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Previous: MELLON RESIDENTIAL FUNDING CORP HOME EQ INSTAL LOAN TRU 98-1, 8-K, 1999-01-26 |
Next: ORIG LLC, SC 14D1, 1999-01-26 |
January 25, 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 1998-2.
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 May 1, 1998 (the "Pooling and Servicing
Agreement") among Mellon Residential Funding Corporation, a
Delaware Corporation, as depositor (the "Depositor"), Mellon
Mortgage Company, a Colorado corporation, as a seller (in such
capacity, a "Seller"), Bear Stearns Mortgage Capital Corporation, a
Delaware corporation ("BSMCC"), as a seller (in such capacity, a
"Seller"), Mellon Mortgage Company, as a master servicer (in such
capacity, "MMC or a "Master Servicer"), Norwest Bank Minnesota,
National Association ("Norwest") a national banking association
organized under the laws of the United States, as a master servicer
(in such capacity, "Norwest") or a "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 Mortgage Pass-Through Certificates, Series 1998-2
(collectively, the "Certificates") will represent the entire
beneficial interest in a trust fund (the "Trust Fund"). The Trust
Fund will consist primarily of a pool (the "Mortgage Pool") of
fixed-rate Mortgage Loans secured by first 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, Class A-6, Class A-7, Class A-8,
Class A-9, and Class A-10 (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 1998-2.
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): June 25, 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
June 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
July 27, 1998.
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 May 1, 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
June 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
July 27, 1998.
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 Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
REVISED
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 394,191,530.00 388,881,058.88 2,187,455.96 4,708,536.80 6,
>895,992.76 0.00 0.00 384,172,522.08
I-PO- 325,308.00 325,017.65 0.00 317.49
> 317.49 0.00 0.00 324,700.16
I-PO- 277,109.00 276,170.99 0.00 1,343.57
> 1,343.57 0.00 0.00 274,827.42
I-X1/ 0.00 0.00 196,320.33 0.00
>196,320.33 0.00 0.00 0.00
I-X2 0.00 0.00 8,810.12 0.00
> 8,810.12 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 524,407,357.00 519,095,557.52 3,121,661.28 4,710,197.86 7,
>831,859.14 0.00 0.00 514,385,359.66
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 986.528196 5.549221 11.944794
> 17.494016 974.583401 6.750000% 6.750000%
I-PO-MB9802108 999.107461 0.000000 0.975967
> 0.975967 998.131494 0.000000% 0.000000%
I-PO-MB9802109 996.615014 0.000000 4.848525
> 4.848525 991.766489 0.000000% 0.000000%
I-X1/MB9802110 0.000000 0.374366 0.000000
> 0.374366 0.000000 0.525014% 0.525014%
I-X2 MB9802111 0.000000 0.016800 0.000000
> 0.016800 0.000000 0.317752% 0.317752%
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: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 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
REVISED
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 25,065,683.09 140,994.47 33,045.23
>174,039.70 0.00 0.00 25,032,637.86
A-8 52,000,000.00 51,756,499.75 291,130.31 295,427.12
>586,557.43 0.00 0.00 51,461,072.63
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-10 114,002,575.00 113,507,602.22 638,480.26 600,526.64 1,
>239,006.90 0.00 0.00 112,907,075.58
A-11 116,250,822.00 116,078,963.82 366,673.97 601,871.24
>968,545.21 0.00 393,397.52 115,870,490.10
A-12 4,359,406.00 4,352,961.32 13,745.36 22,570.18
> 36,315.54 0.00 14,752.41 4,345,143.55
A-13 12,236,777.00 9,298,196.69 0.00 2,806,764.06 2,
>806,764.06 0.00 52,302.36 6,543,734.99
A-14 46,825,867.00 45,416,853.78 255,469.80 789,704.16 1,
>045,173.96 0.00 0.00 44,627,149.62
X-1 475,469,201.00 471,573,032.91 136,442.63 0.00
>136,442.63 0.00 0.00 467,659,686.39
X-2 48,938,156.00 46,725,673.72 8,810.13 0.00
> 8,810.13 0.00 0.00 46,725,673.72
PO-2 277109 276170.99 0 1343.57
> 1343.57 0 0 274827.42
A-R 100 0 0 0
> 0 0 0 0
TOTALS 504,742,081.00 499,449,436.66 2,550,699.56 5,151,252.20 7,
>701,951.76 0.00 460,452.29 1,009,143,996.86
* 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 998.914558 5.618894 1.316914
> 6.935809 997.597643 6.750000% 6.750000%
A-8 585525AZ1 995.317303 5.598660 5.681291
> 11.279951 989.636012 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 995.658232 5.600578 5.267659
> 10.868236 990.390573 6.750000% 6.750000%
A-11 585525BM9 998.521661 3.154162 5.177350
> 8.331513 996.728351 0.000000% 0.000000%
A-12 585525BN7 998.521661 3.153035 5.177352
> 8.330387 996.728350 0.000000% 0.000000%
A-13 585525BC1 759.856675 0.000000 229.371187
>229.371187 534.759683 6.750000% 6.750000%
A-14 585525BD9 969.909511 5.455741 16.864699
> 22.320440 953.044812 6.750000% 6.750000%
X-1 585525BG2 991.8056352 0.286964181 0
>0.286964181 983.5751409 0.003472021 0
X-2 585525BH0 954.7902402 0.180025786 0
>0.180025786 954.7902402 0.002224661 0
PO-2 585525BF4 996.6150143 0 4.84852531
> 4.84852531 991.766489 0 0
A-R 585525BE7 0 0 0
> 0 0 0.0675 0.0675
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: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 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
REVISED
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 8,120,396.54 45,677.23 8,017.82
> 53,695.05 0.00 0.00 8,112,378.72
B-2 5,244,073.00 5,238,964.96 29,469.18 5,172.79
> 34,641.97 0.00 0.00 5,233,792.17
B-3 2,097,629.00 2,095,585.79 11,787.67 2,069.11
> 13,856.78 0.00 0.00 2,093,516.68
B-4 1,573,222.00 1,571,689.59 8,840.75 1,551.84
> 10,392.59 0.00 0.00 1,570,137.75
B-5 1,048,814.00 1,047,792.39 5,893.83 1,034.56
> 6,928.39 0.00 0.00 1,046,757.83
B-6 1,573,224.00 1,571,691.59 8,840.77 1,551.83
> 10,392.60 0.00 0.00 1,570,139.76
TOTALS 19,665,276.00 19,646,120.86 110,509.43 19,397.95
>129,907.38 0.00 0.00 19,626,722.91
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
999.025941 2.367677 0.415603
> 2.783281 998.039534
999.025940 1.871498 0.328508
> 2.200006 998.039533
999.025943 0.354943 0.062304
> 0.417247 998.039539
999.025942 0.304339 0.053421
> 0.357761 998.039533
999.025938 0.267719 0.046993
> 0.314712 998.039528
999.025943 0.858244 0.150648
> 1.008892 998.039542
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: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> REVISED
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 10,212,709 252,655.42 0.00 0.00 10,465,364.
>
> PERCENTA
>GE OF POOL BALANCE 2.18379% 0.05403% 0.00000% 0.00000% 2.23782%
>
> NUMBER O
>F LOANS 31 1 0 0 32
>
> PERCENTA
>GE OF POOL LOANS 2.12183% 0.06845% 0.00000% 0.00000% 2.19028%
>
> Group 2 PRINCIPA
>L BALANCE 565,437.78 0.00 0.00 0.00 565,437.78
>
> PERCENTA
>GE OF POOL BALANCE 1.21012% 0.00000% 0.00000% 0.00000% 1.21012%
>
> NUMBER O
>F LOANS 2 0 0 0 2
>
> PERCENTA
>GE OF POOL LOANS 1.52672% 0.00000% 0.00000% 0.00000% 1.52672%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 10,212,709.38 252,655.42 0.00 0.00 10,465,364.80
>
> PERCENTA
>GE OF POOL BALANCE 2.18379% 0.05403% 0.00000% 0.00000% 2.23782%
>
> NUMBER O
>F LOANS 31 1 0 0 32
>
> PERCENTA
>GE OF POOL LOANS 2.12183% 0.06845% 0.00000% 0.00000% 2.19028%
>
> Group 2 PRINCIPA
>L BALANCE 565,437.78 0.00 0.00 0.00 565,437.78
>
> PERCENTA
>GE OF POOL BALANCE 1.21012% 0.00000% 0.00000% 0.00000% 1.21012%
>
> NUMBER O
>F LOANS 2 0 0 0 2
>
> PERCENTA
>GE OF POOL LOANS 1.52672% 0.00000% 0.00000% 0.00000% 1.52672%
>
>
> Page 4 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> REVISED
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 359,866.38 150,795.88 510,662.26
>
> PREPAYME
>NTS & CURTAILMENTS 3,553,480.14 646,055.46 4,199,535.60
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 21,214.55 5,261.52 26,476.07
>
> LESS: DE
>LINQUENT PRINCIPAL (21,214.55) (5,261.52)(26,476.07)
>
> TOTAL P
>RINCIPAL 3,913,346.52 796,851.34 4,710,197.8
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,949,057.22 284,808.01 3,233,865.23
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (173,363.95) (9,679.59)(183,043.54)
>
> LESS: PP
>IS (5,313.92) (1,344.92) (6,658.84)
>
> LESS: CU
>RRENT SERVICING FEES (92,476.82) (9,563.03)(102,039.85)
>
> LESS: MA
>STER SERVICING FEES (382.11) 0.00 (382.11)
>
> PLUS: CO
>MPENSATING INTEREST 5,313.92 1,344.92 6,658.84
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 167,596.38 9,342.10 176,938.48
>
> TOTAL IN
>TEREST 2,850,430.72 274,907.49 3,125,338.21
>
> PERMITTE
>D WITHDRAWALS
> TRUSTEE
>FEES (3,340.31) (336.62) (3,676.93)
>
> EXPENSES
> INCURRED BY SERVICER 0.00
>
> TOTAL SO
>URCES
>
> 6,760,436.931,071,422.217,831,859.1
>
> TOTAL REMITTANCE DUE
> 7,831,859.14
>
>
> Page 5 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> REVISED
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED CURRENT SUB SER
>VICING FEE FOR THE CURRENT PERIOD: 92,476.82 9,563.03 102,039.85
>
> CURRENT MASTER SERVICIN
>G FEES PAID: 382.11 0.00 382.11
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED 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: 471,573,032.91 47,522,525.06 519,095,557.97
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 467,659,686.39 46,725,673.72 514,385,360.11
>
> PRIOR NUMBER OF LOANS:
> 1,471 133 1,604
>
> CURRENT NUMBER OF LOANS
>: 1,461 131 1,592
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 10 2 12
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.50439% 7.19174%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.50209% 7.18774%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 354 176
> ADVANCES
> Group 1 Group 2 TOTAL
>
> CURRENT PERIODS PRINCIP
>AL ADVANCED 21,214.55 5,261.52 26,476.07
>
> CURRENT PERIODS INTERES
>T ADVANCED 167,596.38 9,342.10 176,938.48
>
> TOTAL CURRENT PERIODS A
>DVANCES 188,810.93 14,603.62 203,414.55
>
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 96.21933% 96.12774%
> SUBORDINATION PERCENTAG
>E 3.78067% 3.87226%
> SENIOR CREDIT DEPLETION
> DATE? NO
>
> Page 6 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> REVISED
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 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 6,907,168.00
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,244,074.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 126,152.00
> REO INFORMATION:
> LOAN NUMBER
> CURRENT PRINCIPAL BALANCE
>
> Page 7 of 7 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Revised
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 394,191,530.00 384,172,522.08 2,160,970.44 9,069,017.19 11,
>229,987.63 0.00 0.00 375,103,504.89
I-PO- 325,308.00 324,700.16 0.00 311.68
> 311.68 0.00 0.00 324,388.48
I-PO- 277,109.00 274,827.42 0.00 1,261.73
> 1,261.73 0.00 0.00 273,565.69
I-X1/ 0.00 0.00 193,804.76 0.00
>193,804.76 0.00 0.00 0.00
I-X2 0.00 0.00 8,525.28 0.00
> 8,525.28 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 524,407,357.00 514,385,359.66 3,092,375.36 9,070,590.60 12,
>162,965.96 0.00 0.00 505,314,769.06
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 974.583401 5.482032 23.006626
> 28.488658 951.576775 6.750000% 6.750000%
I-PO-MB9802108 998.131494 0.000000 0.958107
> 0.958107 997.173386 0.000000% 0.000000%
I-PO-MB9802109 991.766489 0.000000 4.553190
> 4.553190 987.213299 0.000000% 0.000000%
I-X1/MB9802110 0.000000 0.369569 0.000000
> 0.369569 0.000000 0.522820% 0.522820%
I-X2 MB9802111 0.000000 0.016257 0.000000
> 0.016257 0.000000 0.314440% 0.314440%
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: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 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
Revised
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 25,032,637.86 140,808.59 42,846.36
>183,654.95 0.00 0.00 24,989,791.50
A-8 52,000,000.00 51,461,072.63 289,468.53 383,049.97
>672,518.50 0.00 0.00 51,078,022.66
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-10 114,002,575.00 112,907,075.58 635,102.30 778,641.14 1,
>413,743.44 0.00 0.00 112,128,434.44
A-11 116,250,822.00 115,870,490.10 365,934.39 662,436.64 1,
>028,371.03 0.00 392,226.57 115,600,280.03
A-12 4,359,406.00 4,345,143.55 13,717.69 24,841.38
> 38,559.07 0.00 14,708.50 4,335,010.67
A-13 12,236,777.00 6,543,734.99 0.00 6,580,543.50 6,
>580,543.50 0.00 36,808.51 0.00
A-14 46,825,867.00 44,627,149.62 251,027.72 1,021,306.16 1,
>272,333.88 0.00 0.00 43,605,843.46
X-1 475,469,201.00 467,659,686.39 134,694.31 0.00
>134,694.31 0.00 0.00 459,617,483.50
X-2 48,938,156.00 46,725,673.72 8,525.31 0.00
> 8,525.31 0.00 0.00 45,697,286.01
PO-2 277109 274827.42 0 1261.73
> 1261.73 0 0 273565.69
A-R 100 0 0 0
> 0 0 0 0
TOTALS 504,742,081.00 494,758,636.75 2,538,231.47 9,494,926.88 12,
>033,158.35 0.00 443,743.58 485,707,453.45
* 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 997.597643 5.611487 1.707508
> 7.318995 995.890136 6.750000% 6.750000%
A-8 585525AZ1 989.636012 5.566703 7.366346
> 12.933048 982.269667 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 990.390573 5.570947 6.830031
> 12.400978 983.560542 6.750000% 6.750000%
A-11 585525BM9 996.728351 3.147800 5.698339
> 8.846140 994.403980 0.000000% 0.000000%
A-12 585525BN7 996.728350 3.146688 5.698341
> 8.845028 994.403978 0.000000% 0.000000%
A-13 585525BC1 534.759683 0.000000 537.767706
>537.767706 0.000000 6.750000% 6.750000%
A-14 585525BD9 953.044812 5.360877 21.810726
> 27.171603 931.234086 6.750000% 6.750000%
X-1 585525BG2 983.5751409 0.28328714 0
> 0.28328714 966.6608952 0.003456214 0
X-2 585525BH0 954.7902402 0.174205784 0
>0.174205784 933.7762136 0.002189446 0
PO-2 585525BF4 991.766489 0 4.553190261
>4.553190261 987.2132987 0 0
A-R 585525BE7 0 0 0
> 0 0 0.0675 0.0675
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: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 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
Revised
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 8,112,378.72 45,632.13 8,021.69
> 53,653.82 0.00 0.00 8,104,357.03
B-2 5,244,073.00 5,233,792.17 29,440.08 5,175.28
> 34,615.36 0.00 0.00 5,228,616.89
B-3 2,097,629.00 2,093,516.68 11,776.03 2,070.11
> 13,846.14 0.00 0.00 2,091,446.57
B-4 1,573,222.00 1,570,137.75 8,832.02 1,552.59
> 10,384.61 0.00 0.00 1,568,585.16
B-5 1,048,814.00 1,046,757.83 5,888.01 1,035.06
> 6,923.07 0.00 0.00 1,045,722.77
B-6 1,573,224.00 1,570,139.76 8,832.04 1,552.57
> 10,384.61 0.00 0.00 1,568,587.19
TOTALS 19,665,276.00 19,626,722.91 110,400.31 19,407.30
>129,807.61 0.00 0.00 19,607,315.61
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
998.039534 2.365340 0.415804
> 2.781143 997.052652
998.039533 1.869649 0.328666
> 2.198316 997.052652
998.039539 0.354593 0.062334
> 0.416927 997.052658
998.039533 0.304039 0.053447
> 0.357486 997.052647
998.039528 0.267454 0.047016
> 0.314471 997.052642
998.039542 0.857396 0.150720
> 1.008117 997.052670
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: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 3,785,710.1,032,939.61 710,377.90 0.00 5,529,027.7
>
> PERCENTA
>GE OF POOL BALANCE 0.82367% 0.22474% 0.15456% 0.00000% 1.20296%
>
> NUMBER O
>F LOANS 13 3 2 0 18
>
> PERCENTA
>GE OF POOL LOANS 0.90341% 0.20848% 0.13899% 0.00000% 1.25087%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 3,785,710.1,032,939.61 710,377.90 0.00 5,529,027.7
>
> PERCENTA
>GE OF POOL BALANCE 0.82367% 0.22474% 0.15456% 0.00000% 1.20296%
>
> NUMBER O
>F LOANS 13 3 2 0 18
>
> PERCENTA
>GE OF POOL LOANS 0.90341% 0.20848% 0.13899% 0.00000% 1.25087%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
>
> Page 4 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 356,980.69 149,161.18 506,141.87
>
> PREPAYME
>NTS & CURTAILMENTS 7,685,222.20 879,226.53 8,564,448.73
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 291,792.59 124,894.94 416,687.53
>
> LESS: DE
>LINQUENT PRINCIPAL (291,792.59)(124,894.94)(416,687.53
>
> TOTAL P
>RINCIPAL 8,042,202.891,028,387.719,070,590.60
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,923,687.47 279,876.78 3,203,564.25
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (2,357,671.00) (230,695.46)(2,588,366.46)
>
> LESS: PP
>IS (14,350.15) (1,657.66)(16,007.81)
>
> LESS: CU
>RRENT SERVICING FEES (18,857.99) (1,720.47)(20,578.46)
>
> LESS: MA
>STER SERVICING FEES (381.72) 0.00 (381.72)
>
> PLUS: CO
>MPENSATING INTEREST 14,350.15 1,657.66 16,007.81
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 2,279,099.89 222,681.42 2,501,781.31
>
> TOTAL IN
>TEREST 2,825,876.65 270,142.27 3,096,018.92
>
> PERMITTE
>D WITHDRAWALS
> TRUSTEE
>FEES (3,312.59) (330.97) (3,643.56)
>
> EXPENSES
> INCURRED BY SERVICER 0.00
>
> TOTAL SO
>URCES
>
> 10,864,766.91,298,199.0112,162,965.
>
> TOTAL REMITTANCE DUE
> 12,162,965.96
>
>
> Page 5 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED CURRENT SUB SER
>VICING FEE FOR THE CURRENT PERIOD: 18,857.99 1,720.47 20,578.46
>
> CURRENT MASTER SERVICIN
>G FEES PAID: 381.72 0.00 381.72
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED 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: 467,659,686.39 46,725,673.72 514,385,360.11
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 459,617,483.50 45,697,286.01 505,314,769.51
>
> PRIOR NUMBER OF LOANS:
> 1,461 131 1,592
>
> CURRENT NUMBER OF LOANS
>: 1,439 129 1,568
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 22 2 24
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.50209% 7.18774%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.49954% 7.18232%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 353 174
> ADVANCES
> Group 1 Group 2 TOTAL
>
> CURRENT PERIODS PRINCIP
>AL ADVANCED 291,792.59 124,894.94 416,687.53
>
> CURRENT PERIODS INTERES
>T ADVANCED 2,279,099.89 222,681.42 2,501,781.3
>
> TOTAL CURRENT PERIODS A
>DVANCES 2,570,892.48 347,576.36 2,918,468.8
>
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 96.19065% 96.07392%
> SUBORDINATION PERCENTAG
>E 3.80935% 3.92608%
> SENIOR CREDIT DEPLETION
> DATE? NO
>
> Page 6 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 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 6,907,168.00
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,244,074.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 126,152.00
> REO INFORMATION:
> LOAN NUMBER
> CURRENT PRINCIPAL BALANCE
>
> Page 7 of 7 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1998-2
Revised
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 394,191,530.00 375,103,504.89 2,109,957.22 11,100,513.51 13,
>210,470.73 0.00 0.00 364,002,991.38
I-PO- 325,308.00 324,388.48 0.00 308.68
> 308.68 0.00 0.00 324,079.80
I-PO- 277,109.00 273,565.69 0.00 629.73
> 629.73 0.00 0.00 272,935.96
I-X1/ 0.00 0.00 189,522.69 0.00
>189,522.69 0.00 0.00 0.00
I-X2 0.00 0.00 8,158.23 0.00
> 8,158.23 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 524,407,357.00 505,314,769.06 3,036,713.02 11,101,451.92 14,
>138,164.94 0.00 0.00 494,213,317.14
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 951.576775 5.352619 28.160203
> 33.512822 923.416572 6.750000% 6.750000%
I-PO-MB9802108 997.173386 0.000000 0.948885
> 0.948885 996.224501 0.000000% 0.000000%
I-PO-MB9802109 987.213299 0.000000 2.272499
> 2.272499 984.940799 0.000000% 0.000000%
I-X1/MB9802110 0.000000 0.361404 0.000000
> 0.361404 0.000000 0.520654% 0.520654%
I-X2 MB9802111 0.000000 0.015557 0.000000
> 0.015557 0.000000 0.310076% 0.310076%
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: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 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
Revised
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 24,989,791.50 140,567.58 315,108.73
>455,676.31 0.00 0.00 24,674,682.77
A-8 52,000,000.00 51,078,022.66 287,313.88 2,817,098.17 3,
>104,412.05 0.00 0.00 48,260,924.49
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-10 114,002,575.00 112,128,434.44 630,722.44 5,726,429.20 6,
>357,151.64 0.00 0.00 106,402,005.24
A-11 116,250,822.00 115,600,280.03 364,675.46 2,376,026.29 2,
>740,701.75 0.00 390,708.33 113,614,962.07
A-12 4,359,406.00 4,335,010.67 13,670.59 89,101.00
>102,771.59 0.00 14,651.57 4,260,561.24
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 43,605,843.46 245,282.87 162,812.44
>408,095.31 0.00 0.00 43,443,031.02
X-1 475,469,201.00 459,617,483.50 131,718.27 0.00
>131,718.27 0.00 0.00 448,685,446.48
X-2 48,938,156.00 45,697,286.01 8,158.25 0.00
> 8,158.25 0.00 0.00 45,527,871.11
PO-2 277109 273565.69 0 629.73
> 629.73 0 0 272935.96
A-R 100 0 0 0
> 0 0 0 0
TOTALS 504,742,081.00 485,707,453.45 2,521,061.97 11,487,205.56 14,
>008,267.53 0.00 405,359.90 474,625,607.79
* 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 995.890136 5.601882 12.557675
> 18.159557 983.332461 6.750000% 6.750000%
A-8 585525AZ1 982.269667 5.525267 54.174965
> 59.700232 928.094702 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 983.560542 5.532528 50.230700
> 55.763229 933.329841 6.750000% 6.750000%
A-11 585525BM9 994.403980 3.136971 20.438791
> 23.575762 977.326096 0.000000% 0.000000%
A-12 585525BN7 994.403978 3.135884 20.438794
> 23.574677 977.326094 0.000000% 0.000000%
A-13 585525BC1 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
A-14 585525BD9 931.234086 5.238192 3.476977
> 8.715168 927.757110 6.750000% 6.750000%
X-1 585525BG2 966.6608952 0.277027975 0
>0.277027975 943.6687919 0.003438989 0
X-2 585525BH0 933.7762136 0.166705319 0
>0.166705319 930.3143974 0.002142332 0
PO-2 585525BF4 987.2132987 0 2.272499269
>2.272499269 984.9407995 0 0
A-R 585525BE7 0 0 0
> 0 0 0.0675 0.0675
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: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 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
Revised
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 8,104,357.03 45,587.01 8,103.92
> 53,690.93 0.00 0.00 8,096,253.11
B-2 5,244,073.00 5,228,616.89 29,410.97 5,228.34
> 34,639.31 0.00 0.00 5,223,388.55
B-3 2,097,629.00 2,091,446.57 11,764.39 2,091.33
> 13,855.72 0.00 0.00 2,089,355.24
B-4 1,573,222.00 1,568,585.16 8,823.29 1,568.50
> 10,391.79 0.00 0.00 1,567,016.66
B-5 1,048,814.00 1,045,722.77 5,882.19 1,045.67
> 6,927.86 0.00 0.00 1,044,677.10
B-6 1,573,224.00 1,568,587.19 8,823.30 1,568.50
> 10,391.80 0.00 0.00 1,567,018.69
TOTALS 19,665,276.00 19,607,315.61 110,291.15 19,606.26
>129,897.41 0.00 0.00 19,587,709.35
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
997.052652 2.363001 0.420066
> 2.783067 996.055653
997.052652 1.867801 0.332036
> 2.199837 996.055652
997.052658 0.354242 0.062973
> 0.417215 996.055661
997.052647 0.303738 0.053995
> 0.357733 996.055649
997.052642 0.267190 0.047498
> 0.314688 996.055640
997.052670 0.856548 0.152267
> 1.008815 996.055673
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: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 260,292.49 0.00 0.00 0.00 260,292.49
>
> PERCENTA
>GE OF POOL BALANCE 0.05801% 0.00000% 0.00000% 0.00000% 0.05801%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.07107% 0.00000% 0.00000% 0.00000% 0.07107%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 260,292.49 0.00 0.00 0.00 260,292.49
>
> PERCENTA
>GE OF POOL BALANCE 0.05801% 0.00000% 0.00000% 0.00000% 0.05801%
>
> NUMBER O
>F LOANS 1 0 0 0 1
>
> PERCENTA
>GE OF POOL LOANS 0.07107% 0.00000% 0.00000% 0.00000% 0.07107%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
>
> Page 4 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 352,307.34 150,171.84 502,479.18
>
> PREPAYME
>NTS & CURTAILMENTS 10,579,729.68 19,243.06 10,598,972.74
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 2,074.54 1,416.76 3,491.30
>
> LESS: DE
>LINQUENT PRINCIPAL (2,074.54) (1,416.76) (3,491.30)
>
> TOTAL P
>RINCIPAL 10,932,037.0 169,414.90 11,101,451.92
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,872,432.94 273,510.62 3,145,943.56
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (17,682.89) (2,599.84)(20,282.73)
>
> LESS: PP
>IS 0.00 0.00 0.00
>
> LESS: CU
>RRENT SERVICING FEES (95,176.83) (9,430.62)(104,607.45)
>
> LESS: MA
>STER SERVICING FEES (377.32) 0.00 (377.32)
>
> PLUS: CO
>MPENSATING INTEREST 0.00 0.00 0.00
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 17,106.08 2,510.19 19,616.27
>
> TOTAL IN
>TEREST 2,776,301.98 263,990.35 3,040,292.33
>
> PERMITTE
>D WITHDRAWALS
> TRUSTEE
>FEES (3,255.62) (323.69) (3,579.31)
>
> EXPENSES
> INCURRED BY SERVICER 0.00
>
> TOTAL SO
>URCES
>
> 13,705,083.3 433,081.56 14,138,164.94
>
> TOTAL REMITTANCE DUE
> 14,138,164.94
>
>
> Page 5 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED CURRENT SUB SER
>VICING FEE FOR THE CURRENT PERIOD: 95,176.83 9,430.62 104,607.45
>
> CURRENT MASTER SERVICIN
>G FEES PAID: 377.32 0.00 377.32
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED 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: 459,617,483.50 45,697,286.01 505,314,769.51
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 448,685,446.48 45,527,871.11 494,213,317.59
>
> PRIOR NUMBER OF LOANS:
> 1,439 129 1,568
>
> CURRENT NUMBER OF LOANS
>: 1,407 129 1,536
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 32 0 32
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.49954% 7.18232%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.49374% 7.18225%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 352 173
> ADVANCES
> Group 1 Group 2 TOTAL
>
> CURRENT PERIODS PRINCIP
>AL ADVANCED 2,074.54 1,416.76 3,491.30
>
> CURRENT PERIODS INTERES
>T ADVANCED 17,106.08 2,510.19 19,616.27
>
> TOTAL CURRENT PERIODS A
>DVANCES 19,180.62 3,926.95 23,107.57
>
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 96.12697% 95.99796%
> SUBORDINATION PERCENTAG
>E 3.87303% 4.00204%
> SENIOR CREDIT DEPLETION
> DATE? NO
>
> Page 6 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 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 6,907,168.00
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,244,074.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 126,152.00
> REO INFORMATION:
> LOAN NUMBER
> CURRENT PRINCIPAL BALANCE
>
> Page 7 of 7 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers 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 394,191,530.00 351,355,649.97 1,976,375.53 17,245,064.54 19,
>221,440.07 0.00 0.00 334,110,585.43
I-PO- 325,308.00 294,863.43 0.00 309.74
> 309.74 0.00 0.00 294,553.69
I-PO- 277,109.00 271,327.13 0.00 1,182.98
> 1,182.98 0.00 0.00 270,144.15
I-X1/ 0.00 0.00 176,357.45 0.00
>176,357.45 0.00 0.00 0.00
I-X2 0.00 0.00 7,907.66 0.00
> 7,907.66 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 524,407,357.00 481,535,150.53 2,889,715.52 17,246,557.26 20,
>136,272.78 0.00 0.00 464,288,593.27
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 891.332317 5.013744 43.747933
> 48.761677 847.584385 6.750000% 6.750000%
I-PO-MB9802108 906.413092 0.000000 0.952144
> 0.952144 905.460948 0.000000% 0.000000%
I-PO-MB9802109 979.135034 0.000000 4.269006
> 4.269006 974.866027 0.000000% 0.000000%
I-X1/MB9802110 0.000000 0.336299 0.000000
> 0.336299 0.000000 0.510198% 0.510198%
I-X2 MB9802111 0.000000 0.015079 0.000000
> 0.015079 0.000000 0.308868% 0.308868%
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: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 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 24,337,912.42 136,900.76 469,994.58
>606,895.34 0.00 0.00 23,867,917.84
A-8 52,000,000.00 45,250,169.69 254,532.20 4,201,790.37 4,
>456,322.57 0.00 0.00 41,048,379.32
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-10 114,002,575.00 100,281,922.40 564,085.81 8,541,148.94 9,
>105,234.75 0.00 0.00 91,740,773.46
A-11 116,250,822.00 111,660,860.19 360,804.88 3,166,494.14 3,
>527,299.02 0.00 368,709.17 108,863,075.22
A-12 4,359,406.00 4,187,282.42 13,525.77 118,743.54
>132,269.31 0.00 13,826.60 4,082,365.48
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 42,281,093.68 237,831.15 1,110,117.20 1,
>347,948.35 0.00 0.00 41,170,976.48
X-1 475,469,201.00 437,176,711.48 122,568.43 0.00
>122,568.43 0.00 0.00 421,047,398.66
X-2 48,938,156.00 44,358,439.50 7,907.69 0.00
> 7,907.69 0.00 0.00 43,241,195.06
PO-2 277109 271327.13 0 1182.98
> 1182.98 0 0 270144.15
A-R 100 0 0 0
> 0 0 0 0
TOTALS 504,742,081.00 461,967,072.93 2,397,109.32 17,609,471.75 20,
>006,581.07 0.00 382,535.77 444,740,136.95
* 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 969.911530 5.455752 18.730167
> 24.185919 951.181363 6.750000% 6.750000%
A-8 585525AZ1 870.195571 4.894850 80.803661
> 85.698511 789.391910 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 879.646117 4.948009 74.920667
> 79.868676 804.725450 6.750000% 6.750000%
A-11 585525BM9 960.516737 3.103676 27.238467
> 30.342143 936.449939 0.000000% 0.000000%
A-12 585525BN7 960.516736 3.102664 27.238468
> 30.341131 936.449938 0.000000% 0.000000%
A-13 585525BC1 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
A-14 585525BD9 902.943104 5.079055 23.707350
> 28.786405 879.235754 6.750000% 6.750000%
X-1 585525BG2 919.4637856 0.257784163 0
>0.257784163 885.5408463 0.003364363 0
X-2 585525BH0 906.4182864 0.161585323 0
>0.161585323 883.5885655 0.00213921 0
PO-2 585525BF4 979.1350335 0 4.269006059
>4.269006059 974.8660274 0 0
A-R 585525BE7 0 0 0
> 0 0 0.0675 0.0675
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: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 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 8,088,138.65 45,495.78 8,110.13
> 53,605.91 0.00 0.00 8,080,028.52
B-2 5,244,073.00 5,218,153.42 29,352.11 5,232.34
> 34,584.45 0.00 0.00 5,212,921.08
B-3 2,097,629.00 2,087,261.19 11,740.84 2,092.93
> 13,833.77 0.00 0.00 2,085,168.26
B-4 1,573,222.00 1,565,446.12 8,805.63 1,569.70
> 10,375.33 0.00 0.00 1,563,876.42
B-5 1,048,814.00 1,043,630.07 5,870.42 1,046.47
> 6,916.89 0.00 0.00 1,042,583.60
B-6 1,573,224.00 1,565,448.15 8,805.65 1,569.71
> 10,375.36 0.00 0.00 1,563,878.44
TOTALS 19,665,276.00 19,568,077.60 110,070.43 19,621.28
>129,691.71 0.00 0.00 19,548,456.32
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 995.057358 2.358272 0.420388
> 2.778660 994.059595 6.750000% 6.750000%
B-2 585525BK3 995.057357 1.864063 0.332290
> 2.196353 994.059595 6.750000% 6.750000%
B-3 585525BL1 995.057367 0.353533 0.063021
> 0.416554 994.059607 6.750000% 6.750000%
B-4 585525AP3 995.057354 0.303130 0.054036
> 0.357167 994.059592 6.750000% 6.750000%
B-5 585525AQ1 995.057341 0.266655 0.047534
> 0.314190 994.059576 6.750000% 6.750000%
B-6 585525AR9 995.057379 0.854834 0.152384
> 1.007219 994.059613 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: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 7
> (c) COPYRIGHT 1998 Bankers Trust Company
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
>
> 1 to 30 31 to 60 61 to 90 91+
> DELINQUE
>NT LOAN INFORMATION Days Days Days Days Total
>
> Group 1 PRINCIPA
>L BALANCE 2,988,742. 398,278.51 458,271.58 260,870.63 4,106,163.40
>
> PERCENTA
>GE OF POOL BALANCE 0.70984% 0.09459% 0.10884% 0.06196% 0.97523%
>
> NUMBER O
>F LOANS 10 1 1 1 13
>
> PERCENTA
>GE OF POOL LOANS 0.74738% 0.07474% 0.07474% 0.07474% 0.97160%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> FORECLOS
>URE LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> REO LOAN
> INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> BANKRUPT
>CY LOAN INFORMATION
> Group 1 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> TOTAL
> Group 1 PRINCIPA
>L BALANCE 2,988,742.68 398,278.51 458,271.58 260,870.63 4,106,163.40
>
> PERCENTA
>GE OF POOL BALANCE 0.70984% 0.09459% 0.10884% 0.06196% 0.97523%
>
> NUMBER O
>F LOANS 10 1 1 1 13
>
> PERCENTA
>GE OF POOL LOANS 0.74738% 0.07474% 0.07474% 0.07474% 0.97160%
>
> Group 2 PRINCIPA
>L BALANCE 0.00 0.00 0.00 0.00 0.00
>
> PERCENTA
>GE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
> NUMBER O
>F LOANS 0 0 0 0 0
>
> PERCENTA
>GE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000% 0.00000%
>
>
> Page 4 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> COLLECTION ACCOUNT INFO
>RMATION
> SOURCES
>OF PRINCIPAL Group 1 Group 2 Total
>
> SCHEDULE
>D PRINCIPAL RECEIVED 337,230.17 146,047.82 483,277.99
>
> PREPAYME
>NTS & CURTAILMENTS 15,792,082.65 971,196.62 16,763,279.27
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER PR
>INCIPAL 0.00 0.00 0.00
>
> PRINCIPA
>L ADVANCED 3,104.69 0.00 3,104.69
>
> LESS: DE
>LINQUENT PRINCIPAL (3,104.69) 0.00 (3,104.69)
>
> TOTAL P
>RINCIPAL 16,129,312.82 1,117,244.44 17,246,557.26
>
> SOURCES
>OF INTEREST
> SCHEDULE
>D INTEREST 2,728,359.65 265,453.22 2,993,812.87
>
> REPURCHA
>SES/SUBSTITUTIONS 0.00 0.00 0.00
>
> LIQUIDAT
>ION PROCEEDS 0.00 0.00 0.00
>
> INSURANC
>E PROCEEDS 0.00 0.00 0.00
>
> OTHER IN
>TEREST 0.00 0.00 0.00
>
> LESS: DE
>LINQUENT INTEREST (26,273.93) 0.00 (26,273.93)
>
> LESS: PP
>IS 0.00 0.00 0.00
>
> LESS: CU
>RRENT SERVICING FEES (90,224.00) (9,241.34)(99,465.34)
>
> LESS: MA
>STER SERVICING FEES (366.66) 0.00 (366.66)
>
> PLUS: CO
>MPENSATING INTEREST 0.00 0.00 0.00
>
> PLUS: IN
>TEREST ADVANCED AMOUNT 25,419.45 0.00 25,419.45
>
> TOTAL IN
>TEREST 2,636,914.51 256,211.88 2,893,126.39
>
> PERMITTE
>D WITHDRAWALS
> TRUSTEE
>FEES (3,096.67) (314.21) (3,410.87)
>
> EXPENSES
> INCURRED BY SERVICER 0.00
>
> TOTAL SO
>URCES
>
> 18,763,130.61,373,142.1120,136,272.
>
> TOTAL REMITTANCE DUE
> ###########
>
>
> Page 5 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> SERVICING FEES
> Group 1 Group 2 Total
>
> ACCRUED CURRENT SUB SER
>VICING FEE FOR THE CURRENT PERIOD: 90,224.00 9,241.34 99,465.34
>
> CURRENT MASTER SERVICIN
>G FEES PAID: 366.66 0.00 366.66
>
> REALIZED LOSSES
> Group 1 Group 2 Total
>
> PRIOR CUMULATIVE REALIZ
>ED 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: 437,176,711.44,358,439.5481,535,150
>
> CURRENT PRINCIPAL BALAN
>CE OF POOL: 421,047,398.66 43,241,195.06 464,288,593.72
>
> PRIOR NUMBER OF LOANS:
> 1,381 126 1,507
>
> CURRENT NUMBER OF LOANS
>: 1,338 123 1,461
>
>
> 0 0 0
>
>
> 0 0 0.00
>
> NUMBER OF LOANS PAID IN
> FULL: 43 3 46
>
> CURRENT WEIGHTED AVERAG
>E MORTGAGE RATE: 7.48903% 7.18113%
> NEXT WEIGHTED AVERAGE M
>ORTGAGE RATE: 7.48445% 7.17525%
> WEIGHTED AVERAGE TERM T
>O MATURITY: 349 171
> ADVANCES
> Group 1 Group 2 TOTAL
>
> CURRENT PERIODS PRINCIP
>AL ADVANCED 3,104.69 0.00 3,104.69
>
> CURRENT PERIODS INTERES
>T ADVANCED 25,419.45 0.00 25,419.45
>
> TOTAL CURRENT PERIODS A
>DVANCES 28,524.14 0.00 28,524.14
>
> SUBORDINATION CREDIT EN
>HANCEMENT Group 1 Group 2
> SENIOR PREPAYMENT PERCE
>NTAGE 100.00000% 100.00000%
> SENIOR PERCENTAGE
> 95.94104% 95.90352%
> SUBORDINATION PERCENTAG
>E 4.05896% 4.09648%
> SENIOR CREDIT DEPLETION
> DATE? NO
>
> Page 6 of 7 (c) COPYRIGHT 1998 B
>
> Mellon Residential Fund
>ing Corporation
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 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 5,692,678.18
> CURRENT
> FRAUD LOSS COVERAGE AMOUNT 5,244,074.00
> CURRENT
>BANKRUPTCY LOSS COVERAGE AMOUNT 126,152.00
> REO INFORMATION:
> LOAN NUMBER
> CURRENT PRINCIPAL BALANCE
>
> Page 7 of 7 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
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