Registration No. 33-84894
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED NOVEMBER 13, 1996
MLCC MORTGAGE INVESTORS, INC., Transferor
ML Revolving Home Equity Loan Asset Backed Certificates,
Series 1996-2, Investor Certificates
MERRILL LYNCH CREDIT CORPORATION
Servicer
On November 25, 1996, the ML Revolving Home Equity Loan Trust 1996-2 (the
"Trust") issued the ML Revolving Home Equity Loan Asset Backed Certificates,
Series 1996-2 (the "Certificates") in an original aggregate principal amount of
approximately $276,159,000. Each Certificate represented an undivided interest
in the Trust created pursuant to a Pooling and Servicing Agreement dated as of
November 1, 1996 by and among MLCC Mortgage Investors, Inc., as transferor,
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
pages S-32 and S-33 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>
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
revolving credit line
loans serviced............. $1,037,427 $1,079,693 $1,293,483 $1,353,800 $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 Trust Loans by
Range of Trust Balances Loans Balance Trust Balance
- ------------------------------------------------------------ -------------- ------------------ -------------------
<S> <C> <C> <C>
$ 0..................... 1,359 $ 0.00 0.00%
$ 0.01- 4,999.99 814 1,278,178.30 0.72%
$ 5,000.00- 9,999.99.................. 536 3,997,786.01 2.24%
$ 10,000.00- 14,999.99.................. 385 4,748,021.99 2.66%
$ 15,000.00- 19,999.99.................. 388 6,800,563.21 3.80%
$ 20,000.00- 24,999.99.................. 311 6,907,355.94 3.86%
$ 25,000.00- 29,999.99.................. 254 6,983,468.20 3.91%
$ 30,000.00- 34,999.99.................. 193 6,242,997.14 3.49%
$ 35,000.00- 39,999.99.................. 180 6,742,178.48 3.77%
$ 40,000.00- 44,999.99.................. 145 6,119,546.87 3.42%
$ 45,000.00- 49,999.99.................. 148 7,046,184.18 3.94%
$ 50,000.00- 54,999.99.................. 93 4,866,205.17 2.72%
$ 55,000.00- 59,999.99.................. 88 5,050,477.54 2.83%
$ 60,000.00- 64,999.99.................. 72 4,484,619.45 2.51%
$ 65,000.00- 69,999.99.................. 66 4,463,433.11 2.50%
$ 70,000.00- 74,999.99.................. 54 3,918,077.47 2.19%
$ 75,000.00- 99,999.99.................. 200 17,445,878.77 9.75%
$ 100,000.00- 149,999.99.................. 140 17,189,914.69 9.62%
$ 150,000.00- 199,999.99.................. 77 13,449,009.93 7.52%
$ 200,000.00- 249,999.99.................. 35 7,590,328.03 4.25%
$ 250,000.00- 299,999.99.................. 31 8,453,789.06 4.73%
$ 300,000.00- 349,999.99.................. 11 3,589,786.29 2.01%
$ 350,000.00- 399,999.99.................. 12 4,515,926.25 2.53%
$ 400,000.00- 449,999.99.................. 5 2,195,994.21 1.23%
$ 450,000.00- 499,999.99.................. 2 978,425.40 0.55%
$ 500,000.00- 549,999.99.................. 2 1,002,617.77 0.56%
$ 550,000.00- 599,999.99.................. 3 1,750,419.56 0.98%
$ 600,000.00- 649,999.99.................. 2 1,257,717.33 0.70%
$ 650,000.00- 699,999.99.................. 2 1,328,396.05 0.74%
$ 700,000.00- 749,999.99.................. 2 1,481,650.19 0.83%
$ 750,000.00- 799,999.99.................. 1 750,000.00 0.42%
$ 800,000.00- 849,999.99.................. 1 800,000.00 0.45%
$ 950,000.00- 999,999.99.................. 3 2,989,390.29 1.67%
$1,000,000.00- 1,099,999.99.................. 2 2,000,000.00 1.12%
$1,100,000.00- 1,399,999.99.................. 1 1,189,407.79 0.67%
$1,400,000.00- 1,499,999.99.................. 1 1,471,516.45 0.82%
$1,600,000.00- 1,899,999.99.................. 1 1,664,877.25 0.93%
$1,900,000.00- 2,999,999.99.................. 1 1,999,592.21 1.12%
$ 3,000,000.00 or greater.............................. 1 4,000,000.00 2.24%
-------------- ----------------- -------------------
TOTALS............................................. 5,622 $ 178,743,730.58 100.00%
-------------- ----------------- -------------------
--------------------
</TABLE>
The date of this Supplement is April 1, 1999
