8-K 1 mhl01001.txt MAY 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 21, 2001 MELLON HOME EQUITY LINE OF CREDIT TRUST Asset-Backed Notes , Series 2001-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-77275 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, MD 21044 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Former name or former address, if changed since last report) ITEM 5. Other Events On May 21, 2001 a distribution was made to holders of MELLON HOME EQUITY LINE OF CREDIT TRUST, Asset-Backed Notes, Series 2001-1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Notes, Series 2001-1 Trust, relating to the May 21, 2001 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MELLON HOME EQUITY LINE OF CREDIT TRUST Asset-Backed Notes, Series 2001-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Sherri Sharps, Vice President By: Sherri Sharps, Vice President Date: 6/4/01 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Notes, Series 2001-1 Trust, relating to the May 21, 2001 distribution. EX-99.1

Mellon Home Equity Line of Credit Mortgage Pass-Through Certificates Record Date: 34/30/01 Distribution Date: 45/2021/01 MHL Series: 2001-1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 846-8152 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution NOTE 58552BAA3 SEN 5.~~29625~~29000% ~~669~~652,~~000~~400,~~000~~923.0093 2,~~755~~971,~~815~~867.4243 168,~~599~~665,~~076~~413.0736 CERT MHL01CERT SEN 0.00000% 0.00 1823,~~625~~971,~~158~~640.7542 0.00 OC OC 0.00000% 1012,~~486~~891,~~727~~672.2457 0.00 0.00 AMBAC SEN 0.10000% 0.00 5256,~~033~~178.3397 0.00 Totals ~~679~~665,~~486~~292,~~727~~596.2450 2126,~~433~~999,~~007~~686.5082 168,~~599~~665,~~076~~413.0736

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses NOTE 0.00 ~~652~~643,~~400~~735,~~923~~510.9357 1911,~~354~~637,~~891~~280.4979 0.00 CERT 0.00 0.00 1823,~~625~~971,~~158~~640.7542 0.00 OC 0.00 1214,~~891~~403,~~672~~294.5739 0.00 0.00 AMBAC 0.00 0.00 5256,~~033~~178.3397 0.00 Totals 0.00 ~~665~~658,~~292~~138,~~596~~804.5096 3835,~~032~~665,~~083~~100.5718 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) NOTE 669,000,000.00 ~~669~~652,~~000~~400,~~000~~923.0093 0.00 168,~~599~~665,~~076~~413.0736 0.00 0.00 CERT 0.00 0.00 0.00 0.00 0.00 0.00 OC 10,486,727.24 1012,~~486~~891,~~727~~672.2457 0.00 0.00 0.00 0.00 AMBAC 0.00 0.00 0.00 0.00 0.00 0.00 Totals 679,486,727.24 ~~679~~665,~~486~~292,~~727~~596.2450 0.00 168,~~599~~665,~~076~~413.0736 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution NOTE 168,~~599~~665,~~076~~413.0736 ~~652~~643,~~400~~735,~~923~~510.9357 0.~~97518823~~96223544 168,~~599~~665,~~076~~413.0736 CERT 0.00 0.00 0.00000000 0.00 OC 0.00 1214,~~891~~403,~~672~~294.5739 1.~~22933231~~37347850 0.00 AMBAC 0.00 0.00 0.00000000 0.00 Totals 168,~~599~~665,~~076~~413.0736 ~~665~~658,~~292~~138,~~596~~804.5096 0.~~97911051~~96858228 168,~~599~~665,~~076~~413.0736

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion NOTE 669,000,000.00 ~~1000~~975.~~00000000~~18822710 0.00000000 2412.~~81177290~~95278529 0.00000000 CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 10,486,727.24 ~~1000~~1229.~~00000000~~33230501 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution NOTE 0.00000000 2412.~~81177290~~95278529 ~~975~~962.~~18822710~~23544181 0.~~97518823~~96223544 2412.~~81177290~~95278529 CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 1,~~229~~373.~~33230501~~47849909 1.~~22933231~~37347850 0.00000000 AMBAC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall NOTE 669,000,000.00 5.3029000% ~~669~~652,~~000~~400,~~000~~923.0093 2,~~755~~971,~~815~~867.4243 0.00 0.00 CERT 0.00 0.0000000% 0.00 0.00 0.00 0.00 OC 10,486,727.24 0.0000000% 1012,~~486~~891,~~727~~672.2457 0.00 0.00 0.00 AMBAC 0.00 0.1010000% ~~669~~652,~~000~~400,~~000~~923.0093 5256,~~033~~178.3397 0.00 0.00 Totals 679,486,727.24 23,~~807~~028,~~848~~046.7540 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance NOTE 0.00 0.00 2,~~755~~971,~~815~~867.4243 0.00 ~~652~~643,~~400~~735,~~923~~510.9357 CERT 0.00 0.00 1823,~~625~~971,~~158~~640.7542 0.00 0.00 OC 0.00 0.00 0.00 0.00 1214,~~891~~403,~~672~~294.5739 AMBAC 0.00 0.00 5256,~~033~~178.3397 0.00 ~~652~~643,~~400~~735,~~923~~510.9357 Totals 0.00 0.00 2126,~~433~~999,~~007~~686.5082 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall NOTE 669,000,000.00 5.~~29625~~29000% ~~1000~~975.~~00000000~~18822710 4.~~11930556~~44225326 0.00000000 0.00000000 CERT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 10,486,727.24 0.00000% ~~1000~~1229.~~00000000~~33230501 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.10000% ~~1000~~975.~~00000000~~18822710 0.~~07777777~~08397454 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance NOTE 0.00000000 0.00000000 4.~~11930556~~44225326 0.00000000 ~~975~~962.~~18822710~~23544181 CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~1229~~1373.~~33230501~~47849909 AMBAC 0.00000000 0.00000000 0.~~07777777~~08397454 0.00000000 ~~975~~962.~~18822710~~23544181 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 3835,~~317~~944,~~138~~306.4627 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0(100.00) Total Deposits 3835,~~317~~944,~~138~~206.4627 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~285~~279,~~054~~106.8909 Payment of Interest and Principal 3835,~~032~~665,~~083~~100.5718 Total Withdrawals (Pool Distribution Amount) 3835,~~317~~944,~~138~~206.4627 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~283~~277,~~119~~205.4725 Indenture Trustee Fee - Wells Fargo Bank Minnesota, N.A 1,~~393~~359.7517 Owner Trustee Fee - Wilmington Trust Company 541.67 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~285~~279,~~054~~106.8909

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 011 1 0 112 0283,670.00 14,463.00 0.00 14298,~~463~~133.00 30 Days 47 01 01 0 4749 1864,~~167,425~~601.00 011,447.00 09,933.00 0.00 1885,~~167,425~~981.00 60 Days 013 0 0 0 013 0359,613.00 0.00 0.00 0.00 0359,613.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4760 012 12 0 4874 1,~~167~~224,~~425~~214.00 0295,117.00 1424,~~463~~396.00 0.00 1,~~181~~543,~~888~~727.00 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~000000~~025840% 0.~~000000~~002349% 0.000000% 0.~~000000~~028190% 0.~~000000~~043102% 0.~~002174~~002198% 0.000000% 0.~~002174~~045299% 30 Days 0.~~000000~~110409% 0.~~000000~~002349% 0.~~000000~~002349% 0.000000% 0.~~000000~~115107% 0.~~175475~~131371% 0.~~000000~~001739% 0.~~000000~~001509% 0.000000% 0.~~175475~~134619% 60 Days 0.~~000000~~030539% 0.000000% 0.000000% 0.000000% 0.~~000000~~030539% 0.~~000000~~054641% 0.000000% 0.000000% 0.000000% 0.~~000000~~054641% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~000000~~140948% 0.~~000000~~028190% 0.~~000000~~004698% 0.000000% 0.~~000000~~173835% 0.~~175475~~186012% 0.~~000000~~044841% 0.~~002174~~003707% 0.000000% 0.~~177649~~234559%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 98.~~709415~~692069% Weighted Average Net Coupon 98.~~209415~~188640% Weighted Average Pass-Through Rate 98.~~114104~~087309% Weighted Average Maturity(Stepdown Calculation ) ~~324~~0 Beginning Scheduled Collateral Loan Count 0 Number Of Loans Paid In Full ~~625~~545 Ending Scheduled Collateral Loan Count 042,569 Beginning Scheduled Collateral Balance ~~679~~665,~~486~~292,~~727~~596.2450 Ending Scheduled Collateral Balance ~~665~~658,~~292~~138,~~596~~804.5096 Ending Actual Collateral Balance at 30-~~Mar~~Apr-2001 ~~665~~658,~~292~~138,~~596~~804.5096 Monthly P &I Constant 0.00 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 41,~~801~~511,~~724~~621.1282 Overcollateralized reduction Amount 0.00 Specified O/C Amount 15,288,451.36 Overcollateralized Amount 0.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00

Investor Amount $~~665~~658,~~292~~138,~~596~~804.5096 Investor Floating Allocation Percentage 100.00% Beginning Loan Count 43,~~739~~114 Ending Loan Count 4342,~~114~~569

Filing Compare · MELLON HOME EQUITY LINE OF CREDIT TR AS BA NOT SER 2000-1