Registration No. 33-77958
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED MAY 25, 1994
Merrill Lynch Mortgage Investors, Inc., Seller
Senior/Subordinate Mortgage Pass-Through Certificates,
Series 1994H, Class A-1, A-2, A-3, M, A-4 and A-5 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
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On June 1, 1994, the Senior/Subordinate Pass-Through Certificates, Series
1994H, 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 $243,554,000.
The Offered Certificates represented beneficial interests in the Trust Fund
created pursuant to a Pooling and Servicing Agreement dated as of May 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:
<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%
</TABLE>
- -----------
* Does not include loans subject to bankruptcy proceedings.
<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-32, S-35, S-39 and S-43, 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 3 $ 93,077.38 0.10%
$50000-54999.99 1 52,029.28 0.05%
$60,000-74,999.99 2 128,132.44 0.13%
$75,000-99,999.99 3 291,680.95 0.30%
$100,000-149,999.99 23 2,878,155.51 3.00%
$150,000-199,999.99 28 5,091,266.60 5.30%
$200,000-249,999.99 27 5,916,502.85 6.16%
$250,000-299,999.99 18 5,138,613.33 5.35%
$300,000-349,999.99 20 6,409,310.74 6.67%
$350,000-399,999.99 12 4,427,109.22 4.61%
$400,000-449,999.99 5 2,099,869.82 2.19%
$450,000-499,999.99 3 1,428,999.90 1.49%
$500,000-549,999.99 6 3,186,162.67 3.32%
$550,000-599,999.99 2 1,158,546.00 1.21%
$600,000-649,999.99 5 3,191,403.23 3.32%
$650,000-699,999.99 5 3,323,047.79 3.46%
$700,000-749,999.99 5 3,631,872.73 3.78%
$750,000-799,999.99 2 1,540,000.00 1.60%
$800,000-849,999.99 3 2,458,000.00 2.56%
$850,000-899,999.99 5 4,367,664.49 4.55%
$900,000-949,999.99 3 2,723,548.39 2.84%
$950,000-999,999.99 3 2,980,836.68 3.10%
$1,000,000-1,099,999.99 4 4,098,413.05 4.27%
$1,100,000-1,199,999.99 3 3,478,728.17 3.62%
$1,200,000-1,299,999.99 2 2,598,120.04 2.70%
$1,300,000-1,399,999.99 2 2,600,000.00 2.71%
$1,700,000-1,799,999.99 1 1,750,000.00 1.82%
$1,800,000-1,899,999.99 1 1,825,000.00 1.90%
$1,900,000-1,999,999.99 1 1,999,687.50 2.08%
$2,000,000-2,099,999.99 2 4,064,498.52 4.23%
$2,200,000-2,299,999.99 2 4,522,956.57 4.71%
$2,600,000-2,699,999.99 1 2,600,000.00 2.71%
$3,000,000 or Higher 1 4,000,000.00 4.16%
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TOTALS 204 $ 96,053,233.85 100.00%
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</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 1 520,000.00 0.54%
-0.25 1 300,000.00 0.31%
0 6 2,113,946.57 2.20%
0.125 1 665,836.72 0.69%
0.25 12 2,573,763.61 2.68%
0.5 11 1,406,604.86 1.46%
1.5 22 33,860,872.38 35.25%
1.625 25 18,020,362.15 18.76%
1.75 48 20,880,599.22 21.74%
1.875 1 750,000.00 0.78%
2 42 9,968,002.91 10.38%
2.25 28 4,069,740.62 4.24%
2.375 1 158,500.00 0.17%
2.5 5 765,004.81 0.80%
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TOTALS 204 $ 96,053,233.85 100.00%
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</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 1.125% but less
than or equal to 2.500% in which case it is added to the applicable
Six-Month LIBOR Index. 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 3 $ 91,142.96 0.77%
$50,000-54,999.99 2 100,996.29 0.85%
$55,000-59,999.99 2 112,095.64 0.95%
$60,000-74,999.99 4 269,299.94 2.27%
$75,000-99,999.99 10 856,301.30 7.22%
$100,000-149,999.99 5 640,416.15 5.40%
$150,000-199,999.99 4 711,030.91 6.00%
$200,000-249,999.99 8 1,856,609.60 15.66%
$250,000-299,999.99 5 1,343,187.96 11.33%
$300,000-349,999.99 2 687,976.05 5.80%
$350,000-399,999.99 2 766,632.88 6.47%
$400,000-449,999.99 1 410,004.61 3.46%
$450,000-499,999.99 1 473,082.13 3.99%
$600,000-649,999.99 2 1,257,423.40 10.60%
$800,000-849,999.99 1 849,329.11 7.16%
$1,400,000-1,499,999.99 1 1,431,509.47 12.07%
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TOTALS 53 $ 11,857,038.40 100.00%
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</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 $ 27,804.97 0.29%
$55,000-59,999.99 1 58,291.26 0.60%
$60,000-74,999.99 3 204,875.28 2.10%
$75,000-99,999.99 2 189,392.63 1.95%
$100,000-149,999.99 7 869,114.63 8.93%
$150,000-199,999.99 6 1,063,613.26 10.93%
$200,000-249,999.99 10 2,202,420.92 22.60%
$250,000-299,999.99 6 1,649,395.77 16.95%
$300,000-349,999.99 2 624,422.71 6.42%
$350,000-399,999.99 1 350,020.00 3.60%
$450,000-499,999.99 2 973,175.25 10.00%
$550,000-599,999.99 1 566,653.05 5.82%
$950,000-999,999.99 1 954,594.35 9.81%
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TOTALS 43 $ 9,733,774.08 100.00%
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</TABLE>
The date of this Supplement is April 1, 1999.