Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
PLEASE SEE RELATED PROSPECTUS SUPPLEMENT
DEAL: Merrill Lynch Mortgage Investors, Inc.
Resecuritization Pass-Through Certificates
SIZE: $614,390,000* WM-1
<TABLE>
<CAPTION>
Tranche Spread/
Amount Class Type S&P/Moodys Index Coupon Mat. WAL
------ ----- ----- ---------- ----- ------ ---- ---
<S> <C> <C> <C> <C> <C> <C> <C>
$460,795,000* A-1 Floating A1+/P1 1m LIBOR +__ 11/27/01 .99
$153,595,000* A-2 Fixed Pac AAA/AAA Fixed 6.50% 11/27/01 .99
</TABLE>
* Approximate
For information concerning certain risk factors that should be considered by
prospective investors, see "risk factors" in prospectus supplement, prospectus
and herein. Capitalized terms used herein and not otherwise defined have the
meanings set forth in prospectus supplement and prospectus.
Underwriter: Merrill Lynch & Co.
Trustee: Wells Fargo Bank Minnesota, National Association
Depositor: Merrill Lynch Mortgage Investors, Inc.
Collateral Seller: Washington Mutual ("WAMU")
Mortgage Collateral: The pooled securities to be included in the
trust fund are listed in Appendix I of the
prospectus supplement. As of the cut-off date,
the pooled securities had an aggregate
outstanding principal balance of approximately
$ 862,310,000. All of the pooled securities are
rated in the highest long term investment
rating category by one or more of Standard &
Poor's Rating Services, a division of the
McGraw-Hill Companies, Inc. ("S&P"), Moody's
Investors Service, Inc. ("Moody's") or Fitch,
Inc.
The pooled securities represent 11 classes of
residential mortgage-backed securities
evidencing interests in 11 underlying trusts.
1
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
Est. Pricing Date: October 26, 2000
Est. Settlement Date: October 30, 2000
Cut-Off Date: October 25, 2000
2A(7) Eligibility: Both the Class A1 and Class A2 will be
2A(7)-eligible securities.
Credit Enhancement: A combination of:
1)Excess monthly cash flow
2)Market Value Overcollateralization
Initial Class A1 & Class
A2 Market Value
Collateralization Level: approximately 134%
Certificate Distribution Date: The certificate distribution date in each month
will be the second business day after the
Pooled Securities Distribution Date occurring
in such month, beginning in November 2000. The
"Pooled Securities Distribution Date", which is
the date in each month on which distributions
of interest and principal are made on most of
the pooled securities, is the 25th day of each
month or, if such day is not a business day,
the next business day.
Certificate Payments: Payments with respect to the certificates will
be made from distributions received on the
pooled securities and proceeds from liquidation
of the trust on the earlier of an "Early
Liquidation Event" or the "Mandatory
Liquidation" date of 11/27/01.
Priority of Distributions: On each certificate distribution date, the
trustee will apply amounts in the certificate
account established under the Pooling Agreement
representing Available Funds to make the
following payments in the following order of
priority, in each case to the extent of
remaining Available Funds:
first, interest accrued on the Class A-1 and
Class A-2 Certificates, during the related
Interest Accrual Period, pro rata,
2
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
plus any unpaid interest on the Class A-1
and Class A-2 Certificates for any prior
certificate distribution date;
second, principal of the Class A-2
Certificates up to the amount specified for
such certificate distribution date on
Appendix III to the prospectus supplement,
but in any event not in excess of the
Principal Distribution Amount for such
certificate distribution date;
third, principal of the Class A-1
Certificates, up to the Principal
Distribution Amount remaining after the
distribution made in the preceding clause
"second", until the class principal balance
of the Class A-1 Certificates has been
reduced to zero;
fourth, principal of the Class A-2
Certificates, up to the Principal
Distribution Amount remaining after the
distributions made in the preceding clauses
"second" and "third", until the class
principal balance of the Class A-2
Certificates has been reduced to zero; and
fifth, principal of the Class B
Certificates, up to the Principal
Distribution Amount remaining after the
distributions made in the preceding clauses
"second", "third" and "fourth", until the
class principal balance of the Class B
Certificates has been reduced to zero.
Any Available Funds remaining after payment of
the amounts specified in clauses "first"
through "fifth" above will be paid to the owner
of the Class R Certificate.
Mark-to-Market: The trustee will initially calculate the
individual and aggregate market value of the
pooled securities on a weekly basis. The
Trustee will value the pooled securities by
3
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
obtaining quotes from the Merrill Lynch Pricing
Service or such other pricing service selected
by the Trustee and approved by the Rating
Agencies.
If, from the results of any weekly valuation,
the trustee determines that the market value of
the pooled securities is less than the greater
of (i) 120% of the sum of the class principal
balances of the outstanding Class A-1 and Class
A-2 Certificates and (ii) the sum of the class
principal balances of the Class A-1 and Class
A-2 Certificates and 115% of the class
principal balance of the Class B Certificates],
the trustee shall value the pooled securities
on a daily basis using the same procedures that
the trustee uses to value the pooled securities
on a weekly basis.
Mandatory Liquidation: On November 20, 2001, the trustee will conduct,
or cause to be conducted through an auction
advisor, a market auction to sell all of the
pooled securities (a "Mandatory Liquidation
Event"). The proceeds from such sale will be
applied to the payment, pro rata, of interest
accrued on the Class A-1 and Class A-2
Certificates and to the reduction, first, of
the class principal balance of the Class A-1
and Class A-2 Certificates, pro rata, and
second, of the class principal balance of the
Class B Certificates, in each case, until
reduced to zero. Any excess funds available
after such application will be distributed to
the owner of the Class R Certificate. See
"Description of the Certificates - Mandatory
Liquidation" in the prospectus supplement.
Early Liquidation Events: An "Early Liquidation Event" means any one of
the following events:
(a) the market value of the pooled
securities shall, at any time, be less than
the greater of (i) 115% of the sum of
4
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
the class principal balances of the
outstanding Class A-1 and Class A-2
Certificates and (ii) the sum of the class
principal balances of the Class A-1 and
Class A-2 Certificates and 108.7% of the
class principal balance of the Class B
Certificates;
(b) LIBOR for any Interest Accrual Period
exceeds 8.91% per annum; and
(c) The trust or the trust fund shall be
required to register under the Investment
Company Act of 1940, as amended.
Upon the occurrence of an Early Liquidation
Event the trustee will sell through a market
auction, or cause to be sold through an auction
advisor, all of the pooled securities in
accordance with specified procedures. The
proceeds from such sale will be applied to the
payment, pro rata, of interest accrued on the
Class A-1 and Class A-2 Certificates and to the
reduction, first, of the class principal
balance of the Class A-1 and Class A-2
Certificates, pro rata, and second, of the
class principal balance of the Class B
Certificates, in each case, until reduced to
zero. Any excess funds available after such
application will be distributed to the owner of
the Class R Certificate. See "Description of
the Certificates - Early Liquidation Event" in
the prospectus supplement.
Liquidation Procedures: Upon liquidation, the trust will sell the trust
assets pursuant to the following procedures:
o the Elective Purchaser will initially have
the right to purchase the pooled securities at
a price equal to 96% of the then current
outstanding face amount thereof;
o if the Elective Purchaser does not so
purchase the pooled securities, the trustee
will, in a market auction or through an
5
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
auction advisor, solicit bids from no fewer
than three competitive bidders (one of which
may be the depositor) who are dealers in such
type of pooled securities;
o the trustee will have the right, but not the
obligation to accept the highest bid; and
o notwithstanding the foregoing, the owner of
the Class R Certificate will have the right,
but not the obligation, to purchase the pooled
securities at a price equal to 1/32 of one
percent above the highest bid received by the
trustee.
ERISA Considerations: The Class A Certificates will be ERISA
Eligible. However, investors should consult
with their counsel with respect to the
consequences under ERISA and the Internal
Revenue Code of an ERISA Plan's acquisition and
ownership of such Certificates.
SMMEA: Class A1 and Class A2 are SMMEA eligible.
Taxation: REMIC elections.
6
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
Prospective investors should review the "Risk Factors" in the Prospectus
Supplement and in the accompanying Prospectus before purchasing the
certificates:
Prospectus Supplement
---------------------
- Reselling certificates may be difficult.
- The ratings of the offered certificates reflect the likelihood that each
class of offered certificates will receive timely distributions of all
interest and ultimate distribution of all principal by the Final Scheduled
Certificate Distribution Date.
- Uncertainty of payments on the underlying mortgage loans and the pooled
securities may affect the yield on your certificates.
- A decrease in the market value of the pooled securities may cause an early
termination of the trust, resulting in an adverse effect on the weighted
average life of your certificates or on the yield on your certificates.
- Delays in payments on the pooled securities may cause delays in payments to
you.
- Concentrations of underlying trustees and servicers may affect the timing
of payments on your certificates.
- Any transfers of servicing may result in higher delinquencies on the
underlying mortgage loans.
- Distributions on the pooled securities (including proceeds of liquidation)
are the sole source of payments on the certificates.
- Interest rate mismatches between the pooled securities and the regular
certificates may reduce amounts available to pay you.
Prospectus
----------
- Limited Liquidity
- Limited Assets and Risk That Such Assets Will Not be Sufficient To Pay
Securities in Full
- Risk That Prepayments Will Adversely Affect Average Life and Yields of
Securities
- Mortgage Loans and Mortgaged Properties in General-Risk That Defaults by
Obligors or Declines in the Value of Mortgaged Properties Will Result in
Losses to Investors
- Junior Mortgage Loans-Risk That There Will Be Reduced or No Proceeds
Available to Holders of Junior Lien Mortgage Loans
- Credit Support Limitations-Risk That Credit Support Will Not Cover All
Losses
7
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
- Subordination of the Subordinate Certificates; Effect of Losses on the
Subordinate Securities
- Balloon Payments-Risk That Obligor Will Not Be Able to Make Balloon Payment
- Optional Termination of a Trust Fund-Possibility, If Prospectus Supplement
So Provides, that Amount Received May Be Less Than Outstanding Principal
Amount Plus Accrued Interest
- Certain Federal Tax Considerations Regarding REMIC Residual Certificates
- Limited Nature of Ratings
- Book-Entry Registration
FOR ADDITIONAL INFORMATION PLEASE CALL:
Asset Backed Securities Group
-----------------------------
Brodie Johnson (212) 449-4797
John Tartaglia (212) 449-5320
John Winchester (212) 449-5182
Ted Bouloukos (212) 449-5029
Trading/Syndicate
-----------------
Scott Soltas (212) 449-3659
Andy Beal (212) 449-4979
Dan Lonski (212) 449-4979
Terrence Mack (212) 449-3659
Brian Kane (212) 449-3659
ABS Trading
-----------
Vince Mora (212) 449-5320
The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
8
--------------------------------------------------------------------------------
The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
<PAGE>
Marketing Summary
[LOGO] Mortgage Backed Securities
New Issue
Merrill Lynch Mortgage Investors, Inc. Resecuritization
Pass-Through Certificates
$614,390,000* WM-1
Principal Balance $ 862,310,676 (Estimated 10/00)
# Of Securities 11
Net WAC 6.42 %
Gross WAC 7.15 %
WAL@ 150 PSA 6.2 years
<TABLE>
<CAPTION>
CUSIP Security Bond Factor Factor Holding Holding Coupon
Date Orig Curr
Face(m) Face(m)
<S> <C> <C> <C> <C> <C> <C> <C>
1 00077BDU4 AMAC 1998-5 A4 0.69978655 09/25/00 92,921 65,025 6.00
2 055240KP9 BAMS 1998-6 A2 0.80344487 09/25/00 159,863 128,441 6.25
3 060506AC6 BOAMS 1999-1 A3 0.86281124 09/25/00 100,000 86,281 6.50
4 060506BL5 BOAMS 1999-2 A2 0.88999213 09/25/00 100,000 88,999 6.50
5 060506CU4 BOAMS 1999-4 A2 0.90036580 09/25/00 87,471 78,756 6.50
6 16162TGL4 CHASE 1999-S4 A1 0.88541105 09/25/00 100,500 88,984 6.50
7 66937RHM4 NSCOR 1998-33 A16 0.96461945 09/25/00 31,994 30,862 6.25
8 66937RNG0 NSCOR 1999-4 A1 0.84700177 09/25/00 98,685 83,587 6.50
9 76110YBR2 RFMSI 1999-S4 A1 0.86911914 09/25/00 100,000 86,912 6.50
10 76110YDQ2 RFMSI 1999-S7 A7 0.89496329 09/25/00 100,000 89,496 6.50
11 79548KH43 SAL 1999-2 A5 0.87101781 09/25/00 49,800 43,377 6.50
1,021,234 870,720
</TABLE>
9
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The information herein has been provided solely by Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill Lynch"). Neither Merrill Lynch, the Issuer of the
securities nor any of its affiliates make any representation as to the accuracy
or completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The information contained herein will be superseded by the description of the
collateral pool contained in the prospectus supplement relating to the
securities.
