-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CkfiV0j1rHJd0WjHdxMCzfnsuhMRqvV2qWyd5a6YOZPDtsTVKKqGBU2DHn9C83j1 NC1aJN/9AQ2yLUKH5xReOg== 0000905148-98-000766.txt : 19980415 0000905148-98-000766.hdr.sgml : 19980415 ACCESSION NUMBER: 0000905148-98-000766 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980414 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MLCC MORT INV INC MORT LOAN ASST BK PASS THRU CERT SE 1997-A CENTRAL INDEX KEY: 0001036298 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 593247986 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: SEC FILE NUMBER: 333-14253-01 FILM NUMBER: 98593070 BUSINESS ADDRESS: STREET 1: 4802 DEER LAKE DR E CITY: JACKSONVILLE STATE: FL ZIP: 32246-6484 BUSINESS PHONE: 9049286000 MAIL ADDRESS: STREET 1: 4802 DEER LAKE DRIVE EAST STREET 2: C/O MERRILL LYNCH CREDIT CORP CITY: JACKSONVILLE STATE: FL ZIP: 32246-6484 424B3 1 Registration No. 333-14253 Rule 424 (b)(3) SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED MARCH 19, 1997 MLCC Mortgage Investors, Inc., Depositor Mortgage Loan Asset Backed Pass-Through Certificates, Series 1997-A, Class A MERRILL LYNCH CREDIT CORPORATION Master Servicer _____________________________________________________________________________ On March 26, 1997, the Mortgage Loan Asset Backed Pass-Through Certificates, Series 1997-A, Class A (the "Certificates") were issued in an approximate original aggregate principal amount of $324,728,000. The Certificates represent beneficial interests in the Trust Fund created pursuant to a Pooling and Servicing Agreement dated as of March 1, 1997 by and among MLCC Mortgage Investors, Inc., 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-32 of the Prospectus Supplement are hereby updated, in their entirety, as follows: 1997 A PRIMEFIRST(Registered Trademark) LOAN DELINQUENCY EXPERIENCE
December 31, 1997 December 31, 1996 December 31, 1995 ------------------------ ----------------------- ------------------------ Number of Number of Number of PrimeFirst Principal PrimeFirst Principal PrimeFirst Principal Loans Amount Loans Amount Loans Amount ------------ ---------- ----------- ---------- ----------- ----------- PrimeFirst Loans Outstanding . . . . . . 14,159 $5,302,950 11,054 $4,331,131 8,272 $3,536,761 Delinquency Period 30-59 Days . . . . . . 183 $ 66,254 180 $ 84,297 127 $ 56,370 60-89 Days . . . . . . 26 18,544 19 6,583 13 7,917 90 Days or More* . . . 24 18,072 29 27,590 44 45,749 ------------ ---------- ----------- ---------- ----------- ----------- Total Delinquency . 233 $ 102,870 228 $ 118,470 184 $ 110,036 ============ ========== =========== ========== =========== =========== Delinquencies as Percent of Number of PrimeFirst Loans and Principal Amount Outstanding . . 1.65% 1.94% 2.06% 2.74% 2.22% 3.11% Foreclosures . . . . . . 39 $47,396 29 $ 39,100 28 $ 38,209 Foreclosures as Percent of Number of PrimeFirst Loans and Principal Amount Outstanding . . 0.28% 0.89% 0.26% 0.90% 0.34% 1.08%
_________________________________ * Does not include loans subject to bankruptcy proceedings. PRIMEFIRST(Registered Trademark) LOAN LOSS EXPERIENCE (Dollars in Thousands)
Year Ended Year Ended Year Ended December 31, 1997 December 31, 1996 December 31, 1995 ------------------ ----------------- ------------------- Average Principal Balance of PrimeFirst Loan Portfolio . . . . . . $4,817,041 $3,933,946 $3,444,045 Average Number of PrimeFirst Loans Outstanding During the Period . . . . . . . . . . . . 12,607 9,663 7,944 Gross Charge-offs . . . . . . . . . . . . . $ 5,363 $ 6,157 $ 1,840 Recoveries . . . . . . . . . . . . . . . . $ 99 $ 0 $ 0 ------------------ ----------------- ------------------- Net Charge-offs . . . . . . . . . . . . . . $ 5,264 $ 6,157 $ 1,840 ================== ================= =================== Net Charge-offs as a Percent of Average Principal Balance Outstanding . . . . . . . . . . . . . . . 0.11% 0.16% 0.05%
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-33 of the Prospectus Supplement are hereby updated, in their entirety, as follows: 1997 A REVOLVING CREDIT LINE LOAN DELINQUENCY EXPERIENCE EQUITY ACCESS LOAN DELINQUENCY EXPERIENCE (DOLLARS IN THOUSANDS)
As of December 31, ------------------------------------------------------------------------- 1992 1993 1994 1995 1996 1997 ---------- ----------- ----------- ----------- ---------- ---------- Number of Revolving Credit Line (RCL) Loans Serviced . . . . 15,084 13,839 15,598 25,056 28,368 31,395 Aggregate Loan Balance of RCL Loans Serviced . $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217 Loan Balance of RCL Loans 2 Mos. Delinquent $ 3,717 $ 5,161 $ 5,358 $ 8,447 $ 8,292 $ 5,450 Loan Balance of RCL Loans 3 Mos. or more Delinquent . . . . $ 18,751 $ 17,508 $ 22,989 $ 33,763 $ 39,508 $ 44,104 Total of 2 Months or more Delinquent as a % of Aggregate Loan Balance of RCL Loans . 2.11% 2.19% 2.63% 3.26% 3.53% 3.57%
REVOLVING CREDIT LINE LOAN LOSS EXPERIENCE EQUITY ACCESS LOAN DELINQUENCY EXPERIENCE (DOLLARS IN THOUSANDS)
As of December 31, ------------------------------------------------------------------------- 1992 1993 1994 1995 1996 1997 ---------- ----------- ----------- ----------- ---------- ---------- As of end of Period: Number of Revolving Credit Line Loans Serviced . . . . . . . . 15,084 13,839 15,598 25,056 28,368 31,395 Aggregate Loan Balance of Revolving Credit Line Loans Serviced . . . $1,062,930 $1,037,427 $1,079,693 $1,293,483 $1,353,800 $1,387,217 For the Period: Gross Charge Offs Dollars . . . . . . . . $ 1,447 $ 3,153 $ 1,118 $ 3,700 $ 1,860 $ 4,269 Percentage(1) . . . . . 0.14% 0.30% 0.10% 0.29% 0.14% 0.31%
__________________________ (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, 1997, the Mortgage Loan Balances and Margins of the Mortgage Loans: 1997 A RANGE OF PRINCIPAL BALANCES AS OF DECEMBER 31, 1997
Range of Number of % of Mortgage Principal Balances Mortgage Principal Pool by Loans Balance Principal Balance - ----------------------------------------- ---------- ---------------------- ----------------- $ 0.00- 49,999.99 . . . . . . 44 $ 1,598,782.75 0.59% $ 50,000.00- 54,999.99 . . . . . . 16 818,789.61 0.30 $ 55,000.00- 59,999.99 . . . . . . 12 691,886.08 0.25 $ 60,000.00- 74,999.99 . . . . . . 24 1,621,718.92 0.60 $ 75,000.00- 99,999.99 . . . . . . 68 5,938,278.04 2.18 $ 100,000.00- 149,999.99 . . . . . 118 14,675,946.04 5.40 $ 150,000.00- 199,999.99 . . . . . 86 15,144,554.21 5.57 $ 200,000.00- 249,999.99 . . . . . 97 21,296,760.86 7.83 $ 250,000.00- 299,999.99 . . . . . 68 18,642,127.25 6.86 $ 300,000.00- 349,999.99 . . . . . 63 20,224,884.79 7.46 $ 350,000.00- 399,999.99 . . . . . 37 13,798,570.18 5.08 $ 400,000.00- 449,999.99 . . . . . 25 10,377,802.03 3.82 $ 450,000.00- 499,999.99 . . . . . 17 8,131,621.46 2.99 $ 500,000.00- 549,999.99 . . . . . 20 10,315,413.44 3.79 $ 550,000.00- 599,999.99 . . . . . 13 7,532,419.86 2.77 $ 600,000.00- 649,999.99 . . . . . 16 9,880,573.56 3.63 $ 650,000.00- 699,999.99 . . . . . 8 5,385,217.42 1.98 $ 700,000.00- 749,999.99 . . . . . 11 7,973,905.52 2.93 $ 750,000.00- 799,999.99 . . . . . 8 6,195,667.67 2.28 $ 800,000.00- 849,999.99 . . . . . 13 10,703,448.72 3.94 $ 850,000.00- 899,999.99 . . . . . 4 3,475,774.38 1.28 $ 900,000.00- 949,999.99 . . . . . 3 2,749,999.99 1.01 $ 950,000.00- 999,999.99 . . . . . 4 3,898,882.32 1.43 $ 1,000,000.00- 1,099,999.99 . . . . 13 13,127,800.00 4.83 $ 1,100,000.00- 1,199,999.99 . . . . 13 14,882,850.59 5.48 $ 1,200,000.00- 1,299,999.99 . . . . 6 7,446,643.83 2.74 $ 1,300,000.00- 1,399,999.99 . . . . 2 2,715,500.00 1.00 $ 1,400,000.00- 1,499,999.99 . . . . 1 1,400,000.00 0.52 $ 1,500,000.00- 1,599,999.99 . . . . 3 4,600,000.00 1.69 $ 1,600,000.00- 1,699,999.99 . . . . 4 6,610,817.66 2.43 $ 1,700,000.00- 1,799,999.99 . . . . 1 1,725,000.00 0.63 $ 1,800,000.00- 1,899,999.99 . . . . 1 1,855,000.00 0.68 $ 1,900,000.00- 1,999,999.99 . . . . 1 1,949,999.99 0.72 $ 2,100,000.00- 2,199,999.99 . . . . 2 4,291,000.00 1.58 $ 2,200,000.00- 2,299,999.99 . . . . 1 2,237,500.00 0.82 $ 3,000,000.00 or greater . . . . . . 2 7,907,625.00 2.91 ---------- ---------------------- ----------------- TOTALS . . . . . . . 825 $271,822,762.17 100.00% ========== ====================== =================
1997 A PRIME INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
% of Such Mortgage Number of Loans by Margin Mortgage Loans Principal Balance Principal Balance - ---------------- -------------- ----------------- ------------------- -0.125% 1 $1,107,050.08 66.93% 0.250% 2 546,877.50 33.07 -------------- ----------------- ------------------- TOTALS 3 $1,653,927.58 100.00% ============== ================= ===================
ONE-MONTH LIBOR MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
% of Such Mortgage Loans Margin Number of Mortgage Loans Principal Balance by Principal Balance - ------------------- ------------------------ ---------------------- ------------------------ 0.875% 3 $ 2,339,950.13 1.70% 1.125% 1 300,550.00 0.22 1.375% 12 12,633,146.60 9.16 1.500% 8 3,625,912.20 2.63 1.625% 43 26,422,730.28 19.14 1.750% 19 15,709,214.37 11.39 1.875% 50 25,992,315.98 18.85 2.000% 33 20,142.476.68 14.61 2.125% 58 13,116,667.73 9.51 2.250% 15 3,856,303.29 2.80 2.375% 33 6,730,617.49 4.88 2.500% 7 838,479.42 0.61 2.625% 48 6,201,913.85 4.50 ------------------------ ---------------------- ------------------------ TOTALS 330 $137,910,278.02 100.00% ======================== ====================== ========================
1997 A SIX-MONTH LIBOR INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
% of Such Mortgage Loans Margin Number of Mortgage Loans Principal Balance by Principal Balance - ------------------- ------------------------ ---------------------- ------------------------ 0.375% 1 $ 700,000.00 0.54% 1.125% 1 261,000.00 0.20 1.500% 9 8,425,847.57 6.55 1.625% 10 7,123,493.47 5.54 1.750% 51 25,737,313.71 20.00 1.875% 13 9,159,754.94 7.12 2.000% 73 25,178,626.40 19.57 2.125% 15 6,344,900.81 4.93 2.250% 166 26,924,447.78 20.93 2.375% 6 1,374,847.85 1.07 2.500% 52 8,596,625.45 6.68 2.625% 8 883,454.76 0.69 2.750% 75 6,772,493.78 5.26 2.875% 2 1,101,500.00 0.86 3.000% 1 80,000.00 0.06 ------------------------ ---------------------- ------------------------ TOTALS 483 $128,664,306.52 100.00% ======================== ====================== ========================
1997 A ONE-YEAR TREASURY INDEX MORTGAGE LOAN MARGINS AS OF DECEMBER 31, 1997
% of Such Mortgage Loans Margin Number of Mortgage Loans Principal Balance by Principal Balance - ------------------- ------------------------ ---------------------- ------------------------ 1.875% 1 $1,000,000.00 27.82% 2.125% 1 304,882.18 8.48 2.250% 1 188,400.00 5.24 2.375% 1 251,000.00 6.98 2.500% 4 1,100,625.72 30.63 2.750% 1 749,342.15 20.85 ------------------------ ---------------------- ------------------------ TOTALS 9 $3,594,250.05 100.00% ======================== ====================== ========================
____________________ The date of this Supplement is April 13, 1998. -----END PRIVACY-ENHANCED MESSAGE-----