Registration No. 033-14253
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:
<TABLE>
<CAPTION>
Mortgage 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>
Mortgage 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%
</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, 1999, the Loan Balances of the Mortgage Loans:
Trust Balances of Mortgage Loans as of December 31, 1999
<TABLE>
<CAPTION>
% of Mortgage
Loans by
Range of Trust Balances Number of Mortgage Loans Trust Balance Trust Balance
<S> <C> <C> <C>
4,999.99 or lower 6,814 $1,443,917.19 0.61%
5,000-9,999.99 536 4,029,463.43 1.69%
10,000-14,999.99 492 6,155,149.97 2.59%
15,000-19,999.99 487 8,568,738.59 3.60%
20,000-24,999.99 433 9,775,453.26 4.11%
25,000-29,999.99 344 9,426,259.73 3.96%
30,000-34,999.99 260 8,435,033.90 3.55%
35,000-39,999.99 232 8,683,237.09 3.65%
40,000-44,999.99 173 7,349,033.09 3.09%
45,000-49,999.99 215 10,242,238.96 4.31%
50,000-54,999.99 137 7,115,438.72 2.99%
55,000-59,999.99 115 6,619,167.70 2.78%
60,000-64,999.99 89 5,552,669.71 2.33%
65,000-69,999.99 87 5,890,657.14 2.48%
70,000-74,999.99 75 5,460,611.24 2.30%
75,000-99,999.99 293 25,719,418.53 10.81%
100,000-149,999.99 234 28,356,293.48 11.92%
150,000-199,999.99 115 20,198,896.46 8.49%
200,000-249,999.99 52 11,569,194.76 4.86%
250,000-299,999.99 36 9,938,913.77 4.18%
300,000-349,999.99 10 3,183,413.22 1.34%
350,000-399,999.99 12 4,571,642.74 1.92%
400,000-449,999.99 7 2,942,330.41 1.24%
450,000-499,999.99 8 3,874,250.78 1.63%
500,000-549,999.99 3 1,585,620.30 0.67%
550,000-599,999.99 5 2,835,506.02 1.19%
600,000-649,999.99 2 1,249,913.17 0.53%
650,000-699,999.99 1 671,488.84 0.28%
700,000-749,999.99 3 2,182,015.08 0.92%
800,000-899,999.99 4 3,256,704.67 1.37%
900,000-999,999.99 6 5,740,938.63 2.41%
1,000,000-1,099,999.99 1 1,000,000.00 0.42%
1,200,000-1,299,999.99 1 1,231,446.08 0.52%
2,900,000-2,999,999.99 1 2,999,121.47 1.26%
----------------- - ---------------------- -----------------------
TOTALS 11,283 $ 237,854,178.13 100.00%
==================================================================================================================================
</TABLE>
--------------------
The date of this Supplement is March 31, 2000.
