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) : April 20, 1999
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127-02 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 1999-H1 (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
February 1, 1999 ( the "Agreement"), among Merrill Lynch Mortgage Investors,
Inc., as depositor, and The Chase Manhattan Bank, as master servicer and
trustee. On April 20, 1999 and May 20, 1999 distributions were made to the
Certificateholders. Specific information with respect to the distribution is
filed as Exhibit 99.1 and 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 April 20, 1999,
as Exhibit 99.1.
Statement to Certificateholders on May 20, 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: June 5, 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
April 20, 1999.
99.1 Monthly Certificateholder Statement on 9
May 20, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on April 20, 1999
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1999-H1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 04/20/99 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A1 116,000,000.00 116,000,000.00 1,200,600.00 7,516,851.25 8,717,451.25 0.OO 0.00 108,483,148.75
A2 45,000,000.00 45,000,000.00 489,000.00 0.00 489,000.00 0.00 0.00 45,000,000.00
A3 15,000,000.00 15,000,000.00 169,000.00 0.00 169,000.00 0.00 0.00 15,000,000.00
A4 16,037,000.00 16,037,000.00 192,711.28 0.00 192,711.28 0.00 0.00 16,037,000.00
A5 22,000,000.00 22,000,000.00 247,133.33 0.00 247,133.33 0.00 0.00 22,000,000.00
M1 15,157,000.00 15,157,000.00 185,925.87 0.00 185,925.87 0.00 0.00 15,157,000.00
M2 10,735,000.00 10,735,000.00 140,449.58 0.00 140,449.58 0.00 0.00 10,735,000.00
B 12,000,000.00 12,000,000.00 163,000.00 0.00 163,000.00 0.00 0.00 12,000,000.00
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 251,929,000.00 251,929,000.00 2,787,820.06 7,516,851.25 10,304,671.31 0.00 0.00 244,412,148.75
- -----------------------------------------------------------------------------------------------------------------------------------
AIO 34,000,000.00 34,000,000.00 340,000.00 0.00 340,000.00 0.00 0.00 34,000,000.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- ----------------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS FACTOR INTEREST PRINCIPAL TOTAL FACTOR CLASS RATE
- -------------------------------------------------------------------------------- ----------------------------------------------
A1 1,000.0000000 10.350000 64.800442 75.150442 935.1995582 A1 6.210000 %
A2 1,000.0000000 10.866667 0.000000 10.866667 1,000.0000000 A2 6.520000 %
A3 1,000.0000000 11.266667 0.000000 11.266667 1,000.0000000 A3 6.760000 %
A4 1,000.0000000 12.016666 0.000000 12.016666 1,000.0000000 A4 7.210000 %
A5 1,000.0000000 11.233333 0.000000 11.233333 1,000.0000000 A5 6.740000 %
M1 1,000.0000000 12.266667 0.000000 12.266667 1,000.0000000 M1 7.360000 %
M2 1,000.0000000 13.083333 0.000000 13.083333 1,000.0000000 M2 7.850000 %
B 1,000.0000000 13.583333 0.000000 13.583333 1,000.0000000 B 8.150000 %
- -------------------------------------------------------------------------------- ----------------------------------------------
TOTALS 1,000.0000000 11.065896 29.837181 40.903077 970.1628187
- --------------------------------------------------------------------------------
AIO 1,000.00 10.000000 0.000000 10.000000 1,000.00 AIO 6.000000 %
- -------------------------------------------------------------------------------- ----------------------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
TOM PROVENZANO
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
Email: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1999-H1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 04/20/99 PAGE # 2
<S> <C> <C>
Sec.4.02 Class A Interest Carry Forward Amount 0.00
Sec. 4.02 Class M-1 Interest Carry Forward Amount 0.00
Sec. 4.02 Class M-1 Unpaid Realized Loss Amount 0.00
Sec. 4.02 Class M-1 Applied Realized Loss Amount 0.00
Sec. 4.02 Class M-1 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02 Class M-2 Interest Carry Forward Amount 0.00
Sec. 4.02 Class M-2 Unpaid Realized Loss Amount 0.00
Sec. 4.02 Class M-2 Applied Realized Loss Amount 0.00
Sec. 4.02 Class M-2 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02 Class B Interest Carry Forward Amount 0.00
Sec. 4.02 Class B Unpaid Realized Loss Amount 0.00
Sec. 4.02 Class B Applied Realized Loss Amount 0.00
Sec. 4.02 Class B Applied Realized Loss Amortization Amount 0.00
Sec. 4.02 Class X Distributable Amount 0.00
Sec. 4.02 The Interest Remittance Amount 3,968,453.48
Sec. 4.02 The Principal Remittance Amount 6,676,217.84
Sec. 4.02 The Monthly Excess Cashflow Amount 840,633.41
Sec. 4.02 The Extra Principal Distribution Flow Amount 840,633.41
Sec. 4.02 The Target Overcollateralization Amount 7,683,834.50
Sec. 4.02 The Overcollateralization Amount 840,843.54
Sec. 4.02 The Overcollateralization Deficiency 6,842,990.96
Sec. 4.02 The Overcollateralization Release Amount 0.00
Sec. 4.02 The Aggregate Amount of Servicing Compensation received by the Servicer 218,636.58
Sec. 4.02 The Aggregate Amount of Advances 0.00
Sec. 4.02 The Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties 245,252,992.29
Sec. 4.02 The Aggregate Number of the Mortgage Loans as of the related Due Date 3,329
Sec. 4.02 The Aggregate Principal Balance of the Mortgage Loans as of the related Due Date 245,252,992.29
Sec. 4.02 The Weighted Average Mortgage Rate of the Mortgage Loans as of the related Due Date 10.05112100 %
Sec. 4.02 The Aggregate Amount of Principal Prepayments During the related Collection Period 6,272,194.82
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1999-H1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 04/20/99 PAGE # 3
<S> <C> <C>
Sec. 4.02 The Aggregate Amount of Realized Losses incurred During the related Collection Period 0.00
Sec. 4.02 The Aggregate Amount of Extraordinary Trust Fund Expenses During the related Collection Period 0.00
Sec. 4.02 The Aggregate Amount of Relief Act Interest Shortfalls for such Distribution Date 0.00
Sec. 4.02 The Three-Month Rolling Average of 60+ Delinquent Loans 0.88704087 %
Sec. 4.02 The Master Servicing Termination Trigger N/A
Sec. 4.02 The Aggregate Amount of Prepayment Penalties collected during the related Collection Period 0.00
Sec. 4.02 Loans Delinquent
--------------------------------------------------------------------
Group Totals
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 88 6,783,108.17 2.77 %
61-90 days 21 1,547,168.25 0.63 %
91 + days 9 628,326.03 0.26 %
Total 118 8,958,602.45 3.66 %
--------------------------------------------------------------------
Sec. 4.02 Loans in Foreclosure
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02 Loans in Bankruptcy
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02 Loans in REO
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on May 20, 1999
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1999-H1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 05/20/99 PAGE # 1
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A1 116,000,000.00 108,483,148.75 561,400.29 2,900,724.24 3,462,124.53 0.OO 0.00 105,582,424.51
A2 45,000,000.00 45,000,000.00 244,500.00 0.00 244,500.00 0.00 0.00 45,000,000.00
A3 15,000,000.00 15,000,000.00 84,500.00 0.00 84,500.00 0.00 0.00 15,000,000.00
A4 16,037,000.00 16,037,000.00 96,355.64 0.00 96,355.64 0.00 0.00 16,037,000.00
A5 22,000,000.00 22,000,000.00 123,566.67 0.00 123,566.67 0.00 0.00 22,000,000.00
M1 15,157,000.00 15,157,000.00 92,962.93 0.00 92,962.93 0.00 0.00 15,157,000.00
M2 10,735,000.00 10,735,000.00 70,224.79 0.00 70,224.79 0.00 0.00 10,735,000.00
B 12,000,000.00 12,000,000.00 81,500.00 0.00 81,500.00 0.00 0.00 12,000,000.00
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 251,929,000.00 244,412,148.75 1,355,010.32 2,900,724.24 4,255,734.56 0.00 0.00 241,511,424.51
- -----------------------------------------------------------------------------------------------------------------------------------
AIO 34,000,000.00 34,000,000.00 170,000.00 0.00 170,000.00 0.00 0.00 34,000,000.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- ----------------------------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL PASS-THRU
CLASS FACTOR INTEREST PRINCIPAL TOTAL FACTOR CLASS RATE
- -------------------------------------------------------------------------------- ----------------------------------------------
A1 935.1995582 4.839658 25.006243 29.845901 910.1933147 A1 6.210000 %
A2 1,000.0000000 5.433333 0.000000 5.433333 1,000.0000000 A2 6.520000 %
A3 1,000.0000000 5.633333 0.000000 5.633333 1,000.0000000 A3 6.760000 %
A4 1,000.0000000 6.008333 0.000000 6.008333 1,000.0000000 A4 7.210000 %
A5 1,000.0000000 5.616667 0.000000 5.616667 1,000.0000000 A5 6.740000 %
M1 1,000.0000000 6.133333 0.000000 6.133333 1,000.0000000 M1 7.360000 %
M2 1,000.0000000 6.541667 0.000000 6.541667 1,000.0000000 M2 7.850000 %
B 1,000.0000000 6.791667 0.000000 6.791667 1,000.0000000 B 8.150000 %
- -------------------------------------------------------------------------------- ----------------------------------------------
TOTALS 970.1628187 5.378540 11.514055 16.892595 958.6487642
- --------------------------------------------------------------------------------
AIO 1,000.00 5.000000 0.000000 5.000000 1,000.00 AIO 6.000000 %
- -------------------------------------------------------------------------------- ----------------------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
TOM PROVENZANO
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
Email: [email protected]
---------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1999-H1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 05/20/99 PAGE # 2
<S> <C> <C>
Sec.4.02 Class A Interest Carry Forward Amount 0.00
Sec. 4.02 Class M-1 Interest Carry Forward Amount 0.00
Sec. 4.02 Class M-1 Unpaid Realized Loss Amount 0.00
Sec. 4.02 Class M-1 Applied Realized Loss Amount 0.00
Sec. 4.02 Class M-1 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02 Class M-2 Interest Carry Forward Amount 0.00
Sec. 4.02 Class M-2 Unpaid Realized Loss Amount 0.00
Sec. 4.02 Class M-2 Applied Realized Loss Amount 0.00
Sec. 4.02 Class M-2 Applied Realized Loss Amortization Amount 0.00
Sec. 4.02 Class B Interest Carry Forward Amount 0.00
Sec. 4.02 Class B Unpaid Realized Loss Amount 0.00
Sec. 4.02 Class B Applied Realized Loss Amount 0.00
Sec. 4.02 Class B Applied Realized Loss Amortization Amount 0.00
Sec. 4.02 Class X Distributable Amount 38,607.52
Sec. 4.02 The Interest Remittance Amount 1,947,818.69
Sec. 4.02 The Principal Remittance Amount 2,477,915.88
Sec. 4.02 The Monthly Excess Cashflow Amount 422,808.36
Sec. 4.02 The Extra Principal Distribution Flow Amount 422,808.36
Sec. 4.02 The Target Overcollateralization Amount 7,683,834.50
Sec. 4.02 The Overcollateralization Amount 1,263,651.90
Sec. 4.02 The Overcollateralization Deficiency 6,420,182.60
Sec. 4.02 The Overcollateralization Release Amount 0.00
Sec. 4.02 The Aggregate Amount of Servicing Compensation received by the Servicer 107,252.64
Sec. 4.02 The Aggregate Amount of Advances 0.00
Sec. 4.02 The Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties 242,775,076.41
Sec. 4.02 The Aggregate Number of the Mortgage Loans as of the related Due Date 3,283
Sec. 4.02 The Aggregate Principal Balance of the Mortgage Loans as of the related Due Date 242,775,076.41
Sec. 4.02 The Weighted Average Mortgage Rate of the Mortgage Loans as of the related Due Date 10.04675000 %
Sec. 4.02 The Aggregate Amount of Principal Prepayments During the related Collection Period 2,278,031.70
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 1999-H1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 05/20/99 PAGE # 3
<S> <C> <C>
Sec. 4.02 The Aggregate Amount of Realized Losses incurred During the related Collection Period 0.00
Sec. 4.02 The Aggregate Amount of Extraordinary Trust Fund Expenses During the related Collection Period 0.00
Sec. 4.02 The Aggregate Amount of Relief Act Interest Shortfalls for such Distribution Date 0.00
Sec. 4.02 The Three-Month Rolling Average of 60+ Delinquent Loans 1.04397062 %
Sec. 4.02 The Master Servicing Termination Trigger N/A
Sec. 4.02 The Aggregate Amount of Prepayment Penalties collected during the related Collection Period 38,607.52
Sec. 4.02 Loans Delinquent
--------------------------------------------------------------------
Group Totals
--------------------------------------------------------------------
Period Number Principal Balance Percentage
--------------------------------------------------------------------
31-60 days 66 6,151,720.95 2.53 %
61-90 days 34 1,967,882.30 0.81 %
91 + days 18 947,604.48 0.39 %
Total 118 9,067,207.73 3.73 %
--------------------------------------------------------------------
Sec. 4.02 Loans in Foreclosure
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02 Loans in Bankruptcy
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02 Loans in REO
-------------------------------------------------------
Group Totals
-------------------------------------------------------
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
