Registration No. 333-14253
Rule 424 (b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED NOVEMBER 25, 1997
MLCC Mortgage Investors, Inc., Depositor
Mortgage Loan Asset Backed Pass-Through Certificates,
Series 1997-B, Class A
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
- ------------------------------------------------------------------------------
On December 9, 1997, the Mortgage Loan Asset Backed Pass-Through
Certificates, Series 1997-B, Class A (the "Certificates") were issued in an
approximate original aggregate principal amount of $308,089,000. The
Certificates represent beneficial interests in the Trust Fund created pursuant
to a Pooling and Servicing Agreement dated as of November 1, 1997 by and among
MLCC Mortgage Investors, Inc., Merrill Lynch Credit Corporation, as master
servicer, and Bankers Trust Company of California, N.A., 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 Master Servicer has informed the Depositor that the Master Servicer
has entered into a contract with Cendant Mortgage Corporation, as subservicer,
to perform its servicing duties under the Pooling and Servicing Agreement. The
contract with Cendant Mortgage Corporation does not include the Master
Servicer's servicing duties with respect to the Additional Collateral under
the Pooling and Servicing Agreement. Notwithstanding such subservicing
arrangements entered into by the Master Servicer with Cendant Mortgage
Corporation or any other subservicer, the Master Servicer will not be released
from its obligations under the Pooling and Servicing Agreement and will remain
liable for the servicing of the Mortgage Loans in accordance with the
provisions of the Pooling and Servicing Agreement without diminution of such
liability by virtue of such subservicing arrangements.
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 S-31 and S-32 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%
______________
* 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, 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>
The first two tables set forth after the second paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss Experience"
on paged S-32 and S-33 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
<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%
______________
(1) As a percentage of aggregate balance of revolving credit line
loans serviced.
</TABLE>
Additionally, the information contained in the tables entitled "Range of
Cut-off Date Principal Balances", "Prime Index Initial Mortgage Loan Margins",
"One-Month LIBOR Index Initial Mortgage Loan Margins", "Six-Month LIBOR Index
Initial Mortgage Loan Margins" and "One-Year Treasury Index Initial Mortgage
Loan Margins" under the heading "The Mortgage Pool" on pages S-21 and S-24 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>
$0-49,999.99 30 $ 1,161,207.57 0.59%
$50,000-54,999.99 10 516,423.78 0.26%
$55,000-59,999.99 9 524,097.46 0.27%
$60,000-74,999.99 14 934,995.77 0.48%
$75,000-99,999.99 53 4,564,015.65 2.33%
$100,000-149,999.99 80 9,983,641.55 5.09%
$150,000-199,999.99 48 8,299,765.52 4.23%
$200,000-249,999.99 33 7,494,761.57 3.82%
$250,000-299,999.99 31 8,528,052.47 4.35%
$300,000-349,999.99 26 8,397,656.17 4.28%
$350,000-399,999.99 12 4,422,364.00 2.25%
$400,000-449,999.99 12 4,967,125.05 2.53%
$450,000-499,999.99 12 5,710,871.68 2.91%
$500,000-549,999.99 15 7,757,583.62 3.95%
$550,000-599,999.99 7 4,035,428.99 2.06%
$600,000-649,999.99 9 5,509,988.04 2.81%
$650,000-699,999.99 2 1,323,250.00 0.67%
$700,000-749,999.99 5 3,537,988.49 1.80%
$750,000-799,999.99 1 799,003.70 0.41%
$800,000-849,999.99 7 5,819,566.54 2.97%
$850,000-899,999.99 6 5,274,131.75 2.69%
$900,000-949,999.99 1 932,500.00 0.48%
$950,000-999,999.99 3 2,998,297.99 1.53%
$1,000,000-1,099,999.99 14 14,101,125.71 7.19%
$1,100,000-1,199,999.99 13 14,724,351.17 7.51%
$1,200,000-1,299,999.99 1 1,200,000.00 0.61%
$1,300,000-1,399,999.99 2 2,699,999.99 1.38%
$1,400,000-1,499,999.99 4 5,721,274.40 2.92%
$1,500,000-1,599,999.99 1 1,577,999.99 0.80%
$1,600,000-1,699,999.99 1 1,637,000.00 0.83%
$1,800,000-1,899,999.99 2 3,650,000.00 1.86%
$2,100,000-2,199,999.99 1 2,199,770.84 1.12%
$2,200,000-2,299,999.99 1 2,249,463.98 1.15%
$2,300,000-2,399,999.99 1 2,381,284.00 1.21%
$2,500,000-2,599,999.99 1 2,528,000.00 1.29%
$2,800,000-2,899,999.99 1 2,800,000.00 1.43%
$3,000,000 or Higher 8 35,183,277.02 17.94%
------------------------------------------------------------------------------
TOTALS 477 $ 196,146,264.46 100.00%
==============================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Prime Index Mortgage Loan Margins as of December 31, 1999
% of Prime Index
Number of Mortgage Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0 1 $ 82,138.02 6.49%
0.25 3 353,590.68 27.95%
2.25 1 829,433.78 65.56%
------------------------------------------------------------------------------
TOTALS 5 $ 1,265,162.48 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
One-Month LIBOR Index Mortgage Loan Margins as of December 31, 1999
% of One-Month LIBOR
Number of Mortgage Index Mortgage Loans
Margin Loans Principal Balance by Principal Balance
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 1 $ 488,000.00 0.52%
1.125 1 339,895.87 0.36%
1.25 1 643,611.25 0.68%
1.375 11 10,212,145.45 10.86%
1.5 9 5,004,202.05 5.32%
1.625 27 27,674,808.00 29.43%
1.75 8 13,389,947.87 14.24%
1.875 35 22,382,523.03 23.80%
2 9 3,135,295.22 3.33%
2.125 37 5,829,921.17 6.20%
2.25 5 1,251,691.74 1.33%
2.375 7 1,123,295.54 1.19%
2.5 6 677,940.49 0.72%
2.625 15 1,738,655.80 1.85%
2.75 1 147,000.00 0.16%
------------------------------------------------------------------------------
TOTALS 173 $ 94,038,933.48 100.00%
==============================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Six-Month LIBOR Index Mortgage Loan Margins as of December 31, 1999
% of Six-Month LIBOR
Number of Mortgage Index Mortgage Loans
Margin Loans Principal Balance by Principal Balance
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.75 1 $ 1,100,000.00 1.16%
1.125 1 1,000,000.00 1.06%
1.25 1 327,321.96 0.35%
1.5 10 15,571,032.50 16.49%
1.625 8 5,707,062.78 6.04%
1.75 40 16,450,162.44 17.42%
1.875 4 2,786,149.99 2.95%
2 37 13,717,040.69 14.52%
2.125 5 2,251,820.52 2.38%
2.25 101 11,509,859.11 12.19%
2.375 7 12,119,582.39 12.83%
2.5 13 2,205,608.12 2.34%
2.625 11 2,141,623.32 2.27%
2.75 21 5,743,113.81 6.08%
2.875 20 1,819,572.87 1.93%
------------------------------------------------------------------------------
TOTALS 280 $ 94,449,950.50 100.00%
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Treasury Index Mortgage Loan Margins That Adjust Every Six Months as of December 31, 1999
% of Treasury Index
Number of Mortgage Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.875 1 $ 228,814.00 5.41%
2 3 1,329,139.80 31.40%
2.375 1 343,338.10 8.11%
2.5 6 1,472,258.29 34.78%
2.75 1 710,000.00 16.77%
3 1 149,183.67 3.52%
------------------------------------------------------------------------------
TOTALS 13 $ 4,232,733.86 100.00%
==============================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Treasury Index Mortgage Loan Margins That Adjust Every Month as of December 31, 1999
% of Treasury Index
Number of Mortgage Mortgage Loans by
Margin Loans Principal Balance Principal Balance
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1.375 1 $ 538,000.00 24.91%
1.875 2 1,299,584.14 60.18%
2.25 2 241,900.00 11.20%
2.625 1 80,000.00 3.70%
------------------------------------------------------------------------------
TOTALS 6 $ 2,159,484.14 100.00%
==============================================================================
</TABLE>
--------------------
The date of this Supplement is March 31, 2000
