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Previous: MLCCMI SENIOR SUB MORT PASS THR CERT SERIES 1994 A, 424B3, 1999-04-01 |
Next: MLCCMI SENIOR SUB MORT PASS THR CERTIFICATES SERIES 1994 B, 424B3, 1999-04-01 |
Registration No. 33-66938
Rule 424(b)(3)
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED JANUARY 14, 1994
Merrill Lynch Home Equity Acceptance, Inc., Seller
Subordinate Mortgage Backed Certificates,
Series 1994A, Class A-1 and A-2
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
-----------------------------------------------------------------
On January 18, 1994, Subordinate Mortgage Backed Certificates, Series
1994A, Class A-1 and A-2 (the "Class A Certificates") were issued in an
approximate original aggregate principal amount of $103,636,222. The Class A
Certificates represented beneficial interests of approximately 77.7% in the
Trust Fund comprised of certain subordinate mortgage pass-through certificates
issued pursuant to separate pooling and servicing agreements each by and among
Merrill Lynch Home Equity Acceptance, Inc., as seller, Merrill Lynch Credit
Corporation, as master servicer, and Bankers Trust Company of California, N.A.,
as trustee. This Prospectus Supplement to the above-referenced Prospectus (the
"Prospectus") supplements and updates certain of the information set forth in
the Prospectus. Capitalized terms not defined herein have the meanings ascribed
to them in the Prospectus.
The first two tables set forth after the first paragraph under the heading
"MLCC and its Mortgage Programs--Prime First and Fixed Rate Mortgage
Loans--Delinquency and Loan Loss Experience" on page 66 of the Prospectus 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>
The first two tables set forth after the first paragraph under the heading
"MLCC and its Mortgage Programs--Delinquency and Loan Loss Experience" on page
69 and 70 of the Prospectus are hereby updated, in their entirety, as follows:
<PAGE>
<TABLE>
<CAPTION>
Revolving Credit Line Loan Delinquency Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
------------ ----------- ------------ ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced........ 13,839 15,598 25,056 28,368 31,395 30,571
Aggregate loan balance of 1,079,693 1,353,800
revolving credit line
loans serviced............. $1,037,427 $ $1,293,483 $ $1,387,217 $1,191,938
Loan balance of revolving
credit line loans 2 months
delinquent................. $ 5,161 $ 5,358 $ 8,447 $ 8,292 $ 5,450 $ 6,634
Loan balance of revolving
credit line loans 3 months
or more delinquent......... $ 17,508 $ 22,989 $ 33,763 $ 39,508 $ 44,104 $ 31,348
Total of 2 months or more
delinquent as a percentage
of aggregate loan balance
of
revolving credit line loans 2.19% 2.63% 3.26% 3.53% 3.57% 3.19%
</TABLE>
<TABLE>
<CAPTION>
Revolving Credit Line Loan Loss Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
------------ ----------- ------------ ----------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit 13,839 15,598 25,056 28,368 31,395 30,571
line loans serviced........
Aggregate loan balance of $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217 1,191,938
revolving credit line
loans serviced.............
For the Period: $ 3,153 $ 1,118 $ 3,700 $ 1,860 $ 4,269 $ 2,756
Gross Charge-offs
dollars..................
Percentage(1).............. 0.30% 0.10% 0.29% 0.14% 0.31% 0.23%
- -------------
(1) As a percentage of aggregate balance of revolving credit line loans serviced.
</TABLE>
Additionally, the information contained in (a) the tables entitled "Range
of Cut-Off Date Principal Balances for Loan Group 1", "Prime Index Mortgage
Loan Margins for Loan Group 1" and "LIBOR Mortgage Loan Margins for Loan Group
1" under the heading "The Mortgage Pool--Loan Group 1" on pages S-26 and S-28
of the Prospectus Supplement, (b) the tables entitled "Range of Cut-off Date
Principal Balances for Loan Group 2" and "Margins for Loan Group 2" under the
heading "The Mortgage Pool--Loan Group 2" on pages S-29 and S-31 of the
Prospectus Supplement and (c) the tables entitled "Range of Cut-off Date
Principal Balances for Loan Group 3" and "Margins for Loan Group 3" under the
heading "The Mortgage Pool--Loan Group 3" on pages S-32 and S-33 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 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 4 $ 139,077.28 0.21%
$50,000-54,999.99 1 50,567.44 0.08%
$60,000-74,999.99 4 254,841.71 0.38%
$75,000-99,999.99 10 912,497.95 1.37%
$100,000-149,999.99 43 5,207,078.00 7.83%
$150,000-199,999.99 22 3,934,839.14 5.92%
$200,000-249,999.99 25 5,365,949.12 8.07%
$250,000-299,999.99 7 1,954,574.82 2.94%
$300,000-349,999.99 11 3,420,613.73 5.14%
$350,000-399,999.99 11 4,085,564.75 6.15%
$400,000-449,999.99 7 2,924,128.68 4.40%
$450,000-499,999.99 6 2,819,782.05 4.24%
$500,000-549,999.99 8 4,189,241.45 6.30%
$550,000-599,999.99 5 2,849,829.73 4.29%
$600,000-649,999.99 4 2,457,000.00 3.70%
$650,000-699,999.99 1 679,907.29 1.02%
$700,000-749,999.99 1 725,000.00 1.09%
$750,000-799,999.99 3 2,284,418.59 3.44%
$800,000-849,999.99 3 2,410,000.00 3.62%
$850,000-899,999.99 1 854,234.91 1.28%
$900,000-949,999.99 1 900,000.00 1.35%
$950,000-999,999.99 2 1,998,851.20 3.01%
$1,000,000-1,099,999.99 3 3,095,581.34 4.66%
$1,200,000-1,299,999.99 2 2,449,765.24 3.68%
$2,200,000-2,299,999.99 2 4,522,234.71 6.80%
$2,900,000-2,999,999.99 2 5,999,356.79 9.03%
-------------------------------------------------------------------
TOTALS 189 $ 66,484,935.92 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Prime Index Mortgage Loan Margins as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margins Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
-0.5 1 $ 197,000.00 1.51%
-0.125 3 2,115,373.97 16.22%
0 7 2,928,186.62 22.45%
0.125 4 1,342,886.98 10.30%
0.25 7 1,593,575.23 12.22%
0.375 1 204,000.00 1.56%
0.5 22 2,864,786.83 21.97%
0.625 1 149,999.99 1.15%
0.75 14 1,645,415.40 12.62%
-------------------------------------------------------------------
TOTALS 60 $13,041,225.02 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
LIBOR Mortgage Loan Margins as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margins Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.125 1 $ 810,000.00 1.53%
1.25 2 682,802.77 1.29%
1.375 1 767,500.00 1.45%
1.5 4 4,712,495.24 8.93%
1.625 4 2,825,000.00 5.35%
1.75 13 9,221,278.12 17.47%
1.875 5 2,790,101.68 5.29%
2 26 10,765,983.17 20.41%
2.125 6 4,827,455.49 9.14%
2.25 29 10,539,025.68 19.96%
2.5 23 2,997,498.00 5.68%
2.625 2 338,322.25 0.64%
2.75 9 1,258,319.33 2.38%
2.875 1 149,500.00 0.28%
3 1 105,899.96 0.20%
-------------------------------------------------------------------
TOTALS 127 $ 52,791,181.69 100.00%
-------------------------------------------------------------------
</TABLE>
<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 Prnicipal Balances Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$100,000-149,999.99 8 $ 974,968.98 6.74%
$150,000-199,999.99 1 192,500.00 1.33%
$200,000-249,999.99 1 214,388.24 1.48%
$250,000-299,999.99 7 1,987,623.35 13.75%
$400,000-449,999.99 1 427,742.00 2.96%
$450,000-499,999.99 1 499,955.21 3.46%
$550,000-599,999.99 1 562,414.46 3.89%
$700,000-749,999.99 1 700,000.00 4.84%
$1,000,000-1,099,999.99 1 1,000,000.00 6.92%
$1,200,000-1,299,999.99 1 1,249,653.67 8.64%
$1,400,000-1,499,999.99 1 1,450,000.00 10.03%
$1,900,000-1,999,999.99 1 1,996,150.70 13.81%
$3,000,000 or Higher 1 3,200,000.00 22.15%
-------------------------------------------------------------------
TOTALS 26 $ 14,455,396.61 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Margins in Loan Group 2 as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margins(1) Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 1 $ 1,000,000.00 6.92%
1.375 1 299,697.91 2.07%
1.625 1 3,200,000.00 22.14%
1.875 5 4,303,440.18 29.76%
2 3 1,255,635.96 8.69%
2.125 1 499,955.21 3.46%
2.375 7 1,038,046.25 7.18%
2.5 3 1,777,856.64 12.30%
2.625 1 123,750.00 0.86%
3 3 957,014.46 6.62%
-------------------------------------------------------------------
TOTALS 26 $ 14,455,396.61 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Prnicipal Balances for Loan Group 3 as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Range of Prnicipal Balances Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$75,000-99,999.99 1 $ 76,500.00 7.37%
$100,000-149,999.99 1 108,755.64 10.48%
$200,000-249,999.99 1 239,689.52 23.10%
$600,000-649,999.99 1 612,500.00 59.05%
-------------------------------------------------------------------
TOTALS 4 $ 1,037,445.16 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Range of Margins in Loan Group 3 as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margins(1) Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.25 1 $ 612,500.00 59.04%
0.375 1 239,689.52 23.10%
0.625 2 185,255.64 17.86%
-------------------------------------------------------------------
TOTALS 4 $ 1,037,445.16 100.00%
-------------------------------------------------------------------
</TABLE>
The date of this Prospectus Supplement is April 1, 1999.
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