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Previous: MLMI PRIMEFIRST ADJ RATE MO SEN SUB PASS THR CERT SER 1994 H, 424B3, 1999-04-01 |
Next: MLCCMI SENIOR SUB MORT PASS THR CERTIFICATES SERIES 1995 A, 424B3, 1999-04-01 |
Registration No. 33-77642
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED JULY 28, 1994
MLCC Mortgage Investors, Inc., Seller
Senior/Subordinate Mortgage Pass-Through Certificates,
Series 1994A, Class A-1, A-2, A-3, M-1, A-4 and M-2 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
-----------------------------------------------------------------
On August 4, 1994, the Senior/Subordinate Pass-Through Certificates,
Series 1994A, Class A-1, A-2, A-3, M-1, A-4 and M-2 (the "Offered
Certificates") were issued in an approximate original aggregate principal
amount of $378,795,000. The Offered Certificates represented beneficial
interests in the Trust Fund created pursuant to a Pooling and Servicing
Agreement dated as of July 1, 1994 by and among MLCC 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-41 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 tables entitled "Range of
Cut-Off Date Principal Balances for Loan Group 1", "Margins in Loan Group 1",
"Range of Cut-Off Date Principal Balances for Loan Group 2" and "Margins in
Loan Group 2" under the heading "The Mortgage Pool" on pages S-29, S-31, S-33
and S-35, respectively, of the Prospectus Supplement are 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 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 4 63,458.82 0.07%
$50,000-54,999.99 1 50,000.00 0.05%
$60,000-74,999.99 4 268,346.19 0.29%
$75,000-99,999.99 16 1,483,255.92 1.61%
$100,000-149,999.99 37 4,546,096.04 4.92%
$150,000-199,999.99 18 3,234,257.60 3.50%
$200,000-249,999.99 21 4,719,086.78 5.11%
$250,000-299,999.99 14 3,915,811.70 4.24%
$300,000-349,999.99 22 7,028,346.50 7.61%
$350,000-399,999.99 6 2,270,757.78 2.46%
$400,000-449,999.99 6 2,536,525.47 2.75%
$450,000-499,999.99 8 3,754,954.80 4.07%
$500,000-549,999.99 6 3,059,900.44 3.31%
$550,000-599,999.99 1 599,660.93 0.65%
$600,000-649,999.99 6 3,744,487.37 4.06%
$650,000-699,999.99 3 2,043,271.91 2.21%
$700,000-749,999.99 4 2,902,636.08 3.14%
$750,000-799,999.99 2 1,597,142.30 1.73%
$800,000-849,999.99 2 1,674,492.62 1.81%
$850,000-899,999.99 5 4,402,993.09 4.77%
$900,000-949,999.99 3 2,786,554.72 3.02%
$950,000-999,999.99 6 5,897,798.36 6.39%
$1,000,000-1,099,999.99 2 2,087,500.00 2.26%
$1,100,000-1,199,999.99 3 3,359,659.96 3.64%
$1,200,000-1,299,999.99 1 1,280,000.00 1.39%
$1,300,000-1,399,999.99 1 1,300,000.00 1.41%
$1,700,000-1,799,999.99 1 1,739,983.69 1.88%
$1,900,000-1,999,999.99 1 1,999,287.50 2.17%
$2,000,000-2,099,999.99 4 8,149,996.97 8.85%
$2,200,000-2,299,999.99 1 2,295,977.75 2.49%
$2,400,000-2,499,999.99 2 4,914,999.79 5.32%
$2,600,000-2,699,999.99 1 2,600,000.00 2.82%
-------------------------------------------------------------------
TOTALS 212 $ 92,307,241.08 100.00%
-------------------------------------------------------------------
</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>
-0.125 3 2,542,981.10 2.75%
0 10 4,332,776.17 4.69%
0.25 5 1,158,004.09 1.25%
0.5 11 1,359,148.22 1.47%
0.75 3 342,900.00 0.37%
0.875 1 880,000.00 0.95%
1.125 1 867,689.89 0.94%
1.25 1 286,991.74 0.31%
1.5 16 23,973,020.97 25.99%
1.625 21 14,129,133.07 15.31%
1.75 44 22,798,676.95 24.70%
1.875 5 3,288,407.52 3.56%
2 29 7,752,269.50 8.40%
2.25 50 6,755,821.17 7.32%
2.375 2 297,316.41 0.32%
2.5 9 1,157,267.90 1.25%
2.625 1 384,836.38 0.42%
-------------------------------------------------------------------
TOTALS 212 $ 92,307,241.08 100.00%
-------------------------------------------------------------------
</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%, 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.
<PAGE>
<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 1 $ 29,967.14 0.05%
$55,000-59,999.99 1 59,987.08 0.10%
$75,000-99,999.99 10 933,855.93 1.54%
$100,000-149,999.99 20 2,518,858.74 4.16%
$150,000-199,999.99 21 3,742,625.30 6.18%
$200,000-249,999.99 14 3,052,438.97 5.04%
$250,000-299,999.99 8 2,209,187.94 3.65%
$300,000-349,999.99 13 4,108,335.97 6.78%
$350,000-399,999.99 6 2,254,799.16 3.73%
$400,000-449,999.99 6 2,506,943.00 4.14%
$450,000-499,999.99 7 3,301,287.34 5.45%
$500,000-549,999.99 2 1,036,000.00 1.71%
$550,000-599,999.99 3 1,744,050.25 2.88%
$600,000-649,999.99 3 1,826,526.61 3.02%
$650,000-699,999.99 1 696,500.00 1.15%
$700,000-749,999.99 4 2,917,809.86 4.82%
$750,000-799,999.99 4 3,121,069.03 5.16%
$800,000-849,999.99 3 2,462,000.00 4.07%
$850,000-899,999.99 2 1,764,999.99 2.92%
$900,000-949,999.99 1 927,526.38 1.53%
$950,000-999,999.99 2 1,996,070.49 3.30%
$1,000,000-1,099,999.99 2 2,000,000.00 3.30%
$1,100,000-1,199,999.99 1 1,119,367.52 1.85%
$1,200,000-1,299,999.99 1 1,250,000.00 2.07%
$1,400,000-1,499,999.99 2 2,964,811.36 4.90%
$1,500,000-1,599,999.99 1 1,550,000.00 2.56%
$1,800,000-1,899,999.99 1 1,844,721.65 3.05%
$1,900,000-1,999,999.99 1 1,900,000.00 3.14%
$2,200,000-2,299,999.99 1 2,249,999.99 3.72%
$2,400,000-2,499,999.99 1 2,440,000.01 4.03%
-------------------------------------------------------------------
TOTALS 143 $ 60,529,739.71 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Margins in 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>
-0.375 1 $ 262,000.00 0.43%
0 2 1,388,798.30 2.29%
0.125 2 712,000.00 1.18%
0.375 2 632,000.00 1.04%
0.5 1 155,857.68 0.26%
0.625 3 391,185.85 0.65%
0.75 1 59,987.08 0.10%
0.875 1 102,910.13 0.17%
1 1 895,000.00 1.48%
1.125 2 1,098,000.00 1.81%
1.25 1 536,000.00 0.89%
1.5 1 568,000.00 0.94%
1.625 7 8,367,444.79 13.82%
1.75 14 8,963,292.89 14.81%
1.875 35 15,487,487.70 25.58%
2 10 9,663,064.50 15.96%
2.125 24 5,323,700.75 8.80%
2.25 2 585,906.99 0.97%
2.375 27 3,617,377.06 5.98%
2.5 2 1,296,392.12 2.14%
2.625 4 423,333.87 0.70%
-------------------------------------------------------------------
TOTALS 143 $ 60,529,739.71 100.00%
-------------------------------------------------------------------
</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 1.000%, in which
case it is added to the applicable Six-Month LIBOR Index.
Notwithstanding the foregoing, each Mortgage Rate for a Group 2 Loan
will not exceed its Maximum Mortgage Rate and is subject to its
periodic cap.
(2) The Margin is added to the applicable Treasury Index to arrive at the
Mortgage Rate. Notwithstanding the foregoing, each Mortgage Rate for a
Group 2 Loan will not exceed its Maximum Mortgage Rate and is subject
to its periodic cap.
------------------
The date of this Supplement is April 1, 1999.
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