January 25, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Mellon Residential Funding Corporation
Home Equity Installment Loan Trust 1998-1 Mortgage Pass-Through
Certificates, Series MHELT 1998-1; File No. 333-24453.
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 June 30, 1998 (the "Pooling and Servicing
Agreement") among Mellon Residential Funding Corporation, a
Delaware Corporation, as depositor (the "Depositor"), Mellon
Bank, N.A. a national banking association organized under the laws of
the United States, as seller (in such capacity, the "Seller") and as
master servicer (in such capacity, the "master Servicer"), and Bankers
Trust Company of California, N.A., a national banking association
organized under the laws of the United States, as trustee (the
"Trustee") is a Current Report on Form 8-K (the "Report").
The Mellon Bank Home Equity Installment Loan Trust 1998-1 Mortgage
Pass-Through Certificates, Series MHELT 1998-1 (collectively, the
"Certificates") will represent the entire beneficial interest in
Mellon Bank Home Equity Installment Loan Trust 1998-1 (the "Trust
Fund"). The Trust Fund will consist primarily of a pool (the
"Mortgage Pool") of fixed-rate Mortgage Loans secured by first or
second liens on one- to four-family residential properties. Only the
Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, and Class B
(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
Corporation for Mellon Bank Home Equity Installment Loan trust 1998-1
Mortgage Pass-Through Certificates, Series MHELT 1998-1.
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): August 25, 1998
MELLON RESIDENTIAL FUNDING CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated
as of June 30, 1998, which forms Mellon Bank Home Equity Installment
Loan Trust 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
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 June 30, 1998.
Date: January 25, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
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 BANK
HOME EQUITY INSTALLMENT LOAN TRUST 1998-1
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES MEHLT 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 48,500,000.00 47,200,071.75 252,520.38 1,337,366.86 1,
>589,887.24 0.00 0.00 45,862,704.89
A-2 13,500,000.00 13,500,000.00 69,862.50 0.00
> 69,862.50 0.00 0.00 13,500,000.00
A-3 22,200,000.00 22,200,000.00 116,920.00 0.00
>116,920.00 0.00 0.00 22,200,000.00
A-4 24,339,000.00 24,339,000.00 131,836.25 0.00
>131,836.25 0.00 0.00 24,339,000.00
A-5 13,200,000.00 13,200,000.00 69,300.00 0.00
> 69,300.00 0.00 0.00 13,200,000.00
B 10,590,000.00 10,590,000.00 60,539.50 0.00
> 60,539.50 0.00 0.00 10,590,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 132,329,000.00 131,029,071.75 700,978.63 1,337,366.86 2,
>038,345.49 0.00 0.00 129,691,704.89
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 585525BP2 973.197356 5.206606 27.574574
> 32.781180 945.622781 6.420000% 6.420000%
A-2 585525BQ0 1,000.000000 5.175000 0.000000
> 5.175000 1,000.000000 6.210000% 6.210000%
A-3 585525BR8 1,000.000000 5.266667 0.000000
> 5.266667 1,000.000000 6.320000% 6.320000%
A-4 585525BS6 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525BT4 1,000.000000 5.250000 0.000000
> 5.250000 1,000.000000 6.300000% 6.300000%
B 585525BU1 1,000.000000 5.716667 0.000000
> 5.716667 1,000.000000 6.860000% 6.860000%
R 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Mellon Bank, N.A. ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Bank, N.A.
> Bankers Trust Company
LEAD UNDERWRITER: J.P. Morgan & Co.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 2
> (c) COPYRIGHT 1998 Bankers Trust Company
> MELLON BANK
> HOME EQUITY INSTALLMENT
> LOAN TRUST 1998-1
> MORTGAGE PASS-THROUGH C
>ERTIFICATES
> SERIES MEHLT 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> DELINQUENT AND
> LOANS LOANS LOANS
>
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS IN IN IN
> INFORMATION *
> DAYS DAYS DAYS FORECLOSURE REO BANKRUPTCY
>
> GROUP 1 PRINCIPA
>L BALANCE 325,490.0030,751.00 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.2505% 0.0237% 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 8 1 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.3386% 0.0423% 0.0000% 0.0000% 0.0000% 0.0000%
>
> * FORECLOSURES, REOS, A
>ND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY BUCKETS
> BEGINNING POOL BALANCE
> 131,149,6821
>
> ENDING POOL BALANCE
> 129,922,172.93
>
> BEGINNING LOAN COUNT
> 2384
>
> ENDING LOAN COUNT
> 2363
>
> TOTAL PRINCIPAL COLLECT
>IONS 1,227,509.68
>
> TOTAL INTEREST COLLECTI
>ONS 951,598.95
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS 21
>
> AGGREGATE BALANCE OF PR
>EPAYMENTS IN FULL 908,607.36
>
> POOL REALIZED LOSSES
> 0.00
>
> LIQUIDATION PROCEEDS
> 0.00
>
> THE EXTRA PRINCIPAL DIS
>TRIBUTION AMOUNT 109,857.18
>
> THE OVERCOLLATERALIZATI
>ON AMOUNT 230,468.04
>
> THE OVERCOLLATERALIZATI
>ON DEFICIENCY 1,202,679.14
>
> ACCRUED SERVICING FEE F
>OR THE RELATED DUE PERIOD 54,645.70
>
> LESS: COMPENSATING INT
>EREST (1,703.86)
>
> DELINQUENT S
>ERVICING FEES (5,975.33)
>
> COLLECT SERVICING FEES
>FOR THE RELATED DUE PERIOD 46,966.51
>
> DOES A TRIGGER EVENT EX
>IST? NO
> PROPERTIES IN REO:
> LOAN NUMBER:
> STATED PRINCIPAL BALANCE
>
> Page 2 of 2 (c) COPYRIGHT 1998 B
>
ankers Trust Company
MELLON BANK
HOME EQUITY INSTALLMENT LOAN TRUST 1998-1
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES MEHLT 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 48,500,000.00 45,862,704.89 245,365.47 1,574,679.12 1,
>820,044.59 0.00 0.00 44,288,025.77
A-2 13,500,000.00 13,500,000.00 69,862.50 0.00
> 69,862.50 0.00 0.00 13,500,000.00
A-3 22,200,000.00 22,200,000.00 116,920.00 0.00
>116,920.00 0.00 0.00 22,200,000.00
A-4 24,339,000.00 24,339,000.00 131,836.25 0.00
>131,836.25 0.00 0.00 24,339,000.00
A-5 13,200,000.00 13,200,000.00 69,300.00 0.00
> 69,300.00 0.00 0.00 13,200,000.00
B 10,590,000.00 10,590,000.00 60,539.50 0.00
> 60,539.50 0.00 0.00 10,590,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 132,329,000.00 129,691,704.89 693,823.72 1,574,679.12 2,
>268,502.84 0.00 0.00 128,117,025.77
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 585525BP2 945.622781 5.059082 32.467611
> 37.526693 913.155171 6.420000% 6.420000%
A-2 585525BQ0 1,000.000000 5.175000 0.000000
> 5.175000 1,000.000000 6.210000% 6.210000%
A-3 585525BR8 1,000.000000 5.266667 0.000000
> 5.266667 1,000.000000 6.320000% 6.320000%
A-4 585525BS6 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525BT4 1,000.000000 5.250000 0.000000
> 5.250000 1,000.000000 6.300000% 6.300000%
B 585525BU1 1,000.000000 5.716667 0.000000
> 5.716667 1,000.000000 6.860000% 6.860000%
R 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Mellon Bank, N.A. ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Bank, N.A.
> Bankers Trust Company
LEAD UNDERWRITER: J.P. Morgan & Co.
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 2
> (c) COPYRIGHT 1998 Bankers Trust Company
> MELLON BANK
> HOME EQUITY INSTALLMENT
> LOAN TRUST 1998-1
> MORTGAGE PASS-THROUGH C
>ERTIFICATES
> SERIES MEHLT 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> DELINQUENT AND
> LOANS LOANS LOANS
>
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS IN IN IN
> INFORMATION *
> DAYS DAYS DAYS FORECLOSURE REO BANKRUPTCY
>
> GROUP 1 PRINCIPA
>L BALANCE 142,397.0093,234.00 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.1109% 0.0726% 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 5 3 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.2141% 0.1285% 0.0000% 0.0000% 0.0000% 0.0000%
>
> * FORECLOSURES, REOS, A
>ND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY BUCKETS
> BEGINNING POOL BALANCE
> 129,922,172.93
>
> ENDING POOL BALANCE
> 128,436,097.67
>
> BEGINNING LOAN COUNT
> 2363
>
> ENDING LOAN COUNT
> 2335
>
> TOTAL PRINCIPAL COLLECT
>IONS 1,486,075.26
>
> TOTAL INTEREST COLLECTI
>ONS 972,255.44
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS 28
>
> AGGREGATE BALANCE OF PR
>EPAYMENTS IN FULL 1,236,919.96
>
> POOL REALIZED LOSSES
> 0.00
>
> LIQUIDATION PROCEEDS
> 0.00
>
> THE EXTRA PRINCIPAL DIS
>TRIBUTION AMOUNT 88,603.86
>
> THE OVERCOLLATERALIZATI
>ON AMOUNT 319,071.90
>
> THE OVERCOLLATERALIZATI
>ON DEFICIENCY 1,092,821.96
>
> ACCRUED SERVICING FEE F
>OR THE RELATED DUE PERIOD 54,134.24
>
> LESS: COMPENSATING INT
>EREST (265.73)
>
> DELINQUENT S
>ERVICING FEES (7,785.44)
>
> COLLECT SERVICING FEES
>FOR THE RELATED DUE PERIOD 46,083.07
>
> DOES A TRIGGER EVENT EX
>IST? NO
> PROPERTIES IN REO:
> LOAN NUMBER:
> STATED PRINCIPAL BALANCE
>
> Page 2 of 2 (c) COPYRIGHT 1998 B
>
ankers Trust Company
MELLON BANK
HOME EQUITY INSTALLMENT LOAN TRUST 1998-1
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES MEHLT 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 48,500,000.00 44,288,025.77 236,940.94 1,438,522.47 1,
>675,463.41 0.00 0.00 42,849,503.30
A-2 13,500,000.00 13,500,000.00 69,862.50 0.00
> 69,862.50 0.00 0.00 13,500,000.00
A-3 22,200,000.00 22,200,000.00 116,920.00 0.00
>116,920.00 0.00 0.00 22,200,000.00
A-4 24,339,000.00 24,339,000.00 131,836.25 0.00
>131,836.25 0.00 0.00 24,339,000.00
A-5 13,200,000.00 13,200,000.00 69,300.00 0.00
> 69,300.00 0.00 0.00 13,200,000.00
B 10,590,000.00 10,590,000.00 60,539.50 0.00
> 60,539.50 0.00 0.00 10,590,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 132,329,000.00 128,117,025.77 685,399.19 1,438,522.47 2,
>123,921.66 0.00 0.00 126,678,503.30
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 585525BP2 913.155171 4.885380 29.660257
> 34.545637 883.494913 6.420000% 6.420000%
A-2 585525BQ0 1,000.000000 5.175000 0.000000
> 5.175000 1,000.000000 6.210000% 6.210000%
A-3 585525BR8 1,000.000000 5.266667 0.000000
> 5.266667 1,000.000000 6.320000% 6.320000%
A-4 585525BS6 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A-5 585525BT4 1,000.000000 5.250000 0.000000
> 5.250000 1,000.000000 6.300000% 6.300000%
B 585525BU1 1,000.000000 5.716667 0.000000
> 5.716667 1,000.000000 6.860000% 6.860000%
R 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Mellon Bank, N.A. ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Bank, N.A.
> Bankers Trust Company
LEAD UNDERWRITER: J.P. Morgan & Co.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 2
> (c) COPYRIGHT 1998 Bankers Trust Company
> MELLON BANK
> HOME EQUITY INSTALLMENT
> LOAN TRUST 1998-1
> MORTGAGE PASS-THROUGH C
>ERTIFICATES
> SERIES MEHLT 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> DELINQUENT AND
> LOANS LOANS LOANS
>
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS IN IN IN
> INFORMATION *
> DAYS DAYS DAYS FORECLOSURE REO BANKRUPTCY
>
> GROUP 1 PRINCIPA
>L BALANCE 381,535.0062,483.00 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.2996% 0.0491% 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 6 2 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.2588% 0.0863% 0.0000% 0.0000% 0.0000% 0.0000%
>
> * FORECLOSURES, REOS, A
>ND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY BUCKETS
> BEGINNING POOL BALANCE
> 128,436,097.67
>
> ENDING POOL BALANCE
> 127,355,276.96
>
> BEGINNING LOAN COUNT
> 2335
>
> ENDING LOAN COUNT
> 2318
>
> TOTAL PRINCIPAL COLLECT
>IONS 1,080,820.71
>
> TOTAL INTEREST COLLECTI
>ONS 958,026.28
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS 17
>
> AGGREGATE BALANCE OF PR
>EPAYMENTS IN FULL 819,541.52
>
> POOL REALIZED LOSSES
> 0.00
>
> LIQUIDATION PROCEEDS
> 0.00
>
> THE EXTRA PRINCIPAL DIS
>TRIBUTION AMOUNT 357,701.76
>
> THE OVERCOLLATERALIZATI
>ON AMOUNT 676,773.66
>
> THE OVERCOLLATERALIZATI
>ON DEFICIENCY 1,004,218.1
>
> ACCRUED SERVICING FEE F
>OR THE RELATED DUE PERIOD 53,515.04
>
> LESS: COMPENSATING INT
>EREST (170.48)
>
> DELINQUENT S
>ERVICING FEES (9,336.80)
>
> n COLLECT SERVICING FEES
>FOR THE RELATED DUE PERIOD 44,007.76
>
> DOES A TRIGGER EVENT EX
>IST? NO
> PROPERTIES IN REO:
> LOAN NUMBER:
> STATED PRINCIPAL BALANCE
>
> Page 2 of 2 (c) COPYRIGHT 1998 B
>
ankers Trust Company
