ML REVOLVING HOME EQUITY LOAN TRUST 1997-1
424B3, 1999-04-01
ASSET-BACKED SECURITIES
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                                                     Registration No. 333-14253
                                                                 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:



<PAGE>

<TABLE>
<CAPTION>

                                                      Mortgage Loan Delinquency Experience
                                                           (Dollars in Thousands)

                                                             As of December 31,
                                ----------------------------------------------------------------------------------
                                   1993          1994         1995          1996          1997           1998
                                ------------  -----------  ------------  -----------  -------------- -------------

<S>                            <C>            <C>          <C>          <C>           <C>           <C>
Number of revolving credit                                                                                        
  line loans serviced........        13,839       15,598        25,056       28,368          31,395        30,571
Aggregate loan balance of                                                                              
  revolving credit line                                                                                           
  loans serviced.............    $1,037,427   $1,079,693    $1,293,483   $1,353,800      $1,387,217    $1,191,938
Loan balance of revolving                                                                                         
  credit line loans 2 months                                                                                      
  delinquent.................       $ 5,161      $ 5,358       $ 8,447      $ 8,292         $ 5,450      $  6,634
Loan balance of revolving                                                                                         
  credit line loans 3 months                                                                                      
  or more delinquent.........      $ 17,508     $ 22,989      $ 33,763     $ 39,508        $ 44,104      $ 31,348
Total of 2 months or more                                                                                         
  delinquent as a percentage                                                                                      
  of aggregate loan balance                                                                                       
  of revolving credit 
  line loans ...............          2.19%        2.63%         3.26%        3.53%           3.57%         3.19%

</TABLE>



<TABLE>
<CAPTION>


                                                  Mortgage Loan Loss Experience
                                                      (Dollars in Thousands)

                                                               As of December 31,

                                ----------------------------------------------------------------------------------
                                   1993          1994         1995          1996          1997           1998
                                ------------  -----------  ------------  -----------  -------------  -------------
<S>                           <C>            <C>          <C>           <C>            <C>            <C>
Number of revolving credit                                                                                        
  line loans serviced........        13,839       15,598        25,056       28,368         31,395         30,571
Aggregate loan balance of                      1,079,693                  1,353,800                               
  revolving credit line                                                                                           
  loans serviced.............    $1,037,427   $             $1,293,483   $              $1,387,217      1,191,938
For the Period:                                                                                                   
  Gross Charge-offs                                                                                               
    dollars..................       $ 3,153      $ 1,118       $ 3,700      $ 1,860        $ 4,269       $  2,756
  Percentage(1)..............         0.30%        0.10%         0.29%        0.14%          0.31%          0.23%

- -------------
    (1) As a percentage of aggregate balance of revolving credit line loans serviced.

</TABLE>


     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, 1998, the Loan Balances of the Mortgage Loans:



<PAGE>

<TABLE>
<CAPTION>


                             Trust Balances of Mortgage Loans as of December 31, 1998

                                                                                                           % of Mortgage
                                                       Number of                   Trust                     Loans by
          Range of Trust Balances                    Mortgage Loans               Balance                  Trust Balance
- --------------------------------------------        -----------------        ------------------        ----------------------
<S>                                                         <C>             <C>                                    <C>
$                                      0                       7,296         $            0.00                         0.00%
$                    0.01-......4,999.99                       1,339              1,961,185.80                         0.65%
$                5,000.00-......9,999.99                         677              5,065,767.47                         1.69%
$               10,000.00-.....14,999.99                         616              7,649,355.02                         2.55%
$               15,000.00-.....19,999.99                         634             11,132,436.20                         3.71%
$               20,000.00-.....24,999.99                         581             13,139,306.43                         4.38%
$               25,000.00-.....29,999.99                         438             12,012,275.39                         4.01%
$               30,000.00-.....34,999.99                         321             10,363,120.37                         3.46%
$               35,000.00-.....39,999.99                         313             11,701,304.14                         3.90%
$               40,000.00-.....44,999.99                         219              9,270,702.57                         3.09%
$               45,000.00-.....49,999.99                         261             12,483,659.05                         4.16%
$               50,000.00-.....54,999.99                         166              8,673,836.38                         2.89%
$               55,000.00-.....59,999.99                         136              7,801,713.00                         2.60%
$               60,000.00-.....64,999.99                         111              6,913,064.76                         2.31%
$               65,000.00-.....69,999.99                         118              7,992,280.30                         2.67%
$               70,000.00-.....74,999.99                          97              7,030,942.31                         2.35%
$               75,000.00-....99,9999.99                         371             32,474,040.36                        10.83%
$              100,000.00-....149,999.99                         313             37,824,009.52                        12.62%
$              150,000.00-....199,999.99                         133             23,363,466.75                         7.79%
$              200,000.00-....249,999.99                          56             12,473,548.76                         4.16%
$              250,000.00-....299,999.99                          40             10,840,725.05                         3.62%
$              300,000.00-....349,999.99                          18              5,847,552.13                         1.95%
$              350,000.00-....399,999.99                          16              6,016,594.78                         2.01%
$              400,000.00-....449,999.99                           9              3,755,336.13                         1.25%
$              450,000.00-....499,999.99                          10              4,779,015.78                         1.59%
$              500,000.00-....549,999.99                           5              2,583,495.76                         0.86%
$              550,000.00-....599,999.99                           8              4,618,483.65                         1.54%
$              600,000.00-....649,999.99                           2              1,200,000.00                         0.40%
$              650,000.00-....699,999.99                           5              3,398,725.61                         1.13%
$              700,000.00-....799,999.99                           3              2,188,009.42                         0.73%
$              800,000.00-....899,999.99                           2              1,649,959.25                         0.55%
$              900,000.00-....949,999.99                           2              1,826,911.40                         0.61%
$              950,000.00-....999,999.99                           3              2,964,357.90                         0.99%
$            1,000,000.00-..1,099,999.99                           1              1,000,000.00                         0.33%
$            1,300,000.00-..1,399,999.99                           1              1,315,679.72                         0.44%
$            1,400,000.00-..1,899,999.99                           1              1,483,354.59                         0.49%
$            1,900,000.00-..2,899,999.99                           1              1,990,219.18                         0.66%
$            2,900,000.00-..2,999,999.99                           1              2,999,121.47                         1.00%
                                                              ------         -----------------                       --------
                 Totals.................                      14,324         $  299,783,556.40                       100.00%
                                                              ------         -----------------                       --------

                                                                --------------------
</TABLE>

                      The date of this Supplement is April 1, 1999.


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