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 333-39127 13-5674085
(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) 449-1000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8
consecutively numbered pages.
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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-FF2 (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
September 25, 1998 ( the "Agreement"), among Merrill Lynch Mortgage Investors,
Inc., as depositor, Litton Loan Servicing, Inc., as servicer, and The Chase
Manhattan Bank, 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.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: November 4, 1998 By: /s/ Thomas Provenzano
Thomas J. Provenzano
Assistant Vice President
<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>
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF2
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 10/20/98 PAGE # 1
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ORIGINAL BEGINNING REALIZED ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST LOSS TOTAL CERTIFICATE
CLASS CUSIP # BALANCE BALANCE DISTRIBUTION DISTRIBUTION REDUCTION DISTRIBUTION BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A 589929SA7 300,698,000.00 300,698,000.00 2,266,552.51 1,209,839.61 0.00 3,476,392.12 298,431,447.49
M-1 589929SB5 20,918,000.00 20,918,000.00 0.00 88,229.65 0.00 88,229.65 20,918,000.00
M-2 589929SC3 16,560,000.00 16,560,000.00 0.00 72,148.13 0.00 72,148.13 16,560,000.00
B 589929SD1 10,459,000.00 10,459,000.00 0.00 53,339.08 0.00 53,339.08 10,459,000.00
R-2 N/A N/A N/A N/A 0.00 N/A N/A N/A
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TOTAL 348,635,000.00 348,635,000.00 2,266,552.51 1,423,556.47 0.00 3,690,108.98 346,368,447.49
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- --------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTIONAL NOTIONAL PRINCIPAL INTEREST TOTAL NOTIONAL
CLASS CUSIP # BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------------
BB N/A 21,795,000.00 21,795,000.00 596,151.02 99,893.75 696,044.77 21,198,848.98
- --------------------------------------------------------------------------------------------------------------
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FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS CUSIP # DISTRIBUTION DISTRIBUTION BALANCE RATE
- --------------------------------------------------------------------------------
A 589929SA7 7.53763746 4.02343750 992.46236254 5.79375000%
M-1 589929SB5 0.00000000 4.21788194 1000.00000000 6.07375000%
M-2 589929SC3 0.00000000 4.35677083 1000.00000000 6.27375000%
B 589929SD1 0.00000000 5.09982639 1000.00000000 7.34375000%
BB N/A 27.35265053 4.58333333 972.64734947 5.50000000%
R-2 N/A N/A N/A N/A N/A
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If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
TOM PROVENZANO
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3246
---------------------------------------
LITTON LOAN SERVICING, INC.
SERVICER (C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
</TABLE>
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<TABLE>
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF2
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 10/20/98 PAGE # 2
<S> <C> <C>
- --------------------------------------------------------------------------------
Class Interest Basis Unpaid Applied Applied
Carry Risk Realized Realized Realized
Forward Shortfall Loss Amount Loss Amount Amortization
Amount Amount
- --------------------------------------------------------------------------------
A 0.00 0.00 N/A N/A N/A
M-1 0.00 0.00 0.00 0.00 0.00
M-2 0.00 0.00 0.00 0.00 0.00
B 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------
Class X Distribution Amount 0.00
Interest Distribution Amount 1,423,556.47
Principal Distribution Amount 2,266,552.51
Monthly Excess Cashflow Amount 701,044.77
Extra Principal Cashflow Amount 0.00
Monthly Excess Interest Amount 701,044.77
Targeted Overcollateralization Amount 5,309,166.59
Overcollateralization Amount 5,309,439.49
Overcollateralization Deficiency 0.00
Overcollateral Release Amount 0.00
Servicing Compensation 147,476.75
Current Advances 1,499,550.03
Mortgage Loan Information
Loan Count 2527
Stated Principal Balance of the Mortgage Loans 351,677,886.98
Weighted Average Remaining Term 14.490
Weighted Average Mortgage Rate 9.0024%
Aggregate Amount of Prepayments 2,064,266.44
Aggregate Amount of Realized Losses 0.00
Prepayment Interest Shortfall Amt not covered by servicer 0.00
Relief Act Interest Shortfalls 0.00
Extraordinary Trust Fund Expenses 0.00
Unpaid Principal Balance of a Substituted Loan 0.00
<PAGE>
Delinquency Information
Delinquency Principal
Listing Category Number of Loans Balance
------------------------------------------------
30 days past due 110 14,193,938.05
60 days past due 22 2,353,640.89
90 + days past due 0 0.00
Loans in Foreclosure 0 0.00
Bankruptcy 6 685,189.01
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REO Loan Number Principal Balance Book Value
Information
------------------------------------------------
------------------------------------------------
The Three-month Rolling Average of 60+ 0.86%
Day Delinquent Loan
LITTON LOAN SERVICING, INC.
SERVICER (C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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