68819% 7.44169%
NEXT WEIGHTED
AVERAGE MORTGAGE RATE: 7.68415% 7.43916%
WEITGHTED AVERAGE
TERM TO MATURITY: 352 170
TRIGGER EVENTS Group 1 Group 2
SENIOR STEPDOWN CRITERIA MET? YES YES
SUBORDINATION CREDIT ENHANCEMENT Group 1 Group 2
SENIOR PREPAYMENT PERCENTAGE 100.00000% 100.00000%
SENIOR PERCENTAGE 95.90371% 95.91254%
SUBORDINATION PERCENTAGE 4.09629% 4.08746%
SENIOR CREDIT DEPLETION DATE? NO NO
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
UNPAID INTEREST SHORTFALL 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 4,866,427.15
CURRENT FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certficateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 294,377,000.00 254,650,997.25 1,366,986.04 10,289,899.77
A-2 77,052,000.00 77,052,000.00 413,621.03 0.00
A-3 24,911,000.00 24,911,000.00 133,724.15 0.00
A-4 45,952,000.00 45,952,000.00 246,673.85 0.00
A-5 70,826,000.00 64,148,340.34 347,165.85 965,364.63
X* 533,109,991.55 486,642,715.26 363,753.33 0.00
B-1 7,996,000.00 7,970,596.86 42,917.84 8,756.73
B-2 2,665,000.00 2,656,533.34 14,304.16 2,918.55
B-3 2,665,000.00 2,656,533.34 14,304.16 2,918.55
B-4 3,465,000.00 3,453,991.76 18,598.08 3,794.66
B-5 1,599,000.00 1,593,920.01 8,582.49 1,751.13
B-6 1,601,892.00 1,596,802.81 8,582.49 1,754.28
A-R 100.00 0.00 0.00 0.00
TOT. 533,109,992.00 486,642,715.71 2,979,229.00 11,277,158.30
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 11,656,885.81 0.00 0.00 244,361.097.48
A-2 413,621.03 0.00 0.00 77,052,000.00
A-3 133,724.15 0.00 0.00 24,911,000.00
A-4 246,673.85 0.00 0.00 45,952,000.00
A-5 1,312,530.48 0.00 0.00 63,182,975.71
X* 363,753.33 0.00 0.00 475,365,556.96
B-1 51,674.57 0.00 0.00 7,961,840.13
B-2 17,222.71 0.00 0.00 2,653,614.79
B-3 17,222.71 0.00 0.00 2,653,614.79
B-4 22,392.74 0.00 0.00 3,450,197.10
B-5 10,333.62 0.00 0.00 1,592,168.88
B-6 10,352.30 0.00 0.00 1,595,048.53
A-R 0.00 0.00 0.00 0.00
TOTALS 14,256,387.30 0.00 0.00 475,365,557.41
*Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 585525AA6 865.050589 4.643658 34.954836
A-2 585525AB4 1,000.000000 5.368076 0.000000
A-3 585525AC2 1,000.000000 5.368076 0.000000
A-4 585525AD0 1,000.000000 5.368076 0.000000
A-5 585525AE8 905.717397 4.901672 13.630088
X* 585525AF5 912.837356 0.682323 0.000000
B-1 585525AH1 996.823019 5.367414 1.095139
B-2 585525AJ7 996.823017 5.367415 1.095141
B-3 585525AK4 996.823017 5.367415 1.095141
B-4 585525AL2 996.823019 5.367411 1.095140
B-5 585525AM0 996.823021 5.367411 1.095141
B-6 585525AN8 996.823013 5.367416 1.095130
A-R 585525AG3 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL
TOTAL BALANCE
A-1 39.598494 830.095753
A-2 5.368076 1,000.000000
A-3 5.368076 1,000.000000
A-4 5.368076 1,000.000000
A-5 18.531761 892.087308
X* 0.682323 891.683826
B-1 6.462553 995.727880
B-2 6.462555 995.727876
B-3 6.462555 995.727876
B-4 6.462551 995.727879
B-5 6.462552 995.727880
B-6 6.462546 995.727883
A-R 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-1 6.500000 6.500000%
A-2 6.500000 6.500000%
A-3 6.500000 6.500000%
A-4 6.500000 6.500000%
A-5 6.500000 6.500000%
X* 0.904313 0.900178%
B-1 6.500000 6.500000%
B-2 6.500000 6.500000%
B-3 6.500000 6.500000%
B-4 6.500000 6.500000%
B-5 6.500000 6.500000%
B-6 6.500000 6.500000%
A-R 6.500000 6.500000%
SELLER: Mellon Mortgage Company
SERVICER: Mellon Mortgage Company
LEAD UNDERWRITER: Mellon Financial Markets, Inc.
RECORD DATE: April 30, 1998
DISTRIBUTION DATE: May 26, 1998
ADMINISTRATOR: Barbara Campbell
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
1 to 30 31 to 60 61 to 90
DELINQUENT LOAN INFO. Days Days Days
Group 1 PRINCIPAL BALANCE 2,067,025.88 0.00 606,001.11
% OF POOL BAL. 0.50482% 0.00000% 0.14800%
NUMBER OF LOANS 8 0 2
% OF POOL LOANS 0.60606% 0.00000% 0.15152%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BAL. 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 2,067,025.88 0.00 606,001.11
% OF POOL BALANCE 0.50482% 0.00000% 0.14800%
NUMBER OF LOANS 8 0 2
% OF POOL LOANS 0.60606% 0.00000% 0.15152%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
91+
DELINQUENT LOAN INFO. Days Total
Group 1 PRINCIPAL BALANCE 0.00 2,673,026.99
% OF POOL BAL. 0.00000% 0.65282%
NUMBER OF LOANS 0 10
% OF POOL LOANS 0.00000% 0.75758%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BAL. 0.00000% 0.00000%
NUMBER OF LOANS 0 4
% OF POOL LOANS 0.00000% 0.00000%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 0.00 2,673,026.99
% OF POOL BALANCE 0.00000% 0.65282%
NUMBER OF LOANS 0 10
% OF POOL LOANS 0.00000% 0.75758%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED 312,109.51 222,852.38 534,961.89
PREPYMTS. & CURTAILMENTS 9,990,575.16 751,621.25 10,742,196.41
REPURCHASES/SUBTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PRINCIPAL ADVANCED 266,030.68 189,255.72 455,286.40
LESS: DELINQUENT PRINCIPAL (266,030.68) (189,255.72) (455,286.40)
TOTAL PRINCIPAL 10,302,684.67 974,473.63 11,277,158.30
SOURCES OF INTEREST
SCHEDULED INTEREST 2,689,332.79 414,763.53 3,104,096.32
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS: DELINQUENT INT. (2,242,495.58) (352,569.99) (2,595,065.57)
LESS: PPIS (37,658.19) (2,428.28) (40,086.47)
LESS: CURRENT SERVICING FEES (14,525.53) (2,077.52) (16,603.05)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 14,525.53 2,077.52 16,603.05
PLUS: INT. ADVANCED AMT. 2,169,570.99 340,713.73 2,510,284.72
TOTAL INTEREST 2,578,750.01 400,478.99 2,979,229.00
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES 0.00 0.00 0.00
EXPENSES INCURRED BY SERVICER 0.00 0.00 0.00
TOTAL SOURCES
12,881,434.68 1,374,952.62 14,256,387.30
TOTAL REMITTANCE DUE 14,256,387.30
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
SERVICING FEES Group 1 Group 2 Total
ACCRUED SERVICING
FEE FOR THE CURRENT PERIOD: 14,525.53 2,077.52 16,603.05
REALIZED LOSSES Group 1 Group 2 Total
PRIOR CUMULATIVE REALIZED 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: 419,760,597.12 66,882,118.14 486,642,715.26
CURRENT PRINCIPAL
BALANCE OF POOL: 409,457,912.45 65,907,644.51 475,365,556.96
PRIOR NUMBER OF LOANS: 1,351 215 1,566
CURRENT NUMBER OF LOANS: 1,320 214 1,534
0 0 0
0 0 0.00
NUMBER OF LOANS PAID IN FULL: 31 1 32
CURRENT WEIGHTED
AVERAGE MORTGAGE RATE: 7.68819% 7.44169%
NEXT WEIGHTED
AVERAGE MORTGAGE RATE: 7.68415% 7.43916%
WEITGHTED AVERAGE
TERM TO MATURITY: 352 170
TRIGGER EVENTS Group 1 Group 2
SENIOR STEPDOWN CRITERIA MET? YES YES
SUBORDINATION CREDIT ENHANCEMENT Group 1 Group 2
SENIOR PREPAYMENT PERCENTAGE 100.00000% 100.00000%
SENIOR PERCENTAGE 95.90371% 95.91254%
SUBORDINATION PERCENTAGE 4.09629% 4.08746%
SENIOR CREDIT DEPLETION DATE? NO NO
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: May 26, 1998
UNPAID INTEREST SHORTFALL 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 4,866,427.15
CURRENT FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certficateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 294,377,000.00 244,361,097.48 1,323,622.61 7,926,779.94
A-2 77,052,000.00 77,052,000.00 417,365.00 0.00
A-3 24,911,000.00 24,911,000.00 134,934.58 0.00
A-4 45,952,000.00 45,952,000.00 248,906.67 0.00
A-5 70,826,000.00 63,182,975.71 342,241.12 1,033,839.64
X* 533,109,991.55 475,365,556.96 356,594.82 0.00
B-1 7,996,000.00 7,961,840.13 43,126.63 8,868.02
B-2 2,665,000.00 2,653,614.79 14,373.75 2,955.64
B-3 2,665,000.00 2,653,614.79 14,373.75 2,955.64
B-4 3,465,000.00 3,450,197.10 18,688.57 3,842.88
B-5 1,599,000.00 1,592,168.88 8,624.25 1,773.38
B-6 1,601,892.00 1,595,048.53 8,639.85 1,776.58
A-R 100.00 0.00 0.00 0.00
TOT. 533,109,992.00 475,365,557.41 2,931,491.60 8,982,791.72
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 9,250,402.55 0.00 0.00 236,434,317.54
A-2 417,365.00 0.00 0.00 77,052,000.00
A-3 134,934.58 0.00 0.00 24,911,000.00
A-4 248,906.67 0.00 0.00 45,952,000.00
A-5 1,376,080.76 0.00 0.00 62,149,136.07
X* 356,594.82 0.00 0.00 466,382,765.24
B-1 51,994.65 0.00 0.00 7,952,972.11
B-2 17,329.39 0.00 0.00 2,650,659.15
B-3 17,329.39 0.00 0.00 2,650,659.15
B-4 22,531.45 0.00 0.00 3,446,354.22
B-5 10,397.63 0.00 0.00 1,590,395.50
B-6 10,416.43 0.00 0.00 1,593,271.95
A-R 0.00 0.00 0.00 0.00
TOTALS 11,914,283.32 0.00 0.00 466,382,765.69
*Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 585525AA6 830.095753 4.496352 26.927307
A-2 585525AB4 1,000.000000 5.416667 0.000000
A-3 585525AC2 1,000.000000 5.416667 0.000000
A-4 585525AD0 1,000.000000 5.416667 0.000000
A-5 585525AE8 892.087308 4.832140 14.596894
X* 585525AF5 891.683826 0.668895 0.000000
B-1 585525AH1 995.727880 5.393526 1.109057
B-2 585525AJ7 995.727876 5.393527 1.109058
B-3 585525AK4 995.727876 5.393527 1.109058
B-4 585525AL2 995.727879 5.393527 1.109056
B-5 585525AM0 995.727880 5.393527 1.109056
B-6 585525AN8 995.727883 5.393528 1.109051
A-R 585525AG3 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL
TOTAL BALANCE
A-1 31.423659 830.168446
A-2 5.416667 1,000.000000
A-3 5.416667 1,000.000000
A-4 5.416667 1,000.000000
A-5 19.429034 877.490414
X* 0.668895 874.834035
B-1 6.502583 994.618823
B-2 6.502585 994.618818
B-3 6.502585 994.618818
B-4 6.502583 994.618823
B-5 6.502583 994.618824
B-6 6.502579 994.618832
A-R 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-1 6.500000 6.500000%
A-2 6.500000 6.500000%
A-3 6.500000 6.500000%
A-4 6.500000 6.500000%
A-5 6.500000 6.500000%
X* 0.900178 0.895975%
B-1 6.500000 6.500000%
B-2 6.500000 6.500000%
B-3 6.500000 6.500000%
B-4 6.500000 6.500000%
B-5 6.500000 6.500000%
B-6 6.500000 6.500000%
A-R 6.500000 6.500000%
SELLER: Mellon Mortgage Company
SERVICER: Mellon Mortgage Company
LEAD UNDERWRITER: Mellon Financial Markets, Inc.
RECORD DATE: May 29, 1998
DISTRIBUTION DATE: June 25, 1998
ADMINISTRATOR: Barbara Campbell
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: June 25, 1998
1 to 30 31 to 60 61 to 90
DELINQUENT LOAN INFO. Days Days Days
Group 1 PRINCIPAL BALANCE 2,363,493.07 0.00 0.00
% OF POOL BAL. 0.58864% 0.00000% 0.00000%
NUMBER OF LOANS 8 0 0
% OF POOL LOANS 0.61633% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 672,986.84 0.00 0.00
% OF POOL BAL. 1.03753% 0.00000% 0.00000%
NUMBER OF LOANS 2 0 0
% OF POOL LOANS 0.94340% 0.00000% 0.00000%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0
% OF POOL LOANS 0.00000% 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 2,363,493.07 0.00 0.00
% OF POOL BALANCE 0.58864% 0.00000% 0.00000%
NUMBER OF LOANS 8 0 0
% OF POOL LOANS 0.61633% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 672,986.84 0.00 0.00
% OF POOL BALANCE 1.03753% 0.00000% 0.00000%
NUMBER OF LOANS 2 0 0
% OF POOL LOANS 0.94340% 0.00000% 0.00000%
91+
DELINQUENT LOAN INFO. Days Total
Group 1 PRINCIPAL BALANCE 0.00 2,363,493.07
% OF POOL BAL. 0.00000% 0.58864%
NUMBER OF LOANS 0 8
% OF POOL LOANS 0.00000% 0.61633%
Group 2 PRINCIPAL BALANCE 0.00 672,986.84
% OF POOL BAL. 0.00000% 1.03753%
NUMBER OF LOANS 0 2
% OF POOL LOANS 0.00000% 0.94340%
FORCLOSURE LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
REO LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
BANKRUPTCY LOAN INFO.
Group 1 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00 0.00
% OF POOL BALANCE 0.00000% 0.00000%
NUMBER OF LOANS 0 0
% OF POOL LOANS 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 0.00 2,363,493.07
% OF POOL BALANCE 0.00000% 0.58864%
NUMBER OF LOANS 0 8
% OF POOL LOANS 0.00000% 0.61633%
Group 2 PRINCIPAL BALANCE 0.00 672,986.84
% OF POOL BALANCE 0.00000% 1.03753%
NUMBER OF LOANS 0 2
% OF POOL LOANS 0.00000% 0.94340%
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: June 25, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED 309,706.06 221,964.02 531,670.08
PREPYMTS. & CURTAILMENTS 7,630,069.87 821,051.77 8,451,121.64
REPURCHASES/SUBTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PRINCIPAL ADVANCED 276,875.76 198,315.02 475,190.78
LESS: DELINQUENT PRINCIPAL (276,875.76) (198,315.02) (475,190.78)
TOTAL PRINCIPAL 7,939,775.93 1,043,015.79 8,982,791.72
SOURCES OF INTEREST
SCHEDULED INTEREST 2,621,945.01 408,581.08 3,030,526.09
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS: DELINQUENT INT. (2,310,393.46) (361,984.15) (2,672,377.61)
LESS: PPIS (31,469.50) (1,525.97) (32,995.47)
LESS: CURRENT SERVICING FEES (10,103.27) (1,565.53) (11,668.80)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 31,469.50 1,525.97 32,995.47
PLUS: INT. ADVANCED AMT. 2,235,193.00 349,818.92 2,585,011.92
TOTAL INTEREST 2,536,641.28 394,850.32 2,931,491.60
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES 0.00 0.00 0.00
EXPENSES INCURRED BY SERVICER 0.00 0.00 0.00
TOTAL SOURCES
10,476,417.21 1,437,866.11 11,914,283.32
TOTAL REMITTANCE DUE 11,914,283.32
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: June 25, 1998
SERVICING FEES Group 1 Group 2 Total
ACCRUED SERVICING
FEE FOR THE CURRENT PERIOD: 10,103.27 1,565.53 11,668.80
REALIZED LOSSES Group 1 Group 2 Total
PRIOR CUMULATIVE REALIZED 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: 409,457,912.45 65,907,644.51 475,365,556.96
CURRENT PRINCIPAL
BALANCE OF POOL: 401,518,136.52 64,864,628.72 466,382,765.24
PRIOR NUMBER OF LOANS: 1,320 214 1,534
CURRENT NUMBER OF LOANS: 1,298 212 1,510
0 0 0
0 0 0.00
NUMBER OF LOANS PAID IN FULL: 22 2 24
CURRENT WEIGHTED
AVERAGE MORTGAGE RATE: 7.68415% 7.43916%
NEXT WEIGHTED
AVERAGE MORTGAGE RATE: 7.67990% 7.43595%
WEITGHTED AVERAGE
TERM TO MATURITY: 350 169
TRIGGER EVENTS Group 1 Group 2
SENIOR STEPDOWN CRITERIA MET? YES YES
SUBORDINATION CREDIT ENHANCEMENT Group 1 Group 2
SENIOR PREPAYMENT PERCENTAGE 100.00000% 100.00000%
SENIOR PERCENTAGE 95.80377% 95.86593%
SUBORDINATION PERCENTAGE 4.19623% 4.13407%
SENIOR CREDIT DEPLETION DATE? NO NO
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement to Certificateholders
Distribution Date: June 25, 1998
UNPAID INTEREST SHORTFALL 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 4,753,655.57
CURRENT FRAUD LOSS COVERAGE AMOUNT 5,331,100.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT 173,345.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
