March 16, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates, Series 1998-TBC1.
File No. 333-24453-05.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement
dated as of December 1, 1998 (the "Pooling and Servicing
Agreement") among Mellon Residential Funding Corporation, as
Depositor (the "Depositor"), Boston Safe Deposit and Trust Company, a
Massachusetts trust company, as seller (in such capacity, the
"Seller") and Mortgage Company, as seller (the "Seller") and as
master servicer (in such capacity, the "Master Servicer"), and
Bankers Trust Company of California, N.A., as trustee (the "Trustee")
is a Current Report on Form 8-K (the "Report").
The Depositor will form a trust fund, and the trust fund will issue
Mortgage Pass-Through Certificates, Series 1998-TBC1. The Depositor
is offering only Class A-1, Class A-2, Class A-3, and Class X. The
Mortgage Pass-Through Certificates, Series 1998-TBC1 will consist of
the Class A-1, Class A-2, Class A-3, Class X and Class A-R
Certificates (collectively, the "Senior Certificates") and the Class
B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-5 and Class
B-6 Certificates (collectively, the "Subordinated Certificates").
The Senior Certificates and the Subordinated Certificates are
collectively referred to as the "Certificates". Only the Senior
Certificates and the Class B-1, Class B-2, Class B-3 Certificates
(collectively, the "Offered Certificates") are offered hereby.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-24453). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Mellon Bank Residential Funding Mortgage
Pass-Through Certificates, Series 1998-TBC1.
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): January 25, 1999
MELLON RESIDENTIAL FUNDING CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated
as of December 1, 1998, which forms Mellon Bank Residential Funding
Mortgage Pass-Through Certificates, Series 1998-TBC1.
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-TBC1
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-24453-05 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
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 December 1, 1999.
Date: March 16, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of January 25, 1999.
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-TBC1
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 97,450,000.00 97,450,000.00 489,686.25 449,964.45
>939,650.70 0.00 0.00 97,000,035.55
A-2 77,500,000.00 77,500,000.00 372,000.00 0.00
>372,000.00 0.00 0.00 77,500,000.00
A-3 122,770,000.00 122,770,000.00 573,949.75 0.00
>573,949.75 0.00 0.00 122,770,000.00
X *306,925,522.67 306,925,522.67 200,751.08 0.00
>200,751.08 0.00 0.00 306,475,458.22
B-1 3,070,000.00 3,070,000.00 16,873.94 0.00
> 16,873.94 0.00 0.00 3,070,000.00
B-2 1,535,000.00 1,535,000.00 8,436.97 0.00
> 8,436.97 0.00 0.00 1,535,000.00
B-3 1,535,000.00 1,535,000.00 8,436.97 0.00
> 8,436.97 0.00 0.00 1,535,000.00
B-4 1,535,000.00 1,535,000.00 8,436.97 0.00
> 8,436.97 0.00 0.00 1,535,000.00
B-5 767,000.00 767,000.00 4,215.74 0.00
> 4,215.74 0.00 0.00 767,000.00
B-6 763,422.67 763,422.67 4,196.07 0.00
> 4,196.07 0.00 0.00 763,422.67
A-R 100.00 100.00 0.55 100.00
> 100.55 0.00 0.00 0.00
TOTALS 306,925,522.67 306,925,522.67 1,686,984.29 450,064.45 2,
>137,048.74 0.00 0.00 306,475,458.22
* 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 585525BV9 1,000.000000 5.025000 4.617388
> 9.642388 995.382612 6.030000% 6.030000%
A-2 585525BW7 1,000.000000 4.800000 0.000000
> 4.800000 1,000.000000 5.760000% 5.760000%
A-3 585525BX5 1,000.000000 4.675000 0.000000
> 4.675000 1,000.000000 5.610000% 5.610000%
X *585525BY3 1,000.000000 0.654071 0.000000
> 0.654071 998.533636 0.784885% 0.785020%
B-1 585525BZ0 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.592580% 6.592580%
B-2 585525CA4 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.595675% 6.595482%
B-3 585525CB2 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.595675% 6.595482%
B-4 585525CC0 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.595675% 6.595482%
B-5 585525CD8 1,000.000000 5.496402 0.000000
> 5.496402 1,000.000000 6.595675% 6.595482%
B-6 585525CE6 1,000.000000 5.496392 0.000000
> 5.496392 1,000.000000 6.595675% 6.595482%
A-R 585525CF3 1,000.000000 5.500000 1,000.000000 1,
>005.500000 0.000000 6.595675% 6.595482%
This Statement is also available on Bankers Trust's website http
>://online.bankerstrust.com/invr
We begin posting statements to the website @ 7:00 p.m. EST on th
>e Business Day before each Distribution Date.
SELLER: Boston Safe Deposit and Trust Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Boston Safe Deposit and Trust Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-TBC1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1 97,450,000.00 97,450,000.00 489,686.25 449,964.45
>939,650.70 0.00 0.00 97,000,035.55
2 77,500,000.00 77,500,000.00 372,000.00 0.00
>372,000.00 0.00 0.00 77,500,000.00
3 122,770,000.00 122,770,000.00 573,949.75 0.00
>573,949.75 0.00 0.00 122,770,000.00
4 * 306,925,522.67 306,925,522.67 200,751.08 0.00
>200,751.08 0.00 0.00 306,475,458.22
5 100.00 100.00 0.55 100.00
> 100.55 0.00 0.00 0.00
6 3,070,000.00 3,070,000.00 16,873.94 0.00
> 16,873.94 0.00 0.00 3,070,000.00
7 1,535,000.00 1,535,000.00 8,436.97 0.00
> 8,436.97 0.00 0.00 1,535,000.00
8 1,535,000.00 1,535,000.00 8,436.97 0.00
> 8,436.97 0.00 0.00 1,535,000.00
9 1,535,000.00 1,535,000.00 8,436.97 0.00
> 8,436.97 0.00 0.00 1,535,000.00
10 767,000.00 767,000.00 4,215.74 0.00
> 4,215.74 0.00 0.00 767,000.00
11 763,422.67 763,422.67 4,196.07 0.00
> 4,196.07 0.00 0.00 763,422.67
SR 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 306,925,522.67 306,925,522.67 1,686,984.29 450,064.45 2,
>137,048.74 0.00 0.00 306,475,458.22
* 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
1 MB98B1101 1,000.000000 5.025000 4.617388
> 9.642388 995.382612 6.030000% 6.030000%
2 MB98B1102 1,000.000000 4.800000 0.000000
> 4.800000 1,000.000000 5.760000% 5.760000%
3 MB98B1103 1,000.000000 4.675000 0.000000
> 4.675000 1,000.000000 5.610000% 5.610000%
4 * MB98B1104 1,000.000000 0.654071 0.000000
> 0.654071 998.533636 0.784885% 0.785020%
5 MB98B1105 1,000.000000 5.500000 1,000.000000 1,
>005.500000 0.000000 6.592580% 6.592580%
6 MB98B1106 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.595675% 6.595482%
7 MB98B1107 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.595675% 6.595482%
8 MB98B1108 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.595675% 6.595482%
9 MB98B1109 1,000.000000 5.496397 0.000000
> 5.496397 1,000.000000 6.595675% 6.595482%
10 MB98B1110 1,000.000000 5.496402 0.000000
> 5.496402 1,000.000000 6.595675% 6.595482%
11 MB98B1111 1,000.000000 5.496392 0.000000
> 5.496392 1,000.000000 6.595675% 6.595482%
SR MB98B11SR 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Boston Safe Deposit and Trust Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Boston Safe Deposit and Trust Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-TBC1
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
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%
FORECLOSURE LOAN INFORMATION
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
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
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
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%
Page 3 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-TBC1
Statement To Certificateholders
Distribution Date: January 25, 1999
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL
> Total
SCHEDULED PRINCIPAL RECEIVED
> 4,321.97
PREPAYMENTS & CURTAILMENTS
> 445,742.48
REPURCHASES/SUBSTITUTIONS
> 0.00
LIQUIDATION PROCEEDS
> 0.00
INSURANCE PROCEEDS
> 0.00
OTHER PRINCIPAL
> 0.00
PRINCIPAL ADVANCED
> 497.74
LESS: DELINQUENT PRINCIPAL
> (497.74)
LESS: REALIZED LOSSES OF PRINCIPAL
> 0.00
TOTAL PRINCIPAL
> 450,064.45
SOURCES OF INTEREST
SCHEDULED INTEREST
> 1,753,638.27
REPURCHASES/SUBSTITUTIONS
> 0.00
LIQUIDATION PROCEEDS
> 0.00
INSURANCE PROCEEDS
> 0.00
OTHER INTEREST
> 0.00
LESS: DELINQUENT INTEREST
> (72,520.42)
LESS: PPIS
> 0.00
LESS: CURRENT EXPENSE FEES
> (64,037.77)
LESS: REALIZED LOSSES
> 0.00
PLUS: COMPENSATING INTEREST
> 0.00
PLUS: INTEREST ADVANCED AMOUNT
> 69,904.21
TOTAL INTEREST
> 1,686,984.29
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES
> 0.00
EXPENSES INCURRED BY SERVICER
> 0.00
TOTAL SOURCES
TOTAL REMITTANCE DUE
> 2,137,048.74
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING:
> 70,401.95
Page 4 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-TBC1
Statement To Certificateholders
Distribution Date: January 25, 1999
SERVICING FEES
> Total
ACCRUED MASTER SERVICING FEE FOR THE CURRENT PERIOD:
> 63,942.82
MASTER SERVICING FEE RETAINED:
> 61,326.61
REALIZED LOSSES
> Total
PRIOR CUMULATIVE REALIZED LOSS
> 0.00
CURRENT REALIZED LOSS
> 0.00
TOTAL REALIZED LOSS
> 0.00
POOL INFORMATION
> Total
PRIOR PRINCIPAL BALANCE OF POOL:
> 306,925,522.67
CURRENT PRINCIPAL BALANCE OF POOL:
> 306,475,458.22
PRIOR NUMBER OF LOANS:
> 504
CURRENT NUMBER OF LOANS:
> 503
> 0
> 0.00
NUMBER OF LOANS PAID IN FULL:
> 1
CURRENT WEIGHTED AVERAGE MORTGAGE RATE:
> 6.8563%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:
> 6.8561%
WEIGHTED AVERAGE TERM TO MATURITY:
> 209
TRIGGER EVENTS
AFTER THE 10TH ANNIVERSARY, IS ONE OF THE SENIOR STEP DOWN CONDITIONS SATISFIED
>?
SUBORDINATION CREDIT ENHANCEMENT
SENIOR PREPAYMENT PERCENTAGE FOR THE NEXT DISTRIBUTION DATE
> 100.00%
SENIOR PERCENTAGE FOR THE NEXT DISTRIBUTION DATE
> 100.00%
SUBORDINATED PERCENTAGE FOR THE NEXT DISTRIBUTION DATE
> 0.00%
HAS THE SENIOR CREDIT SUPPORT DEPLETION DATE OCCURRED?
> NO
Page 5 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-TBC1
Statement To Certificateholders
Distribution Date: January 25, 1999
> Prior Current Paid This Remaining
UNPAID INTEREST SHORTFALL S
>hortfall Allocation Distribution Shortfall
CLASS A-1
> 0.00 0.00 0.00 0.00
CLASS A-2
> 0.00 0.00 0.00 0.00
CLASS A-3
> 0.00 0.00 0.00 0.00
CLASS X
> 0.00 0.00 0.00 0.00
CLASS A-R
> 0.00 0.00 0.00 0.00
CLASS B-1
> 0.00 0.00 0.00 0.00
CLASS B-2
> 0.00 0.00 0.00 0.00
CLASS B-3
> 0.00 0.00 0.00 0.00
CLASS B-4
> 0.00 0.00 0.00 0.00
CLASS B-5
> 0.00 0.00 0.00 0.00
CLASS B-6
> 0.00 0.00 0.00 0.00
TOTAL
> 0.00 0.00 0.00 0.00
LOSS COVERAGE AMOUNTS
CURRENT SPECIAL HAZARD LOSS COVERAGE AMOUNT
> 9,195,577.00
CURRENT FRAUD LOSS COVERAGE AMOUNT
> 6,138,510.46
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT
> 100,000.00
REO PROPERTIES; LOAN NUMBER PRINCIPAL BALANCE
NONE #N/A
Page 6 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company