|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES
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): September 27, 1999
MELLON RESIDENTIAL FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 1999-BC2 Trust
New York (governing law of 333-72907-01 52-2183028
Pooling and Servicing Agreement) (Commission 52-2183029
(State or other File Number) IRS EIN
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 27, 1999 a distribution was made to holders of MELLON
RESIDENTIAL FUNDING CORPORATION, Mortgage Pass-Through Certificates, Series
1999-BC2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1999-BC2 Trust, relating to the September
27, 1999 distribution.
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.
MELLON RESIDENTIAL FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 1999-BC2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 10/4/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-BC2 Trust, relating to the September
27, 1999 distribution.
<TABLE>
<CAPTION>
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Record Date: 8/31/99
Distribution Date: 9/27/99
MRF Series: 1999-BC2
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 585525CT3 SEQ 6.46000% 145,601,235.15 783,819.98 8,906,701.82
A-2 585525CU0 SEQ 6.57000% 143,000,000.00 782,925.00 0.00
A-3 585525CV8 SEQ 6.58000% 228,411,000.00 1,252,453.65 0.00
A-R MRF99B2AR RES 6.68621% 0.00 0.00 0.00
X 585525CW6 IO 0.13714% 0.00 60,795.24 0.00
B-1 585525CY2 SUB 6.68455% 4,075,000.00 22,699.61 0.00
B-2 585525CZ9 SUB 6.68455% 2,717,000.00 15,134.93 0.00
B-3 585525DA3 SUB 6.68455% 2,717,000.00 15,134.93 0.00
B-4 585525DB1 SUB 6.68455% 2,717,000.00 15,134.93 0.00
B-5 585525DC9 SUB 6.68455% 1,358,000.00 7,564.68 0.00
B-6 585525DD7 SUB 6.68455% 1,357,808.29 7,563.61 0.00
Totals 531,954,043.44 2,963,226.56 8,906,701.82
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 136,694,533.33 9,690,521.80 0.00
A-2 0.00 143,000,000.00 782,925.00 0.00
A-3 0.00 228,411,000.00 1,252,453.65 0.00
A-R 0.00 0.00 0.00 0.00
X 0.00 0.00 60,795.24 0.00
B-1 0.00 4,075,000.00 22,699.61 0.00
B-2 0.00 2,717,000.00 15,134.93 0.00
B-3 0.00 2,717,000.00 15,134.93 0.00
B-4 0.00 2,717,000.00 15,134.93 0.00
B-5 0.00 1,358,000.00 7,564.68 0.00
B-6 0.00 1,357,808.29 7,563.61 0.00
Totals 0.00 523,047,341.62 11,869,928.38 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 157,000,000.00 145,601,235.15 111,276.06 8,795,425.76 0.00 0.00
A-2 143,000,000.00 143,000,000.00 0.00 0.00 0.00 0.00
A-3 228,411,000.00 228,411,000.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
B-1 4,075,000.00 4,075,000.00 0.00 0.00 0.00 0.00
B-2 2,717,000.00 2,717,000.00 0.00 0.00 0.00 0.00
B-3 2,717,000.00 2,717,000.00 0.00 0.00 0.00 0.00
B-4 2,717,000.00 2,717,000.00 0.00 0.00 0.00 0.00
B-5 1,358,000.00 1,358,000.00 0.00 0.00 0.00 0.00
B-6 1,357,808.29 1,357,808.29 0.00 0.00 0.00 0.00
Totals 543,352,908.29 531,954,043.44 111,276.06 8,795,425.76 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 8,906,701.82 136,694,533.33 0.87066582 8,906,701.82
A-2 0.00 143,000,000.00 1.00000000 0.00
A-3 0.00 228,411,000.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
X 0.00 0.00 0.00000000 0.00
B-1 0.00 4,075,000.00 1.00000000 0.00
B-2 0.00 2,717,000.00 1.00000000 0.00
B-3 0.00 2,717,000.00 1.00000000 0.00
B-4 0.00 2,717,000.00 1.00000000 0.00
B-5 0.00 1,358,000.00 1.00000000 0.00
B-6 0.00 1,357,808.29 1.00000000 0.00
Totals 8,906,701.82 523,047,341.62 0.96262914 8,906,701.82
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 157,000,000.00 927.39640223 0.70876471 56.02182013 0.00000000
A-2 143,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 228,411,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 4,075,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 2,717,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 2,717,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 2,717,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 1,358,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 1,357,808.29 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) Per $1,000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 56.73058484 870.66581739 0.87066582 56.73058484
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 157,000,000.00 6.46000% 145,601,235.15 783,819.98 0.00 0.00
A-2 143,000,000.00 6.57000% 143,000,000.00 782,925.00 0.00 0.00
A-3 228,411,000.00 6.58000% 228,411,000.00 1,252,453.65 0.00 0.00
A-R 100.00 6.68621% 0.00 0.00 0.00 0.00
X 0.00 0.13714% 531,954,043.16 60,795.24 0.00 0.00
B-1 4,075,000.00 6.68455% 4,075,000.00 22,699.61 0.00 0.00
B-2 2,717,000.00 6.68455% 2,717,000.00 15,134.93 0.00 0.00
B-3 2,717,000.00 6.68455% 2,717,000.00 15,134.93 0.00 0.00
B-4 2,717,000.00 6.68455% 2,717,000.00 15,134.93 0.00 0.00
B-5 1,358,000.00 6.68455% 1,358,000.00 7,564.68 0.00 0.00
B-6 1,357,808.29 6.68455% 1,357,808.29 7,563.61 0.00 0.00
Totals 543,352,908.29 2,963,226.56 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 783,819.98 0.00 136,694,533.33
A-2 0.00 0.00 782,925.00 0.00 143,000,000.00
A-3 0.00 0.00 1,252,453.65 0.00 228,411,000.00
A-R 0.00 0.00 0.00 0.00 0.00
X 0.00 0.00 60,795.24 0.00 523,047,341.34
B-1 0.00 0.00 22,699.61 0.00 4,075,000.00
B-2 0.00 0.00 15,134.93 0.00 2,717,000.00
B-3 0.00 0.00 15,134.93 0.00 2,717,000.00
B-4 0.00 0.00 15,134.93 0.00 2,717,000.00
B-5 0.00 0.00 7,564.68 0.00 1,358,000.00
B-6 0.00 0.00 7,563.61 0.00 1,357,808.29
Totals 0.00 0.00 2,963,226.56 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 157,000,000.00 6.46000% 927.39640223 4.99248395 0.00000000 0.00000000
A-2 143,000,000.00 6.57000% 1000.00000000 5.47500000 0.00000000 0.00000000
A-3 228,411,000.00 6.58000% 1000.00000000 5.48333333 0.00000000 0.00000000
A-R 100.00 6.68621% 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.13714% 979.02124996 0.11188905 0.00000000 0.00000000
B-1 4,075,000.00 6.68455% 1000.00000000 5.57045644 0.00000000 0.00000000
B-2 2,717,000.00 6.68455% 1000.00000000 5.57045639 0.00000000 0.00000000
B-3 2,717,000.00 6.68455% 1000.00000000 5.57045639 0.00000000 0.00000000
B-4 2,717,000.00 6.68455% 1000.00000000 5.57045639 0.00000000 0.00000000
B-5 1,358,000.00 6.68455% 1000.00000000 5.57045655 0.00000000 0.00000000
B-6 1,357,808.29 6.68455% 1000.00000000 5.57045502 0.00000000 0.00000000
<FN>
(5) Per $1,000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.99248395 0.00000000 870.66581739
A-2 0.00000000 0.00000000 5.47500000 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.48333333 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00000000 0.00000000 0.11188905 0.00000000 962.62913778
B-1 0.00000000 0.00000000 5.57045644 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.57045639 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.57045639 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 5.57045639 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 5.57045655 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 5.57045502 0.00000000 1000.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
MR 6.68621% 0.00 0.00 0.00 0.00 0.00000000%
SR 0.00000% 0.00 0.00 0.00 0.00 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 11,987,741.83
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 11,987,741.83
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 114,813.45
Payment of Interest and Principal 11,869,928.38
Total Withdrawals (Pool Distribution Amount) 11,984,741.83
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 110,823.78
Trustee Fee 3,989.67
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 114,813.45
</TABLE>
<TABLE>
<CAPTION> CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 0 0.00 0.000000% 0.000000%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 0 0.00 0.000000% 0.000000%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Current Period Class A Insufficient Funds 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 200,000.00 0.03680849% 200,000.00 0.03823746%
Fraud 10,867,058.17 2.00000000% 10,867,058.17 2.07764332%
Special Hazard 12,793,688.00 2.35458167% 12,793,688.00 2.44599045%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed ARM
Weighted Average Gross Coupon 6.943547%
Weighted Average Net Coupon 6.693547%
Weighted Average Pass-Through Rate 6.684546%
Weighted Average Maturity(Stepdown Calculation ) 329
Beginning Scheduled Collateral Loan Count 875
Number Of Loans Paid In Full 11
Ending Scheduled Collateral Loan Count 864
Beginning Scheduled Collateral Balance 531,954,043.44
Ending Scheduled Collateral Balance 523,047,341.62
Ending Actual Collateral Balance at 31-Aug-1999 523,047,341.62
Monthly P &I Constant 3,189,316.03
Ending Scheduled Balance for Premium Loans 523,047,341.62
</TABLE>
|
|