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 report): November 29, 1996
Merrill Lynch Mortgage Investors, Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
333-7569 13-3416059
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(Commission File Number) (IRS Employer Identification No.)
World Financial Headquarters
North Tower - 10th Fl.
New York, New York 10281-1310
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(Address of principal executive offices and Zip code)
Registrant's telephone number, including area code: (212) 449-0336
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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Merrill Lynch Mortgage Investors, Inc. files herewith a copy of the Servicer's
report for the period ended November 29, 1996 relating to its Mortgage Loan
Asset Backed Class A and Class R Certificates.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by the
undersigned hereunto duly authorized.
Merrill Lynch Mortgage Investors, Inc.
By: /s/ Michael M. McGovern
Michael M. McGovern
Its: Director and Secretary
Dated: January 27, 1997
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
Mortgage Loan Asset Backed Certificates
Series 1996-1
Statement To Certificateholders
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DISTRIBUTION IN DOLLARS
<CAPTION>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 81,129,770.00 80,247,043.51 399,891.08 705,443.68 1,105,334.76 0.00 0.00 79,541,599.83
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 81,129,770.00 80,247,043.51 399,891.08 705,443.68 1,105,334.76 0.00 0.00 79,541,599.83
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<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 589929LV8 989.119574 4.929030 8.695251 13.624281 980.424323 5.787000% 6.100000%
R 0.000000 0.000000 0.000000 O.00000 0.000000 0.000000% 0.000000%
<S> <C> <C> <C>
SELLER: Berkeley Federal Bank & Trust FSB ADMINISTRATOR: Tim Lewis
SERVICER: Berkeley Federal Bank & Trust FSB Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co. 3 Park Plaza
RECORD DATE: November 29, 1996 Irvine, CA 92714
DISTRIBUTION DATE: December 26, 1996 FACTOR INFORMATION: (800) 735 -7777
Page 1 of 3 COPYRIGHT 1996 Bankers Trust Company
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
Mortgage Loan Asset Backed Certificates
Series 1996-1
Statement To Certificateholders
<CAPTION>
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Distribution Date: December 26, 1996
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<S> <C> <C>
SERVICER ADVANCES MADE FOR THE CURRENT PERIOD: 231,118.34
COLLECTED SERVICING FEES FOR THE CURRENT PERIOD: 21.823.04
PLUS ADDITIONAL SERVICING FEES PAYABLE TO OR FORWARDED BY MASTER SERVICER: .00
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21,823.04
LESS PERMITTED REDUCTIONS TO PAYABLE SERVICING FEES FOR THE CURRENT PERIOD: (413.40)
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TOTAL SERVICING FEES PAYABLE TO THE MASTER SERVICER FOR THE CURRENT PERIOD: 21,409.64
TOTAL SERVICING FEES ACCRUED FOR THE CURRENT PERIOD: 33,649.75
TRUSTEE FEES PAYABLE TO THE TRUSTEE FOR THE CURRENT PERIOD: 1,009.49
INSURANCE PREMIUM PAYABLE TO THE CERTIFICATE INSURER FOR THE CURRENT PERIOD: 12,037.06
<CAPTION>
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DELINQUENT LOAN INFORMATION 30-59 60-89 90 +
(Statitics Include Foreclosures, Bankruptcies & REOs) DAYS DAYS DAYS TOTAL
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<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 4,520,428.99 1,359,006.48 197,909.19 6,077,344.66
PERCENTAGE OF POOL BALANCE 5.5974% 1.6828% 0.2451% 7.5252%
NUMBER OF LOANS 45 14 4 63
PERCENTAGE OF LOANS IN POOL 6.0484% 1.8817% 0.5376% 8.4677%
<CAPTION>
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FORECLOSURE LOAN INFORMATION
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<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 0.00 0.00 491,829.21 421,829.21
NUMBER OF LOANS 0 0 7 7
<CAPTION>
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BANKRUPTCY LOAN INFORMATION
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<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
<CAPTION>
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REO LOAN INFORMATION
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<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
<CAPTION>
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<S> <C>
CURRENT BOOK VALUE OF REO PROPERTY: 0.00
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.26606%
WEIGHTED AVERAGE REMAINING TERM TO STATED MATURITY: 343
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 744
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 741
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 80,759,388.82
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 80,298,258.10
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Page 2 of 3 COPYRIGHT 1996 Bankers Trust Company
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
Mortgage Loan Asset Backed Certificates
Series 1996-1
Statement To Certificateholders
<CAPTION>
DISTRIBUTION DATE: December 26, 1996
PRINCIPAL REMITTANCE AMOUNTS:
<S> <C> <C>
SCHEDULED PRINCIPAL 35,567.88
CURTAILMENTS 29,754.15
PREPAYMENTS IN FULL 395,808.69
NET LIQUIDATION PROCEEDS 0.00
INSURANCE PRNCIPAL PROCEEDS 0.00
RELEASED MORTGAGED PROPERTY PROCEEDS 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00
SUBSTITUTION ADJUSTMENTS 0.00
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TOTAL PRINCIPAL REMITTANCE AMOUNTS DISTRIBUTED: 461,130.72
SUBORDINATION INCREASE AMOUNT: 244,312.96
SUBORDINATION REDUCTION AMOUNT: 0.00
REQUIRED SUBORDINATED AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 2,434,266.05
NET MONTHLY EXCESS CASHFLOW AS OF THE CURRENT DISTRIBUTION DATE: 244,312.96
PRIOR SUBORDINATED AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 512,345.31
TOTAL AMOUNT OF INSURED PAYMENTS INCLUDED IN THIS DISTRIBUTION: 0.00
<S> <C>
TOTAL REPURCHASE PRICE OF ANY REPURCHASED LOANS AS OF THE CURRENT DISTRIBUTION DATE: 0.00
CURRENT AMOUNT OF LIQUIDATION LOANS LOSSES FOR THE RELATED DUE PERIOD: 0.00
AGGREGATE AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CUT-OFF DATE: 0.00
INSURANCE REIMBURSEMENT PAYMENTS 0.00
CUMULATIVE INSURANCE PAYMENTS 0.00
RELIEF ACT INTEREST SHORTFALL AMOUNT 0.00
BASIS RISK SHORTFALL AMOUNT 0.00
BANKRUPTCY LOSS AMOUNT 100,000.00
FRAUD LOSS AMOUNT 2,433,893.00
SPECIAL HAZARD LOSS AMOUNT 1,644,279.00
EXTRAORDINARY LOSS AMOUNT 81,130.00
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Page 3 of 3 COPYRIGHT 1996 Bankers Trust Company
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