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, 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
----------- ---------- ----------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C>
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%
</TABLE>
- ---------------------------------
* Does not include loans subject to bankruptcy proceedings.
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
Year Ended Year Ended Year Ended
December 31, 1999 December 31, 1998 December 31, 1997
----------------- ----------------- -----------------
<S> <C> <C> <C>
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%
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:
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Revolving Credit Line 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>
Revolving Credit Line 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.
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,
------------------------------------------------------------
1996 1997 1998 1999
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
Number of revolving credit line loans
serviced................................. 3,356 2,758 2,043 1318
Aggregate loan balance of revolving credit
line loans serviced........................ $ 163,241 $ 128,391 $86,179 $58,306
Loan balance of revolving credit line loans
2 months delinquent........................ $1,039.34 $808.73 $ 2,307 $ 1,855.08
Loan balance of revolving credit line loans
3 months or more delinquent................ $3,145.08 $3,588.65 $ 2,918 $ 2,833.69
Total of 2 months or more delinquent as a
percentage of aggregate loan balance of
revolving credit line loans................ 2.56% 3.42% 6.06% 8.04%
</TABLE>
<TABLE>
<CAPTION>
Dime Portfolio Loss Experience
(Dollars in Thousands)
As of December 31,
------------------------------------------------------------
1996 1997 1998 1999
----------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
As of end of Period:
Number of revolving credit line loans
serviced................................ 3,356 2,758 2,043 1.318
Aggregate loan balance of revolving
credit line loans serviced............ $163,241 $128,391 $86,179 $58,306
For the Period:
Gross charge-offs dollars................ $ 327 $ 130 $ 174 $ 324
Percentage(1)............................ 0.20% 0.10% 0.20% 0.56%
</TABLE>
- --------------
(1) As a percentage of aggregate balance of Mortgage Loans serviced.
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, 1999, the Mortgage Loan
Balances and margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Adjustable Group 1 Loan Principal Balances as of December 31, 1999
% of Adjustable Group
1 Loans by Principal
Range of Principal Balances Number of Loans Principal Balance Balance
- ----------------------------------- ----------------------- ----------------------- -----------------------
<S> <C> <C> <C>
$000-49,999.99 24 $ 791,127.54 0.33%
50,000-54,999.99 3 156,001.92 0.06%
55,000-59,999.99 2 114,251.19 0.05%
60,000-74,999.99 7 472,250.02 0.20%
75,000-99,999.99 27 2,517,910.86 1.04%
100,000-149,999.99 56 6,925,738.25 2.87%
150,000-199,999.99 60 10,683,454.02 4.43%
200,000-249,999.99 80 17,640,813.79 7.32%
250,000-299,999.99 69 19,423,072.38 8.06%
300,000-349,999.99 58 18,449,618.75 7.66%
350,000-399,999.99 32 11,960,290.06 4.96%
400,000-449,999.99 27 11,457,988.98 4.75%
450,000-499,999.99 17 8,022,624.72 3.33%
500,000-549,999.99 25 12,901,494.48 5.35%
550,000-599,999.99 14 8,120,010.15 3.37%
600,000-649,999.99 13 8,144,449.64 3.38%
650,000-699,999.99 14 9,419,507.39 3.91%
700,000-749,999.99 6 4,416,861.01 1.83%
750,000-799,999.99 7 5,490,100.71 2.28%
800,000-849,999.99 7 5,780,215.51 2.40%
850,000-899,999.99 3 2,596,675.80 1.08%
900,000-949,999.99 3 2,700,000.00 1.12%
950,000-999,999.99 10 9,856,095.19 4.09%
1,000,000-1,099,999.99 8 8,097,000.00 3.36%
1,100,000-1,199,999.99 3 3,322,581.97 1.38%
1,200,000-1,299,999.99 7 8,755,614.32 3.63%
1,400,000-1,499,999.99 4 5,889,278.88 2.44%
1,500,000-1,599,999.99 4 6,093,175.10 2.53%
1,600,000-1,699,999.99 1 1,620,000.00 0.67%
1,800,000-1,899,999.99 1 1,878,000.00 0.78%
1,900,000-1,999,999.99 3 5,892,462.90 2.45%
2,000,000-2,099,999.99 4 8,134,275.50 3.38%
2,400,000-2,499,999.99 1 2,498,951.62 1.04%
3,000,000 or Higher 2 10,750,000.00 4.46%
TOTALS ------------ --------------------------- --------------------
602 $ 240,971,892.65 100.00%
============ =========================== ====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Adjustable Group 1 Margins as of December 31, 1999
% of Adjustable Group
Number of Adjustable 1 Loans by Principal
Margin Group 1 Loans Principal Balance Balance
- --------------------------------- ---------------------- ----------------------- -----------------------
<S> <C> <C> <C>
-0.25 55 $ 70,258,937.07 29.16%
-0.125 79 48,013,750.07 19.93%
0 238 77,472,245.64 32.15%
0.25 145 29,091,582.66 12.07%
0.5 81 9,535,318.34 3.96%
0.75 1 237,484.60 0.10%
1 1 112,578.39 0.05%
1.5 2 6,249,995.88 2.59%
---------------------- ----------------------- -----------------------
TOTALS 602 $ 240,971,892.65 100.00%
====================== ======================= =======================
</TABLE>
- -------------------------
(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>
<CAPTION>
Fixed Group 1 Loan Principal Balances as of December 31, 1999
% of Fixed Group 1
Number of Fixed Group Loans by Principal
Range of Principal Balances 1 Loans Principal Balance Balance
- --------------------------------- ------------------------ ------------------------- -------------------------
<S> <C> <C> <C>
$000-49,999.99 1 $ 43,821.77 0.76%
75,000-99,999.99 2 178,174.61 3.08%
100,000-149,999.99 3 380,106.70 6.56%
150,000-199,999.99 6 1,054,734.73 18.21%
200,000-249,999.99 7 1,566,431.22 27.04%
250,000-299,999.99 1 278,963.62 4.82%
300,000-349,999.99 2 634,828.91 10.96%
400,000-449,999.99 1 415,928.74 7.18%
500,000-549,999.99 1 548,919.71 9.48%
650,000-699,999.99 1 690,673.31 11.92%
TOTALS ---------------------- --------------------------- -----------------------
25 $ 5,792,583.32 100.00%
====================== =========================== ========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Range of Group 2 Loan Principal Balances as of December 31, 1999
Number of Group 2 % of Group 2 Loans by
Range of Principal Balances Loans Principal Balance Principal Balance
- --------------------------------- ---------------------- -------------------------- ----------------------------
<S> <C> <C> <C>
$4,999.99 or lower 111 $ 245,344.55 1.49%
5,000-9,999.99 41 290,171.09 1.76%
10,000-14,999.99 46 550,197.23 3.34%
15,000-19,999.99 31 543,836.44 3.30%
20,000-24,999.99 30 695,086.35 4.22%
25,000-29,999.99 27 751,106.56 4.56%
30,000-34,999.99 15 475,769.04 2.89%
35,000-39,999.99 12 452,272.67 2.74%
40,000-44,999.99 15 651,251.90 3.95%
45,000-49,999.99 12 573,772.26 3.48%
50,000-54,999.99 8 424,796.68 2.58%
55,000-59,999.99 13 753,212.21 4.57%
60,000-64,999.99 11 682,775.57 4.14%
65,000-69,999.99 4 270,488.73 1.64%
70,000-74,999.99 7 504,920.79 3.06%
75,000-99,999.99 22 1,894,371.05 11.49%
100,000-149,999.99 14 1,776,415.94 10.78%
150,000-199,999.99 2 325,552.65 1.97%
200,000-249,999.99 9 1,982,153.43 12.02%
250,000-299,999.99 3 845,332.44 5.13%
300,000-349,999.99 1 348,980.00 2.12%
350,000-399,999.99 2 765,875.05 4.65%
650,000-699,999.99 1 682,445.58 4.14%
------------- ----------------------- -----------------------
TOTALS 437 $ 16,486,128.21 100.00%
============= ======================= =======================
</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, 1999, the Certificate Characteristics:
<PAGE>
<TABLE>
<CAPTION>
Subordinate 1994A
Group 1 Certificate Characteristics as of December 31, 1999
Parties
to Original Current
Pooling Type Senior Original Senior Current
Month and of Original Mortgage Pooled Current Mortgage Pooled
of Servicing Mortgage Pool Certificates Certificates Pool Certificates Certificates
Series Servicing Agreement Loan Balance Balance Balance Balance(1) Balance(1) Balance(1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1991F 6/91 (3) (4) $275,922,834 $267,645,149 $8,277,685 $31,553,759 $6,030,897 $5,287,749(5)
1992A 2/92 (3) (4) $254,696,872 $247,692,708 $7,004,164 $24,531,347 $1,193,587 $3,520,560(5)
1992C 5/92 (3) (4) $192,556,636 $188,223,000 $4,333,636 $26,731,387 $11,807,751 $621,003(5)
1992F 8/92 (3) (4) $307,013,073 $297,802,000 $9,211,073 $40,222,983 $31,011,910 $1,431,735
1993B 2/93 (3) (4) $287,950,988 $278,600,000 $9,350,988 $33,034,170 $23,683,182 $9,350,988
1993C 3/93 (3) (4) $272,072,855 $264,585,000 $7,487,855 $40,557,803 $33,069,948 $7,487,855
1993E 6/93 (3) (4) $226,724,904 $221,241,592 $5,483,312 $50,133,026 $44,649,714 $5,483,312
- -----------------------------------------------------------------------------------------------------------------------------------
Totals $1,816,938,162 $1,765,789,449 $51,148,713 $246,764,475 $151,446,989 $33,183,202
===================================================================================================================================
(table continued)
Original Current Current
Pooled Pooled Pooled
Certificates Certificates Certificates CPR
Balance Balance Balance for the
as a % of as a % of as a % of Mortgage Principal Mortgage
Original Current the 30-59 60+ Loans in Balance of Loans
Pool Pool Respective Day Delin- Day Delin- Fore- Loans in in the
Series Balance Balance Total(1) quencies(1) quencies(1) closure(1) Foreclosure(1) Series(2)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1991F 3.00% 16.76% 15.94% $1,901,000 $599,479 0 $0 22.30%
1992A 2.75% 14.35% 10.61% $ 396,031 $0 2 $902,967 25.60%
1992C 2.25% 2.32% 1.87% $ 0 $0 2 $1,049,984 22.70%
1992F 3.00% 3.56% 4.31% $ 715,319 $0 1 $299,762 24.00%
1993B 3.25% 28.31% 28.18% $2,982,156 $233,000 1 $2,069,276 26.90%
1993C 2.75% 18.46% 22.57% $1,002,696 $795,558 2 $2,512,523 24.30%
1993E 2.42% 10.94% 16.52% $ 149,981 $6,249,996 1 $6,000,000 20.40%
- ----------------------------------------------------------------------------------------------------------------------
Totals 2.82% 13.45% 100.00% $7,147,183 $7,878,033 9 $12,834,512 N/A
======================================================================================================================
(1) As of December 31, 1999 (after the January 18, 2000 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, 1999.
(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 $5,792,583
principal amount of fixed rate Mortgage Loans as of December 31, 1999. 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, 1999
Parties
to Original
Pooling Type Distribution Senior Original Senior
Month and of of Original Mortgage Pooled Current Mortgage
of Servicing Mortgage Lien Pool Certificates Certificates Pool Certificates
Series Issuance Agreement Loan Priority Balance Balance Balance Balance(1) Balance(1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1992-1 9/92 (3) (5) (6) $321,511,670 $305,436,000 $16,075,670 $40,223,841 $23,941,450
- ----------------------------------------------------------------------------------------------------------------------------
Totals $321,511,670 $305,436,000 $16,075,670 $40,223,841 $23,941,450
====================================================================
(table continued)
Original Current Current
Pooled Pooled Pooled
Certificates Certificates Certificates CPR
Balance as Balance as Balance as Principal for the
Current a % of a % of a a % of Mortgage Balance mortgage
Pooled Original Current the 31-59 60+ Loan in of Loans
Certificates Pool Pool Respective Day Delin- Day Delin- Fore- Loans in in the
Series Balance(1) Balance Balance Total(1) quencies(1) quencies(1) closure(1) Foreclosure(1) Series(2)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1992-1 $16,075,670 5.00% 39.97% 100.00% $7,724,352 $3,211,297 13 $946,342 24.70%
- ------------------------------------------------------------------------------------------------------------------------------------
Totals $16,075,670 5.00% 39.97% 100.00% $7,724,352 $3,211,297 13 $946,342 N/A
===========================================================================================================================
- --------------------
(1) As of December 31, 1999 (after the January 18, 2000 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, 1999.
(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) 0.31% first lien and 99.69% second and third liens as of December 31, 1999.
-----------------------------
The date of this Prospectus Supplement is March 31, 2000.
</TABLE>
