MORTGAGE CAPITAL FUNDING INC
8-K, 1999-01-08
ASSET-BACKED SECURITIES
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<PAGE>


                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K


                                 CURRENT REPORT
               Pursuant to Section 13 or 15(d) of the Securities
                            and Exchange Act of 1934


                        Date of Report: December 18, 1998
                        (Date of earliest event reported)


                     Mortgage Capital Funding, Inc. (Sponsor)
             (Issuer in Respect of Multifamily/Commercial Mortgage
                  Pass-Through Certificates, Series 1998-MC2)
               (Exact name of registrant as specified in charter)



                                    Delaware
                 (State or other Jurisdiction of Incorporation)

                    c/o State Street Bank and Trust Company
                           Corporate Trust Department
                       Two International Place, 5th Floor
                                Boston, MA 02110
              (Address of Principal Executive Offices) (Zip Code)

                                 212-559-6899
              (Registrant's telephone number, including area code)


                        Commission File Number 333-24489

                 13-3408716 (I.R.S. Employer Identification No.)



                                 Not Applicable
         (Former name, or former address if changed since last report)





<PAGE>


ITEM 5.  OTHER EVENTS

                 This Current Report on Form 8-K relates to the Trust Fund 
formed, and Multifamily/Commercial Mortgage Pass-Through Certificates, Series 
1998-MC2 issued pursuant to, a Pooling and Servicing Agreement, dated as of 
June 1, 1998 (the "Pooling and Servicing Agreement") by and among Mortgage 
Capital Funding, Inc., as sponsor, Citicorp Real Estate, Inc. as mortgage 
loan seller, Morgan Guaranty Trust Company of New York, as additional 
warranting party, CRIIMI MAE Services Limited Partnership, as master servicer 
and special servicer, and State Street Bank and Trust Company, as trustee and 
REMIC administrator.

                 The Class X, Class A-1, Class A-2, Class B, Class C, Class D 
and Class E Certificates have been registered pursuant to the Securities Act 
of 1933 under a Registration Statement on Form S-3 (File No. 333-24489) (the 
"Registration Statement").

                 Capitalized terms used herein and not defined herein have 
the same meanings ascribed to such terms in the Pooling and Servicing 
Agreement.

                 Pursuant to Section 8.13 of the Pooling and Servicing 
Agreement, the Trustee is filing this Current Report containing the December 18,
1998 monthly distribution report prepared by the Trustee 
pursuant to Section 4.02 thereof.

                 This Current Report is being filed by the Trustee, in its 
capacity as such under the Pooling and Servicing Agreement, on behalf of the 
Registrant. The information reported and contained herein has been supplied 
to the Trustee by one or more of the Master Servicer, the Special Servicer or 
other third parties without independent review or investigation by the 
Trustee. Pursuant to the Pooling and Servicing Agreement, the Trustee is not 
responsible for the accuracy or completeness of such information.

<PAGE>



        Mortgage Capital Funding, Inc., Multifamily Commercial Mortgage
                  Pass-Through Certificates, Series 1998-MC2


Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached
hereto.





                                  SIGNATURES

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.

Date: 12/18/98

By:    State Street Bank and Trust Company
       as Trustee
       --------------------------------------------
       By: David Shepherd
       Authorized Signatory
       IN ITS CAPACITY AS TRUSTEE UNDER THE
       POOLING AND SERVICING AGREEMENT
       ON BEHALF OF MORTGAGE CAPITAL FUNDING, INC.,
       REGISTRANT



<PAGE>

[LOGO]          MORTGAGE CAPITAL FUNDING, INC.

   MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

                         B273                   PAYMENT DATE: DECEMBER 18, 1998

                                                 RECORD DATE: NOVEMBER 30, 1998

TRUSTEE REPORT TO CERTIFICATEHOLDERS

PAYMENT SUMMARY

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
                 Pass Through   Interest   Original Fitch      Original
Class   Cusip      Rate           Type          Rating          Balance
- --------------------------------------------------------------------------
<S>   <C>        <C>            <C>              <C>        <C>
A-1   61910DEP3    6.325%        Fixed           AAA        205,079,000.00
A-2   61910DEQ1    6.423%        Fixed           AAA        514,190,000.00
B     61910DES7    6.549%        Fixed            AA         47,951,000.00
C     61910DET5    6.726%        Fixed            A          58,046,000.00
D     61910DEU2    7.091%       Variable         BBB         60,570,000.00
E     61910DEV0  7.1732878%     Variable         BBB-        37,856,000.00
F     61910DEW8  7.1732878%     Variable         N/A         12,619,000.00
G     61910DEY4  7.1732878%     Variable         N/A         25,238,000.00
H     61910DFA5  7.1732878%     Variable         N/A          7,571,000.00
J     61910DFC1     6.00%        Fixed           N/A         15,143,000.00
K     61910DFE7     6.00%        Fixed           N/A          7,571,000.00
L     61910DFG2     6.00%        Fixed           N/A         17,666,069.00
X     61910DER9  0.66081214%    Variable         AAA      1,009,500,069.00
R-III    N/A                                     N/A             N/A
- --------------------------------------------------------------------------
                                                   TOTAL: 1,009,500,069.00
- --------------------------------------------------------------------------

<CAPTION>

- ---------------------------------------------------------------------------------
        Beginning       Principal      Interest      Total           Ending
Class    Balance          Paid           Paid         Paid           Balance
- ---------------------------------------------------------------------------------
<S>    <C>             <C>           <C>           <C>            <C>
A-1    200,135,907.75  1,094,658.82  1,054,883.01  2,149,541.83   199,041,248.93
A-2    514,190,000.00      0.00      2,752,201.98  2,752,201.98   514,190,000.00
B       47,951,000.00      0.00        261,692.58   261,692.58     47,951,000.00
C       58,046,000.00      0.00        325,347.83   325,347.83     58,046,000.00
D       60,570,000.00      0.00        357,918.23   357,918.23     60,570,000.00
E       37,856,000.00      0.00        226,293.32   226,293.32     37,856,000.00
F       12,619,000.00      0.00         75,433.10    75,433.10     12,619,000.00
G       25,238,000.00      0.00        150,866.20   150,866.20     25,238,000.00
H        7,571,000.00      0.00         45,257.47    45,257.47      7,571,000.00
J       15,143,000.00      0.00         75,715.00    75,715.00     15,143,000.00
K        7,571,000.00      0.00         37,855.00    37,855.00      7,571,000.00
L       17,666,069.00      0.00         88,330.35    88,330.35     17,666,069.00
X     1,004,556,976.75     0.00        553,186.21   553,186.21   1,003,462,317.93
R-III       0.00           0.00        0.00         0.00                0.00
- ---------------------------------------------------------------------------------
      1,004,556,976.75 1,094,658.82  6,004,980.28 7,099,639.10  1,003,462,317.93
- ---------------------------------------------------------------------------------

<CAPTION>

- -----------------------------------------------------------------------------------
       Beginning        Principal        Interest      Prepayment       Ending
Class  Certif. Factor Distribution(1) Distribution(1)   Premiums     Certif. Factor
- -----------------------------------------------------------------------------------
<S>    <C>             <C>            <C>              <C>           <C>
A-1    0.9758966435    5.3377421384   5.1437885400     0.0000000000  0.9705589014
A-2    1.0000000000    0.0000000000   5.3525000097     0.0000000000  1.0000000000
B      1.0000000000    0.0000000000   5.4574999479     0.0000000000  1.0000000000
C      1.0000000000    0.0000000000   5.6050000000     0.0000000000  1.0000000000
D      1.0000000000    0.0000000000   5.9091667492     0.0000000000  1.0000000000
E      1.0000000000    0.0000000000   5.9777398563     0.0000000000  1.0000000000
F      1.0000000000    0.0000000000   5.9777399160     0.0000000000  1.0000000000
G      1.0000000000    0.0000000000   5.9777399160     0.0000000000  1.0000000000
H      1.0000000000    0.0000000000   5.9777400608     0.0000000000  1.0000000000
J      1.0000000000    0.0000000000   5.0000000000     0.0000000000  1.0000000000
K      1.0000000000    0.0000000000   5.0000000000     0.0000000000  1.0000000000
L      1.0000000000    0.0000000000   5.0000002830     0.0000000000  1.0000000000
X      0.9951034255    0.0000000000   0.5479803588     0.0000000000  0.9940190682
R-III  0.0000000000    0.0000000000   0.0000000000     0.0000000000  0.0000000000
- -----------------------------------------------------------------------------------
</TABLE>

STATE STREET
Serving Institutional Investors Worldwide

- -------------------------------------------------------------------------------
This report has been prepared by, or is based on information furnished to 
State Street Bank and Trust Company ("State Street") by, one or more third 
parties (e.g. Servicers, Master Servicer, etc.), and State Street has not 
independently verified information received from or prepared by any such 
third party.  State Street shall not and does not undertake responsibility 
for the accuracy, completeness, or sufficiency of this report or the 
information contained herein for any purpose, and State Street makes no 
representations or warranties with respect thereto.  The information in this 
report is presented here with the approval of the issuer solely as a 
convenience for the user, and should not be relied upon without further 
investigation by any user contemplating an investment decision with respect 
to the related securities.

<PAGE>

<TABLE>
<CAPTION>

[LOGO]        MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                           B273                                PAYMENT DATE:             December 18, 1998
                                                                RECORD DATE:             November 30, 1998

TRUSTEE REPORT TO CERTIFICATEHOLDERS
PRINCIPAL DETAIL
- -------------------------------------------------------------------------------
               Beginning          Scheduled        Unscheduled       Principal
Class           Balance           Principal         Principal       Adjustments
- -------------------------------------------------------------------------------
<S>         <C>                 <C>                  <C>              <C>
A-1         200,135,907.75      1,094,658.82         0.00             0.00
A-2         514,190,000.00          0.00             0.00             0.00
B            47,951,000.00          0.00             0.00             0.00
C            58,046,000.00          0.00             0.00             0.00
D            60,570,000.00          0.00             0.00             0.00
E            37,856,000.00          0.00             0.00             0.00
F            12,619,000.00          0.00             0.00             0.00
G            25,238,000.00          0.00             0.00             0.00
H             7,571,000.00          0.00             0.00             0.00
J            15,143,000.00          0.00             0.00             0.00
K             7,571,000.00          0.00             0.00             0.00
L            17,666,069.00          0.00             0.00             0.00
X*        1,004,556,976.75          0.00             0.00             0.00
R-III           N/A                 0.00             0.00             0.00
- -------------------------------------------------------------------------------
Total: $  1,004,556,976.75      1,094,658.82         0.00             0.00
- -------------------------------------------------------------------------------
       * Based on a Notional Balance

<CAPTION>

- -----------------------------------------------------------------------------
         Realized     Additional Trust      Total Principal        Ending
Class     Losses       Fund Expenses        Distrib. Amount        Balance
- -----------------------------------------------------------------------------
<S>        <C>             <C>               <C>               <C>
A-1        0.00            0.00              1,094,658.82      199,041,248.93
A-2        0.00            0.00                  0.00          514,190,000.00
B          0.00            0.00                  0.00           47,951,000.00
C          0.00            0.00                  0.00           58,046,000.00
D          0.00            0.00                  0.00           60,570,000.00
E          0.00            0.00                  0.00           37,856,000.00
F          0.00            0.00                  0.00           12,619,000.00
G          0.00            0.00                  0.00           25,238,000.00
H          0.00            0.00                  0.00            7,571,000.00
J          0.00            0.00                  0.00           15,143,000.00
K          0.00            0.00                  0.00            7,571,000.00
L          0.00            0.00                  0.00           17,666,069.00
X*         0.00            0.00                  0.00        1,003,462,317.93
R-III      0.00            0.00                  0.00               0.00
- -----------------------------------------------------------------------------
Total:     0.00            0.00              1,094,658.82    1,003,462,317.93
- -----------------------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
- ------------------------------------------------------------------
            Accrued              Underpaid     Overpaid     Excess
Class   Certificate Interest     Int. Due      Int. Due      PPIS
- ------------------------------------------------------------------
<S>       <C>                      <C>           <C>         <C>
A-1       1,054,883.01             0.00          0.00        0.00
A-2       2,752,201.98             0.00          0.00        0.00
B          261,692.58              0.00          0.00        0.00
C          325,347.83              0.00          0.00        0.00
D          357,918.23              0.00          0.00        0.00
E          226,293.32              0.00          0.00        0.00
F           75,433.10              0.00          0.00        0.00
G          150,866.20              0.00          0.00        0.00
H           45,257.47              0.00          0.00        0.00
J           75,715.00              0.00          0.00        0.00
K           37,855.00              0.00          0.00        0.00
L           88,330.35              0.00          0.00        0.00
X          553,186.21              0.00          0.00        0.00
R-III         0.00                 0.00          0.00        0.00
- ------------------------------------------------------------------
Total:    6,004,980.28             0.00          0.00        0.00
- ------------------------------------------------------------------

<CAPTION>

- ----------------------------------------------------------------------------------------
      Prepayment   Prepayment    Interest      Distributable         Cumulative Interest
Class  Premiums    Shortfall     Shortfall    Certif. Interest            Shortfall
- ----------------------------------------------------------------------------------------
<S>      <C>         <C>           <C>           <C>                        <C>
A-1      0.00        0.00          0.00          1,054,883.01               0.00
A-2      0.00        0.00          0.00          2,752,201.98               0.00
B        0.00        0.00          0.00           261,692.58                0.00
C        0.00        0.00          0.00           325,347.83                0.00
D        0.00        0.00          0.00           357,918.23                0.00
E        0.00        0.00          0.00           226,293.32                0.00
F        0.00        0.00          0.00            75,433.10                0.00
G        0.00        0.00          0.00           150,866.20                0.00
H        0.00        0.00          0.00            45,257.47                0.00
J        0.00        0.00          0.00            75,715.00                0.00
K        0.00        0.00          0.00            37,855.00                0.00
L        0.00        0.00          0.00            88,330.35                0.06
X        0.00        0.00          0.00           553,186.21                0.00
R-III    0.00        0.00          0.00              0.00                   0.00
- ----------------------------------------------------------------------------------------
Total:   0.00        0.00          0.00           6,004,980.28              0.06
- ----------------------------------------------------------------------------------------
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

[LOGO]                                    MORTGAGE CAPITAL FUNDING, INC.
                             MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                                       B273                                       PAYMENT DATE:    December 18, 1998
                                                                                                   RECORD DATE:    November 30, 1998

TRUSTEE REPORT TO CERTIFICATEHOLDERS
AGGREGATE INFORMATION
- -----------------------------------------------------------------------------------------------------------------------
    Aggregate P&I            Beg. Stated            Ending Stated            Mortgage Pool             # of Outstanding
       Advances             Prin. Balance           Prin. Balance                Rate                       Loans*
- -----------------------------------------------------------------------------------------------------------------------
       <S>                 <C>                     <C>                          <C>                           <C>
       615,255.79          1,004,556,977.72        1,003,462,318.90             7.25596%                      147
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>

*The difference in loan count between July and August is due to the servicer 
 combining six loans into three

<TABLE>
<CAPTION>
                   ------------------------------------------------
DELINQUENCIES      30-59     60-89      90+  Foreclosures      REO
- -------------------------------------------------------------------
<S>                  <C>      <C>      <C>       <C>           <C>
# of Loans           0          0        0          0            0
                   ------------------------------------------------
Balance              -        0.00     0.00      0.00          0.00
- -------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

AGGREGATE OF EXPENSES, LOSES AND FEES
- ---------------------------------------------------------------------------
  Additional Trust     Cumulative Realized  Sub-Servicer    Master Servicer
   Fund Expenses             Losses            Fees              Fees
- ---------------------------------------------------------------------------
       <S>                    <C>             <C>              <C>
       0.00                   0.00            50,034.40        16,742.62
- ---------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
REOS
- ----------------------------------------------------------------------------------------------
     Loan Name    Final Recovery Date   Amount of Proceeds    Appraised Value  Other Revenues*
- ----------------------------------------------------------------------------------------------
     <S>          <C>                   <C>                   <C>              <C>
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

SUBORDINATE SUPPORT PERCENTAGE AND MATURITIES
- ---------------------------------------------------------------
              Original Subordination      Current Subordination
   Class          Credit Support             Credit Support
- ---------------------------------------------------------------
    <S>              <C>                        <C>
    A-1              28.75%                     28.92%
    A-2              28.75%                     28.92%
     B               24.00%                     24.14%
     C               18.25%                     18.36%
     D               12.25%                     12.32%
     E                8.50%                      8.55%
     F                7.25%                      7.29%
     G                4.75%                      4.78%
     H                4.00%                      4.02%
     J                2.50%                      2.51%
     K                1.75%                      1.76%
     L                0.00%                      0.00%
     X                 N/A                        N/A
   R-III               N/A                        N/A
- ---------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
SPEED HISTORY
- ------------------------
                   CPR *
                       %
- ------------------------
<S>               <C>
1 month           0.00%
3 month           0.00%
6 month           0.00%
12 month          N/A
Life              0.00%
- ------------------------
</TABLE>

* Principal received within 1 month of maturity is not considered  prepayment in
the calculation of CPR.
<PAGE>
<TABLE>
<CAPTION>

MORTGAGE CAPITAL FUNDING, INC.                        STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES      WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2                                       PAYMENT    DECEMBER 18,  1998
CITIBANK / J.P. MORGAN & CO.                          REPORT     B273-01

DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
- -------------------------------------------------------------------------------------------
         Current                                                 Weighted Averages
       Scheduled      # of                       % Tot     --------------------------------
       Principal       Mtg     Sched Prin        Sched                  Mnths          Mort
         Balance    Props.        Balance          Bal     DSCR*       to Mat          Rate
- -------------------------------------------------------------------------------------------
 <S>                   <C>    <C>               <C>         <C>        <C>            <C>
 less
 than 999,999.99        10      7,960,645        0.79%      1.57       133.38         7.265
   1,000,000.00+        35     49,007,694        4.88%      1.52       131.26         7.459
   1,750,000.00+        26     56,257,314        5.61%      1.41       136.78         7.459
   2,500,000.00+        34    122,164,098        2.17%      1.34       126.29         7.526
   5,000,000.00+        13     80,274,834        8.00%      1.38       136.98         7.369
   7,500,000.00+        10     89,322,073        8.90%      1.33       112.83         7.285
  10,000,000.00+        11    139,510,416       13.90%      1.38       125.35         7.172
  15,000,000.00+         6    170,674,672       17.01%      1.31       147.38         7.514
 100,000,000.00+         2    288,290,573       28.73%      1.40       111.12         6.914
- -------------------------------------------------------------------------------------------
Total                  147  1,003,462,319      100.00%      1.38       125.93         7.256
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
- -------------------------------------------------------------------------------------------
  Current                                                        Weighted Averages
Scheduled            # of                          % Tot   --------------------------------
Principal             Mtg        Sched Prin        Sched                Mnths          Mort
  Balance           Props.          Balance          Bal   DSCR*       to Mat          Rate
- -------------------------------------------------------------------------------------------
 <S>                   <C>    <C>                <C>        <C>        <C>            <C>
less than
 6.999%                10       174,562,044       17.40%    1.47       114.61         6.763
 7.000% +              43       387,689,775       38.64%    1.35       110.21         7.091
 7.250% +              35       136,567,062       13.61%    1.33       121.80         7.352
 7.500% +              52       280,316,982       27.93%    1.39       155.45         7.650
 8.000% +               4        16,940,173        1.69%    1.35       121.65         8.157
 8.500% +               2         5,827,276        0.58%    1.23       188.54         8.707
 9.000% +               1         1,559,006        0.16%    1.24       169.00         9.020
- -------------------------------------------------------------------------------------------
Total                 147     1,003,462,319      100.00%    1.38       125.93         7.256
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF REMAINING STATED TERM (BALLOON LOANS ONLY)
- -------------------------------------------------------------------------------------------
Remaining                                                   Weighted Averages
   Stated    # of                        % Tot     ----------------------------------------
     Term     Mtg      Sched Prin        Sched                 Mnths          Mort
 (Months)  Props.         Balance          Bal      DSCR*     to Mat          Rate
- -------------------------------------------------------------------------------------------
  <S>        <C>      <C>               <C>         <C>       <C>            <C>
 less
 than  36    -                -          0.00%      0.00       0.00          0.000
    37-96      4       16,036,708        1.84%      1.33      74.04          7.188
   97-120    109      796,666,729       91.18%      1.39      111.27         7.159
  121-180      7       46,484,166        5.32%      1.35      167.29         7.682
     180+      2       14,529,722        1.66%      1.43      204.89         7.682
- -------------------------------------------------------------------------------------------
    Total    122      873,717,325      100.00%      1.39      115.12         7.196
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF REMAINING STATED TERM (FULLY AMORTIZING LOANS ONLY)
- -------------------------------------------------------------------------------------------
Remaining                                                   Weighted Averages
   Stated    # of                        % Tot    -----------------------------------------
     Term     Mtg      Sched Prin        Sched                 Mnths          Mort
 (Months)  Props.         Balance          Bal      DSCR*     to Mat          Rate
- -------------------------------------------------------------------------------------------
 <S>         <C>      <C>               <C>         <C>       <C>            <C>
 less
 than 36     -               -          0.00%       0.00       0.00             -
   37-96     -               -          0.00%       0.00       0.00             -
  97-120      3        13,423,765      10.35%       1.21      111.79          7.252
 121-180      5        19,237,485      14.83%       1.31      168.79          7.603
    180+     17        97,083,744      74.83%       1.30      216.65          7.728
- -------------------------------------------------------------------------------------------
Total        25       129,744,994     100.00%       1.29      198.70          7.660
- -------------------------------------------------------------------------------------------

<PAGE>

MORTGAGE CAPITAL FUNDING, INC.                                STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES              WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2                                               PAYMENT    DECEMBER 18,  1998
CITIBANK / J.P. MORGAN & CO.                                  REPORT     B273-02

<CAPTION>

DISTRIBUTION BY STATE
- -------------------------------------------------------------------------------------------
                                                                 Weighted Averages
                  # of                           % Tot     --------------------------------
                   Mtg         Sched Prin        Sched                Mnths        Mort
      States    Props.            Balance          Bal      DSCR*    to Mat        Rate
- -------------------------------------------------------------------------------------------
<S>                <C>      <C>                <C>          <C>      <C>           <C>
New York             4        191,948,855       19.13%      1.35     110.10        7.054
California          18        116,606,951       11.62%      1.26     155.95        7.697
Minnesota            3        111,632,834       11.12%      1.48     115.16        6.766
Georgia              8         64,341,140        6.41%      1.38     109.31        7.284
Illinois             7         63,250,537        6.30%      1.23     103.91        7.187
Texas               11         53,545,689        5.34%      1.28     141.03        7.498
Florida              8         32,858,145        3.27%      1.34     111.76        7.347
Ohio                13         30,606,901        3.05%      1.54     223.17        7.558
Massachusetts        5         28,958,709        2.89%      1.35     113.00        7.216
Michigan             7         24,670,276        2.46%      1.36     109.67        7.266
Other               63        285,042,283       28.41%      1.44     128.24        7.327
- -------------------------------------------------------------------------------------------
Total              147      1,003,462,319      100.00%      1.38     125.93        7.256
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF PROPERTY TYPE
- -------------------------------------------------------------------------------------------
                                                              Weighted Averages
                   # of                         % Tot     ---------------------------------
Property            Mtg       Sched Prin        Sched               Mnths      Mort
   Types         Props.          Balance          Bal      DSCR*   to Mat      Rate
- -------------------------------------------------------------------------------------------
<S>                <C>       <C>               <C>         <C>     <C>         <C>
Office              29       346,869,397        34.57%     1.30    126.88      7.297
Multifamily         35       224,393,608        22.36%     1.35    114.80      7.117
Retail              44       191,529,224        19.09%     1.45    145.60      7.449
Mixed-Use            5       115,344,113        11.49%     1.48    112.93      6.747
Hotel               17        74,596,838         7.43%     1.39    131.53      7.632
Industrial          10        24,332,702         2.42%     1.43    114.27      7.534
Health Care          4        21,217,582         2.11%     1.42    112.16      7.345
Mobile Home Park     2         3,650,459         0.36%     1.42    100.15      7.539
Nursing Home         1        1528395.96         0.15%     2.73    226.00      7.850
- -------------------------------------------------------------------------------------------
Total              147     1,003,462,319       100.00%     1.38    125.93      7.256
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF SEASONING
- -------------------------------------------------------------------------------------------
                                                               Weighted Averages
                    # of                         % Tot     --------------------------------
Seasoning            Mtg         Sched Prin      Sched                Mnths    Mort
 (months)         Props.            Balance        Bal      DSCR*    to Mat    Rate
- -------------------------------------------------------------------------------------------
<S>                  <C>     <C>               <C>          <C>      <C>      <C>
     0-12            139       900,684,314      89.76%      1.40     119.54   7.186
    13-36              8       102,778,005      10.24%      1.19     181.92   7.871
    37-60              0               -         0.00%      0.00       0.00   0.000
    61-84              0               -         0.00%      0.00       0.00   0.000
   85-120              0               -         0.00%      0.00       0.00   0.000
  121-180              0               -         0.00%      0.00       0.00   0.000
     181+              0               -         0.00%      0.00       0.00   0.000
- -------------------------------------------------------------------------------------------
Total                147     1,003,462,319     100.00%      1.38     125.93   7.256
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF AMORTIZATION TYPE
- -------------------------------------------------------------------------------------------
                                                              Weighted Averages
                   # of                        % Tot      ---------------------------------
Amortization        Mtg       Sched Prin       Sched                Mnths        Mort
        Type     Props.          Balance         Bal      DSCR*    to Mat       Rate
- -------------------------------------------------------------------------------------------
<S>                 <C>    <C>                <C>         <C>      <C>         <C>
Balloon             122      873,717,325      87.07%      1.39     115.12      7.196
ARD                   0              -         0.00%      0.00       0.00      0.000
Fully Amortizing     24       78,544,994       7.83%      1.45     195.25      7.530
IO/Amortizing         1       51,200,000       5.10%      1.05     204.00      7.860
- -------------------------------------------------------------------------------------------
Total               147    1,003,462,319     100.00%      1.38     125.93      7.256
- -------------------------------------------------------------------------------------------


<PAGE>

MORTGAGE CAPITAL FUNDING, INC.                                STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES              WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2                                               PAYMENT    DECEMBER 18,  1998
CITIBANK / J.P. MORGAN & CO.                                  REPORT     B273-03

<CAPTION>

DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
- -------------------------------------------------------------------------------------------
                                                               Weighted Averages
  Original        # of                        % Tot      ----------------------------------
   Term to         Mtg       Sched Prin       Sched                  Mnths         Mort
  Maturity      Props.          Balance         Bal      DSCR*      to Mat         Rate
- -------------------------------------------------------------------------------------------
<S>              <C>      <C>                <C>         <C>        <C>           <C>
0-84               0                -         0.00%       0.00        0.00        0.000
85-120             0                -         0.00%       0.00        0.00        0.000
121-180            7         26,294,963       2.62%       1.41      168.35        7.446
181+240           24        118,577,388      11.82%       1.32      198.59        7.691
241+             116        858,589,968      85.56%       1.38      114.60        7.190
- -------------------------------------------------------------------------------------------
Total            147      1,003,462,319     100.00%       1.38      125.93        7.256
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF DEBT SERVICE COVERAGE RATIO AT CLOSING
- -------------------------------------------------------------------------------------------
                                                               Weighted Averages
                  # of              % Tot                ----------------------------------
                   Mtg         Sched Prin     Sched                Mnths        Mort
       DSCR     Props.            Balance       Bal      DSCR*    to Mat        Rate
- -------------------------------------------------------------------------------------------
<S>              <C>        <C>              <C>         <C>     <C>           <C>
less 
than  0.000         0               -          0.00%     0.00      0.00        0.000
0.000-1.109         3          59,981,141      5.98%     1.05    190.68        7.792
1.110-1.199         7          69,217,562      6.90%     1.17    118.48        7.167
1.200-1.299        38         207,050,315     20.63%     1.25    119.57        7.410
1.300-1.399        37         328,238,862     32.71%     1.34    120.56        7.202
1.400-1.499        22         201,577,831     20.09%     1.47    119.45        6.976
1.500-1.599        18          64,688,317      6.45%     1.52    122.37        7.425
1.600-1.799         9          23,042,120      2.30%     1.68    138.52        7.280
1.800-1.999         8          26,607,536      2.65%     1.86    151.03        7.159
     2.000+         5          23,058,634      2.30%     2.31    138.53        7.580
- -------------------------------------------------------------------------------------------
Total             147       1,003,462,319    100.00%     1.38    125.93        7.256
- -------------------------------------------------------------------------------------------

<CAPTION>

DISTRIBUTION OF LTV AT CLOSING
- -------------------------------------------------------------------------------------------
                                                                Weighted Averages
                   # of                           % Tot     -------------------------------
                    Mtg         Sched Prin        Sched                Mnths       Mort
          LTV     Props.           Balance          Bal      DSCR*     to Mat      Rate
- -------------------------------------------------------------------------------------------
Not populated          0              -           0.00%      0.00       0.00       0.000
- -------------------------------------------------------------------------------------------
      <S>             <C>      <C>               <C>         <C>       <C>         <C>
  less
  than 24.999          0              -           0.00%      0.00       0.00       0.000
      25.000+          4         4,816,036        0.48%      1.29      130.71      7.863
      50.000+         15       151,827,948       15.13%      1.44      116.99      6.910
      60.000+         10        46,090,260        4.59%      1.39      119.60      7.454
      65.000+         20        75,445,223        7.52%      1.36      118.03      7.475
      70.000+         45       199,698,310       19.90%      1.39      142.08      7.472
      75.000+         35       431,372,278       42.99%      1.37      122.61      7.207
      80.000+         18        94,212,264        9.39%      1.28      130.48      7.278
- -------------------------------------------------------------------------------------------
Total                147     1,003,462,319      100.00%      1.38      125.93      7.256
- -------------------------------------------------------------------------------------------
* At Closing
</TABLE>

NOTE: Reduction in loan count is due to the combining of the following loans
from 7/1998 to 8/1998
Loan #904005 and Loan #904150 combine to loan #904005
Loan #904053 and Loan #904075 combine to loan #904053
Loan #904146 and Loan #904155 combine to loan #904146

Increase in weighted average months to maturity is due to corrected maturity 
dates from 7/1998 to 8/1998
<PAGE>

<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.                                             STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH                                        CORPORATETRUST.STATESTREET.COM
CERTIFICATES                                                               PAYMENT DATE:       DECEMBER 18, 1998
SERIES 1998-MC2                                                            REPORT ID  B273-04
CITIBANK / J.P. MORGAN & CO.                                              

LOAN LEVEL DETAIL
- ------------------------------------------------------------------------------------------------------------------------------------
    Offer   Property  Transfer         Maturity  Neg Am      Ending   Note        Sched  Prepay/  Prepay  Paid Thru   Prepmt    Loan
 Control#       Type      Date  State     Date   (Y/N)    Sched Bal   Rate          P&I   Liquid    Date       Date  Premium  Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>       <C>       <C>    <C>       <C>    <C>          <C>    <C>          <C>      <C>     <C>        <C>      <C>
C001          Office               NY  20080201    N    180,798,415  7.030  1,296,910.27   0.00       0    12011998     0.00       0
C002          Office               CA  20151201    N     51,200,000  7.860    335,360.00   0.00       0    11011998     0.00       B
C003          Office               PR  20080401    N     23,357,386  7.500    164,315.41   0.00       0    12011998     0.00       0
C004          Office               MA  20080501    N     13,932,290  7.170     94,746.20   0.00       0    12011998     0.00       0
C005 & C150   Office               CT  20130101    N     11,602,233  7.600    111,924.49   0.00       0    11011998     0.00       B
C006          Office               MA  20080501    N      8,956,031  7.130     60,665.04   0.00       0    12011998     0.00       0
C008          Office               AL  20080501    N      6,471,572  7.560     45,716.29   0.00       0    12011998     0.00       0
C009          Office               CA  20080501    N      6,073,251  7.550     42,861.13   0.00       0    12011998     0.00       0
C010          Office               VA  20080401    N      4,045,290  7.810     33,810.82   0.00       0    12011998     0.00       0
C011          Office               FL  20080401    N      3,978,967  7.470     27,886.46   0.00       0    11011998     0.00       B
C012          Office               AL  20080401    N      2,933,577  7.240     20,104.20   0.00       0    12011998     0.00       0
C013          Office               MA  20080501    N      2,488,091  7.230     17,020.51   0.00       0    12011998     0.00       0
C014          Office               TX  20080501    N      2,474,189  7.580     17,511.81   0.00       0    11011998     0.00       B
C015          Office               TN  20080501    N      2,144,484  7.570     16,060.69   0.00       0    12011998     0.00       0
C016          Office               MN  20080301    N      1,987,708  7.260     13,657.09   0.00       0    12011998     0.00       0
C017          Office               FL  20080401    N      1,939,925  7.540     13,688.13   0.00       0    12011998     0.00       0
C018          Office               WI  20080501    N      1,588,551  7.590     11,917.68   0.00       0    12011998     0.00       0
C019          Office               VA  20080501    N      1,568,504  7.780     11,316.16   0.00       0    12011998     0.00       0
C020          Office               VA  20130201    N      1,453,430  7.280     13,718.32   0.00       0    12011998     0.00       0
C021          Office               CO  20080501    N      1,433,522  7.040     10,249.86   0.00       0    12011998     0.00       0
C022          Office               CA  20080401    N      1,343,130  7.600      9,532.01   0.00       0    12011998     0.00       0
C023          Office               CO  20080501    N      1,323,404  7.040      9,462.50   0.00       0    12011998     0.00       0
C025          Office               MA  20080501    N      1,243,970  7.180      8,467.94   0.00       0    12011998     0.00       0
C028          Office               CO  20080501    N        976,184  7.040      6,979.84   0.00       0    12011998     0.00       0
C029          Office               CO  20080501    N        892,851  7.040      6,384.00   0.00       0    12011998     0.00       0
C030          Office               CO  20080501    N        646,821  7.040      4,624.85   0.00       0    12011998     0.00       0
C031          Office               CO  20080501    N        624,996  7.040      4,468.80   0.00       0    12011998     0.00       0
C032          Office               OH  20180301    N        516,888  7.570      4,251.86   0.00       0    12011998     0.00       0
C033         Mixed-Use             MN  20080531    N    107,492,159  6.720    698,333.60   0.00       0    12011998     0.00       0
C034         Mixed-Use             VA  20080301    N      2,881,170  7.040     19,371.88   0.00       0    12011998     0.00       0
C035         Mixed-Use             CA  20080401    N      2,237,535  7.260     15,364.23   0.00       0    12011998     0.00       0
C036         Mixed-Use             CT  20080501    N      1,641,506  6.920     10,888.98   0.00       0    12011998     0.00       0
C037         Mixed-Use             NC  20080501    N      1,091,742  7.340      8,014.77   0.00       0    12011998     0.00       0
C038         Multifamily           IL  20071201    N     32,428,694  7.180    221,859.91   0.00       0    12011998     0.00       0
C039         Multifamily           GA  20071201    N     18,709,854  7.050    126,377.47   0.00       0    12011998     0.00       0
C041         Multifamily           CO  20080401    N     12,100,101  6.720     81,699.27   0.00       0    12011998     0.00       0
C042         Multifamily           WA  20080201    N     11,899,923  6.710     77,512.97   0.00       0    12011998     0.00       0
C043         Multifamily           AK  20080401    N      9,903,878  6.810     69,470.50   0.00       0    12011998     0.00       0
C044         Multifamily           IL  20050101    N      9,917,136  7.110     67,270.64   0.00       0    12011998     0.00       0
C045         Multifamily           OR  20080401    N      9,743,546  7.100     65,859.13   0.00       0    12011998     0.00       0
C046         Multifamily           CA  20080501    N      8,658,769  7.250     59,349.34   0.00       0    12011998     0.00       0
C048         Multifamily           KS  20071201    N      7,635,594  7.390     53,260.73   0.00       0    12011998     0.00       0
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.                                             STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH                                        CORPORATETRUST.STATESTREET.COM
CERTIFICATES                                                               PAYMENT DATE:       DECEMBER 18, 1998
SERIES 1998-MC2                                                            REPORT ID  B273-04
CITIBANK / J.P. MORGAN & CO.                                              

LOAN LEVEL DETAIL
- ------------------------------------------------------------------------------------------------------------------------------------
    Offer   Property  Transfer         Maturity  Neg Am      Ending   Note        Sched  Prepay/  Prepay  Paid Thru   Prepmt    Loan
 Control#       Type      Date  State     Date   (Y/N)    Sched Bal   Rate          P&I   Liquid    Date       Date  Premium  Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>       <C>       <C>    <C>       <C>    <C>          <C>    <C>          <C>      <C>     <C>        <C>      <C>
C049         Multifamily           IL  20080401    N      6,762,328  7.260     46,434.12   0.00       0    12011998     0.00       0
C053 & C075  Multifamily           OH  20180301    N      6,786,108  7.570     50,933.20   0.00       0    12011998     0.00       0
C054         Multifamily           AL  20080301    N      5,068,498  7.240     34,756.41   0.00       0    12011998     0.00       0
C056         Multifamily           NY  20080301    N      4,258,025  7.330     31,302.66   0.00       0    12011998     0.00       0
C058         Multifamily           TN  20080401    N      3,843,395  7.190     30,683.04   0.00       0    12011998     0.00       0
C059         Multifamily           IL  20080331    N      3,480,033  7.140     23,615.59   0.00       0    12011998     0.00       0
C060         Multifamily           NY  20080301    N      3,168,939  7.360     23,357.08   0.00       0    12011998     0.00       0
C062         Multifamily           NV  20080301    N      2,733,227  7.290     18,834.52   0.00       0    12011998     0.00       0
C063         Multifamily           FL  20080401    N      2,435,921  7.110     16,481.31   0.00       0    12011998     0.00       0
C064         Multifamily           IL  20080501    N      2,387,858  6.990     15,951.14   0.00       0    12011998     0.00       0
C065         Multifamily           MI  20080301    N      2,345,459  7.250     16,099.36   0.00       0    12011998     0.00       0
C066         Multifamily           IL  20080401    N      2,307,461  7.360     15,999.95   0.00       0    12011998     0.00       0
C068         Multifamily           AL  20080401    N      1,734,838  7.380     12,796.06   0.00       0    12011998     0.00       0
C069         Multifamily           WA  20080401    N      1,690,489  7.220     11,562.42   0.00       0    12011998     0.00       0
C070         Multifamily           AK  20080401    N      1,584,620  6.810     11,115.28   0.00       0    11011998     0.00       B
C072         Multifamily           CO  20050201    N      1,389,555  7.220      9,522.00   0.00       0    11011998     0.00       B
C073         Multifamily           ID  20080401    N      1,148,538  7.220      7,855.65   0.00       0    12011998     0.00       0
C074         Multifamily           WI  20080601    N        916,468  7.550      6,464.30   0.00       0    11011998     0.00       B
C076           Retail              TX  20121001    N     27,737,043  7.560    196,931.73   0.00       0    12011998     0.00       0
C077           Retail              ME  20080601    N     17,241,695  7.560    128,892.86   0.00       0    12011998     0.00       0
C080           Retail              NE  20180301    N     10,433,260  7.440     85,004.41   0.00       0    12011998     0.00       0
C082           Retail              PA  20080401    N      4,772,616  7.140     32,387.10   0.00       0    12011998     0.00       0
C083           Retail              OH  20180301    N      3,150,553  7.570     25,916.12   0.00       0    12011998     0.00       0
C084           Retail              RI  20080401    N      2,685,298  7.330     18,565.49   0.00       0    12011998     0.00       0
C086           Retail              NC  20180201    N      2,354,948  7.150     18,823.88   0.00       0    12011998     0.00       0
C087           Retail              TX  20080301    N      1,786,772  7.140     12,145.16   0.00       0    12011998     0.00       0
C088           Retail              OH  20080401    N      1,232,338  7.390      9,986.01   0.00       0    12011998     0.00       0
C089           Retail              OH  20180301    N        871,325  7.570      7,167.43   0.00       0    12011998     0.00       0
C090           Retail              OH  20080401    N        780,722  7.390      7,366.18   0.00       0    12011998     0.00       0
C092           Retail              OH  20180301    N      6,990,289  7.570     57,501.40   0.00       0    12011998     0.00       0
C094           Retail              CA  20080601    N      5,378,467  7.400     37,388.51   0.00       0    11011998     0.00       B
C095           Retail              TX  20080301    N      4,646,485  7.290     32,018.68   0.00       0    12011998     0.00       0
C096           Retail              TX  20080401    N      4,462,157  7.540     33,371.77   0.00       0    12011998     0.00       0
C098           Retail              NY  20080501    N      3,723,477  7.650     28,079.08   0.00       0    12011998     0.00       0
C099           Retail              PA  20080401    N      3,172,837  7.490     23,626.91   0.00       0    11011998     0.00       B
C101           Retail              PA  20080201    N      2,878,411  7.230     19,743.79   0.00       0    12011998     0.00       0
C102           Retail              NJ  20080301    N      2,675,009  7.610     20,146.34   0.00       0    12011998     0.00       0
C104           Retail              OH  20180301    N      2,289,073  7.570     18,829.68   0.00       0    12011998     0.00       0
C105           Retail              OH  20180301    N      2,289,073  7.570     18,829.68   0.00       0    12011998     0.00       0
C106           Retail              TX  20080501    N      2,084,592  7.460     15,464.22   0.00       0    12011998     0.00       0
C107           Retail              CA  20130401    N      2,044,520  7.100     16,212.24   0.00       0    12011998     0.00       0
C108           Retail              FL  20080501    N      1,852,183  7.710     13,273.89   0.00       0    12011998     0.00       0
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.                                             STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH                                        CORPORATETRUST.STATESTREET.COM
CERTIFICATES                                                               PAYMENT DATE:       DECEMBER 18, 1998
SERIES 1998-MC2                                                            REPORT ID  B273-04
CITIBANK / J.P. MORGAN & CO.                                              

LOAN LEVEL DETAIL
- ------------------------------------------------------------------------------------------------------------------------------------
    Offer   Property  Transfer         Maturity  Neg Am      Ending   Note        Sched  Prepay/  Prepay  Paid Thru   Prepmt    Loan
 Control#       Type      Date  State     Date   (Y/N)    Sched Bal   Rate          P&I   Liquid    Date       Date  Premium  Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>       <C>       <C>    <C>       <C>    <C>          <C>    <C>          <C>      <C>     <C>        <C>      <C>
C109           Retail              OH  20180301    N      1,752,495  7.570     14,415.84   0.00       0    12011998     0.00       0
C110           Retail              AZ  20080401    N      1,735,829  7.740     13,206.77   0.00       0    12011998     0.00       0
C111           Retail              OH  20180301    N      1,698,345  7.570     13,970.41   0.00       0    12011998     0.00       0
C112           Retail              CA  20080501    N      1,612,940  7.400     11,903.11   0.00       0    12011998     0.00       0
C113           Retail              MD  20130201    N      1,419,075  7.170     13,307.47   0.00       0    12011998     0.00       0
C114           Retail              PA  20130101    N      1,304,478  7.620     12,606.90   0.00       0    12011998     0.00       0
C115           Retail              CA  20080401    N      1,193,722  7.490      8,382.36   0.00       0    12011998     0.00       0
C116           Retail              OH  20180301    N      1,166,689  7.570      9,597.06   0.00       0    12011998     0.00       0
C117           Retail              TX  20080501    N      1,140,956  7.710      8,656.10   0.00       0    12011998     0.00       0
C118           Retail              OH  20180301    N      1,083,002  7.570      8,908.67   0.00       0    12011998     0.00       0
C119           Retail              TX  20130301    N      1,039,246  7.670      7,875.88   0.00       0    12011998     0.00       0
C120           Retail              AZ  20080401    N        891,865  7.150      6,447.39   0.00       0    12011998     0.00       0
C121           Retail              AZ  20080401    N        842,526  7.300      6,171.27   0.00       0    12011998     0.00       0
C122          Lodging              GA  20080501    N     13,398,268  7.320     98,188.58   0.00       0    12011998     0.00       0
C123          Lodging              GA  20080501    N     11,909,571  7.320     87,278.74   0.00       0    12011998     0.00       0
C125          Lodging              GA  20080301    N      6,488,438  7.530     48,531.81   0.00       0    12011998     0.00       0
C127          Lodging              CO  20080101    N      5,053,293  7.850     42,597.14   0.00       0    12011998     0.00       0
C128          Lodging              GA  20080501    N      4,318,571  7.540     32,259.38   0.00       0    12011998     0.00       0
C129          Lodging              VA  20180401    N      4,018,962  7.590     33,052.54   0.00       0    12011998     0.00       0
C131          Lodging              FL  20080401    N      3,902,464  7.630     29,412.86   0.00       0    12011998     0.00       0
C133          Lodging              VA  20180401    N      3,587,478  7.590     29,503.96   0.00       0    12011998     0.00       0
C135          Lodging              FL  20080501    N      3,524,892  7.650     26,581.53   0.00       0    12011998     0.00       0
C136          Lodging              SC  20080401    N      3,451,803  7.580     28,367.22   0.00       0    12011998     0.00       0
C138          Lodging              NC  20080501    N      2,605,851  7.490     19,381.45   0.00       0    12011998     0.00       0
C140          Lodging              SC  20080301    N      1,684,714  7.760     12,851.75   0.00       0    12011998     0.00       0
C141          Lodging              IN  20080301    N      1,633,680  7.260     11,936.95   0.00       0    12011998     0.00       0
C142          Lodging              GA  20080301    N      1,632,573  8.010     13,102.65   0.00       0    12011998     0.00       0
C146 & C155  Industrial            NH  20080401    N      4,079,349  7.640     29,061.86   0.00       0    12011998     0.00       0
C147         Industrial            CA  20080401    N      2,974,534  7.490     22,150.23   0.00       0    12011998     0.00       0
C151         Industrial            FL  20080401    N      1,823,005  7.150     14,510.07   0.00       0    12011998     0.00       0
C152         Industrial            TX  20080301    N      1,227,481  7.150      8,883.07   0.00       0    12011998     0.00       0
C153         Industrial            CA  20080501    N      1,194,284  7.230      8,169.84   0.00       0    12011998     0.00       0
C154         Industrial            CA  20080301    N      1,093,016  7.130      7,414.62   0.00       0    12011998     0.00       0
C156         Health Care           AZ  20080501    N     12,699,461  7.100     91,285.92   0.00       0    12011998     0.00       0
C157         Health Care           TX  20080401    N      4,461,444  7.440     33,079.18   0.00       0    12011998     0.00       0
C158         Health Care           MI  20080301    N      2,280,578  8.080     17,873.84   0.00       0    12011998     0.00       0
C160       Mobile Home Park        TX  20080301    N      2,485,324  7.440     17,377.77   0.00       0    12011998     0.00       0
C161       Mobile Home Park        MO  20050501    N      1,165,135  7.750      8,382.02   0.00       0    12011998     0.00       0
J007           Office              CA  20071101    N      8,873,736  8.090     70,000.90   0.00       0    12011998     0.00       0
J040         Multifamily           NH  20080301    N     14,747,793  6.910     97,980.58   0.00       0    12011998     0.00       0
J047         Multifamily           MI  20080101    N      7,987,169  7.140     54,383.34   0.00       0    12011998     0.00       0
J050         Multifamily           NH  20080301    N      6,527,451  6.910     43,366.72   0.00       0    12011998     0.00       0
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.                                             STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH                                        CORPORATETRUST.STATESTREET.COM
CERTIFICATES                                                               PAYMENT DATE:       DECEMBER 18, 1998
SERIES 1998-MC2                                                            REPORT ID  B273-04
CITIBANK / J.P. MORGAN & CO.                                              

LOAN LEVEL DETAIL
- ------------------------------------------------------------------------------------------------------------------------------------
    Offer   Property  Transfer         Maturity  Neg Am      Ending   Note        Sched  Prepay/  Prepay  Paid Thru   Prepmt    Loan
 Control#       Type      Date  State     Date   (Y/N)    Sched Bal   Rate          P&I   Liquid    Date       Date  Premium  Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>       <C>       <C>    <C>       <C>    <C>          <C>    <C>          <C>      <C>     <C>        <C>      <C>
J051         Multifamily           MI  20080101    N      6,431,356  7.140     43,790.06   0.00       0    12011998     0.00       0
J052         Multifamily           WI  20130601    N      6,276,756  6.970     57,417.72   0.00       0    12011998     0.00       0
J057         Multifamily           IA  20120701    N      4,153,287  8.400     31,997.18   0.00       0    12011998     0.00       0
J067         Multifamily           MI  20080101    N      1,803,554  7.140     12,280.11   0.00       0    12011998     0.00       0
J071         Multifamily           MI  20080101    N      1,426,988  7.140      9,716.13   0.00       0    12011998     0.00       0
J078           Retail              FL  20080301    N     13,400,789  7.140     91,088.72   0.00       0    12011998     0.00       0
J079           Retail              CA  20080101    N     13,386,727  7.520     94,578.91   0.00       0    12011998     0.00       0
J081           Retail              HI  20140201    N      7,743,614  7.780     59,448.00   0.00       0    12011998     0.00       0
J091           Retail              NJ  20080401    N      9,902,601  7.220     72,087.52   0.00       0    12011998     0.00       0
J093           Retail              IL  20080501    N      5,967,027  7.310     41,175.04   0.00       0    11011998     0.00       B
J097           Retail              GA  20080601    N      4,318,984  7.250     30,632.44   0.00       0    12011998     0.00       0
J103           Retail              MI  20080401    N      2,395,171  7.430     16,735.70   0.00       0    12011998     0.00       0
J132          Lodging              WI  20121001    N      3,674,309  8.770     30,675.48   0.00       0    12011998     0.00       0
J139          Lodging              MN  20171101    N      2,152,967  8.600     19,231.58   0.00       0    12011998     0.00       0
J143          Lodging              WI  20130101    N      1,559,006  9.020     13,238.92   0.00       0    12011998     0.00       0
J144         Industrial            GA  20050401    N      3,564,881  7.210     25,928.35   0.00       0    12011998     0.00       0
J145         Industrial            CA  20121101    N      3,458,267  7.920     34,237.42   0.00       0    12011998     0.00       0
J148         Industrial            CA  20080101    N      2,579,558  7.850     18,806.71   0.00       0    11011998     0.00       B
J149         Industrial            MA  20080501    N      2,338,326  7.820     16,949.50   0.00       0    12011998     0.00       0
J159         Health Care           CA  20071201    N      1,776,099  7.910     13,785.55   0.00       0    12011998     0.00       0
J162           Other               CA  20171001    N      1,528,396  7.850     12,944.57   0.00       0    12011998     0.00       0
- ------------------------------------------------------------------------------------------------------------------------------------
totals              S.S. Loan Count: 0                1,003,462,319            4,325,490   0.00                         0.00        
- ------------------------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Status:
A= Payment not rec'd. but still in grace period, B= Late payment, but less than 1mo., 0= Current, 1= 1 mo. delinquent, 2= 2mo. 
delinquent, 3= Three or more mo. delinquent
4= Assumed scheduled payment (performing matured balloon), 7= Foreclosure, 9=REO
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE:    DECEMBER 18, 1998
DELIQUENCY REPORT

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Prospectus ID Short Name   Property  City  State   Sq Ft or  Paid Thru   Scheduled    Total P&I     Total      Other     Total
                 (When       Type                   Units        Date   Loan Balance   Advances   Expenses   Advances   Exposure
              Appropriate)                                                             To Date    To  Date   (Taxes &
                                                                                                              Escrow)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>           <C>          <C>       <C>  <C>      <C>       <C>        <C>           <C>         <C>        <C>        <C>
90 + DAYS DELINQUENT

    NONE


60 DAYS DELINQUENT

    NONE


30 DAYS DELINQUENT

    NONE


CURRENT & AT SPECIAL SERVICER

    NONE

</TABLE>


<TABLE>
<CAPTION>

- ------------------------------------------------------------------------------------
    Current     Current  Maturity   LTM   LTM NOI  LTM DSCR   ***Cap Rate    Value
  Monthly P&I  Interest    Date     NOI                         Assigned   using NOI
                   Rate             Date                                    Cap Rate
- ------------------------------------------------------------------------------------
  <S>          <C>       <C>       <C>    <C>      <C>        <C>          <C>



</TABLE>

<PAGE>

MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE:   DECEMBER 18, 1998
DELIQUENCY REPORT

<TABLE>
<CAPTION>

- ------------------------------------------------------------------------------------------------------------------------------------
Prospectus ID   Short Name   Property   City   State   Sq Ft or    Valuation    Appraisal   Loss using    Estimated        Total
                  (When        Type                     Units        Date         BPO or     90% Appr.    Recovery %     Appraisal
               Appropriate)                                                      Internal    or BPO (f)                  Reduction
                                                                                  Value**                                 Realized
- ------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>           <C>        <C>    <C>     <C>         <C>          <C>         <C>           <C>            <C>
90 + DAYS DELINQUENT

    NONE


60 DAYS DELINQUENT

    NONE


30 DAYS DELINQUENT

    NONE


CURRENT & AT SPECIAL SERVICER

    NONE

</TABLE>


<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
 Transfer   Resolution   FCL Start    Expected     Workout     Comments
   Date        Date        Date       FCL Sale    Strategy
                                         Date
- ------------------------------------------------------------------------------
 <S>         <C>          <C>         <C>          <C>         <C>




</TABLE>

<PAGE>

MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE:    DECEMBER 18, 1998
REO REPORT

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Prospectus ID   Short Name   Property   City   State   Sq Ft or   Paid Thru Date  Scheduled Loan     Total P&I        Total Expenses
                  (When        Type                       Units                        Balance     Advances To Date       To Date
               Appropriate)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>           <C>        <C>    <C>     <C>         <C>            <C>              <C>               <C>
Nothing to Report at This Time


</TABLE>

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
  Other Advances   Total Exposure   Current Monthly   Maturity Date   LTM NOI
 (Taxes & Escrow)                         P&I                          Date

- ------------------------------------------------------------------------------
 <S>               <C>             <C>                <C>             <C>


</TABLE>


<PAGE>

MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE:   DECEMBER 18,  1998
REO REPORT

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Prospectus ID   Short Name   Property   City   State   LTM NOI/ DSC  ***Cap Rate   Valuation   Value using    Appraisal   Loss using
                  (When        Type                                    Assigned       Date      NOI & Cap      BPO or      90% Appr.
               Appropriate)                                                                         Rate       Internal    BPO  (f)
                                                                                                                Value**
- ------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>           <C>        <C>    <C>     <C>            <C>           <C>        <C>            <C>         <C>
Nothing to Report at This Time

</TABLE>


<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
 Estimated    Total Appraisal     Transfer      REO         Pending  Comments
 Recovery    Reduction Realized     Date    Acquisition   Resolution
   %                                            Date         Date
- ------------------------------------------------------------------------------
 <S>            <C>           <C>        <C>            <C>         <C>


</TABLE>


<PAGE>

<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.                                                STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES                              CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2                                                               PAYMENT DATE:     DECEMBER 18,  1998
CITIBANK / J.P. MORGAN & CO.                                                  REPORT ID B273-08
WATCH LIST
- ------------------------------------------------------------------------------------------------------------------------------------
                                                  CURRENT      PAID                         LTM*
  LOAN     Short     PROPERTY                     SCHEDULE     THRU       MATURITY         CURRENT                  COMMENT
 NUMBER    Name       TYPE       CITY    STATE    BALANCE      DATE         DATE            DSCR             REASON ON WATCH LIST
- ------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>       <C>         <C>     <C>      <C>          <C>        <C>               <C>              <C>

                         Nothing at this time.


</TABLE>


<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
HISTORICAL LOSSES
- ----------------------------------------------------------------------------------------------------------------------------------
  Prospectus ID       Short Name     Property Type     City    State     % Received        Latest        Effective     Sales Price
                        (When                                             From Sale     Appraisal or   Date of Sale               
                     Appropriate)                                                     Brokers Opinion                             
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>             <C>               <C>     <C>       <C>          <C>              <C>             <C>        
Nothng to Report at This Time                                                                                                     
                                                                                                                                  
- ----------------------------------------------------------------------------------------------------------------------------------
Total All Loans:                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
Current Month Only:                                                                                                               
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
- ----------------------------------------------------------------------------------------------------------------------------------




- -----------------------------------------------
Net Amount Received From  Scheducled  Total P&I
          Sale            Balance     Advanced

- -----------------------------------------------
<S>                       <C>         <C>


- -----------------------------------------------





- -----------------------------------------------







- -----------------------------------------------
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.                                                 STATE STREET CORPORATE TRUST  
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES                               CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2                                                                PAYMENT DATE: DECEMBER 18, 1998
CITIBANK / J.P. MORGAN & CO.                                                   REPORT ID B273-09             
HISTORICAL LOSSES                                                                                            
- --------------------------------------------------------------------------------------------------------------
  Prospectus ID       Short Name        Property Type    City    State       Total     Servicing  Net Proceeds 
                        (When                                              Expenses      Fees                  
                     Appropriate)                                                       Expense                
- --------------------------------------------------------------------------------------------------------------
<S>                  <C>                <C>              <C>     <C>       <C>         <C>        <C>
Nothng to Report at This Time

- --------------------------------------------------------------------------------------------------------------
Total All Loans:



Current Month
Only:
- --------------------------------------------------------------------------------------------------------------







- --------------------------------------------------------------------------------------------------------------  









- ------------------------------------------------------------------------- 
  Actual     Date Loss     Minor     Date Minor  Total Loss   Loss % of   
  Losses    Passed Thru  Adjust to     Adjust    with Adjust  Scheduled   
Passed Thru                Trust     Passed Thru               Balance    
- ------------------------------------------------------------------------- 
<S>         <C>          <C>         <C>         <C>          <C>         

</TABLE>

<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE:                     DECEMBER 18,  1998
MODIFIED LOAN DETAIL
- ---------------------------------------------------------------------------------------------------------------------------
 Prospectus ID         City             State         Mod/ Extension     Effective Date     Balance When  Balance as of    
                                                           Flag                               Sent to       Effective      
                                                                                              Special        Date of
                                                                                              Servicer     Rehabilitation
- ---------------------------------------------------------------------------------------------------------------------------
<S>                    <C>              <C>           <C>                <C>                <C>           <C>
This Report is Historical


Nothing to Report at This Time


- ---------------------------------------------------------------------------------------------------------------------------
Total For All
Loans:


Total for Loans in Current Month:
                                                                      # of Loans                          Balance
Modification

Maturity Date Extentions Total:




(1) Actual principal loss taken by bonds
(2) Expected  future  loss due to a rate  reduction.  This is just an  estimate calculated at the time of the modification
- ---------------------------------------------------------------------------------------------------------------------------




- -------------------------------------------------------  
Old Rate      # Months for    New Rate     Old P&I       
              Rate Change                                
                                                         
                                                         
- -------------------------------------------------------  
<S>           <C>             <C>          <C>           
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE:                     DECEMBER 18,  1998
MODIFIED LOAN DETAIL
- ---------------------------------------------------------------------------------------------------------------------------------
 Prospectus ID         City             State         Mod/ Extension     Effective Date      New P&I        Old     New Maturity 
                                                           Flag                                          Maturity                
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                                               
                       <C>              <C>           <C>                <C>                 <C>         <C>         <C>
This Report is Historical


Nothing to Report at This Time


- ---------------------------------------------------------------------------------------------------------------------------------
Total For All Loans:


Total for Loans in Current Month:
                                                                      # of Loans
Modification

Maturity Date Extentions
Total:




(1) Actual principal loss taken by bonds
(2)  Expected  future  loss due to a rate  reduction.  This is just an  estimate calculated at the time of the modification
- ---------------------------------------------------------------------------------------------------------------------------------


- -------------------------------------------------
  Total #       (1)          (2)      Comments
Months for    Realized    Estimated
 Change of    Loss to      future
    Mod        Trust      Interest
                           Loss to
                           Trust $
                            (Rate
                           Reduct)
- -------------------------------------------------
<S>           <C>         <C>         <C>
</TABLE>



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