SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) : December 22, 1997
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 33-37569 13-3416059
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
250 Vesey Street, World Financial Center,
North Tower, 10th Floor
New York, New York 10281-1310
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-0357
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 9
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations
under the Securities Exchange Act of 1934, as amended, with respect to the
Registrant's Mortgage Loan Asset-Backed Certificates, Series 1997-FF-3 (the
"Certificates") . The Certificates were issued, and this report and exhibit
are being filed, pursuant to the terms of the Pooling and Servicing
Agreement, dated as of November 1, 1997 ( the "Agreement"), among Merrill
Lynch Mortgage Investors, Inc., as depositor, First Franklin Financial
Corporation, as master servicer, Option One Mortgage Corporation, as
servicer, and Texas Commerce Bank National Association, as trustee (the
Trustee). On December 22, 1997, distributions were made to the
Certificateholders. Specific information with respect to the distributions
is filed as Exhibit 99.1. No other reportable transactions or matters have
occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on December 22, 1997 filed as
Exhibit 99.1 hereto.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TEXAS COMMERCE BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: January 9, 1998 By: /s/ Bill Marshall
Bill Marshall
Vice President & Trust Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 6
December 22, 1997.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on December 22, 1997
<PAGE>
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- - -----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN FINANCIAL CORPORATION
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-FF3
STATEMENT TO CERTIFICATEHOLDERS
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 12/22/97 PAGE # 1
RECORD DATE: 12/03/97
- - ------------------------------------------------------------------------------------------------------------------------------------
Inter- Ending Ending
Original Beginning Interest est LIBOR Applied Certif- Aggregate
Certificate Certificate Principal Distri- Carry- Carry- Total Realized icate Loan
Class Cusip # Balance Balance Distribution bution over over Distribution Loss Balance Balance
- - ------------------------------------------------------------------------------------------------------------------------------------
A-1 589929NP9 116,316,000.00 116,316,000.00 1,674,865.28 379,000.34 - - 2,053,865.62 - 114,641,134.72
A-2 589929NT1 135,014,000.00 135,014,000.00 - 440,994.17 - - 440,994.17 - 135,014,000.00
M-1 589929NQ7 19,506,000.00 19,506,000.00 - 65,771.12 - - 65,771.12 - 19,506,000.00
M-2 589929NR5 19,506,000.00 19,506,000.00 - 68,447.77 - - 68,447.77 - 19,506,000.00 298,649,303.46
B 589929NS3 9,754,000.00 9,754,000.00 - 37,007.29 - - 37,007.29 - 9,754,000.00
R N/A N/A N/A N/A - N/A N/A - N/A N/A
- - ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 300,096,000.00 300,096,000.00 1,674,865.28 991,220.68 2,666,085.96 298,421,134.72 298,649,303.46
- - ------------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- - ---------------------------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through
Rate
- - ---------------------------------------------------------------------------------------------------
A-1 589929NP9 14.39926818 3.25836806 985.60073182 6.17375%
A-2 589929NT1 0.00000000 3.26628472 1,000.00000000 6.18875%
M-1 589929NQ7 0.00000000 3.37184028 1,000.00000000 6.38875%
M-2 589929NR5 0.00000000 3.50906250 1,000.00000000 6.64875%
B 589929NS3 0.00000000 3.79406250 1,000.00000000 7.18875%
- - ----------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below
- - --------------------------------------------------------------------------
Bill Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-5884
- - ---------------------------------------------------------------------------
TEXAS COMMERCE BANK, N.A.
TRUSTEE
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</TABLE>
<PAGE>
<TABLE>
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FIRST FRANKLIN FINANCIAL CORPORATION
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-FF3
STATEMENT TO CERTIFICATEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 12/22/97 PAGE # 2
RECORD DATE: 12/03/97
<S> <C> <C>
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Sec. 4.02 (6)-(8) Realized Loss Amount
--------------------------------------------------------------------------
Applied Unpaid Applied Realized
Class Realized Loss Realized Loss Loss Amortization
--------------------------------------------------------------------------
Sec. 4.02 (11)-(13) M-1 - - -
M-2 - - -
Sec. 4.02 (16)-(18) B - - -
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Sec. 4.02 (19) Total - - -
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Sec. 4.02 (20 Interest Remittance Amount 1,222,946.61
Sec. 4.02 (21) Principal Remittance Amount 1,446,890.55
Sec. 4.02 (22) Monthly Excess Cash Flow Amount 227,974.73
Sec. 4.02 (23) Extra Principal Distribution Flow Amount for this Distribution Date 227,974.73
Sec. 4.02 (24) Monthly Excess Interest Amount for this Distribution Date 227,974.73
Sec. 4.02 (25) Targeted Overcollateralization for this Distribution Date 6,001,920.00
Sec. 4.02 (26) Overcollateralization Amount for this Distribution Date 194.01
Sec. 4.02 (27) Overcollateralization Deficiency for this Distribution Date 6,001,725.99
Sec. 4.02 (28) Overcollateralization Release Amount for this Distribution Date -
Sec. 4.02 (29) Aggregate Master Servicer Fee Amount 25,008.02
Aggregate Servicer Fee Amount 100,032.06
Sec. 4.02 (30) Aggregate Amount of Monthly Advances for this Distribution Date 738,769.83
Sec. 4.02 (31) The Aggregate Stated Principal Balance of the Mortgage Loans and
any REO Properties at the close of business for this Distribution Date 298,649,303.46
Sec. 4.02 (32) The Number of Mortgage Loans 2,012.00
The Aggregate Principal Balance of the Mortgage Loans 298,649,303.46
The Weighted Average Remaining Term to Maturity of the Mortgage Loans 357
The Weighted Average Mortgage Rate 9.13004%
<PAGE>
Sec. 4.02 (33) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans
-----------------------------------------------------------------
Number of Loans Principal
Balance
-----------------------------------------------------------------
30 Days Past Due 16.00 2,533,477.75
60 Days Past Due 1.00 206,250.00
90 or Move Days Past Due - -
Foreclosure proceedings have been completed - -
Related mortgagor has filed for bankruptcy - -
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Sec. 4.02 (34) With respect to any Mortgage Loans that became an REO property during the preceding calendar month.
-----------------------------------------------------------
Loan Number Unpaid Stated Principal
Principal Balance
Balance
-----------------------------------------------------------
- - -
------------------------------------------------------------
Sec. 4.02 (35) The Book Value of any REO Property as of the close of business on the last Business Day
preceding the Distribution Date -
Sec. 4.02 (36) The aggregate amount of Principal Prepayment made during the related Collection Period 1,284,051.31
Sec. 4.02 (37) The aggregate amount of Realized Losses incurred during the related Collection Period -
Sec. 4.02 (38) The aggregate amount of Extraordinary Trust Fund Expenses withdrawn from
the Collection Account or Distribution Account -
Sec. 4.02 (41) The aggregate amount of any Prepayment Interest Shortfalls
to the extent not covered by payments by the Master Servicer -
Sec. 4.02 (44) The three-month rolling average of 60+ Day Delinquent Loans 68,750.00
Sec. 4.02 (45) The unpaid principal balance of each mortgage
a) Which has been substituted pursuant to Section 2.03 -
b) Purchased pursuant to Section 2.03, 3.16, or 10.01 -
c) For which a liquidation Event has occurred -
Sec. 4.02 (46) Whether a Servicing Termination Trigger has occurred No
TEXAS COMMERCE BANK, N.A.
TRUSTEE
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