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, 1999 December 31, 1998 December 31, 1997
-------------------------- ------------------------- --------------------------
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................... 11,223 $4,526,896 11,263 $4,408,862 14,159 $5,302,950
----------- ----------- ---------- ---------- ----------- -----------
Delinquency Period
30-59 Days.................... 199 $ 76,666 184 $ 77,751 183 $ 66,254
60-89 Days.................... 38 15,834 26 9,815 26 18,544
90 Days or More*.............. 15 8,300 34 23,664 24 18,072
------ ------ ------ --------- ------ - ---------
Total Delinquency.......... 252 $100,800 244 $111,230 233 $102,870
====== ======== ====== ======== ====== ========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 2.25% 2.23% 2.17% 2.52% 1.65% 1.94%
Loans in foreclosure............ 36 $ 33,135 47 $ 43,681 39 $ 47,396
Loans in foreclosure as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 0.32% 0.73% 0.42% 0.99% 0.28% 0.89%
</TABLE>
- ---------------------------------
* Does not include loans subject to bankruptcy proceedings.
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
Year Ended Year Ended Year Ended
December 31, 1999 December 31, 1998 December 31, 1997
----------------- ----------------- -----------------
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst Loan
Portfolio....................................... $4,467,879 $4,855,906 $4,817,041
Average Number of PrimeFirst Loans Outstanding
During the Period............................... 11,243 12,711 12,607
Gross Charge-offs................................. $ 5,578 $ 4,030 $ 5,363
Recoveries........................................ $ 16 $ 2 $ 99
---------- ---------- ---------
Net Charge-offs................................... $ 5,562 $ 4,028 $ 5,264
========== ========== =========
Net Charge-offs as a Percent of Average
Principal Balance Outstanding................... 0.12% 0.08% 0.11%
</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, 1999, the
Mortgage Loan Balances and margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Principal Balances as of December 31, 1999
Number of Mortgage % of Mortgage Pool by
Range of Principal Balances Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 5 $ 176,576.43 0.72%
$75,000-99,999.99 1 98,997.50 0.40%
$100,000-149,999.99 2 200,627.43 0.82%
$150,000-199,999.99 6 1,071,829.43 4.37%
$200,000-249,999.99 6 1,350,371.20 5.50%
$250,000-299,999.99 13 3,791,739.07 15.46%
$300,000-349,999.99 5 1,557,966.63 6.35%
$350,000-399,999.99 6 2,271,151.98 9.26%
$400,000-449,999.99 1 412,000.00 1.68%
$450,000-499,999.99 3 1,417,910.30 5.78%
$500,000-549,999.99 1 548,676.79 2.24%
$550,000-599,999.99 2 1,129,807.50 4.61%
$600,000-649,999.99 2 1,283,036.23 5.23%
$650,000-699,999.99 1 659,735.36 2.69%
$700,000-749,999.99 1 724,729.25 2.95%
$800,000-849,999.99 1 834,794.73 3.40%
$1,100,000-1,199,999.99 2 2,200,000.00 8.97%
$1,200,000-1,299,999.99 1 1,222,000.00 4.98%
$1,500,000-1,599,999.99 1 1,579,973.53 6.44%
$1,900,000-1,999,999.99 1 1,999,423.62 8.15%
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TOTALS 61 $24,531,346.98 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Range of Margins as of December 31, 1999
Number of Mortgage % of Mortgage Pool by
Margin (1) Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
-0.25 6 $ 7,836,191.88 31.94%
-0.125 7 3,216,229.16 13.11%
0 34 11,021,053.81 44.93%
0.25 14 2,457,872.13 10.02%
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TOTALS 61 $24,531,346.98 100.00%
==============================================================================
</TABLE>
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(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, 2000.
