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:
1991F
PRIMEFIRST(Registered Trademark) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
December 31, 1997 December 31, 1996 December 31, 1995
------------------------ ----------------------- ------------------------
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 . . . . . . 14,159 $5,302,950 11,054 $4,331,131 8,272 $ 3,536,761
Delinquency Period
30-59 Days . . . . . . 183 $ 66,254 180 $ 84,297 127 $ 56,370
60-89 Days . . . . . . 26 18,544 19 6,583 13 7,917
90 Days or More* . . . 24 18,072 29 27,590 44 45,749
------------ ---------- ----------- ---------- ----------- -----------
Total Delinquency . 233 $ 102,870 228 $ 118,470 184 $ 110,036
============ ========== =========== ========== =========== ===========
Delinquencies as
Percent of Number
of PrimeFirst
Loans and Principal
Amount Outstanding . . 1.65% 1.94% 2.06% 2.74% 2.22% 3.11%
Foreclosures . . . . . . 39 $ 47,396 29 $ 39,100 28 $ 38,209
Foreclosures as
Percent of Number
of PrimeFirst Loans
and Principal Amount
Outstanding . . . . . . 0.28% 0.89% 0.26% 0.90% 0.34% 1.08%
</TABLE>
_________________________________
* Does not include loans subject to bankruptcy proceedings.
PRIMEFIRST(Registered Trademark) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended
December 31, 1997 December 31, 1996 December 31, 1995
------------------ ----------------- -------------------
<S> <C> <C> <C>
Average Principal Balance of
PrimeFirst Loan Portfolio . . . . . . . . $4,817,041 $3,933,946 $3,444,045
Average Number of PrimeFirst
Loans Outstanding
During the Period . . . . . . . . . . . . 12,607 9,663 7,944
Gross Charge-offs . . . . . . . . . . . . . $ 5,363 $ 6,157 $ 1,840
Recoveries . . . . . . . . . . . . . . . . $ 99 $ 0 $ 0
------------------ ----------------- -------------------
Net Charge-offs . . . . . . . . . . . . . . $ 5,264 $ 6,157 $ 1,840
================== ================= ===================
Net Charge-offs as a Percent
of Average Principal
Balance Outstanding . . . . . . . . . . . 0.11% 0.16% 0.05%
</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, 1997, the
Mortgage Loan Balances and margins of the Mortgage Loans:
1991F
RANGE OF PRINCIPAL BALANCES AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION> Number of % of Mortgage
Range of Mortgage Principal Pool by
Principal Balances Loans Balance Principal Balance
- ---------------------------------------------- --------- ---------------- -----------------
<S> <C> <C> <C>
$ 0.00- 49,999.99 . . . . . . . . . . 1 $ 49,041.68 0.06%
$ 60,000.00- 74,999.99 . . . . . . . . . . 2 138,558.73 0.16
$ 75,000.00- 99,999.99 . . . . . . . . . . 4 377,592.54 0.45
$ 100,000.00- 149,999.99 . . . . . . . . . . 4 420,898.88 0.50
$ 150,000.00- 199,999.99 . . . . . . . . . . 4 664,886.31 0.79
$ 200,000.00- 249,999.99 . . . . . . . . . . 6 1,324,303.99 1.57
$ 250,000.00- 299,999.99 . . . . . . . . . . 26 7,503,382.24 8.92
$ 300,000.00- 349,999.99 . . . . . . . . . . 21 6,790,138.06 8.07
$ 350,000.00- 399,999.99 . . . . . . . . . . 10 3,771,110.45 4.48
$ 400,000.00- 449,999.99 . . . . . . . . . . 11 4,774,398.54 5.67
$ 450,000.00- 499,999.99 . . . . . . . . . . 6 2,836,228.66 3.37
$ 500,000.00- 549,999.99 . . . . . . . . . . 3 1,541,578.14 1.83
$ 550,000.00- 599,999.99 . . . . . . . . . . 9 5,185,858.10 6.16
$ 600,000.00- 649,999.99 . . . . . . . . . . 5 3,062,653.98 3.64
$ 650,000.00- 699,999.99 . . . . . . . . . . 5 3,374,139.18 4.01
$ 700,000.00- 749,999.99 . . . . . . . . . . 3 2,150,045.96 2.56
$ 750,000.00- 799,999.99 . . . . . . . . . . 5 3,948,985.52 4.69
$ 800,000.00- 849,999.99 . . . . . . . . . . 2 1,649,779.67 1.96
$ 850,000.00- 899,999.99 . . . . . . . . . . 1 886,467.08 1.05
$ 900,000.00- 949,999.99 . . . . . . . . . . 3 2,732,000.00 3.25
$ 950,000.00- 999,999.99 . . . . . . . . . . 3 2,974,582.54 3.54
$1,000,000.00-1,099,999.99 . . . . . . . . . . 8 8,094,947.22 9.65
$1,100,000.00-1,199,999.99 . . . . . . . . . . 3 3,440,638.73 4.09
$1,200,000.00-1,299,999.99 . . . . . . . . . . 2 2,463,917.17 2.93
$1,400,000.00-1,499,999.99 . . . . . . . . . . 1 1,400,000.00 1.66
$1,900,000.00-1,999,999.99 . . . . . . . . . . 1 1,900,000.00 2.26
$2,000,000.00-2,099,999.99 . . . . . . . . . . 1 2,065,000.00 2.45
$2,400,000.00-2,499,999.99 . . . . . . . . . . 1 2,498,951.62 2.97
$2,700,000.00-2,799,999.99 . . . . . . . . . . 1 2,750,000.00 3.27
$3,000,000.00 or Higher . . . . . . . . . . . 1 3,360,644.96 3.99
--------- ---------------- -----------------
TOTALS . . . . . . . 153 $84,130,729.95 100.00%
========= ================ =================
</TABLE>
1991F
RANGE OF MARGINS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
% of Mortgage
Number of Pool by
Margin/(1)/ Mortgage Loans Principal Balance Principal Balance
- ----------------------- -------------- ------------------- -------------------
<S> <C> <C> <C>
-0.250% 25 $ 32,771,284.27 38.95%
-0.125% 32 20,697,107.98 24.60
0.000% 96 30,662,337.70 36.45
-------------- ------------------- -------------------
TOTALS 153 $ 84,130,729.95 100.00%
============== =================== ===================
</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 April 13, 1998.
