Registration No. 33-84894
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED APRIL 30, 1996
MLCC MORTGAGE INVESTORS, INC., Seller
ML Revolving Home Equity Loan Asset Backed Certificates,
Series 1996-1, Investor Certificates
MERRILL LYNCH CREDIT CORPORATION
Servicer
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On May 2, 1996, the ML Revolving Home Equity Loan Trust 1996-1 (the
"Trust") issued the ML Revolving Home Equity Loan Asset Backed Certificates,
Series 1996-1 (the "Certificates") in an original aggregate principal amount
of approximately $284,711,000. Each Certificate represented an undivided
interest in the Trust created pursuant to a Pooling and Servicing Agreement
dated as of April 1, 1996 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 page S-32 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
MORTGAGE LOAN DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<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
Loan Balance of Revolving
Credit Line Loans 2 Mos.
Delinquent . . . . . . $ 2,250 $ 3,717 $ 5,161 $ 5,358 $ 8,447 $ 8,292
Loan Balance of Revolving
Credit line Loans 3 Mos.
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 Serviced . . . . 2.29% 2.11% 2.19% 2.63% 3.26% 3.53%
</TABLE>
MORTGAGE LOAN LOSS EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION> As of December 31,
--------------------------------------------------------------------
1991 1992 1993 1994 1995 1996
-------- --------- ------- ------- ------- -----
<S> <C> <C> <C> <C> <C> <C>
As of end of Period:
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>
__________________________
(1) As a percentage of aggregate balance of revolving credit line loans
serviced.
Additionally, the information contained in the table entitled "Trust
Balances" under the heading "The Mortgage Loan Pool--The Mortgage Loans" on
page S-26 of the Prospectus Supplement is hereby updated to indicate, as of
December 31, 1996, the Loan Balances of the Mortgage Loans:
TRUST BALANCES OF MORTGAGE LOANS AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % of Mortgage
Number of Trust Loans by
Range of Trust Balances Mortgage Loans Balance Trust Balance
----------------------- -------------- --------- --------------
<S> <C> <C> <C>
$ 0 . . . . . . . 1,351 -- 0.00%
$0.01--$4,999.99 . . . . . . . . 398 $ 680,104.46 0.22
$5,000.00--9,999.99 . . . . . . . 382 2,993,122.61 0.95
$10,000.00--$14,999.99 . . . . . . 540 6,735,368.08 2.14
$15,000.00--$19,999.99 . . . . . . 567 10,006,365.02 3.18
$20,000.00--$24,999.99 . . . . . . 504 11,333,126.16 3.60
$25,000.00--$29,999.99 . . . . . . 404 11,079,527.11 3.52
$30,000.00--$34,999.99 .. . . . . . 333 10,775,542.64 3.42
$35,000.00--$39,999.99 . . . . . . 302 11,291,619.74 3.59
$40,000.00--$44,999.99 . . . . . . 227 9,628,527.05 3.06
$45,000.00--$49,999.99 .. . . . . . 221 10,543,473.77 3.35
$50,000.00--$54,999.99 .. . . . . . 152 7,891,743.12 2.51
$55,000.00--$59,999.99 . . . . . . 125 7,177,471.28 2.28
$60,000.00--$64,999.99. . . . . . . 127 7,888,130.64 2.51
$65,000.00--$69,999.99 . . . . . . 131 8,830,292.87 2.80
$70,000.00--$74,999.99 .. . . . . . 100 7,244,721.91 2.30
$75,000.00--$99,999.99. . . . . . . 361 31,750,277.29 10.08
$100,000.00--$149,999.99 . . . . . 330 39,777,677.00 12.59
$150,000.00--$199,999.99 . . . . . 136 23,597,302.60 7.49
$200,000.00--$249,999.99. . . . . . 87 19,253,819.56 6.11
$250,000.00--$299,999.99. . . . . . 40 11,031,007.79 3.50
$300,000.00--$349,999.99. . . . . . 28 8,994,710.57 2.86
$350,000.00--$399,999.99. . . . . . 17 6,350,360.94 2.02
$400,000.00--$449,999.99. . . . . . 10 4,285,323.88 1.36
$450,000.00--$499,999.99 . . . . . 10 4,805,660.84 1.53
$500,000.00--$549,999.99 . . . . . 8 4,203,804.39 1.34
$550,000.00--$599,999.99. . . . . . 6 3,513,130.95 1.12
$600,000.00--$649,999.99. . . . . . 4 2,489,388.38 0.79
$650,000.00--$699,999.99 . . . . . 3 2,077,923.32 0.66
$700,000.00--$749,999.99. . . . . . 6 4,309,408.35 1.37
$750,000.00--$799,999.99. . . . . . 4 3,107,105.69 0.99
$800,000.00--$899,999.99. . . . . . 3 2,608,345.16 0.83
$900,000.00--$999,999.99 . . . . . 4 3,862,827.95 1.23
$1,000,000.00--$1,099,999.99. . . . 2 2,016,872.69 0.64
$1,100,000.00--$1,199,999.99. . . . 1 1,150,000.00 0.37
$1,200,000.00--$1,299,999.99. . . . 1 1,230,000.00 0.39
$1,400,000.00--$1,499,999.99. . . . 1 1,498,477.27 0.48
$1,700,000.00--$1,799,999.99. . . . 1 1,799,604.67 0.57
$2,000,000.00--$2,099,999.99. . . . 1 2,000,000.00 0.64
$2,200,000.00--$2,299,999.99. . . . 1 2,250,000.00 0.71
$2,800,000.00--$2,899,999.99. . . . 1 2,821,633.64 0.90
------- ---------------- -------
TOTALS . . . . . . . . . . . . 6,930 $314,883,799.39 100.00%
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</TABLE>
____________________
The date of this Supplement is March 31, 1997.
