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) : October 27, 1997
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-7569 13-3416059
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
250 Vesey Street
World Financial Center
North Tower, 10th Floor
New York, NY 10281-1310
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 449-0336
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 10 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed with respect to the
Registrant's Ocwen Mortgage Loan Asset-Backed Certificates, Series
1997-OFS2 (the "Certificates") 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. The Certificates were issued, and this
report and exhibits are being filed, pursuant to the terms of the Pooling
and Servicing Agreement, dated as of September 1, 1997, among Merrill Lynch
Mortgage Investors, Inc., as depositor, Ocwen Federal Bank FSB, as master
servicer, and Texas Commerce Bank National Association, as trustee.
On October 27, 1997 and November 25, 1997 distributions were made to
the Certificateholders. Specific information with respect to the
distributions is filed as Exhibits 99.1 and 99.2. 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 October 27, 1997 filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on November 25, 1997 filed
as Exhibit 99.2 hereto.
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<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: December 3, 1997 By: /s/Karen Marshall
Karen Marshall
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
October 27, 1997. 5
99.2 Monthly Certificateholder Statement on
November 25, 1997. 8
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<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on October 27, 1997
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-OFS2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 27-OCT-97 PAGE # 1
RECORD DATE: 25-SEP-97
- - -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- - -----------------------------------------------------------------------------------------------------------------------------------
A 589929NH7 102,200,847.00 102,200,847.00 1,081,415.15 535,759.55 0.00 1,617,174.70 101,119,431.85 101,382,487.35
R N/A N/A N/A N/A - N/A - N/A N/A
- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 102,200,847.00 102,200,847.00 1,081,415.15 535,759.55 - 1,617,174.70 101,119,431.85 101,382,487.35
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- - -----------------------------------------------------------------------------------------------------------------------------------
X N/A N/A N/A - 266,437.22 - N/A
- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A N/A N/A - 266,437.22 - N/A
- - -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- - ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- - ------------------------------------------------------------------------------
A 589929NH7 10.58127384 5.24222221 989.41872616 5.89750%
- - -----------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-6-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-OFS2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 27-OCT-97 PAGE # 2
RECORD DATE: 25-SEP-97
Sec. 4.02 (i) Class A Principal Distribution Amount 1,081,415.15
Sec. 4.02 (ii) Class A Interest Distribution Amount 535,759.55
Sec. 4.02 (iii) Servicing Compensation Amount 42,583.69
Sec. 4.02 (iv) Guaranteed Distribution Amount 1,617,174.70
Sec. 4.02 (v) Insurance Payment made to Class A Certificateholders 0.00
Reimbursement Payment made to the Certificate Insurer 0.00
Ending Amount of Cumulative Insurance Payment 0.00
Sec. 4.02 (vi) Aggregate amount of monthly advances for such distribution date 81,145.12
Sec. 4.02 (vii) Aggregate stated principal balance of the mortgage loans 101,382,487.35
Mortgage Loan that became an REO Property at the close of business on such distribution date 0.00
Sec. 4.02 (viii) The number of the mortgage loans as of the related due date 904
The weighted average remaining to maturity of the mortgage loans as of the related due date 353
The weighted average mortgage rate of the mortgage loans as of the related due date 10.08745%
Sec. 4.02 (ix) The number and aggregate unpaid Principal Balances of Mortgage Loans
Number Aggregate Unpaid Balance
---------------------------------------------------------------------------------------------------------------
30 days past due on a contractual basis 16 1,394,427.15
60 days past due on a contractual basis 0 0.00
90 days or more past due on a contractual basis 0 0.00
As to which foreclosure proceedings have been commenced 0 0.00
---------------------------------------------------------------------------------------------------------------
Sec. 4.02 (x) Mortgage Loan that became an REO Property during the preceding calendar month
Loan Number Unpaid Principal Balance Stated Principal Balance
---------------------------------------------------------------------------------------------------------------
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
---------------------------------------------------------------------------------------------------------------
Sec. 4.02 (xi) The book value of any REO Property as of the close of business on the last business day of the calendar
month preceeding the distribution date 0.00
Sec. 4.02 (xii) The aggregate amount of Principal Prepayment 768,116.21
Sec. 4.02 (xiii) The aggregate amount of Realized Losses incurred during the related Collection Period
Extraordinary Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Losses 0.00
Sec. 4.02 (xiv) The aggregate amount of extraordinary Trust Fund Expenses withdrawn from the Collection Account 0.00
Sec. 4.02 (xviii) The aggregate amount of Prepayment Interest Shortfalls 0.00
Sec. 4.02 (xix) The aggregate amount of Relief Act Interest Shortfalls for such distribution date 0.00
Sec. 4.02 (xx) The then-applicable Bankruptcy Amount 0.00
The then-applicable Fraud Loss Amount 0.00
The then-applicable Special Hazard Amount 0.00
Sec. 4.02 (xxi) Basis Risk Shortfall for this distribution date 0.00
Sec. 4.02 (xxii) Unpaid Basis Risk Shortfalls Amount 0.00
Sec. 4.02 (xxiii) The Required Subordinated Amount for this distribution date 3,066,025.41
Sec. 4.02 (xxiv) The Subordination Increase Amount for this distribution date 263,055.50
Sec. 4.02 (xxv) The Subordination Reduction Amount for this distribution date 0.00
OCWEN FEEDERAL BANK FSB
MASTER SERVICER
-7-
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on November 25, 1997
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<PAGE>
<S> <C> <C> <C> <C> <C> <C>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-OFS2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-97 PAGE # 1
RECORD DATE: 31-OCT-97
- - -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- - -----------------------------------------------------------------------------------------------------------------------------------
A 589929NH7 102,200,847.00 101,119,431.85 1,128,945.58 480,394.55 0.00 1,609,340.13 99,990,486.27 100,565,225.82
R N/A N/A N/A N/A - N/A - N/A N/A
- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 102,200,847.00 101,119,431.85 1,128,945.58 480,394.55 0.00 1,609,340.13 99,990,486.27 100,565,225.82
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- - -----------------------------------------------------------------------------------------------------------------------------------
X N/A N/A N/A - 579,485.38 - N/A
- - -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A N/A N/A - 579,485.38 - N/A
- - -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- - ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- - ------------------------------------------------------------------------------
A 589929NH7 11.04634274 4.70049480 978.37238342 5.89750%
- - -----------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-9-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-OFS2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-97 PAGE # 2
RECORD DATE: 31-OCT-97
Sec. 4.02 (i) Class A Principal Distribution Amount 1,126,945.58
Sec. 4.02 (ii) Class A Interest Distribution Amount 480,394.55
Sec. 4.02 (iii) Servicing Compensation Amount 42,242.70
Sec. 4.02 (iv) Guaranteed Distribution Amount 1,609,340.13
Sec. 4.02 (v) Insurance Payment made to Class A Certificateholders 0.00
Reimbursement Payment made to the Certificate Insurer 0.00
Ending Amount of Cumulative Insurance Payment 0.00
Sec. 4.02 (vi) Aggregate amount of monthly advances for such distribution date 74,771.97
Sec. 4.02 (vii) Aggregate stated principal balance of the mortgage loans 100,565,225.82
Mortgage Loan that became an REO Property at the close of business on such distribution date 0.00
Sec. 4.02 (viii) The number of the mortgage loans as of the related due date 904
The weighted average remaining to maturity of the mortgage loans as of the related due date 352
The weighted average mortgage rate of the mortgage loans as of the related due date 10.08286%
Sec. 4.02 (ix) The number and aggregate unpaid Principal Balances of Mortgage Loans
Number Aggregate Unpaid Balance
---------------------------------------------------------------------------------------------------------------
30 days past due on a contractual basis 13 2,011,809.23
60 days past due on a contractual basis 14 1,173,384.32
90 days or more past due on a contractual basis 0 0.00
As to which foreclosure proceedings have been commenced 0 0.00
---------------------------------------------------------------------------------------------------------------
Sec. 4.02 (x) Mortgage Loan that became an REO Property during the preceding calendar month
Loan Number Unpaid Principal Balance Stated Principal Balance
---------------------------------------------------------------------------------------------------------------
0 0.00 0.00
0 0.00 0.00
0 0.00 0.00
---------------------------------------------------------------------------------------------------------------
Sec. 4.02 (xi) The book value of any REO Property as of the close of business on the last business day of the calendar
month preceeding the distribution date 0.00
Sec. 4.02 (xii) The aggregate amount of Principal Prepayment 767,024.54
Sec. 4.02 (xiii) The aggregate amount of Realized Losses incurred during the related Collection Period
Extraordinary Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Losses 0.00
Sec. 4.02 (xiv) The aggregate amount of extraordinary Trust Fund Expenses withdrawn from the Collection Account 0.00
Sec. 4.02 (xviii) The aggregate amount of Prepayment Interest Shortfalls 0.00
Sec. 4.02 (xix) The aggregate amount of Relief Act Interest Shortfalls for such distribution date 0.00
Sec. 4.02 (xx) The then-applicable Bankruptcy Amount 0.00
The then-applicable Fraud Loss Amount 0.00
The then-applicable Special Hazard Amount 0.00
Sec. 4.02 (xxi) Basis Risk Shortfall for this distribution date 0.00
Sec. 4.02 (xxii) Unpaid Basis Risk Shortfalls Amount 0.00
Sec. 4.02 (xxiii) The Required Subordinated Amount for this distribution date 3,066,025.41
Sec. 4.02 (xxiv) The Subordination Increase Amount for this distribution date 311,684.05
Sec. 4.02 (xxv) The Subordination Reduction Amount for this distribution date 0.00
OCWEN FEEDERAL BANK FSB
MASTER SERVICER
-10-
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