Registration No.33-84894
Rule 424 (b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED SEPTEMBER 4, 1996
MLCC Mortgage Investors, Inc., Seller
Mortgage Loan Asset Backed Pass-Through Certificates,
Series 1996-C, Class A
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
---------------------------------------------------------------------------
On September 10, 1996, the Mortgage Loan Asset Backed Pass-Through
Certificates, Series 1996-C, Class A (the "Certificates") were issued in an
approximate original aggregate principal amount of $318,494,140. The
Certificates represented beneficial interests in the Trust Fund created
pursuant to a Pooling and Servicing Agreement dated as of August 1, 1996 by
and among MLCC Mortgage Investors, Inc., as seller, Merrill Lynch Credit
Corporation, as master 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 Master Servicer has informed the Seller that the Master Servicer
has entered into a contract with Cendant Mortgage Corporation, as subservicer,
to perform its servicing duties under the Pooling and Servicing Agreement. The
contract with Cendant Mortgage Corporation does not include the Master
Servicer's servicing duties with respect to the Additional Collateral under
the Pooling and Servicing Agreement. Notwithstanding such subservicing
arrangements entered into by the Master Servicer with Cendant Mortgage
Corporation or any other subservicer, the Master Servicer will not be released
from its obligations under the Pooling and Servicing Agreement and will remain
liable for the servicing of the Mortgage Loans in accordance with the
provisions of the Pooling and Servicing Agreement without diminution of such
liability by virtue of such subservicing arrangements.
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss Experience"
on page S-28 of the Prospectus Supplement are hereby updated, in their
entirety, as follows:
<PAGE>
PRIMEFIRST(R)LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
December 31, 1999 December 31, 1998 December 31, 1997
----------------------- ------------------------ ------------------------
Number of Number of Number of
PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal
Loans Amount Loans Amount Loans Amount
---------- --------- ----------- --------- ---------- ---------
PrimeFirst Loans
Outstanding................... 11,223 $4,526,896 11,263 $4,408,862 14,159 $5,302,950
---------- ---------- ----------- --------- ---------- ---------
Delinquency Period
30-59 Days.................... 199 $ 76,666 184 $ 77,751 183 $ 66,254
60-89 Days.................... 38 15,834 26 9,815 26 18,544
90 Days or More*.............. 15 8,300 34 23,664 24 18,072
------ ------ ------ --------- ------ ---------
Total Delinquency.......... 252 $100,800 244 $111,230 233 $102,870
====== ========= ====== ========= ====== =========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 2.25% 2.23% 2.17% 2.52% 1.65% 1.94%
Loans in Foreclosure............ 36 $ 33,135 47 $ 43,681 39 $ 47,396
Loans in Foreclosure as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 0.32% 0.73% 0.42% 0.99% 0.28% 0.89%
- ---------------------------------
* Does not include loans subject to bankruptcy proceedings.
</TABLE>
PRIMEFIRST(R)LOAN LOSS EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Year Ended Year Ended Year Ended
December 31, 1999 December 31, 1998 December 31, 1997
----------------- ----------------- -----------------
Average Principal Balance of PrimeFirst Loan
Portfolio....................................... $4,467,879 $4,855,906 $4,817,041
Average Number of PrimeFirst Loans Outstanding
During the Period............................... 11,243 12,711 12,607
---------- ---------- ----------
Gross Charge-offs................................. $ 5,578 $ 4,030 $ 5,363
Recoveries........................................ $ 16 $ 2 $ 99
---------- ---------- ---------
Net Charge-offs................................... $ 5,562 $ 4,028 $ 5,264
========== ========== =========
Net Charge-offs as a Percent of Average
Principal Balance Outstanding................... 0.12% 0.08% 0.11%
</TABLE>
The first two tables set forth after the second paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss Experience"
on page S-29 of the Prospectus Supplement are hereby updated, in their
entirety, as follows:
<PAGE>
<TABLE>
<CAPTION>
Revolving Credit Line Loan Delinquency Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1994 1995 1996 1997 1998 1999
------------ ----------- ------------ ----------- -------------- -------------
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>
Revolving Credit Line Loan Loss Experience
(Dollars in Thousands)
As of December 31,
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1994 1995 1996 1997 1998 1999
------------ ----------- ------------ ----------- ------------- -------------
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 tables entitled "Range
of Cut-off Date Principal Balances", "Prime Index Mortgage Loan Margins",
"One-Month LIBOR Index Mortgage Loan Margins", "Six-Month LIBOR Index Mortgage
Loan Margins" and "One-Year Treasury Index Mortgage Loan Margins" under the
heading "The Mortgage Pool" on pages S-19 and S-22 of the Prospectus
Supplement is hereby updated to indicate, as of December 31, 1999, the
Mortgage Loan Balances and Margins of the Mortgage Loans:
<PAGE>
Range of Principal Balances as of December 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Number of Mortgage % of Mortgage Pool by
Range of Principal Balances Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
$0-49,999.99 32 $ 1,129,818.34 0.72%
$50,000-54,999.99 3 153,267.85 0.10%
$55,000-59,999.99 9 514,869.37 0.33%
$60,000-74,999.99 19 1,284,923.01 0.82%
$75,000-99,999.99 40 3,468,149.39 2.21%
$100,000-149,999.99 58 7,300,045.49 4.66%
$150,000-199,999.99 38 6,692,345.00 4.27%
$200,000-249,999.99 48 10,640,088.11 6.79%
$250,000-299,999.99 33 9,163,854.10 5.85%
$300,000-349,999.99 32 10,334,394.92 6.59%
$350,000-399,999.99 25 9,374,626.00 5.98%
$400,000-449,999.99 16 6,748,052.72 4.31%
$450,000-499,999.99 12 5,658,187.00 3.61%
$500,000-549,999.99 10 5,222,821.34 3.33%
$550,000-599,999.99 7 4,056,902.60 2.59%
$600,000-649,999.99 8 4,858,546.54 3.10%
$650,000-699,999.99 3 2,024,812.44 1.29%
$700,000-749,999.99 8 5,799,141.61 3.70%
$750,000-799,999.99 1 766,000.00 0.49%
$800,000-849,999.99 4 3,307,481.21 2.11%
$850,000-899,999.99 1 859,910.41 0.55%
$900,000-949,999.99 5 4,631,480.72 2.95%
$950,000-999,999.99 6 5,922,089.31 3.78%
$1,000,000-1,099,999.99 8 8,288,428.60 5.29%
$1,100,000-1,199,999.99 7 7,949,783.28 5.07%
$1,200,000-1,299,999.99 3 3,823,252.11 2.44%
$1,300,000-1,399,999.99 1 1,388,500.00 0.89%
$1,400,000-1,499,999.99 2 2,841,000.00 1.81%
$1,500,000-1,599,999.99 3 4,737,391.23 3.02%
$1,700,000-1,799,999.99 1 1,773,994.06 1.13%
$2,000,000-2,099,999.99 2 4,009,999.99 2.56%
$2,300,000-2,399,999.99 2 4,797,630.17 3.06%
$3,000,000 or Higher 2 7,219,456.11 4.61%
----------------------------------------------------------------------
TOTALS 449 $ 156,741,243.03 100.00%
======================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Prime Index Mortgage Loan Margins as of December 31, 1999
<S> <C> <C> <C>
Number of Mortgage % of Prime Index Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
0.25 4 $ 350,551.87 100.00%
------------------------------------------------------------------------------
TOTALS 4 $ 350,551.87 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
One-Month LIBOR Index Mortgage Loan Margins as of December 31, 1999
<S> <C> <C> <C>
% of One-Month
Number of Mortgage LIBOR Index Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
0.75 1 $ 449,969.01 0.92%
1.125 3 2,753,388.14 5.63%
1.25 3 1,870,091.67 3.82%
1.375 9 9,189,597.34 18.78%
1.5 11 7,657,010.78 15.65%
1.625 16 9,285,516.49 18.97%
1.75 6 2,529,328.41 5.17%
1.875 21 6,721,109.25 13.73%
2 6 2,007,491.23 4.10%
2.125 20 4,258,312.50 8.70%
2.375 10 1,730,663.95 3.54%
2.625 7 487,553.80 1.00%
------------------------------------------------------------------------------
TOTALS 113 $ 48,940,032.57 100.00%
==============================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Six-Month LIBOR Index Mortgage Loan Margins as of December 31, 1999
<S> <C> <C> <C>
% of Six-Month LIBOR Index
Number of Mortgage Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
0.875 1 $ 625,000.00 0.61%
1 3 1,114,048.16 1.08%
1.25 1 204,929.53 0.20%
1.5 11 14,339,311.21 13.95%
1.625 16 11,431,139.09 11.12%
1.75 61 29,525,884.29 28.72%
1.875 10 6,544,730.51 6.37%
2 48 16,077,296.72 15.64%
2.125 6 1,551,926.09 1.51%
2.25 101 13,411,087.15 13.05%
2.375 4 806,295.09 0.78%
2.5 25 3,856,069.33 3.75%
2.625 5 510,623.28 0.50%
2.75 28 2,616,700.75 2.55%
3 2 183,100.83 0.18%
------------------------------------------------------------------------------
TOTALS 322 $ 102,798,142.03 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
One-Year Treasury Index Mortgage Loan Margins as of December 31, 1999
<S> <C> <C> <C>
% of One-Year Tresury Index
Number of Mortgage Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
1.75 1 $ 35,450.00 0.76%
2.5 4 985,023.51 21.17%
2.75 2 3,348,138.29 71.96%
3 3 283,904.76 6.10%
------------------------------------------------------------------------------
TOTALS 10 $ 4,652,516.56 100.00%
==============================================================================
</TABLE>
--------------------
The date of this Supplement is March 31, 2000.
