May 6, 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 1999-TBC1.
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 March 1, 1999 (the "Pooling and Servicing
Agreement") among Mellon Residential Funding Corporation, as
Depositor (the "Depositor"), Boston Safe Deposit and Trust Company, a
Massachusetts trust company, as seller (in such capacity, the
"Seller") and as master servicer (in such capacity, the "Master
Servicer"), Mellon bank, N.A. as national banking association
organized under the laws of the United States, as standby purchaser
(the "Standby Purchaser"), and Bankers Trust Company of California,
N.A., as trustee (the "Trustee") is a Current Report on Form 8-K (the
"Report").
The Depositor will form a trust fund, and the trust fund will issue
Mortgage Pass-Through Certificates, Series 1999-TBC1. The Mortgage
Pass-Through Certificates, Series 1999-TBC1 will consist of the Class
A-1, Class A-2, Class A-3, and Class X. The Mortgage Pass-Through
Certificates, Series 1998-TBC1 will consist of the Class A-1, Class
A-2, Class A-3, Class X and Class A-R Certificates (collectively, the
"Senior Certificates") and the Class B-1, Class B-2, Class B-3, Class
B-4, Class B-5, and Class B-6 Certificates (collectively, the
"Subordinated Certificates"). The Senior Certificates and the
Subordinated Certificates are collectively referred to as the
"Certificates". Only the Senior Certificates and the Class B-1,
Class B-2, Class B-3 Certificates (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, within 15 business days after each Distribution
Date (as defined in the Pooling and Servicing Agreement), a Current
Report on Form 8-K in substantially the form attached 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 1999-TBC1.
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): April 26, 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
April 26, 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: May 6, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of April 26, 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 72,250,000.00 363,056.25 559,191.79
>922,248.04 0.00 0.00 71,690,808.21
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 *251,512,988.16 251,512,988.16 70,166.04 0.00
> 70,166.04 0.00 0.00 250,953,696.37
B-1 1,886,000.00 1,886,000.00 10,106.77 0.00
> 10,106.77 0.00 0.00 1,886,000.00
B-2 1,258,000.00 1,258,000.00 6,741.42 0.00
> 6,741.42 0.00 0.00 1,258,000.00
B-3 1,258,000.00 1,258,000.00 6,741.42 0.00
> 6,741.42 0.00 0.00 1,258,000.00
B-4 1,258,000.00 1,258,000.00 6,741.42 0.00
> 6,741.42 0.00 0.00 1,258,000.00
B-5 629,000.00 629,000.00 3,370.71 0.00
> 3,370.71 0.00 0.00 629,000.00
B-6 627,607.16 627,607.16 3,363.25 0.00
> 3,363.25 0.00 0.00 627,607.16
A-R 100.00 100.00 0.54 100.00
> 100.54 0.00 0.00 0.00
TOTALS 251,512,988.16 251,512,988.16 1,347,817.63 559,291.79 1,
>907,109.42 0.00 0.00 250,953,696.37
* 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 1,000.000000 5.025000 7.739679
> 12.764679 992.260321 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 1,000.000000 0.278976 0.000000
> 0.278976 997.776291 0.334771% 0.334455%
B-1 585525CM8 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
B-2 585525CN6 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
B-3 585525CP1 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
B-4 585525CQ9 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
B-5 585525CR7 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
B-6 585525CS5 1,000.000000 5.358846 0.000000
> 5.358846 1,000.000000 6.430607% 6.430433%
A-R 585525CL0 1,000.000000 5.400000 1,000.000000 1,
>005.400000 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: March 31, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: April 26, 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 72,250,000.00 387,176.12 559,191.79
>946,367.91 0.00 0.00 71,690,808.21
2 63,350,000.00 63,350,000.00 339,482.46 0.00
>339,482.46 0.00 0.00 63,350,000.00
3 108,996,281.00 108,996,281.00 584,093.52 0.00
>584,093.52 0.00 0.00 108,996,281.00
4 100.00 100.00 0.54 100.00
> 100.54 0.00 0.00 0.00
5 1,886,000.00 1,886,000.00 10,106.77 0.00
> 10,106.77 0.00 0.00 1,886,000.00
6 1,258,000.00 1,258,000.00 6,741.42 0.00
> 6,741.42 0.00 0.00 1,258,000.00
7 1,258,000.00 1,258,000.00 6,741.42 0.00
> 6,741.42 0.00 0.00 1,258,000.00
8 1,258,000.00 1,258,000.00 6,741.42 0.00
> 6,741.42 0.00 0.00 1,258,000.00
9 629,000.00 629,000.00 3,370.71 0.00
> 3,370.71 0.00 0.00 629,000.00
10 627,607.16 627,607.16 3,363.25 0.00
> 3,363.25 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 251,512,888.16 251,512,888.16 1,347,817.63 559,291.79 1,
>907,109.42 0.00 0.00 250,953,696.37
* 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 1,000.000000 5.358839 7.739679
> 13.098518 992.260321 6.430607% 6.430433%
2 MB99B1102 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
3 MB99B1103 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
4 MB99B1104 1,000.000000 5.400000 1,000.000000 1,
>005.400000 0.000000 6.430607% 6.430433%
5 MB99B1105 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
6 MB99B1106 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
7 MB99B1107 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
8 MB99B1108 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
9 MB99B1109 1,000.000000 5.358839 0.000000
> 5.358839 1,000.000000 6.430607% 6.430433%
10 MB99B1110 1,000.000000 5.358846 0.000000
> 5.358846 1,000.000000 6.430607% 6.430433%
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: March 31, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: April 26, 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: April 26, 1999
1 to 30 3
>1 to 60 61 to 90 91+
DELINQUENT LOAN INFORMATION Days
> Days Days Days Total
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
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 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 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: April 26, 1999
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL
> Total
SCHEDULED PRINCIPAL RECEIVED
> 2,705.02
PREPAYMENTS & CURTAILMENTS
> 556,586.77
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
> 559,291.79
SOURCES OF INTEREST
SCHEDULED INTEREST
> 1,428,888.65
REPURCHASES/SUBSTITUTIONS
> 0.00
LIQUIDATION PROCEEDS
> 0.00
INSURANCE PROCEEDS
> 0.00
OTHER INTEREST
> 0.00
LESS: DELINQUENT INTEREST
> 0.00
LESS: PPIS
> 0.00
LESS: CURRENT EXPENSE FEES
> (81,071.02)
LESS: REALIZED LOSSES
> 0.00
PLUS: COMPENSATING INTEREST
> 0.00
PLUS: INTEREST ADVANCED AMOUNT
> 0.00
TOTAL INTEREST
> 1,347,817.63
PERMITTED WITHDRAWALS
NONRECOVERABLE ADVANCES
> 0.00
EXPENSES INCURRED BY SERVICER
> 0.00
TOTAL SOURCES
TOTAL REMITTANCE DUE
> 1,907,109.42
AGGREGATE AMOUNT OF ADVANCES OUTSTANDING:
> 0.00
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: April 26, 1999
SERVICING FEES
> Total
ACCRUED MASTER SERVICING FEE FOR THE CURRENT PERIOD:
> 78,597.81
MASTER SERVICING FEE RETAINED:
> 78,597.81
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:
> 251,512,988.16
CURRENT PRINCIPAL BALANCE OF POOL:
> 250,953,696.37
PRIOR NUMBER OF LOANS:
> 417
CURRENT NUMBER OF LOANS:
> 417
> 0
> 0.00
NUMBER OF LOANS PAID IN FULL:
> 0
CURRENT WEIGHTED AVERAGE MORTGAGE RATE:
> 6.8174%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:
> 6.8172%
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: April 26, 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
