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:
<PAGE>
<TABLE>
<CAPTION>
Mortgage Loan Delinquency Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
------------ ----------- ------------ ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced........ 13,839 15,598 25,056 28,368 31,395 30,571
Aggregate loan balance of
revolving credit line
loans serviced............. $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217 $1,191,938
Loan balance of revolving
credit line loans 2 months
delinquent................. $ 5,161 $ 5,358 $ 8,447 $ 8,292 $ 5,450 $ 6,634
Loan balance of revolving
credit line loans 3 months
or more delinquent......... $ 17,508 $ 22,989 $ 33,763 $ 39,508 $ 44,104 $ 31,348
Total of 2 months or more
delinquent as a percentage
of aggregate loan balance
of revolving credit
line loans ................ 2.19% 2.63% 3.26% 3.53% 3.57% 3.19%
</TABLE>
<TABLE>
<CAPTION>
Mortgage Loan Loss Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
1993 1994 1995 1996 1997 1998
------------ ----------- ------------ ----------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced........ 13,839 15,598 25,056 28,368 31,395 30,571
Aggregate loan balance of 1,079,693 1,353,800
revolving credit line
loans serviced............. $1,037,427 $ $1,293,483 $ $1,387,217 1,191,938
For the Period:
Gross Charge-offs
dollars.................. $ 3,153 $ 1,118 $ 3,700 $ 1,860 $ 4,269 $ 2,756
Percentage(1).............. 0.30% 0.10% 0.29% 0.14% 0.31% 0.23%
- -------------
(1) As a percentage of aggregate balance of revolving credit line loans serviced.
</TABLE>
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, 1998, the Loan Balances of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Trust Balances of Mortgage Loans as of December 31, 1998
Number of % of Mortgage
Mortgage Loans Trust Loans by
Range of Trust Balances Balance Trust Balance
- ------------------------------------------------------ ----------------- ------------------ -----------------
<S> <C> <C> <C>
$ 0................... 1,242 $ 0.00 0.00%
$ 0.01- 4,999.99............... 347 465,583.74 0.26%
$ 5,000.00- 9,999.99............... 194 1,482,655.35 0.83%
$ 10,000.00- 14,999.99............... 202 2,539,674.67 1.43%
$ 15,000.00- 19,999.99............... 242 4,273,955.46 2.41%
$ 20,000.00- 24,999.99............... 215 4,861,498.76 2.74%
$ 25,000.00- 29,999.99............... 176 4,850,535.51 2.73%
$ 30,000.00- 34,999.99............... 154 5,002,173.12 2.82%
$ 35,000.00- 39,999.99............... 156 5,827,718.99 3.28%
$ 40,000.00- 44,999.99............... 140 5,977,890.97 3.37%
$ 45,000.00- 49,999.99............... 130 6,211,211.69 3.50%
$ 50,000.00- 54,999.99............... 84 4,376,547.69 2.46%
$ 55,000.00- 59,999.99............... 74 4,272,912.32 2.41%
$ 60,000.00- 64,999.99............... 52 3,245,812.28 1.83%
$ 65,000.00- 69,999.99............... 76 5,131,338.74 2.89%
$ 70,000.00- 74,999.99............... 58 4,224,897.38 2.38%
$ 75,000.00- 99,999.99............... 226 19,813,165.78 11.15%
$ 100,000.00- 149,999.99............... 193 23,651,120.78 13.30%
$ 150,000.00- 199,999.99............... 101 17,616,907.23 9.92%
$ 200,000.00- 249,999.99............... 49 10,846,340.19 6.11%
$ 250,000.00- 299,999.99............... 28 7,508,020.70 4.23%
$ 300,000.00- 349,999.99............... 10 3,319,780.52 1.87%
$ 350,000.00- 399,999.99............... 5 1,879,344.92 1.06%
$ 400,000.00- 449,999.99............... 10 4,307,833.74 2.43%
$ 450,000.00- 499,999.99............... 7 3,423,936.11 1.93%
$ 500,000.00- 549,999.99............... 5 2,641,951.84 1.49%
$ 550,000.00- 599,999.99............... 4 2,293,511.35 1.29%
$ 600,000.00- 649,999.99............... 2 1,246,388.38 0.70%
$ 650,000.00- 699,999.99............... 2 1,372,363.01 0.77%
$ 700,000.00- 749,999.99............... 2 1,445,072.68 0.81%
$ 750,000.00- 949,999.99............... 4 3,110,623.49 1.75%
$ 950,000.00- 999,999.99............... 2 1,949,999.70 1.10%
$1,000,000.00- 1,099,999.99............... 2 2,133,483.15 1.20%
$1,100,000.00- 1,199,999.99............... 2 2,300,243.88 1.30%
$ 3,000,000.00 or greater............................ 1 4,000,000.00 2.25%
----------------- ------------------ ------------------
TOTALS.......................................... 4,197 $ 177,604,494.12 100.00%
----------------- ------------------ ------------------
--------------------
</TABLE>
The date of this Supplement is April 1, 1999.
