SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from January 6 , 1999
(Commencement of Operations) to December 31, 1999
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-39127-04
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-5674085
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
250 Vesey Street, World Financial Center,
North Tower, 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
MERRILL LYNCH MORTGAGE INVESTORS, INC.
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1998-FF3
(Title of each class of securities covered by this Form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K/A or any amendment to
this Form 10-K/A. [X]
Documents incorporated by reference: None
Page 1 of 5
This report consists 9 of consecutively numbered pages.
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AMENDMENT NUMBER 1 of 1
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1998-FF3
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PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Servicer Statement of Compliance, filed as Exhibit 99.1 hereto.
Annual Statement of Independent Accountants Report for the Servicer,
filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant during the last quarter of 1999.
Current Reports on Form 8-K, dated October 20, 1999, November 22,
1999, and December 20, 1999, were filed for the purpose of filing the
Monthly Statement sent to the Holders of the Offered Certificates for
payments made on the same dates. The items reported in such Current Report
were Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: May 18, 2000 By: /s/Thomas J. Provenzano
-----------------------------
Thomas J. Provenzano
Vice President
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EXHIBIT INDEX
Exhibit Description Page
99.1 Servicer's Annual Statement of Compliance 6
99.2 Servicer's Annual Independent Accountants' Report 8
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EXHIBIT 99.1
Servicer's Annual Statement of Compliance
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Litton Loan Servicing, LP Telephone: 713 960 9676
5373 West Alabama, Suite 600 Fax: 713 966 8856
Houston, Texas 77056
March 20, 2000
Karen Dobres
The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, New York 10001-2697
Subject:First Franklin Mortgage Loan Asset Backed Certificates, Series 1998-FF3
To Whom It May Concern:
The undersigned officer of Litton Loan Servicing LP (successor in interest to
Litton Loan Servicing, Inc.) certifies that a review of the servicing activity
for the year ended December 31, 1999 has been completed and that there were no
defaults or exceptions to the requirements of the subject agreement between the
above-listed parties. Litton Loan Servicing LP hereby certifies that:
1. All ad valorem taxes have been paid when due and without penalty to the
Trust.
2. All assessments and ground rents of whatsoever kind or nature have been
paid so as to prevent their taking priority to the purchase money lien or lien
to which the trust is entitled.
3. All casualty insurance has been paid without lapse in coverage and in an
amount sufficient to prevent the application of a co-insurance clause.
4. In compliance with the terms of the agreement, flood insurance as
required by the National Flood Insurance Act of 1994, P.L. 103-325 para. 511, if
any, has been maintained without lapse.
5. Errors and Omissions Insurance is in forced in amounts sufficient to
meet the requirements of Federal National Mortgage Association, Federal Home
Loan Mortgage Corporation and the terms of the subject agreement.
6. Litton Loan Servicing LP has timely filed the required IRS informational
returns including the forms 1098, 1099(A), and those required by code sections
6050(h)(j)(p) for the year ended December 31, 1999.
7. Litton Loan Servicing LP has not committed any act or omitted to act in
any manner that would cause the trust to lose the REMIC tax treatment or be
taxed on prohibited transaction.
8. All other terms and requirements of the Servicing Agreement between the
above parties havebeen complied with except as noted on the attachment to this
letter, if any.
Sincerely,
Litton Loan Servicing LP
/s/ Janice McClure
Janice McClure
Senior Vice President
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EXHIBIT 99.2
Servicer's Annual Independent Accountants' Report
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Deloitte & Touche LLP
Suite 2300
333 Clay Street
Houston, Texas 77002-4196
Telephone: (713) 982-2000
Facsimile: (713) 982-2001
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of Litton Loan Servicing L.P.:
We have examined management's assertion about Litton Loan Servicing LP's (the
"Company") compliance with the minimum servicing standards identified in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers as of and for the year ended December 31,1999, included in the
accompanying management assertion. Management is responsible for the Company's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with minimum
servicing standards and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination of the Company's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 1999 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 28, 2000
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