Registration No. 33-57682
Rule 424(b)(3)
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 18, 1993
Merrill Lynch Mortgage Investors, Inc., Seller
PrimeFirst(R) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates,
Series 1993B, Class B (Subordinate)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
-----------------------------------------------------------------
On February 19, 1993, the PrimeFirst(R) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates, Series 1993B, Class B (the
"Class B Certificates") were issued in an approximate original aggregate
principal amount of $12,950,000. The Class B Certificates represented
beneficial interests of approximately 4.50% 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 Prospectus Supplement to the above-referenced
Prospectus (the "Prospectus") supplements and updates certain of the
information set forth in the Prospectus. Capitalized terms not defined herein
have the meanings ascribed to them in the Prospectus.
The first two tables set forth after the first paragraph under the
heading "The Master Servicer - MLCC and its PrimeFirst Mortgage
Program--Delinquency and Loan Loss Experience" on page 26 of the Prospectus
are hereby updated, in their entirety, as follows:
<PAGE>
PRIMEFIRST(R)LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
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%
- ---------------------------------
* 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, 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 Mortgage Loan Principal Balances" and "Range of Margins" under
the heading "The Mortgage Pool" on pages 19 and 22, respectively, of the
Prospectus is hereby updated to indicate, as of December 31, 1999, the
Mortgage Loan Balances and margins of the Mortgage Loans:
<PAGE>
Mortgage Loan Principal Balances as of December 31, 1999
<TABLE>
<CAPTION>
Number of Mortgage % of Mortgage Pool by
Range of Principal Balances Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 7 $ 196,591.57 0.60%
$60,000-74,999.99 2 133,149.08 0.40%
$75,000-99,999.99 7 654,465.51 1.98%
$100,000-149,999.99 9 1,075,627.72 3.26%
$150,000-199,999.99 8 1,472,893.07 4.46%
$200,000-249,999.99 14 3,079,590.01 9.32%
$250,000-299,999.99 13 3,601,246.45 10.90%
$300,000-349,999.99 8 2,580,669.13 7.81%
$350,000-399,999.99 3 1,074,851.50 3.25%
$400,000-449,999.99 4 1,673,585.70 5.07%
$450,000-499,999.99 3 1,426,999.47 4.32%
$500,000-549,999.99 4 2,056,970.72 6.23%
$650,000-699,999.99 2 1,391,892.56 4.21%
$700,000-749,999.99 1 749,999.99 2.27%
$750,000-799,999.99 1 782,391.49 2.37%
$800,000-849,999.99 1 818,999.60 2.48%
$900,000-949,999.99 1 900,000.00 2.72%
$950,000-999,999.99 1 997,931.90 3.02%
$1,000,000-1,099,999.99 3 3,080,000.00 9.32%
$1,200,000-1,299,999.99 1 1,225,000.00 3.71%
$1,900,000-1,999,999.99 1 1,992,039.29 6.03%
$2,000,000-2,099,999.99 1 2,069,275.50 6.26%
------------------------------------------------------------------------------
TOTALS 95 $ 33,034,170.26 100.00%
==============================================================================
</TABLE>
Margins as of December 31, 1999
<TABLE>
<CAPTION>
Number of Mortgage % of Mortgage Pool by
Margin (1) Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
-0.25 9 $ 10,078,649.00 30.51%
-0.125 11 6,912,514.57 20.93%
0 27 8,306,141.97 25.14%
0.25 30 5,940,201.43 17.98%
0.5 18 1,796,663.29 5.44%
------------------------------------------------------------------------------
TOTALS 95 $ 33,034,170.26 100.00%
==============================================================================
</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 either 15.00% or 18.00% per annum, as applicable.
--------------------
The date of this Supplement is March 31, 2000.
