March 24, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Mellon Bank Home Equity Installment Loan Trust 1997-1
Mortgage Pass-Through Certificates, Series 1997-1.
File No. 333-24453.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement
dated as of September 30, 1997 (the "Pooling and Servicing
Agreement") among Mellon Residential Funding Corporation, as
Depositor (the "Depositor"), Mellon Bank, N.A., as seller (the
"Seller") and as master servicer (the "Master Servicer"), and
Bankers Trust Company of California, N.A., as trustee (the
"Trustee") is a Current Report on Form 8-K (the "Report").
The Mortgage Pass-Through Certificates, Series 1997-1
(collectively, the "Certificates") will represent the entire
beneficial interest in Mellon Bank Home Equity Installment Loan
Trust 1997-1 (the "Trust Fund"). The Trust Fund will consist
primarily of a pool (the "Mortgage Pool") of fixed-rate Mortgage
Loans secured by first or second liens on one- to four-family
residential properties. Only Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, and Class B (collectively, the "Offered
Certificates") are offered hereby.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-3911). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Mellon Bank Home Equity Installment Loan
Trust 1997-1 Mortgage Pass-Through Certificates, Series 1997-1.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 25, 1997
MELLON RESIDENTIAL FUNDING CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated
as of September 30, 1997, which forms Mellon Bank Home Equity
Installment Loan Trust 1997-1, which will issue the Mortgage
Pass-Through Certificates, Series 1997-1)
MELLON RESIDENTIAL FUNDING CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-24453 23-2889067
(Commission File Number) (I.R.S. Employer
Identification No.)
ONE MELLON BANK CENTER, ROOM 410
PITTSBURGH, PENNSYLVANIA 15258
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (412) 236-6559
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1997.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of September 30, 1997.
Date: March 24, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of November 25, 1997. 4
MELLON BANK HOME EQUITY INSTALLMENT LOAN TRUST
SERIES 1997-1 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 49,865,000.00 49,865,000.00 222,037.76 1,547,3943.30
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,769,432.06 0.00 0.00 48,317,605.70
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 9,196,000.00 9,196,000.00 49,658.40 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
49,658.40 0.00 0.00 9,196,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 24,270,000.00 24,270,000.00 131,867.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
131,867.00 0.00 0.00 24,270,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 22,689,000.00 22,689,000.00 129,327.30 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
129,327.30 0.00 0.00 22,689,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 12,518,000.00 12,518,000.00 69,787.85 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
69,787.85 0.00 0.00 12,518,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
B 6,635,000.00 6,635,000.00 38,593.58 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
38,593.58 0.00 0.00 6,635,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
125,173,000.00 125,173,000.00 641,271.89 1,547,394.30
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,188,666.19 0.00 0.00 123,625,605.70
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 58550SAA8 1,000.000000 4.452778 31.031671 35.484449
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
968.968329 5.725000% 5.818750%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 58550SAB6 1,000.000000 5.400000 0.000000 5.400000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.480000% 6.480000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 58550SAC4 1,000.000000 5.433333 0.000000 5.433333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.520000% 6.520000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 58550SAD2 1,000.000000 5.700000 0.000000 5.700000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.840000% 6.840000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 58550SAE0 1,000.000000 5.575000 0.000000 5.575000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.690000% 6.690000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
B 58550SAF7 1,000.000000 5.816666 0.000000 5.816666
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.980000% 6.980000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
SELLER: Mellon Bank, N.A. ADMINISTRATOR: David Arnold
SERVICER: Mellon Bank, N.A. Bankers Trust Company
LEAD UNDERWRITER: J.P. Morgan & Co. 3 Park Plaza
RECORD DATE: October 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: November 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company