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): October 25, 1999
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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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Not Applicable
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(Former name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
19.1 Servicing Certificate for the Providian Home Equity Loan
Asset Backed Certificates, Series 1999-PNB1 (the
"Certificates"), for the October 1999 distribution to
holders of the Certificates.
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 Cerewin
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Name: Peter Cerwin
Title: Vice President
Dated: October 25, 1999
EXHIBIT INDEX
Exhibit No. Page
19.1 Servicing Certificate for the Providian Home Equity 5
Loan Asset Backed Certificates, Series 1999-PNB1
(the "Certificates"), for the October 1999
distribution to holders of the Certificates.
SERVICING CERTIFICATE
PROVIDIAN HOME EQUITY LOAN TRUST 1999-1
CUSIP # 74407XAA9
Under sections 4.01 and 5.03 of the Pooling and Servicing Agreement dated
as of April 1, 1999 by and between Providian National Bank, as Transferor and
Servicer, Merrill Lynch Mortgage Investors, Inc., as Depositor, and Bankers
Trust Company, as Trustee (hereinafter as such agreement may have been, or may
from time to time be, amended, supplemented or otherwise modified, the "Pooling
and Servicing Agreement"), Providian National Bank, as the Servicer, is required
to prepare certain information each month regarding current receipts and
distributions on the Providian Home Loan Asset-Backed Certificates, Series
1999-PNB1 (the "Certificates") and the performance of the Providian Home Equity
Loan Trust 1999-1 (the "Trust") during the related Collection Period. The
information that is required to be prepared with respect to the distribution to
Holders (the "Certificateholders") of the Certificates, on October 25, 1999 (the
"Distribution Date") and the performance of the Trust during the month of
September 1999 (the "Collection Period") is set forth under "D" below.
A. Capitalized terms used and not otherwise defined herein have the meanings
assigned them in the Pooling and Servicing Agreement referred to above.
References herein to certain subsections are references to the respective
subsections of the Pooling and Servicing Agreement.
B. The Servicer is the Servicer under the Pooling and Servicing Agreement.
C. The undersigned is a Servicing Officer.
D. 1. Collections received during the Collection Period for:
(a) Interest 5,941,706.93
(b) Principal 19,976,909.92
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Total Collections 25,918,616.85
2. Insurance Proceeds received during the Collection Period 0.00
3. Net Liquidation Proceeds received during the Collection Period 0.00
4. Transfer Deposit Amount paid by the Transferor pursuant to
Section 2.02, 2.04, or 3.01 0.00
5. Floating Allocation Percentage 88.83%
6. Fixed Allocation Percentage 98.00%
7. Certificate Interest Collections (other than any
investment earnings) for such Distribution Date 5,278,181.88
Investment earnings on the Collection Account 61,367.89
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Total Certificate Interest Collections 5,339,549.77
8. Transferor Interest Collections 663,525.05
Transferor Principal Collections 3,410,281.38
9. Accelerated Principal Distribution Amount 2,533,095.54
10. Scheduled Principal Collections Payment 16,874,052.46
11. Liquidation Loss Amounts 346,070.46
Investor Loss Amount 307,423.92
12. Cumulative amount of Liquidation Loss Amounts for
such Distribution Date and all prior Distribution Dates 1,526,493.44
Cumulative amount of Investor Loss Amounts for such
Distribution Date and all prior Distribution Dates 1,294,770.66
Aggregate Investor Loss Amount 0.00
13. Total amount distributed to Certificateholders 21,573,954.63
14. Amount of interest included in such distribution 2,166,806.63
The related Certificate Rate or, if applicable,
the Alternate Certificate Rate 5.672500%
15. Amount, if any, of overdue interest included
in such distribution 0.00
16. Remaining overdue interest on the Certificates after
giving effect to such distribution 0.00
17. Amount, if any, of Unpaid Investor Loss Amount
included in such distribution 0.00
18. Amount, if any, of Unpaid Investor Loss Amount
after giving effect to such distribution 0.00
19. Invested Amount, 483,125,947.54
Certificate Principal Balance 471,715,679.69
Pool Factor, each after giving effect to such
distribution 0.94343136
20. Required Enhancement Amount 37,737,254.38
21. Transferor Subordinated Amount after giving effect
to such distribution 10,000,000.00
22. Required Overcollateralization Amount 27,737,254.38
23. Amount, if any, by which the Invested Amount exceeds
the Certificate Principal Balance (before giving
effect to such distribution) 8,877,172.31
24. Amount, if any, by which the Invested Amount
exceeds the Certificate Principal Balance (after
giving effect to such distribution) 11,410,267.85
25. Pool Balance as of the end of the preceding
Collection Period 545,942,756.00
26. Transferor's Interest Balance (based on the
Pool Balance as of the end of the preceding
Collection Period) after giving effect to
such distribution 62,816,808.46
27. Aggregate amount of Additional Balances created
during the preceding Collection Period 3,410,281.38
28. During the Revolving Period, the amount of
Principal Collections and principal payment
to be retained by the Transferor in respect of
such Distribution Date N/A
29. Whether a Rapid Amortization Event has occurred
since the prior Determination Date, specifying
each such Rapid Amortization Event if one has
occurred None
30. Whether a Servicer Default has occurred since the
prior Determination Date, specifying each such
Servicer Default if one has occurred None
31. Guaranteed Distributions 0.00
Preference Amount 0.00
32. Reimbursement Amount 0.00
33. Amount to be distributed to or at the direction
of the owner of the Transferor's Interest pursuant
to Section 6.01(a)(viii) 0.00
34. Servicing Fee 270,833.33
35. Number of accounts and aggregate outstanding balances
of Home Equity Loans, delinquent the following number
of days, as of the end of the related Collection Period:
Number of Accounts Aggregate Outstanding Balance
30-59 days 184 6,106,452.00
60-89 days 99 3,362,531.00
90+ days 93 3,465,199.00
36. Aggregate book value, as of the end of the related
Collection Period, of any Mortgaged Property that
was acquired by the Trust through foreclosure or deed
in lieu of foreclosure during the preceding Collection
Period 88,165.00
37. Aggregate Principal Balance of Subsequent Home Equity
Loans purchased during the related Collection Period 0.00
38. Number of accounts and aggregate Principal Balance
of Home Equity Loans removed from the Trust and
transferred to the Transferor on the related
Removal Date 0.00
Cumulative number and aggregate Principal Balance
of all Home Equity Loans that have been retransferred
on such Removal Date and all prior Removal Dates. 0.00
39. Draw Amount 0.00
40. Amount distributed to Certificateholders 21,573,954.63
(per $1,000 Original Principal Amount) 43.15
41. Amount of interest included in such distribution 2,166,806.63
The related Certificate Rate or, if applicable,
the Alternate Certificate Rate 5.672500%
(per $1,000 Original Principal Amount) 4.33
42. Amount, if any, of overdue interest included
in such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
43. Remaining overdue interest on the Certificates
after giving effect to such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
44. Amount, if any, of principal included in such
distribution 19,407,148.00
(per $1,000 Original Principal Amount) 38.81
45. Amount, if any, of Unpaid Investor Loss Amount
included in such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
46. Amount, if any, of Unpaid Investor Loss Amount
after giving effect to such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 20th day of October 1999.
PROVIDIAN NATIONAL BANK
as Servicer
By: /s/ Daniel Sanford
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Daniel Sanford
Senior Vice President and Controller
