SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from December 3, 1997
(Commencement of Operations) to December 31, 1997.
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number - 33-37569
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3416059
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
World Financial Center
North Tower, 10th Floor
250 Vesey Street
New York, New York 10281-1310
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-0336
Mortgage Loan Asset Backed Certificates, Series 1997-FF3
(Title of each class of securities covered by this form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K/A or any
amendment to this Form 10-K/A. [X]
Page 1 of 4
This report consists of 8 consecutively numbered pages.
Documents incorporated by reference: none
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AMENDMENT NUMBER 1 OF 1
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
Mortgage Loan Asset Backed Certificates, Series 1997-FF3
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(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Servicing Reports, filed as Exhibit 99.1 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant.
A Current Report on Form 8-K, dated December 22, 1997, was filed for the
purpose of filing the Monthly Statement sent to the Holders of the Offered
Certificates for Payments made on the same dates. The items reported in such
Current Report were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
CHASE BANK OF TEXAS, N.A.
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: December 11, 1998 By: /s/ Bill Marshall
----------------
Bill Marshall
Vice President & Trust Officer
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Annual Servicing Reports 6
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EXHIBIT 99.1
ANNUAL SERVICING REPORTS
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OPTION ONE MORTGAGE CORPORATION
Corporate Offices
3ADA, Irvine, CA 92618
P.O. Box 57054, Irvine, CA 92619-7054
Phone 714/790-8200 800/648-9605
Fax 714/790-8505
July 28, 1998
Merrill Lynch Mortgage Investors Incorporated
World Financial Center
New York, New York 10281
Attention: Merrill Lynch Mortgage Investors, Incorporated
First Franklin 1997-FF3 Inv#496
First Franklin Financial Corporation
2150 North First Street
San Jose, Ca. 95131
Attention: Chief Operating Officer
Texas Commerce Bank National Association
Global Trust Services
600 Travis Street 8th Floor
Houston, TX 77002
Attention: Merrill Lynch Mortgage Investors, Series 1997-FF3
Texas Commerce Bank National Association
c/o Texas Commerce Trust Company of New York
55 Water Street, North Building
Room 234, Windows 20 and 21
New York, New York 10041
Financial Security Assurance Incorporated
350 Park Avenue
New York, New York 10022
Attention: Surveillance Department
RE: Mortgage Loan Asset Backed Certificates, Series 1997-FF3
Pursuant to Section 3.20 of the Pooling and Servicing Agreement, dated and
effective 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, I certify that:
1. A review of the activities of the Servicer, during the fiscal year ended
April 30,1998, and of performance under the aforementioned agreement has been
made under my supervision.
2. To the best of my knowledge, based on such review, the Servicer, has
fulfilled all of its obligations under the Agreement during the fiscal year
ended April 30, 1998, subject to any matters noted in the servicing report
provided under Section 3.21 of the Agreement.
By: /s/ William L. O'Neill
William L. O'Neill
Senior Vice President\Chief Financial Officer
Option One Mortgage Corporation
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INDEPENDENT AUDITORS' REPORT
Deloitte & Touche LLP Telephone: (714)436-7100
Suite 1200 Facsimile: (714)436-4200
695 Town Center Drive
Costa Mesa, California 92626-1924
The Board of Directors
Option One Mortgage Corporation
We have audited the accompanying balance sheet of Option One Mortgage
Corporation (the Company), a wholly-owned subsidiary of Block Financial
Corporation, as of April 30, 1998, and the related statements of earnings,
stockholder's equity and cash flows for the period from June 18, 1997 to
April 30, 1998. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Option One Mortgage Corporation
as of April 30, 1998, and the results of its operations and its cash flows for
the period from June 18, 1997 to April 30, 1998 in conformity with generally
accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Costa Mesa, CA
June 12, 1998
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