Registration No. 33-38853
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED JUNE 25, 1991
Merrill Lynch Mortgage Investors, Inc., Seller
PrimeFirst(Registered Trademark) Adjustable Rate Mortgage
Senior/Subordinate Pass-Through Certificates,
Series 1991F, Class A-1 and A-2 (Senior)
Merrill Lynch Credit Corporation, f/k/a
MERRILL LYNCH EQUITY MANAGEMENT, INC.
Master Servicer
_________________________________________________________________
On June 27, 1991, the PrimeFirst(Registered Trademark) Adjustable Rate
Mortgage Senior/Subordinate Pass-Through Certificates, Series 1991F, Class A-
1 and A-2 (the "Class A Certificates") were issued in an original aggregate
principal amount of $250,399,971.90. The Class A Certificates represented
beneficial interests of approximately 90.75% in the Trust Fund created
pursuant to a Pooling and Servicing Agreement dated as of June 1, 1991 by and
among Merrill Lynch Mortgage Investors, Inc, as seller, Merrill Lynch Credit
Corporation, f/k/a Merrill Lynch Equity Management, Inc, as master servicer,
and Bankers Trust of America, N.A. & S.A., (successor to Security Pacific
National Bank) 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 "MLEM and its PrimeFirst Mortgage Program--Delinquency and Loan Loss
Experience" on page S-19 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
<TABLE>
PRIMEFIRST(Registered Trademark) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<CAPTION>
December 31, 1996 December 31, 1995 December 31, 1994
-------------------------- ---------------------------- -------------------------
Number of Number of
PrimeFirst Principal Number of Principal PrimeFirst Principal
Loans Amount PrimeFirst Loans Amount Loans Amount
----------- --------- ---------------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
PrimeFirst Loans
Outstanding . . . . . . . . 11,054 $4,331,131 8,272 $3,536,761 7,615 $3,351,328
Delinquency Period
30-59 Days . . . . . . . . 180 $ 84,297 127 $ 56,370 121 $ 86,279
60-89 Days . . . . . . . . 19 6,583 13 7,917 20 18,152
90 Days or More* . . . . . 29 27,590 44 45,749 17 19,257
------ ---------- ----- ---------- ----- ----------
Total Delinquency . . . 228 118,470 184 $ 110,036 158 $ 123,688
====== ========== ===== ========== ===== ==========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding . . . . . . . . 2.06% 2.74% 2.22% 3.11% 2.07% 3.69%
Foreclosures . . . . . . . . 29 $ 39,100 28 $ 38,209 18 $ 15,637
Foreclosures as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding . . . . . . . . 0.26% 0.90% 0.34% 1.11% 0.24% 0.47%
</TABLE>
_________________________________
* Does not include loans subject to bankruptcy proceedings.
<TABLE>
PRIMEFIRST(Registered Trademark) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
<CAPTION>
Year Ended Year Ended Year Ended
December 31, 1996 December 31, 1995 December 31, 1994
----------------- ----------------- -----------------
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst
Loan Portfolio . . . . . . . . . . . . . $3,933,946 $3,444,045 $2,807,875
Average Number of PrimeFirst Loans
Outstanding
During the Period . . . . . . . . . . . . 9,663 7,944 6,287
Gross Charge-offs . . . . . . . . . . . . . $ 6,157 $ 1,840 $ 457
Recoveries . . . . . . . . . . . . . . . . 0 0 0
---------- ---------- ----------
Net Charge-offs . . . . . . . . . . . . . . $ 6,157 $ 1,840 $ 457
========== ========== ==========
Net Charge-offs as a percent of Average
Principal Balance Outstanding . . . . . . 0.16% 0.05% 0.02%
</TABLE>
Additionally, the information contained in the table entitled "Range of
Cut-Off Date Principal Balances" and "Range of Margins" under the heading
"The Mortgage Pool" on pages S-14 and S-16, respectively, of the Prospectus
Supplement is hereby updated to indicate, as of December 31, 1996, the
Mortgage Loan Balances and margins of the Mortgage Loans:
<TABLE>
RANGE OF PRINCIPAL BALANCES AS OF DECEMBER 31, 1996
<CAPTION>
% of Mortgage
Range of Number of Pool by
Principal Balances Mortgage Loans Principal Balance Principal Balance
- ----------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
$0.00- 49,999.99 . . . . . . . . . 1 $ 1,000.00 0.00%
$60,000.00- 74,999.99. . . . . . . 1 65,000.00 0.06
$75,000.00- 99,999.99. . . . . . . 2 184,914.46 0.17
$100,000.00- 149,999.99 . . . . . . 5 577,311.66 0.52
$150,000.00- 199,999.99 . . . . . . 3 497,107.26 0.45
$200,000.00- 249,999.99 . . . . . . 8 1,756,998.00 1.57
$250,000.00- 299,999.99 . . . . . . 27 7,862,782.18 7.04
$300,000.00- 349,999.99 . . . . . . 35 11,122,450.07 9.93
$350,000.00- 399,999.99 . . . . . . 15 5,687,625.14 5.09
$400,000.00- 449,999.99 . . . . . . 14 6,042,315.33 5.41
$450,000.00- 499,999.99 . . . . . . 12 5,725,272.31 5.13
$500,000.00- 549,999.99 . . . . . . 4 2,000,995.51 1.79
$550,000.00- 599,999.99 . . . . . . 11 6,308,692.07 5.65
$600,000.00- 649,999.99 . . . . . . 7 4,262,653.98 3.82
$650,000.00- 699,999.99 . . . . . . 6 4,077,257.18 3.65
$700,000.00- 749,999.99 . . . . . . 2 1,449,708.93 ` 1.30
$750,000.00- 799,999.99 . . . . . . 3 2,351,704.62 2.11
$800,000.00- 849,999.99 . . . . . . 2 1,649,116.70 1.48
$850,000.00- 899,999.99 . . . . . . 4 3,454,191.06 3.09
$900,000.00- 949,999.99 . . . . . . 3 2,732,000.00 2.45
$950,000.00- 999,999.99 . . . . . . 3 2,974,582.54 2.66
$1,000,000.00-1,099,999.99 . . . . . 10 10,146,448.61 9.09
$1,100,000.00-1,199,999.99 . . . . . 2 2,262,968.67 2.03
$1,200,000.00-1,299,999.99 . . . . . 3 3,666,695.95 3.28
$1,400,000.00-1,499,999.99 . . . . . 3 4,398,797.70 3.94
$1,900,000.00-1,999,999.99 . . . . . 1 1,900,000.00 1.70
$2,000,000.00-2,099,999.99 . . . . . 1 2,065,000.00 1.85
$2,300,000.00-2,399,999.99 . . . . . 2 4,660,000.00 4.17
$2,400,000.00-2,499,999.99 . . . . . 1 2,498,951.62 2.24
$2,700,000.00-2,799,999.99 . . . . . 1 2,750,000.00 2.46
$3,000,000.00 or Higher . . . . . . 2 6,550,601.60 5.87
-------------- ----------------- -----------------
TOTALS . . . . . 194 $111,683,143.15 100.00%
============== ================= =================
</TABLE>
<TABLE>
RANGE OF MARGINS AS OF DECEMBER 31, 1996
<CAPTION>
% of Mortgage
Number of Pool by
Margin/(1)/ Mortgage Loans Principal Balance Principal Balance
- --------------------- ----------------- ------------------- --------------------
<S> <C> <C> <C>
-0.250% 32 $ 45,579,343.60 40.81%
-0.125% 39 24,925,084.40 22.32
0.000% 123 41,178,715.15 36.87
--- --------------- -------
TOTALS 194 $111,683,143.15 100.00%
=== =============== =======
</TABLE>
________________________
(1) The Margin is subtracted from the applicable Prime Index to arrive at
the Mortgage Rate; provided that the Mortgage Rate will not exceed
18.00% per annum.
____________________
The date of this Supplement is March 31, 1997.
