Registration No. 33-77642
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED SEPTEMBER 23, 1994
ML Home Equity Loan Pass-Through Certificates,
Series 1994-2, Class A
MERRILL LYNCH CREDIT CORPORATION
Servicer
MLCC MORTGAGE INVESTORS, INC.
Seller
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On September 29, 1994, the ML Home Equity Loan Trust 1994-2 (the
"Trust") issued the ML Home Equity Loan Pass-Through Certificates, Series
1994-2 in an original aggregate principal amount of $209,978,000. Each
Certificate represented an undivided interest in the Trust created pursuant
to a Pooling and Servicing Agreement dated as of September 1, 1994 by and
among MLCC Mortgage Investors, Inc., as seller, Merrill Lynch Credit
Corporation, as 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 Equity Access Program--Delinquency and Loan Loss
Experience" on pages S-27 and S-28 of the Prospectus Supplement are hereby
updated, in their entirety, as follows:
<TABLE>
MORTGAGE LOAN DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<CAPTION>
As of December 31,
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1991 1992 1993 1994 1995 1996
----- -------- --------- ------- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced . . . . . . 15,913 15,084 13,839 15,598 25,056 28,368
Aggregate loan balance of
revolving credit line
loans serviced . . . . . . . . $1,073,492 $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800
Loan balance of revolving
credit line loans 2 months
delinquent . . . . . . . . . . $ 2,250 $ 3,717 $ 5,161 $ 5,358 $ 8,447 $ 8,292
Loan balance of revolving
credit line loans 3 months
or more delinquent . . . . . . $ 22,361 $ 18,751 $ 17,508 $ 22,989 $ 33,763 $ 39,508
Total of 2 months or more
delinquent as a percentage
of aggregate loan balance of
revolving credit line loans . . 2.29% 2.11% 2.19% 2.63% 3.26% 3.53%
</TABLE>
<TABLE>
MORTGAGE LOAN LOSS EXPERIENCE
(DOLLARS IN THOUSANDS)
<CAPTION>
As of December 31,
---------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996
---------- --------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced . . . . . . 15,913 15,084 13,839 15,598 25,056 28,368
Aggregate loan balance of
revolving credit line
loans serviced . . . . . . . . $1,073,492 $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800
For the Period:
Gross Charge-offs
dollars . . . . . . . . . . . $ 936 $ 1,447 $ 3,153 $ 1,118 $ 3,700 $ 1,860
Percentage(1) 0.09% 0.14% 0.30% 0.10% 0.29% 0.14%
</TABLE>
__________________________
(1) As a percentage of aggregate balance of revolving credit line loans
serviced.
Additionally, the information contained in the table entitled "Cut-Off
Date Trust Balances" on page S-22 of the Prospectus Supplement is hereby
updated to indicate, as of December 31, 1996, the Loan Balances of the
Mortgage Loans:
<TABLE>
TRUST BALANCES AS OF DECEMBER 31, 1996
<CAPTION>
Number of % of Mortgage
Mortgage Trust Loans by
Range of Trust Balances Loans Balance Trust Balance
- ------------------------------------------- ----------- --------------- --------------
<S> <C> <C> <C>
$ 4,999.99 or Lower . . . . . . . . . . 499 $ 1,122,469.77 1.37%
$ 5,000.00- 9,999.99 . . . . . . . . . . 206 1,485,477.85 1.81
$ 10,000.00- 14,999.99 . . . . . . . 134 1,644,924.65 2.00
$ 15,000.00- 19,999.99 . . . . . . . 124 2,175,168.46 2.65
$ 20,000.00- 24,999.99 . . . . . . . 116 2,611,799.86 3.18
$ 25,000.00- 29,999.99 . . . . . . . 91 2,489,151.59 3.03
$ 30,000.00- 34,999.99 . . . . . . . 75 2,439,096.39 2.97
$ 35,000.00- 39,999.99 . . . . . . . 54 2,015,966.14 2.46
$ 40,000.00- 44,999.99 . . . . . . . 53 2,260,158.27 2.75
$ 45,000.00- 49,999.99 . . . . . . . 49 2,336,420.29 2.85
$ 50,000.00- 54,999.99 . . . . . . . 43 2,254,178.43 2.75
$ 55,000.00- 59,999.99 . . . . . . . 30 1,731,583.12 2.11
$ 60,000.00- 64,999.99 . . . . . . . 26 1,636,984.68 1.99
$ 65,000.00- 69,999.99 . . . . . . . 23 1,548,431.06 1.89
$ 70,000.00- 74,999.99 . . . . . . . 20 1,447,452.28 1.76
$ 75,000.00- 99,999.99 . . . . . . . 106 9,179,579.87 11.18
$ 100,000.00- 149,999.99 . . . . . . 107 13,098,682.15 15.93
$ 150,000.00- 199,999.99 . . . . . . 28 4,846,312.65 5.90
$ 200,000.00- 249,999.99 . . . . . . 34 7,492,253.35 9.13
$ 250,000.00- 299,999.99 . . . . . . 20 5,482,627.89 6.68
$ 300,000.00- 349,999.99 . . . . . . 7 2,286,824.43 2.79
$ 350,000.00- 399,999.99 . . . . . . 5 1,828,539.33 2.23
$ 400,000.00- 449,999.99 . . . . . . 1 417,415.92 0.51
$ 450,000.00- 499,999.99 . . . . . . 3 1,410,276.27 1.72
$ 500,000.00- 549,999.99 . . . . . . 3 1,573,077.37 1.92
$ 600,000.00- 649,999.99 . . . . . . 1 600,000.00 0.73
$ 650,000.00- 699,999.99 . . . . . . 2 1,354,165.33 1.65
$ 700,000.00- 749,999.99 . . . . . . 2 1,450,997.78 1.77
$ 850,000.00- 899,999.99 . . . . . . 1 892,538.38 1.09
$ 950,000.00- 999,999.99 . . . . . . 1 988,274.00 1.20
------ --------------- ------
TOTALS . . . . . . . . . 1,864 $ 82,100,827.56 100.00%
====== =============== ======
</TABLE>
____________________
The date of this Supplement is March 31, 1997.
