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.