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This document contains 63636
pages. The Exhibit Index is
located on page 4.
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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) December 26, 1996
ML Revolving Home Equity Loan Trust 1996-2
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(Name of Trust issuing ML Revolving Home Equity Loan
Asset Backed Certificates, Series 1996-2)
MLCC Mortgage Investors, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 33-84894 59-3247986
- ---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
MLCC Mortgage Investors, Inc.
4802 Deer Lake Drive East
Jacksonville, Florida 32246-6484
Attention: General Counsel
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(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (904) 928-6000
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<PAGE> 2
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with Item
601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
19.1 Servicing Certificate and
Statement to Certificateholders for
ML Revolving Home Equity Loan
Asset Backed Certificates, Series 1996-2,
for the December 26, 1996 distribution
pursuant to Sections 4.01 and 5.03 of the
Pooling and Servicing Agreement among
Merrill Lynch Credit Corporation, as
Servicer, MLCC Mortgage Investors, Inc., as
Transferor, and Bankers Trust Company of
California, N.A., as Trustee, dated as of
November 1, 1996.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Merrill Lynch Credit Corporation, as Servicer and on behalf of the registrant,
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
MERRILL LYNCH CREDIT CORPORATION, as
Servicer and
on behalf of MLCC MORTGAGE
INVESTORS, INC.
By: /s/ Steven T. Hardy
__________________________________________
Name: Steven T. Hardy
Title: Vice President and
Controller
Dated: 12/26/96
__________________________
3
<PAGE> 4
Exhibit Index
Exhibit No. Page
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19.1 Servicing Certificate and Statement to
Certificateholders for ML Revolving Home
Equity Loan Asset Backed Certificates,
Series 1996-2 5
4
<PAGE> 1
SERVICING CERTIFICATE Page 5
<TABLE>
<S> <C> <C>
MLCC Mortgage Investors, Inc. Current Collection Period: 17-Nov-96 through 16-Dec-96
ML Revolving Home Equity Loan Asset Backed Certificates, Series 1996-2 P & S Agreement Date: 01-Nov-96
Current pass-through rates:
Investor Certificates, Series 1996-2 LIBOR + 0.17% 5.54500% Original Closing Date: 25-Nov-96
Distribution Date: 26-Dec-96
</TABLE>
Note: A Rapid Amortization Event has not occured since the prior Distribution
Date.
<TABLE>
<S> <C> <C> <C> <C> <C>
31 <- Accrual Days Investor Floating Allocation Percentage 98.000000%
LIBOR 5.37500% 8.97917% <- Net Loan Rate Investor Fixed Allocation Percentage 98.000000%
WAC 9.47917% 8.88917% <- Alternate Certificate Rate
</TABLE>
<TABLE>
<CAPTION>
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<S> <C> <C>
1 Beginning Pool Balance (P&S 4.01xx, 5.03xii) 281,795,208.31
2 Beginning Pool Factor 100.000000%
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3 Beginning Invested Amount (P&S 4.01xxi) 276,159,000.31
4 Beginning Transferor Interest 5,636,208.00
5 Beginning Certificate Principal Balance (INSURED AMOUNT) (P&S 4.01xxiv) 276,159,000.31
6 Beginning Overcollateralization Amount (P&S 4.01xxix) 0.00
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7 Minimum Transferor Interest 5,636,208.00
8 Required Amount (P&S 4.01xxii, 5.03x) 5,635,904.17
9 Transferor Subordinated Amount (P&S 4.01xxiii) 5,635,904.17
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Collection Amounts
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10 Aggregate of all Trust Interest Collections (P&S 4.01i) 2,454,046.94
11 Aggregate of all Trust Principal Collections (P&S 4.01ii) 14,344,476.26
12 Aggregate of any Trust Insurance Proceeds (P&S 4.01iii) 0.00
13 Aggregate of any Net Trust Liquidation Proceeds (P&S 4.01iv) 0.00
14 Aggregate of Transfer Deposits (P&S 4.01v) 0.00
15 Monthly Advance / (Reimbursement) for Such Distribution Date (P&S 4.01vi &viii, 5.03xv) 0.00
16 Available Distribution Amount (10+11+12+13+14+15) 16,798,523.20
17 Distribution to Trustee (If ln 11 > ln 20, ln 11 - ln 20 + ln 10 +
ln 15, ln 10 + ln 15) 2,454,046.94
18 Investor Loss Amount (P&S 4.01xviii) 0.00
19 Current Investor Loss Distribution Amount 0.00
20 Current Month Additional Balances (P&S 4.01xxvii) 18,875,198.68
21 Available Excess Interest (10+15-24ii-25ii-26ii) 1,062,564.77
22 Liquidation Loss Amounts (P&S 4.01xviii) 0.00
23 Aggregate of Liquidation Loss & Investor Loss Amounts (22+18) (P&S 4.01xviii) 0.00
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Distribution Amounts
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24 i. Total Amount to Certificate Insurer 13,780.36
ii. Monthly Insurance Premium 23,780.36
iii. Reimbursement Amount (P&S 4.01xxx) 0.00
iv. Redirection of Certificate Insurance 10,000.00
25 i. Investor Certificate Distribution Amount (25vii+25xii) (P&S 5.03i) 1,318,620.87
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ii. Certificate Formula Interest (P&S 4.01xi) 1,318,620.87
iii. Certificate Interest Collections (P&S 4.01x) 2,404,966.00
iv. Unpaid Certificate Interest Shortfall Included in 25vii (P&S 4.01xiii) 0.00
v. Unpaid Interest Shortfall (carryover into current period) (P&S 4.01xii) 0.00
vi. Remaining Unpaid Interest Shortfall after giving effect to current
distribution (P&S 4.01xii) 0.00
vii. Total Certificate Distribution Allocable to Interest 1,318,620.87
viii. Maximum Principal Payment (P&S 4.01xvii) 14,057,586.73
ix. Alternative Principal Payment (P&S 4.01xvii) 0.00
x. Scheduled Principal Collections Payment (P&S 4.01xvii) 0.00
xi. Accelerated Principal Distribution Amount (P&S 4.01xvi) 0.00
xii. Total Certificate Distribution Allocable to Principal (19+25x+25xi) 0.00
26 i. Transferor Distribution Amount 1,111,645.71
ii. Transferor Interest Collections (10+15-19-25viii) (P&S 4.01xv) 49,080.94
iii. Residual Amount included in 26i (P&S 4.01xxxi) 1,062,564.77
iv. Transferor Principal Collections (11-25viii) (P&S 4.01xv) 0.00
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27 Investor Loss Reduction Amount (From Previous Distributions) (P&S 4.01xix) 0.00
28 Liquidation Loss Amounts (From Previous Distributions) (P&S 4.01 xxxvi) 0.00
29 Cumulative Number of all Retransferred Mortgage Loans (From Previous
Distributions) (P&S 4.01xxxvii, 5.03xx) 0.00
30 Cumulative Retransferred Mortgage Loan Trust Balances (From Previous
Distributions) (P&S 4.01xxxvii, 5.03xx) 0.00
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31 Number of all Retransferred Mortgage Loans (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0.00
32 Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0.00
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33 Ending Pool Balance (P&S 5.03xii) 286,325,930.73
34 Ending Pool Factor (P&S 4.01xxv, 5.03ix) 101.607807%
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35 Ending Invested Amount 276,159,000.31
36 Ending Transferor Interest (P&S 4.01xxvi) 10,166,930.42
37 Ending Certificate Principal Balance (INSURED AMOUNT) (P&S 4.01xxv, 4.01xxix) 276,159,000.31
38 Ending Overcollateralization Amount (P&S 4.01xxiv, 5.03xiii) 0.00
=============================================================================================================================
</TABLE>
<PAGE> 2
STATEMENT TO CERTIFICATEHOLDERS Page 6
<TABLE>
<S> <C> <C>
MLCC Mortgage Investors, Inc. Current Collection Period: 17-Nov-96 through 16-Dec-96
ML Revolving Home Equity Loan Asset Backed Certificates, Series 1996-2 P & S Agreement Date: 01-Nov-96
Current pass-through rates:
Investor Certificates, Series 1996-2 LIBOR + 0.17% 5.54500% Original Closing Date: 25-Nov-96
Distribution Date: 26-Dec-96
</TABLE>
Note: A Rapid Amortization Event has not occured since the prior Distribution
Date.
<TABLE>
<S> <C> <C> <C> <C> <C>
31 <- Accrual Days Investor Floating Allocation Percentage 98.000000%
LIBOR 5.37500% 8.97917% <- Net Loan Rate Investor Fixed Allocation Percentage 98.000000%
WAC 9.47917% 8.88917% <- Alternate Certificate Rate
</TABLE>
<TABLE>
<CAPTION>
===============================================================================================================================
Distribution to Holders of Certificates (per Certificate with a $1,000 denomination)
<S> <C> <C>
39 i. Total Certificate Distribution Amount Allocable to Interest (P&S 5.03ii) 4.774861
ii. Unpaid Certificate Interest Shortfall Included in Current Distribution (P&S 5.03iii) 0.000000
iii. Unpaid Certificate Interest Shortfall Remaining after Current
Distribution (Carryover) (P&S 5.03iv) 0.000000
40 i Total Certificate Distribution Allocable to Principal (P&S 5.03v) 0.000000
ii. Scheduled Principal Collections Payment (P&S 5.03v) 0.000000
iii. Accelerated Principal Distribution Amount (P&S 5.03v) 0.000000
41 i Reimbursed Investor Loss Reduction Amounts Included in Current
Distribution (P&S 5.03vi) 0.000000
ii Investor Loss Reduction Amounts after Current Distribution (Carryover) (P&S 5.03vii) 0.000000
42 Servicing Fee (P&S 5.03xv) 115,806.25
43 Monthly Advance paid by the Servicer (P&S 5.03xiv) 0.00
44 Monthly (Advance Reimbursement) to the Servicer 0.00
45 Cumulative Monthly Advance paid by the Servicer 0.00
46 Amount of Insured Payments by the Certificate Insurer (P&S 5.03xix) 0.00
47 Transferor Subordinated Amount after giving effect to the current
distribution (P&S 5.03xi) 5,635,904.17
48 i. Number of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 88
ii. Aggregate Principal Balances of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 3,096,061.74
49 i. Number of Mortgage Loans 61 to 90 days delinquent (P&S 4.01xxxii, 5.03xvi) 0
ii. Aggregate Principal Balances of Mortgage Loans 61 to 90 days delinquent (P&S 4.01xxxii, 5.03xvi) 0.00
50 i. Number of Mortgage Loans 91 or more days delinquent (P&S 4.01xxxii, 5.03xvi) 0
ii. Aggregate Principal Balances of Mortgage Loans 91 or more days
delinquent (P&S 4.01xxxii, 5.03xvi) 0.00
51 i. Number of Mortgage Loans in Foreclosure (P&S 4.01xxxiii, 5.03xvii) 0
ii. Aggregate Principal Balances of Mortgage Loans in Foreclosure (P&S 4.01xxxiii, 5.03xvii) 0.00
52 Book Value of Real Estate Acquired Through Foreclosure or Grant of a
Deed (P&S 4.01xxxiv, 5.03xviii) 0.00
53 The Aggregate Trust Balances of any Liquidated Loans in the Current
Month (P&S 4.01xxxv) 0.00
</TABLE>
