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 25, 1999
MERRILL LYNCH MORTGAGE INVESTORS, INC., (as depositor under the Pooling and
Servicing Agreement, dated June 1, 1999, which forms the Trust, which will issue
the Mortgage Loan Asset-Backed Certificates, Series 1999-H2).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-39127-10 13-5674085
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
World Financial Center North Tower
250 Vesey Street, 17th Floor
New York, New York 10281-1315
(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 12 consecutively numbered pages.
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Item 5. Other Events.
This report and the attached exhibits are being filed with respect to the
Registrant's Mortgage Loan Asset-Backed Certificates, Series 1999-H2 (the
"Certificates") 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. 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
June 1, 1999 ( the "Agreement"), among Merrill Lynch Mortgage Investors, Inc.,
as depositor, Litton Loan Servicing LP as master servicer, and The Chase
Manhattan Bank, as trustee. On August 25, 1999 and September 27, 1999
distributions were made to the Certificateholders. Specific information with
respect to the distributions are filed as Exhibits 99.1 and 99.2. 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 25, 1999,
as Exhibit 99.1.
Statement to Certificateholders on September 27, 1999,
as Exhibit 99.2.
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<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 25, 1999 By: /s/ Kimberly K. Costa
Kimberly K. Costa
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
August 25, 1999.
99.2 Monthly Certificateholder Statement on 9
September 27, 1999.
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<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on August 25, 1999
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<PAGE>
<TABLE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
August 25, 1999
Non Payment Revision
<S> <C> <C>
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A 109,248,500.00 108,495,867.87 3,764,291.82 498,515.91 4,262,807.73 0.00 0.00 104,731,576.05
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 109,248,500.00 108,495,867.87 3,764,291.82 498,515.91 4,262,807.73 0.00 0.00 104,731,576.05
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- ----------------------------------------------
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 993,11082413 34.45623345 4.56313734 39.01937079 958.65459068 A 5.391250%
- -------------------------------------------------------------------------------- ----------------------------------------------
TOTALS 993,11082413 34.45623345 4.56313734 39.01937079 958.65459068
- --------------------------------------------------------------------------------
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
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<PAGE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
August 25, 1999
Sec. 4.02(2) Libor Shortfall Amount 0.00
Sec. 4.02(2) Libor Carry Forward Amount 0.00
Sec. 4.02(2)Class A Interest Carry Forward Amount 0.00
FEES PAID
PMI Premium 75,965.90
Premium 18,986.78
Trustee Fee 1,158.02
Sec. 4.02(3)The Extra Principal Distribution Amount 358,866.88
Sec 4.02(4)The Monthly Excess Cashflow Amount 453,819.55
Sec. 4.02(5)Required Overcollateralization Amount 7,759,606.13
Sec. 4.02(6)The Overcollateralization Amount 3,032,605.48
Sec. 4.02(7)The Overcollateralization Deficiency 4,727,000.66
Sec. 4.02(6)The Overcollateralization Release Amount 0.00
Sec. 4.02(9)The Aggregate Amount of Servicing Compensation received by the Servicer 46,320.67
Sec. 4.02(10)The Aggregate Amount of Advances 108,202.05
Sec. 4.02(11)The Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties 107,764,181.53
Sec. 4.02(12a)The Aggregate Number of the Mortgage Loans as of the related Due Date 968.00
Sec. 4.02(12b)The Aggregate Principal Balance of the Mortgage Loans as of the related Due Date 107,764,181.53
Sec. 4,02(12c)The Weighted Average Mortgage Rate of the Mortgage Loans as of the related Due Date 10.2828%
Sec. 4.02(12c)The Weighted Average Remaining Term to Maturity of the Mortgage Loans 347.00
Sec. 4.02(13)Loans Delinquent
Group Totals
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Period Number Principal Balance Percentage
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0-30 days 111 11,277,798.48 10.47%
31-60 days 23 1,962,044.06 1.82%
61-90 days 6 504,038.79 0.47%
91 + days 0 0.00 0.00%
Total 140 13,743,881,33 12.76%
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
August 25, 1999
Sec. 4.02 Loans in Foreclosure
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
4 255,053.65 0.24%
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Sec. 4.02 Loans in Bankruptcy
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02 Loans in REO
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02(16)The Aggregate Amount of Prepayment Penalties during the Collection Period 47,205.43
Sec. 4.02(17)The Aggregate Amount of Principal Prepayments During the related Coffection Period 3,347,145.04
Sec. 4.02(18)The Aggregate Amount of Realized Losses incurred During the related CollectJon Period 0.00
Sec. 4.02(19)The Aggregate Amount of Extraordinary Trust Fund Expenses During the related Collection Period 0.00
Sec. 4.02(22)The Aggregate Amount of Prepayment Interest Shortfalls in the related Collection Period 0.00
Sec. 4.02(23)The Aggregate Amount of Relief Act Interest Shortfalls for such Distribution Date 0.00
Sec. 4.02(25)The Three-Month Rolling Average of 60+ Delinquent Loans 0.3522%
Sec. 4.02(27)Has the Master Servicing Termination Trigger NO
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on September 27, 1999
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<PAGE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
SEPTEMBER 27, 1999
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
A 109,248,500.00 104,731,576.05 5,148,408.98 529,341.75 5,677,750.73 0.00 0.0O 99,583,167.07
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 109,248,500.00 104,731,576.05 5,148,408.98 529,341.75 5,677,750.73 0.00 0.0O 99,583,167.07
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- ----------------------------------------------
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 958.65459068 47.12587202 4.84529994 51.97097196 911.52891866 A 5.391250%
- -------------------------------------------------------------------------------- ----------------------------------------------
TOTALS 958.65459068 47.12587202 4.84529994 51.97097196 911.52891866
- --------------------------------------------------------------------------------
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
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<PAGE>
MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
SEPTEMBER 27, 1999
Sec. 4.02(2) Libor Shortfall Amount 0.00
Sec. 4.02(2) Libor Carry Forward Amount 0.00
Sec. 4.02(2)Class A Interest Carry Forward Amount 0.00
FEES PAID
PMI Premium 73,638.86
Premium 18,328.03
Trustee Fee 1,122.55
Sec. 4.02(3)The Extra Principal Distribution Amount 324,254.19
Sec 4.02(4)The Monthly Excess Cashflow Amount 416,221.07
Sec. 4.02(5)Required Overcollateralization Amount 7,759,606.13
Sec. 4.02(6)The Overcollateralization Amount 3,356,859.67
Sec. 4.02(7)The Overcollateralization Deficiency 4,702,746.47
Sec. 4.02(6)The Overcollateralization Release Amount 0.00
Sec. 4.02(9)The Aggregate Amount of Servicing Compensation received by the Servicer 44,901.73
Sec. 4.02(10)The Aggregate Amount of Advances 1,134,986.33
Sec. 4.02(11)The Aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties 102,940,026.74
Sec. 4.02(12a)The Aggregate Number of the Mortgage Loans as of the related Due Date 929.00
Sec. 4.02(12b)The Aggregate Principal Balance of the Mortgage Loans as of the related Due Date 102,940,026.74
Sec. 4,02(12c)The Weighted Average Mortgage Rate of the Mortgage Loans as of the related Due Date 10.2769%
Sec. 4.02(12c)The Weighted Average Remaining Term to Maturity of the Mortgage Loans 346.00
Sec. 4.02(13)Loans Delinquent
Group Totals
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Period Number Principal Balance Percentage
--------------------------------------------------------------------
0-30 days 127 13,427,923.07 13.04%
31-60 days 25 2,773,723.68 2.69%
61-90 days 10 1,004,333.62 0.98%
91 + days 0 0.00 0.00%
Total 162 17,205,980.37 16.71%
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(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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MERRILL LYNCH MORTGAGE INVESTORS, INC. 1999-H2
STATEMENT TO CERTIFICATEHOLDERS
SEPTEMER 27, 1999
Sec. 4.02 Loans in Foreclosure
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
4 255,374.69 0.25%
-------------------------------------------------------
Sec. 4.02 Loans in Bankruptcy
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
1 92,015.57 0.09%
-------------------------------------------------------
Sec. 4.02 Loans in REO
Group Totals
Number Principal Balance Percentage
-------------------------------------------------------
0 0.00 0.00 %
-------------------------------------------------------
Sec. 4.02(16)The Aggregate Amount of Prepayment Penalties during the Collection Period 67,117.71
Sec. 4.02(17)The Aggregate Amount of Principal Prepayments During the related Coffection Period 4,767,318.69
Sec. 4.02(18)The Aggregate Amount of Realized Losses incurred During the related CollectJon Period 0.00
Sec. 4.02(19)The Aggregate Amount of Extraordinary Trust Fund Expenses During the related Collection Period 0.00
Sec. 4.02(22)The Aggregate Amount of Prepayment Interest Shortfalls in the related Collection Period 0.00
Sec. 4.02(23)The Aggregate Amount of Relief Act Interest Shortfalls for such Distribution Date 0.00
Sec. 4.02(25)The Three-Month Rolling Average of 60+ Delinquent Loans 0.6427%
Sec. 4.02(27)Has the Master Servicing Termination Trigger NO
(C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
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