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 26, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-24327 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 7 consecutively numbered pages.
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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-GN1 (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 February 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 October 26, 1998 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 exhibit is filed as part of this report:
Statement to Certificateholders on October 26, 1998 filed
as Exhibit 99.1 hereto.
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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: November 2, 1998 By: /s/Thomas J. Provenzano
-----------------------------
Thomas J. Provenzano
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
October 26, 1998 5
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Exhibit 99.1
Monthly Certificateholder Statement on October 26, 1998
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<S> <C> <C> <C> <C> <C> <C>
GOLDEN NATIONAL MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-GN1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-Oct-98 PAGE # 1
RECORD DATE: 30-Sep-98
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Realized Loss Certificate
Class Cusip # Balance Balance Distribution Distribution Distribution Principal Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 589929PJ1 118,900,000.00 110,576,110.95 1,700,019.29 655,163.46 2,355,182.75 0.00 0.00 108,876,091.66
M-1 589929PK8 13,041,000.00 13,041,000.00 0.00 82,919.03 82,919.03 0.00 0.00 13,041,000.00
M-2 589929PL6 11,507,000.00 11,507,000.00 0.00 76,905.12 76,905.12 0.00 0.00 11,507,000.00
B 589929PM4 9,972,000.00 9,972,000.00 0.00 73,475.52 73,475.52 0.00 0.00 9,972,000.00
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 153,420,000.00 145,096,110.95 1,700,019.29 888,463.13 2,588,482.42 0.00 0.00 143,396,091.66
- -----------------------------------------------------------------------------------------------------------------------------------
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Original Beginning Ending
Notional Notional Interest Total Notional
Class Cusip # Amount Amount Distribution Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
C N/A 155,756,800.00 148,911,938.64 0.00 0.00 147,421,208.64
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Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A 14.29789142 5.51020572 915.69463129 7.11000000
M-1 0.00000000 6.35833372 1000.00000000 7.63000000%
M-2 0.00000000 6.68333362 1000.00000000 8.02000000%
B 0.00000000 7.36818291 1000.00000000 8.84182000%
- ------------------------------------------------------------------------------
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
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GOLDEN NATIONAL MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-GN1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-OCT-98 PAGE # 2
RECORD DATE: 30-SEP-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 940
ENDING AGGREGATE PRINCIPAL BALANCE 147,421,208.83
SECTION 4.02 (vi) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
-------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL.
-------------------------------------------
1 MONTH 25 3,874,207.36
2 MONTHS 4 767,638.56
3+ MONTHS 13 2,015,552.73
FORECLOSURE 9 1,527,776.00
-------------------------------------------
THREE-MONTH ROLLING DELINQUENCY AVERAGE 3,053,733.14
SIXTY-DAY DELINQUENCY AMOUNT 4,310,967.29
-------------------------------------------
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 7,009,056.00
OVERCOLLATERALIZATION AMOUNT 4,025,117.17
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 341.00
SECTION 4.02 (xiii) WEIGHTED AVERAGE NET MORTGAGE RATE 8.841820%
SECTION 4.02 (xv) MASTER SERVICER FEE 31,023.32
SECTION 4.02 (xvi) INTEREST REMITTANCE AMOUNT 1,097,752.42
SECTION 4.02 (xvii) PRINCIPAL REMITTANCE AMOUNT 1,490,730.00
SCHEDULED PRINCIPAL REMITTANCE AMOUNT 101,193.93
UNSCHEDULED PRINCIPAL REMITTANCE AMOUNT 1,389,536.07
SECTION 4.02 (xviii)HAS SERVICING TERMINATION TRIGGER? NO
SECTION 4.02 (xix) AGGREGATE MONTHLY ADVANCES 31,457.70
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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