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, 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> <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%
</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, 1999, the
Mortgage Loan Balances and margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Range of Principal Balances as of December 31, 1999
Number of Mortgage % of Mortgage Pool by
Range of Principal Balances Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$60,000-74,999.99 1 $ 71,745.46 0.23%
$75,000-99,999.99 3 263,304.97 0.83%
$100,000-149,999.99 1 100,264.21 0.32%
$150,000-199,999.99 2 322,192.05 1.02%
$200,000-249,999.99 3 652,168.63 2.07%
$250,000-299,999.99 9 2,539,669.84 8.05%
$300,000-349,999.99 9 2,965,578.13 9.40%
$350,000-399,999.99 7 2,595,024.94 8.22%
$400,000-449,999.99 4 1,772,765.69 5.62%
$500,000-549,999.99 1 500,000.00 1.58%
$550,000-599,999.99 6 3,499,603.87 11.09%
$600,000-649,999.99 1 645,718.90 2.05%
$650,000-699,999.99 3 1,997,573.24 6.33%
$700,000-749,999.99 1 749,280.21 2.37%
$750,000-799,999.99 2 1,567,715.92 4.97%
$800,000-849,999.99 1 819,779.67 2.60%
$850,000-899,999.99 1 863,580.87 2.74%
$900,000-949,999.99 1 900,000.00 2.85%
$1,000,000-1,099,999.99 1 1,000,000.00 3.17%
$1,200,000-1,299,999.99 1 1,262,840.78 4.00%
$1,900,000-1,999,999.99 1 1,900,999.99 6.02%
$2,000,000-2,099,999.99 1 2,065,000.00 6.54%
$2,400,000-2,499,999.99 1 2,498,951.62 7.92%
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TOTALS 61 $31,553,758.99 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Margins as of December 31, 1999
Number of Mortgage % of Mortgage Pool by
Margin (1) Loans Principal Balance Principal Balance
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
-0.25 8 $10,381,798.42 32.90%
-0.125 15 9,282,080.92 29.42%
0 38 11,889,879.65 37.68%
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TOTALS 61 $31,553,758.99 100.00%
==============================================================================
</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, 2000.
