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 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
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 June 30, 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 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 42,849,503.30 229,244.84 2,496,182.89 2,
>725,427.73 0.00 0.00 40,353,320.41
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 132,329,000.00 126,678,503.30 677,703.09 2,496,182.89 3,
>173,885.98 0.00 0.00 124,182,320.41
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 883.494913 4.726698 51.467688
> 56.194386 832.027225 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: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 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 CERTIFICATES
SERIES MEHLT 1998-1
Statement To Certificateholders
Distribution Date: December 28, 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 PRINCIPAL BALANCE 719,329.00 201,608.00
> 0.00 30,973.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.5748% 0.1611%
> 0.0000% 0.0247% 0.0000% 0.0000%
NUMBER OF LOANS 11 4
> 0 1 0 0
PERCENTAGE OF LOANS 0.4835% 0.1758%
> 0.0000% 0.0440% 0.0000% 0.0000%
* FORECLOSURES, REOS, AND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY BUCK
>ETS
BEGINNING POOL BALANCE
> 127,355,276.96
ENDING POOL BALANCE
> 125,152,433.60
BEGINNING LOAN COUNT
> 2318
ENDING LOAN COUNT
> 2275
TOTAL PRINCIPAL COLLECTIONS
> 2,202,843.36
TOTAL INTEREST COLLECTIONS
> 1,022,657.12
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 43
AGGREGATE BALANCE OF PREPAYMENTS IN FULL
> 1,890,615.18
POOL REALIZED LOSSES
> 0.00
LIQUIDATION PROCEEDS
> 0.00
THE EXTRA PRINCIPAL DISTRIBUTION AMOUNT
> 293,339.53
THE OVERCOLLATERALIZATION AMOUNT
> 970,113.19
THE OVERCOLLATERALIZATION DEFICIENCY
> 646,516.34
ACCRUED SERVICING FEE FOR THE RELATED DUE PERIOD
> 53,064.70
LESS: COMPENSATING INTEREST
> (1,450.20)
DELINQUENT SERVICING FEES
> (8,745.42)
COLLECT SERVICING FEES FOR THE RELATED DUE PERIOD
> 42,869.08
DOES A TRIGGER EVENT EXIST?
> NO
PROPERTIES IN REO:
LOAN NUMBER: STATED PRINCIPAL BALANCE
Page 2 of 2
> (c) COPYRIGHT 1998 Bankers 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 40,353,320.41 215,890.26 2,910,990.13 3,
>126,880.39 0.00 0.00 37,442,330.28
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 132,329,000.00 124,182,320.41 664,348.51 2,910,990.13 3,
>575,338.64 0.00 0.00 121,271,330.28
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 832.027225 4.451346 60.020415
> 64.471761 772.006810 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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 2
> (c) COPYRIGHT 1999 Bankers Trust Company
MELLON BANK
HOME EQUITY INSTALLMENT LOAN TRUST 1998-1
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES MEHLT 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
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 PRINCIPAL BALANCE 485,624.00 168,034.00
> 0.00 201,071.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.3967% 0.1373%
> 0.0000% 0.1643% 0.0000% 0.0000%
NUMBER OF LOANS 12 4
> 0 4 0 0
PERCENTAGE OF LOANS 0.5381% 0.1794%
> 0.0000% 0.1794% 0.0000% 0.0000%
* FORECLOSURES, REOS, AND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY BUCK
>ETS
BEGINNING POOL BALANCE
> 125,152,433.60
ENDING POOL BALANCE
> 122,414,678.03
BEGINNING LOAN COUNT
> 2275
ENDING LOAN COUNT
> 2230
TOTAL PRINCIPAL COLLECTIONS
> 2,737,755.57
TOTAL INTEREST COLLECTIONS
> 887,641.92
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 45
AGGREGATE BALANCE OF PREPAYMENTS IN FULL
> 2,385,862.92
POOL REALIZED LOSSES
> 0.00
LIQUIDATION PROCEEDS
> 0.00
THE EXTRA PRINCIPAL DISTRIBUTION AMOUNT
> 173,234.56
THE OVERCOLLATERALIZATION AMOUNT
> 1,143,347.75
THE OVERCOLLATERALIZATION DEFICIENCY
> 353,176.81
ACCRUED SERVICING FEE FOR THE RELATED DUE PERIOD
> 52,146.85
LESS: COMPENSATING INTEREST
> (2,088.00)
DELINQUENT SERVICING FEES
> (9,352.31)
COLLECT SERVICING FEES FOR THE RELATED DUE PERIOD
> 40,706.54
DOES A TRIGGER EVENT EXIST?
> NO
PROPERTIES IN REO:
LOAN NUMBER: STATED PRINCIPAL BALANCE
Page 2 of 2
> (c) COPYRIGHT 1999 Bankers Trust Company
