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
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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 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 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, 1999 December 31, 1998 December 31, 1997
------------------------ ------------------------ ------------------------
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................... 11,223 $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>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
Year Ended Year Ended Year Ended
December 31, 1999 December 31, 1998 December 31, 1997
----------------- ----------------- -----------------
<S> <C> <C> <C>
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" 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, 1999,
the Mortgage Loan Balances and margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Range of Principal Balances as of December 31, 1999
Number of Mortgage % of Mortgage Pool by
Range of Principal Balances Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$0-49,999.99 8 $ 161,583.32 0.17%
$55,000-59,999.99 1 59,974.20 0.06%
$60,000-74,999.99 4 261,175.55 0.27%
$75,000-99,999.99 24 2,161,038.81 2.27%
$100,000-149,999.99 30 3,728,072.70 3.92%
$150,000-199,999.99 36 6,254,237.31 6.57%
$200,000-249,999.99 27 5,886,260.89 6.19%
$250,000-299,999.99 19 5,155,002.17 5.42%
$300,000-349,999.99 10 3,275,086.67 3.44%
$350,000-399,999.99 8 2,958,249.72 3.11%
$400,000-449,999.99 6 2,566,915.32 2.70%
$450,000-499,999.99 5 2,391,382.01 2.51%
$500,000-549,999.99 4 2,085,577.86 2.19%
$550,000-599,999.99 5 2,921,217.10 3.07%
$600,000-649,999.99 4 2,463,456.76 2.59%
$650,000-699,999.99 5 3,350,370.62 3.52%
$700,000-749,999.99 4 2,942,265.01 3.09%
$750,000-799,999.99 3 2,354,875.29 2.47%
$800,000-849,999.99 1 830,000.00 0.87%
$850,000-899,999.99 3 2,582,335.47 2.71%
$900,000-949,999.99 2 1,814,718.33 1.91%
$950,000-999,999.99 4 3,924,397.40 4.12%
$1,000,000-1,099,999.99 6 6,000,000.00 6.31%
$1,100,000-1,199,999.99 3 3,449,990.27 3.63%
$1,200,000-1,299,999.99 2 2,499,082.04 2.63%
$1,300,000-1,399,999.99 1 1,349,999.97 1.42%
$1,400,000-1,499,999.99 1 1,414,579.88 1.49%
$1,600,000-1,699,999.99 3 4,891,265.48 5.14%
$1,700,000-1,799,999.99 2 3,524,718.74 3.70%
$1,800,000-1,899,999.99 1 1,890,628.22 1.99%
$1,900,000-1,999,999.99 1 1,985,875.27 2.09%
$2,000,000-2,099,999.99 1 2,099,999.80 2.21%
$2,900,000-2,999,999.99 2 5,923,902.93 6.23%
------------------------------------------------------------------------------
TOTALS 236 $ 95,158,235.11 100.00%
==============================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Prime Index Mortgage Loan Margins as of December 31, 1999
% of Prime Index
Number of Mortgage Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
-0.25 2 $ 2,000,000.00 16.56%
-0.125 1 197,300.00 1.63%
0 6 3,306,514.79 27.38%
0.125 1 650,000.00 5.38%
0.25 9 1,809,531.37 14.98%
0.375 1 151,735.30 1.26%
0.5 13 1,858,837.00 15.39%
0.75 5 597,290.83 4.95%
1.75 1 382,622.21 3.17%
2.125 1 680,000.00 5.63%
2.25 2 442,999.99 3.67%
----------------------------------------------------------------------------
TOTALS 42 $ 12,076,831.49 100.00%
============================================================================
</TABLE>
<TABLE>
<CAPTION>
LIBOR Index Mortgage Loan Margins as of December 31, 1999
% of LIBOR Index
Number of Mortgage Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 2 $ 2,309,021.10 2.78%
1.25 2 557,874.40 0.67%
1.5 12 15,350,910.86 18.48%
1.625 14 9,033,913.97 10.87%
1.75 40 24,620,987.66 29.63%
1.875 12 8,153,465.39 9.81%
2 27 7,251,770.13 8.73%
2.125 6 2,228,458.83 2.68%
2.25 48 9,166,794.31 11.03%
2.375 4 1,127,398.76 1.36%
2.5 24 2,900,789.01 3.49%
2.75 3 380,019.20 0.46%
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TOTALS 194 $ 83,081,403.62 100.00%
==============================================================================
</TABLE>
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The date of this Supplement is March 31, 2000.
