Registration No. 33-45848
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED MAY 22, 1992
Merrill Lynch Mortgage Investors, Inc., Seller
PrimeFirst(Registered Trademark) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates,
Series 1992C, Class A-1 and A-2 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
_____________________________________________________________________________
On May 29, 1992, the PrimeFirst(Registered Trademark) Adjustable Rate
Mortgage Senior/Subordinate Pass-Through Certificates, Series 1992C, Class A-
1 and A-2 (the "Class A Certificates") were issued in an approximate original
aggregate principal amount of $177,633,000. The Class A Certificates
represented beneficial interests of approximately 92.25% in the Trust Fund
created pursuant to a Pooling and Servicing Agreement dated as of May 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 Mortgage Program--Delinquency and Loan Loss
Experience" on page S-21 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
1992 C Class A
PRIMEFIRST(Registered Trademark) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<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>
1992 C Class A
Additionally, the information contained in the table entitled "Cut-Off
Date Mortgage Loan 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, 1997,
the Mortgage Loan Balances and margins of the Mortgage Loans:
MORTGAGE LOAN PRINCIPAL BALANCES AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
% of Mortgage
Range of Number of Principal Pool by
Principal Balances Mortgage Loans Balance Principal Balance
- ----------------------------------------- -------------- --------------- -----------------
<S> <C> <C> <C>
$ 0.00- 49,999.99 . . . . . . 2 $ 92,607.51 0.16%
$ 50,000.00- 54,999.99 . . . . . . 1 50,899.94 0.09
$ 75,000.00- 99,999.99 . . . . . . 3 282,160.29 0.48
$ 100,000.00- 149,999.99 . . . . . 3 377,974.96 0.64
$ 150,000.00- 199,999.99 . . . . . 14 2,488,754.61 4.23
$ 200,000.00- 249,999.99 . . . . . 27 6,014,940.73 10.22
$ 250,000.00- 299,999.99 . . . . . 15 4,167,489.30 7.08
$ 300,000.00- 349,999.99 . . . . . 15 4,696,081.34 7.98
$ 350,000.00- 399,999.99 . . . . . 11 4,111,442.91 6.99
$ 400,000.00- 449,999.99 . . . . . 6 2,489,295.68 4.23
$ 450,000.00- 499,999.99 . . . . . 8 3,720,901.26 6.32
$ 500,000.00- 549,999.99 . . . . . 4 2,072,999.93 3.52
$ 550,000.00- 599,999.99 . . . . . 4 2,288,139.07 3.89
$ 600,000.00- 649,999.99 . . . . . 3 1,800,000.00 3.06
$ 650,000.00- 699,999.99 . . . . . 6 3,983,941.79 6.77
$ 700,000.00- 749,999.99 . . . . . 2 1,448,000.00 2.46
$ 750,000.00- 799,999.99 . . . . . 1 770,000.00 1.31
$ 800,000.00- 849,999.99 . . . . . 2 1,619,452.25 2.75
$ 900,000.00- 949,999.99 . . . . . 1 914,646.69 1.55
$ 950,000.00- 999,999.99 . . . . . 3 2,981,002.71 5.07
$ 1,000,000.00- 1,099,999.99 . . . . 3 3,085,462.56 5.24
$ 1,100,000.00- 1,199,999.99 . . . . 1 1,199,328.21 2.04
$ 1,400,000.00- 1,499,999.99 . . . . 2 2,993,923.49 5.09
$ 1,500,000.00- 1,599,999.99 . . . . 1 1,500,000.00 2.55
$ 1,800,000.00- 1,899,999.99 . . . . 2 3,697,271.51 6.28
-------------- --------------- -----------------
TOTALS . . . . . . . 140 $58,846,716.74 100.00%
============== =============== =================
</TABLE>
1992 C Class A
RANGE OF MARGINS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
% of Mortgage
Number of Pool by
Margin/(1)/ Mortgage Loans Principal Balance Principal Balance
- --------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
-0.250% 11 $14,468,988.48 24.59%
-0.125% 23 14,663,391.94 24.92
0.000% 59 20,164,218.94 34.26
0.250% 45 9,195,249.77 15.63
0.500% 2 354,867.61 0.60
-------------- ----------------- -----------------
TOTALS 140 $58,846,716.74 100.00%
============== ================= =================
</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 April 13, 1998.
