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): July 26, 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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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 July 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 Cerwin
------------------------------
Name: Peter Cerwin
Title: Vice President
Dated: September 14, 1999
EXHIBIT INDEX
Exhibit No. Page
19.1 Servicing Certificate for the Providian Home Equity Loan Asset
Backed Certificates, Series 1999-PNB1 (the "Certificates"), for
the July 1999 distribution to holders of the Certificates. 5
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 July 26, 1999 (the
"Distribution Date") and the performance of the Trust during the month of June
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 6,799,498.98
(b) Principal 24,704,295.57
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Total Collections 31,503,794.55
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 80.12%
6. Fixed Allocation Percentage 98.00%
7. Certificate Interest Collections
(other than any investment earnings)
for such Distribution Date 5,447,769.90
Investment earnings on the Collection Account 30,404.29
------------
Total Certificate Interest Collections 5,478,174.19
8. Transferor Interest Collections 1,351,729.08
Transferor Principal Collections 24,704,295.57
9. Accelerated Principal Distribution Amount 2,688,157.51
10. Scheduled Principal Collections Payment 0.00
11. Liquidation Loss Amounts 185,359.70
Investor Loss Amount 148,510.50
12. Cumulative amount of Liquidation Loss Amounts for such
Distribution Date and all prior Distribution Dates 185,359.70
Cumulative amount of Investor Loss Amounts for such
Distribution Date and all prior Distribution Dates 148,510.50
Aggregate Investor Loss Amount 0.00
13. Total amount distributed to Certificateholders 4,996,574.38
14. Amount of interest included in such distribution 2,308,416.87
The related Certificate Rate or, if applicable,
the Alternate Certificate Rate 5.382500%
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, 500,000,000.00
Certificate Principal Balance 495,359,622.17
Pool Factor, each after giving effect
to such distribution 0.99071924
20. Required Enhancement Amount 39,628,769.77
21. Transferor Subordinated Amount
after giving effect to such distribution 10,000,000.00
22. Required Overcollateralization Amount 29,628,769.77
23. Amount, if any, by which the Invested Amount
exceeds the Certificate Principal Balance
(before giving effect to such distribution) 1,952,220.32
24. Amount, if any, by which the Invested Amount
exceeds the Certificate Principal Balance
(after giving effect to such distribution) 4,640,377.83
25. Pool Balance as of the end of the preceding
Collection Period 603,065,390.00
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 103,065,390.00
27. Aggregate amount of Additional Balances
created during the preceding Collection Period 3,892,437.27
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 24,852,806.07
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
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30-59 days 247 8,603,144
60-89 days 81 2,970,566
90+ days 87 3,458,374
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 0.00
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 0.00
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 0.00
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 4,996,574.38
(per $1,000 Original Principal Amount) 9.99
41. Amount of interest included in such distribution 2,308,416.87
The related Certificate Rate or, if applicable,
the Alternate Certificate Rate 5.382500%
(per $1,000 Original Principal Amount) 4.62
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 0.00
to such distribution (per $1,000 Original Principal Amount) 0.00
44. Amount, if any, of principal included
in such distribution 2,688,157.51
(per $1,000 Original Principal Amount) 5.38
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 21st day of July 1999.
PROVIDIAN NATIONAL BANK
as Servicer
By: /s/ Gwinneth Berexa
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Gwinneth Berexa
Vice President, Securitization
