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Previous: RUBIOS RESTAURANTS INC, S-1/A, 1999-05-20 |
Next: UNITED THERAPEUTICS CORP, S-1/A, 1999-05-20 |
<PAGE>
- -----------------------------------------------------------------------------
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 26, 1999
MERRILL LYNCH MORTGAGE INVESTORS, INC.
--------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-39127 13-5674085
- ---------------------------- ----------- ---------------
(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
- ---------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 449-1000
----- --------
- -----------------------------------------------------------------------------
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
------------------------
(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 April 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: May 20, 1999
3
<PAGE>
EXHIBIT INDEX
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Exhibit No. Page
- ----------- ------
19.1 Servicing Certificate for the Banc One Home Equity Loan
Asset Backed Certificates, Series 1999-1 (the "Certificates"),
for the April 1999 distribution to holders of the Certificates. 5
4
<PAGE>
EXHIBIT 19.1
PAGE 1
BANC ONE FINANCIAL SERVICES HOME EQUITY LOAN TRUST 1999-1
MONTHLY REPORT
FOR COLLECTION AND INTEREST PERIOD ENDINDG 3/31/99
<TABLE>
<CAPTION>
A. ORIGINAL DEAL PARAMETERS
---------------------------
<S> <C>
(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 & LOSSES
- -----------------------------------------------------------
(A) Delinquent Loans, REO,
Foreclosures and Bankruptcies Dollar Amount Percentage #Units
------------- ---------- ------
<S> <C> <C> <C> <C>
(i) 30-59 Days Delinquent $1,923,802.03 0.71% 45
(ii) 60-89 Days Delinquent $ 0.00 0.00% 0
(iii)90 Days or More Delinquent $ 0.00 0.00% 0
(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 $ 3,052,961.15
(ii) plus Principal Collections $ 1,000,961.14
(iii)plus Principal Curtailments $ 49,594.11
(iv) plus Principal Prepayments in Full Count / $ 202 $ 8,795,564.92
(v) equals Total Principal and Interest Collections $ 12,899,081.32
(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 $ 117,158.13 $ 117,158.13
(H) Total Available Funds (A+B+C+D+E+F-G) $ 12,781,923.19
</TABLE>
<PAGE>
BANC ONE FINANCIAL SERVICES HOME EQUITY LOAN TRUST 1999-1
MONTHLY REPORT
FOR COLLECTING AND INTEREST PERIOD ENDING 3/31/99
PAGE 2
<TABLE>
<CAPTION>
D. CALCULATION OF FORMULA PRINCIPAL DISTRIBUTION AMOUNT AND CLASS A-4 PRIORITY AMOUNT
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
(A) Principal Distributable Amount
(i) Principal Collections including Curtailments and
Principal Prepayments in Full $9,846,120.17
(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 $ 9,846,120.17
(B) Unpaid Principal Shortfall $ 0.00 $ 0.00
(C) Total Formula Principal Distribution Amount (A+B) $ 9,846,120.17
(D) Total Formula Principal Distribution Amount to be
distributed so that Required OC is maintained $ 9,846,120.17
(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 $ 9,846,120.17
E. CALCULATION OF INSURED PAYMENTS
- ----------------------------------
(A) Insured Payments $ 0.00 $ 0.00
F. CALCULATION OF MONTHLY ADVANCE
- ---------------------------------
(A) Monthly Advances by Master Servicer Deposited to
Certificate Account $ 252,193.25 $ 252,193.25
G. CALCULATION OF WATERFALL AMOUNTS
- -----------------------------------
(A) Total Available Funds and Insured Payments and
Monthly Advances $13,034,116.44
(B) Trustee Fee and Premium Amount
(i) Trustee Fee $ 3,163.27
(ii) plus Premium Amount $ 41,333.40
(ii) Equals Total Trustee and Premium Amounts $ 44,496.67
(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 $ 934,250.00
(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 $ 934,250.00 5.0500000
(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 $ 1,421,636.88 5.1591578
(E) Unpaid Interest Shortfalls and Interest on Unpaid Interest Shortfalls: (i)
(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 $ 9,846,120.17 53.2222712
(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 $ 9,846,120.17 35.7318301
(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 $ 1,721,862.71
</TABLE>
<PAGE>
BANC ONE FINANCIAL SERVICES HOME EQUITY LOAN TRUST 1999-1 Page 3
MONTHLY REPORT
FOR COLLECTION AND INTEREST PERIOD ENDING 3/31/99
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(K) Distributable Excess Spread Allocation:
(i) Class A-1 Certificate Distributable Excess Spread
/ Per $1000 of Original Principal $1,721,862.71 9.3073660
(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 $ 1,721,862.71 6.2486853
(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
-----------------------------------------------
(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 $ 7,345,384.14
<CAPTION>
I. COMPARATIVE POOL AND CERTIFICATE CHARACTERISTICS
Beginning of Period End of Period
------------------- -------------
<S> <C> <C> <C> <C>
(A) Certificate Balances and Pool Factors
(i) Class A-1 Certificate Balance
/ Pool Factor $185,000,000.00 1.0000000 $173,432,017.12 0.9374704
(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 $275,556,000.00 $263,988,017.12
<PAGE>
(B) Pool Characteristics
(i) Pool Principal Balance $281,179,521.43 $271,333,401.26
(ii) Weighted Average Loan Rate 12.033% 12.011%
(iii) Weighted Average Remaining Term 184.81 months 186.50 months
(iv) Loan Count 6,705 6,503
(v) 3 Largest Loan Pool Balances N/A $ 980,236.17
J. MASTER SERVICER TERMINATION TRIGGER TESTS
- --------------------------------------------
(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>
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