Registration No. 33-42090
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED FEBRUARY 24, 1992
Merrill Lynch Mortgage Investors, Inc., Seller
PrimeFirst(R) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates,
Series 1992A, Class A-1 and A-2 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
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On February 27, 1992, the PrimeFirst(R) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates, Series 1992A, Class A-1 and A-2
(the "Class A Certificates") were issued in an approximate original aggregate
principal amount of $231,137,411.43. The Class A Certificates represented
beneficial interests of approximately 90.75% in the Trust Fund created pursuant
to a Pooling and Servicing Agreement dated as of February 1, 1992 by and among
Merrill Lynch Mortgage Investors, Inc, as seller, 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 PrimeFirst(R) Mortgage Program--Delinquency and Loan Loss
Experience" on page S-21 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
<PAGE>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
December 31, 1998 December 31, 1997 December 31, 1996
------------------------- ------------------------- -------------------------
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................... 11,263 $4,408,862 14,159 $5,302,950 11,054 $4,331,131
Delinquency Period
30-59 Days.................... 184 $ 77,751 183 $ 66,254 180 $ 84,297
60-89 Days.................... 26 9,815 26 18,544 19 6,583
90 Days or More*.............. 34 23,664 24 18,072 29 27,590
------ --------- ------ -------- ----- --------
Total Delinquency.......... 244 111,230 233 $102,870 228 $118,470
====== ========= ====== ======== ===== ========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 2.17% 2.52% 1.65% 1.94% 2.06% 2.74%
Foreclosures.................... 47 $ 43,681 39 $ 47,396 29 $ 39,100
Foreclosures as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 0.42% 0.99% 0.28% 0.89% 0.26% 0.90%
- ---------------------
* Does not include loans subject to bankruptcy proceedings.
</TABLE>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
Year Ended Year Ended Year Ended
December 31, 1998 December 31, 1997 December 31, 1996
----------------- ----------------- -----------------
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst Loan
Portfolio....................................... $4,855,906 $4,817,041 $3,933,946
Average Number of PrimeFirst Loans Outstanding
During the Period............................... 12,711 12,607 9,663
---------- ---------- ---------
Gross Charge-offs................................. $ 4,030 $ 5,363 $ 6,157
Recoveries........................................ $ 2 $ 99 $ 0
---------- ---------- ---------
Net Charge-offs................................... $ 4,028 $ 5,264 $ 6,157
========== ========== ========
Net Charge-offs as a Percent of Average
Principal Balance Outstanding................... 0.08% 0.11% 0.16%
</TABLE>
Additionally, the information contained in the table entitled "Cut-Off
Date Principal Balances" and "Range of Margins" under the heading "The Mortgage
Pool" on pages S-15 and S-18, respectively, of the Prospectus Supplement is
hereby updated to indicate, as of December 31, 1998, the Mortgage Loan Balances
and margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Principal Balances as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Range of Principal Balances Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 5 $ 184,576.44 0.46%
$75,000-99,999.99 2 183,664.66 0.46%
$100,000-149,999.99 3 329,863.38 0.82%
$150,000-199,999.99 9 1,613,128.43 4.01%
$200,000-249,999.99 10 2,194,859.62 5.46%
$250,000-299,999.99 19 5,532,675.83 13.77%
$300,000-349,999.99 8 2,534,786.42 6.31%
$35,0000-399,999.99 9 3,371,435.81 8.39%
$400,000-449,999.99 3 1,212,000.00 3.02%
$450,000-499,999.99 6 2,873,763.36 7.15%
$550,000-599,999.99 7 3,991,046.74 9.93%
$600,000-649,999.99 2 1,283,036.23 3.19%
$650,000-699,999.99 1 695,735.36 1.73%
$700,000-749,999.99 2 1,469,040.00 3.66%
$750,000-799,999.99 2 1,540,147.53 3.83%
$850,000-899,999.99 1 899,423.33 2.24%
$900,000-949,999.99 1 949,719.17 2.36%
$1,000,000-1,099,999.99 1 1,000,000.00 2.49%
$1,100,000-1,199,999.99 2 2,200,000.00 5.48%
$1,200,000-1,299,999.99 1 1,222,000.00 3.04%
$1,300,000-1,399,999.99 1 1,300,000.00 3.24%
$1,600,000-1,699,999.99 1 1,600,000.00 3.98%
$1,900,000-1,999,999.99 1 1,999,423.62 4.98%
----------------------------------------------------------------------
TOTALS 97 $ 40,180,325.93 100.00%
======================================================================
</TABLE>
<TABLE>
<CAPTION>
% of Mortgage
Number of Mortgage Pool by Principal
Margin (1) Loans Principal Balance Balance
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
-0.25 8 $ 10,220,846.95 25.44%
-0.125 17 8,907,915.65 22.17%
0 51 16,989,304.81 42.28%
0.25 21 4,062,258.52 10.11%
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TOTALS 97 $ 40,180,325.93 100.00%
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</TABLE>
- ------------------
(1) The Margin is added to or subtracted from (as indicated) the applicable
Prime Index to arrive at the
Mortgage Rate; provided that the Mortgage Rate will not exceed 18.00%
per annum.
The date of this Supplement is March 31, 1999.
