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): September 27, 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
reports for the period August 31, 1996 to September 27, 1996, relating to its
Home Equity Asset Backed Class A, Class B, and Class M 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 20, 1997
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INDEX TO EXHIBITS
Exhibit No. 99 SERVICING STATEMENT
Exhibit No. 99 STATEMENT TO CERTIFICATEHOLDERS
<PAGE>
<TABLE>
SERVICING CERTIFICATE
<CAPTION>
Merrill Lynch Mortgage Investors, Inc. Current Collection Period: 31-Aug-96 to 27-Sep-96
Home Equity Loan Asset Backed Certificates P & S Agreement Date: 01-Sep-96
Class A Certificates, Series 1996-2
Class M Certificates, Series 1996-2 Original Settlement Date: 27-Sep-96
Class B Certificates, Series 1996-2 Distribution Date: 28-Oct-96
<S> <S> <C>
1 1 month LIBOR 5.44531%
2 Class A Pass-Through Rate (1 mo LIBOR + 14 bps) 5.58531%
3 Class M Pass-Through Rate (1 mo LIBOR + 28 bps) 5.72531%
4 Class B Pass-Through Rate (1 mo LIBOR + 25 bps) 5.69531%
5 Alternate Pass-Through Rate 11.31%
6 Original Pool Balance 718,093,936.59
7 Beginning Pool Balance 718,093,936.59
8 Beginning Class A Principal Balance 639,102,000.00
9 Beginning Class M Principal Balance 41,291,000.00
10 Beginning Class B Principal Balance 37,700,000.00
MORTGAGE LOANS
11 Total Interest Payments Received 3,846,289.21
12 Aggregate of all Principal Payments Received 9,503,636.05
13 Aggregate of any Insurance Proceeds 482.69
14 Aggregate of any Net Liquidation Proceeds 0.00
15 Aggregate Purchase Prices for Purchased Mortgage Loans 0.00
16 Monthly Servicing Fee 598,411.61
17 i Deposit for Initial Distribution Pursuant to P&S Section 4.02 2,608,038.09
ii Mortgage Loan Collections [Available Funds (11+12+13+14+15-16) 15,360,034.43
18 Class A Distribution Amount (sum of i thru v below) 12,577,926.14
i. Class A Interest Due 3,073,807.40
ii. Class A Carryover Interest Shortfall 0.00
iii. Unpaid Class A Interest Shortfall 0.00
iv. Class A Monthly Principal 9,504,118.74
v. Unpaid Class A Principal Shortfall 0.00
19 Class M Distribution Amount (sum of i thru v below) 203,569.92
i. Class M Interest Due 203,569.92
ii. Class M Carryover Interest Shortfall 0.00
iii. Unpaid Class M Interest Shortfall 0.00
iv. Class M Monthly Principal 0.00
v. Unpaid Class M Principal Shortfall 0.00
20 Class B Distribution Amount (sum of i thru v below) 2,578,538.37
i. Class B Interest Due 184,891.91
ii. Class B Carryover Interest Shortfall 0.00
iii. Unpaid Class B Interest Shortfall 0.00
iv. Class B Monthly Principal 2,393,646.46
v. Unpaid Class B Principal Shortfall 0.00
<PAGE>
21 Class A Distribution Amount for Such Distribution Date 12,577,926.14
i. Amount Allocable to Class A Interest 3,073,807.40
ii. Amount Allocable to Unpaid Class A Interest Shortfall 0.00
iii. Amount Allocable to Class A Principal 9,504,118.74
iv. Amount Allocable to Unpaid Class A Principal Shortfall 0.00
22 Class M Distribution Amount for Such Distribution Date 203,569.92
i. Amount Allocable to Class M Interest 203,569.92
ii. Amount Allocable to Unpaid Class M Interest Shortfall 0.00
iii. Amount Allocable to Class M Principal 0.00
iv. Amount Allocable to Unpaid Class M Principal Shortfall 0.00
23 Class B Distribution Amount for Such Distribution Date 2,578,538.37
i. Amount Allocable to Class B Interest 184,891.91
ii. Amount Allocable to Unpaid Class B Interest Shortfall 0.00
iii. Amount Allocable to Class B Principal 2,393,646.46
iv. Amount Allocable to Unpaid Class B Principal Shortfall 0.00
24 Shortfalls After Giving Effect to Distributions for Such Distribution Date
i. Unpaid Class A Interest Shortfall 0.00
ii. Unpaid Class A Principal Shortfall 0.00
v. Unpaid Class M Interest Shortfall 0.00
vi. Unpaid Class M Principal Shortfall 0.00
vii. Unpaid Class B Interest Shortfall 0.00
viii. Unpaid Class B Principal Shortfall 0.00
25 Excess Collections Applied to Class B Principal 2,393,646.46
26 Excess Collections Applied to Class M Principal 0.00
27 Excess Collections Available for Class A 0.00
28 Class R Distribution Amount For Such Distribution Date 0.00
29 Ending Mortgage Pool Balance 708,589,817.85
30 Ending Class A Principal Balance 629,597,881.26
31 Ending Class A Principal Factor 98.5128949%
32 Ending Class M Principal Balance 41,291,000.00
33 Ending Class M Principal Factor 100.0000000%
34 Ending Class B Principal Balance 35,306,353.54
35 Ending Class B Principal Factor 93.6508052%
36 Alternate Pass-Through Rate for next Distribution Date 11.31%
<CAPTION>
MORTGAGE POOL
<S> <S> <C>
37 Liquidated Loan Balance 0.00
38 Liquidation Proceeds 0.00
39 Liquidation Expenses 0.00
40 Purchased Defective Mortgage Loans (P&S Section 2.02 or 2.04)
i. Principal Balances of Defective Mortgage Loans 0.00
ii. Accrued and Unpaid Interest to End of Such Collection Period 0.00
41 Book Value of Real Estate Aquired Through Foreclosure or Grant of a Deed 0.00
<CAPTION>
SERVICER LOC IN EFFECT NO
BENEFICIAL MORTGAGE CORPORATION
By:_______________________________________
Richard Zak
Servicing Officer
</TABLE>
<TABLE>
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
Merrill Lynch Mortgage Investors, Inc. Current Collection Period: 31-Aug-96 to 27-Sep-96
Home Equity Loan Asset Backed Certificates P & S Agreement Date: 01-Sep-96
Class A Certificates, Series 1996-2
Class M Certificates, Series 1996-2 Original Settlement Date: 27-Sep-96
Class B Certificates, Series 1996-2 Distribution Date: 28-Oct-96
<S> <S> <C>
1 month LIBOR 5.44531%
Class A Pass-Through Rate (1 mo LIBOR + 14 bps) 5.58531%
Class M Pass-Through Rate (1 mo LIBOR + 28 bps) 5.72531%
Class B Pass-Through Rate (1 mo LIBOR + 25 bps) 5.69531%
<CAPTION>
Distribution to Holders of Class A Certificates (per Certificate with a $1,000 denomination)
<S> <S> <C>
1 i. Amount Allocable to Class A Principal 14.871051
ii. Amount Allocable to Unpaid Class A Principal Shortfall 0.000000
iii. Remaining Unpaid Class A Principal Shortfall After Such Distribution 0.000000
2 i. Amount Allocable to Class A Interest 4.809573
ii. Amount Allocable to Class A Carryover Interest Shortfall 0.000000
iii. Amount Allocable to Unpaid Class A Interest Shortfall 0.000000
iv. Remaining Unpaid Class A Interest Shortfall After Such Distribution 0.000000
3 i. Amount of Class A Principal Shortfall For Such Distribution Date 0.000000
ii. Amount of Class A Interest Shortfall For Such Distribution Date 0.000000
<CAPTION>
Distribution to Holders of Class M Certificates (per Certificate with a $1,000 denomination)
<S> <S> <C>
4 i. Amount Allocable to Class M Principal 0.000000
ii. Amount Allocable to Unpaid Class M Principal Shortfall 0.000000
iii. Remaining Unpaid Class M Principal Shortfall After Such Distribution 0.000000
5 i. Amount Allocable to Class M Interest 4.930128
ii. Amount Allocable to Class M Carryover Interest Shortfall 0.000000
iii. Amount Allocable to Unpaid Class M Interest Shortfall 0.000000
iv. Remaining Unpaid Class M Interest Shortfall After Such Distribution 0.000000
6 i. Amount of Class M Principal Shortfall For Such Distribution Date 0.000000
ii. Amount of Class M Interest Shortfall For Such Distribution Date 0.000000
<CAPTION>
Distribution to Holders of Class B Certificates (per Certificate with a $1,000 denomination)
<S> <S> <C>
7 i. Amount Allocable to Class B Principal 63.491948
ii. Amount Allocable to Unpaid Class B Principal Shortfall 0.000000
iii. Remaining Unpaid Class B Principal Shortfall After Such Distribution 0.000000
8 i. Amount Allocable to Class B Interest 4.904295
ii. Amount Allocable to Class B Carryover Interest Shortfall 0.000000
iii. Amount Allocable to Unpaid Class B Interest Shortfall 0.000000
iv. Remaining Unpaid Class B Interest Shortfall After Such Distribution 0.000000
9 i. Amount of Class B Principal Shortfall For Such Distribution Date 0.000000
ii. Amount of Class B Interest Shortfall For Such Distribution Date 0.000000
<PAGE>
10 Ending Class A Principal Balance 629,597,881.26
11 Ending Class A Principal Factor 98.5128949%
12 Ending Class M Principal Balance 41,291,000.00
13 Ending Class M Principal Factor 100.0000000%
14 Ending Class B Principal Balance 35,306,353.54
15 Ending Class B Principal Factor 93.6508052%
16 i. Ending Pool Number of Loans 12,847
ii. Ending Pool Balance 708,589,817.85
17 i. Number of Mortgage Loans 30 to 59 Days Delinquent 287
ii. Aggregate Principal Balances of Mortgage Loans 30 to 59 Days Delinquent 18,627,451.20
iii. Number of Mortgage Loans 60 or More Days Delinquent 32
iv. Aggregate Principal Balances of Mortgage Loans 60 or More Days Delinquent 2,281,295.66
18 Book Value of Real Estate Aquired Through Foreclosure or Grant of a Deed 0.00
</TABLE>
