Registration No. 33-38853
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED JUNE 25, 1991
Merrill Lynch Mortgage Investors, Inc., Seller
PrimeFirst(R) 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
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On June 27, 1991, the PrimeFirst(R) 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:
<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>
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, 1998, the Mortgage
Loan Balances and margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Range of Principal Balances as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Range of Principal Balances Loans Principal Balance Balance
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$50,000-54,999.99 1 $ 51,036.62 0.10%
$75,000-99,999.99 4 361,659.94 0.69%
$100,000-149,999.99 3 376,953.05 0.72%
$150,000-199,999.99 2 322,192.05 0.61%
$200,000-249,999.99 3 671,330.74 1.27%
$250,000-299,999.99 12 3,466,189.42 6.58%
$300,000-349,999.99 11 3,594,639.59 6.81%
$350,000-399,999.99 8 2,948,098.07 5.60%
$400,000-449,999.99 7 3,093,574.21 5.87%
$450,000-499,999.99 1 499,984.10 0.95%
$500,000-549,999.99 2 1,000,000.00 1.90%
$550,000-599,999.99 6 3,500,039.37 6.65%
$600,000-649,999.99 2 1,247,835.89 2.37%
$650,000-699,999.99 4 2,651,603.79 5.03%
$700,000-749,999.99 3 2,195,683.60 4.17%
$750,000-799,999.99 1 797,921.94 1.52%
$800,000-849,999.99 2 1,619,779.67 3.08%
$850,000-899,999.99 1 873,733.54 1.66%
$900,000-949,999.99 2 1,849,582.45 3.51%
$950,000-999,999.99 2 1,974,999.16 3.75%
$1,000,000-1,099,999.99 2 2,000,000.00 3.80%
$1,100,000-1,199,999.99 2 2,331,112.17 4.43%
$1,200,000-1,299,999.99 1 1,263,537.79 2.40%
$1,400,000-1,499,999.99 1 1,400,000.00 2.66%
$1,900,000-1,999,999.99 1 1,900,999.99 3.61%
$2,000,000-2,099,999.99 1 2,065,000.00 3.92%
$2,400,000-2,499,999.99 1 2,498,951.62 4.74%
$2,700,000-2,799,999.99 1 2,750,000.00 5.22%
$3,000,000 or Higher 1 3,360,644.96 6.38%
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TOTALS 88 $ 52,667,083.73 100.00%
=================================================================
</TABLE>
<TABLE>
<CAPTION>
Range of Margins as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margin (1) Loans Principal Balance Balance
<S> <C> <C> <C>
-0.25 16 $ 23,416,360.15 44.46%
-0.125 21 13,076,001.57 24.83%
0 51 16,174,722.01 30.71%
--------------------------------------------------------------------------------
TOTALS 88 $ 52,667,083.73 100.00%
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</TABLE>
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(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, 1999.
