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) : November 25, 1997
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 33-37569 13-3416059
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
250 Vesey Street, World Financial Center,
North Tower, 10th Floor
New York, New York 10281-1310
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-0336
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 9
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed with respect to the
Registrant's Mortgage Loan Asset-Backed Certificates, Series 1997-FF-1 (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
are being filed, pursuant to the terms of the Pooling and Servicing
Agreement, dated as of February 1, 1997 ( the "Agreement"), among Merrill
Lynch Mortgage Investors, Inc., as depositor, First Franklin Financial
Corporation, as master servicer, Option One Mortgage Corporation, as
servicer, and Texas Commerce Bank National Association, as trustee (the
Trustee). On November 25, 1997, distributions were made to the
Certificateholders. Specific information with respect to the distributions
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 exhibits are filed as part of this report:
Statement to Certificateholders on November 25, 1997 filed as
Exhibit 99.1 hereto.
<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.
TEXAS COMMERCE BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: January 9, 1998 By: /s/ Bill Marshall
Bill Marshall
Vice President & Trust Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 6
November 25, 1997.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on November 25, 1997
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN FINANCIAL CORPORATION
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-FF1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 11/25/97 PAGE # 1
RECORD DATE: 10/31/97
<S> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Realized Certificate
Class Balance Balance Distribution Distribution Distribution Losses Balance
- ---------------------------------------------------------------------------------------------------------------------
A 112,644,000.00 104,978,778.72 373,033.82 532,220.54 905,254.36 - 104,605,744,.90
R 2,299,025.00 2,299,025.00 - 274,259.53 N/A - 2,299,025.00
- ---------------------------------------------------------------------------------------------------------------------
TOTALS 114,943,025.00 107,277,803.72 373,033.82 806,480.07 1,179,513.89 _ 106,904,769.90
=====================================================================================================================
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- -------------------------------------------------------------------------------------------------------------------------
Principal Interest End Prin Current Next
Class Cusip # Distribution Distribution Balance Pass Through Pass Through Rate
Rate
- -------------------------------------------------------------------------------------------------------------------------
A 589929MP0 3.31161734 4.72480148 928.64018412 5.88750% 5.88750%
R N/A - 119.29384358 1,000.00000000 N/A N/A
- -------------------------------------------------------------------------------------------------------------------------
Sec. 4.02 (3) Master Servicer Compensation 8,613.51
Servicer Compensation 34,454.03
-------------------------------------------------------
Class Interest Principal
-------------------------------------------------------
Sec. 4.02 (4) Guaranteed Principal and A 532,220.54 -
Interest Distributions
-------------------------------------------------------
Sec. 4.02(5) Insurance Payment to Class A
Certificate Holders -
Reimbursement made to the
Certificate Insurer -
Ending Cumulative Insurance Payment Amount -
Sec. 4.02(6) Aggregate Monthly Advances 18,374.63
Sec. 4.02(7) Aggregate Stated Principal Balance of the Mortgage Loans and REO 109,203,465.90
Properties as of the close of business on the Dist Date.
If there are any questions or comments, please contact the Relationship Manager listed below
- --------------------------------------------------------------------------
Bill Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-5884
- ---------------------------------------------------------------------------
TEXAS COMMERCE BANK, N.A.
TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
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FIRST FRANKLIN FINANCIAL CORPORATION
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-FF1
STATEMENT TO CERTIFICATEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 11/25/97 PAGE # 2
RECORD DATE: 10/31/97
<S> <C> <C>
Sec. 4.02 (8) Mortgage Loans Data as of the related Due Date
--------------------------------------------------------------------------
Number of Loans Aggregate Weighted Average Weighted
Balance Remaining Terms Average Rate
--------------------------------------------------------------------------
760 109,203,465.90 350 9.35986%
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Sec. 4.02 (9) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans
----------------------------------------------------
Number of Loans Aggregate
Balance
----------------------------------------------------
30 Days Past Due 12 2,239,166.06
60 Days Past Due 1 163,090.40
90+ Days Past Due 12 1,711,217.93
Foreclosure - -
----------------------------------------------------
Sec. 4.02 (10)(11) Mortgage Loans that became REO property during the preceeding calendar month.
--------------------------------------------------------------------------
Loan Number Unpaid Stated Principal Book Value
Principal Balance
Balance
--------------------------------------------------------------------------
- - - -
--------------------------------------------------------------------------
Sec. 4.02 (12) Principal Prepayments 8,695.93
--------------------------------------------------------------------------
Sec. 4.02 (13) Realized Losses Total Realized Losses Fraud Losses Special Hazard Bankruptcy
Losses Losses
--------------------------------------------------------------------------
- - - -
--------------------------------------------------------------------------
Sec. 4.02 (14) Extraordinary Trust Fund Expenses
Sec. 4.02 (17) Interest Distribution Amount
--------------------------------------------------------------------------
Class Interest Amount from Interest
Distribution Policy Shortfall
Amount
--------------------------------------------------------------------------
A 532,220.54 - -
--------------------------------------------------------------------------
<PAGE>
Sec. 4.02 (18) Prepayment Interest (20.65)
Shortfall
Sec. 4.02 (19) Relief Act Interest
Shortfalls -
Sec. 4.02 (20) Bankruptcy Amount 100,000.00
Fraud Loss Amount 3,448,500.95
Special Hazard Amount 1,220,855.00
Sec. 4.02 (21) Required
Subordinated Amount 4,597,721.00
Subordinated Amount 4,493,419.20
Sec. 4.02 (22) Subordinated 104,301.80
Increase Amount
Sec. 4.02 (23) Subordination
Reduction Amount -
Spread Squeeze Subordination Increase Amount -
Net Monthly Excess Cashflow 256,288.81
Residual Payment 151,987.00
TEXAS COMMERCE BANK, N.A.
TRUSTEE
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