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 April 29 , 1999, which forms Mellon Bank Residential Funding
Home Equity Installment Loan Trust 1999-1 Mortgage Pass-Through
Certificates, Series MHELT 1999-1.
MELLON RESIDENTIAL FUNDING CORPORATION
HOME EQUITY INSTALLMENT LOAN TRUST 1999-1
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 April 29, 1999.
Date: June 15, 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
