Registration No. 33-60340
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED JUNE 21, 1993
Merrill Lynch Mortgage Investors, Inc., Seller
Senior/Subordinate Mortgage Pass-Through Certificates,
Series 1993E, Class A-1, A-2, A-3, A-4, A-5 and A-6 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
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On June 24, 1993, the Senior/Subordinate Pass-Through Certificates, Series
1993E, Class A-1, A-2, A-3, A-4, A-5 and A-6 (the "Class A Certificates") were
issued in an approximate original aggregate principal amount of $221,241,592.
The Class A Certificates represented beneficial interests of approximately
97.58% in the Trust Fund created pursuant to a Pooling and Servicing Agreement
dated as of June 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 Mortgage Program--Delinquency and Loan Loss Experience" on page
S-41 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 "Range of
Cut-Off Date Group 1 Mortgage Loan Principal Balances", "Margins in Loan Group
1", "Range of Cut-Off Date Group 2 Mortgage Loan Principal Balances" and
"Cut-Off Date Group 3 Mortgage Loan Principal Balances" under the heading "The
Mortgage Pool" on pages S-26, S-29, S-32 and S-36, 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>
Range of Group 1 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 5 173,322.08 0.29%
$55,000-59,999.99 1 56,202.89 0.10%
$60,000-74,999.99 1 67,051.30 0.11%
$75,000-99,999.99 3 254,401.32 0.43%
$100,000-149,999.99 17 2,131,529.54 3.62%
$150,000-199,999.99 11 1,918,618.99 3.26%
$200,000-249,999.99 19 4,148,347.19 7.04%
$250,000-299,999.99 14 3,881,022.13 6.59%
$300,000-349,999.99 10 3,129,251.11 5.31%
$350,000-399,999.99 5 1,865,793.02 3.17%
$400,000-449,999.99 6 2,611,205.57 4.43%
$450,000-499,999.99 1 450,000.00 0.76%
$500,000-549,999.99 4 2,097,457.74 3.56%
$550,000-599,999.99 2 1,110,831.04 1.89%
$600,000-649,999.99 3 1,884,217.56 3.20%
$650,000-699,999.99 1 690,089.22 1.17%
$700,000-749,999.99 1 720,968.24 1.22%
$750,000-799,999.99 1 765,000.00 1.30%
$800,000-849,999.99 1 840,657.26 1.43%
$850,000-899,999.99 2 1,749,999.99 2.97%
$950,000-999,999.99 3 2,925,784.73 4.97%
$1,000,000-1,099,999.99 1 1,000,000.00 1.70%
$1,100,000-1,199,999.99 1 1,122,581.97 1.91%
$1,200,000-1,299,999.99 2 2,545,843.98 4.32%
$1,300,000-1,399,999.99 1 1,349,034.89 2.29%
$1,400,000-1,499,999.99 1 1,499,999.99 2.55%
$2,000,000-2,099,999.99 2 4,000,000.00 6.79%
$3,000,000 or Higher 3 13,930,000.00 23.62%
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TOTALS 122 $ 58,919,211.75 100.00%
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</TABLE>
<TABLE>
<CAPTION>
Range of Margins in Loan Group 1 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 14 $ 22,773,543.08 38.65%
-0.125 11 7,352,932.27 12.48%
0 36 11,989,285.82 20.35%
0.25 33 7,207,572.80 12.23%
0.5 24 2,998,307.63 5.09%
0.75 1 234,991.77 0.40%
1 1 112,578.39 0.19%
1.5 2 6,249,999.99 10.61%
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TOTALS 122 $ 58,919,211.75 100.00%
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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, except when the
Margin is greater than or equal to 1.50%, in which case it is added to
the applicable Six-Month LIBOR Index; provided that the Mortgage Rate
will not exceed its Maximum Mortgage Rate.
--------------------
<TABLE>
<CAPTION>
Range of Group 2 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 1 $ 47,111.83 1.11%
$100,000-149,999.99 1 129,581.59 3.07%
$150,000-199,999.99 8 1,410,838.81 33.39%
$200,000-249,999.99 3 664,874.67 15.73%
$250,000-299,999.99 3 775,826.25 18.36%
$450,000-499,999.99 1 450,141.66 10.65%
$700,000-749,999.99 1 747,818.45 17.69%
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TOTALS 18 $ 4,226,193.26 100.00%
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</TABLE>
<TABLE>
<CAPTION>
Range of Group 3 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>
$75,000-99,999.99 1 $ 87,575.68 2.90%
$150,000-199,999.99 2 382,173.15 12.67%
$200,000-249,999.99 3 666,727.68 22.09%
$250,000-299,999.99 1 282,643.10 9.37%
$300,000-349,999.99 2 652,123.97 21.61%
$350,000-399,999.99 1 386,279.34 12.80%
$550,000-599,999.99 1 559,954.44 18.56%
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TOTALS 11 $ 3,017,477.36 100.00%
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----------------------
</TABLE>
The date of this Supplement is March 31, 1999.
