<PAGE>
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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): May 25, 1999
MERRILL LYNCH MORTGAGE INVESTORS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-39127 13-5674085
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
250 Vesey Street
World Financial Center, North Tower
New York, New York 10281
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 449-1000
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<PAGE>
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
19.1. Servicing Certificate for the Banc One Home Equity Loan
Asset Backed Certificates, Series 1999-1 (the
"Certificates"), for the May 1999 distribution to holders
of the Certificates.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
MERRILL LYNCH MORTGAGE INVESTORS, INC.
By: /s/ Peter Cerwin
--------------------------------------------
Name: Peter Cerwin
Title: Vice President
Dated: June 11, 1999
3
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EXHIBIT INDEX
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Exhibit No. Page
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19.1 Servicing Certificate for the Banc One Home Equity Loan
Asset Backed Certificates, Series 1999-1 (the
"Certificates"), for the May 1999 distribution to holders
of the Certificates. 5
4
<PAGE>
EXHIBIT 19.1
BANC ONE FINANCIAL SERVICES HOME EQUITY LOAN TRUST 1999-1
MONTHLY REPORT PAGE 1
FOR COLLECTION AND INTEREST PERIOD ENDING 4/30/99
<TABLE>
<S> <C> <C> <C> <C>
A. ORIGINAL DEAL PARAMETERS
- ---------------------------
(A) Pool Characteristics
(i) Pool Principal Balance $281,179,521.43
(ii) Weighted Average Loan Rate 12.033%
(iii) Weighted Average Original Term 203.45 months
(iv) Weighted Average Remaining Term 184.81 months
(v) Loan Count 6,705
(B) Class A-1 Certificate
(i) Principal Balance $185,000,000.00
(ii) Certificate Rate 6.06%
(C) Class A-2 Certificate
(i) Principal Balance $30,500,000.00
(ii) Certificate Rate 6.30%
(D) Class A-3 Certificate
(i) Principal Balance $31,938,000.00
(ii) Certificate Rate 6.60%
(E) Class A-4 Certificate
(i) Principal Balance $28,118,000.00
(ii) Certificate Rate 6.47%
(F) Total Certificate Balance $275,556,000.00
(G) Master Servicing Fee Rate (per annum) 0.5000%
(H) Trustee Fee Rate (per annum) 0.0135%
(I) Premium Rate on Certificate
Guaranty Insurance Policy (per annum) 0.1800%
(J) Overcollateralization Amounts
(i) Initial Overcollateralization Amount (%) 2.000%
(ii) Initial Overcollateralization Amount ($) $5,623,521.43
(iii) Overcollateralization Stepdown Date
(Later of month 30 or month in Pool
Principal Balance is reduce by 50%) 30
Normal Performance OC Amounts (used if
Performance Triggers are not violated)
(iv) Overcollateralization Target
Amount (as % Original Balance,
pre Stepdown Date) 7.000%
(v) Overcollateralization Stepdown
Amount (as % Current Balance,
post Stepdown Date) 14.000%
(vi) Overcollateralization Floor
Amount (as % Original Balance) 0.500%
Stepup OC Amounts (used if Performance Triggers
are violated)
(vii) Overcollateralization Target Amount (as
% Original Balance, pre Stepdown Date) 8.500%
(viii) Overcollateralization Stepdown Amount (as
% Current Balance, post Stepdown Date) 17.000%
(ix) Overcollateralization Floor Amount (as %
Original Balance) 0.500%
<CAPTION>
B. DELINQUENCIES, REO, FORECLOSURES, BANKRUPTCIES
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& LOSSES
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(A) Delinquent Loans, REO, Foreclosures and Bankruptcies Dollar Amount Percentage # Units
------------- ---------- --------
(i) 30-59 Days Delinquent $6,694,001.00 2.57% 161
(ii) 60-89 Days Delinquent $1,063,698.00 0.41% 28
(iii) 90 Days or More Delinquent $267,768.00 0.10% 4
(iv) Loans Entering REO at end of Collection Period $0.00 0.00% 0
(v) Loans in Foreclosure $0.00 0.00% 0
(vi) Loans in Bankruptcy or Insolvency Proceedings $0.00 0.00% 0
(B) Monthly Loss Rate 0.00%
(C) Cumulative Liquidation Loan Losses $0.00
C. CALCULATION OF AVAILABLE FUNDS
- ---------------------------------
(A) Principal and Interest Collections
(i) Interest Collections $2,721,530.61
(ii) plus Principal Collections $1,199,907.79
(iii) plus Principal Curtailments $41,915.76
(iv) plus Principal Prepayments in Full Count / $ 226 $9,861,949.93
(v) equals Total Principal and Interest Collections $13,825,304.09
(B) Net Liquidation Proceeds net of related Foreclosure
Profits and unreimbursed Master Svc. Fee, Servicing
Advances and Monthly Advances $0.00 $0.00
(C) Insurance Proceeds to extent not included in Net
Liquidation Proceeds $0.00 $0.00
(D) Proceeds from Repurchase or Substitution of Loans
(i) Purchase Price Proceeds $0.00
(ii) plus Substitution Adjustment Proceeds $0.00
(iii) equals Total Repurchase or Substitution
Adjustment Proceeds $0.00
(E) Released Mortgaged Property Proceeds $0.00 $0.00
(F) Other Amounts deposited to Collection Account
(i) Net REO Revenues $0.00
(ii) plus Compensating Interest $0.00
(iii) plus Losses on Eligible Investments $0.00
(iv) equals Total Other Amounts deposited to
Collection Account $0.00
(G) Master Servicing Fee $113,055.58 $113,055.58
(H) Total Available Funds (A+B+C+D+E+F-G) $13,712,248.51
</TABLE>
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BANC ONE FINANCIAL SERVICES HOME EQUITY LOAN TRUST 1999-1
MONTHLY REPORT PAGE 2
FOR COLLECTION AND INTEREST PERIOD ENDING 4/30/99
<TABLE>
D. CALCULATION OF FORMULA PRINCIPAL DISTRIBUTION AMOUNT
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AND CLASS A-4 PRIORITY AMOUNT
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(A) Principal Distributable Amount
<S> <C> <C> <C>
(i) Principal Collections including Curtailments
and Principal Prepayments in Full $11,103,773.48
(ii) plus Principal Balance of Loans which became
Liquidated Home Equity Loans $0.00
(iii) plus Insurance Proceeds received that are
not part of Liquidation Proceeds and that
were applied to principal $0.00
(iv) plus Portion of Purchase Price allocable to
Principal of all Defective Home Equity Loans $0.00
(v) plus Principal Portion of Substitution
Adjustments not previously distributed $0.00
(vi) equals Total Principal Distributable Amount $11,103,773.48
(B) Unpaid Principal Shortfall $0.00 $0.00
(C) Total Formula Principal Distribution Amount (A+B) $11,103,773.48
(D) Total Formula Principal Distribution Amount to be
distributed so that Required OC is maintained $11,103,773.48
(E) Class A-4 Priority Amount $0.00
(F) Total Formula Principal Distribution Amount net
of Class A-4 Priority Amount to be distributed so
that Required OC is maintained $11,103,773.48
E. CALCULATION OF INSURED PAYMENTS
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(A) Insured Payments $0.00 $0.00
F. CALCULATION OF MONTHLY ADVANCE
- ----------------------------------
(A) Monthly Advances by Master Servicer Deposited to
Certificate Account $228,117.27 $228,117.27
G. CALCULATION OF WATERFALL AMOUNTS
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(A) Total Available Funds and Insured Payments and
Monthly Advances $13,940,365.78
(B) Trustee Fee and Premium Amount
(i) Trustee Fee $3,052.50
(ii) plus Premium Amount $39,598.20
(ii) Equals Total Trustee and Premium Amounts $42,650.70
(C) Accrued and Unpaid Master Servicing Fee $0.00 $0.00
(D) Current Monthly Interest Amounts:
(i) Class A-1 Certificate
(a) Interest Accrued at Certificate Rate
and Class Principal Balance $875,831.69
(b) minus Civil Relief Act Shortfall $0.00
(c) minus Prepayment Interest Shortfall $0.00
(d) equals Total Class A-1 Certificate Current
Monthly Interest Amount / Per $1000 of
Original Principal $875,831.69 4.7342253
(ii) Class A-2 Certificate
(a) Interest Accrued at Certificate Rate
and Class Principal Balance $160,125.00
(b) minus Civil Relief Act Shortfall $0.00
(c) minus Prepayment Interest Shortfall $0.00
(d) equals Total Class A-2 Certificate
Current Monthly Interest
Amount / Per $1000 of Original Principal $160,125.00 5.2500000
(iii) Class A-3 Certificate
(a) Interest Accrued at Certificate Rate and
Class Principal Balance $175,659.00
(b) minus Civil Relief Act Shortfall $0.00
(c) minus Prepayment Interest Shortfall $0.00
(d) equals Total Class A-3 Certificate
Current Monthly Interest
Amount / Per $1000 of Original Principal $175,659.00 5.5000000
(iv) Class A-4 Certificate
(a) Interest Accrued at Certificate Rate
and Class Principal Balance $151,602.88
(b) minus Civil Relief Act Shortfall $0.00
(c) minus Prepayment Interest Shortfall $0.00
(d) equals Total Class A-4 Certificate
Current Monthly Interest Amount / Per
$1000 of Original Principal $151,602.88 5.3916667
(v) Total Current Monthly Interest Amounts
(i+ii+iii+iv) / Per $1000 of Original
Principal $1,363,218.57 4.9471562
(E) Unpaid Interest Shortfalls and Interest on Unpaid Interest
Shortfalls:
(i) Class A-1 Certificate
(a) Unpaid Interest Shortfall $0.00
(b) plus Interest on Unpaid Interest Shortfall $0.00
(c) equals Class A-1 Unpaid Interest Shortfalls
/ Per $1000 of Original Principal $0.00 -
(ii) Class A-2 Certificate
(a) Unpaid Interest Shortfall $0.00
(b) plus Interest on Unpaid Interest Shortfall $0.00
(c) equals Class A-2 Unpaid Interest Shortfalls
/ Per $1000 of Original Principal $0.00 -
(iii) Class A-3 Certificate
(a) Unpaid Interest Shortfall $0.00
(b) plus Interest on Unpaid Interest Shortfall $0.00
(c) equals Class A-3 Unpaid Interest Shortfalls
/ Per $1000 of Original Principal $0.00 -
(iv) Class A-4 Certificate
(a) Unpaid Interest Shortfall $0.00
(b) plus Interest on Unpaid Interest Shortfall $0.00
(c) equals Class A-4 Unpaid Interest Shortfalls
/ Per $1000 of Original Principal $0.00 -
(v) Total Unpaid Interest Shortfalls and Interest
on Unpaid Interest Shortfalls (i+ii+iii+iv) /
Per $1000 of Original Principal $0.00 -
(F) Principal Distributions:
(i) Class A-1 Certificate Monthly Principal
Distribution / Per $1000 of Original Principal $11,103,773.48 60.0203972
(ii) Class A-2 Certificate Monthly Principal
Distribution / Per $1000 of Original Principal $0.00 -
(iii) Class A-3 Certificate Monthly Principal
Distribution / Per $1000 of Original Principal $0.00 -
(iv) Class A-4 Certificate Monthly Principal
Distribution / Per $1000 of Original Principal $0.00 -
(v) Total Monthly Principal Distribution
(i+ii+iii+iv) / Per $1000 of Original Principal $11,103,773.48 40.2958872
(G) Reimbursement Amount owed to Certificate Insurer $0.00 $0.00
(H) Non Recoverable Advances not previously reimbursed
to Master Servicer $0.00 $0.00
(I) Excess Spread $1,430,723.02
</TABLE>
<PAGE>
BANC ONE FINANCIAL SERVICES EQUITY HOME LOAN TRUST 1999-1
MONTHLY REPORT PAGE 3
FOR COLLECTION AND INTEREST PERIOD ENDING 4/30/99
<TABLE>
<S> <C> <C> <C> <C> <C>
(K) Distributable Excess Spread Allocation:
(i) Class A-1 Certificate Distributable
Excess Spread / Per $1000 of Original
Principal $1,430,723.02 7.7336380
(ii) Class A-2 Certificate Distributable
Excess Spread / Per $1000 of Original
Principal $0.00 -
(iii) Class A-3 Certificate Distributable
Excess Spread / Per $1000 of Original
Principal $0.00 -
(iv) Class A-4 Certificate Distributable
Excess Spread / Per $1000 of Original
Principal $0.00 -
(v) Total Distributable Excess Spread
(i+ii+iii+iv) / Per $1000 of Original
Principal $1,430,723.02 5.1921316
(L) Other Amounts owed to Certificate Insurer $0.00 $0.00
(M) Prepayment Interest Shortfall owed to
Certificateholders
(i) Class A-1 Certificate
(a) Prepayment Interest Shortfall $0.00
(b) plus Interest on Prepayment
Interest Shortfall $0.00
(c) equals Class A-1 Prepayment
Interest Shortfall $0.00
(ii) Class A-2 Certificate
(a) Prepayment Interest Shortfall $0.00
(b) plus Interest on Prepayment
Interest Shortfall $0.00
(c) equals Class A-2 Prepayment
Interest Shortfall $0.00
(iii) Class A-3 Certificate
(a) Prepayment Interest Shortfall $0.00
(b) plus Interest on Prepayment
Interest Shortfall $0.00
(c) equals Class A-3 Prepayment
Interest Shortfall $0.00
(iv) Class A-4 Certificate
(a) Prepayment Interest Shortfall $0.00
(b) plus Interest on Prepayment
Interest Shortfall $0.00
(c) equals Class A-4 Prepayment
Interest Shortfall $0.00
(v) Total Prepayment Interest Shortfall
owed to Certificateholders (i+ii+
iii+iv) $0.00
(N) Other Amounts owed to Master Servicer
(i) Compensating Interest Reimbursement $0.00
(ii) Reimbursement of Unreimbursed
Servicing Advances $0.00
(iii) Reimbursement of Unreimbursed Monthly
Advances $0.00
(iv) Total Other Amounts owed to Master
Servicer (i+ii+iii) $0.00
(O) Amount released to Class R Certificateholder $0.00
H. CALCULATION OF OVERCOLLATERALIZATION AMOUNT
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(A) Monthly Loss Rate (Calculation not
applicable until 13th Distribution Date)
(i) Collection Period 12 Months Ago 0.00%
(ii) Collection Period 11 Months Ago 0.00%
(iii) Collection Period 10 Months Ago 0.00%
(iv) Collection Period 9 Months Ago 0.00%
(v) Collection Period 8 Months Ago 0.00%
(vi) Collection Period 7 Months Ago 0.00%
(vii) Collection Period 6 Months Ago 0.00%
(viii) Collection Period 5 Months Ago 0.00%
(ix) Collection Period 4 Months Ago 0.00%
(x) Collection Period 3 Months Ago 0.00%
(xi) Collection Period 2 Months Ago 0.00%
(xii) Collection Period 1 Month Ago 0.00%
(xiv) Twelve Month Average Monthly
Loss Rate (Avg(i,ii,iii,iv,
v,vi,vii, viii,ix,x,xi,xii)) 0.00%
(B) Is Rolling Twelve Month Loss Rate
greater than 2.75%? No
(C) Cumulative Loss Rate 0%
(D) Is Cumulative Loss Rate greater than 5.00%? No
(E) Has Stepdown Date been reached? No
(F) Required Overcollateralization Amount $19,682,566.50
(G) Ending Overcollateralization Amount $8,776,107.16
<CAPTION>
I. COMPARATIVE POOL AND CERTIFICATE CHARACTERISTICS
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Beginning of Period End of Period
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<S> <C> <C> <C> <C> <C>
(A) Certificate Balances and Pool Factors
(i) Class A-1 Certificate Balance/Pool
Factor $173,432,017.12 0.9374704 $160,897,520.62 0.8697163
(ii) Class A-2 Certificate Balance/Pool
Factor $30,500,000.00 1.0000000 $30,500,000.00 1.0000000
(iii) Class A-3 Certificate Balance/Pool
Factor $31,938,000.00 1.0000000 $31,938,000.00 1.0000000
(iv) Class A-4 Certificate Balance/Pool
Factor $28,118,000.00 1.0000000 $28,118,000.00 1.0000000
(v) Aggregate Certificate Balance $263,988,017.12 $251,453,520.62
(B) Pool Characteristics
(i) Pool Principal Balance $271,333,401.26 $260,229,627.78
(ii) Weighted Average Loan Rate 12.011% 11.995%
(iii) Weighted Average Remaining Term 186.50 months 185.76 months
(iv) Loan Count 6,503 6,277
(v) 3 Largest Loan Pool Balances $980,236.17 $979,593.48
J. MASTER SERVICER TERMINATION TRIGGER TESTS
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(A) Rolling Twelve Month Loss Rate 0.000%
(B) Is Rolling Twelve Month Loss Rate greater
than 4.00%? Trigger Not Hit
(C) Pool Delinquency Rate (Calculation not
applicable Until 7th Distribution Date)
(i) Collection Period 6 Months Ago 0.00%
(ii) Collection Period 5 Months Ago 0.00%
(iii) Collection Period 4 Months Ago 0.00%
(iv) Collection Period 3 Months Ago 0.00%
(v) Collection Period 2 Months Ago 0.00%
(vi) Collection Period 1 Month Ago 0.00%
(iv) Six Month Average (Avg(i,ii,iii,iv,
v,vi)) 0.000%
(D) Is Rolling Six Month Delinquency Rate greater than
5.00%? Trigger Not Hit
</TABLE>
