SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 28, 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
December 28, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
January 25, 1999.
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: January 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
December 28, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
January 25, 1999.
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-1 294,377,000.00 166,675,672.92 902,826.56 16,932,963.68 17,
>835,790.24 0.00 0.00 149,742,709.24
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 52,536,195.61 284,571.06 2,601,417.47 2,
>885,988.53 0.00 0.00 49,934,778.14
X * 533,109,991.55 386,899,126.08 282,355.22 0.00
>282,355.22 0.00 0.00 367,342,177.76
B-1 7,996,000.00 7,908,154.72 42,835.84 9,026.01
> 51,861.85 0.00 0.00 7,899,128.71
B-2 2,665,000.00 2,635,721.89 14,276.83 3,008.29
> 17,285.12 0.00 0.00 2,632,713.60
B-3 2,665,000.00 2,635,721.89 14,276.83 3,008.29
> 17,285.12 0.00 0.00 2,632,713.60
B-4 3,465,000.00 3,426,932.98 18,562.55 3,911.35
> 22,473.90 0.00 0.00 3,423,021.63
B-5 1,599,000.00 1,581,433.14 8,566.10 1,804.98
> 10,371.08 0.00 0.00 1,579,628.16
B-6 1,601,892.00 1,584,293.38 8,581.59 1,808.25
> 10,389.84 0.00 0.00 1,582,485.13
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 533,109,992.00 386,899,126.53 2,378,058.83 19,556,948.32 21,
>935,007.15 0.00 0.00 367,342,178.21
* 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 566.198015 3.066906 57.521354
> 60.588260 508.676660 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 741.764262 4.017890 36.729696
> 40.747586 705.034566 6.500000% 6.500000%
X * 585525AF5 725.739776 0.529638 0.000000
> 0.529638 689.055136 0.875748% 0.868959%
B-1 585525AH1 989.013847 5.357159 1.128816
> 6.485974 987.885031 6.500000% 6.500000%
B-2 585525AJ7 989.013842 5.357159 1.128814
> 6.485974 987.885028 6.500000% 6.500000%
B-3 585525AK4 989.013842 5.357159 1.128814
> 6.485974 987.885028 6.500000% 6.500000%
B-4 585525AL2 989.013847 5.357157 1.128817
> 6.485974 987.885030 6.500000% 6.500000%
B-5 585525AM0 989.013846 5.357161 1.128818
> 6.485979 987.885028 6.500000% 6.500000%
B-6 585525AN8 989.013854 5.357159 1.128821
> 6.485980 987.885032 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: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
1 to 30 3
>1 to 60 61 to 90 91+
DELINQUENT LOAN INFORMATION Days
> Days Days Days Total
Group 1 PRINCIPAL BALANCE 4,656,046.39
>413,845.86 0.00 0.00 5,069,892.25
PERCENTAGE OF POOL BALANCE 1.47930%
> 0.13149% 0.00000% 0.00000% 1.61078%
NUMBER OF LOANS 16
> 1 0 0 17
PERCENTAGE OF POOL LOANS 1.53698%
> 0.09606% 0.00000% 0.00000% 1.63305%
Group 2 PRINCIPAL BALANCE 318,738.53
> 0.00 0.00 0.00 318,738.53
PERCENTAGE OF POOL BALANCE 0.60603%
> 0.00000% 0.00000% 0.00000% 0.60603%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.57143%
> 0.00000% 0.00000% 0.00000% 0.57143%
FORECLOSURE LOAN INFORMATION
Group 1 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
REO LOAN INFORMATION
Group 1 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
BANKRUPTCY LOAN INFORMATION
Group 1 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 4,656,046.39
>413,845.86 0.00 0.00 5,069,892.25
PERCENTAGE OF POOL BALANCE 1.47930%
> 0.13149% 0.00000% 0.00000% 1.61078%
NUMBER OF LOANS 16
> 1 0 0 17
PERCENTAGE OF POOL LOANS 1.53698%
> 0.09606% 0.00000% 0.00000% 1.63305%
Group 2 PRINCIPAL BALANCE 318,738.53
> 0.00 0.00 0.00 318,738.53
PERCENTAGE OF POOL BALANCE 0.60603%
> 0.00000% 0.00000% 0.00000% 0.60603%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.57143%
> 0.00000% 0.00000% 0.00000% 0.57143%
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL
> Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED
> 256,469.23 193,230.82 449,700.05
PREPAYMENTS & CURTAILMENTS
> 16,689,718.69 2,417,529.58 19,107,248.27
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 PRINCIPAL
> 0.00 0.00 0.00
PRINCIPAL ADVANCED
> 3,574.31 2,475.43 6,049.74
LESS: DELINQUENT PRINCIPAL
> (3,574.31) (2,475.43) (6,049.74)
TOTAL PRINCIPAL
> 16,946,187.92 2,610,760.40 19,556,948.32
SOURCES OF INTEREST
SCHEDULED INTEREST
> 2,116,873.04 341,789.77 2,458,662.81
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 INTEREST
> (28,868.47) (4,007.76) (32,876.23)
LESS: PPIS
> (68,530.66) (6,868.10) (75,398.76)
LESS: CURRENT SERVICING FEES
> (68,163.02) (11,365.09) (79,528.11)
LESS: REALIZED LOSSES
> 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST
> 68,530.66 6,868.10 75,398.76
PLUS: INTEREST ADVANCED AMOUNT
> 27,928.65 3,871.71 31,800.36
TOTAL INTEREST
> 2,047,770.20 330,288.63 2,378,058.83
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES
> 0.00 0.00 0.00
EXPENSES INCURRED BY SERVICER
> 0.00 0.00 0.00
TOTAL SOURCES
> 18,993,958.12 2,941,049.03 21,935,007.15
TOTAL REMITTANCE DUE
> 21,935,007.15
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
SERVICING FEES
> Group 1 Group 2 Total
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 68,163.02 11,365.09 79,528.11
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:
> 331,693,685.30 55,205,440.78 386,899,126.08
CURRENT PRINCIPAL BALANCE OF POOL:
> 314,747,497.38 52,594,680.38 367,342,177.76
PRIOR NUMBER OF LOANS:
> 1,092 184 1,276
CURRENT NUMBER OF LOANS:
> 1,041 175 1,216
> 0 0 0
> 0 0 0.00
NUMBER OF LOANS PAID IN FULL:
> 51 9 60
CURRENT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.65841% 7.42948%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.65136% 7.42507%
WEIGHTED AVERAGE TERM TO MATURITY:
> 343 161
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
> 94.84373% 95.16489%
SUBORDINATION PERCENTAGE
> 5.15627% 4.83511%
SENIOR CREDIT DEPLETION DATE?
> NO NO
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: December 28, 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
> 3,868,991.26
CURRENT FRAUD LOSS COVERAGE AMOUNT
> 5,331,100.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT
> 173,345.00
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers 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-1 294,377,000.00 149,742,709.24 811,106.34 14,044,468.00 14,
>855,574.34 0.00 0.00 135,698,241.24
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 49,934,778.14 270,480.05 3,114,153.93 3,
>384,633.98 0.00 0.00 46,820,624.21
X * 533,109,991.55 367,342,177.76 266,004.55 0.00
>266,004.55 0.00 0.00 350,160,764.81
B-1 7,996,000.00 7,899,128.71 42,786.95 9,115.55
> 51,902.50 0.00 0.00 7,890,013.16
B-2 2,665,000.00 2,632,713.60 14,260.53 3,038.14
> 17,298.67 0.00 0.00 2,629,675.46
B-3 2,665,000.00 2,632,713.60 14,260.53 3,038.14
> 17,298.67 0.00 0.00 2,629,675.46
B-4 3,465,000.00 3,423,021.63 18,541.37 3,950.15
> 22,491.52 0.00 0.00 3,419,071.48
B-5 1,599,000.00 1,579,628.16 8,556.32 1,822.88
> 10,379.20 0.00 0.00 1,577,805.28
B-6 1,601,892.00 1,582,485.13 8,571.79 1,826.16
> 10,397.95 0.00 0.00 1,580,658.97
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 533,109,992.00 367,342,178.21 2,255,774.68 17,181,412.95 19,
>437,187.63 0.00 0.00 350,160,765.26
* 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 508.676660 2.755332 47.709121
> 50.464453 460.967539 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 705.034566 3.818937 43.969078
> 47.788015 661.065487 6.500000% 6.500000%
X * 585525AF5 689.055136 0.498967 0.000000
> 0.498967 656.826491 0.868959% 0.864618%
B-1 585525AH1 987.885031 5.351044 1.140014
> 6.491058 986.745018 6.500000% 6.500000%
B-2 585525AJ7 987.885028 5.351043 1.140015
> 6.491058 986.745013 6.500000% 6.500000%
B-3 585525AK4 987.885028 5.351043 1.140015
> 6.491058 986.745013 6.500000% 6.500000%
B-4 585525AL2 987.885030 5.351045 1.140014
> 6.491059 986.745016 6.500000% 6.500000%
B-5 585525AM0 987.885028 5.351044 1.140013
> 6.491057 986.745016 6.500000% 6.500000%
B-6 585525AN8 987.885032 5.351041 1.140002
> 6.491043 986.745030 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: December 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
1 to 30 3
>1 to 60 61 to 90 91+
DELINQUENT LOAN INFORMATION Days
> Days Days Days Total
Group 1 PRINCIPAL BALANCE 3,139,918.61
>536,085.01 0.00 0.00 3,676,003.62
PERCENTAGE OF POOL BALANCE 1.04424%
> 0.17829% 0.00000% 0.00000% 1.22252%
NUMBER OF LOANS 12
> 2 0 0 14
PERCENTAGE OF POOL LOANS 1.20482%
> 0.20080% 0.00000% 0.00000% 1.40562%
Group 2 PRINCIPAL BALANCE 321,735.77
> 0.00 0.00 0.00 321,735.77
PERCENTAGE OF POOL BALANCE 0.65035%
> 0.00000% 0.00000% 0.00000% 0.65035%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.60606%
> 0.00000% 0.00000% 0.00000% 0.60606%
FORECLOSURE LOAN INFORMATION
Group 1 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
REO LOAN INFORMATION
Group 1 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
BANKRUPTCY LOAN INFORMATION
Group 1 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
Group 2 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
TOTAL
Group 1 PRINCIPAL BALANCE 3,139,918.61
>536,085.01 0.00 0.00 3,676,003.62
PERCENTAGE OF POOL BALANCE 1.04424%
> 0.17829% 0.00000% 0.00000% 1.22252%
NUMBER OF LOANS 12
> 2 0 0 14
PERCENTAGE OF POOL LOANS 1.20482%
> 0.20080% 0.00000% 0.00000% 1.40562%
Group 2 PRINCIPAL BALANCE 321,735.77
> 0.00 0.00 0.00 321,735.77
PERCENTAGE OF POOL BALANCE 0.65035%
> 0.00000% 0.00000% 0.00000% 0.65035%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.60606%
> 0.00000% 0.00000% 0.00000% 0.60606%
Page 2 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL
> Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED
> 247,847.66 184,556.44 432,404.10
PREPAYMENTS & CURTAILMENTS
> 13,810,077.68 2,938,931.17 16,749,008.85
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 PRINCIPAL
> 0.00 0.00 0.00
PRINCIPAL ADVANCED
> 46,778.62 29,134.59 75,913.21
LESS: DELINQUENT PRINCIPAL
> (46,778.62) (29,134.59) (75,913.21)
TOTAL PRINCIPAL
> 14,057,925.34 3,123,487.61 17,181,412.95
SOURCES OF INTEREST
SCHEDULED INTEREST
> 2,006,871.78 325,432.53 2,332,304.31
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 INTEREST
> (363,193.04) (49,346.90) (412,539.94)
LESS: PPIS
> (43,082.38) (5,652.94) (48,735.32)
LESS: CURRENT SERVICING FEES
> (53,741.91) (9,294.63) (63,036.54)
LESS: REALIZED LOSSES
> 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST
> 43,082.38 5,652.94 48,735.32
PLUS: INTEREST ADVANCED AMOUNT
> 351,362.55 47,684.30 399,046.85
TOTAL INTEREST
> 1,941,299.38 314,475.30 2,255,774.68
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES
> 0.00 0.00 0.00
EXPENSES INCURRED BY SERVICER
> 0.00 0.00 0.00
TOTAL SOURCES
> 15,999,224.72 3,437,962.91 19,437,187.63
TOTAL REMITTANCE DUE
> 19,437,187.63
Page 3 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
SERVICING FEES
> Group 1 Group 2 Total
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 53,741.91 9,294.63 63,036.54
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:
> 314,747,497.38 52,594,680.38 367,342,177.76
CURRENT PRINCIPAL BALANCE OF POOL:
> 300,689,572.04 49,471,192.77 350,160,764.81
PRIOR NUMBER OF LOANS:
> 1,041 175 1,216
CURRENT NUMBER OF LOANS:
> 996 165 1,161
> 0 0 0
> 0 0 0.00
NUMBER OF LOANS PAID IN FULL:
> 45 10 55
CURRENT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.65136% 7.42507%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.64712% 7.41707%
WEIGHTED AVERAGE TERM TO MATURITY:
> 341 160
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
> 94.57032% 94.94264%
SUBORDINATION PERCENTAGE
> 5.42968% 5.05736%
SENIOR CREDIT DEPLETION DATE?
> NO NO
Page 4 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
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
> 3,673,421.78
CURRENT FRAUD LOSS COVERAGE AMOUNT
> 3,673,421.78
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT
> 173,345.00
Page 5 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
