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
_____________________________________________________________________________
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:
1996-1
MORTGAGE LOAN DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
As of December 31,
-------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997
---------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Number of Revolving
Credit Line Loans
Serviced . . . . . . . 15,084 13,839 15,598 25,056 28,368 31,395
Aggregate Loan Balance
of Revolving Credit
Line Loans Serviced . . $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217
Loan Balance of
Revolving Credit Line
Loans 2 Mos. Delinquent $ 3,717 $ 5,161 $ 5,358 $ 8,447 $ 8,292 $ 5,450
Loan Balance of
Revolving Credit line
Loans 3 Mos.
or more Delinquent . . $ 18,751 $ 17,508 $ 22,989 $ 33,763 $ 39,508 $ 44,104
Total of 2 Months or
more Delinquent as a
Percentage of
Aggregate Loan Balance
of Revolving Credit
Line Loans Serviced . . 2.11% 2.19% 2.63% 3.26% 3.53% 3.57%
</TABLE>
MORTGAGE LOAN LOSS EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
As of December 31,
-------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997
---------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
As of end of Period:
Number of Revolving
Credit Line Loans
Serviced . . . . . . . . 15,084 13,839 15,598 25,056 28,368 31,395
Aggregate Loan Balance
of Revolving Credit
Line Loans Serviced . . . $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217
For the Period:
Gross Charge Offs
Dollars . . . . . . . . $ 1,447 $ 3,153 $ 1,118 $ 3,700 $ 1,860 $ 4,269
Percentage(1) . . . . . 0.14% 0.30% 0.10% 0.29% 0.14% 0.31%
</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, 1997, the Loan Balances of the Mortgage Loans:
1996-1
TRUST BALANCES OF MORTGAGE LOANS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
Number of % of Mortgage
Mortgage Loans Trust Loans by
Range of Trust Balances Balance Trust Balance
- --------------------------------------------- -------------- ---------------- -------------
<S> <C> <C> <C>
$ 0 . . . . . . . . . . . . . . . . . . . 1,294 $ 0.00 0.00%
$ 0.01- 4,999.99 . . . . . . . . 338 525,775.71 0.21
$ 5,000.00- 9,999.99 . . . . . . . . 271 2,111,079.44 0.86
$ 10,000.00- 14,999.99 . . . . . . . . 314 3,929,674.24 1.60
$ 15,000.00- 19,999.99 . . . . . . . . 374 6,622,440.68 2.70
$ 20,000.00- 24,999.99 . . . . . . . . 329 7,408,466.51 3.02
$ 25,000.00- 29,999.99 . . . . . . . . 280 7,725,636.46 3.15
$ 30,000.00- 34,999.99 . . . . . . . . 220 7,122,511.98 2.90
$ 35,000.00- 39,999.99 . . . . . . . . 215 8,100,968.26 3.30
$ 40,000.00- 44,999.99 . . . . . . . . 186 7,899,501.88 3.22
$ 45,000.00- 49,999.99 . . . . . . . . 167 7,981,484.84 3.25
$ 50,000.00- 54,999.99 . . . . . . . . 116 6,055,703.97 2.47
$ 55,000.00- 59,999.99 . . . . . . . . 117 6,716,992.38 2.74
$ 60,000.00- 64,999.99 . . . . . . . . 97 6,027,650.90 2.46
$ 65,000.00- 69,999.99 . . . . . . . . 99 6,678,624.59 2.72
$ 70,000.00- 74,999.99 . . . . . . . . 81 5,896,161.63 2.40
$ 75,000.00- 99,999.99 . . . . . . . . 303 26,638,627.67 10.86
$ 100,000.00- 149,999.99 . . . . . . . 274 33,515,077.94 13.65
$ 150,000.00- 199,999.99 . . . . . . . 134 23,447,591.82 9.56
$ 200,000.00- 249,999.99 . . . . . . . 66 14,593,629.45 5.95
$ 250,000.00- 299,999.99 . . . . . . . 28 7,670,484.35 3.13
$ 300,000.00- 349,999.99 . . . . . . . 16 5,232,056.56 2.13
$ 350,000.00- 399,999.99 . . . . . . . 16 6,084,257.48 2.48
$ 400,000.00- 449,999.99 . . . . . . . 16 6,877,461.15 2.80
$ 450,000.00- 499,999.99 . . . . . . . 7 3,385,697.52 1.38
$ 500,000.00- 549,999.99 . . . . . . . 9 4,637,307.58 1.89
$ 550,000.00- 599,999.99 . . . . . . . 5 2,931,964.73 1.20
$ 600,000.00- 649,999.99 . . . . . . . 3 1,888,388.38 0.77
$ 650,000.00- 699,999.99 . . . . . . . 4 2,712,559.88 1.11
$ 700,000.00- 749,999.99 . . . . . . . 4 2,888,199.11 1.18
$ 750,000.00- 799,999.99 . . . . . . . 2 1,589,066.84 0.65
$ 800,000.00- 849,999.99 . . . . . . . 1 812,500.00 0.33
$ 850,000.00- 899,999.99 . . . . . . . 1 899,123.08 0.37
$ 900,000.00- 949,999.99 . . . . . . . 1 918,261.90 0.37
$ 950,000.00- 999,999.99 . . . . . . . 1 999,999.70 0.41
$ 1,000,000.00- 1,099,999.99 . . . . . . 1 1,068,780.59 0.44
$ 1,100,000.00- 1,199,999.99 . . . . . . 1 1,150,000.00 0.47
$ 3,000,000.00 or greater . . . . . . . . 1 4,600,000.00 1.87
-------------- ---------------- -------------
TOTALS . . . . . . . . . . . . . . . . . 5,392 $245,343,709.20 100.00%
============== ================ =============
</TABLE>
____________________
The date of this Supplement is April 13, 1998.
