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 Master Servicer has informed the Seller that the Master Servicer has
entered into a contract with Cendant Mortgage Corporation, as subservicer, to
perform its servicing duties under the Pooling and Servicing Agreement. The
contract with Cendant Mortgage Corporation does not include the Master
Servicer's servicing duties with respect to the Additional Collateral under
the Pooling and Servicing Agreement. Notwithstanding such subservicing
arrangements entered into by the Master Servicer with Cendant Mortgage
Corporation or any other subservicer, the Master Servicer will not be released
from its obligations under the Pooling and Servicing Agreement and will remain
liable for the servicing of the Mortgage Loans in accordance with the
provisions of the Pooling and Servicing Agreement without diminution of such
liability by virtue of such subservicing arrangements.
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:
PRIMEFIRST(R) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1999 December 31, 1998 December 31, 1997
------------------------- ------------------------ ------------------------
<S> <C> <C> <C> <C> <C> <C>
Number of Number of Number of
PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal
Loans Amount Loans Amount Loans Amount
---------- ---------- ---------- --------- ----------- ---------
PrimeFirst Loans
Outstanding................... 11,223 $4,526,896 11,263 $4,408,862 14,159 $5,302,950
---------- ---------- ---------- ---------- ----------- ---------
Delinquency Period
30-59 Days.................... 199 $ 76,666 184 $ 77,751 183 $ 66,254
60-89 Days.................... 38 15,834 26 9,815 26 18,544
90 Days or More*.............. 15 8,300 34 23,664 24 18,072
--- ------- --- -------- --- --------
Total Delinquency.......... 252 $100,800 244 $111,230 233 $102,870
=== ======== === ======== === ========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 2.25% 2.23% 2.17% 2.52% 1.65% 1.94%
Loans in Foreclosure............ 36 $ 33,135 47 $ 43,681 39 $ 47,396
Loans in Foreclosure as
Percent of Number of
PrimeFirst Loans and
Principal Amount
Outstanding................... 0.32% 0.73% 0.42% 0.99% 0.28% 0.89%
_________________________________
* Does not include loans subject to bankruptcy proceedings.
</TABLE>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Year Ended Year Ended Year Ended
December 31, 1999 December 31, 1998 December 31, 1997
----------------- ----------------- -----------------
Average Principal Balance of PrimeFirst Loan
Portfolio....................................... $4,467,879 $4,855,906 $4,817,041
Average Number of PrimeFirst Loans Outstanding
During the Period............................... 11,243 12,711 12,607
Gross Charge-offs................................. $ 5,578 $ 4,030 $ 5,363
Recoveries........................................ $ 16 $ 2 $ 99
Net Charge-offs................................... $ 5,562 $ 4,028 $ 5,264
Net Charge-offs as a Percent of Average
Principal Balance Outstanding................... 0.12% 0.08% 0.11%
</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, 1999, the Mortgage Loan
Balances and margins of the Mortgage Loans:
Range of Principal Balances for Loan Group 1 as of December 31, 1999
<TABLE>
<CAPTION>
Number of Mortgage % of Loan Group 1 by
Range of Principal Balances Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 3 $ 94,778.54 0.09%
$50,000-54,999.99 3 155,599.94 0.15%
$55,000-59,999.99 1 59,978.61 0.06%
$60,000-74,999.99 2 134,855.49 0.13%
$75,000-99,999.99 5 449,256.64 0.45%
$100,000-149,999.99 25 3,136,028.97 3.12%
$150,000-199,999.99 21 3,731,224.15 3.71%
$200,000-249,999.99 21 4,608,629.94 4.59%
$250,000-299,999.99 26 7,201,040.47 7.17%
$300,000-349,999.99 14 4,551,689.85 4.53%
$350,000-399,999.99 16 6,038,746.75 6.01%
$400,000-449,999.99 7 2,932,500.66 2.92%
$450,000-499,999.99 2 955,582.70 0.95%
$500,000-549,999.99 5 2,617,130.51 2.61%
$550,000-599,999.99 5 2,891,877.33 2.88%
$600,000-649,999.99 5 3,035,748.70 3.02%
$650,000-699,999.99 4 2,711,511.55 2.70%
$700,000-749,999.99 7 5,100,373.00 5.08%
$750,000-799,999.99 3 2,311,914.19 2.30%
$800,000-849,999.99 4 3,283,710.74 3.27%
$850,000-899,999.99 2 1,749,834.93 1.74%
$900,000-949,999.99 2 1,841,934.73 1.83%
$950,000-999,999.99 2 1,998,268.04 1.99%
$1,000,000-1,099,999.99 8 8,254,584.13 8.22%
$1,100,000-1,199,999.99 4 4,663,114.89 4.64%
$1,200,000-1,299,999.99 1 1,200,000.00 1.19%
$1,300,000-1,399,999.99 1 1,399,569.53 1.39%
$1,400,000-1,499,999.99 1 1,449,538.13 1.44%
$1,600,000-1,699,999.99 2 3,299,180.21 3.28%
$1,700,000-1,799,999.99 2 3,542,709.60 3.53%
$1,900,000-1,999,999.99 1 1,999,999.98 1.99%
$2,000,000-2,099,999.99 1 2,015,000.00 2.01%
$2,100,000-2,199,999.99 1 2,191,140.54 2.18%
$2,500,000-2,599,999.99 1 2,500,000.00 2.49%
$2,900,000-2,999,999.99 1 2,999,999.04 2.99%
$3,000,000 or Higher 1 3,331,717.05 3.32%
------------------------------------------------------------------------------
TOTALS 210 $ 100,438,769.53 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Range of Margins in Loan Group 1 as of December 31, 1999
Number of % of Loan Group 1
Margin (1) Mortgage Loans Principal Balance by Principal Balance
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
-0.5 1 $ 366,000.00 0.36%
-0.25 1 2,191,140.54 2.18%
-0.125 1 0.76%
765,000.00
0 12 5,481,977.56 5.46%
0.25 9 1,690,368.58 1.68%
0.5 8 0.97%
970,413.34
0.875 1 599,395.92 0.60%
1 1 1,000,000.00 1.00%
1.25 1 1,199,119.89 1.19%
1.5 26 36,666,276.29 36.51%
1.625 28 18,773,927.98 18.69%
1.75 54 17,718,008.63 17.64%
1.875 5 2,351,908.37 2.34%
2 32 6,238,674.52 6.21%
2.125 6 1,110,934.03 1.11%
2.25 24 3,315,623.88 3.30%
------------------------------------------------------------------------
TOTALS 210 $ 100,438,769.53 100.00%
========================================================================
</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.
Range of Principal Balances in Loan Group 2 as of December 31, 1999
<TABLE>
<CAPTION>
Number of % of Loan Group 2 by
Range of Principal Balances Mortgage Loans Principal Balance Principal Balance
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 4 $ 140,789.94 0.81%
$50,000-54,999.99 5 262,130.89 1.50%
$60,000-74,999.99 5 344,986.96 1.98%
$75,000-99,999.99 6 516,029.06 2.95%
$100,000-149,999.99 8 1,046,748.09 5.99%
$150,000-199,999.99 19 3,368,512.14 19.29%
$200,000-249,999.99 9 1,967,264.87 11.26%
$250,000-299,999.99 5 1,305,490.78 7.47%
$300,000-349,999.99 3 918,169.13 5.26%
$400,000-449,999.99 4 1,668,760.31 9.55%
$450,000-499,999.99 1 476,211.91 2.73%
$500,000-549,999.99 2 1,020,816.04 5.84%
$550,000-599,999.99 1 594,380.77 3.40%
$650,000-699,999.99 1 693,458.28 3.97%
$700,000-749,999.99 1 732,025.49 4.19%
$750,000-799,999.99 2 1,560,212.29 8.93%
$850,000-899,999.99 1 850,869.26 4.87%
------------------------------------------------------------------
TOTALS 77 $17,466,856.21 100.00%
==================================================================
</TABLE>
Principal Balances for Loan Group 3 as of December 31, 1999
<TABLE>
<CAPTION>
Number of % of Loan Group 3 by
Range of Principal Balances Mortgage Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 2 $ 90,421.50 0.50%
$50,000-54,999.99 1 50,485.58 0.28%
$55,000-59,999.99 1 57,988.97 0.32%
$60,000-74,999.99 4 270,171.72 1.48%
$75,000-99,999.99 5 452,359.19 2.48%
$100,000-149,999.99 7 860,550.78 4.72%
$150,000-199,999.99 14 2,523,674.02 13.85%
$200,000-249,999.99 16 3,623,846.05 19.88%
$250,000-299,999.99 8 2,192,710.53 12.03%
$350,000-399,999.99 4 1,477,384.43 8.11%
$450,000-499,999.99 2 979,145.75 5.37%
$500,000-549,999.99 1 513,505.07 2.82%
$600,000-649,999.99 1 645,991.73 3.54%
$650,000-699,999.99 1 693,472.89 3.81%
$800,000-849,999.99 1 800,768.50 4.39%
$900,000-949,999.99 1 935,079.97 5.13%
$1,000,000-1,099,999.99 2 2,056,634.00 11.29%
------------------------------------------------------------------------
TOTALS 71 $ 18,224,190.68 100.00%
========================================================================
</TABLE>
____________________
The date of this Supplement is March 31, 2000.
