Registration No. 33-47672
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED FEBRUARY 10, 1993
Merrill Lynch Mortgage Investors, Inc., Seller
PrimeFirst(R) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates,
Series 1993B, Class A-1, A-2 and A-3 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
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On February 19, 1993, the PrimeFirst(R) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates, Series 1993B, Class A-1, A-2 and
A-3 (the "Class A Certificates") were issued in an approximate original
aggregate principal amount of $265,650,000. 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 February 1,
1993 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 pages S-24 and S-25 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%
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* 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 Mortgage Loan Principal Balances" and "Range of Margins" under the heading
"The Mortgage Pool" on pages S-18 and S-21, 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>
Mortgage Loan 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 $ 167,820.05 0.32%
$50,000-54,999.99 1 54,951.97 0.10%
$55,000-59,999.99 1 55,478.42 0.11%
$60,000-74,999.99 3 201,507.44 0.38%
$75,000-99,999.99 8 756,133.40 1.44%
$100,000-149,999.99 21 2,474,305.20 4.72%
$150,000-199,999.99 19 3,436,504.77 6.56%
$200,000-249,999.99 19 4,204,902.24 8.03%
$250,000-299,999.99 19 5,290,297.22 10.10%
$300,000-349,999.99 16 5,169,123.80 9.87%
$350,000-399,999.99 7 2,540,529.13 4.85%
$400,000-449,999.99 6 2,514,591.50 4.80%
$450,000-499,999.99 6 2,805,839.96 5.36%
$500,000-549,999.99 5 2,557,470.72 4.88%
$550,000-599,999.99 1 560,609.54 1.07%
$600,000-649,999.99 2 1,279,345.38 2.44%
$650,000-699,999.99 3 2,041,892.56 3.90%
$700,000-749,999.99 1 749,999.99 1.43%
$750,000-799,999.99 1 783,492.61 1.50%
$800,000-849,999.99 1 818,999.60 1.56%
$900,000-949,999.99 2 1,815,000.00 3.46%
$950,000-999,999.99 1 997,931.90 1.90%
$1,000,000-1,099,999.99 4 4,080,000.00 7.79%
$1,200,000-1,299,999.99 1 1,225,000.00 2.34%
$1,700,000-1,799,999.99 1 1,749,000.03 3.34%
$1,900,000-1,999,999.99 1 1,992,861.35 3.80%
$2,000,000-2,099,999.99 1 2,069,275.50 3.95%
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TOTALS 156 $ 52,392,864.28 100.00%
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</TABLE>
<TABLE>
<CAPTION>
Range of Margins as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margin (1) Loans Principal Balance Balance
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
-0.25 11 $ 12,984,633.22 24.78%
-0.125 17 10,707,109.62 20.44%
0 47 15,429,802.44 29.45%
0.25 44 9,066,304.78 17.30%
0.5 37 4,205,014.22 8.03%
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TOTALS 156 $ 52,392,864.28 100.00%
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</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 either 15.00% or 18.00% per annum, as applicable.
--------------------
The date of this Supplement is March 31, 1999.
