<PAGE> 1
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
April 24, 2000
Date of Report (Date of Earliest Event Reported)
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(as Depositor under the Pooling and Servicing Agreement, dated March 1, 2000,
providing for the Issuance of the Sequoia Mortgage Trust 4, Mortgage Loan Asset
Backed Certificates)
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-81429 13-5674085
-------- --------- ----------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
250 Vesey Street, World Financial Center, North Tower, 10th Floor
New York, NY 10281-1310
(Address of Principal Executive Offices)
(212) 449-0336
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. OTHER EVENTS
On March 1, 2000, Merrill Lynch Mortgage Investors, Inc. ("Company")
entered into a Pooling and Servicing Agreement dated as of March 1, 2000
(the "Pooling and Servicing Agreement"), by and among the Company, as
depositor; Sequoia Mortgage Funding Corporation, as mortgage loan seller
("Sequoia"); Merrill Lynch Credit Corporation, as master servicer (the
"Master Servicer"); and Norwest Bank Minnesota, N.A., as trustee (the
"Trustee"), providing for the issuance of the Sequoia Mortgage Trust 4,
Mortgage Loan Asset Backed Certificates (the "Certificates")
The following exhibit which relates specifically to the Certificates is
included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement relating to the distribution to
Certificateholders, April 24, 2000.
<PAGE> 3
SIGNATURE
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 thereunto duly authorized.
Date: May 12, 2000
MERRILL LYNCH MORTGAGE INVESTORS, INC.
By: /s/ Michael M. McGovern
----------------------------------
Michael M. McGovern
Secretary
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement relating to the distribution to
Certificateholders, April 24, 2000.................................. 5
</TABLE>
<PAGE> 1
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
EXHIBIT 10.1
SMT Series 2000-4
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 81743TAA6 SEQ 6.45625% 377,119,000.00 2,096,611.41 3,500,746.73
B SMT00004B SUB 7.34625% 3,809,982.43 24,101.71 692.62
C SMT00004C IO 0.00000% 0.00 150,793.88 0.00
R-UT SMT00004R RES 0.00000% 0.00 0.00 0.00
R-LT SMT0004RL RES 0.00000% 0.00 0.00 0.00
================================================================================================================================
Totals 380,928,982.43 2,271,507.00 3,501,439.35
================================================================================================================================
<CAPTION>
- ------------------------------------------------------------------------------------
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 0.00 373,618,253.27 5,597,358.14 0.00
B 0.00 3,809,289.81 24,794.33 0.00
C 0.00 0.00 150,793.88 0.00
R-UT 0.00 0.00 0.00 0.00
R-LT 0.00 0.00 0.00 0.00
====================================================================================
Totals 0.00 377,427,543.08 5,772,946.35 0.00
====================================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
09-May-2000
<PAGE> 2
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Principal Distribution Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss(1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 377,119,000.00 0.00 3,500,746.73 0.00 0.00
B 3,809,982.43 3,809,982.43 0.00 692.62 0.00 0.00
C 0.00 0.00 0.00 0.00 0.00 0.00
R-UT 0.00 0.00 0.00 0.00 0.00 0.00
R-LT 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
Totals 380,928,982.43 380,928,982.43 0.00 3,501,439.35 0.00 0.00
==============================================================================================================================
<CAPTION>
- --------------------------------------------------------------------------------------------
Ending Ending
Total Principal Certificate Certificate Total Principal
Class Reduction Balance Percentage Distribution
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 3,500,746.73 373,618,253.27 0.99071713 3,500,746.73
B 692.62 3,809,289.81 0.99981821 692.62
C 0.00 0.00 0.00000000 0.00
R-UT 0.00 0.00 0.00000000 0.00
R-LT 0.00 0.00 0.00000000 0.00
- --------------------------------------------------------------------------------------------
Totals 3,501,439.35 377,427,543.08 0.99080816 3,501,439.35
============================================================================================
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 3
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class (2) Amount Balance Distribution Distribution Accretion Loss(3)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 1000.00000000 0.00000000 9.28287021 0.00000000 0.00000000
B 3,809,982.43 1000.00000000 0.00000000 0.18179086 0.00000000 0.00000000
C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-UT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
===============================================================================================================================
<CAPTION>
- -----------------------------------------------------------------------------------------
Ending Ending
Total Principal Certificate Certificate Total Principal
Class (2) Reduction Balance Percentage Distribution
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 9.28287021 990.71712979 0.99071713 9.28287021
B 0.18179086 999.81820914 0.99981821 0.18179086
C 0.00000000 0.00000000 0.00000000 0.00000000
R-UT 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 0.00000000 0.00000000 0.00000000 0.00000000
=========================================================================================
</TABLE>
(2) All Denominations Are Per $1,000.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 4
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Interest Distribution Statement
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning
Current Certificate/ Current Payment of Current
Original Face Certificate Notional Accrued Unpaid Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 6.45625% 377,119,000.00 2,096,611.41 0.00 0.00
B 3,809,982.43 7.34625% 3,809,982.43 24,101.71 0.00 0.00
C 0.00 0.00000% 0.00 0.00 0.00 0.00
R-UT 0.00 0.00000% 0.00 0.00 0.00 0.00
R-LT 0.00 0.00000% 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 380,928,982.43 2,120,713.12 0.00 0.00 0.00 0.00
====================================================================================================================================
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 2,096,611.41 0.00 373,618,253.27
B 0.00 0.00 24,101.71 0.00 3,809,289.81
C 0.00 0.00 150,793.88 0.00 0.00
R-UT 0.00 0.00 0.00 0.00 0.00
R-LT 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------
Totals 2,271,507.00 0.00
==========================================================================================================
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 5
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Beginning
Current Certificate/ Current Payment of Current
Original Face Certificate Notional Accrued Unpaid Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 6.45625% 1000.00000000 5.55954860 0.00000000 0.00000000
B 3,809,982.43 7.34625% 1000.00000000 6.32593731 0.00000000 0.00000000
C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-UT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class (5) Shortfall Losses(6) Distribution Shortfall Balance
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 5.55954860 0.00000000 990.71712979
B 0.00000000 0.00000000 6.32593731 0.00000000 999.81820914
C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-UT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
====================================================================================================
</TABLE>
(5) All Denominations Are Per $1,000.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 6
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,930,655.34
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 1,836.35
Realized Losses 0.00
------------
Total Deposits 5,932,491.69
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 159,545.34
Payment of Interest and Principal 5,772,946.35
------------
Total Withdrawals (Pool Distribution Amount) 5,932,491.69
Ending Balance 0.00
============
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Reserve Fund 0.00 0.00 10,000.00 10,000.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
======
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 118,357.47
Trustee Fee 1,904.64
AMBAC Premium 39,283.23
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 159,545.34
==========
</TABLE>
<PAGE> 7
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Based On
---------------------------------
Current
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- --------- ---------
<S> <C> <C> <C> <C>
30 Days 2 282,113.35 0.223214% 0.074746%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
---- ---------- -------- --------
Totals 2 282,113.35 0.223214% 0.074746%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,836.35
</TABLE>
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND
PREPAYMENT PERCENTAGE
<TABLE>
<CAPTION>
Original $ Original % Current $ Current % Current Class % Next Prepayment %
------------ ----------- ------------ ----------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Class A 3,809,982.43 1.00018182% 3,809,289.81 1.00927711% 98.990723% 0.000000%
Class B 0.00 0.00000000% 0.00 0.00000000% 1.009277% 100.000000%
Class C 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
</TABLE>
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
<PAGE> 8
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000 Frederick, MD 21703
Telephone (301) 815-6600
Facsimile: (301) 846-8152
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Mixed ARM
- -----------------------------------------------------------------------------
<S> <C>
Weighted Average Gross Coupon 7.689787%
Weighted Average Net Coupon 7.310938%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity (Stepdown Calculation) 287
Beginning Scheduled Collateral Loan Count 901
Number of Loans Paid in Full 5
Ending Scheduled Collateral Loan Count 896
Beginning Scheduled Collateral Balance 380,928,982.43
Ending Scheduled Collateral Balance 377,427,543.09
Ending Actual Collateral Balance at 31-Mar-2000 377,427,543.09
Monthly P&I Constant 2,440,927.97
Class A Optimal Amount 5,636,641.37
Ending Scheduled Balance for Premium Loans 377,427,543.09
Scheduled Principal 0.00
Unscheduled Principal 3,501,439.35
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 3,809,982.44
Overcollateralization Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
=============================================================================
Serious Delinquencies 0.0000%
Floor Amount 2,856,967.37
Excess Cash Flow Principal Amount (Current/Cumulative) 0.00 / 0.00
Required Payment 0.00
Preference Amount 0.00
Alternate Certificate Rate Used? No
Specified OC 3,809,289.82
=============================================================================
</TABLE>
