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) : February 22, 1999
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)
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 12
consecutively numbered pages.
<PAGE>
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 Janury 20, 1999 and February 22,
1999 distributions were made to the Certificateholders. Specific information
with respect to the distributions are filed as Exhibit 99.1 and Exhibit 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 exhibit is filed as part of this report:
Statement to Certificateholders on Janury 20, 1999,
as Exhibit 99.1.
Statement to Certificateholders on February 22, 1999,
as Exhibit 99.2.
<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: February 26, 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
January 20, 1999.
99.2 Monthly Certificateholder Statement on 9
February 22, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on January 20, 1999
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 01/20/99 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING REALIZED ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST LOSS TOTAL CERTIFICATE
CLASS CUSIP # BALANCE BALANCE DISTRIBUTION DISTRIBUTION REDUCTION DISTRIBUTION BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A 589929TE8 225,255,000.00 225,255,000.00 1,656,738.96 490,555.33 0.00 2,147,294.29 223,598,261.04
M-1 589929TF5 15,670,000.00 15,670,000.00 0.00 37,538.36 0.00 37,538.36 15,670,000.00
M-2 589929TG3 12,405,000.00 12,405,000.00 0.00 30,681.70 0.00 30,681.70 12,405,000.00
B 589929TH1 7,835,000.00 7,835,000.00 0.00 23,796.64 0.00 23,796.64 7,835,000.00
R-2 N/A N/A N/A N/A 0.00 N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 261,165,000.00 261,165,000.00 1,656,738.96 582,572.03 0.00 2,239,310.99 259,508,261.04
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTIONAL NOTIONAL PRINCIPAL INTEREST TOTAL NOTIONAL
CLASS CUSIP # BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------------
BB N/A 14,750,000.00 14,750,000.00 268,199.87 67,604.17 335,804.04 14,481,800.13
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS CUSIP # DISTRIBUTION DISTRIBUTION BALANCE RATE
- --------------------------------------------------------------------------------
A 589929SA7 7.35494866 2.17777778 992.64505134 5.60000000%
M-1 589929SB5 0.00000000 2.39555556 1000.00000000 6.16000000%
M-2 589929SC3 0.00000000 2.47333333 1000.00000000 6.36000000%
B 589929SD1 0.00000000 3.03722222 1000.00000000 7.81000000%
BB N/A 18.18304225 4.58333333 981.81695775 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>
----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 01/20/99 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 582,572.03
Principal Distribution Amount 1,656,738.96
Monthly Excess Cashflow Amount 340,804.04
Extra Principal Cashflow Amount 0.00
Monthly Excess Interest Amount 340,804.04
Targeted Overcollateralization Amount 4,246,585.76
Overcollateralization Amount 4,246,609.70
Overcollateralization Deficiency 0.00
Overcollateral Release Amount 0.00
Servicing Compensation 110,588.35
Current Advances 0.00
Mortgage Loan Information
Loan Count 1,845
Stated Principal Balance of the Mortgage Loans 263,754,870.74
Weighted Average Remaining Term 354.90
Weighted Average Mortgage Rate 8.9904%
Aggregate Amount of Prepayments 1,503,894.71
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 48,328.79
<PAGE>
Delinquency Information
Delinquency Principal
Listing Category Number of Loans Balance
------------------------------------------------
30 days past due 181 23,609,157.12
60 days past due 22 3,219,392.92
90 + days past due 0 0.00
Loans in Foreclosure 0 0.00
Bankruptcy 1 67,476.25
------------------------------------------------
REO Loan Number Principal Balance Book Value
Information
------------------------------------------------
------------------------------------------------
The Three-month Rolling Average of 60+ 1.25%
Day Delinquent Loan
LITTON LOAN SERVICING, INC.
SERVICER (C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
</TABLE>
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on February 22, 1999
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 02/22/99 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING REALIZED ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST LOSS TOTAL CERTIFICATE
CLASS CUSIP # BALANCE BALANCE DISTRIBUTION DISTRIBUTION REDUCTION DISTRIBUTION BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A 589929TE8 225,255,000.00 223,598,261.04 702,229.93 1,126,283.07 0.00 1,828,513.00 222,896,031.11
M-1 589929TF5 15,670,000.00 15,670,000.00 0.00 86,975.03 0.00 86,975.03 15,670,000.00
M-2 589929TG3 12,405,000.00 12,405,000.00 0.00 71,127.17 0.00 71,127.17 12,405,000.00
B 589929TH1 7,835,000.00 7,835,000.00 0.00 55,337.95 0.00 55,337.95 7,835,000.00
R-2 N/A N/A N/A N/A 0.00 N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 261,165,000.00 259,508,261.04 702,229.93 1,339,723.22 0.00 2,041,953.15 258,806,031.11
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTIONAL NOTIONAL PRINCIPAL INTEREST TOTAL NOTIONAL
CLASS CUSIP # BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------------
BB N/A 14,750,000.00 14,481,800.13 468,602.90 66,374.92 534,977.82 14,013,197.22
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS CUSIP # DISTRIBUTION DISTRIBUTION BALANCE RATE
- --------------------------------------------------------------------------------
A 589929SA7 3.11748876 5.00003584 989.52756258 5.49500000%
M-1 589929SB5 0.00000000 5.55041667 1000.00000000 6.05500000%
M-2 589929SC3 0.00000000 5.73375000 1000.00000000 6.25500000%
B 589929SD1 0.00000000 7.06291667 1000.00000000 7.70500000%
BB N/A 31.76968843 4.49999439 950.04726932 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>
----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1998-FF3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 02/22/99 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 1,339,723.22
Principal Distribution Amount 702,229.93
Monthly Excess Cashflow Amount 539,977.82
Extra Principal Cashflow Amount 0.00
Monthly Excess Interest Amount 539,977.82
Targeted Overcollateralization Amount 4,220,077.93
Overcollateralization Amount 4,246,609.70
Overcollateralization Deficiency 0.00
Overcollateral Release Amount 0.00
Servicing Compensation 109,897.81
Current Advances 245,719.57
Mortgage Loan Information
Loan Count 1,840
Beginning Stated Principal Balance of the Mortgage Loans 263,754,870.74
Ending Stated Principal Balance of the Mortgage Loans 263,052,640.81
Principal and Interest Collected 2,680,342.83
Weighted Average Remaining Term 353.800
Weighted Average Mortgage Rate 8.9998%
Aggregate Amount of Prepayments 548,930.47
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 14,343.30
<PAGE>
Delinquency Information
Delinquency Principal
Listing Category Number of Loans Balance
------------------------------------------------
30 days past due 137 19,096,878.50
60 days past due 53 6,463,923.52
90 + days past due 17 2,237,477.50
Loans in Foreclosure 0 0.00
Bankruptcy 0 0.00
------------------------------------------------
REO Loan Number Principal Balance Book Value
Information
------------------------------------------------
------------------------------------------------
The Three-month Rolling Average of 60+ 2.28%
Day Delinquent Loan
LITTON LOAN SERVICING, INC.
SERVICER (C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
</TABLE>
