MERRILL LYNCH MORT INVST INC MOR LN ASSET BK CER SE 1999 NC1
8-K, 1999-10-26
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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) : August 20, 1999


MERRILL  LYNCH  MORTGAGE  INVESTORS  INC,  (as  depositor  under the Pooling and
Servicing  Agreement,  dated  July 1, 1999,  which  forms the trust , which will
issue  the  Merrill  Lynch  Mortgage  Investors  Inc. Mortgage Loan Asset Backed
Certificates, Series 1999-NC1).


                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
             (Exact name of registrant as specified in its charter)


       Delaware                     333-81429                 13-5674085
     (State or other          (Commission File Number)       (IRS Employer
     jurisdiction of                                       Identification No.)
     incorporation)


World Financial Center North Tower
250 Vesey Street, 10th Floor
New York, New York                                             10281-1310
(Address of principal executive offices)                       (Zip Code)


       Registrant's telephone number, including area code : (212) 449-1000

                                       N/A
         (Former name or former address, if changed since last report.)



                                   Page 1 of 4
                                                  This report consists of 10
                                                 consecutively numbered pages.

<PAGE>



Item 5.    Other Events.

     This report and the attached exhibit is being filed pursuant to "no-action"
positions  taken by the  Securities  and  Exchange  Commission  with  respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities  Exchange Act of 1934, as amended,  with respect to the  Registrant's
Mortgage Loan Asset-Backed  Certificates,  Series 1999-NC1 (the "Certificates").
The  Certificates  were  issued,  and this  report and  exhibit is being  filed,
pursuant to the terms of the Pooling and Servicing  Agreement,  dated as of July
1, 1999 ( the  "Agreement"),  among Merrill Lynch Mortgage  Investors,  Inc., as
depositor, Litton Loan Servicing, LP, as servicer, and The Chase Manhattan Bank,
as trustee. On August 20, 1999 distribution was made to the  Certificateholders.
Specific  information with respect to the distribution is filed as Exhibit 99.1.
No other  reportable  transactions  or matters have occurred  during the current
reporting period.


Item 7.    Financial Statements and Exhibits.

           (a)   Not applicable

           (b)   Not applicable

           (c)   The following exhibit is filed as part of this report:

                 Statement to Certificateholders on August 20, 1999,
                 as Exhibit 99.1.




<PAGE>


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
     registrant  has duly  caused  this report to be signed on its behalf by the
     undersigned hereunto duly authorized.

                                     THE CHASE MANHATTAN BANK,
                                     not in its individual capacity but solely
                                     as Trustee under the Agreement referred
                                     to herein



Date:    October 26, 1999            By:  /s/ Kimberly Costa
                                        Kimberly Costa
                                        Vice President


<PAGE>
INDEX TO EXHIBITS


      Exhibit
      Number                  Description of Exhibits                    Page

        99.1             Monthly Certificateholder Statement on             5
                         August 20, 1999.




<PAGE>



                                  Exhibit 99.1

              Monthly Certificateholder Statement on August 20, 1999

<PAGE>

<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
                              MERRILL LYNCH MORTGAGE INVESTORS, INC.  SERIES 1999-NC1
                                           STATEMENT TO CERTIFICATEHOLDERS
                                                  AUGUST 20, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>       <C>

                                                                                                                       PAGE #    1

- -----------------------------------------------------------------------------------------------------------------------------------
                                        DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
        ORIGINAL        PRIOR                                                                                       CURRENT
        FACE            PRINCIPAL                                                    REALIZED       DEFERRED        PRINCIPAL
CLASS   VALUE           BALANCE           PRINCIPAL       INTEREST       TOTAL       LOSSES         INTEREST        BALANCE

- -----------------------------------------------------------------------------------------------------------------------------------
T11    109,115,000.00  109,115,000.00   1,484,135.58     613,983.34    2,098,118.92        0.00         0.00       107,630,864.42
T12     10,006,000.00   10,006,000.00           0.00      56,303.14       56,303.14        0.00         0.00        10,006,000.00
T13      6,084,000.00    6,084,000.00           0.00      34,234.29       34,234.29        0.00         0.00         6,084,000.00
T14      5,408,000.00    5,408,000.00           0.00      30,430.48       30,430.48        0.00         0.00         5,408,000.00
T15      4,598,506.00    4,598,506.37           0.00      25,875.51       25,875.51        0.00         0.00         4,598,506.37
R1               0.00            0.00           0.00           0.00            0.00        0.00         0.00                 0.00

- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 135,211,506.00  135,211,506.37   1,484,135.58      760,826.76   2,244,962.34        0.00         0.00       133,727,370.79
- -----------------------------------------------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------     ----------------------------------------------
             FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE                                           PASS-THROUGH RATES

             PRIOR                                                   CURRENT                                  CURRENT
            PRINCIPAL                                                PRINCIPAL                                PASS-THRU
CLASS        FACTOR       PRINCIPAL      INTEREST      TOTAL         FACTOR                    CLASS          RATE

- --------------------------------------------------------------------------------     ----------------------------------------------
T11    1,000.00000000    13.60157247    5.62693800   19.22851047   986.39842753                T11            9.224762 %
T12    1,000.00000000     0.00000000    5.62693784    5.62693784 1,000.00000000                T12            9.224762 %
T13    1,000.00000000     0.00000000    5.62693787    5.62693787 1,000.00000000                T13            9.224762 %
T14    1,000.00000000     0.00000000    5.62693787    5.62693787 1,000.00000000                T14            9.224762 %
T15    1,000.00008046     0.00000000    5.62693840    5.62693840 1,000.00008046                T15            9.224762 %
- --------------------------------------------------------------------------------     ----------------------------------------------
TOTALS 1,000.00000274    10.97640004    5.62693799   16.60333803   989.02360270
- --------------------------------------------------------------------------------



If there are any questions or problems with this statement, please contact
the Administrator listed below:

                     ---------------------------------------
                                KAREN DOBRES
                THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 14TH FLOOR
                            NEW YORK, NEW YORK 10001
                              Tel: (212)946-3232
                       Email: [email protected]
                     ---------------------------------------


                                                                                   (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION





</TABLE>

<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
                              MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-NC1
                                           STATEMENT TO CERTIFICATEHOLDERS
                                                  AUGUST 20, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>       <C>

                                                                                                                       PAGE #    2

- -----------------------------------------------------------------------------------------------------------------------------------
                                        DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
        ORIGINAL        PRIOR                                                                                       CURRENT
        FACE            PRINCIPAL                                                    REALIZED       DEFERRED        PRINCIPAL
CLASS   VALUE           BALANCE           PRINCIPAL       INTEREST       TOTAL       LOSSES         INTEREST        BALANCE

- -----------------------------------------------------------------------------------------------------------------------------------
A      109,115,000.00  109,115,000.00   1,484,135.58      370,081.71   1,854,217.29       0.00         0.00      107,630,864.42
M1      10,006,000.00   10,006,000.00           0.00       35,159.97      35,159.97       0.00         0.00       10,006,000.00
M2       6,084,000.00    6,084,000.00           0.00       23,163.14      23,163.14       0.00         0.00        6,084,000.00
B        5,408,000.00    5,408,000.00           0.00       26,703.50      26,703.50       0.00         0.00        5,408,000.00
BB       9,750,000.00    9,750,000.00     240,718.50       65,000.00     305,718.50       0.00         0.00        9,509,281.50
X        4,597,191.20    4,597,191.20           0.00            0.00           0.00       0.00         0.00        4,597,191.20
R2               0.00            0.00           0.00            0.00           0.00       0.00         0.00                0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 144,960,191.20   144,960,191.20  1,724,854.08      520,108.32   2,244,962.40       0.00         0.00      143,235,337.12
- -----------------------------------------------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------     ----------------------------------------------
             FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE                                           PASS-THROUGH RATES

             PRIOR                                                   CURRENT                                  CURRENT
            PRINCIPAL                                                PRINCIPAL                                PASS-THRU
CLASS        FACTOR       PRINCIPAL      INTEREST      TOTAL         FACTOR                    CLASS          RATE

- --------------------------------------------------------------------------------     ----------------------------------------------
A       1,000.00000000    13.60157247     3.39166668  16.99323915   986.39842753                A            5.550000 %
M1      1,000.00000000     0.00000000     3.51388867   3.51388867 1,000.00000000                M1           5.750000 %
M2      1,000.00000000     0.00000000     3.80722222   3.80722222 1,000.00000000                M2           6.230000 %
B       1,000.00000000     0.00000000     4.93777737   4.93777737 1,000.00000000                B            8.080000 %
BB      1,000.00000000    24.68907692     6.66666667  31.35574359   975.31092308                BB           8.000000 %
X       1,000.00000000     0.00000000     0.00000000   0.00000000 1,000.00000000                X            0.000000 %
- --------------------------------------------------------------------------------     ----------------------------------------------
TOTALS  1,000.00000000    11.89881212     3.58793898  15.48675110   988.10118788
- --------------------------------------------------------------------------------



If there are any questions or problems with this statement, please contact
the Administrator listed below:

                     ---------------------------------------
                                KAREN DOBRES
                THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 14TH FLOOR
                            NEW YORK, NEW YORK 10001
                              Tel: (212)946-3232
                       Email: [email protected]
                     ---------------------------------------


                                                                                   (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION





</TABLE>

<PAGE>


<TABLE>
 ----------------------------------------------------------------------------------------------------------------------------------
                              MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-H1
                                                       AUGUST 20, 1999
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                                       PAGE #    3

<S>       <C>       <C>

Sec.4.02(2)  Class A Interest Carry Forward Amount                                                                         0.00

Class A Basis Risk Shortfall                                                                                               0.00
Sec. 4.02(4) Class M1 Interest Carry Forward Amount                                                                        0.00

Class M1 Basis Risk Shortfall                                                                                              0.00

Sec. 4.02(5) Class M1  Unpaid Realized Loss Amount                                                                         0.00

Sec. 4.02(6) Class M1  Applied Realized Loss Amount                                                                        0.00

Sec. 4.02(7) Class M1  Applied Realized Loss Amortization Amount                                                           0.00

Sec. 4.02(9) Class M2  Interest Carry Forward Amount                                                                       0.00
Class M2 Basis Risk Shortfall                                                                                              0.00

Sec. 4.02(10) Class M2  Unpaid Realized Loss Amount                                                                        0.00

Sec. 4.02(11) Class M2  Applied Realized Loss Amount                                                                       0.00

Sec. 4.02(12) Class M2  Applied Realized Loss Amortization Amount                                                          0.00

Sec. 4.02(14) Class B Interest Carry Forward Amount                                                                        0.00
Class B Basis Risk Shortfall                                                                                               0.00

Sec. 4.02(15) Class B Unpaid Realized Loss Amount                                                                          0.00

Sec. 4.02(17) Class B Applied Realized Loss Amortization Amount                                                            0.00

Sec. 4.02 Class X Distributable Amount                                                                                     0.00

Sec. 4.02(21) Interest Remittance Amount                                                                             762,235.28

Sec. 4.02(22) Principal Remittance Amount                                                                          1,484,135.58

Sec. 4.02(23) Monthly Excess Cashflow Amount                                                                         305,718.50

Sec. 4.02(24) Extra Principal Distribution Flow Amount                                                                     0.00

Sec. 4.02(25) Monthly Excess Interest Amount                                                                         305,718.50

Sec. 4.02(26) Targeted O/C Amount                                                                                  4,597,191.20

Sec. 4.02(27) O/C Amount                                                                                           4,598,506.37

Sec. 4.02(28) O/C Deficiency Amount                                                                                        0.00



                                                                                   (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>

- ----------------------------------------------------------------------------------------------------------------------------------
                             MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-H1
                                                       AUGUST 20, 1999
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                                       PAGE #    4

<S>       <C>       <C>


Sec. 4.02(29)  O/C Release Amount                                                                                       0.00

Sec. 4.02(30)  Servicing Compensation                                                                                   0.00

Sec. 4.02(31)  Current Advances                                                                                         0.00

Sec. 4.02(33)  Collateral Balance                                                                             133,727,370.79
Ending Number of Loans                                                                                              1,199.00
Weighted Average Term to Maturity                                                                                     355.00
Weighted Average Mortgage Rate                                                                                          9.72%


Sec. 4.02(34) Loans Delinquent

                 --------------------------------------------------------------------
                                        Group Totals
                 --------------------------------------------------------------------
                  Period            Number        Principal Balance        Percentage
                 --------------------------------------------------------------------

                 0-30 days           141         15,232,032.65              11.39 %
                31-60 days             7            724,149.81               0.54 %
                61-90 days             0                  0.00               0.00 %
                91 +  days             0                  0.00               0.00 %
                  Total              148         15,956,182.46              11.93 %
                 --------------------------------------------------------------------


Sec. 4.02(34) Loans in Foreclosure
                              -------------------------------------------------------
                                                  Group Totals
                              -------------------------------------------------------
                                Number        Principal Balance        Percentage
                              -------------------------------------------------------
                                   0                   0.00                   0.00 %
                              -------------------------------------------------------


Sec. 4.02(34) Loans in Bankruptcy
                              -------------------------------------------------------
                                                  Group Totals
                              -------------------------------------------------------
                                Number        Principal Balance        Percentage
                              -------------------------------------------------------
                                   0                   0.00                   0.00 %
                              -------------------------------------------------------


Sec. 4.02(35) Loans in REO
                              -------------------------------------------------------
                                                  Group Totals
                              -------------------------------------------------------
                                Number        Principal Balance        Percentage
                              -------------------------------------------------------
                                   0                   0.00                   0.00 %
                              -------------------------------------------------------

Book Value of REO Properties                                                                                            0.00

Sec. 4.02(37)  Prepayment Penalties                                                                                     0.00

Sec. 4.02(38)  Prinicpal Prepayments                                                                            1,416,024.05

Sec. 4.02(39)  Current Realized Losses                                                                                  0.00

Sec. 4.02(40)  Extraordinary Trust Fund Expenses                                                                        0.00

Sec. 4.02(43)  Prepayment Interest Shortfalls                                                                           0.00

                                                                                   (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>

- ----------------------------------------------------------------------------------------------------------------------------------
                              MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-H1
                                                       AUGUST 20, 1999
- -----------------------------------------------------------------------------------------------------------------------------------

                                                                                                                       PAGE #    5

<S>       <C>       <C>

Sec.4.02(44)   Relief Act Shortfall                                                                                     0.00

Sec. 4.02(46)  Rolling Three Month Delinquency Pct                                                                      0.01%

Sec. 4.02(47)  Substitution Principal Amount                                                                            0.00

Sec. 4.02(48)  Has The Master Servicing Termination Trigger Occurred                                                      NO

Sec. 4.02      Repurchased Principal Amount                                                                             0.00

Sec. 4.02      Liquidation Proceeds                                                                                     0.00

Principal Distribution Amount                                                                                   1,484,135.58
Interest Distribution Amount                                                                                      455,108.32
Curtailments                                                                                                          442.26
Servicing Fee                                                                                                      56,338.13
Trustee Fee                                                                                                         1,408.45

Sec. 4.02(49)  Beginning Balance of Basis Risk Reserve Fund                                                                     0.00
Sec. 4.02(50)  Required Reserve Fund Deposit                                                                        5,000.00
Sec. 4.02(51)  Deposits to The Basis Reserve Fund                                                                 305,718.50
Sec. 4.02(51)  Withdrawals from the Basis Reserve Fund                                                            305,718.50
Sec. 4.02(52)  Ending Balance of the Basis Risk Reserve Fund                                                            0.00

Sec. 4.02      Required Reserve Fund Balance                                                                        5,000.00


                                                                                   (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION

</TABLE>




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