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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): June 2, 2000
MERRILL LYNCH MORTGAGE INVESTORS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-14253 59-3247986
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4802 Deer Lake Drive East
Jacksonville, Florida 32246
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (904) 218-6000
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Item 5. Other Events.
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Pursuant to the terms of certain Pooling and Servicing Agreements
(the "Pooling and Servicing Agreements") by and among Merrill Lynch Mortgage
Investors, Inc. (the "Company"), Merrill Lynch Credit Corporation, as master
servicer (the "Master Servicer") and one or more institutional banks as
trustee, the Master Servicer has retained Cendant Mortgage Corporation
("Cendant"), a New Jersey corporation, to serve as a subservicer and to
perform certain of the Master Servicer's servicing and administration duties
under the Pooling and Servicing Agreements with respect to securitized pools
of residential mortgage loans. As of April 1, 2000, servicing of the Mortgage
Loans was transferred to Cendant (the "Mortgage Servicing Transfer").
Capitalized terms used but not defined herein shall have the meanings ascribed
to them in the Pooling and Servicing Agreements.
The reported rates of delinquencies with respect to certain of the
securitized pools of mortgage loans for April 2000 are significantly higher
than those experienced prior to the Mortgage Servicing Transfer. The Company
believes that the higher delinquency rates in April 2000 are primarily
attributable to administrative matters and systems conversions associated with
the Mortgage Servicing Transfer from the Master Servicer to Cendant. The
Master Servicer and Cendant are currently taking necessary remedial action to
address and correct these issues. The Company expects the higher delinquency
rates to improve following the implementation of such remedial action in the
second and third quarters of 2000.
Statements about future results made herein may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations and the current economic environment. The Company cautions that
these statements are not guarantees of future performance. They involve a
number of risks and uncertainties that are difficult to predict including the
completion of the transfer of servicing to Cendant. Actual results could
differ materially from those expressed or implied in any purported
forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
MERRILL LYNCH MORTGAGE INVESTORS, INC.
By: /s/ Michael M. McGovern
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Michael M. McGovern
Secretary
Dated: June 2, 2000