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 20, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-24327-04 13-3416059
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
250 Vesey Street, World Financial Center,
North Tower, 17th Floor
New York, New York 10281-1310
(Address of principal executive offices) (Zip Code)
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 8
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 1998-FF1 (the "Certificates") .
The Certificates were issued, and this report and exhibit is being filed,
pursuant to the terms of the Pooling and Servicing Agreement, dated as of June
11, 1998 ( the "Agreement"), among Merrill Lynch Mortgage Investors, Inc., as
depositor, First Franklin Financial Corporation, as master servicer, Option One
Mortgage Corporation, as servicer, and Chase Bank of Texas, N.A., as trustee
(the Trustee). On October 20, 1998 distribution was made to the
Certificateholders. Specific information with respect to the distribution 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 exhibit is filed as part of this report:
Statement to Certificateholders on October 20, 1998,
as Exhibit 99.1.
<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.
CHASE BANK OF TEXAS, N.A.,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: October 23, 1998 By: /s/ Bob Rakestraw
Bob Rakestraw
Vice President & Trust Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
October 20, 1998.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on October 20, 1998
<PAGE>
<TABLE>
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FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
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<S> <C> <C>
DIST DATE: 10/20/98 PAGE # 1
RECORD DATE: 09/30/98
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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 589929QV3 170,904,000.00 161,490,238.04 2,369,643.35 772,440.11 - - 3,142,083.46 - 159,120,594.69
M-1 589929QW1 11,889,000.00 11,889,000.00 - 59,047.11 - - 59,047.11 - 11,889,000.00
M-2 589929QX9 9,412,000.00 9,412,000.00 - 48,392.11 - - 48,392.11 - 9,412,000.00
B 589929QY7 5,945,000.00 5,945,000.00 - 33,142.58 - - 33,142.58 - 5,945,000.00 188,724,859.72
X N/A N/A N/A N/A 26,132.45 - N/A 26,132.45 N/A N/A
R N/A N/A N/A N/A - N/A N/A - N/A N/A
===================================================================================================================================
TOTALS N/A 198,150,000.00 188,736,238.04 2,369,643.35 939,154.37 - - 3,308,797.72 - 186,366,594.69 188,724,859.72
===================================================================================================================================
Factor Information Per $1,000 Pass Through Rate
- ---------------------------------------------------------------------------------------------------
Principal Principal End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through
Rate
- ---------------------------------------------------------------------------------------------------
A-1 589929QV3 13.86534753 4.519730999 931.0524896 0.0573984
M-1 589929QW1 0 4.966533333 1000 0.0595984
M-2 589929QX9 0 5.141533333 1000 0.0616984
B 589929QY7 0 5.574866667 1000 0.0668984
- ----------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below
- --------------------------------------------------------------------------
Bob Rakestraw
Chase Bank of Texas, N.A.
600 Travis Street, 10th Floor
Houston, Texas 77002
(713) 216-5884
- ---------------------------------------------------------------------------
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
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FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 10/20/98 PAGE # 2
RECORD DATE: 09/30/98
<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
--------------------------------------------------------------------------
A-1 - - -
Sec. 4.02 (11)-(13) M-1 - - -
M-2 - - -
Sec. 4.02 (16)-(18) B - - -
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Sec. 4.02 (19) Total - - -
--------------------------------------------------------------------------
Sec. 4.02 (20) Interest Remittance Amount 1,360,826.91
Prepayment Penalties Received 26,132.45
Sec. 4.02 (21) Principal Remittance Amount 1,924,222.05
Sec. 4.02 (22) Monthly Excess Cash Flow Amount 445,421.30
Sec. 4.02 (23) Extra Principal Distribution Flow Amount for this Distribution Date 445,421.30
Sec. 4.02 (24) Monthly Excess Interest Amount for this Distribution Date 445,421.30
Sec. 4.02 (25) Targeted Overcollateralization for this Distribution Date 2,972,250.00
Sec. 4.02 (26) Overcollateralization Amount for this Distribution Date 1,912,843.73
Sec. 4.02 (27) Overcollateralization Deficiency for this Distribution Date 1,059,406.27
Sec. 4.02 (28) Overcollateralization Release Amount for this Distribution Date -
Sec. 4.02 (29) Aggregate Master Servicer Fee Amount 15,891.27
Aggregate Servicer Fee Amount 63,565.09
Sec. 4.02 (30) Aggregate Amount of Monthly Advances for this Distribution Date 923,953.01
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 188,724,859.72
Sec. 4.02 (32) The Number of Mortgage Loans 1,358.00
The Aggregate Principal Balance of the Mortgage Loans 188,724,859.72
The Weighted Average Remaining Term to Maturity of the Mortgage Loans 351
The Weighted Average Mortgage Rate 8.63623%
<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 66.00 7,456,552.94
60 Days Past Due 34.00 4,108,996.03
90 or MoRe Days Past Due 10.00 1,573,287.72
Foreclosure proceedings have been completed 2.00 424,579.20
Related mortgagor has filed for bankruptcy 5.00 739,483.31
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Sec. 4.02 (34) With respect to any Mortgage Loans that became an REO property
during the preceding calendar month. -
-----------------------------------------------------------
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 1,814,851.79
Sec. 4.02 (37) The aggregate amount of Realized Losses incurred during the related Collection Period 46,174.91
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 5,367,069.08
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
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
</TABLE>
