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 May 1, 1998, which forms Mellon Bank Residential Funding
Mortgage Pass-Through Certificates, Series 1998-2.
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 May 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 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
I-A1 19,292,000.00 19,292,000.00 108,517.50 0.00
>108,517.50 0.00 0.00 19,292,000.00
I-A2 15,746,310.00 15,746,310.00 88,572.99 0.00
> 88,572.99 0.00 0.00 15,746,310.00
I-A3 33,210,000.00 33,210,000.00 186,806.25 0.00
>186,806.25 0.00 0.00 33,210,000.00
I-A4 29,049,000.00 29,049,000.00 163,400.63 0.00
>163,400.63 0.00 0.00 29,049,000.00
I-A5 22,015,000.00 22,015,000.00 123,834.38 0.00
>123,834.38 0.00 0.00 22,015,000.00
I-A6 10,301,000.00 10,301,000.00 57,943.13 0.00
> 57,943.13 0.00 0.00 10,301,000.00
I-AB 394,191,530.00 334,110,585.43 1,879,372.04 24,733,156.81 26,
>612,528.85 0.00 0.00 309,377,428.62
I-PO- 325,308.00 294,553.69 0.00 778.89
> 778.89 0.00 0.00 293,774.80
I-PO- 277,109.00 270,144.15 0.00 9,049.99
> 9,049.99 0.00 0.00 261,094.16
I-X1/ 0.00 0.00 168,292.51 0.00
>168,292.51 0.00 0.00 0.00
I-X2 0.00 0.00 7,528.24 0.00
> 7,528.24 0.00 0.00 0.00
R-1 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 524,407,357.00 464,288,593.27 2,784,267.67 24,742,985.69 27,
>527,253.36 0.00 0.00 439,545,607.58
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
I-A1 MB9802101 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A2 MB9802102 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A3 MB9802103 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A4 MB9802104 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A5 MB9802105 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A6 MB9802106 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-AB MB9802107 847.584385 4.767662 62.744009
> 67.511671 784.840376 6.750000% 6.750000%
I-PO-MB9802108 905.460948 0.000000 2.394316
> 2.394316 903.066632 0.000000% 0.000000%
I-PO-MB9802109 974.866027 0.000000 32.658593
> 32.658593 942.207435 0.000000% 0.000000%
I-X1/MB9802110 0.000000 0.320919 0.000000
> 0.320919 0.000000 0.506533% 0.506533%
I-X2 MB9802111 0.000000 0.014356 0.000000
> 0.014356 0.000000 0.304485% 0.304485%
R-1 MB9802112 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
This statement is also available on Bankers Trust's website, http://online
>.bankerstrust.com/invr.
We begin posting statements to the website at 7:00 p.m. EST on the busines
>s day
before each distribution date.
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage and Norwest Bank
> Bankers Trust Company
LEAD UNDERWRITER: Bear Stearns Mortgage Capital Corporation
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
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 19,292,000.00 19,292,000.00 99,675.33 0.00
> 99,675.33 0.00 0.00 19,292,000.00
A-2 15,746,310.00 15,746,310.00 74,170.37 0.00
> 74,170.37 0.00 0.00 15,746,310.00
A-3 33,210,000.00 33,210,000.00 174,352.50 0.00
>174,352.50 0.00 0.00 33,210,000.00
A-4 29,049,000.00 29,049,000.00 153,717.63 0.00
>153,717.63 0.00 0.00 29,049,000.00
A-5 22,015,000.00 22,015,000.00 117,413.33 0.00
>117,413.33 0.00 0.00 22,015,000.00
A-6 10,301,000.00 10,301,000.00 56,655.50 0.00
> 56,655.50 0.00 0.00 10,301,000.00
A-7 25,092,920.00 23,867,917.84 134,257.04 635,287.85
>769,544.89 0.00 0.00 23,232,629.99
A-8 52,000,000.00 41,048,379.32 230,897.13 5,679,525.89 5,
>910,423.02 0.00 0.00 35,368,853.43
A-9 4,083,195.00 4,083,195.00 22,967.97 0.00
> 22,967.97 0.00 0.00 4,083,195.00
A-10 114,002,575.00 91,740,773.46 516,041.85 11,545,001.62 12,
>061,043.47 0.00 0.00 80,195,771.84
A-11 116,250,822.00 108,863,075.22 358,433.79 4,242,719.86 4,
>601,153.65 0.00 352,973.31 104,973,328.67
A-12 4,359,406.00 4,082,365.48 13,437.06 159,102.00
>172,539.06 0.00 13,236.50 3,936,499.98
A-13 12,236,777.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
A-14 46,825,867.00 41,170,976.48 231,586.74 2,819,120.16 3,
>050,706.90 0.00 0.00 38,351,856.32
X-1 475,469,201.00 421,047,398.66 116,963.29 0.00
>116,963.29 0.00 0.00 399,138,355.45
X-2 48,938,156.00 43,241,195.06 7,528.27 0.00
> 7,528.27 0.00 0.00 40,407,252.58
PO-2 277,109.00 270,144.15 0.00 9,049.99
> 9,049.99 0.00 0.00 261,094.16
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 504,742,081.00 444,740,136.95 2,308,097.80 25,089,807.37 27,
>397,905.17 0.00 366,209.81 420,016,539.39
* Represents a 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 585525AS7 1,000.000000 5.166666 0.000000
> 5.166666 1,000.000000 6.200000% 6.200000%
A-2 585525AT5 1,000.000000 4.710333 0.000000
> 4.710333 1,000.000000 5.652400% 5.652400%
A-3 585525AU2 1,000.000000 5.250000 0.000000
> 5.250000 1,000.000000 6.300000% 6.300000%
A-4 585525AV0 1,000.000000 5.291667 0.000000
> 5.291667 1,000.000000 6.350000% 6.350000%
A-5 585525AW8 1,000.000000 5.333333 0.000000
> 5.333333 1,000.000000 6.400000% 6.400000%
A-6 585525AX6 1,000.000000 5.500000 0.000000
> 5.500000 1,000.000000 6.600000% 6.600000%
A-7 585525AY4 951.181363 5.350395 25.317414
> 30.667809 925.863948 6.750000% 6.750000%
A-8 585525AZ1 789.391910 4.440329 109.221652
>113.661981 680.170258 6.750000% 6.750000%
A-9 585525BA5 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
A-10 585525BB3 804.725450 4.526581 101.269657
>105.796237 703.455793 6.750000% 6.750000%
A-11 585525BM9 936.449939 3.083280 36.496257
> 39.579536 902.989991 0.000000% 0.000000%
A-12 585525BN7 936.449938 3.082314 36.496257
> 39.578571 902.989990 0.000000% 0.000000%
A-13 585525BC1 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
A-14 585525BD9 879.235754 4.945701 60.204334
> 65.150036 819.031420 6.750000% 6.750000%
X-1 585525BG2 885.540846 0.245996 0.000000
> 0.245996 839.462061 0.333350% 0.000000%
X-2 585525BH0 883.588566 0.153832 0.000000
> 0.153832 825.679917 0.208919% 0.000000%
PO-2 585525BF4 974.866027 0.000000 32.658593
> 32.658593 942.207435 0.000000% 0.000000%
A-R 585525BE7 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage and Norwest Bank
> Bankers Trust Company
LEAD UNDERWRITER: Bear Stearns Mortgage Capital Corporation
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
B-1 8,128,314.00 8,080,028.52 45,450.16 8,013.76
> 53,463.92 0.00 0.00 8,072,014.76
B-2 5,244,073.00 5,212,921.08 29,322.68 5,170.17
> 34,492.85 0.00 0.00 5,207,750.91
B-3 2,097,629.00 2,085,168.26 11,729.07 2,068.07
> 13,797.14 0.00 0.00 2,083,100.19
B-4 1,573,222.00 1,563,876.42 8,796.80 1,551.05
> 10,347.85 0.00 0.00 1,562,325.37
B-5 1,048,814.00 1,042,583.60 5,864.53 1,034.04
> 6,898.57 0.00 0.00 1,041,549.56
B-6 1,573,224.00 1,563,878.44 8,796.82 1,551.04
> 10,347.86 0.00 0.00 1,562,327.40
TOTALS 19,665,276.00 19,548,456.32 109,960.06 19,388.13
>129,348.19 0.00 0.00 19,529,068.19
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
B-1 585525BJ6 994.059595 2.355907 0.415393
> 2.771300 993.073688 6.750000% 6.750000%
B-2 585525BK3 994.059595 1.862194 0.328342
> 2.190535 993.073687 6.750000% 6.750000%
B-3 585525BL1 994.059607 0.353179 0.062273
> 0.415451 993.073699 6.750000% 6.750000%
B-4 585525AP3 994.059592 0.302826 0.053394
> 0.356221 993.073686 6.750000% 6.750000%
B-5 585525AQ1 994.059576 0.266388 0.046970
> 0.313358 993.073662 6.750000% 6.750000%
B-6 585525AR9 994.059613 0.853977 0.150572
> 1.004549 993.073714 6.750000% 6.750000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage and Norwest Bank
> Bankers Trust Company
LEAD UNDERWRITER: Bear Stearns Mortgage Capital Corporation
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
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 4,144,996.05
> 0.00 0.00 1,098,630.92 5,243,626.97
PERCENTAGE OF POOL BALANCE 1.03849%
> 0.00000% 0.00000% 0.27525% 1.31374%
NUMBER OF LOANS 13
> 0 0 3 16
PERCENTAGE OF POOL LOANS 1.01563%
> 0.00000% 0.00000% 0.23438% 1.25000%
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%
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 4,144,996.05
> 0.00 0.00 1,098,630.92 5,243,626.97
PERCENTAGE OF POOL BALANCE 1.03849%
> 0.00000% 0.00000% 0.27525% 1.31374%
NUMBER OF LOANS 13
> 0 0 3 16
PERCENTAGE OF POOL LOANS 1.01563%
> 0.00000% 0.00000% 0.23438% 1.25000%
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%
Page 4 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: December 28, 1998
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL
> Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED
> 323,593.25 138,719.81 462,313.06
PREPAYMENTS & CURTAILMENTS
> 21,585,449.96 2,695,222.67 24,280,672.63
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
> 119,976.01 0.00 119,976.01
LESS: DELINQUENT PRINCIPAL
> (119,976.01) 0.00 (119,976.01)
TOTAL PRINCIPAL
> 21,909,043.21 2,833,942.48 24,742,985.69
SOURCES OF INTEREST
SCHEDULED INTEREST
> 2,626,090.51 258,555.28 2,884,645.79
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
> (934,809.01) 0.00 (934,809.01)
LESS: PPIS
> (58,074.09) (9,453.61) (67,527.70)
LESS: CURRENT SERVICING FEES
> (56,376.67) (9,008.58) (65,385.25)
LESS: MASTER SERVICING FEES
> (362.62) 0.00 (362.62)
PLUS: COMPENSATING INTEREST
> 58,074.09 9,453.61 67,527.70
PLUS: INTEREST ADVANCED AMOUNT
> 903,467.47 0.00 903,467.47
TOTAL INTEREST
> 2,538,009.68 249,546.70 2,787,556.38
PERMITTED WITHDRAWALS
TRUSTEE FEES
> (2,982.42) (306.29) (3,288.71)
EXPENSES INCURRED BY SERVICER
> 0.00
TOTAL SOURCES
> 24,444,070.47 3,083,182.89 27,527,253.36
TOTAL REMITTANCE DUE
> 27,527,253.36
Page 5 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: December 28, 1998
SERVICING FEES
> Group 1 Group 2 Total
ACCRUED CURRENT SUB SERVICING FEE FOR THE CURRENT PERIOD:
> 56,376.67 9,008.58 65,385.25
CURRENT MASTER SERVICING FEES PAID:
> 362.62 0.00 362.62
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:
> 421,047,398.66 43,241,195.06 464,288,593.72
CURRENT PRINCIPAL BALANCE OF POOL:
> 399,138,355.45 40,407,252.58 439,545,608.03
PRIOR NUMBER OF LOANS:
> 1,338 123 1,461
CURRENT NUMBER OF LOANS:
> 1,280 118 1,398
> 0 0 0
> 0 0 0.00
NUMBER OF LOANS PAID IN FULL:
> 58 5 63
CURRENT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.48445% 7.17525%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.47734% 7.17242%
WEIGHTED AVERAGE TERM TO MATURITY:
> 344 168
ADVANCES
> Group 1 Group 2 TOTAL
CURRENT PERIODS PRINCIPAL ADVANCED
> 119,976.01 0.00 119,976.01
CURRENT PERIODS INTEREST ADVANCED
> 903,467.47 0.00 903,467.47
TOTAL CURRENT PERIODS ADVANCES
> 1,023,443.48 0.00 1,023,443.48
SUBORDINATION CREDIT ENHANCEMENT
> Group 1 Group 2
SENIOR PREPAYMENT PERCENTAGE
> 100.00000% 100.00000%
SENIOR PERCENTAGE
> 95.78876% 95.81096%
SUBORDINATION PERCENTAGE
> 4.21124% 4.18904%
SENIOR CREDIT DEPLETION DATE?
> NO
Page 6 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: December 28, 1998
UNPAID SHORTFALLS
> PRINCIPAL INTEREST
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 A-6
> 0.00 0.00
CLASS A-7
> 0.00 0.00
CLASS A-8
> 0.00 0.00
CLASS A-9
> 0.00 0.00
CLASS A-10
> 0.00 0.00
CLASS A-11
> 0.00 0.00
CLASS A-12
> 0.00 0.00
CLASS A-13
> 0.00 0.00
CLASS A-14
> 0.00 0.00
CLASS X-1
> 0.00 0.00
CLASS X-2
> 0.00 0.00
CLASS PO-2
> 0.00 0.00
CLASS A-R
> 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
LOSS COVERAGE
CURRENT SPECIAL HAZARD LOSS COVERAGE AMOUNT
> 5,688,264.33
CURRENT FRAUD LOSS COVERAGE AMOUNT
> 5,244,074.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT
> 126,152.00
REO INFORMATION:
LOAN NUMBER CURR
>ENT PRINCIPAL BALANCE
Page 7 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
I-A1 19,292,000.00 19,292,000.00 108,517.50 0.00
>108,517.50 0.00 0.00 19,292,000.00
I-A2 15,746,310.00 15,746,310.00 88,572.99 0.00
> 88,572.99 0.00 0.00 15,746,310.00
I-A3 33,210,000.00 33,210,000.00 186,806.25 0.00
>186,806.25 0.00 0.00 33,210,000.00
I-A4 29,049,000.00 29,049,000.00 163,400.63 0.00
>163,400.63 0.00 0.00 29,049,000.00
I-A5 22,015,000.00 22,015,000.00 123,834.38 0.00
>123,834.38 0.00 0.00 22,015,000.00
I-A6 10,301,000.00 10,301,000.00 57,943.13 0.00
> 57,943.13 0.00 0.00 10,301,000.00
I-AB 394,191,530.00 309,377,428.62 1,740,248.04 11,374,144.15 13,
>114,392.19 0.00 0.00 298,003,284.47
I-PO- 325,308.00 293,774.80 0.00 0.00
> 0.00 0.00 98.24 293,873.04
I-PO- 277,109.00 261,094.16 0.00 0.00
> 0.00 0.00 20.02 261,114.18
I-X1/ 0.00 0.00 157,239.81 0.00
>157,239.81 0.00 0.00 0.00
I-X2 0.00 0.00 6,988.43 0.00
> 6,988.43 0.00 0.00 0.00
R-1 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 524,407,357.00 439,545,607.58 2,633,551.16 11,374,144.15 14,
>007,695.31 0.00 118.26 428,171,581.69
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
I-A1 MB9802101 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A2 MB9802102 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A3 MB9802103 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A4 MB9802104 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A5 MB9802105 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-A6 MB9802106 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
I-AB MB9802107 784.840376 4.414727 28.854360
> 33.269087 755.986016 6.750000% 6.750000%
I-PO-MB9802108 903.066632 0.000000 0.000000
> 0.000000 903.368623 0.000000% 0.000000%
I-PO-MB9802109 942.207435 0.000000 0.000000
> 0.000000 942.279681 0.000000% 0.000000%
I-X1/MB9802110 0.000000 0.299843 0.000000
> 0.299843 0.000000 0.500682% 0.500682%
I-X2 MB9802111 0.000000 0.013326 0.000000
> 0.013326 0.000000 0.307258% 0.307258%
R-1 MB9802112 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage and Norwest Bank
> Bankers Trust Company
LEAD UNDERWRITER: Bear Stearns Mortgage Capital Corporation
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 7
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
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 19,292,000.00 19,292,000.00 99,675.33 0.00
> 99,675.33 0.00 0.00 19,292,000.00
A-2 15,746,310.00 15,746,310.00 74,170.37 0.00
> 74,170.37 0.00 0.00 15,746,310.00
A-3 33,210,000.00 33,210,000.00 174,352.50 0.00
>174,352.50 0.00 0.00 33,210,000.00
A-4 29,049,000.00 29,049,000.00 153,717.63 0.00
>153,717.63 0.00 0.00 29,049,000.00
A-5 22,015,000.00 22,015,000.00 117,413.33 0.00
>117,413.33 0.00 0.00 22,015,000.00
A-6 10,301,000.00 10,301,000.00 56,655.50 0.00
> 56,655.50 0.00 0.00 10,301,000.00
A-7 25,092,920.00 23,232,629.99 130,683.54 305,056.70
>435,740.24 0.00 0.00 22,927,573.29
A-8 52,000,000.00 35,368,853.43 198,949.80 2,727,232.15 2,
>926,181.95 0.00 0.00 32,641,621.28
A-9 4,083,195.00 4,083,195.00 22,967.97 0.00
> 22,967.97 0.00 0.00 4,083,195.00
A-10 114,002,575.00 80,195,771.84 451,101.22 5,543,754.93 5,
>994,856.15 0.00 0.00 74,652,016.91
A-11 116,250,822.00 104,973,328.67 355,184.29 2,137,375.77 2,
>492,560.06 0.00 331,192.40 103,167,145.30
A-12 4,359,406.00 3,936,499.98 13,315.48 80,151.60
> 93,467.08 0.00 12,419.72 3,868,768.10
A-13 12,236,777.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
A-14 46,825,867.00 38,351,856.32 215,729.19 903,601.21 1,
>119,330.40 0.00 0.00 37,448,255.11
X-1 475,469,201.00 399,138,355.45 109,281.67 0.00
>109,281.67 0.00 0.00 388,674,034.35
X-2 48,938,156.00 40,407,252.58 6,988.45 0.00
> 6,988.45 0.00 0.00 39,497,547.78
PO-2 277,109.00 261,094.16 0.00 0.00
> 0.00 0.00 20.02 261,114.18
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 504,742,081.00 420,016,539.39 2,180,186.27 11,697,172.36 13,
>877,358.63 0.00 343,632.14 408,662,999.17
* Represents a 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 585525AS7 1,000.000000 5.166666 0.000000
> 5.166666 1,000.000000 6.200000% 6.200000%
A-2 585525AT5 1,000.000000 4.710333 0.000000
> 4.710333 1,000.000000 5.652400% 5.652400%
A-3 585525AU2 1,000.000000 5.250000 0.000000
> 5.250000 1,000.000000 6.300000% 6.300000%
A-4 585525AV0 1,000.000000 5.291667 0.000000
> 5.291667 1,000.000000 6.350000% 6.350000%
A-5 585525AW8 1,000.000000 5.333333 0.000000
> 5.333333 1,000.000000 6.400000% 6.400000%
A-6 585525AX6 1,000.000000 5.500000 0.000000
> 5.500000 1,000.000000 6.600000% 6.600000%
A-7 585525AY4 925.863948 5.207985 12.157083
> 17.365067 913.706866 6.750000% 6.750000%
A-8 585525AZ1 680.170258 3.825958 52.446772
> 56.272730 627.723486 6.750000% 6.750000%
A-9 585525BA5 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
A-10 585525BB3 703.455793 3.956939 48.628331
> 52.585270 654.827463 6.750000% 6.750000%
A-11 585525BM9 902.989991 3.055327 18.385898
> 21.441225 887.453039 0.000000% 0.000000%
A-12 585525BN7 902.989990 3.054425 18.385899
> 21.440325 887.453038 0.000000% 0.000000%
A-13 585525BC1 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
A-14 585525BD9 819.031420 4.607052 19.297052
> 23.904104 799.734367 6.750000% 6.750000%
X-1 585525BG2 839.462061 0.229840 0.000000
> 0.229840 817.453651 0.328553% 0.000000%
X-2 585525BH0 825.679917 0.142802 0.000000
> 0.142802 807.091051 0.207540% 0.000000%
PO-2 585525BF4 942.207435 0.000000 0.000000
> 0.000000 942.279681 0.000000% 0.000000%
A-R 585525BE7 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage and Norwest Bank
> Bankers Trust Company
LEAD UNDERWRITER: Bear Stearns Mortgage Capital Corporation
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 7
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
B-1 8,128,314.00 8,072,014.76 45,405.08 8,467.41
> 53,872.49 0.00 0.00 8,063,547.35
B-2 5,244,073.00 5,207,750.91 29,293.60 5,462.84
> 34,756.44 0.00 0.00 5,202,288.07
B-3 2,097,629.00 2,083,100.19 11,717.44 2,185.13
> 13,902.57 0.00 0.00 2,080,915.06
B-4 1,573,222.00 1,562,325.37 8,788.08 1,638.85
> 10,426.93 0.00 0.00 1,560,686.52
B-5 1,048,814.00 1,041,549.56 5,858.72 1,092.57
> 6,951.29 0.00 0.00 1,040,456.99
B-6 1,573,224.00 1,562,327.40 8,788.09 1,638.87
> 10,426.96 0.00 0.00 1,560,688.53
TOTALS 19,665,276.00 19,529,068.19 109,851.01 20,485.67
>130,336.68 0.00 0.00 19,508,582.52
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
B-1 585525BJ6 993.073688 2.353570 0.438908
> 2.792478 992.031970 6.750000% 6.750000%
B-2 585525BK3 993.073687 1.860347 0.346928
> 2.207275 992.031970 6.750000% 6.750000%
B-3 585525BL1 993.073699 0.352829 0.065797
> 0.418626 992.031985 6.750000% 6.750000%
B-4 585525AP3 993.073686 0.302526 0.056417
> 0.358943 992.031970 6.750000% 6.750000%
B-5 585525AQ1 993.073662 0.266124 0.049628
> 0.315752 992.031943 6.750000% 6.750000%
B-6 585525AR9 993.073714 0.853130 0.159098
> 1.012228 992.031987 6.750000% 6.750000%
SELLER: Mellon Mortgage Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Mortgage and Norwest Bank
> Bankers Trust Company
LEAD UNDERWRITER: Bear Stearns Mortgage Capital Corporation
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 3 of 7
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
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 127,792.54 1,
>229,960.41 334,461.92 1,116,229.22 2,808,444.09
PERCENTAGE OF POOL BALANCE 0.03288%
> 0.31645% 0.08605% 0.28719% 0.72257%
NUMBER OF LOANS 1
> 2 5 2 10
PERCENTAGE OF POOL LOANS 0.08045%
> 0.16090% 0.40225% 0.16090% 0.80451%
Group 2 PRINCIPAL BALANCE 367,732.61
> 0.00 0.00 0.00 367,732.61
PERCENTAGE OF POOL BALANCE 0.93103%
> 0.00000% 0.00000% 0.00000% 0.93103%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.86207%
> 0.00000% 0.00000% 0.00000% 0.86207%
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 127,792.54 1,
>229,960.41 334,461.92 1,116,229.22 2,808,444.09
PERCENTAGE OF POOL BALANCE 0.03288%
> 0.31645% 0.08605% 0.28719% 0.72257%
NUMBER OF LOANS 1
> 2 5 2 10
PERCENTAGE OF POOL LOANS 0.08045%
> 0.16090% 0.40225% 0.16090% 0.80451%
Group 2 PRINCIPAL BALANCE 367,732.61
> 0.00 0.00 0.00 367,732.61
PERCENTAGE OF POOL BALANCE 0.93103%
> 0.00000% 0.00000% 0.00000% 0.93103%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.86207%
> 0.00000% 0.00000% 0.00000% 0.86207%
Page 4 of 7
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 25, 1999
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL
> Group 1 Group 2 Total
SCHEDULED PRINCIPAL RECEIVED
> 323,821.31 137,948.57 461,769.88
PREPAYMENTS & CURTAILMENTS
> 10,140,499.78 771,756.23 10,912,256.01
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
> 118,560.08 1,295.89 119,855.97
LESS: DELINQUENT PRINCIPAL
> (118,560.08) (1,295.89) (119,855.97)
TOTAL PRINCIPAL
> 10,464,321.09 909,704.80 11,374,025.89
SOURCES OF INTEREST
SCHEDULED INTEREST
> 2,487,076.22 241,514.99 2,728,591.21
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
> (917,489.91) (2,177.98) (919,667.89)
LESS: PPIS
> (38,170.78) (1,277.09) (39,447.87)
LESS: CURRENT SERVICING FEES
> (52,384.65) (8,341.76) (60,726.41)
LESS: MASTER SERVICING FEES
> (354.58) 0.00 (354.58)
PLUS: COMPENSATING INTEREST
> 38,170.78 1,277.09 39,447.87
PLUS: INTEREST ADVANCED AMOUNT
> 886,720.73 2,101.55 888,822.28
TOTAL INTEREST
> 2,403,567.81 233,096.80 2,636,664.61
PERMITTED WITHDRAWALS
TRUSTEE FEES
> (2,827.23) (286.22) (3,113.45)
EXPENSES INCURRED BY SERVICER
> 0.00
TOTAL SOURCES
> 12,865,061.67 1,142,515.38 14,007,577.05
TOTAL REMITTANCE DUE
> 14,007,577.05
Page 5 of 7
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 25, 1999
SERVICING FEES
> Group 1 Group 2 Total
ACCRUED CURRENT SUB SERVICING FEE FOR THE CURRENT PERIOD:
> 52,384.65 8,341.76 60,726.41
CURRENT MASTER SERVICING FEES PAID:
> 354.58 0.00 354.58
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:
> 399,138,355.45 40,407,252.58 439,545,608.03
CURRENT PRINCIPAL BALANCE OF POOL:
> 388,674,034.35 39,497,547.78 428,171,582.13
PRIOR NUMBER OF LOANS:
> 1,280 118 1,398
CURRENT NUMBER OF LOANS:
> 1,243 116 1,359
> 0 0 0
> 0 0 0.00
NUMBER OF LOANS PAID IN FULL:
> 37 2 39
CURRENT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.47734% 7.17242%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:
> 7.47406% 7.17069%
WEIGHTED AVERAGE TERM TO MATURITY:
> 347 168
ADVANCES
> Group 1 Group 2 TOTAL
CURRENT PERIODS PRINCIPAL ADVANCED
> 118,560.08 1,295.89 119,855.97
CURRENT PERIODS INTEREST ADVANCED
> 886,720.73 2,101.55 888,822.28
TOTAL CURRENT PERIODS ADVANCES
> 1,005,280.81 3,397.44 1,008,678.25
SUBORDINATION CREDIT ENHANCEMENT
> Group 1 Group 2
SENIOR PREPAYMENT PERCENTAGE
> 100.00000% 100.00000%
SENIOR PERCENTAGE
> 95.56102% 95.53058%
SUBORDINATION PERCENTAGE
> 4.43898% 4.46942%
SENIOR CREDIT DEPLETION DATE?
> NO
Page 6 of 7
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 25, 1999
UNPAID SHORTFALLS
> PRINCIPAL INTEREST
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 A-6
> 0.00 0.00
CLASS A-7
> 0.00 0.00
CLASS A-8
> 0.00 0.00
CLASS A-9
> 0.00 0.00
CLASS A-10
> 0.00 0.00
CLASS A-11
> 0.00 0.00
CLASS A-12
> 0.00 0.00
CLASS A-13
> 0.00 0.00
CLASS A-14
> 0.00 0.00
CLASS X-1
> 0.00 0.00
CLASS X-2
> 0.00 0.00
CLASS PO-2
> 0.00 0.00
CLASS A-R
> 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
LOSS COVERAGE
CURRENT SPECIAL HAZARD LOSS COVERAGE AMOUNT
> 5,278,467.19
CURRENT FRAUD LOSS COVERAGE AMOUNT
> 5,244,074.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT
> 126,152.00
REO INFORMATION:
LOAN NUMBER CURR
>ENT PRINCIPAL BALANCE
Page 7 of 7
> (c) COPYRIGHT 1999 Bankers Trust Company
