<PAGE> 1
This document contains 6 pages.
The Exhibit Index is located on
page 4.
------------------------------------------------------------------
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) January 27, 1997
ML Revolving Home Equity Loan Trust 1996-1
(Name of Trust issuing ML Revolving Home Equity Loan
Asset Backed Certificates, Series 1996-1)
MLCC Mortgage Investors, Inc.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 33-84894 59-3247986
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
</TABLE>
MLCC Mortgage Investors, Inc.
4802 Deer Lake Drive East
Jacksonville, Florida 32246-6484
Attention: General Counsel
(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (904) 928-6000
------------------------------------------------------------------
<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.
<TABLE>
<CAPTION>
Exhibit No. Description
---------- -----------
<S> <C>
19.1 Servicing Certificate and
Statement to Certificateholders for
ML Revolving Home Equity Loan
Asset Backed Certificates,
Series 1996-1, for the
January 27, 1997
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 Seller,
and Bankers Trust Company
of California, N.A., as
Trustee, dated as of April
1, 1996.
</TABLE>
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: 1/27/97
------------------
3
<PAGE> 4
Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Page
- ----------- ----
<S> <C> <C>
19.1 Servicing Certificate and Statement to
Certificateholders for ML Revolving Home
Equity Loan Asset Backed Certificates,
Series 1996-1 5
</TABLE>
4
<PAGE> 1
SERVICING CERTIFICATE Page 5
- ------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
"MLCC Mortgage Investors, Inc." Current Collection Period: 17-Dec-96 to 16-Jan-97
"ML Revolving Home Equity Loan Asset Backed Certificates, Series 1996-1" P & S Agreement Date: 01-Apr-96
Current pass-through rates:
"Investor Certificates, Series 1996-1" LIBOR + 0.23% 5.98000% Original Closing Date: 26-Dec-96
Distribution Date: 27-Jan-97
</TABLE>
Note: A Rapid Amortization Event has not occured since the prior Distribution
Date.
<TABLE>
<S> <C> <C> <C>
32 less than - Accrual Days Investor Floating Allocation Percentage 89.137306%
LIBOR 5.75000% 8.99151% less than - Net Loan Rate Investor Fixed Allocation Percentage 98.000000%
WAC 9.49151% 8.89151% less than - Alternate Certificate Rate
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
1 Beginning Pool Balance (P&S 4.01xx, 5.03xii) 314,253,073.12
2 Beginning Pool Factor 108.168349%
- ----------------------------------------------------------------------------------------------------------------------------------
3 Beginning Invested Amount (P&S 4.01xxi) 280,116,723.81
4 Beginning Seller Interest 34,136,349.31
5 Beginning Certificate Principal Balance (INSURED AMOUNT) (P&S 4.01xxix) 280,116,723.81
6 Beginning Overcollateralization Amount 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
7 Minimum Seller Interest 5,811,204.77
8 Required Amount (P&S 4.01xxii, 5.03x) 5,810,444.10
9 Seller Subordinated Amount (P&S 4.01xxiii, 5.03xi) 5,810,444.10
- ----------------------------------------------------------------------------------------------------------------------------------
Collection Amounts
- ----------------------------------------------------------------------------------------------------------------------------------
10 Aggregate of all Trust Interest Collections (P&S 4.01i ) 2,837,052.91
11 Aggregate of all Trust Principal Collections (P&S 4.01ii ) 18,584,524.02
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 For Such Distribution Date (P&S 4.01vi, 5.03xv) (437,796.39)
16 i. Available Distribution Amount (10+11+12+13+14+15) (P&S 4.01vii) 20,983,780.54
ii. Distribution to Trustee 2,399,256.52
17 Monthly Advance Reimbursement Amount (P&S 4.01viii) 0.00
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) 19,215,250.29
21 Available Excess Interest (10+15-24i-25ii-26ii) 624,757.36
22 Liquidation Loss Amounts 0.00
23 Aggregate of Liquidation Loss & Investor Loss Amounts (22+18) (P&S 4.01xviii) 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Distribution Amounts
- ----------------------------------------------------------------------------------------------------------------------------------
24 i. Total Amount to Certificate Insurer 24,899.26
ii. Monthly Insurance Premium 24,899.26
iii. Reimbursement Amount (P&S 4.01xxx) 0.00
25 i. Investor Certificate Distribution Amount (25v+25x) (P&S 5.03i) 1,488,976.01
ii. Certificate Formula Interest (P&S 4.01xi) 1,488,976.01
iii. Certificate Interest Collections (P&S 4.01x) 2,138,632.63
iv. Unpaid Certificate Interest Shortfall Included in 25i (P&S 4.01xiii) 0.00
v. Total Certificate Distribution Allocable to Interest (25ii+25iv) 1,488,976.01
vi. Maximum Principal Payment (P&S 4.01xvii) 18,212,833.54
vii. Alternative Principal Payment (P&S 4.01xvii) 0.00
viii. Scheduled Principal Collections Payment (P&S 4.01xvii) 0.00
ix. Accelerated Principal Distribution Amount (P&S 4.01xvi) 0.00
x. Total Certificate Distribution Allocable to Principal
(19+25viii+25ix) 0.00
26 i. Seller Distribution Amount 885,381.25
ii. Seller Interest Collections (10+15-19-25iii) (P&S 4.01xv) 260,623.89
iii. Residual Amount included in 26i (P&S 4.01xxxi) 624,757.36
iv. Seller Principal Collections (11-25viii) (P&S 4.01xv) 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
27 Unpaid Certificate Interest Shortfall Due (From Previous
Distributions) (P&S 4.01xii) 0.00
28 Investor Loss Reduction Amount (From Previous Distributions) (P&S 4.01xix) 0.00
29 Liquidation Loss Amounts (From Previous Distributions) (P&S 4.01 xxxvi) 0
30 Cumulative Number of all Retransferred Mortgage Loans
(From Previous Distributions) (P&S 4.01xxxvii, 5.03xx) 0
31 Cumulative Retransferred Mortgage Loan Trust Balances
(From Previous Distributions) (P&S 4.01xxxvii, 5.03xx) 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
32 Unpaid Certificate Interest Shortfall (Carryover) (P&S 4.01xiv) 0.00
33 Number of all Retransferred Mortgage Loans (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0
34 Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
35 Ending Pool Balance (P&S 5.03xii) 314,883,799.39
36 Ending Pool Factor (P&S 4.01xxv, 5.03ix) 108.385450%
- ----------------------------------------------------------------------------------------------------------------------------------
37 Ending Invested Amount 280,116,723.81
38 Ending Seller Interest (P&S 4.01xxvi) 34,767,075.58
39 Ending Certificate Principal Balance (INSURED AMOUNT) (P&S 4.01xxv, 4.01xxix) 280,116,723.81
40 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-Dec-96 to 16-Jan-97
ML Revolving Home Equity Loan Asset Backed Certificates, Series 1996-1 P & S Agreement Date: 01-Apr-96
Current pass-through rates:
Investor Certificates, Series 1996-1 LIBOR + 0.23% 5.98000% Original Closing Date: 26-Dec-96
Distribution Date: 27-Jan-97
</TABLE>
Note: A Rapid Amortization Event has not occured since the prior Distribution
Date.
<TABLE>
<S> <C> <C>
32 less than - Accrual Days Investor Floating Allocation Percentage 89.137306%
LIBOR 5.75000% 8.99151% less than - Net Loan Rate Investor Fixed Allocation Percentage 98.000000%
WAC 9.49151% 8.89151% less than - Alternate Certificate Rate
</TABLE>
- -------------------------------------------------------------------------------
Distribution to Holders of Certificates (per Certificate with a $1,000
denomination)
<TABLE>
<S> <C> <C>
41 i. Total Certificate Distribution Amount Allocable to Interest (P&S 5.03ii) 5.229780
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
42 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
43 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
44 Servicing Fee (P&S 5.03xiv) 133,449.94
45 Cumulative Monthly Advance by Servicer 1,237,360.22
46 Amount of Insured Payments by the Certificate Insurer (P&S 5.03xix) 0.00
47 i. Number of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 55
ii. Aggregate Principal Balances of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 5,098,072.28
48 i. Number of Mortgage Loans 61 to 90 days delinquent (P&S 4.01xxxii, 5.03xvi) 14
ii. Aggregate Principal Balances of Mortgage Loans 61 to 90 days delinquent (P&S 4.01xxxii, 5.03xvi) 1,262,696.30
49 i. Number of Mortgage Loans 91 or more days delinquent (P&S 4.01xxxii, 5.03xvi) 16
ii. Aggregate Principal Balances of Mortgage Loans 91 or more days delinquent (P&S 4.01xxxii, 5.03xvi) 636,120.37
50 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
51 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed (P&S 4.01xxxiv, 5.03xviii) 0.00
52 The Aggregate Trust Balances of any Liquidated Loans in the Current Month (P&S 4.01xxxv) 0.00
</TABLE>
- -------------------------------------------------------------------------------
