Registration No. 33-74332
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED MARCH 24, 1994
Merrill Lynch Mortgage Investors, Inc., Seller
Senior/Subordinate Mortgage Pass-Through Certificates,
Series 1994F, Class A-1, A-2, A-3, M, A-4 and A-5 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
_________________________________________________________________
On March 30, 1994, the Senior/Subordinate Pass-Through Certificates,
Series 1994F, 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 $344,474,000. The Offered Certificates represented beneficial
interests of approximately 97.09% in the Trust Fund created pursuant to a
Pooling and Servicing Agreement dated as of March 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 pages S-50 and S-51 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
<TABLE>
PRIMEFIRST(Registered Trademark) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<CAPTION>
December 31, 1996 December 31, 1995 December 31, 1994
-------------------------- ---------------------------- -------------------------
Number of Number of
PrimeFirst Principal Number of Principal PrimeFirst Principal
Loans Amount PrimeFirst Loans Amount Loans Amount
----------- --------- ---------------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
PrimeFirst Loans
Outstanding . . . . . . . . 11,054 $4,331,131 8,272 $3,536,761 7,615 $3,351,328
Delinquency Period
30-59 Days . . . . . . . . 180 $ 84,297 127 $ 56,370 121 $ 86,279
60-89 Days . . . . . . . . 19 6,583 13 7,917 20 18,152
90 Days or More* . . . . . 29 27,590 44 45,749 17 19,257
------ ---------- ----- ---------- ----- ----------
Total Delinquency . . . 228 118,470 184 $ 110,036 158 $ 123,688
====== ========== ===== ========== ===== ==========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding . . . . . . . . 2.06% 2.74% 2.22% 3.11% 2.07% 3.69%
Foreclosures . . . . . . . . 29 $ 39,100 28 $ 38,209 18 $ 15,637
Foreclosures as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding . . . . . . . . 0.26% 0.90% 0.34% 1.11% 0.24% 0.47%
</TABLE>
_________________________________
* Does not include loans subject to bankruptcy proceedings.
<TABLE>
PRIMEFIRST(Registered Trademark) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
<CAPTION>
Year Ended Year Ended Year Ended
December 31, 1996 December 31, 1995 December 31, 1994
----------------- ----------------- -----------------
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst
Loan Portfolio . . . . . . . . . . . . . $3,933,946 $3,444,045 $2,807,875
Average Number of PrimeFirst Loans
Outstanding
During the Period . . . . . . . . . . . . 9,663 7,944 6,287
Gross Charge-offs . . . . . . . . . . . . . $ 6,157 $ 1,840 $ 457
Recoveries . . . . . . . . . . . . . . . . 0 0 0
---------- ---------- ----------
Net Charge-offs . . . . . . . . . . . . . . $ 6,157 $ 1,840 $ 457
========== ========== ==========
Net Charge-offs as a percent of Average
Principal Balance Outstanding . . . . . . 0.16% 0.05% 0.02%
</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-32, S-35, S-39 and S-43, respectively,
of the Prospectus Supplement is hereby updated to indicate, as of December
31, 1996, the Mortgage Loan Balances and margins of the Mortgage Loans:
<TABLE>
RANGE OF PRINCIPAL BALANCES FOR LOAN GROUP 1 AS OF DECEMBER 31, 1996
<CAPTION>
Number of % of Mortgage
Range of Mortgage Pool by
Principal Balances Loans Principal Balance Principal Balance
- ----------------------------- ------------ -------------------- -------------------
<S> <C> <C> <C>
$ 0.00- 49,999.99 . . . 2 $ 72,751.73 0.04%
$ 50,000.00- 54,999.99 . . . . 1 51,809.91 0.03
$ 55,000.00- 59,999.99 . . . . 2 112,431.02 0.06
$ 60,000.00- 74,999.99 . . . . 4 273,761.16 0.14
$ 75,000.00- 99,999.99 . . . . 5 482,832.18 0.26
$ 100,000.00- 149,999.99 . . . 55 6,695,361.13 3.54
$ 150,000.00- 199,999.99 . . . 44 7,743,333.54 4.09
$ 200,000.00- 249,999.99 . . . 52 11,500,793.42 6.07
$ 250,000.00- 299,999.99 . . . 42 11,513,087.97 6.08
$ 300,000.00- 349,999.99 . . . 38 12,136,680.30 6.38
$ 350,000.00- 399,999.99 . . . 26 9,716,340.76 5.13
$ 400,000.00- 449,999.99 . . . 17 7,002,066.84 3.70
$ 450,000.00- 499,999.99 . . . 16 7,614,438.22 4.02
$ 500,000.00- 549,999.99 . . . 15 7,690,553.68 4.06
$ 550,000.00- 599,999.99 . . . 9 5,168,170.20 2.73
$ 600,000.00- 649,999.99 . . . 9 5,465,003.19 2.89
$ 650,000.00- 699,999.99 . . . 6 4,059,444.25 2.14
$ 700,000.00- 749,999.99 . . . 6 4,331,997.32 2.29
$ 750,000.00- 799,999.99 . . . 9 6,896,832.51 3.64
$ 800,000.00- 849,999.99 . . . 4 3,248,974.87 1.72
$ 850,000.00- 899,999.99 . . . 4 3,454,834.93 1.82
$ 900,000.00- 949,999.99 . . . 4 3,723,579.39 1.97
$ 950,000.00- 999,999.99 . . . 4 3,996,568.73 2.11
$ 1,000,000.00- 1,099,999.99 . . 9 9,254,979.95 4.89
$ 1,100,000.00- 1,199,999.99 . . 4 4,568,600.13 2.41
$ 1,200,000.00- 1,299,999.99 . . 5 6,083,748.15 3.21
$ 1,300,000.00- 1,399,999.99 . . 2 2,600,000.00 1.37
$ 1,400,000.00- 1,499,999.99 . . 2 2,899,538.13 1.53
$ 1,500,000.00- 1,599,999.99 . . 1 1,529,999.97 0.81
$ 1,600,000.00- 1,699,999.99 . . 3 4,949,180.18 2.61
$ 1,700,000.00- 1,799,999.99 . . 2 3,542,709.62 1.87
$ 1,900,000.00- 1,999,999.99 . . 1 1,999,999.98 1.06
$ 2,000,000.00- 2,099,999.99 . . 4 8,015,000.00 4.23
$ 2,100,000.00- 2,199,999.99 . . 1 2,198,150.31 1.16
$ 2,200,000.00- 2,299,999.99 . . 2 4,463,543.71 2.36
$ 2,400,000.00- 2,499,999.99 . . 1 2,400,000.00 1.27
$ 2,500,000.00- 2,599,999.99 . . 2 5,000,000.00 2.64
$3,000,000.00 or Higher . . . . . . . 2 6,875,732.46 3.63
------ ---------------- --------
TOTALS . . . . 415 $189,332,829.84 100.00%
====== ================ ========
</TABLE>
MARGINS IN LOAN GROUP 1 AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % of Mortgage
Number of Pool by
Margin/(1)/ Mortgage Loans Principal Balance Principal Balance
----------- -------------- ----------------- -----------------
<S> <C> <C> <C>
- -0.500% 1 $ 366,000.00 0.19%
- -0.250% 2 3,197,023.26 1.69
- -0.125% 3 2,337,004.74 1.23
0.000% 28 11,502,256.95 6.08
0.250% 18 3,576,622.73 1.89
0.500% 17 2,145,375.45 1.13
0.875% 1 599,679.95 0.32
1.000% 1 1,000,000.00 0.53
1.125% 2 1,502,000.00 0.79
1.250% 1 1,200,000.00 0.63
1.500% 43 63,303,868.42 33.43
1.625% 41 29,798,664.73 15.74
1.750% 113 41,115,299.00 21.72
1.875% 7 3,399,041.07 1.80
2.000% 73 15,154,023.66 8.00
2.125% 9 1,737,381.10 0.92
2.250% 53 7,202,904.16 3.80
2.500% 1 110,00.00 0.06
2.750% 1 85,684.62 0.05
----- ----------------- ---------
TOTALS 415 $189,332,829.84 100.00%
===== =================
</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 0.875%, but less than or equal to
2.500%, 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>
RANGE OF PRINCIPAL BALANCES FOR LOAN GROUP 2 AS OF DECEMBER 31, 1996
<CAPTION>
% of Mortgage
Range of Number of Pool by
Principal Balances Mortgage Loans Principal Balance Principal Balance
- ------------------------------------------ -------------- ------------------ -------------------
<S> <C> <C> <C>
$ 0.00- 49,999.99 . . . . . . . . . 6 $ 203,778.25 0.69%
$ 50,000.00- 54,999.99 . . . . . . . 3 155,383.17 0.52
$ 55,000.00- 59,999.99 . . . . . . . 1 58,088.04 0.20
$ 60,000.00- 74,999.99 . . . . . . . 7 474,641.43 1.60
$ 75,000.00- 99,999.99 . . . . . . . 9 773,971.54 2.60
$ 100,000.00- 149,999.99 . . . . . . 13 1,610,738.06 5.42
$ 150,000.00- 199,999.99 . . . . . . 20 3,521,787.12 11.84
$ 200,000.00- 249,999.99 . . . . . . 15 3,325,907.32 11.18
$ 250,000.00- 299,999.99 . . . . . . 16 4,346,008.22 14.60
$ 300,000.00- 349,999.99 . . . . . . 8 2,548,437.04 8.57
$ 350,000.00- 399,999.99 . . . . . . 4 1,449,613.71 4.87
$ 450,000.00- 499,999.99 . . . . . . 5 2,355,361.17 7.92
$ 500,000.00- 549,999.99 . . . . . . 3 1,576,534.29 5.30
$ 550,000.00- 599,999.99 . . . . . . 2 1,137,415.84 3.82
$ 600,000.00- 649,999.99 . . . . . . 2 1,241,425.92 4.17
$ 700,000.00- 749,999.99 . . . . . . 2 1,452,245.20 4.88
$ 800,000.00- 849,999.99 . . . . . . 1 815,023.50 2.74
$ 850,000.00- 899,999.99 . . . . . . 2 1,768,839.10 5.95
$ 900,000.00- 949,999.99 . . . . . . 1 930,284.30 3.13
--- --------------- -------
TOTALS . . . . . . . 120 $29,745,483.22 100.00%
=== =============== =======
</TABLE>
<TABLE>
PRINCIPAL BALANCES FOR LOAN GROUP 3 AS OF DECEMBER 31, 1996
<CAPTION>
% of Mortgage
Range of Number of Pool by
Principal Balances Mortgage Loans Principal Balance Principal Balance
- --------------------------------------------- -------------- ------------------ ------------------
<S> <C> <C> <C>
$ 0.00- 49,999.99 . . . . . . . . . . 2 $ 95,041.20 0.35%
$ 50,000.00- 54,999.99 . . . . . . . . 1 52,437.22 0.19
$ 60,000.00- 74,999.99 . . . . . . . . 8 539,234.70 1.99
$ 75,000.00- 99,999.99 . . . . . . . . 7 643,237.97 2.37
$ 100,000.00- 149,999.99 . . . . . . . 11 1,319,241.21 4.86
$ 150,000.00- 199,999.99 . . . . . . . 15 2,711,339.86 10.00
$ 200,000.00- 249,999.99 . . . . . . . 24 5,448,139.18 20.09
$ 250,000.00- 299,999.99 . . . . . . . 11 3,079,435.52 11.35
$ 300,000.00- 349,999.99 . . . . . . . 1 329,844.88 1.22
$ 350,000.00- 399,999.99 . . . . . . . 5 1,836,052.75 6.77
$ 400,000.00- 449,999.99 . . . . . . . 2 824,593.61 3.04
$ 450,000.00- 499,999.99 . . . . . . . 1 489,541.48 1.80
$ 500,000.00- 549,999.99 . . . . . . . 3 1,552,942.65 5.73
$ 550,000.00- 599,999.99 . . . . . . . 1 583,429.06 2.15
$ 650,000.00- 699,999.99 . . . . . . . 1 670,667.70 2.47
$ 700,000.00- 749,999.99 . . . . . . . 1 721,568.63 2.66
$ 950,000.00- 999,999.99 . . . . . . . 3 2,918,504.09 10.76
$ 1,000,000.00- 1,099,999.99 . . . . . . 2 2,141,601.93 7.90
$ 1,100,000.00- 1,199,999.99 . . . . . . 1 1,165,278.31 4.30
---- --------------- -------
TOTALS . . . . . . . . 100 $27,122,131.95 100.00%
==== =============== =======
</TABLE>
____________________
The date of this Supplement is March 31, 1997.
