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) : December 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 333-81429-01 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 December 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 December 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: December 23, 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
December 20, 1999.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on December 20, 1999
<PAGE>
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MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-NC1
STATEMENT TO CERTIFICATEHOLDERS
DECEMBER 20, 1999
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<S> <C> <C>
PAGE # 1
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DISTRIBUTION IN DOLLARS
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ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
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T11 109,115,000.00 103,933,164.48 1,409,459.54 768,317.30 2,177,776.84 0.00 0.00 102,523,704.94
T12 10,006,000.00 10,006,000.00 0.00 73,968.52 73,968.52 0.00 0.00 10,006,000.00
T13 6,084,000.00 6,084,000.00 0.00 44,975.47 44,975.47 0.00 0.00 6,084,000.00
T14 5,408,000.00 5,408,000.00 0.00 39,978.19 39,978.19 0.00 0.00 5,408,000.00
T15 4,598,506.00 4,598,506.37 0.00 33,994.08 33,994.08 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
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TOTALS 135,211,506.00 130,029,670.85 1,409,459.54 961,233.56 2,370,693.10 0.00 0.00 128,620,211.31
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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 952.51032837 12.91719324 7.04135362 19.95854685 939.59313513 T11 9.241180 %
T12 1,000.00000000 0.00000000 7.39241655 7.39241655 1,000.00000000 T12 9.241180 %
T13 1,000.00000000 0.00000000 7.39241782 7.39241782 1,000.00000000 T13 9.241180 %
T14 1,000.00000000 0.00000000 7.39241679 7.39241679 1,000.00000000 T14 9.241180 %
T15 1,000.00008046 0.00000000 7.39241832 7.39241832 1,000.00008046 T15 9.241180 %
- -------------------------------------------------------------------------------- ----------------------------------------------
TOTALS 961.67607844 10.42410947 7.10911067 17.53322014 951.25196897
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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]
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
</TABLE>
<PAGE>
<TABLE>
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MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-NC1
STATEMENT TO CERTIFICATEHOLDERS
DECEMBER 20, 1999
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<S> <C> <C>
PAGE # 2
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DISTRIBUTION IN DOLLARS
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ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A 109,115,000.00 103,933,164.48 1,409,459.54 468,651.96 1,878,111.50 0.00 0.00 102,523,704.94
M1 10,006,000.00 10,006,000.00 0.00 46,675.21 46,675.21 0.00 0.00 10,006,000.00
M2 6,084,000.00 6,084,000.00 0.00 30,651.53 30,651.53 0.00 0.00 6,084,000.00
B 5,408,000.00 5,408,000.00 0.00 35,027.32 35,027.32 0.00 0.00 5,408,000.00
BB 9,750,000.00 8,547,431.95 376,751.98 56,982.88 433,734.86 0.00 0.00 8,170,679.97
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
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TOTALS 144,960,191.20 138,575,787.63 1,786,211.52 637,988.90 2,424,200.42 0.00 0.00 136,789,576.11
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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 952.51032837 12.91719324 4.29502781 17.21222105 939.59313513 A 5.797500 %
M1 1,000.00000000 0.00000000 4.66472217 4.66472217 1,000.00000000 M1 5.997500 %
M2 1,000.00000000 0.00000000 5.03805556 5.03805556 1,000.00000000 M2 6.477500 %
B 1,000.00000000 0.00000000 6.47694527 6.47694527 1,000.00000000 B 8.327500 %
BB 876.65968718 38.64122872 5.84439795 44.48562667 838.01845846 BB 8.000000 %
X 1,000.00000000 0.00000000 0.00000000 0.00000000 1,000.00000000 X 0.000000 %
- -------------------------------------------------------------------------------- ----------------------------------------------
TOTALS 955.95753898 12.32208309 4.40113175 16.72321484 943.63545590
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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>
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MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-NC1
DECEMBER 20, 1999
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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 1,029,345.35
Sec. 4.02(22) Principal Remittance Amount 1,409,459.54
Sec. 4.02(23) Monthly Excess Cashflow Amount 446,984.86
Sec. 4.02(24) Extra Principal Distribution Flow Amount 0.00
Sec. 4.02(25) Monthly Excess Interest Amount 446,984.86
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>
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MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-NC1
DECEMBER 20, 1999
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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 912,255.68
Sec. 4.02(33) Collateral Balance 128,620,211.31
Ending Number of Loans 1,141.00
Weighted Average Term to Maturity 351.40
Weighted Average Mortgage Rate 9.74%
Sec. 4.02(34) Loans Delinquent
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Group Totals
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Period Number Principal Balance Percentage
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0-30 days 166 18,015,004.58 14.01 %
31-60 days 52 5,300,988.57 4.12 %
61-90 days 24 2,605,415.65 2.03 %
91 + days 0 0.00 0.00 %
Total 242 25,921,408.80 20.16 %
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Sec. 4.02(34) Loans in Foreclosure
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Group Totals
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Number Principal Balance Percentage
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33 2,504,812.16 1.95 %
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Sec. 4.02(34) Loans in Bankruptcy
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Group Totals
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Number Principal Balance Percentage
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2 85,053.39 0.07 %
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Sec. 4.02(35) Loans in REO
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Group Totals
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Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
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Book Value of REO Properties 0.00
Sec. 4.02(37) Prepayment Penalties 27,988.79
Sec. 4.02(38) Prinicpal Prepayments 1,341,775.45
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>
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MERRILL LYNCH MORTGAGE INVESTORS, INC. SERIES 1999-NC1
DECEMBER 20, 1999
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PAGE # 5
<S> <C> <C>
Sec.4.02(44) Relief Act Shortfall 0.00
Sec. 4.02(46) Rolling Three Month Delinquency Pct 0.07%
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 1,409,459.54
Interest Distribution Amount 581,006.02
Curtailments 2,685.93
Servicing Fee 54,179.05
Special Servicing Fee 13,250.00
Trustee Fee 1,354.48
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 433,734.86
Sec. 4.02(51) Withdrawals from the Basis Reserve Fund 433,734.86
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
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