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Previous: FRIENDS IVORY FUNDS, N-18F1, 2000-01-05 |
Next: SAXON ASSET SECURITIES TR 1999-3 MT LN AST BK CER SER 1999-3, 8-K, 2000-01-05 |
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): December 20, 1999
MELLON RESIDENTIAL FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 1999-BC3 Trust
New York (governing law of 333-72907-02 Pending
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
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 December 20, 1999 a distribution was made to holders of MELLON
RESIDENTIAL FUNDING CORPORATION, Mortgage Pass-Through Certificates, Series
1999-BC3 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-BC3 Trust, relating to the December
20, 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-BC3 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 12/28/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-BC3 Trust, relating to the December
20, 1999 distribution.
<TABLE>
<CAPTION>
Mellon Residential Funding Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/99
Distribution Date: 12/20/99
MRF Series: 1999-BC3
Contact: Customer Service - CTSLink
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
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 585525DE5 SEQ 5.91000% 95,288,014.63 469,293.47 140,553.84
A-2 585525DF2 SEQ 5.90000% 104,317,000.00 512,891.91 0.00
A-R 585525DG0 R 6.03399% 0.00 30,045.40 0.00
B-1 585525DH8 SUB 6.08540% 1,543,000.00 7,824.81 0.00
B-2 585525DJ4 SUB 6.08540% 823,000.00 4,173.57 0.00
B-3 585525DK1 SUB 6.08540% 1,029,000.00 5,218.23 0.00
B-4 585525DL9 SUB 6.08540% 1,029,000.00 5,218.23 0.00
B-5 585525DM7 SUB 6.08540% 617,000.00 3,128.91 0.00
B-6 585525DN5 SUB 6.08540% 616,801.70 3,127.91 0.00
Totals 205,262,816.33 1,040,922.44 140,553.84
</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 95,147,460.79 609,847.31 0.00
A-2 0.00 104,317,000.00 512,891.91 0.00
A-R 0.00 0.00 30,045.40 0.00
B-1 0.00 1,543,000.00 7,824.81 0.00
B-2 0.00 823,000.00 4,173.57 0.00
B-3 0.00 1,029,000.00 5,218.23 0.00
B-4 0.00 1,029,000.00 5,218.23 0.00
B-5 0.00 617,000.00 3,128.91 0.00
B-6 0.00 616,801.70 3,127.91 0.00
Totals 0.00 205,122,262.49 1,181,476.28 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 95,750,000.00 95,288,014.63 0.00 140,553.84 0.00 0.00
A-2 104,317,000.00 104,317,000.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
B-1 1,543,000.00 1,543,000.00 0.00 0.00 0.00 0.00
B-2 823,000.00 823,000.00 0.00 0.00 0.00 0.00
B-3 1,029,000.00 1,029,000.00 0.00 0.00 0.00 0.00
B-4 1,029,000.00 1,029,000.00 0.00 0.00 0.00 0.00
B-5 617,000.00 617,000.00 0.00 0.00 0.00 0.00
B-6 616,802.00 616,801.70 0.00 0.00 0.00 0.00
Totals 205,724,902.00 205,262,816.33 0.00 140,553.84 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-1 140,553.84 95,147,460.79 0.99370716 140,553.84
A-2 0.00 104,317,000.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
B-1 0.00 1,543,000.00 1.00000000 0.00
B-2 0.00 823,000.00 1.00000000 0.00
B-3 0.00 1,029,000.00 1.00000000 0.00
B-4 0.00 1,029,000.00 1.00000000 0.00
B-5 0.00 617,000.00 1.00000000 0.00
B-6 0.00 616,801.70 0.99999951 0.00
Totals 140,553.84 205,122,262.49 0.99707065 140,553.84
</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 95,750,000.00 995.17508752 0.00000000 1.46792522 0.00000000
A-2 104,317,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 1,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 823,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 1,029,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 1,029,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 617,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 616,802.00 999.99951362 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 1.46792522 993.70716230 0.99370716 1.46792522
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 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 999.99951362 0.99999951 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 95,750,000.00 5.91000% 95,288,014.63 469,293.47 0.00 0.00
A-2 104,317,000.00 5.90000% 104,317,000.00 512,891.92 0.00 0.00
A-R 100.00 6.03399% 0.00 0.00 0.00 0.00
B-1 1,543,000.00 6.08540% 1,543,000.00 7,824.81 0.00 0.00
B-2 823,000.00 6.08540% 823,000.00 4,173.57 0.00 0.00
B-3 1,029,000.00 6.08540% 1,029,000.00 5,218.23 0.00 0.00
B-4 1,029,000.00 6.08540% 1,029,000.00 5,218.23 0.00 0.00
B-5 617,000.00 6.08540% 617,000.00 3,128.91 0.00 0.00
B-6 616,802.00 6.08540% 616,801.70 3,127.91 0.00 0.00
Totals 205,724,902.00 1,010,877.05 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 0.00 469,293.47 0.00 95,147,460.79
A-2 0.00 0.00 512,891.91 0.00 104,317,000.00
A-R 0.00 0.00 30,045.40 0.00 0.00
B-1 0.00 0.00 7,824.81 0.00 1,543,000.00
B-2 0.00 0.00 4,173.57 0.00 823,000.00
B-3 0.00 0.00 5,218.23 0.00 1,029,000.00
B-4 0.00 0.00 5,218.23 0.00 1,029,000.00
B-5 0.00 0.00 3,128.91 0.00 617,000.00
B-6 0.00 0.00 3,127.91 0.00 616,801.70
Totals 0.00 0.00 1,040,922.44 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 95,750,000.00 5.91000% 995.17508752 4.90123728 0.00000000 0.00000000
A-2 104,317,000.00 5.90000% 1000.00000000 4.91666670 0.00000000 0.00000000
A-R 100.00 6.03399% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 1,543,000.00 6.08540% 1000.00000000 5.07116656 0.00000000 0.00000000
B-2 823,000.00 6.08540% 1000.00000000 5.07116646 0.00000000 0.00000000
B-3 1,029,000.00 6.08540% 1000.00000000 5.07116618 0.00000000 0.00000000
B-4 1,029,000.00 6.08540% 1000.00000000 5.07116618 0.00000000 0.00000000
B-5 617,000.00 6.08540% 1000.00000000 5.07116694 0.00000000 0.00000000
B-6 616,802.00 6.08540% 999.99951362 5.07117357 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 4.90123728 0.00000000 993.70716230
A-2 0.00000000 0.00000000 4.91666660 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 300454.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 5.07116656 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.07116646 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.07116618 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 5.07116618 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 5.07116694 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 5.07117357 0.00000000 999.99951362
<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 ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,241,016.50
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 7,170.19
Realized Losses 0.00
Total Deposits 1,248,186.69
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 66,710.41
Payment of Interest and Principal 1,181,476.28
Total Withdrawals (Pool Distribution Amount) 1,248,186.69
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 64,144.63
Trustee Fee 2,565.78
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 66,710.41
</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 2 1,274,526.56 0.701754% 0.621350%
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 2 1,274,526.56 0.701754% 0.621350%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 7,170.19
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
<S> <C> Original $<C> Original % Current $<C><C> Current %
Bankruptcy 200,000.00 0.09721721% 200,000.00 0.09750282%
Fraud 2,057,249.00 0.99999999% 2,057,249.00 1.00293794%
Special Hazard 5,657,801.00 2.75017800% 5,657,801.00 2.75825790%
<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 6.475403%
Weighted Average Net Coupon 6.100402%
Weighted Average Pass-Through Rate 6.085400%
Weighted Average Maturity(Stepdown Calculation ) 353
Beginning Scheduled Collateral Loan Count 285
Number Of Loans Paid In Full 0
Ending Scheduled Collateral Loan Count 285
Beginning Scheduled Collateral Balance 205,262,816.33
Ending Scheduled Collateral Balance 205,122,262.49
Ending Actual Collateral Balance at 30-Nov-1999 205,122,262.49
Monthly P &I Constant 1,107,632.87
Ending Scheduled Balance for Premium Loans 205,122,262.49
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
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