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Previous: MLMI PRIMEFIRST ADJ RATE MO SEN SUB PASS THR CERT SER 1993I, 424B3, 1999-04-01 |
Next: MLMI PRIMEFIRST ADJ RATE MO SEN SUB PASS THR CERT SER 1994 F, 424B3, 1999-04-01 |
Registration No. 33-70254
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED JANUARY 28, 1994
Merrill Lynch Mortgage Investors, Inc., Seller
Senior/Subordinate Mortgage Pass-Through Certificates,
Series 1994A, Class A-1, A-2, A-3, M, A-4 and A-5 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
-----------------------------------------------------------------
On February 3, 1994, the Senior/Subordinate Pass-Through Certificates,
Series 1994A, Class A-1, A-2, A-3, M, A-4 and A-5 (the "Offered Certificates")
were issued in an approximate original aggregate principal amount of
$336,851,912. The Offered Certificates represented beneficial interests of
approximately 97.13% in the Trust Fund created pursuant to a Pooling and
Servicing Agreement dated as of January 1, 1994 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-48 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 Principal Balances for Loan Group 1", "Margins in Loan Group 1",
"Range of Cut-Off Principal Balances for Loan Group 2" and "Cut-Off Date
Principal Balances for Loan Group 3" under the heading "The Mortgage Pool" on
pages S-30, S-33, S-37 and S-42, 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 Principal Balances for Loan Group 1 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 $ 133,801.25 0.14%
$50,000-54,999.99 4 203,318.79 0.21%
$60,000-74,999.99 2 125,245.53 0.13%
$75,000-99,999.99 13 1,196,311.19 1.21%
$100,000-149,999.99 25 3,074,809.92 3.11%
$150,000-199,999.99 28 5,114,238.68 5.18%
$200,000-249,999.99 25 5,571,940.21 5.64%
$250,000-299,999.99 27 7,390,596.92 7.48%
$300,000-349,999.99 17 5,422,022.24 5.49%
$350,000-399,999.99 10 3,740,541.66 3.79%
$400,000-449,999.99 7 2,929,822.24 2.97%
$450,000-499,999.99 7 3,334,918.40 3.38%
$500,000-549,999.99 4 2,112,662.94 2.14%
$550,000-599,999.99 3 1,764,908.03 1.79%
$600,000-649,999.99 6 3,798,398.67 3.85%
$650,000-699,999.99 5 3,401,298.81 3.44%
$700,000-749,999.99 1 724,791.57 0.73%
$750,000-799,999.99 3 2,329,362.21 2.36%
$800,000-849,999.99 2 1,637,999.99 1.66%
$850,000-899,999.99 1 898,666.06 0.91%
$900,000-949,999.99 2 1,822,409.44 1.84%
$950,000-999,999.99 2 1,994,360.48 2.02%
$1,000,000-1,099,999.99 10 10,273,440.65 10.39%
$1,100,000-1,199,999.99 5 5,640,118.19 5.71%
$1,200,000-1,299,999.99 5 6,265,552.57 6.34%
$1,300,000-1,399,999.99 1 1,364,573.44 1.38%
$1,500,000-1,599,999.99 3 4,714,009.55 4.77%
$1,600,000-1,699,999.99 1 1,699,379.26 1.72%
$2,000,000-2,099,999.99 3 6,097,000.00 6.17%
$3,000,000 or Higher 1 4,000,000.00 4.05%
-------------------------------------------------------------------
TOTALS 228 $ 98,776,498.89 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Margins in Loan Group 1 as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margins (1) Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
-0.5 1 $ 292,347.25 0.30%
-0.25 3 3,526,990.93 3.57%
-0.125 1 627,000.00 0.63%
0 13 4,225,229.05 4.28%
0.25 14 2,623,856.77 2.66%
0.5 26 3,179,538.25 3.22%
1.25 3 1,353,748.11 1.37%
1.5 33 38,616,889.56 39.09%
1.625 22 12,510,476.72 12.67%
1.75 47 19,542,441.02 19.78%
1.875 1 828,000.00 0.84%
2 41 8,842,535.83 8.95%
2.25 22 2,554,126.91 2.59%
2.75 1 53,318.49 0.05%
-------------------------------------------------------------------
TOTALS 228 $ 98,776,498.89 100.00%
-------------------------------------------------------------------
</TABLE>
- -----------------
(1) The Margin is added to or subtracted from (as indicated) the
applicable Prime Index to arrive at the Mortgage Rate, except
generally when the Margin is greater than or equal to 1.250%, but
less than or equal to 2.250%, in which case it is added to the
applicable Six-Month LIBOR Index. For the Treasury Index Loans, the
Margin is 2.625% or 2.75%. Notwithstanding the foregoing, the
Mortgage Rate will not exceed its Maximum Mortgage Rate.
<TABLE>
<CAPTION>
Range of Principal Balances for Loan Group 2 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 7 $ 299,708.44 1.54%
$50,000-54,999.99 2 103,814.79 0.53%
$55,000-59,999.99 3 175,965.05 0.90%
$60,000-74,999.99 5 359,201.59 1.84%
$75,000-99,999.99 8 661,069.81 3.39%
$100,000-149,999.99 16 2,006,046.12 10.29%
$150,000-199,999.99 18 3,159,329.38 16.21%
$200,000-249,999.99 8 1,810,320.49 9.29%
$250,000-299,999.99 4 1,071,679.88 5.50%
$300,000-349,999.99 4 1,303,969.17 6.69%
$350,000-399,999.99 2 773,785.70 3.97%
$400,000-449,999.99 2 839,710.09 4.31%
$450,000-499,999.99 7 3,298,146.85 16.93%
$550,000-599,999.99 1 560,585.08 2.88%
$700,000-749,999.99 1 748,814.77 3.84%
$750,000-799,999.99 3 2,316,948.22 11.89%
-------------------------------------------------------------------
TOTALS 91 $ 19,489,095.43 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal Balances for Loan Group 3 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 $ 46,982.02 0.23%
$55000-59,999.99 3 173,616.12 0.84%
$60,000-74999.99 1 73,793.61 0.36%
$75,000-99,999.99 9 751,296.35 3.62%
$100,000-149,999.99 12 1,454,810.02 7.00%
$150,000-199,999.99 14 2,527,692.19 12.15%
$200,000-249,999.99 9 2,050,101.88 9.87%
$250,000-299,999.99 6 1,664,155.21 8.01%
$300,000-349,999.99 4 1,309,429.41 6.30%
$350,000-399,999.99 3 1,103,571.55 5.31%
$400,000-449,999.99 1 434,696.54 2.09%
$450,000-499,999.99 1 473,622.58 2.28%
$500,000-549,999.99 1 510,934.06 2.46%
$550,000-599,999.99 1 566,995.02 2.73%
$650,000-699,999.99 3 2,035,021.55 9.79%
$800,000-849,999.99 1 833,499.76 4.01%
$850,000-899,999.99 1 852,262.46 4.10%
$900,000-949,999.99 2 1,871,231.35 9.01%
$1,000,000-1,099,999.99 2 2,045,118.10 9.84%
-------------------------------------------------------------------
TOTALS 75 $ 20,778,829.78 100.00%
-------------------------------------------------------------------
</TABLE>
The date of this Supplementis March 31, 1999.
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