Registration No. 333-14253
Rule 424 (b)(3)
SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED DECEMBER 4, 1996
MLCC Mortgage Investors, Inc., Depositor
Mortgage Loan Asset Backed Pass-Through Certificates,
Series 1996-D, Class A
MERRILL LYNCH CREDIT CORPORATION
Master Servicer
- -----------------------------------------------------------------
On December 11, 1996, the Mortgage Loan Asset Backed Pass-Through
Certificates, Series 1996-D, Class A (the "Certificates") were issued in an
approximate original aggregate principal amount of $627,062,000. The
Certificates represented beneficial interests in the Trust Fund created
pursuant to a Pooling and Servicing Agreement dated as of November 1, 1996 by
and among MLCC Mortgage Investors, Inc., as depositor, Merrill Lynch Credit
Corporation, as master servicer, and Bankers Trust Company of California,
N.A., as trustee. This Supplement to the above-referenced Prospectus
Supplement (the "Prospectus Supplement") supplements and updates certain of
the information set forth in the Prospectus Supplement. Capitalized terms
not defined herein have the meanings ascribed to them in the Prospectus
Supplement.
The first two tables set forth after the first paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss
Experience" on page S-31 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
PRIMEFIRST(Registered Trademark) LOAN DELINQUENCY EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION> December 31, 1996 December 31, 1995 December 31, 1994
---------------------- --------------------- -------------------------
Number of Number of Number of
PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal
Loans Amount Loans Amount Loans Amount
----------- --------- ---------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
PrimeFirst Loans
Outstanding . . . . . . . 11,054 $4,331,131 8,272 $3,536,761 7,615 $3,351,328
Delinquency Period
30-59 Days . . . . . . . 180 $ 84,297 127 $ 56,370 121 $ 86,279
60-89 Days . . . . . . . 19 6,583 13 7,917 20 18,152
90 Days or More* . . . . 29 27,590 44 45,749 17 19,257
Total Delinquency . . 228 $ 118,470 184 $ 110,036 158 $ 123,688
Delinquencies as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding . . . . . . . 2.06% 2.74% 2.22% 3.11% 2.07% 3.69%
Foreclosures . . . . . . . 29 $ 39,100 28 $ 38,209 18 $ 15,637
Foreclosures as Percent
of Number of PrimeFirst
Loans and Principal Amount
Outstanding . . . . 0.26% 0.90% 0.34% 1.11% 0.24% 0.47%
</TABLE>
_________________________________
* Does not include loans subject to bankruptcy proceedings.
PRIMEFIRST(Registered Trademark) LOAN LOSS EXPERIENCE
(Dollars in Thousands)
<TABLE>
<CAPTION> Year Ended Year Ended Year Ended
December 31, 1996 December 31, 1995 December 31, 1994
------------------ ----------------- ------------------
<S> <C> <C> <C>
Average Principal Balance of PrimeFirst
Loan Portfolio . . . . . . . . . . . . . . . . $3,933,946 $3,444,045 $2,807,875
Average Number of PrimeFirst Loans
Outstanding During the Period . . . . . . . . 9,663 7,944 6,287
Gross Charge-offs . . . . . . . . . . . . . $ 6,157 $ 1,840 $ 457
Recoveries . . . . . . . . . . . . . . . . 0 0 0
----------- --------- ------------
Net Charge-offs . . . . . . . . . . . . . . $ 6,157 $ 1,840 $ 457
============ ========== ============
Net Charge-offs as a percent of Average
Principal Balance Outstanding . . . . . . 0.16% 0.05% 0.02%
</TABLE>
The first two tables set forth after the second paragraph under the
heading "MLCC and its Mortgage Programs--Delinquency and Loan Loss
Experience" on page S-32 of the Prospectus Supplement are hereby updated, in
their entirety, as follows:
REVOLVING CREDIT LINE LOAN DELINQUENCY EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION> As of December 31,
-----------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996
--------- --------- ------- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced . . . . . 15,913 15,084 13,839 15,598 25,056 28,368
Aggregate loan balance of
revolving credit line
loans serviced . . . . . . . $1,073,492 $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800
Loan balance of revolving
credit line loans 2 months
delinquent . . . . . . . . . $ 2,250 $ 3,717 $ 5,161 $ 5,358 $ 8,447 $8,292
Loan balance of revolving
credit line loans 3 months
or more delinquent . . . . . $ 22,361 $ 18,751 $ 17,508 $ 22,989 $ 33,763 $39,508
Total of 2 months or more
delinquent as a percentage
of aggregate loan balance of
revolving credit line loans . 2.29% 2.11% 2.19% 2.63% 3.26% 3.53%
</TABLE>
REVOLVING CREDIT LINE LOAN LOSS EXPERIENCE
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION> As of December 31,
----------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996
----- ------ ----- ----- ------- ----
<S> <C> <C> <C> <C> <C> <C>
Number of revolving credit
line loans serviced . . . . 15,913 15,084 13,839 15,598 25,056 28,368
Aggregate loan balance of
revolving credit line
loans serviced . . . . . . $1,073,492 $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800
For the Period:
Gross Charge-offs dollars . $ 936 $ 1,447 $ 3,153 $ 1,118 $ 3,700 $1,860
Percentage(1) 0.09% 0.14% 0.30% 0.10% 0.29% 0.14%
</TABLE>
_____________
(1) As a percentage of aggregate balance of revolving credit line loans
serviced.
Additionally, the information contained in the tables entitled "Range of
Cut-off Date Principal Balances", "Prime Index Initial Mortgage Loan
Margins", "One-Month LIBOR Index Initial Mortgage Loan Margins", "Six-Month
LIBOR Index Initial Mortgage Loan Margins" and "One-Year Treasury Index
Initial Mortgage Loan Margins" under the heading "The Mortgage Pool" on pages
S-21 and S-24 of the Prospectus Supplement is hereby updated to indicate, as
of December 31, 1996, the Mortgage Loan Balances and Margins of the Mortgage
Loans:
RANGE OF PRINCIPAL BALANCES AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % ofMortgage
Number of Principal Pool by
Range of Principal Balances Mortgage Loans Balance Principal Balance
----------------------------- --------------- ----------- -----------------
<S> <C> <C> <C>
$0.00--49,999.99 . . . . . . . . . . . 48 $ 1,773,448.92 0.35%
$50,000.00--54,999.99. . . . . . . . . . 19 988,404.23 0.20
$55,000.00--59,999.99 . . . . . . . . . 20 1,150,057.54 0.23
$60,000.00--74,999.99 . . . . . . . . . 67 4,511,649.46 0.89
$75,000.00--99,999.99 . . . . . . . . . 112 9,861,386.53 1.95
$100,000.00--149,999.99 . . . . . . . . 229 28,338,853.02 5.61
$150,000.00--199,999.99 . . . . . . . . 166 28,838,316.41 5.71
$200,000.00--249,999.99 . . . . . . . . 165 36,563,835.26 7.23
$250,000.00--299,999.99 . . . . . . . . 121 32,788,609.09 6.49
$300,000.00--349,999.99 . . . . . . . . 111 35,313,250.70 6.99
$350,000.00--399,999.99 . . . . . . . . 78 28,987,135.65 5.74
$400,000.00--449,999.99 . . . . . . . . 55 23,227,542.08 4.60
$450,000.00--499,999.99 . . . . . . . . 40 18,907,166.80 3.74
$500,000.00--549,999.99 . . . . . . . . 40 20,782,454.33 4.11
$550,000.00--599,999.99 . . . . . . . . 19 10,858,903.71 2.15
$600,000.00--649,999.99 . . . . . . . . 27 16,678,513.58 3.30
$650,000.00--699,999.99 . . . . . . . . 20 13,309,305.82 2.63
$700,000.00--749,999.99 . . . . . . . . 17 12,267,939.04 2.43
$750,000.00--799,999.99 . . . . . . . . 13 9,880,216.66 1.96
$800,000.00--849,999.99 . . . . . . . . 18 14,822,962.71 2.93
$850,000.00--899,999.99 . . . . . . . . 11 9,603,853.00 1.90
$900,000.00--949,999.99 . . . . . . . . 8 7,260,461.91 1.44
$950,000.00--999,999.99 . . . . . . . . 8 7,847,967.01 1.55
$1,000,000.00--1,099,999.99 . . . . . . 27 27,329,840.33 5.41
$1,100,000.00--1,199,999.99 . . . . . . 11 12,215,000.00 2.42
$1,200,000.00--1,299,999.99. . . . . . 5 6,185,159.19 1.22
$1,300,000.00--1,399,999.99 . . . . . . 4 5,312,000.00 1.05
$1,400,000.00--1,499,999.99 . . . . . . 4 5,672,646.75 1.12
$1,500,000.00--1,599,999.99 . . . . . . 8 12,070,000.00 2.39
$1,600,000.00--1,699,999.99 . . . . . . 4 6,612,500.00 1.31
$1,800,000.00--1,899,999.99 . . . . . . 3 5,528,999.53 1.09
$2,000,000.00--2,099,999.99 . . . . . . 3 6,000,000.00 1.19
$2,100,000.00--2,199,999.99 . . . . . . 1 2,100,000.00 0.42
$2,200,000.00--2,299,999.99 . . . . . . 1 2,250,000.00 0.45
$2,300,000.00--2,399,999.99 . . . . . . 4 9,288,000.00 1.84
$2,400,000.00--2,499,999.99 . . . . . . 1 2,400,000.00 0.48
$2,500,000.00--2,599,999.99 . . . . . . 2 5,000,000.00 0.99
$2,700,000.00--2,799,999.99 . . . . . . 2 5,486,000.00 1.09
$2,900,000.00--2,999,999.99 . . . . . . 1 2,937,500.00 0.58
$3,000,000.00 or Higher . . . . . . . . 4 14,225,144.54 2.82
----- ---------------- --------
TOTALS . . . . . . . . . . . . . . 1,497 $505,175,023.80 100.00%
===== ================ =========
</TABLE>
PRIME INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % of Such Mortgage
Number of Loans by
Margin Mortgage Loans Principal Balance Principal Balance
------ -------------- ----------------- ------------------
<S> <C> <C> <C>
-0.750% 1 $1,350,000.00 18.87%
-0.375% 2 3,637,500.00 50.86
0.125% 1 695,000.00 9.72
0.250% 2 222,000.00 3.10
0.375% 2 705,396.49 9.86
0.500% 2 196,200.00 2.74
0.750% 3 346,684.66 4.85
-- -------------- -------
TOTALS 13 $ 7,152,781.15 100.00%
== ============== =======
</TABLE>
ONE-MONTH LIBOR MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % of Such Mortgage Loans
Margin Number of Mortgage Loans Principal Balance by Principal Balance
-------- ------------------------- ------------------- -------------------------
<S> <C> <C> <C>
0.875% 3 $ 1,663,500.00 0.87%
1.000% 2 623,504.27 0.33
1.125% 1 300,000.00 0.16
1.250% 1 438,240.00 0.23
1.375% 14 13,472,500.00 7.04
1.500% 20 11,145,540.71 5.82
1.625% 61 36,299,404.82 18.97
1.750% 31 24,452,347.37 12.78
1.875% 92 37,066,364.74 19.36
2.000% 28 15,261,919.25 7.97
2.125% 108 25,773,423.91 13.47
2.250% 10 2,049,461.64 1.07
2.375% 60 11,924,494.03 6.23
2.500% 12 1,645,112.15 0.86
2.625% 72 9,014,717.78 4.71
2.750% 2 249,795.48 0.13
----- --------------- -------
TOTALS 517 $191,380,326.15 100.00%
===== =============== =======
</TABLE>
SIX-MONTH LIBOR INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % of Such Mortgage Loans
Margin Number of Mortgage Loans Principal Balance by Principal Balance
------ ------------------------ ----------------- -------------------------
<S> <C> <C> <C>
0.125% 1 $ 850,000.00 0.29%
0.875% 1 737,000.00 0.25
1.000% 5 2,079,290.05 0.71
1.125% 2 1,434,730.69 0.49
1.250% 1 489,000.00 0.17
1.375% 2 553,042.50 0.19
1.500% 20 22,513,243.55 7.73
1.625% 29 20,528,354.57 7.05
1.750% 110 56,840,218.29 19.52
1.875% 25 23,702,973.98 8.14
2.000% 134 52,747,572.49 18.11
2.125% 22 12,604,502.14 4.33
2.250% 281 47,443,307.15 16.29
2.375% 13 5,104,791.51 1.75
2.500% 97 20,173,278.47 6.93
2.625% 20 2,585,117.66 0.89
2.750% 167 20,106,548.17 6.90
2.875% 1 255,000.00 0.09
3.000% 4 482,165.46 0.17
---- ---------------- -------
TOTALS 935 $291,230,136.68 100.00%
=== ================ ========
</TABLE>
ONE-YEAR TREASURY INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION> % of Such Mortgage Loans
Margin Number of Mortgage Loans Principal Balance by Principal Balance
------- ------------------------ ----------------- -------------------------
<S> <C> <C> <C>
1.625% 1 $ 249,435.23 1.62%
1.875% 4 2,403,313.99 15.59
2.125% 2 1,091,000.00 7.08
2.250% 2 1,064,800.00 6.91
2.375% 5 1,434,993.00 9.31
2.500% 8 2,522,937.60 16.37
2.750% 6 5,266,600.00 34.17
3.000% 4 1,378,700.00 8.95
-- -------------- ------
TOTALS 32 $15,411,779.82 100.00%
== ============== ======
</TABLE>
____________________
The date of this Supplement is March 31, 1997.
