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Previous: ML HOME EQUITY LOAN TRUST 1994-1, 424B3, 1999-04-01 |
Next: TRANSITION AUTO FINANCE II INC, NT 10-K, 1999-04-01 |
Registration No. 333-14253
Rule 424 (b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED DECEMBER 4, 1996
MLCC Mortgage Investors, Inc., Depositor
Mortgage Loan Asset Backed Pass-Through Certificates,
Series 1996-D, Class A
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
On December 11, 1996, the Mortgage Loan Asset Backed Pass-Through
Certificates, Series 1996-D, Class A (the "Certificates") were issued in an
approximate original aggregate principal amount of $627,062,000. The
Certificates represented beneficial interests in the Trust Fund created
pursuant to a Pooling and Servicing Agreement dated as of November 1, 1996 by
and among MLCC Mortgage Investors, Inc., as depositor, Merrill Lynch Credit
Corporation, as master 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 Mortgage Programs--Delinquency and Loan Loss Experience" on page
S-31 of the Prospectus Supplement are hereby updated, in their entirety, as
follows:
<PAGE>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
December 31, 1998 December 31, 1997 December 31, 1996
------------------------ ----------------------- ------------------------
Number of Number of Number of
PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal
Loans Amount Loans Amount Loans Amount
<S> <C> <C> <C> <C> <C> <C>
PrimeFirst Loans
Outstanding................... 11,263 $4,408,862 14,159 $5,302,950 11,054 $4,331,131
Delinquency Period
30-59 Days.................... 184 $ 77,751 183 $ 66,254 180 $ 84,297
60-89 Days.................... 26 9,815 26 18,544 19 6,583
90 Days or More*.............. 34 23,664 24 18,072 29 27,590
------ --------- ------ - ------ ----- - ------
Total Delinquency.......... 244 111,230 233 $102,870 228 $118,470
====== ========= === === ======== == === ========
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 2.17% 2.52% 1.65% 1.94% 2.06% 2.74%
Foreclosures.................... 47 $ 43,681 39 $ 47,396 29 $ 39,100
Foreclosures as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding................... 0.42% 0.99% 0.28% 0.89% 0.26% 0.90%
- ----------
* Does not include loans subject to bankruptcy proceedings.
</TABLE>
<TABLE>
<CAPTION>
PRIMEFIRST(R) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
Year Ended Year Ended Year Ended
December 31, 1998 December 31, 1997 December 31, 1996
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst Loan
Portfolio....................................... $4,855,906 $4,817,041 $3,933,946
Average Number of PrimeFirst Loans Outstanding
During the Period............................... 12,711 12,607 9,663
Gross Charge-offs................................. $ 4,030 $ 5,363 $ 6,157
Recoveries........................................ $ 2 $ 99 $ 0
---------- ----------- ----------
Net Charge-offs................................... $ 4,028 $ 5,264 $ 6,157
========== =========== ==========
Net Charge-offs as a Percent of Average
Principal Balance Outstanding................... 0.08% 0.11% 0.16%
</TABLE>
The first two tables set forth after the second paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss Experience"
on page S-32 of the Prospectus Supplement are hereby updated, in their
entirety, as follows:
<PAGE>
<TABLE>
<CAPTION>
Revolving Credit Line 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>
Revolving Credit Line 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
revolving credit line
loans serviced............. $1,037,427 $1,079,693 $1,293,483 $1,353,800 $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 tables entitled "Range of
Cut-off Date Principal Balances", "Prime Index Initial Mortgage Loan Margins",
"One-Month LIBOR Index Initial Mortgage Loan Margins", "Six-Month LIBOR Index
Initial Mortgage Loan Margins" and "One-Year Treasury Index Initial Mortgage
Loan Margins" under the heading "The Mortgage Pool" on pages S-21 and S-24 of
the Prospectus Supplement is hereby updated to indicate, as of December 31,
1998, the Mortgage Loan Balances and Margins of the Mortgage Loans:
<PAGE>
<TABLE>
<CAPTION>
Range of Principal Balances as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Range of Principal Balances Loans Principal Balance Balance
- --------------------------- ------------------ ----------------- ------------------
<S> <C> <C> <C>
$0-49,999.99 83 $ 2,773,816.97 0.73%
$50,000-54,999.99 18 949,540.82 0.25%
$55,000-59,999.99 22 1,266,765.34 0.33%
$60,000-74,999.99 57 3,881,035.49 1.02%
$75,000-99,999.99 97 8,499,766.68 2.24%
$100,000-149,999.99 194 24,225,040.52 6.40%
$150,000-199,999.99 117 20,498,828.22 5.41%
$200,000-249,999.99 156 34,413,266.78 9.11%
$250,000-299,999.99 106 28,789,726.14 7.62%
$300,000-349,999.99 83 26,475,494.06 7.00%
$350,000-399,999.99 48 17,829,268.22 4.71%
$400,000-449,999.99 47 19,855,653.23 5.24%
$450,000-499,999.99 33 15,725,133.43 4.15%
$500,000-549,999.99 26 13,413,104.94 3.54%
$550,000-599,999.99 17 9,670,376.34 2.55%
$600,000-649,999.99 23 14,272,405.43 3.77%
$650,000-699,999.99 18 11,982,210.35 3.16%
$700,000-749,999.99 18 13,128,373.25 3.47%
$750,000-799,999.99 6 4,645,437.45 1.23%
$800,000-849,999.99 14 11,474,497.93 3.03%
$850,000-899,999.99 8 6,973,468.18 1.84%
$900,000-949,999.99 8 7,286,121.29 1.92%
$950,000-999,999.99 5 4,926,445.72 1.30%
$1,000,000-1,099,999.99 18 18,268,746.09 4.82%
$1,100,000-1,199,999.99 8 8,914,583.12 2.35%
$1,200,000-1,299,999.99 4 4,976,926.69 1.31%
$1,300,000-1,399,999.99 2 2,610,000.00 0.69%
$1,400,000-1,499,999.99 4 5,804,597.39 1.53%
$1,500,000-1,599,999.99 5 7,587,500.00 2.00%
$1,600,000-1,699,999.99 2 3,323,968.92 0.88%
$2,000,000-2,099,999.99 3 6,000,000.00 1.58%
$2,100,000-2,199,999.99 1 2,100,000.00 0.55%
$2,300,000-2,399,999.99 1 2,330,000.00 0.62%
$2,500,000-2,599,999.99 2 5,000,000.00 1.32%
$2,600,000-2,699,999.99 1 2,605,164.94 0.69%
$2,700,000-2,799,999.99 1 2,719,470.00 0.72%
$3,000,000 or Higher 1 3,494,110.33 0.92%
-------------------------------------------------------------------
TOTALS 1257 $378,690,844.26 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Prime Index Mortgage Loan Margins as of Decmeber 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margin Loans Principal Balance Balance
- --------------------------- ------------------ ----------------- ------------------
<S> <C> <C> <C>
-0.375 1 $ 442,839.42 22.93%
0 1 250,000.00 12.95%
0.125 1 695,000.00 36.00%
0.25 3 240,000.00 12.43%
0.5 2 181,200.00 9.38%
0.75 1 121,900.00 6.31%
-------------------------------------------------------------------
TOTALS 9 $ 1,930,939.42 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
One-Month LIBOR Index Mortgage Loan Margins as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margin Loans Principal Balance Balance
- --------------------------- ------------------ ----------------- ------------------
<S> <C> <C> <C>
0.875 4 $ 2,141,800.00 1.34%
1 1 263,200.00 0.16%
1.125 1 300,000.00 0.19%
1.25 1 400,000.00 0.25%
1.375 13 10,272,500.00 6.41%
1.5 24 13,428,604.94 8.38%
1.625 63 29,428,969.50 18.36%
1.75 28 20,305,846.05 12.67%
1.875 91 31,983,619.43 19.97%
2 27 13,609,641.02 8.49%
2.125 95 21,444,675.89 13.38%
2.25 8 1,584,619.77 0.99%
2.375 46 9,007,114.75 5.62%
2.5 9 841,037.12 0.52%
2.625 54 5,090,333.24 3.18%
2.75 1 144,662.74 0.09%
-------------------------------------------------------------------
TOTALS 466 $160,246,624.45 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Six-Month LIBOR Index Mortgage Loan Margins as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margin Loans Principal Balance Balance
- --------------------------- ------------------ ----------------- ------------------
<S> <C> <C> <C>
0.875 1 $ 737,000.00 0.35%
1 4 1,859,188.05 0.89%
1.125 2 1,427,100.24 0.69%
1.25 2 880,143.00 0.42%
1.5 14 12,103,142.74 5.82%
1.625 23 17,276,478.28 8.30%
1.75 94 45,268,317.45 21.76%
1.875 20 17,816,384.60 8.56%
2 117 38,557,707.60 18.53%
2.125 18 10,204,926.55 4.90%
2.25 257 36,817,695.40 17.69%
2.375 8 2,605,094.03 1.25%
2.5 70 10,220,596.61 4.91%
2.625 14 1,864,048.72 0.90%
2.75 116 10,072,668.87 4.84%
3 1 91,922.53 0.04%
3.125 1 302,638.21 0.15%
-------------------------------------------------------------------
TOTALS 762 $208,105,052.88 100.00%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
One-Year Treasury Index Mortgage Loan Margins as of December 31, 1998
% of Mortgage
Number of Mortgage Pool by Principal
Margin Loans Principal Balance Balance
- --------------------------- ------------------ ----------------- ------------------
<S> <C> <C> <C>
1.875 2 $ 736,798.65 8.76%
2.125 2 1,080,935.55 12.86%
2.25 1 59,974.89 0.71%
2.375 5 1,204,020.27 14.32%
2.5 4 1,270,728.02 15.11%
2.75 4 3,794,462.43 45.13%
3 1 13,493.46 0.16%
3.125 1 247,814.24 2.95%
-------------------------------------------------------------------
TOTALS 20 $ 8,408,227.51 100.00%
-------------------------------------------------------------------
---------------------------
</TABLE>
The date of this Supplement is April 1, 1999.
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