Registration No. 33-84894
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED MARCH 24, 1995
MLCC Mortgage Investors, Inc., Seller
ML Home Equity Loan Pass-Through Certificates,
Series 1995-1, Class A-1 and Class A-2
MERRILL LYNCH CREDIT CORPORATION
Servicer
On March 30, 1995, the ML Home Equity Loan Trust 1995-1 (the "Trust")
issued the ML Home Equity Loan Pass-Through Certificates, Series 1995-1 (the
"Certificates") in an original aggregate principal amount of $331,554,000. Each
Certificate represented an undivided interest in the Trust created pursuant to
a Pooling and Servicing Agreement dated as of March 1, 1995 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-38 and S-39 of the Prospectus Supplement are hereby updated, in their
entirety, as follows:
<PAGE>
<TABLE>
<CAPTION>
MLCC 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 $1,353,80 $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>
MLCC 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>
<PAGE>
The information contained in the tables set forth after the second
paragraph under the heading "MLCC and its Equity Access Program--Delinquency
and Loan Loss Experience" on page S-40 of the Prospectus Supplement are hereby
updated in their entirety as follows:
<TABLE>
<CAPTION>
Dime Portfolio Delinquency Experience
(Dollars in Thousands)
As of December 31,
------------------------------------------------------------
1995 1996 1997 1998
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
Number of revolving credit line loans
serviced................................. 3,919 3,356 2,758 2,043
Aggregate loan balance of revolving credit
line loans serviced........................ $200,367 $163,241 $128,391 $ 86,179
Loan balance of revolving credit line loans
2 months delinquent........................ $ 1,000 $ 1,039 $ 809 $ 2,307
Loan balance of revolving credit line loans
3 months or more delinquent................ $ 2,885 $ 3,145 $ 3,589 $ 2,918
Total of 2 months or more delinquent as a
percentage of aggregate loan balance of
revolving credit line loans................ 1.94% 2.56% 3.42% 6.06%
</TABLE>
<TABLE>
<CAPTION>
Dime Portfolio Loss Experience
(Dollars in Thousands)
As of December 31,
------------------------------------------------------------
1995 1996 1997 1998
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
As of end of Period:
Number of revolving credit line loans
serviced................................ 3,919 3,356 2,758 2,043
Aggregate loan balance of revolving
credit
line loans serviced..................... $200,367 $163,241 $128,391 $86,179
For the Period:
Gross charge-offs dollars................ $ 95 $ 327 $ 130 $ 174
Percentage(1)............................ 0.05% 0.20% 0.10% 0.20%
- --------------
(1) As a percentage of aggregate balance of Mortgage Loans serviced.
</TABLE>
Additionally, the information contained in the tables entitled (a)
"Cut-Off Date Trust Balances of MLCC Mortgage Loans" under the heading "The
Mortgage Loan Pool--The MLCC Mortgage Loans" on page S-26 of the Prospectus
Supplement and (b) "Cut-off Date Trust Balances of Dime Mortgage Loans" under
the heading "The Mortgage Loan Pool--The Dime Mortgage Loans" on page S-31 of
the Prospectus Supplement are hereby updated to indicate, as of December 31,
1998, the Loan Balances of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Trust Balances of MLCC Mortgage Loans as of December 31, 1998
Range of Trust Balances Number of Trust % of MLCC
Mortgage Loans Balance Mortgage
Loans by
Trust Balance
- -------------------------------------------------------- ----------------- -------------------- ------------------
<S> <C> <C> <C>
$ 4,999.99 or Lower.................................. 339 $ 760,399.92 1.41%
$ 5,000.00- 9,999.99....................... 157 1,108,211.19 2.05%
$ 10,000.00- 14,999.99....................... 107 1,322,049.79 2.45%
$ 15,000.00- 19,999.99....................... 87 1,540,597.08 2.85%
$ 20,000.00- 24,999.99....................... 70 1,579,126.94 2.92%
$ 25,000.00- 29,999.99....................... 79 2,156,834.63 3.99%
$ 30,000.00- 34,999.99....................... 36 1,176,003.97 2.18%
$ 35,000.00- 39,999.99....................... 48 1,811,068.99 3.35%
$ 40,000.00- 44,999.99....................... 33 1,406,199.99 2.60%
$ 45,000.00- 49,999.99....................... 42 2,019,986.64 3.74%
$ 50,000.00- 54,999.99....................... 29 1,515,017.59 2.81%
$ 55,000.00- 59,999.99....................... 32 1,839,599.72 3.41%
$ 60,000.00- 64,999.99....................... 12 752,932.54 1.39%
$ 65,000.00- 69,999.99....................... 15 1,008,046.62 1.87%
$ 70,000.00- 74,999.99....................... 19 1,378,739.93 2.55%
$ 75,000.00- 99,999.99....................... 55 4,892,893.19 9.06%
$ 100,000.00- 149,999.99....................... 52 6,258,235.08 11.61%
$ 150,000.00- 199,999.99....................... 30 5,202,586.28 9.64%
$ 200,000.00- 249,999.99....................... 11 2,411,387.40 4.47%
$ 250,000.00- 299,999.99....................... 5 1,392,990.81 2.58%
$ 300,000.00- 349,999.99....................... 8 2,539,445.08 4.70%
$ 350,000.00- 399,999.99....................... 1 365,229.08 0.68%
$ 400,000.00- 449,999.99....................... 3 1,266,056.50 2.34%
$ 450,000.00- 499,999.99....................... 1 485,747.21 0.90%
$ 500,000.00- 599,999.99....................... 2 1,001,274.25 1.85%
$ 600,000.00- 949,999.99....................... 1 637,954.14 1.18%
$ 950,000.00- 2,199,999.99....................... 1 999,592.66 1.85%
$2,200,000.00- 2,799,999.99....................... 1 2,292,215.80 4.25%
$2,800,000.00- or Higher .......................... 1 2,873,693.38 5.32%
----------------- -------------------- ------------------
TOTALS............................................ 1,277 $ 53,994,116.40 100.00%
----------------- -------------------- ------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Trust Balances of Dime Mortgage Loans as of December 31, 1998
Range of Trust Balances Number of Trust % of Dime
Mortgage Loans Balance Mortgage
Loans by
Trust Balance
- ------------------------------------------------------------ ----------------- ----------------- ------------------
<S> <C> <C> <C>
$ 4,999.99 or Lower...................................... 230 $ 505,999.22 14.03%
$ 5,000.00- 9,999.99.............................. 82 553,578.54 15.35%
$ 10,000.00- 14,999.99.............................. 52 614,083.47 17.03%
$ 15,000.00- 19,999.99.............................. 18 301,384.89 8.36%
$ 20,000.00- 24,999.99.............................. 12 264,061.86 7.32%
$ 25,000.00- 29,999.99.............................. 4 101,812.79 2.82%
$ 30,000.00- 34,999.99.............................. 5 163,287.36 4.53%
$ 40,000.00- 44,999.99.............................. 3 124,536.11 3.45%
$ 45,000.00- 49,999.99.............................. 2 92,744.42 2.57%
$ 50,000.00- 54,999.99.............................. 2 101,977.81 2.83%
$ 65,000.00- 69,999.99.............................. 1 65,000.00 1.80%
$ 70,000.00- 74,999.99.............................. 1 71,845.00 1.99%
$ 75,000.00- 99,999.99.............................. 3 247,519.64 6.86%
$ 100,000.00- 149,999.99.............................. 3 398,716.12 11.06%
----------------- ----------------- ------------------
TOTALS................................................ 418 $ 3,606,547.23 100.00%
----------------- ----------------- ------------------
</TABLE>
--------------------
The date of this Supplement is April 1, 1999.
