Registration No. 33-57024
Rule 424(b)(3)
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 23, 1993
ML Home Equity Loan Asset Backed Certificates,
Series 1993-1, Class A and Class B
MERRILL LYNCH CREDIT CORPORATION
Servicer
MERRILL LYNCH HOME EQUITY ACCEPTANCE, INC.
Seller
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On February 26, 1993, the ML Home Equity Loan Trust 1993-1 (the "Trust")
issued the ML Home Equity Loan Asset Backed Certificates, Series 1993-1 in an
original aggregate principal amount of $303,380,000. Each Certificate
represented an undivided interest in the Trust created pursuant to a Pooling
and Servicing Agreement dated as of February 1, 1993 by and among Merrill
Lynch Home Equity Acceptance, Inc., as seller, Merrill Lynch Credit
Corporation, as servicer, and Bankers Trust Company of California, N.A., as
trustee. This Prospectus Supplement to the above-referenced Prospectus (the
"Prospectus") supplements and updates certain of the information set forth in
the Prospectus. Capitalized terms not defined herein have the meanings
ascribed to them in the Prospectus.
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 page 22 of the Prospectus 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>
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(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" under the heading "The Mortgage Loan Pool" on page 25 of
the Prospectus are 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>
% of Pool
Number of Trust by Trust
Range of Trust Balances Mortgage Loans Balance Balance
- --------------------------------------- -------------- -------------- ---------
<S> <C> <C> <C>
$ 4,999.99 or Lower. . . . . . . . . . 74 $ 164,632.20 0.25%
$ 5,000.00- 9,999.99 . . . . . . . . . 152 1,087,899.15 1.68
$ 10,000.00- 14,99.99 . . . . . . . 111 1,358,916.60 2.10
$ 15,000.00- 19,99.99 . . . . . . . 91 1,563,282.08 2.42
$ 20,000.00- 24,99.99 . . . . . . . 59 1,343,098.62 2.08
$ 25,000.00- 29,999.99 . . . . . . 56 1,545,042.25 2.39
$ 30,000.00- 34,999.99 . . . . . . 43 1,394,866.74 2.16
$ 35,000.00- 39,999.99 . . . . . . 42 1,584,971.46 2.45
$ 40,000.00- 44,999.99 . . . . . . 40 1,703,642.33 2.64
$ 45,000.00- 49,999.99 . . . . . . 32 1,522,980.84 2.36
$ 50,000.00- 54,999.99 . . . . . . 28 1,452,582.54 2.25
$ 55,000.00- 59,999.99 . . . . . . 28 1,614,984.57 2.50
$ 60,000.00- 64,999.99 . . . . . . 26 1,630,969.49 2.53
$ 65,000.00- 69,999.99 . . . . . . 11 735,402.69 1.14
$ 70,000.00- 74,999.99 . . . . . . 13 945,860.94 1.46
$ 75,000.00- 99,999.99 . . . . . . 56 4,837,723.88 7.49
$ 100,000.00- 149,999.99 . . . . . . 71 8,595,379.07 13.33
$ 150,000.00- 199,999.99 . . . . . . 29 5,069,773.81 7.85
$ 200,000.00- 249,999.99 . . . . . . 17 3,968,863.53 6.15
$ 250,000.00- 299,999.99 . . . . . . 13 3,592,076.20 5.56
$ 300,000.00- 349,999.99 . . . . . . 15 4,905,941.05 7.60
$ 350,000.00- 399,999.99 . . . . . . 3 1,140,342.84 1.77
$ 400,000.00- 449,999.99 . . . . . . 1 412,722.83 0.64
$ 450,000.00- 499,999.99 . . . . . . 3 1,454,041.03 2.25
$ 500,000.00- 549,999.99 . . . . . . 4 2,087,902.21 3.23
$ 550,000.00- 599,999.99 . . . . . . 1 576,241.41 0.89
$ 600,000.00- 649,999.99 . . . . . . 2 1,270,177.31 1.97
$ 650,000.00- 699,999.99 . . . . . . 1 665,466.79 1.03
$ 700,000.00- 749,999.99 . . . . . . 2 1,439,259.94 2.23
$ 750,000.00- 799,999.99 . . . . . . 1 796,466.17 1.23
$ 900,000.00- 999,999.99 . . . . . . 1 941,372.11 1.46
$1,400,000.00-1,499,999.99 . . . . . . 1 1,497,839.42 2.32
$1,600,000.00-1,699,999.99 . . . . . . 1 1,671,922.14 2.59
----- -------------- ------
TOTALS . . . . . . . 1,028 $64,572,644.24 100.00%
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</TABLE>
____________________
The date of this Supplement is March 31, 1997.
