-----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, VuoFfVckXVBs1yGrGQzTEe2ayL4Z41UEbKyJRl63Czp5MO/eN4Ctlnlm2KlPKd4h zBKMy7dOBEk7JNJugYvOkg== 0000950123-98-000258.txt : 19980115 0000950123-98-000258.hdr.sgml : 19980115 ACCESSION NUMBER: 0000950123-98-000258 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971125 ITEM INFORMATION: FILED AS OF DATE: 19980114 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: 8-K SEC ACT: SEC FILE NUMBER: 333-14253-01 FILM NUMBER: 98506281 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 8-K 1 MLCC MORTGAGE INVESTORS, INC. 1 This document contains 63636 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) November 25, 1997 ML Revolving Home Equity Loan Trust 1997-1 (Name of Trust issuing ML Revolving Home Equity Loan Asset Backed Certificates, Series 1997-1) MLCC Mortgage Investors, Inc. (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 (Address of Principal Executive Offices and Zip Code) Registrant's telephone number, including area code (904) 928-6000 - -------------------------------------------------------------------------------- 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 1997-1, for the November 25, 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 Transferor, and Bankers Trust Company of California, N.A., as Trustee, dated as of October 1, 1997.
2 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: 11/25/97 -------------- 3 4 Exhibit Index
Exhibit No. Page - ----------- ---- 19.1 Servicing Certificate and Statement to Certificateholders for ML Revolving Home Equity Loan Asset Backed Certificates, Series 1997-1 5
4 EX-19.1 2 SERVICING CERTIFICATE 1 SERVICING CERTIFICATE PAGE 5
- ----------------------------------------------------------------------------------------------------------------------------------- MLCC MORTGAGE INVESTORS, INC. Current Collection Period: 17-Oct-97 through 16-Nov-97 ML REVOLVING HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1 P & S Agreement Date: 1-Oct-97 CURRENT PASS-THROUGH RATES: Original Closing Date: 30-Oct-97 INVESTOR CERTIFICATES, SERIES 1997-1 LIBOR + 0.18% 5.80500% Prior Month's Distribution Date: N/A Distribution Date: 25-Nov-97
NOTE: A RAPID AMORTIZATION EVENT HAS NOT OCCURED SINCE THE PRIOR DISTRIBUTION DATE. 26 <-Accrual Days Investor Floating Allocation Percentage 97.999833% LIBOR 5.62500% 9.20613% <-Net Loan Rate Investor Fixed Allocation Percentage 98.000000% WAC 9.70613% 9.11613% <-Alternate Certificate Rate
------------------------------------------------------------------------------------------------------------------------------- 1 Beginning Pool Balance (net of Transferor Interest Extraction) (P&S 4.01xx, 5.03xii) 371,215,940.46 2 Beginning Pool Factor 100.000000% ------------------------------------------------------------------------------------------------------------------------------- 3 Beginning Invested Amount (P&S 4.01xxi) 363,791,000.46 4 Beginning Transferor Interest (net of Transferor Interest Extraction) 7,424,940.00 5 Beginning Certificate Principal Balance (INSURED AMOUNT) (P&S 4.01xxiv) 363,791,000.46 6 Beginning Overcollateralization Amount (P&S 4.01xxix) 0.00 ------------------------------------------------------------------------------------------------------------------------------- 7 Minimum Transferor Interest 7,424,940.00 8 Required Amount (P&S 4.01xxii, 5.03x) 7,424,318.81 9 Transferor Subordinated Amount (P&S 4.01xxiii) 7,424,318.81 ------------------------------------------------------------------------------------------------------------------------------- COLLECTION AMOUNTS ------------------------------------------------------------------------------------------------------------------------------- 10 Aggregate of all Trust Principal Collections (P&S 4.01ii) 19,541,343.70 11 Aggregate of all Trust Principal Repurchases 0.00 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 Aggregate Trust Principal Collected (sum ln 10 through 14) 19,541,343.70 16 Aggregate of all Trust Interest Collections (P&S 4.01i) 3,438,457.25 17 Monthly Advance / (Reimbursement) for Such Distribution Date (P&S 4.01vi &viii, 5.03xv) 0.00 18 Trust Interest Collections Available for Distribution 3,438,457.25 19 Available Distribution Amount (15 + 18) 22,979,800.95 ------------------------------------------------------------------------------------------------------------------------------- FORMULA AMOUNTS ------------------------------------------------------------------------------------------------------------------------------- 20 Current Month Additional Principal Balances (New Draws) -- MLR 241 (P&S 4.01xxvii) 30,043,099.32 21 Aggregate Trust Principal Collected - line 15 19,541,343.70 22 Principal Distribution to Trustee 0.00 23 Trust Interest Collections Available for Distribution (ln 18) 3,438,457.25 24 Distribution to Trustee (ln 22 + ln 23) 3,438,457.25 25 Liquidation Loss Amounts (unrecovered trust balance for current period) (P&S 4.01xviii) 0.00 26 Investor Loss Amount (FLOAP x Liq Loss Amount for current period) (P&S 4.01xviii) 0.00 27 Investor Loss Amount not paid to Investors from prior Distribution) (P&S 4.01xix) 0.00 28 Investor Loss Reduction Amount (cumulative Investor Loss Amts from all distributions not paid to Inv) 0.00 29 Current Investor Loss Distribution Amount (ln 26 + ln 28) 0.00 30 Certificate Interest Collections (FLAP x Trust Int Collections Available) (P&S 4.01x) 3,369,682.35 31 Certificate Interest Collections used to pay Investor Loss Amount as principal in the current period 0.00 ------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION AMOUNTS TO INVESTORS ------------------------------------------------------------------------------------------------------------------------------- 32 i. Total Amount to Certificate Insurer 8,391.66 ii. Monthly Insurance Premium 18,391.66 iii. Reimbursement Amount (P&S 4.01xxx) 0.00 iv. Redirection of Certificate Insurance 10,000.00 33 i. Investor Certificate Distribution Amount (33vii. + 33xiii.) -- principal + interest (P&S 5.03i) 1,525,193.77 ------------------------------------------------------------------------------------------------------------------------------- ii. Certificate Formula Interest (P&S 4.01xi) 1,525,193.77 iii. Unpaid Certificate Interest Shortfall Included in 33vi. (P&S 4.01xiii) 0.00 iv. Unpaid Interest Shortfall (carryover into current period) (P&S 4.01xii) 0.00 v. Remaining Unpaid Interest Shortfall after giving effect to current distribution (P&S 4.01xii) 0.00 vi. Total Certificate Distribution Allocable to Interest 1,525,193.77 ------------------------------------------------------------------------------------------------------------------------------- vii. Maximum Principal Payment (FAP x Line 21 ) (P&S 4.01xvii) 19,150,516.83 viii. Alternative Principal Payment (max of paydowns - draws, 0) (P&S 4.01xvii) 0.00 ix. Scheduled Principal Collections Pmt (if in RAP, min of max prin pmt or alt prin pmt, max prin pmt) (P&S 4.01xvii) 0.00 x. Accelerated Principal Distribution Amount (P&S 4.01xvi) 0.00 xi. Investor Loss Amount for current distribution date (paid out of certificate interest collections) 0.00 xii. Investor Loss Reduction Amount (Ln 29 - paid out of certificate interest collections) 0.00 xiii. Total Certificate Distribution Allocable to Principal (33ix. + 33x. + 33xi. + 33xii.) 0.00 ------------------------------------------------------------------------------------------------------------------------------- 34 i. Transferor Distribution Amount (ln 34ii + 34iv + 34v.) 1,904,871.82 ii. Transferor Interest Collections (Trust Int Coll less Cert Int Coll -- ln 23 less ln 30) (P&S 4.01xv) 68,774.90 iii. Available Excess Interest from Certificate Interest Coll 1,826,096.92 iv. Residual Amount included in 26i (P&S 4.01xxxi) 1,836,096.92 v. Transferor Principal Collections (11-26viii) (P&S 4.01xv) 0.00 ------------------------------------------------------------------------------------------------------------------------------- 35 Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) (P&S 4.01xxxvii, 5.03xx) 0.00 36 Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) (P&S 4.01xxxvii, 5.03xx) 0.00 ------------------------------------------------------------------------------------------------------------------------------- 37 Number of all Retransferred Mortgage Loans (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0 38 Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) (P&S 4.01xxxvii, 5.03xx) 0.00 ------------------------------------------------------------------------------------------------------------------------------- 39 Ending Pool Balance (P&S 5.03xii) 381,717,696.08 40 Ending Pool Factor (P&S 4.01xxv, 5.03ix) 102.829015% ------------------------------------------------------------------------------------------------------------------------------- 41 Ending Invested Amount (Beg - Investor loss - sched prin) 363,791,000.46 42 Ending Transferor Int (Beg + (max of Draws - Paydowns, 0) - (Liq loss - Inv loss) - Transfer Amt) (P&S 4.01xxvi) 17,926,695.62 43 Ending Certificate Principal Balance (INSURED AMOUNT) (Beg - pin dist) (P&S 4.01xxv, 4.01xxix) 363,791,000.46 44 Ending Overcollateralization Amount (P&S 4.01xxiv, 5.03xiii) 0.00 -------------------------------------------------------------------------------------------------------------------------------
2 STATEMENT TO CERTIFICATEHOLDERS PAGE 6
- ------------------------------------------------------------------------------------------------------------------------------------ MLCC MORTGAGE INVESTORS, INC. Current Collection Period: 17-Oct-97 through 16-Nov-97 ML REVOLVING HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1 P & S Agreement Date: 1-Oct-97 CURRENT PASS-THROUGH RATES: Original Closing Date: 30-Oct-97 INVESTOR CERTIFICATES, SERIES 1997-1 LIBOR + 0.18% 5.80500% Prior Month's Distribution Date: N/A Distribution Date: 25-Nov-97
NOTE: A RAPID AMORTIZATION EVENT HAS NOT OCCURED SINCE THE PRIOR DISTRIBUTION DATE. 26 <-Accrual Days Investor Floating Allocation Percentage 97.999833% LIBOR 5.62500% 9.20613% <-Net Loan Rate Investor Fixed Allocation Percentage 98.000000% WAC 9.70613% 9.11613% <-Alternate Certificate Rate
------------------------------------------------------------------------------------------------------------------------------- Distribution to Holders of Certificates (per Certificate with a $1,000 denomination) 45 i. Total Certificate Distribution Amount Allocable to Interest (P&S 5.03ii) 4.192500 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 46 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 47 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 48 Servicing Fee (P&S 5.03xv) 157,639.65 49 Monthly Advance paid by the Servicer (P&S 5.03xiv) 0.00 50 Monthly (Advance Reimbursement) to the Servicer 0.00 51 Cumulative Monthly Advance paid by the Servicer 0.00 52 Amount of Insured Payments by the Certificate Insurer (P&S 5.03xix) 0.00 53 Transferor Subordinated Amount after giving effect to the current distribution (P&S 5.03xi) 7,424,318.81 54 i. Number of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 67 55 ii. Aggregate Principal Balances of Mortgage Loans 31 to 60 days delinquent (P&S 4.01xxxii, 5.03xvi) 2,938,579.88 56 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 57 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 58 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 59 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed (P&S 4.01xxxiv, 5.03xviii) 0.00 60 The Aggregate Trust Balances of any Liquidated Loans in the Current Month (P&S 4.01xxxv) 0.00
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