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): June 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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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 June 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: June 25, 1999
EXHIBIT INDEX
Exhibit No.
19.1 Servicing Certificate for the Providian Home Equity Loan Asset
Backed Certificates, Series 1999-PNB1 (the "Certificates"), for
the June 1999 distribution to holders of the Certificates.
SERVICING CERTIFICATE
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PROVIDIAN HOME EQUITY LOAN TRUST 1999-1
CUSIP #74407XAA9
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<TABLE>
<S> <C>
Under sections 4.01 and 5.03 of the Pooling and Servicing Agreement dated as of April 1, 1999
by and between Providian Financial, as Transferor and Servicer, Merrill Lynch Mortgage Investors,
Inc., 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 Financial, as the Servicer, is required to prepare certain information each
month regarding current receipts and distributions on 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 June 25, 1999 (the "Distribution Date") and the
performance of the Trust during the month of May 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. the aggregate amount of collections received during the
preceding Collection Period for
(a) Interest 7,160,171.85
(b) Principal 28,038,648.43
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Total Collections 35,198,820.28
2. the aggregate of any Insurance Proceeds received during the related
Collection Period 0.00
3. the aggregate of any Net Liquidation Proceeds received during the
related Collection Period 0.00
4. the amount of any Transfer Deposit Amount paid by the Transferor
pursuant to Section 2.02, 2.04, 3.01 or 3.06 0.00
5. the Floating Allocation Percentage for such Distribution Date 91.98%
6. the Fixed Allocation Percentage for such Distribution Date 98.00%
7. the Certificate Interest Collections (other than any investment
earnings) and 6,585,912.16
the Net Liquidation Proceeds and post-liquidation recoveries and 0.00
the investment earnings on the Collection Account 13,235.24
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Certificate Interest Collections for such Distribution Date 6,599,147.40
8. the Transferor Interest Collections and 574,259.69
the Transferor Principal Collections for such Distribution Date 28,038,648.43
9. the Accelerated Principal Distribution Amount, if any, for such
Distribution Date 1,952,220.32
10. the Scheduled Principal Collections Payment, if any, for such
Distribution Date 0.00
11. the aggregate of the Liquidation Loss Amounts and 0.00
the Investor Loss Amount for such Distribution Date 0.00
12. the cumulative amount of Liquidation Loss Amounts and 0.00
the cumulative amount of Investor Loss Amounts and 0.00
the Aggregate Investor Loss Amount for such Distribution Date 0.00
13. the amount being distributed to Certificateholders 6,210,258.51
14. the amount of interest included in such distribution and the related 4,258,038.19
Certificate Rate or, if applicable, the Alternate Certificate Rate 5.196250%
15. the amount, if any, of Unpaid Certificate Interest Shortfall included
in such distribution 0.00
16. Interest on 15 above at the Certificate Rate included in such
distribution 0.00
17. Unpaid Certificate Interest Shortfall after giving effect to such
distribution 0.00
18. the amount, if any, of Unpaid Investor Loss Amount included in such
distribution 0.00
19. the amount, if any, of Unpaid Investor Loss Amount after giving effect
to such distribution 0.00
20. the Invested Amount, 500,000,000.00
the Certificate Principal Balance and 498,047,779.68
the Pool Factor, each after giving effect to such distribution. 0.99609556
21. the Required Enhancement Amount for such Distribution Date 39,843,822.37
22. the Transferor Subordinated Amount after giving effect to such
distribution 10,000,000.00
23. the Required Overcollateralization Amount for such Distribution Date 29,843,822.37
24. the amount, if any, by which the Invested Amount exceeds the
Certificate Principal Balance (before giving effect to the
distribution to be made on such Distribution Date) 0.00
25. the amount, if any, by which the Invested Amount exceeds the
Certificate Principal Balance (after giving effect to the distribution
to be made on such Distribution Date) 1,952,220.32
26. the Pool Balance as of the end of the preceding Collection Period 624,062,608.00
27. the Transferor's Interest Balance (based on the Pool Balance as of the
end of the preceding Collection Period) after giving effect to the
distribution to be made on such Distribution Date 124,062,608.00
28. The aggregate amount of Additional Balances created during the
preceding Collection Period 5,473,565.64
29. During the Revolving Period, the amount of Principal Collections to be
retained by the Transferor in respect of such Distribution Date 28,038,648.43
30. Whether a Rapid Amortization Event has occurred since the prior
Determination Date, specifying each such Rapid Amortization Event if
one has occurred None
31. Whether an Event of Default has occurred since the prior Determination
Date, specifying each such Event of Default if one has occurred None
32. the Guaranteed Distributions and 0.00
any Preference Amount 0.00
33. the Reimbursement Amount, if any, for such Distribution Date 0.00
34. the amount to be distributed to or at the direction of the owner of
the Transferor's Interest pursuant to Section 6.01(a)(viii) for such
Distribution Date 0.00
35. the Servicing Fee for such Distribution Date 315,972.22
36. the number and aggregate Receivable Balance of any Home Equity Loan,
delinquent as listed below, as of the end of the related Collection
Period.
Number Aggregate Balance
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30-59 days 226 7,703,341
60-89 days 72 2,407,544
90+ days 69 2,624,979
37. the aggregate book value, as of the end of the preceding Collection
Period, of any Mortgaged Property that was acquired by the Trust
through foreclosure or grant of deed in lieu of foreclosure during the
preceding Collection Period 0.00
38. the aggregate of the Principal Balances of the Subsequent Home Equity
Loans purchased during the preceding Collection Period 103,030,109.00
39. the number and aggregate Principal Balance of all Home Equity Loans
removed from the Trust and transferred to the Transferor 0.00
on the related Removal Date and the cumulative number and 0.00
aggregate Principal Balance of all Home Equity Loans that have 0.00
been retransferred on all prior Removal Dates. 0.00
40. the Draw Amount, if any, for such Distribution Date 0.00
41. the amount being distributed to Certificateholders 6,210,258.51
(per $1,000 Original Principal Amount of a Certificate) 12.42
42. the amount of interest included in such distribution and the related 4,258,038.19
Certificate Rate or, if applicable, the Alternate Certificate Rate 5.196250%
(per $1,000 Original Principal Amount of a Certificate) 8.52
43. the amount, if any, of Unpaid Certificate Interest Shortfall included
in such distribution 0.00
(per $1,000 Original Principal Amount of a Certificate) 0.00
44. Interest on 3 above at the Certificate Rate included in such distribution 0.00
(per $1,000 Original Principal Amount of a Certificate) 0.00
45. Unpaid Certificate Interest Shortfall after giving effect to such distribution 0.00
(per $1,000 Original Principal Amount of a Certificate) 0.00
46. the amount, if any, of principal included in such distribution 1,952,220.32
(per $1,000 Original Principal Amount of a Certificate) 3.90
47. the amount, if any, of Unpaid Investor Loss Amount included in such
distribution 0.00
(per $1,000 Original Principal Amount of a Certificate) 0.00
48. the amount, if any, of Unpaid Investor Loss Amount after giving effect
to such distribution 0.00
(per $1,000 Original Principal Amount of a Certificate) 0.00
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IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 18th day of May 1999.
PROVIDIAN FINANCIAL
as Servicer
By: /s/ Daniel Sanford
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Daniel Sanford
Senior Vice President and Controller
