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Previous: MLMI PRIMEFIRST ADJ RATE MO SEN SUB PASS THR CERT SER 1993E, 424B3, 1999-04-01 |
Next: MLMI PRIMEFIRST ADJ RATE MO SEN SUB PASS THR CERT SER 1993I, 424B3, 1999-04-01 |
Registration No. 33-60340
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED SEPTEMBER 20, 1993
Merrill Lynch Mortgage Investors, Inc., Seller
Senior/Subordinate Mortgage Pass-Through Certificates,
Series 1993F, Class A-1, A-2, A-3, A-4, A-5 and A-6 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
-----------------------------------------------------------------
On September 23, 1993, the Senior/Subordinate Pass-Through Certificates,
Series 1993F, 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 $266,044,740. The Class A Certificates represented beneficial
interests of approximately 97.10% in the Trust Fund created pursuant to a
Pooling and Servicing Agreement dated as of September 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-42 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-27, S-30, S-33 and S-37, 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 9 $ 224,177.73 0.37%
$50,000-54,999.99 1 54,685.32 0.09%
$60,000-74,999.99 2 142,690.66 0.23%
$75,000-99,999.99 8 743,286.16 1.22%
$100,000-149,999.99 22 2,705,148.40 4.42%
$150,000-199,999.99 17 2,969,505.83 4.85%
$200,000-249,999.99 14 3,097,112.21 5.06%
$250,000-299,999.99 12 3,324,648.18 5.43%
$300,000-349,999.99 14 4,484,465.04 7.33%
$350,000-399,999.99 4 1,524,614.32 2.49%
$400,000-449,999.99 2 861,676.45 1.41%
$450,000-499,999.99 2 930,000.00 1.52%
$500,000-549,999.99 4 2,057,954.85 3.36%
$550,000-599,999.99 1 550,000.00 0.90%
$600,000-649,999.99 1 629,999.98 1.03%
$650,000-699,999.99 2 1,351,987.87 2.21%
$750,000-799,999.99 1 757,000.00 1.24%
$800,000-849,999.99 3 2,486,700.95 4.06%
$850,000-899,999.99 1 899,845.22 1.47%
$900,000-949,999.99 1 919,997.84 1.50%
$950,000-999,999.99 3 2,951,950.00 4.83%
$1,100,000-1,199,999.99 2 2,269,331.27 3.71%
$1,200,000-1,299,999.99 3 3,885,631.64 6.35%
$1,300,000-1,399,999.99 1 1,385,000.00 2.26%
$1,700,000-1,799,999.99 1 1,748,449.35 2.86%
$1,800,000-1,899,999.99 1 1,800,000.00 2.94%
$1,900,000-1,999,999.99 2 3,948,710.66 6.45%
$2,000,000-2,099,999.99 1 2,000,000.00 3.27%
$2,400,000-2,499,999.99 2 4,871,486.47 7.99%
$2,500,000-2,599,999.99 1 2,599,999.74 4.25%
$2,900,000-2,999,999.99 1 2,998,593.71 4.90%
-------------------------------------------------------------------
TOTALS 139 $ 61,174,649.85 100.00%
-------------------------------------------------------------------
</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 7 $ 11,719,145.36 19.16%
-0.125 7 5,192,137.00 8.49%
0 24 8,045,617.59 13.15%
0.25 23 4,500,600.40 7.36%
0.5 36 4,351,274.16 7.11%
1 4 533,008.02 0.87%
1.25 1 326,487.07 0.53%
1.5 10 16,862,558.13 27.56%
1.625 4 2,179,273.22 3.56%
1.75 13 5,473,563.44 8.95%
1.875 1 659,987.87 1.08%
2 3 752,847.04 1.23%
2.25 5 495,409.44 0.81%
2.75 1 82,741.11 0.14%
-------------------------------------------------------------------
TOTALS 139 $ 61,174,649.85 100.00%
-------------------------------------------------------------------
</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 1.25%, but less than 2.75%, in
which case it is added to the applicable Six-Month LIBOR Index. For
the Treasury Index Loans, the Margin is 2.75%. Notwithstanding the
foregoing, 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
Number of Mortgage Pool by Principal
Range of Principal Balances Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 9 $ 328,147.25 2.11%
$50,000-54,999.99 2 103,580.87 0.67%
$55,000-59,999.99 1 56,642.82 0.36%
$60,000-74,999.99 3 212,090.47 1.37%
$75,000-99,999.99 4 318,390.91 2.05%
$100,000-149,999.99 8 935,430.69 6.02%
$150,000-199,999.99 8 1,378,712.80 8.87%
$200,000-249,999.99 13 2,905,458.49 18.70%
$250,000-299,999.99 5 1,381,045.32 8.89%
$350,000-399,999.99 3 1,110,624.00 7.15%
$400,000-449,999.99 1 402,130.54 2.59%
$450,000-499,999.99 3 1,367,926.93 8.80%
$550,000-599,999.99 2 1,153,962.39 7.43%
$600,000-649,999.99 3 1,894,863.24 12.20%
$800,000-849,999.99 1 835,642.33 5.38%
$1,100,000-1,199,999.99 1 1,151,563.67 7.41%
-------------------------------------------------------------------
TOTALS 67 $ 15,536,212.72 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Group 3 Mortgage Loan Principal Balances as of December 31, 1998
Number of Mortgage Pool by Principal
Range of Principal Balances Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 1 46,844.88 0.35%
$50,000-54,999.99 2 104,591.61 0.78%
$60,000-74,999.99 1 72,203.17 0.54%
$75,000-99,999.99 6 537,171.70 3.99%
$100,000-149,999.99 5 636,263.99 4.73%
$150,000-199,999.99 7 1,287,326.06 9.57%
$200,000-249,999.99 9 2,035,222.60 15.13%
$250,000-299,999.99 9 2,416,325.82 17.96%
$300,000-349,999.99 9 2,905,899.59 21.61%
$350,000-399,999.99 5 1,826,715.43 13.58%
$400,000-449,999.99 1 447,232.05 3.32%
$450,000-499,999.99 1 488,502.98 3.63%
$600,000-649,999.99 1 646,545.71 4.81%
-------------------------------------------------------------------
TOTALS 57 $ 13,450,845.59 100.00%
-------------------------------------------------------------------
---------------------
</TABLE>
The date of this Supplement is April 1, 1999.
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