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): December 28, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(as depositor under the Indenture, dated as of March 1, 1998, providing for
inter alia, the issuance of PacificAmerica Home-Equity Loan Asset-Backed Notes,
Series 1998-1).
PACIFICAMERICA HOME EQUITY LOAN ASSET-BACKED NOTES, SERIES 1998-1
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
0-20897 95-4465
(Commission File Number) (I.R.S. Employer
Identification No.)
VENTURA BOULEVARD, SUITE 102
WOODLAND HILLS, CALIFORNIA 91364
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (818) 992-8999
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements to the
Certificateholders which were derived from the monthly information submitted
by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of December
28, 1998.
Monthly Remittance Statement to the Certificateholders dated as of January
25, 1999.
SIGNATURE
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Indenture, dated as of
March 1, 1998.
Date: February 10, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of December
28, 1998.
Monthly Remittance Statement to the Certificateholders dated as of January
25, 1999.
a
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 115,169,787.75 555,557.37 3,715,978.08 4,
>271,535.45 0.00 0.00 111,453,809.67
TOTALS 130,000,000.00 115,169,787.75 555,557.37 3,715,978.08 4,
>271,535.45 0.00 0.00 111,453,809.67
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 885.921444 4.273518 28.584447
> 32.857965 857.336997 5.262340% 5.844380%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Andrea Davidson
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Andrea Davidson
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
DELINQUENT INFORMATION
EXCLUDING FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
AND REO INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 6,103,591.00 1,
>126,232.00 710,082.00 7,939,905.00
PERCENTAGE OF POOL BALANCE 5.2751%
> 0.9734% 0.6137% 6.8622%
NUMBER OF LOANS 72
> 12 10 94
PERCENTAGE OF LOANS 5.7785%
> 0.9631% 0.8026% 7.5441%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
>900,794.00 6,284,887.00 7,185,681.00
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.7785% 5.4318% 6.2104%
NUMBER OF LOANS 0
> 11 66 77
PERCENTAGE OF LOANS 0.0000%
> 0.8828% 5.2970% 6.1798%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 220,406.00
> 0.00 915,479.00 1,135,885.00
PERCENTAGE OF POOL BALANCE 0.1905%
> 0.0000% 0.7912% 0.9817%
NUMBER OF LOANS 2
> 0 8 10
PERCENTAGE OF LOANS 0.1605%
> 0.0000% 0.6421% 0.8026%
* REO'S NOT INCLUDED IN THE ABOVE CATEGORIES
LOANS IN REO
> 5
PRINCIPAL BALANCE OF LOANS IN REO
> 189,320.00
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 888,845.03
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS:
> 3,233,236.32
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 4,122,081.35
INTEREST PAYMENT AMOUNT
> 555,557.37
PRINCIPAL PAYMENT AMOUNT
> 3,233,236.32
SUBORDINATION INCREASE AMOUNT
> 482,741.76
GUARANTEED INTEREST PAYMENT AMOUNT
> 939,379.04
CURRENT CARRY FORWARD AMOUNT
> 0.00
AGGREGATE UNPAID CARRY FORWARD AMOUNT
> 0.00
SCHEDULED PAYMENTS PAID BY NOTE INSURER
> 0.00
AGGREGATE SCHEDULED PAYMENTS NOT REIMBURSED
> 0.00
AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERI
>OD 115,704,745.27
WEIGHTED AVERAGE NET MORTGAGE RATE
> 10.700382%
REQUIRED SUBORDINATION AMOUNT
> 7,150,000.01
SUBORDINATION AMOUNT
> 4,250,935.60
NET MONTHLY EXCESS CASHFLOW
> 482,741.76
SUBORDINATION REDUCTION AMOUNT
> 0.00
Page 3 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
Distribution Date: December 28, 1998
ADVANCES MADE BY SERVICER
> 173,015.03
COMPENSATING INTEREST
> 0.00
PREPAYMENT INTEREST SHORTFALLS
> 0.00
RELIEF ACT SHORTFALLS
> 0.00
CURRENT REALIZED LOSSES
> 0.00
AGGREGATE REALIZED LOSSES
> 0.00
UNPAID ACCRUED INTEREST
> 0.00
MAXIMUM NOTE INTEREST RATE
> 14.50%
GUARANTEED INTEREST PAYMENT AMOUNT
> 939,379.04
NOTE INTEREST RATE
> 5.262340%
REPURCHASES:
CURRENT MONTH'S REPURCHASES
> 0.00
AGGREGATE REPURCHASES SINCE CLOSING DATE
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.000000%
DELINQUENCY PERCENTAGE
> 7.961052%
DELINQUENCY AMOUNT
> 7,666,789.32
ROLLING DELINQUENCY PERCENTAGE
> 6.626167%
AGGREGATE BEGINNING NUMBER OF LOANS IN THE POOL
> 1275
AGGREGATE ENDING NUMBER OF LOANS IN THE POOL
> 1246
AGGREGATE PREPAYMENT AMOUNT
> 3,183,067.38
SPREAD SQUEEZE %
> 5.00662363%
WEIGHTED AVERAGE OF REALIZED LOSSES
> 0.00
Page 4 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 111,453,809.67 506,627.66 3,039,748.53 3,
>546,376.19 0.00 0.00 108,414,061.14
TOTALS 130,000,000.00 111,453,809.67 506,627.66 3,039,748.53 3,
>546,376.19 0.00 0.00 108,414,061.14
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 857.336997 3.897136 23.382681
> 27.279817 833.954316 5.844380% 5.159690%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Andrea Davidson
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Andrea Davidson
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
DELINQUENT INFORMATION
EXCLUDING FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
AND REO INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 4,712,517.00
>513,440.00 420,389.00 11,292,691.00
PERCENTAGE OF POOL BALANCE 4.1650%
> 0.4538% 0.3715% 9.9807%
NUMBER OF LOANS 51
> 7 8 5,646,411
PERCENTAGE OF LOANS 4.1872%
> 0.5747% 0.6568% 463580.5419%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
>973,325.00 8,183,420.00 9,156,745.00
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.8602% 7.2326% 8.0929%
NUMBER OF LOANS 0
> 12 87 99
PERCENTAGE OF LOANS 0.0000%
> 0.9852% 7.1429% 8.1281%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 374,164.00
> 0.00 1,060,034.00 1,863,794.00
PERCENTAGE OF POOL BALANCE 0.3307%
> 0.0000% 0.9369% 1.6473%
NUMBER OF LOANS 5
> 0 10 21
PERCENTAGE OF LOANS 0.4105%
> 0.0000% 0.8210% 1.7241%
* REO'S NOT INCLUDED IN THE ABOVE CATEGORIES
LOANS IN REO
> 4
PRINCIPAL BALANCE OF LOANS IN REO
> 165,320.00
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 862,252.62
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS:
> 2,535,988.62
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 3,398,241.24
INTEREST PAYMENT AMOUNT
> 506,627.66
PRINCIPAL PAYMENT AMOUNT
> 2,559,129.86
SUBORDINATION INCREASE AMOUNT
> 480,618.67
GUARANTEED INTEREST PAYMENT AMOUNT
> 913,917.05
CURRENT CARRY FORWARD AMOUNT
> 0.00
AGGREGATE UNPAID CARRY FORWARD AMOUNT
> 0.00
SCHEDULED PAYMENTS PAID BY NOTE INSURER
> 0.00
AGGREGATE SCHEDULED PAYMENTS NOT REIMBURSED
> 0.00
AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERI
>OD 113,145,615.41
WEIGHTED AVERAGE NET MORTGAGE RATE
> 10.702529%
REQUIRED SUBORDINATION AMOUNT
> 7,150,000.01
SUBORDINATION AMOUNT
> 4,731,554.27
NET MONTHLY EXCESS CASHFLOW
> 480,618.67
SUBORDINATION REDUCTION AMOUNT
> 0.00
Page 3 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
Distribution Date: January 25, 1999
ADVANCES MADE BY SERVICER
> 170,943.24
COMPENSATING INTEREST
> 0.00
PREPAYMENT INTEREST SHORTFALLS
> 0.00
RELIEF ACT SHORTFALLS
> 0.00
CURRENT REALIZED LOSSES
> 23,141.24
AGGREGATE REALIZED LOSSES
> 23,141.24
UNPAID ACCRUED INTEREST
> 0.00
MAXIMUM NOTE INTEREST RATE
> 14.50%
GUARANTEED INTEREST PAYMENT AMOUNT
> 913,917.05
NOTE INTEREST RATE
> 5.844380%
REPURCHASES:
CURRENT MONTH'S REPURCHASES
> 0.00
AGGREGATE REPURCHASES SINCE CLOSING DATE
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.017801%
DELINQUENCY PERCENTAGE
> 9.064332%
DELINQUENCY AMOUNT
> 9,528,893.36
ROLLING DELINQUENCY PERCENTAGE
> 8.421796%
AGGREGATE BEGINNING NUMBER OF LOANS IN THE POOL
> 1246
AGGREGATE ENDING NUMBER OF LOANS IN THE POOL
> 1218
AGGREGATE PREPAYMENT AMOUNT
> 2,481,733.92
SPREAD SQUEEZE %
> 5.09734648%
WEIGHTED AVERAGE OF REALIZED LOSSES
> 44,092.63
Page 4 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
