<PAGE> 1
This document contains 6
pages. The Exhibit Index
is located on page 4.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported) December 26, 1997
ML Revolving Home Equity Loan Trust 1997-1
(Name of Trust issuing ML Revolving Home Equity Loan
Asset Backed Certificates, Series 1997-1)
MLCC Mortgage Investors, Inc.
(Exact name of registrant as specified in its charter)
Delaware 33-84894 59-3247986
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
MLCC Mortgage Investors, Inc.
4802 Deer Lake Drive East
Jacksonville, Florida 32246-6484
Attention: General Counsel
(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (904) 928-6000
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Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with Item
601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
19.1 Servicing Certificate and
Statement to Certificateholders for
ML Revolving Home Equity Loan
Asset Backed Certificates, Series 1997-1,
for the December 26, 1997 distribution
pursuant to Sections 4.01 and 5.03 of the
Pooling and Servicing Agreement among
Merrill Lynch Credit Corporation, as
Servicer, MLCC Mortgage Investors, Inc., as
Transferor, and Bankers Trust Company of
California, N.A., as Trustee, dated as of
October 1, 1997.
</TABLE>
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Merrill Lynch Credit Corporation, as Servicer and on behalf of the registrant,
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
MERRILL LYNCH CREDIT
CORPORATION, as Servicer and
on behalf of MLCC MORTGAGE
INVESTORS, INC.
By: /s/ Steven T. Hardy
-------------------------
Name: Steven T. Hardy
Title: Vice President and
Controller
Dated: 12/26/97
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3
<PAGE> 4
Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Page
- ----------- ----
<S> <C> <C>
19.1 Servicing Certificate and Statement to
Certificateholders for ML Revolving Home
Equity Loan Asset Backed Certificates,
Series 1997-1
5
</TABLE>
4
<PAGE> 1
SERVICING CERTIFICATE PAGE 5
<TABLE>
<S> <C>
MLCC MORTGAGE INVESTORS, INC. Current Collection Period: 17-Nov-97 through 16-Dec-97
ML REVOLVING HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1 P & S Agreement Date: 01-Oct-97
CURRENT PASS-THROUGH RATES: Original Closing Date: 30-Oct-97
INVESTOR CERTIFICATES, SERIES 1997-1 LIBOR + 0.18% 5.86750% Prior Month's Distribution Date: 25-Nov-97
Distribution Date: 26-Dec-97
</TABLE>
NOTE: A RAPID AMORTIZATION EVENT HAS NOT OCCURRED SINCE THE PRIOR
DISTRIBUTION DATE.
<TABLE>
<S> <C> <C> <C> <C> <C>
31 <- Accrual Days Investor Floating Allocation Percentage 95.303677%
LIBOR 5.68750% 9.21089% <- Net Loan Rate Investor Fixed Allocation Percentage 98.000000%
WAC 9.71089% 9.12089% <- Alternate Certificate Rate
</TABLE>
<TABLE>
<S> <C> <C>
1 Beginning Pool Balance (net of Transferor Interest Extraction) (P&S 4.01xx, 5.03xii) 381,717,696.08
2 Beginning Pool Factor 102.829000%
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3 Beginning Invested Amount (P&S 4.01xxi) 363,791,000.46
4 Beginning Transferor Interest (net of Transferor Interest Extraction) 17,926,695.62
5 Beginning Certificate Principal Balance (INSURED AMOUNT) (P&S 4.01xxiv) 363,791,000.46
6 Beginning Overcollateralization Amount (P&S 4.01xxix) 0.00
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7 Minimum Transferor Interest 7,424,940.00
8 Required Amount (P&S 4.01xxii, 5.03x) 7,424,318.81
9 Transferor Subordinated Amount (P&S 4.01xxiii) 7,424,318.81
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COLLECTION AMOUNTS
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10 Aggregate of all Trust Principal Collections (P&S 4.01ii ) 23,924,448.50
11 Aggregate of all Trust Principal Repurchases 0.00
12 Aggregate of any Trust Insurance Proceeds (P&S 4.01iii ) 0.00
13 Aggregate of any Net Trust Liquidation Proceeds (P&S 4.01iv) 0.00
14 Aggregate of Transfer Deposits (P&S 4.01v) 0.00
15 Aggregate Trust Principal Collected (sum ln 10 through 14) 23,924,448.50
16 Aggregate of all Trust Interest Collections (P&S 4.01i ) 3,899,757.27
17 Monthly Advance / (Reimbursement) for Such Distribution Date (P&S 4.01vi &viii, 5.03xv) 0.00
18 Trust Interest Collections Available for Distribution 3,899,757.27
19 Available Distribution Amount (15 + 18) 27,824,205.77
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FORMULA AMOUNTS
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20 Current Month Additional Principal Balances (New Draws) -- MLR 241 (P&S 4.01xxvii) 23,396,507.37
21 Aggregate Trust Principal Collected - line 15 23,924,448.50
22 Principal Distribution to Trustee 527,941.13
23 Trust Interest Collections Available for Distribution (ln 18) 3,899,757.27
24 Distribution to Trustee (ln 22 + ln 23) 4,427,698.40
25 Liquidation Loss Amounts (unrecovered trust balance for current period) (P&S 4.01xviii) 0.00
26 Investor Loss Amount (FLOAP x Liq Loss Amount for current period) (P&S 4.01xviii) 0.00
27 Investor Loss Amount not paid to Investors from prior Distribution) (P&S 4.01xix) 0.00
28 Investor Loss Reduction Amount ( cumulative Investor Loss Amts from all
distributions not paid to Inv) 0.00
29 Current Investor Loss Distribution Amount (ln 26 + ln 28) 0.00
30 Certificate Interest Collections (FLAP x Trust Int Collections Available) (P&S 4.01x) 3,716,612.08
31 Certificate Interest Collections used to pay Investor Loss Amount as
principal in the current period 0.00
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DISTRIBUTION AMOUNTS TO INVESTORS
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32 i. Total Amount to Certificate Insurer 21,928.51
ii. Monthly Insurance Premium 21,928.51
iii. Reimbursement Amount (P&S 4.01xxx) 0.00
iv. Redirection of Certificate Insurance 0.00
33 i. Investor Certificate Distribution Amount (33vii. + 33xiii.) -- principal
+ interest (P&S 5.03i) 2,366,020.42
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ii. Certificate Formula Interest (P&S 4.01xi) 1,838,079.29
iii. Unpaid Certificate Interest Shortfall Included in 33vi. (P&S 4.01xiii) 0.00
iv. Unpaid Interest Shortfall (carryover into current period) (P&S 4.01xii) 0.00
v. Remaining Unpaid Interest Shortfall after giving effect to current
distribution (P&S 4.01xii) 0.00
vi. Total Certificate Distribution Allocable to Interest 1,838,079.29
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vii. Maximum Principal Payment (FAP x Line 21 ) (P&S 4.01xvii) 23,445,959.53
viii.Alternative Principal Payment (max of paydowns - draws, 0) (P&S 4.01xvii) 527,941.13
ix. Scheduled Principal Collections Pmt ( if in RAP, min of max prin pmt or
alt prin pmt, max prin pmt) (P&S 4.01xvii) 527,941.13
x. Accelerated Principal Distribution Amount (P&S 4.01xvi) 0.00
xi. Investor Loss Amount for current distribution date (paid out of
certificate interest collections) 0.00
xii. Investor Loss Reduction Amount ( Ln 29 - paid out of certificate interest
collections) 0.00
xiii.Total Certificate Distribution Allocable to Principal (33ix. + 33x. +
33xi. + 33xii.) 527,941.13
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34 i. Transferor Distribution Amount (ln 34ii + 34iv + 34v.) 2,039,749.47
ii. Transferor Interest Collections (Trust Int Coll less Cert Int Coll -- ln
23 less ln 30) (P&S 4.01xv) 183,145.19
iii. Available Excess Interest from Certificate Interest Coll 1,856,604.28
iv. Residual Amount included in 26i (P&S 4.01xxxi) 1,856,604.28
v. Transferor Principal Collections (11-25viii) (P&S 4.01xv) 0.00
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35 Cumulative Number of all Retransferred Mortgage Loans (From Previous
Distributions) (P&S 4.01xxxvii, 5.03xx) 0.00
36 Cumulative Retransferred Mortgage Loan Trust Balances (From Previous
Distributions) (P&S 4.01xxxvii, 5.03xx) 0.00
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37 Number of all Retransferred Mortgage Loans (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0
38 Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0.00
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39 Ending Pool Balance (P&S 5.03xii) 381,189,754.95
40 Ending Pool Factor (P&S 4.01xxv, 5.03ix) 102.686796%
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41 Ending Invested Amount (Beg - Investor loss - sched prin) 363,263,059.33
42 Ending Transferor Int (Beg + (max of Draws - Paydowns, 0) - (Liq loss -
Inv loss) - Transfer Amt) (P&S 4.01xxvi) 17,926,695.62
43 Ending Certificate Principal Balance (INSURED AMOUNT)
(Beg - pin dist) (P&S 4.01xxv, 4.01xxix) 363,263,059.33
44 Ending Overcollateralization Amount (P&S 4.01xxiv, 5.03xiii) 0.00
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</TABLE>
<PAGE> 2
STATEMENT TO CERTIFICATEHOLDERS PAGE 6
<TABLE>
<S> <C>
MLCC MORTGAGE INVESTORS, INC. Current Collection Period: 17-Nov-97 through 16-Dec-97
ML REVOLVING HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1 P & S Agreement Date: 01-Oct-97
CURRENT PASS-THROUGH RATES: Original Closing Date: 30-Oct-97
INVESTOR CERTIFICATES, SERIES 1997-1 LIBOR + 0.18% 5.86750% Prior Month's Distribution Date: 25-Nov-97
Distribution Date: 26-Dec-97
</TABLE>
NOTE: A RAPID AMORTIZATION EVENT HAS NOT OCCURRED SINCE THE PRIOR
DISTRIBUTION DATE.
<TABLE>
<S> <C> <C> <C> <C> <C>
31 <- Accrual Days Investor Floating Allocation Percentage 95.303677%
LIBOR 5.68750% 9.21089% <- Net Loan Rate Investor Fixed Allocation Percentage 98.000000%
WAC 9.71089% 9.12089% <- Alternate Certificate Rate
</TABLE>
Distribution to Holders of Certificates (per Certificate with a $1,000
denomination)
<TABLE>
<S> <C> <C>
45 i. Total Certificate Distribution Amount Allocable to Interest (P&S 5.03ii) 5.052569
ii. Unpaid Certificate Interest Shortfall Included in Current Distribution (P&S 5.03iii) 0.000000
iii. Unpaid Certificate Interest Shortfall Remaining after Current
Distribution (Carryover) (P&S 5.03iv) 0.000000
46 i Total Certificate Distribution Allocable to Principal (P&S 5.03v) 1.451221
ii. Scheduled Principal Collections Payment (P&S 5.03v) 1.451221
iii. Accelerated Principal Distribution Amount (P&S 5.03v) 0.000000
47 i Reimbursed Investor Loss Reduction Amounts Included in Current
Distribution (P&S 5.03vi) 0.000000
ii Investor Loss Reduction Amounts after Current Distribution (Carryover) (P&S 5.03vii) 0.000000
48 Servicing Fee (P&S 5.03xv) 156,870.29
49 Monthly Advance paid by the Servicer (P&S 5.03xiv) 0.00
50 Monthly (Advance Reimbursement) to the Servicer 0.00
51 Cumulative Monthly Advance paid by the Servicer 0.00
52 Amount of Insured Payments by the Certificate Insurer (P&S 5.03xix) 0.00
53 Transferor Subordinated Amount after giving effect to the current
distribution (P&S 5.03xi) 7,424,318.81
54 i. Number of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 85
55 ii. Aggregate Principal Balances of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 3,966,882.47
56 i. Number of Mortgage Loans 61 to 90 days delinquent (P&S 4.01xxxii, 5.03xvi) 17
ii. Aggregate Principal Balances of Mortgage Loans 61 to 90 days delinquent (P&S 4.01xxxii, 5.03xvi) 567,583.36
57 i. Number of Mortgage Loans 91 or more days delinquent (P&S 4.01xxxii, 5.03xvi) 0
ii. Aggregate Principal Balances of Mortgage Loans 91 or more days delinquent (P&S 4.01xxxii, 5.03xvi) 0.00
58 i. Number of Mortgage Loans in Foreclosure (P&S 4.01xxxiii, 5.03xvii) 0
ii. Aggregate Principal Balances of Mortgage Loans in Foreclosure (P&S 4.01xxxiii, 5.03xvii) 0.00
59 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed (P&S 4.01xxxiv, 5.03xviii) 0.00
60 The Aggregate Trust Balances of any Liquidated Loans in the Current Month (P&S 4.01xxxv) 0.00
</TABLE>
