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): May 25, 1999
MELLON RESIDENTIAL FUNDING CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated
as of March 1, 1999, which forms Mellon Bank Residential Funding
Mortgage Pass-Through Certificates, Series 1999-TBC1.
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-TBC1
(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
May 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 March 1, 1999.
Date: June 4, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of May 25, 1999.
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Master REMIC Series 1999-TBC1
Statement To Certificateholders
This statement is also available on Bankers Trust's website, http://online.bank
>erstrust.com/invr/. BT begins posting statements to the web at 7:00 PM
Eastern Standard time on the business day before each distribution date.
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 72,250,000.00 71,690,808.21 360,246.31 559,587.90
>919,834.21 0.00 0.00 71,131,220.31
A-2 63,350,000.00 63,350,000.00 322,557.08 0.00
>322,557.08 0.00 0.00 63,350,000.00
A-3 108,996,281.00 108,996,281.00 554,972.73 0.00
>554,972.73 0.00 0.00 108,996,281.00
X *251,512,988.16 250,953,696.37 69,987.56 0.00
> 69,987.56 0.00 0.00 250,394,108.47
B-1 1,886,000.00 1,886,000.00 10,106.83 0.00
> 10,106.83 0.00 0.00 1,886,000.00
B-2 1,258,000.00 1,258,000.00 6,741.46 0.00
> 6,741.46 0.00 0.00 1,258,000.00
B-3 1,258,000.00 1,258,000.00 6,741.47 0.00
> 6,741.47 0.00 0.00 1,258,000.00
B-4 1,258,000.00 1,258,000.00 6,741.46 0.00
> 6,741.46 0.00 0.00 1,258,000.00
B-5 629,000.00 629,000.00 3,370.73 0.00
> 3,370.73 0.00 0.00 629,000.00
B-6 627,607.16 627,607.16 3,363.27 0.00
> 3,363.27 0.00 0.00 627,607.16
A-R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 251,512,988.16 250,953,696.37 1,344,828.90 559,587.90 1,
>904,416.80 0.00 0.00 250,394,108.47
* 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 585525CG1 992.260321 4.986108 7.745161
> 12.731269 984.515160 6.030000% 6.030000%
A-2 585525CH9 1,000.000000 5.091667 0.000000
> 5.091667 1,000.000000 6.110000% 6.110000%
A-3 585525CJ5 1,000.000000 5.091667 0.000000
> 5.091667 1,000.000000 6.110000% 6.110000%
X *585525CK2 997.776291 0.278266 0.000000
> 0.278266 995.551404 0.334664% 0.334514%
B-1 585525CM8 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
B-2 585525CN6 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
B-3 585525CP1 1,000.000000 5.358879 0.000000
> 5.358879 1,000.000000 6.430647% 6.430645%
B-4 585525CQ9 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
B-5 585525CR7 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
B-6 585525CS5 1,000.000000 5.358878 0.000000
> 5.358878 1,000.000000 6.430647% 6.430645%
A-R 585525CL0 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.430410% 6.430410%
This Statement is also available on Bankers Trust's website http
>://online.bankerstrust.com/invr
We begin posting statements to the website @ 7:00 p.m. EST on th
>e Business Day before each Distribution Date.
SELLER: Boston Safe Deposit and Trust Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Boston Safe Deposit and Trust Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: April 30, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: May 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Subsidiary REMIC Series 1999-TBC1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1 72,250,000.00 71,690,808.21 384,181.91 559,587.90
>943,769.81 0.00 0.00 71,131,220.31
2 63,350,000.00 63,350,000.00 339,484.58 0.00
>339,484.58 0.00 0.00 63,350,000.00
3 108,996,281.00 108,996,281.00 584,097.20 0.00
>584,097.20 0.00 0.00 108,996,281.00
4 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
5 1,886,000.00 1,886,000.00 10,106.83 0.00
> 10,106.83 0.00 0.00 1,886,000.00
6 1,258,000.00 1,258,000.00 6,741.46 0.00
> 6,741.46 0.00 0.00 1,258,000.00
7 1,258,000.00 1,258,000.00 6,741.46 0.00
> 6,741.46 0.00 0.00 1,258,000.00
8 1,258,000.00 1,258,000.00 6,741.46 0.00
> 6,741.46 0.00 0.00 1,258,000.00
9 629,000.00 629,000.00 3,370.73 0.00
> 3,370.73 0.00 0.00 629,000.00
10 627,607.16 627,607.16 3,363.27 0.00
> 3,363.27 0.00 0.00 627,607.16
SR 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 251,512,888.16 250,953,696.37 1,344,828.90 559,587.90 1,
>904,416.80 0.00 0.00 250,394,108.47
* Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
1 MB99B1101 992.260321 5.317397 7.745161
> 13.062558 984.515160 6.430647% 6.430645%
2 MB99B1102 1,000.000000 5.358873 0.000000
> 5.358873 1,000.000000 6.430647% 6.430645%
3 MB99B1103 1,000.000000 5.358873 0.000000
> 5.358873 1,000.000000 6.430647% 6.430645%
4 MB99B1104 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.430647% 6.430645%
5 MB99B1105 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
6 MB99B1106 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
7 MB99B1107 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
8 MB99B1108 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
9 MB99B1109 1,000.000000 5.358871 0.000000
> 5.358871 1,000.000000 6.430647% 6.430645%
10 MB99B1110 1,000.000000 5.358878 0.000000
> 5.358878 1,000.000000 6.430647% 6.430645%
SR MB99B11SR 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Boston Safe Deposit and Trust Company ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Boston Safe Deposit and Trust Company
> Bankers Trust Company
LEAD UNDERWRITER: Mellon Finnancial Markets, Inc.
> 3 Park Plaza
RECORD DATE: April 30, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: May 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1999-TBC1
Statement To Certificateholders
Distribution Date: May 25, 1999
1 to 30 3
>1 to 60 61 to 90 91+
DELINQUENT LOAN INFORMATION Days
> Days Days Days Total
PRINCIPAL BALANCE 798,402.32
> 0.00 0.00 0.00 798,402.32
PERCENTAGE OF POOL BALANCE 0.31886%
> 0.00000% 0.00000% 0.00000% 0.31886%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.24038%
> 0.00000% 0.00000% 0.00000% 0.24038%
FORECLOSURE LOAN INFORMATION
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
PERCENTAGE OF POOL BALANCE
> 0.00000%
NUMBER OF LOANS
> 0
PERCENTAGE OF POOL LOANS
> 0.00000%
BANKRUPTCY LOAN INFORMATION
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000%
> 0.00000% 0.00000% 0.00000% 0.00000%
TOTAL
PRINCIPAL BALANCE 798,402.32
> 0.00 0.00 0.00 798,402.32
PERCENTAGE OF POOL BALANCE 0.31886%
> 0.00000% 0.00000% 0.00000% 0.31886%
NUMBER OF LOANS 1
> 0 0 0 1
PERCENTAGE OF POOL LOANS 0.24038%
> 0.00000% 0.00000% 0.00000% 0.24038%
REO PROPERTY DETAIL
LOAN NUMBER PRINCIPAL BALANCE
NONE #N/A
Page 3 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1999-TBC1
Statement To Certificateholders
Distribution Date: May 25, 1999
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL
> Total
SCHEDULED PRINCIPAL RECEIVED
> 2,720.15
PREPAYMENTS & CURTAILMENTS
> 556,867.75
REPURCHASES/SUBSTITUTIONS
> 0.00
LIQUIDATION PROCEEDS
> 0.00
INSURANCE PROCEEDS
> 0.00
OTHER PRINCIPAL
> 0.00
PRINCIPAL ADVANCED
> 0.00
LESS: DELINQUENT PRINCIPAL
> 0.00
LESS: REALIZED LOSSES OF PRINCIPAL
> 0.00
TOTAL PRINCIPAL
> 559,587.90
SOURCES OF INTEREST
SCHEDULED INTEREST
> 1,425,719.64
REPURCHASES/SUBSTITUTIONS
> 0.00
LIQUIDATION PROCEEDS
> 0.00
INSURANCE PROCEEDS
> 0.00
OTHER INTEREST
> 0.00
LESS: DELINQUENT INTEREST
> (4,624.08)
LESS: PPIS
> 0.00
LESS: CURRENT EXPENSE FEES
> (80,641.24)
LESS: REALIZED LOSSES
> 0.00
PLUS: COMPENSATING INTEREST
> 0.00
PLUS: INTEREST ADVANCED AMOUNT
> 4,374.58
TOTAL INTEREST
> 1,344,828.90
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES
> 0.00
EXPENSES INCURRED BY SERVICER
> 0.00
TOTAL SOURCES
TOTAL REMITTANCE DUE
> 1,904,416.80
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING:
> 4,374.58
Page 4 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1999-TBC1
Statement To Certificateholders
Distribution Date: May 25, 1999
SERVICING FEES
> Total
ACCRUED MASTER SERVICING FEE FOR THE CURRENT PERIOD:
> 78,423.02
MASTER SERVICING FEE RETAINED:
> 78,173.53
REALIZED LOSSES
> Total
PRIOR CUMULATIVE REALIZED LOSS
> 0.00
CURRENT REALIZED LOSS
> 0.00
TOTAL REALIZED LOSS
> 0.00
POOL INFORMATION
> Total
PRIOR PRINCIPAL BALANCE OF POOL:
> 250,953,696.37
CURRENT PRINCIPAL BALANCE OF POOL:
> 250,394,108.47
PRIOR NUMBER OF LOANS:
> 417
CURRENT NUMBER OF LOANS:
> 416
> 0
> 0.00
NUMBER OF LOANS PAID IN FULL:
> 1
CURRENT WEIGHTED AVERAGE MORTGAGE RATE:
> 6.8174%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:
> 6.8174%
WEIGHTED AVERAGE TERM TO MATURITY:
> 351
TRIGGER EVENTS
AFTER THE 10TH ANNIVERSARY, IS ONE OF THE SENIOR STEP DOWN CONDITIONS SATISFIED
>? #N/A
SUBORDINATION CREDIT ENHANCEMENT
SENIOR PREPAYMENT PERCENTAGE FOR THE NEXT DISTRIBUTION DATE
> 100.00%
SENIOR PERCENTAGE FOR THE NEXT DISTRIBUTION DATE
> 100.00%
SUBORDINATED PERCENTAGE FOR THE NEXT DISTRIBUTION DATE
> 0.00%
HAS THE SENIOR CREDIT SUPPORT DEPLETION DATE OCCURRED?
> NO
Page 5 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Series 1999-TBC1
Statement To Certificateholders
Distribution Date: May 25, 1999
> Prior Current Paid This Remaining
UNPAID INTEREST SHORTFALL S
>hortfall Allocation Distribution Shortfall
CLASS A-1
> 0.00 0.00 0.00 0.00
CLASS A-2
> 0.00 0.00 0.00 0.00
CLASS A-3
> 0.00 0.00 0.00 0.00
CLASS X
> 0.00 0.00 0.00 0.00
CLASS A-R
> 0.00 0.00 0.00 0.00
CLASS B-1
> 0.00 0.00 0.00 0.00
CLASS B-2
> 0.00 0.00 0.00 0.00
CLASS B-3
> 0.00 0.00 0.00 0.00
CLASS B-4
> 0.00 0.00 0.00 0.00
CLASS B-5
> 0.00 0.00 0.00 0.00
CLASS B-6
> 0.00 0.00 0.00 0.00
TOTAL
> 0.00 0.00 0.00 0.00
LOSS COVERAGE AMOUNTS
CURRENT SPECIAL HAZARD LOSS COVERAGE AMOUNT
> 6,300,000.00
CURRENT FRAUD LOSS COVERAGE AMOUNT
> 2,515,129.00
CURRENT BANKRUPTCY LOSS COVERAGE AMOUNT
> 150,000.00
Page 6 of 6
> (c) COPYRIGHT 1999 Bankers Trust Company
