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:
<TABLE>
<CAPTION>
Mortgage Loan Delinquency Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
------------ ----------- ------------ ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced........ 15,598 25,056 28,368 31,395 30,571 31,517
Aggregate loan balance of
revolving credit line
loans serviced............. $1,079,693 $1,293,483 $1,353,800 $1,387,217 $1,191,938 $1,202,594
Loan balance of revolving
credit line loans 2 months
delinquent................. $ 5,358 $ 8,447 $ 8,292 $ 5,450 $ 6,634 $ 6,427
Loan balance of revolving
credit line loans 3 months
or more delinquent......... $ 22,989 $ 33,763 $ 39,508 $ 44,104 $ 31,348 $ 22,863
Total of 2 months or more
delinquent as a percentage
of aggregate loan balance
of revolving credit line
loans...................... 2.63% 3.26% 3.53% 3.57% 3.19% 2.44%
</TABLE>
<TABLE>
<CAPTION>
Mortgage Loan Loss Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
1994 1995 1996 1997 1998 1999
------------ ----------- ------------ ----------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced........ 15,598 25,056 28,368 31,395 30,571 31,517
Aggregate loan balance of
revolving credit line
loans serviced............. $1,079,693 $1,293,483 $1,353,800 $1,387,217 $ 1,191,938 $ 1,202,594
For the Period:
Gross Charge-offs
dollars.................. $ 1,118 $ 3,700 $ 1,860 $ 4,269 $ 2,756 $ 4,445
Percentage(1).............. 0.10% 0.29% 0.14% 0.31% 0.23% 0.37%
</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, 1999, the Loan Balances of the Mortgage Loans:
<TABLE>
<CAPTION>
Trust Balances of Mortgage Loans as of December 31, 1999
Number of Mortgage % of Mortgage Loans by
Range of Trust Balances Loans Trust Balance Trust Balance
<S> <C> <C> <C>
0 1,179 $ 0 0.00%
4,999.99 Or lower 233 380,848.85 0.28%
5,000-9,999.99 154 1,156,317.94 0.84%
10,000-14,999.99 137 1,695,415.57 1.23%
15,000-19,999.99 170 3,002,905.12 2.19%
20,000-24,999.99 176 3,961,266.24 2.89%
25,000-29,999.99 120 3,314,520.95 2.41%
30,000-34,999.99 104 3,375,024.83 2.46%
35,000-39,999.99 104 3,905,309.38 2.84%
40,000-44,999.99 93 3,936,550.93 2.87%
45,000-49,999.99 103 4,930,432.60 3.59%
50,000-54,999.99 65 3,384,932.62 2.47%
55,000-59,999.99 57 3,275,748.40 2.39%
60,000-64,999.99 53 3,302,680.74 2.41%
65,000-69,999.99 50 3,370,258.19 2.46%
70,000-74,999.99 43 3,112,165.36 2.27%
75,000-99,999.99 175 15,457,916.24 11.26%
100,000-149,999.99 141 17,300,100.50 12.60%
150,000-199,999.99 79 13,601,281.21 9.91%
200,000-249,999.99 28 6,372,037.98 4.64%
250,000-299,999.99 20 5,418,579.70 3.95%
300,000-349,999.99 13 4,254,110.02 3.10%
350,000-399,999.99 7 2,602,490.55 1.90%
400,000-449,999.99 3 1,270,381.11 0.93%
450,000-499,999.99 6 2,933,890.85 2.14%
500,000-549,999.99 3 1,579,273.19 1.15%
550,000-599,999.99 3 1,726,998.00 1.26%
600,000-649,999.99 4 2,460,430.39 1.79%
650,000-699,999.99 1 699,925.00 0.51%
750,000-799,999.99 3 2,342,668.16 1.71%
800,000-899,999.99 2 1,718,851.11 1.25%
900,000-999,999.99 1 950,000.00 0.69%
1,000,000-1,099,999.99 2 2,092,590.40 1.52%
1,100,000-1,199,999.99 1 1,150,000.00 0.84%
1,300,000-1,399,999.99 1 1,300,000.00 0.95%
2,400,000-2,499,999.99 1 2,445,490.43 1.78%
3,000,000 Or Greater 1 3,500,000.00 2.55%
------------ -------------------- ----------
TOTALS 3,336 $ 137,281,392.56 100.00%
============ ==================== ==========
</TABLE>
--------------------
The date of this Supplement is March 31, 2000.
