Registration No. 33-66938
Rule 424(b)(3)
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED JANUARY 14, 1994
Merrill Lynch Home Equity Acceptance, Inc., Seller
Subordinate Mortgage Backed Certificates,
Series 1994A, Class A-1 and A-2
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
-----------------------------------------------------------------
On January 18, 1994, Subordinate Mortgage Backed Certificates, Series
1994A, Class A-1 and A-2 (the "Class A Certificates") were issued in an
approximate original aggregate principal amount of $103,636,222. The Class A
Certificates represented beneficial interests of approximately 77.7% in the
Trust Fund comprised of certain subordinate mortgage pass-through certificates
issued pursuant to separate pooling and servicing agreements each by and among
Merrill Lynch Home Equity Acceptance, Inc., as seller, Merrill Lynch Credit
Corporation, as master servicer, and Bankers Trust Company of California,
N.A., as trustee. This Prospectus Supplement to the above-referenced
Prospectus (the "Prospectus") supplements and updates certain of the
information set forth in the Prospectus. Capitalized terms not defined herein
have the meanings ascribed to them in the Prospectus.
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs--Prime First and Fixed Rate Mortgage
Loans--Delinquency and Loan Loss Experience" on page 66 of the Prospectus are
hereby updated, in their entirety, as follows:
<PAGE>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
December 31, 1998 December 31, 1997 December 31, 1996
------------------------- ------------------------- -------------------------
Number of Number of Number of
PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal
Loans Amount Loans Amount Loans Amount
----------- --------- ----------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
PrimeFirst Loans
Outstanding...................... 11,263 $4,408,862 14,159 $5,302,950 11,054 $4,331,131
Delinquency Period
30-59 Days....................... 184 $ 77,751 183 $ 66,254 180 $ 84,297
60-89 Days....................... 26 9,815 26 18,544 19 6,583
90 Days or More*................. 34 23,664 24 18,072 29 27,590
------ --------- ------ -------- ------ ------
Total Delinquency............. 244 111,230 233 $102,870 228 $118,470
====== ========= ====== ======== ====== ========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding...................... 2.17% 2.52% 1.65% 1.94% 2.06% 2.74%
Foreclosures....................... 47 $ 43,681 39 $ 47,396 29 $ 39,100
Foreclosures as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding...................... 0.42% 0.99% 0.28% 0.89% 0.26% 0.90%
- ----------------
* Does not include loans subject to bankruptcy proceedings.
</TABLE>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
Year Ended Year Ended Year Ended
December 31, 1998 December 31, 1997 December 31, 1996
----------------- ----------------- -----------------
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst Loan
Portfolio........................................... $4,855,906 $4,817,041 $3,933,946
Average Number of PrimeFirst Loans Outstanding
During the Period................................... 12,711 12,607 9,663
Gross Charge-offs..................................... $ 4,030 $ 5,363 $ 6,157
Recoveries............................................ $ 2 $ 99 $ 0
---------- ---------- ----------
Net Charge-offs....................................... $ 4,028 $ 5,264 $ 6,157
========== ========== ==========
Net Charge-offs as a Percent of Average
Principal Balance Outstanding....................... 0.08% 0.11% 0.16%
</TABLE>
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 69 and 70 of the Prospectus are hereby updated, in their entirety, as
follows:
<PAGE>
<TABLE>
<CAPTION>
Revolving Credit Line 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>
Revolving Credit Line 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 13,839 15,598 25,056 28,368 31,395 30,571
line loans serviced...........
Aggregate loan balance of $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217 1,191,938
revolving credit line
loans serviced................
For the Period: $ 3,153 $ 1,118 $ 3,700 $ 1,860 $ 4,269 $ 2,756
Gross Charge-offs
dollars.....................
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>
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs-Dime Revolving Credit
Loans-Delinquency and Loan Loss Experience" on pages 75 and 76 of the
Prospectus are hereby updated, in their entirety, as follows:
<PAGE>
<TABLE>
<CAPTION>
Dime Portfolio Delinquency Experience
(Dollars in Thousands)
As of December 31,
-----------------------------------------------------------------
1995 1996 1997 1998
--------------- --------------- ---------------- -----------
<S> <C> <C> <C> <C>
Number of revolving credit line loans serviced........... 3,919 3,356 2,758 2,043
Aggregate loan balance of revolving credit
line loans serviced.................................... $200,367 $163,241 $128,391 $ 86,179
Loan balance of revolving credit line loans
2 months delinquent.................................... $ 1,000 $ 1,039 $ 809 $ 2,307
Loan balance of revolving credit line loans
3 months or more delinquent............................ $ 2,885 $ 3,145 $ 3,589 $ 2,918
Total of 2 months or more delinquent as a
percentage of aggregate loan balance of
revolving credit line loans............................ 1.94% 2.56% 3.42% 6.06%
</TABLE>
<TABLE>
<CAPTION>
Dime Portfolio Loss Experience
(Dollars in Thousands)
As of December 31,
--------------------------------------------------------------
1995 1996 1997 1998
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
As of end of Period:
Number of revolving credit line loans
serviced........................................ 3,919 3,356 2,758 2,043
Aggregate loan balance of revolving credit
line loans serviced............................. $200,367 $163,241 $128,391 $86,179
For the Period:
Gross charge-offs dollars....................... $ 95 $ 327 $ 130 $ 174
Percentage(1)................................... 0.05% 0.20% 0.10% 0.20%
- --------------
(1) As a percentage of aggregate balance of Mortgage Loans serviced.
</TABLE>
The information contained in the tables entitled "Statistics Date
Adjustable Group 1 Loan Principal Balances", "Range of Adjustable Group 1
Margins", "Statistics Data Fixed Group 1 Loan Principal Balances" and
"Statistics Date Group 2 Loan Principal Balances" under the heading "The
Mortgage Pools" on pages 45, 48, 50 and 56, respectively, of the Prospectus
are hereby updated to indicate, as of December 31, 1998, the Mortgage Loan
Balances and margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Adjustable Group 1 Loan Principal Balances as of December 31, 1998
Number of % of Adjustable
Adjustable Group 1 Loans by
Range of Principal Balances Group 1 Loans Principal Balance Principal Balance
- -------------------------------------------------- ------------------ ----------------------------- ------------------
<S> <C> <C> <C>
$ 0.00 - 49,999.99.................. 26 $ 842,222.22 0.24%
$ 50,000.00 - 54,999.99.................. 3 156,887.68 0.04%
$ 55,000.00 - 59,999.99.................. 3 170,069.17 0.05%
$ 60,000.00 - 74,999.99.................. 10 680,690.74 0.19%
$ 75,000.00 - 99,999.99.................. 34 3,141,020.04 0.88%
$ 100,000.00 - 149,999.99.................. 84 10,276,644.21 2.88%
$ 150,000.00 - 199,999.99.................. 93 16,541,198.00 4.64%
$ 200,000.00 - 249,999.99.................. 107 23,692,427.96 6.65%
$ 250,000.00 - 299,999.99.................. 97 27,302,257.13 7.68%
$ 300,000.00 - 349,999.99.................. 82 26,132,411.62 7.36%
$ 350,000.00 - 399,999.99.................. 46 17,123,393.75 4.81%
$ 400,000.00 - 449,999.99.................. 39 16,572,762.39 4.65%
$ 450,000.00 - 499,999.99.................. 27 12,787,296.08 3.59%
$ 500,000.00 - 549,999.99.................. 29 15,071,249.03 4.23%
$ 550,000.00 - 599,999.99.................. 21 12,042,526.69 3.38%
$ 600,000.00 - 649,999.99.................. 17 10,620,855.60 2.98%
$ 650,000.00 - 699,999.99.................. 22 14,839,964.33 4.17%
$ 700,000.00 - 749,999.99.................. 12 8,804,315.18 2.47%
$ 750,000.00 - 799,999.99.................. 11 8,570,817.68 2.41%
$ 800,000.00 - 849,999.99.................. 8 6,568,952.24 1.84%
$ 850,000.00 - 899,999.99.................. 7 6,167,062.29 1.73%
$ 900,000.00 - 949,999.99.................. 6 5,514,301.62 1.55%
$ 950,000.00 - 999,999.99.................. 12 11,852,656.73 3.33%
$1,000,000.00 - 1,099,999.99.................. 15 15,227,372.98 4.27%
$1,100,000.00 - 1,199,999.99.................. 7 8,023,022.35 2.25%
$1,200,000.00 - 1,299,999.99.................. 9 11,235,112.86 3.15%
$1,300,000.00 - 1,399,999.99.................. 2 2,649,034.89 0.74%
$1,400,000.00 - 1,499,999.99.................. 6 8,693,304.73 2.44%
$1,500,000.00 - 1,599,999.99.................. 3 4,513,201.57 1.27%
$1,600,000.00 - 1,699,999.99.................. 2 3,220,000.00 0.90%
$1,700,000.00 - 1,799,999.99.................. 1 1,749,000.03 0.49%
$1,800,000.00 - 1,899,999.99.................. 1 1,878,000.00 0.53%
$1,900,000.00 - 1,999,999.99.................. 3 5,893,284.96 1.65%
$2,000,000.00 - 2,099,999.99.................. 5 10,134,275.50 2.84%
$2,400,000.00 - 2,499,999.99.................. 1 2,498,951.62 0.70%
$2,500,000.00 - 2,599,999.99.................. 2 5,000,000.00 1.40%
$2,700,000.00 - 2,799,999.99.................. 1 2,750,000.00 0.77%
$3,000,000.00 or Higher.......................... 4 17,290,644.96 4.85%
------------------ -------------------------- ---------------------
TOTALS............................ 858 $ 356,227,188.83 100.00%
================== ========================== =====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Range of Adjustable Group 1 Margins as of December 31, 1998
Number of % of Adjustable
Adjustable Group 1 Group 1 Loans by
Margin(1) Loans Principal Balance Principal Balance
- -------------------------- ---------------------- ------------------ ----------------
<S> <C> <C> <C>
-0.250% 84 $ 112,242,522.66 31.51%
-0.125% 117 72,621,749.50 20.39%
0.000% 328 109,009.446.34 30.60%
0.250% 203 41,134,178.30 11.55%
0.500% 121 14,384,237.28 4.04%
0.750% 2 472,476.37 0.13%
1.000% 1 112,578.39 0.03%
1.500% 2 6,249,999.99 1.75%
- ------------ -------
TOTALS 858 $356,227,188.83 100.00%
=== =============== =======
- -------------------------
(1) The Margin is added to or subtracted from (as indicated) the
applicable Prime Index to arrive at the Mortgage Rate, except when
the Margin is equal to or greater than 1.50%, in which case it is
added to the applicable Six-Month LIBOR Index; provided that the
Underlying Mortgage Rate will not exceed 12.00%, 15.00% or 18.00%
per annum, as applicable. See "Summary of the Terms of the Class A
Certificates--Group 1 Loans" and "MLCC and its Mortgage
Programs--PrimeFirst and Fixed Rate Mortgage Loans" herein.
</TABLE>
<TABLE>
<CAPTION>
Fixed Group 1 Loan Principal Balances as of December 31, 1998
% of Fixed Group 1
Number of Loans by
Range of Principal Balances Fixed Group 1 Loans Principal Balance Principal Balance
- -------------------------------------- -------------------- --------------------- -----------------------
<S> <C> <C> <C>
$ 75,000.00 or Lower 1 $ 47,111.83 0.65%
$ 75,000.00 - 99,999.99.......... 1 87,575.68 1.21%
$100,000.00 - 149,999.99.............. 1 129,581.59 1.79%
$150,000.00 - 199,999.99.............. 10 1,793,011.96 24.77%
$200,000.00 - 249,999.99.............. 6 1,331,602.35 18.38%
$250,000.00 - 299,999.99.............. 4 1,058,469.35 14.61%
$300,000.00 - 349,999.99.............. 2 652,123.97 9.00%
$350,000.00 - 399,999.99.............. 1 386,279.34 5.33%
$450,000.00 - 499,999.99.............. 1 450,141.66 6.21%
$550,000.00 - 699,999.99.............. 1 559,954.44 7.73%
$700,000.00 - 799,999.99.............. 1 747,818.45 10.32%
------------------- --------------------- ---------------------
TOTALS 29 $ 7,243,670.62 100.00%
=================== ===================== =====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Group 2 Loan Principal Balances as of December 31, 1998
% of Group 2
Number of Loans by
Range of Principal Balances Group 2 Loans Principal Balance Principal Balance
- ----------------------------------------------- --------------- -------------------- --------------------
<S> <C> <C> <C>
$ 4,999.99 or Lower 80 $ 181,197.14 0.22%
$ 5,000.00 - 9,999.99............... 94 694,615.32 0.83%
$ 10,000.00 - 14,999.99............... 124 1,536,324.45 1.83%
$ 15,000.00 - 19,999.99............... 116 2,034,793.10 2.43%
$ 20,000.00 - 24,999.99............... 120 2,718,979.60 3.25%
$ 25,000.00 - 29,999.99............... 126 3,495,341.55 4.17%
$ 30,000.00 - 34,999.99............... 97 3,167,572.82 3.78%
$ 35,000.00 - 39,999.99............... 111 4,159,536.12 4.97%
$ 40,000.00 - 44,999.99............... 92 3,920,557.19 4.68%
$ 45,000.00 - 49,999.99............... 113 5,365,056.44 6.41%
$ 50,000.00 - 54,999.99............... 47 2,474,547.04 2.95%
$ 55,000.00 - 59,999.99............... 58 3,353,165.95 4.00%
$ 60,000.00 - 64,999.99............... 52 3,259,523.65 3.89%
$ 65,000.00 - 69,999.99............... 41 2,766,529.84 3.30%
$ 70,000.00 - 74,999.99............... 50 3,624,090.08 4.33%
$ 75,000.00 - 99,999.99............... 136 11,875,762.86 14.18%
$ 100,000.00 - 149,999.99............... 76 9,243,984.77 11.04%
$ 150,000.00 - 199,999.99............... 24 4,241,613.91 5.06%
$ 200,000.00 - 249,999.99............... 13 3,004,828.87 3.59%
$ 250,000.00 - 299,999.99............... 14 3,975,489.41 4.75%
$ 300,000.00 - 349,999.99............... 10 3,253,898.51 3.89%
$ 350,000.00 - 449,999.99............... 1 368,042.17 0.44%
$ 450,000.00 - 499,999.99............... 2 955,555.70 1.14%
$ 500,000.00 - 549,999.99............... 1 524,550.00 0.63%
$ 550,000.00 - 599,999.99............... 1 576,241.41 0.69%
$ 600,000.00 - 899,999.99............... 1 623,494.77 0.74%
$ 900,000.00 - 949,999.99............... 1 941,372.11 1.12%
$1,400,000.00 - 1,499,999.99............... 1 1,418,440.93 1.69%
------------- --------------------- --------------------
TOTALS ..................... 1,602 $83,755,105.71 100.00%
============= ===================== ====================
</TABLE>
Additionally, the information contained in the tables entitled "Group 1
Certificate Characteristics" and "Group 2 Certificate Characteristics" under
the heading "Description of the Pooled Certificates--General" on pages 30 and
32, respectively, of the Prospectus are hereby updated to indicate, as of
December 31, 1998, the Certificate Characteristics:
<PAGE>
<TABLE>
<CAPTION>
Subordinate 1994A
Group 1 Certificate Characteristics as of December 31, 1998
Parties to Original Current
Pooling Type Senior Original Senior
Month and of Original Mortgage Pooled Current Mortgage
of Servicing Mortgage Pool Certificates Certificates Pool Certificates
Series Servicing Agreement Loan Balance Balance Balance Balance(1) Balance(1)
------ --------- --------- -------- -------- -------------- -------------- ------------- -----------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
1991F 6/91 (3) (4) $ 275,922,834 $ 267,645,149 $ 8,277,685 $ 52,667,084 $ 27,144,222
1992A 2/92 (3) (4) $ 254,696,872 $ 247,692,708 $ 7,004,164 $ 40,180,326 $ 17,217,135
1992C 5/92 (3) (4) $ 192,556,636 $ 188,223,000 $ 4,333,636 $ 34,234,798 $ 19,311,162
1992F 8/92 (3) (4) $ 307,013,073 $ 297,802,000 $ 9,211,073 $ 61,008,810 $ 51,797,737
1993B 2/93 (3) (4) $ 287,950,988 $ 278,600,000 $ 9,350,988 $ 52,392,864 $ 43,041,876
1993C 3/93 (3) (4) $ 272,072,855 $ 264,585,000 $ 7,487,855 $ 56,824,095 $ 49,336,240
1993E 6/93 (3) (4) $ 226,724,904 $ 221,241,592 $ 5,483,312 $ 66,162,882 $ 60,679,570
-------------- -------------- ------------- -------------- ------------- ------------
Totals $1,816,938,162 $1,765,789,449 $ 51,148,713 $ 363,470,859 $ 268,527,942 $ 37,242,230
============== ============== ============= ============== ============= ============
Original Current Current
Pooled Pooled Pooled
Certificates Certificates Certificates
Balance Balance Balance Mortgage
Current as a % of as a % as a % of Loans in
Pooled Original of Current the 30-59 60+ Fore-
Certificates Pool Pool Respective Day Delin- Day Delin- closure
Series Balance(1) Balance Balance Total(1) quencies(1) quencies(1) (1)
- ------ ------------ ------------ ------------ ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1991F $5,602,858 (5) 3.00% 10.64% 15.04% $ 1,901,000 $ 599,479 0 $
1992A $4,839,096 (5) 2.75% 12.04% 12.99% $ 0 $ 0 3 $
1992C $1,786,725 (5) 2.25% 5.22% 4.80% $ 372,060 $ 0 3 $
1992F $ 2,691,396 3.00% 4.41% 7.23% $ 975,551 $ 1,919,473 1 $
1993B $ 9,350,988 3.25% 17.85% 25.11% $ 1,903,618 $ 2,600,540 1 $
1993C $ 7,487,855 2.75% 13.18% 20.11% $ 1,492,303 $ 4,013,202 3 $
1993E $ 5,483,312 2.42% 8.29% 14.72% $ 6,988,866 $ 3,180,000 1 $
-------------- ------------ ----------- ----------- ------------ ------------ --------
Totals $ 37,242,230 2.82% 10.25% 100.00% $ 13,633,398 $ 12,312,694 12 $
============== ============ =========== =========== ============ ============= =========
CPR
Principal for the
Balance of Mortgage
Loans in Loans
Foreclosure in the
Series (1) Series(2)
- ------ ----------- ---------
<S> <C> <C>
1991F 0 19.60%
1992A 2,502,967 23.40%
1992C 2,049,984 22.80%
1992F 299,762 22.30%
1993B 99,866 25.00%
1993C 1,868,852 23.50%
1993E 6,000,000 19.60%
------------ --------
Totals 12,821,431 N/A
============ ========
- --------------------
(1) As of December 31, 1998 (after the January 15, 1999 distribution).
(2) The CPR is the constant rate of prepayment each month, expressed
as per annum percentage of the scheduled principal balance of the
pool of mortgage loans for that month for the period from the
creation of the Series to December 31, 1998.
(3) Merrill Lynch Mortgage Investors, Inc., as depositor, MLCC, as
Servicer, and Bankers Trust Company of California, N.A. (in the
case of Series 1991F, Bank of America National Trust and Savings
Association), as Underlying Trustee.
(4) The Mortgage Loans in all Series are adjustable rate PrimeFirst loans, except that Series 1993E contains
$7,243,671 principal amount of fixed rate Mortgage Loans as of December 31, 1998. See "The Mortgage Pools--Group 1 Loans."
(5) Commencing with the January 18, 1994 Underlying Distribution Date,
the Pooled Certificates will receive, as a distribution of
principal, the excess interest, if any, available in respect of
such Series that is not required to be distributed to the Senior
Mortgage Certificates of such Series.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Subordinate 1994A
Group 2 Certificate Characteristics as of December 31, 1998
Parties to Original
Pooling Type Senior Original
Month and of Distribution Original Mortgage Pooled Current
of Servicing Mortgage of Lien Pool Certificates Certificates Pool
Series Issuance Agreement Loan Priority Balance Balance Balance Balance(1)
------ ---------- ---------- ------- ------------ ------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1992-1 9/92 (3) (5) (6) $321,511,670 $305,436,000 $16,075,670 $58,641,000
Totals $321,511,670 $305,436,000 $16,075,670 $58,641,000
============ ============ ============ =========== ===========
Original Current Current
A: Pooled Pooled Pooled
Certificates Certificates Certificates
Balance Balance Balance
Senior Current as a % of as a % of as a % of
Mortgage Pooled Original Current the 30-59 60+
Certificates Certificates Pool Pool Respective Day Delin- Day Delin-
Series Balance(1) Balance(1) Balance Balance Total(1) quencies(1) quencies(1)
------ ------------ ------------- ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
1992-1 $42,565,330 $16,075,670 5.00% 27.41% 100.00% $839,092 $4,627,267
Totals $42,565,330 $16,075,670 5.00% 27.41% 100.00% $839,092 $4,627,267
=========== ============ ============ ============ ============ =========== ============
CPR
Mortgage for the
Loans in Principal Mortgage
Fore- Balance of Loans
closure Loans in in the
Series (1) Foreclosure (1) Series(2)
------ ---------- --------------- ---------
<S> <C> <C> <C>
1992-1 12 $716,870 23.60%
Totals 12 $716,870 N/A
========== ================= =========
- --------------------
(1) As of December 31, 1998 (after the January 15, 1999 distribution).
(2) The CPR is the constant rate of prepayment each month, expressed as per annum percentage of the
scheduled principal balance of the pool of mortgage loans for that month for the period from
the creation of the Series to December 31, 1998.
(3) Merrill Lynch Mortgage Investors, Inc., as depositor, MLCC, as Servicer, and Bankers Trust
Company of California, N.A., as Underlying Trustee.
(4) MLCC Revolving Credit Loans. See "MLCC and Its Mortgage Programs--Equity Access Program."
(5) Dime Revolving Credit Loans. See "MLCC and Its Mortgage Programs--Dime Revolving Credit Loans."
Substantially all of the Mortgaged Properties securing the Dime Revolving Credit Loans are
located in New York.
(6) 0.51% first lien and 99.49% second and third liens as of December 31, 1998.
-----------------------------
The date of this Prospectus Supplement is April 1, 1999.
</TABLE>
