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) : August 25, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127 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
New York, NY 10281
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 449-1000
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 Golden National Mortgage Loan Asset Backed Certificates,
Series 1998-GN2 (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 July 1, 1998, among Merrill
Lynch Mortgage Investors, Inc., as depositor, Golden National Mortgage
Banking Corp., as master servicer, and The Chase Manhattan Bank, as
trustee. On August 25, 1998 and September 25, 1998 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 August 25, 1998 filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on September 25, 1998 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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: October 7, 1998 By: /s/Thomas J. Provenzano
Thomas J. Provenzano
Assistant Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
August 25, 1998 5
99.2 Monthly Certificateholder Statement on
September 25, 1998 8
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<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on August 25, 1998
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
GOLDEN NATIONAL MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-GN2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-AUG-98 PAGE # 1
RECORD DATE: 31-JUL-98
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Realized Loss Certificate
Class Cusip # Balance Balance Distribution Distribution Distribution Principal Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 589929RH3 105,116,000.00 105,116,000.00 289,938.93 588,649.60 878,588.53 0.00 0.00 104,826,061.07
M-1 589929RHJ9 9,141,000.00 9,141,000.00 0.00 54,503.21 54,503.21 0.00 0.00 9,141,000.00
M-2 589929RK6 8,488,000.00 8,488,000.00 0.00 53,050.00 53,050.00 0.00 0.00 8,488,000.00
B 589929RL4 7,835,000.00 7,835,000.00 0.00 51,257.22 51,257.22 0.00 0.00 7,835,000.00
R-I N/A N/A N/A N/A 0.00 0.00 0.00 0.00 N/A
R-II N/A N/A N/A N/A 0.00 0.00 0.00 0.00 N/A
R-III N/A N/A N/A N/A 0.00 0.00 0.00 0.00 N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 130,580,000.00 130,580,000.00 289,938.93 747,460.03 1,037,398.96 0.00 0.00 130,290,061.07
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Total Notional
Class Cusip # Amount Amount Distribution Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
C N/A 132,567,856.74 132,567,856.74 0.00 0.00 132,474,872.47
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A 2.75827590 5.60000000 997.24172410 6.72000000%
M-1 0.00000000 5.96249973 1000.00000000 7.15500000%
M-2 0.00000000 6.25000000 1000.00000000 7.50000000%
B 0.00000000 6.54208296 1000.00000000 7.85050000%
- -----------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
NINA VELASTEGUI
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-7600
---------------------------------------
GOLDEN NATIONAL MORTGAGE
BANKING CORP.
SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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<PAGE>
GOLDEN NATIONAL MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-GN2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-AUG-98 PAGE # 2
RECORD DATE: 31-JUL-98
SECTION 4.02 (iii) DISTRIBUTION SHORTFALL
-------------------------------------
CLASS SHORTFALL AMOUNT
-------------------------------------
A 0.00
M-1 0.00
M-2 0.00
B 0.00
-------------------------------------
SECTION 4.02 (iv) ENDING NUMBER OF ALL LOANS 828
ENDING AGGREGATE PRINCIPAL BALANCE 132,474,872.47
SECTION 4.02 (vi) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
---------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL.
---------------------------------------------------
1 MONTH 9 1,626,578.96
2 MONTHS 3 644,058.33
3+ MONTHS 0 0.00
FORECLOSURE 0 0.00
---------------------------------------------------
THREE-MONTH ROLLING DELINQUENCY AVERAGE 214,686.11
SIXTY-DAY DELINQUENCY AMOUNT 644,058.33
---------------------------------------------------
SECTION 4.02 (vii) CATEGORY COUNT AGG. PRIN. BAL.
---------------------------------------------------
REO 0 0.00
---------------------------------------------------
SECTION 4.02 (viii) AGGREGATE ACCRUED CERTIFICATE INTEREST REMAINING UNPAID 0.00
-------------------------------------
CLASS ACCRUED UNPAID INTEREST
-------------------------------------
A 0.00
M-1 0.00
M-2 0.00
B 0.00
-------------------------------------
SECTION 4.02 (ix) REQUIRED OVERCOLLATERALIZATION AMOUNT 4,639,875.00
OVERCOLLATERALIZATION AMOUNT 2,184,811.40
SECTION 4.02 (x) CURRENT AGGREGATE REALIZED LOSSES (#) 0.00
CUMULATIVE AGGREGATE REALIZED LOSSES (#) 0.00
CUMULATIVE AGGREGATE REALIZED LOSSES (%) 0.00%
SECTION 4.02 (xi) AGGREGATE AMOUNT OF ANY RECOVERIES ON PREVIOUSLY -
FORECLOSED LOANS DUE TO A BREACH OF REPRESENTATION
OR WARRANTY
SECTION 4.02 (xii) WEIGHTED AVERAGE REMAINING TERM 348.09
SECTION 4.02 (xiii) WEIGHTED AVERAGE NET MORTGAGE RATE 7.850500%
SECTION 4.02 (xv) MASTER SERVICER FEE 27,618.30
SECTION 4.02 (xvi) INTEREST REMITTANCE AMOUNT 944,414.69
SECTION 4.02 (xvii) PRINCIPAL REMITTANCE AMOUNT 92,984.27
SCHEDULED PRINCIPAL REMITTANCE AMOUNT 90,222.27
UNSCHEDULED PRINCIPAL REMITTANCE AMOUNT 2,762.00
SECTION 4.02 (xviii) HAS SERVICING TERMINATION TRIGGER? NO
SECTION 4.02 (xix) AGGREGATE MONTHLY ADVANCES 18,271.94
SECTION 4.02 (xx) REPURCHASED MORTGAGE LOANS 0.00
-------------------------------------
COUNT AGG. PRIN. BAL.
-------------------------------------
0 0.00
-------------------------------------
GOLDEN NATIONAL MORTGAGE BANKING CORP.
SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on September 25, 1998
-8-
<PAGE>
GOLDEN NATIONAL MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-GN2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-SEP-98 PAGE # 1
RECORD DATE: 31-AUG-98
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Realized Loss Certificate
Class Cusip # Balance Balance Distribution Distribution Distribution Principal Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 589929RH3 105,116,000.00 104,826,061.07 587,354.13 587,025.94 1,174,380.07 0.00 0.00 104,238,706.94
M-1 589929RHJ9 9,141,000.00 9,141,000.00 0.00 54,503.21 54,503.21 0.00 0.00 9,141,000.00
M-2 589929RK6 8,488,000.00
B 589929RL4 7,835,000.00
R-I N/A N/A N/A N/A 0.00 0.00 0.00 0.00 N/A
R-II N/A N/A N/A N/A 0.00 0.00 0.00 0.00 N/A
R-III N/A N/A N/A N/A 0.00 0.00 0.00 0.00 N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 130,580,000.00 130,580,000.07 587,354.13 748,999.75 1,336,353.88 0.00 0.00 129,702,706.94
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Total Notional
Class Cusip # Amount Amount Distribution Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
C N/A 132,474,872.47 132,474,872.47 0.00 0.00 132,082,291.31
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A 5.58767581 5.58455364 991.65404829 6.72000000%
M-1 0.00000000 5.96249973 1000.00000000 7.15500000%
M-2 0.00000000 6.25000000 1000.00000000 7.50000000%
B 0.00000000 6.94583280 1000.00000000 7.83350000%
- -----------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
MARK MCDERMOTT
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-7016
---------------------------------------
GOLDEN NATIONAL MORTGAGE BANKING CORP.
SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-9-
<PAGE>
GOLDEN NATIONAL MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-GN2
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-SEP-98 PAGE # 2
RECORD DATE: 31-AUG-98
SECTION 4.02 (iii) DISTRIBUTION SHORTFALL
-------------------------------------
CLASS SHORTFALL AMOUNT
-------------------------------------
A 0.00
M-1 0.00
M-2 0.00
B 0.00
-------------------------------------
SECTION 4.02 (iv) ENDING NUMBER OF ALL LOANS 826
ENDING AGGREGATE PRINCIPAL BALANCE 132,082,291.31
SECTION 4.02 (vi) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
---------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL.
---------------------------------------------------
1 MONTH 19 3,263,931.56
2 MONTHS 7 1,300,535.31
3+ MONTHS 4 670,147.17
FORECLOSURE 0 0.00
---------------------------------------------------
THREE-MONTH ROLLING DELINQUENCY AVERAGE 871,580.27
SIXTY-DAY DELINQUENCY AMOUNT 1,970,682.48
---------------------------------------------------
SECTION 4.02 (vii) CATEGORY COUNT AGG. PRIN. BAL.
---------------------------------------------------
REO 0 0.00
---------------------------------------------------
SECTION 4.02 (viii) AGGREGATE ACCRUED CERTIFICATE INTEREST REMAINING UNPAID 0.00
-------------------------------------
CLASS ACCRUED UNPAID INTEREST
-------------------------------------
A 0.00
M-1 0.00
M-2 0.00
B 0.00
-------------------------------------
SECTION 4.02 (ix) REQUIRED OVERCOLLATERALIZATION AMOUNT 4,639,875.00
OVERCOLLATERALIZATION AMOUNT 2,379,584.37
SECTION 4.02 (x) CURRENT AGGREGATE REALIZED LOSSES (#) 0.00
CUMULATIVE AGGREGATE REALIZED LOSSES (#) 0.00
CUMULATIVE AGGREGATE REALIZED LOSSES (%) 0.00%
SECTION 4.02 (xi) AGGREGATE AMOUNT OF ANY RECOVERIES ON PREVIOUSLY -
FORECLOSED LOANS DUE TO A BREACH OF REPRESENTATION
OR WARRANTY
SECTION 4.02 (xii) WEIGHTED AVERAGE REMAINING TERM 347.09
SECTION 4.02 (xiii) WEIGHTED AVERAGE NET MORTGAGE RATE 8.547543%
SECTION 4.02 (xv) MASTER SERVICER FEE 27,598.93
SECTION 4.02 (xvi) INTEREST REMITTANCE AMOUNT 943,772.72
SECTION 4.02 (xvii) PRINCIPAL REMITTANCE AMOUNT 392,581.16
SCHEDULED PRINCIPAL REMITTANCE AMOUNT 90,891.23
UNSCHEDULED PRINCIPAL REMITTANCE AMOUNT 301,689.93
SECTION 4.02 (xviii) HAS SERVICING TERMINATION TRIGGER? NO
SECTION 4.02 (xix) AGGREGATE MONTHLY ADVANCES 15,893.27
SECTION 4.02 (xx) REPURCHASED MORTGAGE LOANS 0.00
-------------------------------------
COUNT AGG. PRIN. BAL.
-------------------------------------
0 0.00
-------------------------------------
GOLDEN NATIONAL MORTGAGE BANKING CORP.
SERVICER
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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