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, 1998. 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.
<PAGE>
<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 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, 1998, the Loan Balances of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Loan Balances as of December 31, 1998
% 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...................... 64 $ 136,500.61 0.23%
$ 5,000.00- 9,999.99............. 63 473,150.10 0.80%
$ 10,000.00- 14,999.99............. 91 1,133,016.95 1.92%
$ 15,000.00- 19,999.99............. 97 1,715,866.12 2.91%
$ 20,000.00- 24,999.99............. 100 2,268,282.03 3.85%
$ 25,000.00- 29,999.99............. 113 3,135,287.05 5.32%
$ 30,000.00- 34,999.99............. 87 2,850,054.69 4.84%
$ 35,000.00- 39,999.99............. 97 3,643,185.51 6.19%
$ 40,000.00- 44,999.99............. 80 3,409,367.13 5.79%
$ 45,000.00- 49,999.99............. 101 4,794,236.60 8.14%
$ 50,000.00- 54,999.99............. 36 1,910,606.21 3.24%
$ 55,000.00- 59,999.99............. 45 2,596,886.34 4.41%
$ 60,000.00- 64,999.99............. 44 2,761,881.64 4.69%
$ 65,000.00- 69,999.99............. 38 2,567,895.78 4.36%
$ 70,000.00- 74,999.99............. 43 3,116,752.82 5.29%
$ 75,000.00- 99,999.99............. 111 9,730,154.54 16.54%
$ 100,000.00- 149,999.99............. 50 6,079,669.53 10.33%
$ 150,000.00- 199,999.99............. 12 2,131,790.15 3.62%
$ 200,000.00- 249,999.99............. 4 931,280.77 1.58%
$ 250,000.00- 299,999.99............. 9 2,540,219.63 4.31%
$ 300,000.00- 349,999.99............. 3 968,064.17 1.64%
------------------- ----------------------- ------------------
TOTALS.............. 1,288 $ 100.00%
58,894,148.37
================== ====================== ==================
</TABLE>
The date of this Prospectus Supplement is April 1, 1999.
