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Previous: MLCCMI SENIOR SUB MORT PASS THR CERTIFICATES SERIES 1995 A, 424B3, 1999-04-01 |
Next: MLCCMI SENIOR SUBORDINATE MORT PASS THR CERT SERIES 1995 B, 424B3, 1999-04-01 |
Registration No. 33-84894
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED DECEMBER 20, 1994
MLCC Mortgage Investors, Inc., Seller
Senior/Subordinate Mortgage Pass-Through Certificates,
Series 1994B, Class A-1, A-2, A-3 and A-4 (Senior)
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
-----------------------------------------------------------------
On December 28, 1994, the Senior/Subordinate Pass-Through Certificates,
Series 1994B, Class A-1, A-2, A-3 and A-4 (the "Offered Certificates") were
issued in an approximate original aggregate principal amount of $296,641,000.
The Offered Certificates represented beneficial interests in the Trust Fund
created pursuant to a Pooling and Servicing Agreement dated as of December 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-29 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
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" under the heading "The Mortgage Pool" on page
S-21 of the Prospectus Supplement and the tables entitled "Prime Index Mortgage
Loan Margins" and "LIBOR Mortgage Loan Margins" on page S-24 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 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 8 $ 232,749.33 0.19%
$50,000-54,999.99 1 50,459.07 0.04%
$55,000-59,999.99 2 118,506.26 0.10%
$60,000-74,999.99 6 403,633.00 0.33%
$75,000-99,999.99 28 2,579,786.40 2.13%
$100,000-149,999.99 44 5,494,434.40 4.53%
$150,000-199,999.99 42 7,421,620.00 6.10%
$200,000-249,999.99 33 7,237,282.45 5.96%
$250,000-299,999.99 22 5,969,853.23 4.92%
$300,000-349,999.99 12 3,880,753.55 3.20%
$350,000-399,999.99 11 4,032,711.29 3.32%
$400,000-449,999.99 9 3,865,919.37 3.19%
$450,000-499,999.99 6 2,905,006.95 2.39%
$500,000-549,999.99 4 2,098,392.37 1.73%
$550,000-599,999.99 9 5,189,857.17 4.28%
$600,000-649,999.99 8 5,010,264.10 4.13%
$650,000-699,999.99 5 3,350,844.53 2.76%
$700,000-749,999.99 4 2,943,403.59 2.43%
$750,000-799,999.99 2 1,559,762.55 1.29%
$800,000-849,999.99 3 2,475,000.00 2.04%
$850,000-899,999.99 5 4,309,589.36 3.55%
$900,000-949,999.99 2 1,814,718.33 1.50%
$950,000-999,999.99 4 3,924,397.40 3.23%
$1,000,000-1,099,999.99 6 6,000,000.00 4.94%
$1,100,000-1,199,999.99 3 3,449,990.27 2.84%
$1,200,000-1,299,999.99 5 6,147,787.09 5.07%
$1,300,000-1,399,999.99 1 1,349,999.97 1.11%
$1,400,000-1,499,999.99 1 1,415,000.00 1.17%
$1,500,000-1,599,999.99 1 1,530,939.23 1.26%
$1,600,000-1,699,999.99 3 4,891,265.48 4.03%
$1,700,000-1,799,999.99 3 5,284,064.22 4.35%
$1,900,000-1,999,999.99 2 3,914,217.87 3.22%
$2,000,000-2,099,999.99 1 2,099,999.80 1.73%
$2,400,000-2,499,999.99 1 2,498,988.14 2.06%
$2,900,000-2,999,999.99 2 5,923,902.93 4.88%
-------------------------------------------------------------------
TOTALS 299 $121,375,099.70 100.00%
-------------------------------------------------------------------
</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>
-0.25 4 4,538,710.53 32.11%
-0.125 1 200,000.00 1.41%
0 7 3,432,572.87 24.28%
0.125 1 650,000.00 4.60%
0.25 11 2,096,279.19 14.83%
0.375 1 151,735.30 1.07%
0.5 18 2,403,017.05 16.99%
0.75 5 597,290.86 4.22%
1 1 69,989.21 0.49%
-------------------------------------------------------------------
TOTALS 49 $ 14,139,595.01 100.00%
-------------------------------------------------------------------
LIBOR Index Mortgage Loan Margins as of December 31, 1998
</TABLE>
<TABLE>
<CAPTION>
% of Mortgage
Number of Mortgage Pool by Principal
Margins Loans Principal Balance Balance
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 3 $ 2,769,335.24 2.58%
1.25 3 1,154,696.70 1.08%
1.5 13 15,916,854.69 14.84%
1.625 16 10,691,500.71 9.97%
1.75 51 34,158,188.80 31.85%
1.875 19 12,426,607.14 11.59%
2 39 10,408,168.32 9.71%
2.125 9 3,227,031.57 3.01%
2.25 60 11,236,419.66 10.48%
2.375 5 1,258,283.81 1.17%
2.5 28 3,459,398.85 3.23%
2.75 4 529,019.20 0.49%
-------------------------------------------------------------------
TOTALS 250 $107,235,504.69 100.00%
-------------------------------------------------------------------
</TABLE>
The date of this Supplement is April 1, 1999.
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