March 24, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: PacificAmerica Home Equity Loan Trust Series 1997-1 Fixed and
Adjustable-Rate Home Equity Loans PacificAmerica Home Equity Loan
Asset-Backed Notes, Series 1997-1; File No. 0-20897.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of PacificAmerica Home Equity Loan
Trust Series 1997-1 (the "Trust") under the Indenture, dated as of
December 1, 1997, among PacificAmeric Center, Inc., as master servicer (the
"Master Servicer"), Bankers Trust Company of California, N.A., as indenture
trustee (the "Indenture Trustee"), and PacificAmerica Home Equity Loan Trust
Series 1997-1, as issuer (the "Issuer") is a Current Report on Form 8-K.
The PacificAmerica Home Equity Loan Trust Series 1997-1 (the "Issuer") will be
formed pursuant to a Trust Agreement, dated as of December 1, 1997, between
Merrill Lynch Mortgage Investors, Inc. (the "Depositor") and Wilmington Trust
Company, the Owner Trustee. The Issuer will issue $100,000,000 aggregate
principal amount of PacificAmerica Home Equity Loan Asset-Backed Notes, Series
1997-1 (the "Notes"). The Notes will be issued pursuant to an Indenture,
dated as of December 1, 1997, between the Issuer and Bankers Trust Company of
California, N.A., the Indenture Trustee.
The Notes will represent indebtedness of the Issuer and will be secured by the
trust estate (the "Trust Estate") created by the Trust Agreement. The Trust
Estate will consist primarily of fixed and adjustable rate, one- to
four-family, first lien home equity loans (the "Initial Home Equity Loans")
and any funds on deposit in the Interest Coverage Account and Pre-Funding
Account (each as defined in the Prospectus Supplement, dated June 19, 1997.
Additional Home Equity Loans (the "Subsequent Home Equity Loans" and,
together with the Initial Home Equity Loans, the "Home Equity Loans") having
an aggregate unpaid principal balance of up to $23,831,232 meeting the
criteria set forth in the Prospectus Supplement, dated June 19, 1997, are
intended to be purchased by the Issuer on or before January 30, 1998, with
funds on deposit in the Pre-Funding Account, which will become part of the
Trust Estate. In addition, the Notes will have the benefit of an irrevocable
and unconditional financial guaranty insurance policy (the "Note Insurance
Policy") to be issued by Financial Security Assurance Inc. (the "Note
Insurer") as described under "Description of the Notes-Note Insurance Policy"
in the Prospectus Supplement, dated June 19, 1997
The Notes were registered under the Securities Act of 1933. As a
result, the Registrant is subject to the filing requirements of Section 15(d)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The
Trust intends to fulfill these filing requirements in the manner described
herein:
The agent for Registrant will file, promptly after each Distribution Date as
defined in the Indenture Agreement), a Current Report on Form 8-K including
as an exhibit thereto the applicable Distribution Date Report. Each such
Current Report will also disclose under Item 5 any matter occurring during
the relevant reporting period which would be reportable under Item 1, 2, 4 or
5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for the Registrant
will file an annual report of Form 10-K, which responds to Items 2, 3, and 4
of Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and Item 14
of Part IV thereof, and include as exhibits thereto certain information from
the Distribution Date reports aggregated for such year and a copy of the
independent accountants' annual compliance statement required under the
Indenture.
The agent for the Registrant will follow the above procedures except for any
fiscal year as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such event, the
agent for the Registrant will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call Judy L.
Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Merrill Lynch Mortgage Investors Inc.
PacificAmerica Home-Equity Loan Asset-Backed Notes, Series 1997-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(as depositor under the Indenture, dated as of December 1, 1997, providing for
inter alia, the issuance of PacificAmerica Home-Equity Loan Asset-Backed Notes,
Series 1997-1).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-24327 33-3416059
(Commission File Number) (I.R.S. Employer
Identification No.)
250 VESEY STREET WORLD FINANCIAL CENTER,
NORTH TOWER-10TH FLOOR,
NEW YORK, NEW YORK 92707
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 449-1000
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements to the
Certificateholders which were derived from the monthly information submitted
by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of January
27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of February
25, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Indenture, dated as of
December 1, 1997.
Date: March 24, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders dated
as of January 27, 1998. 5
Monthly Remittance Statement to the Certificateholders dated
as of February 25, 1998. 7
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 100,000,000.00 100,000,000.00 673,935.17 330,829.67
Totals 100,000,000.00 100,000,000.00 673,935.17 330,829.67
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A 1,004,764.84 0.00 0.00 99,669,170.33
Totals 1,004,764.84 0.00 0.00 99,669,170.33
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A 589929NV6 1,000.000000 6.739352 3.308297 10.047648
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A 996.691703 6.220940% 5.861560%
Seller: Pacific-America Money Center, Inc. Administrator: Vince P. Greco
Servicer: Pacific-America Money Center, Inc. Bankers Trust Company
Lead Underwriter: Merrill Lynch & Co. 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92614
Distribution Date: January 26, 1998 Factor Information (800)735-7777
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
CERTIFICATES 0.00 0.00 0.00 0.00
Totals 0.00 0.00 0.00 0.00
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
CERTIFICATES 0.00 0.00 0.00 0.00
Totals 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
CERTIFICATE 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
CERTIFICATE 0.000000 0.000000% 0.000000%
Seller: Pacific-America Money Center, Inc. Administrator: Vince P. Greco
Servicer: Pacific-America Money Center, Inc. Bankers Trust Company
Lead Underwriter: Merrill Lynch & Co. 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92614
Distribution Date: January 26, 1998 Factor Information (800)735-7777
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 65,800.00 0.00 0.00 65,800.00
PERCENTAGE OF POOL BALANCE 0.0658% 0.0000% 0.0000% 0.0658%
NUMBER OF LOANS 1 0 0 0
PERCENTAGE OF LOANS 0.0977% 0.0000% 0.0000% 0.0977%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
LOANS IN REO 0
PRINCIPAL BALANCE OF LOANS IN REO 0.00
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT
TO THE MORTGAGE LOANS: 930,945.91
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT
TO THE MORTGAGE LOANS: 24,233.78
AGGREGATE COLLECTIONS WITH RESPECT TO THE
MORTGAGE LOANS: 955,179.69
INTEREST PAYMENT AMOUNT 673,935.17
PRINCIPAL PAYMENT AMOUNT 24,233.78
SUBORDINATION INCREASE AMOUNT 306,595.89
GUARANTEED INTEREST PAYMENT AMOUNT 787,451.89
CURRENT CARRY FORWARD AMOUNT 0.00
AGGREGATE UNPAID CARRY FORWARD AMOUNT 0.00
SCHEDULED PAYMENTS PAID BY NOTE INSURER 0.00
AGGREGATE SCHEDULED PAYMENTS NOT REIMBURSED 0.00
AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
AS OF THE END OF THE DUE PERIOD 99,983,815.95
WEIGHTED AVERAGE NET MORTGAGE RATE 10.496638%
REQUIRED SUBORDINATION AMOUNT 4,999,190.80
SUBORDINATION AMOUNT 314,645.62
NET MONTHLY EXCESS CASHFLOW 306,595.89
SUBORDINATION REDUCTION AMOUNT 0.00
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
ADVANCES MADE BY SERVICER 75,668.58
COMPENSATING INTEREST 0.00
PREPAYMENT INTEREST SHORTFALLS 0.00
RELIEF ACT SHORTFALLS 0.00
CURRENT REALIZED LOSSES 0.00
AGGREGATE REALIZED LOSSES 0.00
UNPAID ACCRUED INTEREST 0.00
MAXIMUM NOTE INTEREST RATE 15.00%
GUARANTEED INTEREST PAYMENT AMOUNT 787,451.89
NOTE INTEREST RATE 6.220940%
REPURCHASES:
CURRENT MONTH'S REPURCHASES 0.00
AGGREGATE REPURCHASES SINCE CLOSING DATE 0.00
CUMULATIVE LOSS PERCENTAGE 0.000000%
DELINQUENCY PERCENTAGE 0.000000%
DELINQUENCY AMOUNT 0.00
ROLLING DELINQUENCY PERCENTAGE 0.000000%
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 100,000,000.00 99,669,170.33 486,847.35
660,091.13
Totals 100,000,000.00 99,669,170.33 486,847.35 660,091.13
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A 1,146,938.48 0.00 0.00 99,009,079.20
Totals 1,146,938.48 0.00 0.00 99,009,079.20
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A 589929NV6 996.691703 4.868474 6.600911 11.469385
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A 990.090792 5.861560% 5.885000%
Seller: Pacific-America Money Center, Inc. Administrator: Vince P. Greco
Servicer: Pacific-America Money Center, Inc. Bankers Trust Company
Lead Underwriter: Merrill Lynch & Co. 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92614
Distribution Date: February 25, 1998 Factor Information (800)735-7777
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
CERTIFICATES 0.00 0.00 0.00 0.00
Totals 0.00 0.00 0.00 0.00
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
CERTIFICATES 0.00 0.00 0.00 0.00
Totals 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
CERTIFICATE 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
CERTIFICATE 0.000000 0.000000% 0.000000%
Seller: Pacific-America Money Center, Inc. Administrator: Vince P. Greco
Servicer: Pacific-America Money Center, Inc. Bankers Trust Company
Lead Underwriter: Merrill Lynch & Co. 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92614
Distribution Date: February 25, 1998 Factor Information (800)735-7777
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,613,998.91 65,800.00 0.00 2,679,798.91
PERCENTAGE OF POOL BALANCE 2.6221% 0.0660% 0.0000% 2.6881%
NUMBER OF LOANS 29 1 0 30
PERCENTAGE OF LOANS 2.8376% 0.0978% 0.0000% 2.9354%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 PERCENTAGE OF POOL BALANCE 0.0%
0.0% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
LOANS IN REO 0
PRINCIPAL BALANCE OF LOANS IN REO 0.00
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT
TO THE MORTGAGE LOANS: 748,236.80
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT
TO THE MORTGAGE LOANS: 293,110.54
AGGREGATE COLLECTIONS WITH RESPECT TO THE
MORTGAGE LOANS: 1,041,347.34
INTEREST PAYMENT AMOUNT 486,847.35
PRINCIPAL PAYMENT AMOUNT 293,110.54
SUBORDINATION INCREASE AMOUNT 366,980.59
GUARANTEED INTEREST PAYMENT AMOUNT 791,338.06
CURRENT CARRY FORWARD AMOUNT 0.00
AGGREGATE UNPAID CARRY FORWARD AMOUNT 0.00
SCHEDULED PAYMENTS PAID BY NOTE INSURER 0.00
AGGREGATE SCHEDULED PAYMENTS NOT REIMBURSED 0.00
AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
AS OF THE END OF THE DUE PERIOD 99,690,705.41
WEIGHTED AVERAGE NET MORTGAGE RATE 10.496807%
REQUIRED SUBORDINATION AMOUNT 4,984,535.27
SUBORDINATION AMOUNT 681,626.21
NET MONTHLY EXCESS CASHFLOW 366,980.59
SUBORDINATION REDUCTION AMOUNT 0.00
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
ADVANCES MADE BY SERVICER 127,605.35
COMPENSATING INTEREST 0.00
PREPAYMENT INTEREST SHORTFALLS 0.00
RELIEF ACT SHORTFALLS 0.00
CURRENT REALIZED LOSSES 0.00
AGGREGATE REALIZED LOSSES 0.00
UNPAID ACCRUED INTEREST 0.00
MAXIMUM NOTE INTEREST RATE 15.00%
GUARANTEED INTEREST PAYMENT AMOUNT 791,338.06
NOTE INTEREST RATE 5.861560%
REPURCHASES:
CURRENT MONTH'S REPURCHASES 0.00
AGGREGATE REPURCHASES SINCE CLOSING DATE 0.00
CUMULATIVE LOSS PERCENTAGE 0.000000%
DELINQUENCY PERCENTAGE 0.066004%
DELINQUENCY AMOUNT 65,800.00
ROLLING DELINQUENCY PERCENTAGE 0.066004%
