Registration No. 333-14253
Rule 424 (b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED MARCH 19, 1997
MLCC Mortgage Investors, Inc., Depositor
Mortgage Loan Asset Backed Pass-Through Certificates,
Series 1997-A, Class A
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
_____________________________________________________________________________
On March 26, 1997, the Mortgage Loan Asset Backed Pass-Through
Certificates, Series 1997-A, Class A (the "Certificates") were issued in an
approximate original aggregate principal amount of $324,728,000. The
Certificates represent beneficial interests in the Trust Fund created
pursuant to a Pooling and Servicing Agreement dated as of March 1, 1997 by
and among MLCC Mortgage Investors, Inc., Merrill Lynch Credit Corporation, as
master servicer, and Bankers Trust Company of California, N.A., as trustee.
This Supplement to the above-referenced Prospectus Supplement (the
"Prospectus Supplement") supplements and updates certain of the information
set forth in the Prospectus Supplement. Capitalized terms not defined herein
have the meanings ascribed to them in the Prospectus Supplement.
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss
Experience" on page S-32 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
1997 A
PRIMEFIRST(Registered Trademark) LOAN DELINQUENCY EXPERIENCE
<TABLE>
<CAPTION>
December 31, 1997 December 31, 1996 December 31, 1995
------------------------ ----------------------- ------------------------
Number of Number of Number of
PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal
Loans Amount Loans Amount Loans Amount
------------ ---------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
PrimeFirst Loans
Outstanding . . . . . . 14,159 $5,302,950 11,054 $4,331,131 8,272 $3,536,761
Delinquency Period
30-59 Days . . . . . . 183 $ 66,254 180 $ 84,297 127 $ 56,370
60-89 Days . . . . . . 26 18,544 19 6,583 13 7,917
90 Days or More* . . . 24 18,072 29 27,590 44 45,749
------------ ---------- ----------- ---------- ----------- -----------
Total Delinquency . 233 $ 102,870 228 $ 118,470 184 $ 110,036
============ ========== =========== ========== =========== ===========
Delinquencies as
Percent of Number
of PrimeFirst
Loans and Principal
Amount Outstanding . . 1.65% 1.94% 2.06% 2.74% 2.22% 3.11%
Foreclosures . . . . . . 39 $47,396 29 $ 39,100 28 $ 38,209
Foreclosures as
Percent of Number
of PrimeFirst
Loans and Principal
Amount Outstanding . . 0.28% 0.89% 0.26% 0.90% 0.34% 1.08%
</TABLE>
_________________________________
* Does not include loans subject to bankruptcy proceedings.
PRIMEFIRST(Registered Trademark) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
December 31, 1997 December 31, 1996 December 31, 1995
------------------ ----------------- -------------------
<S> <C> <C> <C>
Average Principal Balance
of PrimeFirst Loan Portfolio . . . . . . $4,817,041 $3,933,946 $3,444,045
Average Number of PrimeFirst
Loans Outstanding
During the Period . . . . . . . . . . . . 12,607 9,663 7,944
Gross Charge-offs . . . . . . . . . . . . . $ 5,363 $ 6,157 $ 1,840
Recoveries . . . . . . . . . . . . . . . . $ 99 $ 0 $ 0
------------------ ----------------- -------------------
Net Charge-offs . . . . . . . . . . . . . . $ 5,264 $ 6,157 $ 1,840
================== ================= ===================
Net Charge-offs as a
Percent of Average
Principal Balance
Outstanding . . . . . . . . . . . . . . . 0.11% 0.16% 0.05%
</TABLE>
The first two tables set forth after the second paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss
Experience" on page S-33 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
1997 A
REVOLVING CREDIT LINE LOAN DELINQUENCY EXPERIENCE
EQUITY ACCESS LOAN DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
As of December 31,
-------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997
---------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Number of Revolving
Credit Line (RCL)
Loans Serviced . . . . 15,084 13,839 15,598 25,056 28,368 31,395
Aggregate Loan Balance
of RCL Loans Serviced . $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217
Loan Balance of RCL
Loans 2 Mos. Delinquent $ 3,717 $ 5,161 $ 5,358 $ 8,447 $ 8,292 $ 5,450
Loan Balance of RCL
Loans 3 Mos. or
more Delinquent . . . . $ 18,751 $ 17,508 $ 22,989 $ 33,763 $ 39,508 $ 44,104
Total of 2 Months or
more Delinquent as
a % of Aggregate Loan
Balance of RCL Loans . 2.11% 2.19% 2.63% 3.26% 3.53% 3.57%
</TABLE>
REVOLVING CREDIT LINE LOAN LOSS EXPERIENCE
EQUITY ACCESS LOAN DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
As of December 31,
-------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997
---------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
As of end of Period:
Number of Revolving
Credit Line Loans
Serviced . . . . . . . . 15,084 13,839 15,598 25,056 28,368 31,395
Aggregate Loan Balance
of Revolving Credit
Line Loans Serviced . . . $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217
For the Period:
Gross Charge Offs
Dollars . . . . . . . . $ 1,447 $ 3,153 $ 1,118 $ 3,700 $ 1,860 $ 4,269
Percentage(1) . . . . . 0.14% 0.30% 0.10% 0.29% 0.14% 0.31%
</TABLE>
__________________________
(1) As a percentage of aggregate balance of revolving credit line loans
serviced.
Additionally, the information contained in the tables entitled "Range of
Cut-off Date Principal Balances", "Prime Index Initial Mortgage Loan
Margins", "One-Month LIBOR Index Initial Mortgage Loan Margins", "Six-Month
LIBOR Index Initial Mortgage Loan Margins" and "One-Year Treasury Index
Initial Mortgage Loan Margins" under the heading "The Mortgage Pool" on pages
S-21 and S-24 of the Prospectus Supplement is hereby updated to indicate, as
of December 31, 1997, the Mortgage Loan Balances and Margins of the Mortgage
Loans:
1997 A
RANGE OF PRINCIPAL BALANCES AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
Range of Number of % of Mortgage
Principal Balances Mortgage Principal Pool by
Loans Balance Principal Balance
- ----------------------------------------- ---------- ---------------------- -----------------
<S> <C> <C> <C>
$ 0.00- 49,999.99 . . . . . . 44 $ 1,598,782.75 0.59%
$ 50,000.00- 54,999.99 . . . . . . 16 818,789.61 0.30
$ 55,000.00- 59,999.99 . . . . . . 12 691,886.08 0.25
$ 60,000.00- 74,999.99 . . . . . . 24 1,621,718.92 0.60
$ 75,000.00- 99,999.99 . . . . . . 68 5,938,278.04 2.18
$ 100,000.00- 149,999.99 . . . . . 118 14,675,946.04 5.40
$ 150,000.00- 199,999.99 . . . . . 86 15,144,554.21 5.57
$ 200,000.00- 249,999.99 . . . . . 97 21,296,760.86 7.83
$ 250,000.00- 299,999.99 . . . . . 68 18,642,127.25 6.86
$ 300,000.00- 349,999.99 . . . . . 63 20,224,884.79 7.46
$ 350,000.00- 399,999.99 . . . . . 37 13,798,570.18 5.08
$ 400,000.00- 449,999.99 . . . . . 25 10,377,802.03 3.82
$ 450,000.00- 499,999.99 . . . . . 17 8,131,621.46 2.99
$ 500,000.00- 549,999.99 . . . . . 20 10,315,413.44 3.79
$ 550,000.00- 599,999.99 . . . . . 13 7,532,419.86 2.77
$ 600,000.00- 649,999.99 . . . . . 16 9,880,573.56 3.63
$ 650,000.00- 699,999.99 . . . . . 8 5,385,217.42 1.98
$ 700,000.00- 749,999.99 . . . . . 11 7,973,905.52 2.93
$ 750,000.00- 799,999.99 . . . . . 8 6,195,667.67 2.28
$ 800,000.00- 849,999.99 . . . . . 13 10,703,448.72 3.94
$ 850,000.00- 899,999.99 . . . . . 4 3,475,774.38 1.28
$ 900,000.00- 949,999.99 . . . . . 3 2,749,999.99 1.01
$ 950,000.00- 999,999.99 . . . . . 4 3,898,882.32 1.43
$ 1,000,000.00- 1,099,999.99 . . . . 13 13,127,800.00 4.83
$ 1,100,000.00- 1,199,999.99 . . . . 13 14,882,850.59 5.48
$ 1,200,000.00- 1,299,999.99 . . . . 6 7,446,643.83 2.74
$ 1,300,000.00- 1,399,999.99 . . . . 2 2,715,500.00 1.00
$ 1,400,000.00- 1,499,999.99 . . . . 1 1,400,000.00 0.52
$ 1,500,000.00- 1,599,999.99 . . . . 3 4,600,000.00 1.69
$ 1,600,000.00- 1,699,999.99 . . . . 4 6,610,817.66 2.43
$ 1,700,000.00- 1,799,999.99 . . . . 1 1,725,000.00 0.63
$ 1,800,000.00- 1,899,999.99 . . . . 1 1,855,000.00 0.68
$ 1,900,000.00- 1,999,999.99 . . . . 1 1,949,999.99 0.72
$ 2,100,000.00- 2,199,999.99 . . . . 2 4,291,000.00 1.58
$ 2,200,000.00- 2,299,999.99 . . . . 1 2,237,500.00 0.82
$ 3,000,000.00 or greater . . . . . . 2 7,907,625.00 2.91
---------- ---------------------- -----------------
TOTALS . . . . . . . 825 $271,822,762.17 100.00%
========== ====================== =================
</TABLE>
1997 A
PRIME INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
% of Such Mortgage
Number of Loans by
Margin Mortgage Loans Principal Balance Principal Balance
- ---------------- -------------- ----------------- -------------------
<S> <C> <C> <C>
-0.125% 1 $1,107,050.08 66.93%
0.250% 2 546,877.50 33.07
-------------- ----------------- -------------------
TOTALS 3 $1,653,927.58 100.00%
============== ================= ===================
</TABLE>
ONE-MONTH LIBOR MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
% of Such Mortgage Loans
Margin Number of Mortgage Loans Principal Balance by Principal Balance
- ------------------- ------------------------ ---------------------- ------------------------
<S> <C> <C> <C>
0.875% 3 $ 2,339,950.13 1.70%
1.125% 1 300,550.00 0.22
1.375% 12 12,633,146.60 9.16
1.500% 8 3,625,912.20 2.63
1.625% 43 26,422,730.28 19.14
1.750% 19 15,709,214.37 11.39
1.875% 50 25,992,315.98 18.85
2.000% 33 20,142.476.68 14.61
2.125% 58 13,116,667.73 9.51
2.250% 15 3,856,303.29 2.80
2.375% 33 6,730,617.49 4.88
2.500% 7 838,479.42 0.61
2.625% 48 6,201,913.85 4.50
------------------------ ---------------------- ------------------------
TOTALS 330 $137,910,278.02 100.00%
======================== ====================== ========================
</TABLE>
1997 A
SIX-MONTH LIBOR INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
% of Such Mortgage Loans
Margin Number of Mortgage Loans Principal Balance by Principal Balance
- ------------------- ------------------------ ---------------------- ------------------------
<S> <C> <C> <C>
0.375% 1 $ 700,000.00 0.54%
1.125% 1 261,000.00 0.20
1.500% 9 8,425,847.57 6.55
1.625% 10 7,123,493.47 5.54
1.750% 51 25,737,313.71 20.00
1.875% 13 9,159,754.94 7.12
2.000% 73 25,178,626.40 19.57
2.125% 15 6,344,900.81 4.93
2.250% 166 26,924,447.78 20.93
2.375% 6 1,374,847.85 1.07
2.500% 52 8,596,625.45 6.68
2.625% 8 883,454.76 0.69
2.750% 75 6,772,493.78 5.26
2.875% 2 1,101,500.00 0.86
3.000% 1 80,000.00 0.06
------------------------ ---------------------- ------------------------
TOTALS 483 $128,664,306.52 100.00%
======================== ====================== ========================
</TABLE>
1997 A
ONE-YEAR TREASURY INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
% of Such Mortgage Loans
Margin Number of Mortgage Loans Principal Balance by Principal Balance
- ------------------- ------------------------ ---------------------- ------------------------
<S> <C> <C> <C>
1.875% 1 $1,000,000.00 27.82%
2.125% 1 304,882.18 8.48
2.250% 1 188,400.00 5.24
2.375% 1 251,000.00 6.98
2.500% 4 1,100,625.72 30.63
2.750% 1 749,342.15 20.85
------------------------ ---------------------- ------------------------
TOTALS 9 $3,594,250.05 100.00%
======================== ====================== ========================
</TABLE>
____________________
The date of this Supplement is April 13, 1998.
