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) : June 21, 1999
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127-04 13-5674085
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
World Financial Center North Tower
250 Vesey Street, 17th Floor
New York, New York 10281-1315
(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-FF3 (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
December 1, 1998 ( the "Agreement"), among Merrill Lynch Mortgage Investors,
Inc., as depositor, Litton Loan Servicing, LP, as servicer, and The Chase
Manhattan Bank, as trustee (the Trustee). On June 21, 1999 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 June 21, 1999,
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: June 30, 1999 By: /s/ Thomas Provenzano
Thomas J. Provenzano
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
June 21, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on June 21, 1999
<PAGE>
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 06/21/99 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 589929TE8 225,255,000.00 215,631,320.86 2,314,788.82 1,046,770.27 0.00 3,361,559.09 213,316,532.04
M-1 589929TF5 15,670,000.00 15,670,000.00 0.00 83,869.32 0.00 83,869.32 15,670,000.00
M-2 589929TG3 12,405,000.00 12,405,000.00 0.00 68,599.65 0.00 68,599.65 12,405,000.00
B 589929TH1 7,835,000.00 7,835,000.00 0.00 53,425.99 0.00 53,425.99 7,835,000.00
R-2 N/A N/A N/A N/A 0.00 N/A N/A N/A
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TOTAL 261,165,000.00 251,541,320.86 2,314,788.82 1,252,665.23 0.00 3,567,454.05 249,226,532.04
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- --------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTIONAL NOTIONAL PRINCIPAL INTEREST TOTAL NOTIONAL
CLASS CUSIP # BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------------
BB N/A 14,750,000.00 11,984,949.90 548,092.97 54,931.02 603,023.99 11,436,856.94
- --------------------------------------------------------------------------------------------------------------
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FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS CUSIP # DISTRIBUTION DISTRIBUTION BALANCE RATE
- --------------------------------------------------------------------------------
A 589929TE8 10.27630383 4.64704565 947.00020883 5.46125000%
M-1 589929TF5 0.00000000 5.35222222 1000.00000000 6.02125000%
M-2 589929TG3 0.00000000 5.53000000 1000.00000000 6.22125000%
B 589929TH1 0.00000000 6.81888889 1000.00000000 7.67125000%
BB N/A 37.15884513 3.72413695 775.38013126 5.50000000%
R-2 N/A N/A N/A N/A N/A
- --------------------------------------------------------------------------------
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>
<PAGE>
<TABLE>
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/21/99 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 1,252,665.23
Principal Distribution Amount 2,314,788.82
Monthly Excess Cashflow Amount 603,023.99
Extra Principal Cashflow Amount 0.00
Monthly Excess Interest Amount 603,023.99
Targeted Overcollateralization Amount 4,246,585.76
Overcollateralization Amount 4,246,609.69
Overcollateralization Deficiency 0.00
Overcollateral Release Amount 0.00
Servicing Compensation 106,578.35
Current Advances 400,762.72
Mortgage Loan Information
Loan Count 1770
Beginning Stated Principal Balance of the Mortgage Loans 255,787,930.55
Ending Stated Principal Balance of the Mortgage Loans 253,473,141.73
Principal and Interest Collected 4,235,718.40
Weighted Average Remaining Term 350.800
Weighted Average Mortgage Rate 9.0118%
Aggregate Amount of Prepayments 2,161,371.32
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
Prepayment Penalties 44,109.03
<PAGE>
Delinquency Information
Delinquency Principal
Listing Category Number of Loans Balance
------------------------------------------------
30 days past due 134 17,099,414.78
60 days past due 26 3,439,378.75
90 + days past due 31 4,384,912.28
Loans in Foreclosure 4 671,136.10
Bankruptcy 11 1,895,286.33
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REO Loan Number Principal Balance Book Value
Information
------------------------------------------------
------------------------------------------------
The Three-month Rolling Average of 60+ 5.59%
Day Delinquent Loan
LITTON LOAN SERVICING, INC.
SERVICER (C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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