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
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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 two tables set forth after the first paragraph under the
heading "Origination of the Mortgage Loans -- Delinquency and Loan Loss
Experience" on pages 20 and 21 of the Prospectus are hereby updated, in their
entirety, as follows:
<TABLE>
<CAPTION>
Dime Portfolio Delinquency Experience
(Dollars in Thousands)
As of December 31,
------------------------------------------------------------
1996 1997 1998 1999
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
Number of revolving credit line loans
serviced................................. 3,356 2,758 2,043 1318
Aggregate loan balance of revolving credit
line loans serviced........................ $ 163,241 $ 128,391 $86,179 $58,306
Loan balance of revolving credit line loans
2 months delinquent........................ $ 1,039.34 $808.73 $ 2,307 $ 1,855.08
Loan balance of revolving credit line loans
3 months or more delinquent................ $ 3,145.08 $ 3,588.65 $ 2,918 $ 2,833.69
Total of 2 months or more delinquent as a
percentage of aggregate loan balance of
revolving credit line loans................ 2.56% 3.42% 6.06% 8.04%
</TABLE>
<TABLE>
<CAPTION>
Dime Portfolio Loss Experience
(Dollars in Thousands)
As of December 31,
------------------------------------------------------------
1996 1997 1998 1999
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
As of end of Period:
Number of revolving credit line loans
serviced................................ 3,356 2,758 2,043 1.318
Aggregate loan balance of revolving
credit line loans serviced............ $163,241 $128,391 $86,179 $58,306
For the Period:
Gross charge-offs dollars................ $ 327 $ 130 $ 174 $ 324
Percentage(1)............................ 0.20% 0.10% 0.20% 0.56%
- --------------
(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, 1999, the Loan Balances of the Mortgage Loans:
<TABLE>
<CAPTION>
Loan Balances as of December 31, 1999
Number of Mortgage % of Mortgage Pool by
Range of Loan Balances Loans Loan Balance Loan Balance
---------------------- ------------------ ------------ ---------------------
<S> <C> <C> <C>
4,999.99 Or lower 37 $ 82,205.98 0.20%
5,000-9,999.99 64 491,249.03 1.22%
10,000-14,999.99 72 908,735.85 2.26%
15,000-19,999.99 82 1,444,341.36 3.59%
20,000-24,999.99 77 1,743,074.00 4.33%
25,000-29,999.99 78 2,142,173.85 5.33%
30,000-34,999.99 70 2,295,006.99 5.71%
35,000-39,999.99 71 2,645,091.19 6.58%
40,000-44,999.99 70 2,997,877.45 7.45%
45,000-49,999.99 51 2,418,688.55 6.01%
50,000-54,999.99 33 1,733,473.19 4.31%
55,000-59,999.99 28 1,619,930.58 4.03%
60,000-64,999.99 29 1,814,049.96 4.51%
65,000-69,999.99 28 1,881,058.11 4.68%
70,000-74,999.99 23 1,669,436.32 4.15%
75,000-99,999.99 78 6,778,038.48 16.85%
100,000-149,999.99 31 3,745,056.31 9.31%
150,000-199,999.99 7 1,184,038.45 2.94%
200,000-249,999.99 3 655,262.78 1.63%
250,000-299,999.99 5 1,347,163.13 3.35%
300,000-349,999.99 2 627,889.32 1.56%
TOTALS ---------------------- --------------- -------
939 $ 40,223,840.88 100.00%
====================== =============== =======
</TABLE>
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The date of this Prospectus Supplement is March 31, 2000.
