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 March 9 , 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 333-39127-02
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.
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1999-H1
(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.
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1999-H1
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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: December 8, 2000 By: /s/ Karen Schluter
-----------------------------
Karen Schluter
Trust Officer
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EXHIBIT INDEX
Exhibit Description
99.1 Servicer's Annual Statement of Compliance
99.2 Servicer's Annual Independent Accountant's Report
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EXHIBIT 99.1 - Servicer's Annual Statement of Compliance
Chase Mortgage Company - West
1775 Sherman Street
Suite 1500
Denver, CO 80203
Mr. James Fevola
The Chase Manhattan Bank
450 West 33rd Street
15th Floor
New York, NY 10001-2697
RE: Annual Certification
Pursuant to the servicing agreement, the undersigned Officer certifies to the
following:
a) All hazard (or mortgage impairment, if applicable) flood or other casualty
insurance and primary mortgage guaranty insurance premiums, taxes, ground rents,
assessments and other changes have been paid by/in connection with the Mortgaged
Properties;
b) All property inspections have been completed;
c) Compliance relative to Adjustable Rate Mortgages have been met;
d) Compliance with IRS Foreclosure reporting regulations enacted as IRS Section
6060J by the Deficit Reduction Act, regarding Acquired and/or Abandonment
property have been completed;
e) All loans CMC-West services in state that have statutes requiring payment of
interest on escrow/impound accounts have been completed;
f) That such officer has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy, and any other bonds required under the terms of the
Servicing Agreement are in full force and effect.
g) Enclosed is a copy of our most recent independent audit statement.
CERTIFIED BY: /s/ Barbara S. Allen DATE: May 24, 2000
Barbara S. Allen, Vice President
Chase Mortgage Company-West
1775 Sherman Street
Suite 1500
Denver, CO 80203
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EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report
PricewaterhouseCoopers, LLP
650 Third Avenue South
Park Building
Suite 1300
Minneapolis, MN 55402-4333
Telephone: (612) 596 6000
Facsimile: (612) 373 7160
Report of Independent Accountants
To the Board of Directors and Stockholder
of Chase Mortgage Company West:
We have examined management's assertion about Chase Mortgage Company West's (the
"Company") compliance with the minimum servicing standards ("standards")
identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended
December 31, 1999 included in the accompanying management assertion (See Exhibit
I). 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 entity'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 the
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 on the
Company's compliance with the standards.
In our opinion, management's assertion that, except for instances of
noncompliance described in management's assertion, the Company complied with the
aforementioned standards as of and for the year ended December 31, 1999 is
fairly stated in all material respects.
Instances of material noncompliance which occurred during 1999 are more fully
discussed in management's assertion which is set forth in Exhibit I.
/s/ PricewaterhouseCoopers LLP
March 8, 2000
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Exhibit I
Chase Manhattan Mortgage Corporation
343 Thornall Street
Edison, NJ 08837-9998
Tel 732-205-0600
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 8, 2000
As of and for the year ended December 31, 1999, Chase Mortgage Company West
("CMCW"), a wholly-owned subsidiary of Chase Mortgage Company ("CMC") has
complied in all material respects with the minimum servicing standards (the
"Standards") set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers ("USAP") except for standards
I.1, Custodial Bank Accounts, and V.3, Mortgage Loan Accounting.
During the year, reconciling items were not cleared within the 90 day timeframe,
explanations of reconciling items were not provided and supervisory review and
approval was not indicated on bank reconciliations as required by standard I.1.
Effective December 1, 1999, a new tracking system was implemented to monitor and
resolve reconciling items greater than 90 days and resolve them in a timely
manner. And, each reconciliation going forward is reviewed, signed and dated by
the supervisor or lead.
During the year, escrowed loans which had not been analyzed in over 12 months
existed as required by standard V.3. We are dedicating resources and
establishing a plan and target date for ensuring that the "Loans not analyzed
report" is made current.
As of and for this same period, the Group had in effect fidelity bond and errors
and omissions policy in the amounts of $250,000,000 and $25,000,000,
respectively.
/s/ Thomas Jacob
Thomas Jacob
Chief Executive Officer
/s/ Lucy P. Gambino
Lucy Gambino
Vice President of Risk Management
/s/ Glenn Mouridy
Glenn Mouridy
Executive Vice President and CFO
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