Registration No. 33-50026
Rule 424(b)(3)
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 16, 1992
ML Home Equity Loan Asset Backed Certificates,
Series 1992-1, Class A and Class B
MERRILL LYNCH CREDIT CORPORATION
Servicer
MLCC ACQUISITION CORP.
Seller
- ---------------------------------------------------------------------------
On September 23, 1992, the ML Home Equity Loan Trust 1992-1 (the
"Trust") issued the ML Home Equity Loan Asset Backed Certificates, Series
1992-1 in an original aggregate principal amount of $305,436,000. Each
Certificate represented an undivided interest in the Trust created pursuant
to a Pooling and Servicing Agreement dated as of September 1, 1992 by and
among MLCC Acquisition Corp., as seller, Merrill Lynch Credit Corporation
("MLCC"), 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 paragraph and the first two tables set forth after the first
paragraph under the heading "Origination of the Mortgage Loans -- Delinquency
and Loan Loss Experience" on pages 19 through 21 of the Prospectus are hereby
updated, in their entirety, as follows:
The following tables set forth information relating to the delinquency
and loan loss experience on the home equity revolving credit line
mortgage loans acquired by MLCC from Originator and included in the
portfolio of mortgage loans serviced by MLCC since December 31, 1993
(the "Dime Portfolio"), which includes the Mortgage Loans in the Trust,
for each of the four years in the period ended December 31, 1996.
Information prior to 1993 for the Dime Portfolio is available only from
the records of The Dime Savings Bank of New York, FSB and is not
sufficiently verifiable by MLCC. The information shown for the Dime
Portfolio, because of the period that it covers, may not be
representative of the delinquency and loan loss experience on such loans
over a longer historical period. The delinquency and loan loss
experience set forth in the following tables represents the historical
experience of MLCC for the dates and period given.
DIME PORTFOLIO DELINQUENCY EXPERIENCE
<TABLE>
<CAPTION>
AS OF DECEMBER 31,
-----------------------------------------
1993 1994 1995 1996
------ ----- ----- ----
<S> <C> <C> <C> <C>
Number of revolving credit line loans Serviced . . . 5,033 4,417 3,919 3,356
Aggregate loan balance of revolving credit line
loans serviced . . . . . . . . . . . . . . . . . . $ 273,325 $ 233,053 $ 200,367 $ 163,241
Loan balance of revolving credit line loans
2 Months delinquent . . . . . . . . . . . . . . . . $ 773 $ 1,743 $ 1,000 $ 1,039
Loan balance of revolving credit line loans 3 mos.
or more delinquent . . . . . . . . . . . . . . . . $ 807 $ 2,056 $ 2,885 $ 3,145
Total of 2 months or more delinquent as a percentage
of aggregate loan balance of revolving credit line
loans serviced . . . . . . . . . . . . . . . . . . 0.58% 1.63% 1.94% 2.56%
</TABLE>
Dime Portfolio Loss Experience
<TABLE>
<CAPTION>
As of December 31,
----------------------------------------------
1993 1994 1995 1996
-------- --------- ------- -------
<S> <C> <C> <C> <C>
As of end of period:
Number of revolving credit line loans serviced . . 5,033 4,417 3,919 3,356
Aggregate loan balance of revolving credit line $ 273,325 $ 233,053 $200,367 $ 163,241
For the period:
Gross charge-offs dollars . . . . . . . . . . . . . $ 0 $ 74 $ 95 $ 327
Percentage(1) . . . . . . . . . . . . . . . . . . . 0.00% 0.03% 0.05% 0.20%
</TABLE>
_______________
(1) As a percentage of aggregate balance of revolving credit line loans
serviced.
Additionally, the information set forth in the table entitled "Cut-Off
Date Loan Balances" on page 24 of the Prospectus is hereby updated to
indicate, as of December 31, 1996, the Loan Balances of the Mortgage Loans:
LOAN BALANCES AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % of Mortgage
Range of Number of Pool by
Loan Balances Mortgage Loans Loan Balance Loan Balance
---------------------- ----------------- ---------------------- ----------------
<S> <C> <C> <C>
$4,999.99 or lower . . . . . . . . . 118 $ 265,015.84 0.23%
$5,000.00-9,999.99 . . . . . . . . . 112 855,485.94 0.74
$10,000.00- 14,999.99 . . . . . . . . 151 1,916,675.32 1.67
$15,000.00-19,999.99 . . . . . . . . 182 3,208,080.85 2.79
$20,000.00-24,999.99 . . . . . . . . 164 3,725,043.63 3.24
$25,000.00-29,999.99 . . . . . . . . 206 5,739,157.00 5.00
$30,000.00-34,999.99 . . . . . . . . 146 4,783,679.68 4.16
$35,000.00-39,999.99 . . . . . . . . 170 6,445,882.83 5.61
$40,000.00-44,999.99 . . . . . . . . 167 7,148,496.10 6.22
$45,000.00-49,999.99 . . . . . . . . 189 9,082,140.09 7.91
$50,000.00-54,999.99 . . . . . . . . 71 3,720,642.78 3.24
$55,000.00-59,999.99 . . . . . . . . 88 5,130,288.67 4.47
$60,000.00-64,999.99 . . . . . . . . 65 4,088,023.27 3.56
$65,000.00-69,999.99 . . . . . . . . 71 4,819,458.34 4.20
$70,000.00-74,999.99 . . . . . . . . 90 6,562,242.26 5.71
$75,000.00-99,999.99 . . . . . . . . 240 21,240,155.84 18.50
$100,000.00-149,999.99 . . . . . . . 113 13,788,865.72 12.00
$150,000.00-199,999.99 . . . . . . . 30 5,216,914.17 4.54
$200,000.00-249,999.99 . . . . . . . 11 2,482,439.20 2.16
$250,000.00-299,999.99 . . . . . . . 8 2,247,763.37 1.96
$300,000.00-349,999.99 . . . . . . . 6 1,915,202.37 1.67
$450,000.00-499,999.99 . . . . . . . 1 486,278.90 0.42
------ --------------- -------
TOTALS . . . . . . . 2,399 $114,867,932.17 100.00%
======== =============== =======
</TABLE>
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The date of this Prospectus Supplement is March 31, 1997.
