June 7, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Mellon Residential Funding Corporation
Home Equity Installment Loan Trust 1999-1 Mortgage Pass-Through
Certificates, Series MHELT 1999-1; 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 31, 1999 (the "Pooling and Servicing Agreement")
among Mellon Residential Funding Corporation, a Delaware corporation,
as depositor (the "Depositor"), Mellon Bank, N.A., a national banking
association organized under the laws of the United States, as seller
(in such capacity, the "Seller") and as master servicer (in such
capacity, the "Master Servicer"), 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 MHELT 1999-1. The
Mortgage Pass-Through Certificates, Series MHELT 1999-1 will consist
of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5
Certificates (collectively, the "Senior Certificates") and the Class
B Certificates (the "Subordinated Certificates"). The Senior
Certificates, the Subordinated Certificates and the Residual
Certificates, which are not offered hereby, are collectively referred
to herein as the "Certificates." Only the Senior Certificates and
the Subordinated 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.
333-2445-06). 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 MHELT 1999-1.
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 31, 1999, which forms Mellon Bank Residential Funding
Mortgage Pass-Through Certificates, Series MHELT 1999-1.
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES MHELT 1999-1
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-24453-06 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 31, 1999.
Date: June 7, 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 BANK
HOME EQUITY INSTALLMENT LOAN TRUST 1999-1
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES MHELT 1999-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 61,600,000.00 61,600,000.00 302,866.67 1,972,115.09 2,
>274,981.76 0.00 0.00 59,627,884.91
A-2 27,000,000.00 27,000,000.00 135,450.00 0.00
>135,450.00 0.00 0.00 27,000,000.00
A-3 10,700,000.00 10,700,000.00 55,996.67 0.00
> 55,996.67 0.00 0.00 10,700,000.00
A-4 10,906,000.00 10,906,000.00 61,891.55 0.00
> 61,891.55 0.00 0.00 10,906,000.00
A-5 13,400,000.00 13,400,000.00 70,461.67 0.00
> 70,461.67 0.00 0.00 13,400,000.00
B 10,750,000.00 10,750,000.00 62,260.42 0.00
> 62,260.42 0.00 0.00 10,750,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 134,356,000.00 134,356,000.00 688,926.98 1,972,115.09 2,
>661,042.07 0.00 0.00 132,383,884.91
688,926.98 1,972,115.09 2,
>661,042.07 0.00 0.00 132,383,884.91
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 58550SAG5 1,000.000000 4.916667 32.014855
> 36.931522 967.985145 5.900000% 5.900000%
A-2 58550SAH3 1,000.000000 5.016667 0.000000
> 5.016667 1,000.000000 6.020000% 6.020000%
A-3 58550SAJ9 1,000.000000 5.233334 0.000000
> 5.233334 1,000.000000 6.280000% 6.280000%
A-4 58550SAK6 1,000.000000 5.675000 0.000000
> 5.675000 1,000.000000 6.810000% 6.810000%
A-5 58550SAL4 1,000.000000 5.258334 0.000000
> 5.258334 1,000.000000 6.310000% 6.310000%
B 58550SAM2 1,000.000000 5.791667 0.000000
> 5.791667 1,000.000000 6.950000% 6.950000%
R 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Mellon Bank, N.A. ADMI
>NISTRATOR: Barbara Campbell
SERVICER: Mellon Bank, N.A.
> Bankers Trust Company
LEAD UNDERWRITER: J.P. Morgan & Co.
> 3 Park Plaza
RECORD DATE: April 30, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: May 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 2
> (c) COPYRIGHT 1999 Bankers Trust Company
MELLON BANK
HOME EQUITY INSTALLMENT LOAN TRUST 1999-1
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES MHELT 1999-1
Statement To Certificateholders
Distribution Date: May 25, 1999
DELINQUENT AND
> LOANS LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89
>90 PLUS IN IN IN
INFORMATION * DAYS DAYS
> DAYS FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPAL BALANCE 489,442.00 80,631.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.3695% 0.0609%
> 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 8 3
> 0 0 0 0
PERCENTAGE OF LOANS 0.3393% 0.1272%
> 0.0000% 0.0000% 0.0000% 0.0000%
* FORECLOSURES, REOS, AND BANKRUPTCIES ARE NOT INCLUDED IN THE DELINQUENCY BUCK
>ETS
BEGINNING POOL BALANCE
> 134,356,564.24
ENDING POOL BALANCE
> 132,468,464.96
BEGINNING LOAN COUNT
> 2,391
ENDING LOAN COUNT
> 2,358
TOTAL PRINCIPAL COLLECTIONS
> 1,888,099.28
TOTAL INTEREST COLLECTIONS
> 953,867.56
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 33
AGGREGATE BALANCE OF PREPAYMENTS IN FULL
> 1,598,812.97
POOL REALIZED LOSSES
> 0.00
LIQUIDATION PROCEEDS
> 0.00
THE EXTRA PRINCIPAL DISTRIBUTION AMOUNT
> 84,015.81
THE OVERCOLLATERALIZATION AMOUNT
> 84,580.05
THE OVERCOLLATERALIZATION DEFICIENCY
> 1,342,995.76
ACCRUED SERVICING FEE FOR THE RELATED DUE PERIOD
> 55,981.90
LESS: COMPENSATING INTEREST
> (1,169.00)
DELINQUENT SERVICING FEES
> (8,821.89)
COLLECT SERVICING FEES FOR THE RELATED DUE PERIOD
> 45,991.01
DOES A TRIGGER EVENT EXIST?
> NO
PROPERTIES IN REO:
LOAN NUMBER: STATED PRINCIPAL BALANCE
Page 2 of 2
> (c) COPYRIGHT 1999 Bankers Trust Company
