Registration No. 333-
Rule 424(b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED OCTOBER 23, 1997
MLCC MORTGAGE INVESTORS, INC., Transferor
ML Revolving Home Equity Loan Asset Backed Certificates,
Series 1997-1, Investor Certificates
MERRILL LYNCH CREDIT CORPORATION
Servicer
_____________________________________________________________________________
On October 30, 1997, the ML Revolving Home Equity Loan Trust 1997-1 (the
"Trust") issued the ML Revolving Home Equity Loan Asset Backed Certificates,
Series 1997-1 (the "Certificates") in an original aggregate principal amount
of approximately $363,791,000. Each Certificate represents an undivided
interest in the Trust created pursuant to a Pooling and Servicing Agreement
dated as of October 1, 1997 by and among MLCC Mortgage Investors, Inc.,
Merrill Lynch Credit Corporation, as 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 first two tables set forth after the first paragraph under the
heading "MLCC and its Equity Access Program--Delinquency and Loan Loss
Experience" on page S-33 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
1997-1
MORTGAGE LOAN DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
As of December 31,
-------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997
---------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Number of Revolving
Credit Line Loans
Serviced . . . . . . . 15,084 13,839 15,598 25,056 28,368 31,395
Aggregate Loan Balance
of Revolving Credit
Line Loans Serviced . . $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217
Loan Balance of
Revolving Credit Line
Loans 2 Mos. Delinquent $ 3,717 $ 5,161 $ 5,358 $ 8,447 $ 8,292 $ 5,450
Loan Balance of
Revolving Credit Line
Loans 3 Mos. or more
Delinquent . . . . . . $ 18,751 $ 17,508 $ 22,989 $ 33,763 $ 39,508 $ 44,104
Total of 2 Months or
more Delinquent as a
Percentage of Aggregate
Loan Balance of
Revolving
Credit Line Loans
Serviced . . . . . . . 2.11% 2.19% 2.63% 3.26% 3.53% 3.57%
</TABLE>
MORTGAGE LOAN LOSS EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
As of December 31,
-------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997
---------- ----------- ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
As of end of Period:
Number of Revolving
Credit Line Loans
Serviced . . . . . . . . 15,084 13,839 15,598 25,056 28,368 31,395
Aggregate Loan Balance
of Revolving Credit $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217
Line Loans Serviced . .
For the Period:
Gross Charge Offs
Dollars . . . . . . . $ 1,447 $ 3,153 $ 1,118 $ 3,700 $ 1,860 $ 4,269
Percentage(1) . . . . . 0.14% 0.30% 0.10% 0.29% 0.14% 0.31%
</TABLE>
_________________
(1) As a percentage of aggregate balance of revolving credit line loans
serviced.
Additionally, the information contained in the table entitled "Trust
Balances" under the heading "The Mortgage Loan Pool--The Mortgage Loans" on
page S-26 of the Prospectus Supplement is hereby updated to indicate, as of
December 31, 1997, the Loan Balances of the Mortgage Loans:
1997-1
TRUST BALANCES OF MORTGAGE LOANS AS OF DECEMBER 31, 1997
<TABLE>
<CAPTION>
RANGE OF TRUST BALANCES NUMBER OF TRUST % OF MORTGAGE
MORTGAGE BALANCE LOANS BY
LOANS TRUST BALANCE
- --------------------------------- --------- --------------- -------------
<S> <C> <C> <C>
9,378 $ 0.00 0.00%
$ 0.01- 4,999.99 . . 1,436 2,668,391.17 0.69
$ 5,000.00- 9,999.99 . . 880 6,513,472.65 1.70
$ 10,000.00- 14,999.99 . . 836 10,332,713.05 2.69
$ 15,000.00- 19,999.99 . . 818 14,379,008.35 3.74
$ 20,000.00- 24,999.99 . . 770 17,454,188.28 4.54
$ 25,000.00- 29,999.99 . . 575 15,731,033.95 4.10
$ 30,000.00- 34,999.99 . . 441 14,236,943.89 3.71
$ 35,000.00- 39,999.99 . . 394 14,784,169.69 3.85
$ 40,000.00- 44,999.99 . . 245 10,350,352.62 2.70
$ 45,000.00- 49,999.99 . . 302 14,404,031.99 3.75
$ 50,000.00- 54,999.99 . . 203 10,567,080.99 2.75
$ 55,000.00- 59,999.99 . . 179 10,276,592.85 2.68
$ 60,000.00- 64,999.99 . . 157 9,790,878.15 2.55
$ 65,000.00- 69,999.99 . . 140 9,459,246.96 2.46
$ 70,000.00- 74,999.99 . . 119 8,640,774.14 2.25
$ 75,000.00- 99,9999.99 . 472 41,690,154.21 10.86
$ 100,000.00- 149,999.99 . 388 46,694,057.34 12.16
$ 150,000.00- 199,999.99 . 183 31,970,865.04 8.32
$ 200,000.00- 249,999.99 . 71 15,758,891.97 4.10
$ 250,000.00- 299,999.99 . 44 12,067,236.80 3.14
$ 300,000.00- 349,999.99 . 35 11,364,870.86 2.96
$ 350,000.00- 399,999.99 . 21 7,902,842.47 2.06
$ 400,000.00- 449,999.99 . 10 4,283,475.29 1.12
$ 450,000.00- 499,999.99 . 6 2,803,527.42 0.73
$ 500,000.00- 549,999.99 . 13 6,730,479.63 1.75
$ 550,000.00- 599,999.99 . 13 7,448,575.12 1.94
$ 600,000.00- 649,999.99 . 7 4,394,419.29 1.14
$ 650,000.00- 699,999.99 . 2 1,305,000.00 0.34
$ 700,000.00- 749,999.99 . 4 2,873,563.22 0.75
$ 750,000.00- 799,999.99 . 1 772,859.43 0.20
$ 800,000.00- 849,999.99 . 1 800,000.00 0.21
$ 900,000.00- 949,999.99 . 2 1,840,627.59 0.48
$ 950,000.00- 999,999.99 . 4 3,965,265.74 1.03
$ 1,000,000.00- 1,099,999.99 4 4,027,864.73 1.05
$ 1,200,000.00- 1,299,999.99 1 1,266,649.30 0.33
$ 1,500,000.00- 1,599,999.99 1 1,507,466.18 0.39
$ 2,900,000.00- 2,999,999.99 1 2,999,128.80 0.78
- ---------------------------------------------------------------------------------------------------
Totals . . . . . . 18,157 $384,056,699.16 100.00%
========= =============== =============
</TABLE>
____________________
The date of this Supplement is April 13, 1998.
