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
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:
<PAGE>
<TABLE>
<CAPTION>
Mortgage 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
revolving credit line
loans serviced............. $1,037,427 $1,079,693 $1,293,483 $1,353,800 $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>
Mortgage 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 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, 1998, the Loan Balances of the Mortgage
Loans:
<PAGE>
<TABLE>
<CAPTION>
Trust Balances as of December 31, 1998
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........................ 179 373,529.55 1.37%
$ 5,000.00- 9,999.99............. 72 502,514.22 1.84%
$ 10,000.00- 14,999.99............. 54 668,873.12 2.45%
$ 15,000.00- 19,999.99............. 52 918,776.20 3.36%
$ 20,000.00- 24,999.99............. 52 1,181,155.58 4.32%
$ 25,000.00- 29,999.99............. 40 1,102,035.23 4.03%
$ 30,000.00- 34,999.99............. 30 975,343.19 3.57%
$ 35,000.00- 39,999.99............. 15 564,963.81 2.07%
$ 40,000.00- 44,999.99............. 18 768,121.90 2.81%
$ 45,000.00- 49,999.99............. 21 995,812.89 3.64%
$ 50,000.00- 54,999.99............. 13 686,552.83 2.51%
$ 55,000.00- 59,999.99............. 16 924,589.01 3.38%
$ 60,000.00- 64,999.99............. 15 947,086.32 3.46%
$ 65,000.00- 69,999.99............. 5 337,460.28 1.23%
$ 70,000.00- 74,999.99............. 9 649,283.33 2.38%
$ 75,000.00- 99,999.99............. 30 2,621,806.55 9.59%
$ 100,000.00- 149,999.99............. 28 3,561,412.55 13.04%
$ 150,000.00- 199,999.99............. 7 1,196,290.60 4.38%
$ 200,000.00- 249,999.99............. 14 3,111,478.37 11.38%
$ 250,000.00- 299,999.99............. 3 845,911.12 3.09%
$ 300,000.00- 349,999.99............. 2 648,980.00 2.37%
$ 350,000.00- 399,999.99............. 2 722,325.44 2.64%
$ 400,000.00- 449,999.99............. 1 443,234.32 1.62%
$ 500,000.00- 649,999.99............. 1 534,374.66 1.95%
$ 650,000.00- 699,999.99............. 2 1,354,165.33 4.95%
$ 700,000.00- 749,999.99............. 1 701,997.78 2.57%
--- ------------- --------
TOTALS.................... 682 27,338,074.18 100.00%
=== ============= ========
--------------------
The date of this Supplement is April 1, 1999.
</TABLE>
