8-K 1 surf04bc2_aug04.txt UNITED STATES 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) : August 25, 2004 MERRILL LYNCH MORTGAGE INVESTORS, INC. (as depositor under a Pooling and Servicing Agreement, dated as of June 1, 2004, providing for, inter alia, the issuance of Specialty Underwriting and Residential Finance Trust Mortgage Loan Asset-Backed Certificates, Series 2004-BC2) MERRILL LYNCH MORTGAGE INVESTORS, INC. (Exact name of registrant as specified in its charter) Delaware 333-112231-11 13-5674085 State or Other Jurisdiction (Commission (IRS Employer of Incorporation ) File Number) Identification No.) World Financial Center North Tower 250 Vesey Street, 10th Floor New York, New York 10281-1310 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code :(212)449-1000 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.1 Other Events. This report and exhibit is being filed, pursuant to the terms of the Pooling and Servicing Agreement, dated as of June 1, 2004 among Merrill Lynch Mortgage Investors, Inc., as depositor, Merrill Lynch Mortgage Lending, Inc., as Seller, Litton Loan Servicing, LP, as servicer, and JPMorgan Chase Bank, as trustee. On August 25, 2004 distribution was made to the Certificateholders. Specific information with respect to the distribution is filed as Exhibit 99.1. Item 9.1 Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) The following exhibits are filed as part of this report: Statement to Certificateholders on August 25, 2004 is filed as Exhibit 99.1 hereto. MERRILL LYNCH MORTGAGE INVESTORS, INC. SPECIALTY UNDERWRITING AND RESIDENTIAL FINANCE TRUST MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2004-BC2 -------------------------------------------------------- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the person undersigned hereunto duly authorized. JPMORGAN CHASE BANK, not in its individual capacity but solely as Trustee under the Agreement referred to herein Date: September 1, 2004 By: /s/ Mary R. Fonti --------------------------------------- Mary R. Fonti Vice President INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Monthly Certificateholder Statement on August 25, 2004 Exhibit 99.1 Monthly Certificateholder Statement on August 25, 2004 Specialty Underwriting and Residential Finance Trust, Series 2004-BC2 Statement to Certificate Holders August 25, 2004 ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ---------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- A1 321,788,000.00 317,906,745.65 3,665,334.64 454,341.72 4,119,676.36 0.00 0.00 314,241,411.01 A2 150,000,000.00 147,465,709.45 3,679,577.58 211,367.52 3,890,945.10 0.00 0.00 143,786,131.87 M1 38,525,000.00 38,525,000.00 0.00 64,208.33 64,208.33 0.00 0.00 38,525,000.00 M2 31,913,000.00 31,913,000.00 0.00 70,474.54 70,474.54 0.00 0.00 31,913,000.00 M3 9,775,000.00 9,775,000.00 0.00 23,460.00 23,460.00 0.00 0.00 9,775,000.00 B1 15,813,000.00 15,813,000.00 0.00 48,097.88 48,097.88 0.00 0.00 15,813,000.00 B2 7,186,000.00 7,186,000.00 0.00 32,636.42 32,636.42 0.00 0.00 7,186,000.00 R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 C 0.00 0.00 0.00 2,257,782.50 2,257,782.50 0.00 0.00 0.00 P 0.00 0.00 0.00 162,953.66 162,953.66 0.00 0.00 0.00 TOTALS 575,000,100.00 568,584,455.10 7,344,912.22 3,325,322.57 10,670,234.79 0.00 0.00 561,239,542.88 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES --------------------------------------------------------------------------------------------------------- ---------------------- BEGINNING ENDING CURRENT CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU RATE --------------------------------------------------------------------------------------------------------- ---------------------- A1 84751PCH0 987.93847393 11.39052618 1.41192872 12.80245491 976.54794775 A1 1.715000 % A2 84751PCJ6 983.10472967 24.53051720 1.40911680 25.93963400 958.57421247 A2 1.720000 % M1 84751PCK3 1,000.00000000 0.00000000 1.66666658 1.66666658 1,000.00000000 M1 2.000000 % M2 84751PCL1 1,000.00000000 0.00000000 2.20833328 2.20833328 1,000.00000000 M2 2.650000 % M3 84751PCM9 1,000.00000000 0.00000000 2.40000000 2.40000000 1,000.00000000 M3 2.880000 % B1 84751PCN7 1,000.00000000 0.00000000 3.04166698 3.04166698 1,000.00000000 B1 3.650000 % B2 84751PCP2 1,000.00000000 0.00000000 4.54166713 4.54166713 1,000.00000000 B2 5.450000 % R 84751PCQ0 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 1.715000 % TOTALS 988.84235864 12.77375816 5.78316868 18.55692684 976.06860048 --------------------------------------------------------------------------------------------------------- ------------------------ IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Belen Bautista JPMorgan Chase Bank - Structured Finance Services 4 New York Plaza, 6th Floor, New York, New York 10004 Tel: (212) 623-4497 Fax: (212) 623-5930 Section 4.05(a)(i) Scheduled Principal Group 1 301,260.45 Section 4.05(a)(i) Scheduled Principal Group 2 132,863.36 Group 1 Principal Prepayments 3,361,413.64 Group 2 Principal Prepayments 3,544,043.34 Group 1 Repurchased Principal 0.00 Group 2 Repurchased Principal 0.00 Extra Principal Distribution Amount 5,331.43 Prepayment Penalties 162,953.66 Section 4.05(a)(v) Total Beginning Number of Loans 4,014 Total Beginning Collateral Balance 568,613,523.68 Total Ending Number of Loans 3,967 Total Ending Collateral Balance 561,268,611.46 Section 4.05(a)(v) Group 1 Beginning Number of Loans 2,966 Group 1 Beginning Collateral Balance 388,308,628.95 Group 1 Ending Number of Loans 2,940 Group 1 Ending Collateral Balance 384,645,954.86 Section 4.05(a)(v) Group 2 Beginning Number of Loans 1,048 Group 2 Beginning Collateral Balance 180,304,894.73 Group 2 Ending Number of Loans 1,027 Group 2 Ending Collateral Balance 176,622,656.60 Section 4.05(a) O/C Amount 29,068.58 Targeted O/C Amount 0.00 O/C Deficiency Amount 0.00 O/C Release Amount 0.00 Monthly Excess Interest 2,263,113.93 Monthly Excess Cash Flow Amount 2,263,113.93 Section 4.05(a)(vi) Servicing Fee 236,922.52 Section 4.05(a)(viii) Current Advances 0.00 Section 4.05(a)(ix) Cumulative Realized Loss Amount 0.00 Cumulative Class M1 Applied Realized Loss Amount 0.00 Cumulative Class M2 Applied Realized Loss Amount 0.00 Cumulative Class M3 Applied Realized Loss Amount 0.00 Cumulative Class B1 Applied Realized Loss Amount 0.00 Cumulative Class B2 Applied Realized Loss Amount 0.00 Section 4.05(a)(x) Current Realized Loss Amount 5,331.43 Current Class M1 Applied Realized Loss Amount 0.00 Current Class M2 Applied Realized Loss Amount 0.00 Current Class M3 Applied Realized Loss Amount 0.00 Current Class B1 Applied Realized Loss Amount 0.00 Current Class B2 Applied Realized Loss Amount 0.00 Section 4.05(a)(xi) Loans Delinquent Group 1 Principal Category Number Balance Percentage 1 Month 61 7,648,433.09 1.99 % 2 Month 17 1,402,464.32 0.36 % 3 Month 6 1,035,346.57 0.27 % Total 84 10,086,243.98 2.62 % Group 2 Principal Category Number Balance Percentage 1 Month 17 2,805,952.91 1.59 % 2 Month 1 134,615.16 0.08 % 3 Month 0 0.00 0.00 % Total 18 2,940,568.07 1.67 % Please Note: Delinquency Figures Include Bankruptcies and Foreclosures Section 4.05(a)(xi) Loans in Foreclosure Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Section 4.05(a)(xi) Loans in Bankruptcy Group 1 Principal Number Balance Percentage 4 326,476.22 0.08 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Section 4.05(a)(xiii) Loans in REO Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Section 4.05(a)(xv) Has the Step Down Trigger Occurred? NO Section 4.05(a)(xv) Has the Step Up Trigger Occurred? NO Rolling 3 Month Prior Delinquency Percentage N/A Cumulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 % Section 4.05(a)(xvi) Class A1 Interest Carryforward Amount 0.00 Class A2 Interest Carryforward Amount 0.00 Class M1 Interest Carryforward Amount 0.00 Class M2 Interest Carryforward Amount 0.00 Class M3 Interest Carryforward Amount 0.00 Class B1 Interest Carryforward Amount 0.00 Class B2 Interest Carryforward Amount 0.00 Class R Interest Carryforward Amount 0.00 Section 4.05(a)(xvii) Class A1 Interest Carryover Amount Paid 0.00 Class A2 Interest Carryover Amount Paid 0.00 Class M1 Interest Carryover Amount Paid 0.00 Class M2 Interest Carryover Amount Paid 0.00 Class M3 Interest Carryover Amount Paid 0.00 Class B1 Interest Carryover Amount Paid 0.00 Class B2 Interest Carryover Amount Paid 0.00 Class R Interest Carryover Amount Paid 0.00 Section 4.05(a) Weighted Average Mortgage Rate for All Loans 7.1851 % Weighted Average Term to Maturity Group 1 347 Weighted Average Term to Maturity Group 2 345 Section 4.05(a) Total Class Interest Accrual Relief Act Reduction 0.00 Class A1 Interest Accrual Relief Act Reduction 0.00 Class A2 Interest Accrual Relief Act Reduction 0.00 Class M1 Interest Accrual Relief Act Reduction 0.00 Class M2 Interest Accrual Relief Act Reduction 0.00 Class M3 Interest Accrual Relief Act Reduction 0.00 Class B1 Interest Accrual Relief Act Reduction 0.00 Class B2 Interest Accrual Relief Act Reduction 0.00 Class R Interest Accrual Relief Act Reduction 0.00 Section 4.05(a) Net Prepayment Interest Shortfalls 0.00 Class A1 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class A2 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class M1 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class M2 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class M3 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class B1 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class B2 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class R Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Beginning Cap Contract Balance 569,898,863.26 Current Period Cap Contract Amount 0.00 Cap Contract Amount Paid as Adjustable Rate Certificate Carryover 0.00 Cap Contract Amount Paid to C Class 0.00 Ending Cap Contract Balance 563,578,999.78 Section 4.05(a) Class A1 Interest Carryover Amount 0.00 Class A1 Unpaid Interest Carryover Amount 0.00 Section 4.05(a) Class A2 Interest Carryover Amount 0.00 Class A2 Unpaid Interest Carryover Amount 0.00 Class M1 Interest Carryover Amount 0.00 Class M1 Unpaid Interest Carryover Amount 0.00 Class M2 Interest Carryover Amount 0.00 Class M2 Unpaid Interest Carryover Amount 0.00 Class M3 Interest Carryover Amount 0.00 Class M3 Unpaid Interest Carryover Amount 0.00 Class B1 Interest Carryover Amount 0.00 Class B1 Unpaid Interest Carryover Amount 0.00 Class B2 Interest Carryover Amount 0.00 Class B2 Unpaid Interest Carryover Amount 0.00 Class R Interest Carryover Amount 0.00 Class R Unpaid Interest Carryover Amount 0.00 Section 4.05(a) Available Funds 10,507,281.13 Interest Remittance Amount 3,167,700.34 Principal Remittance Amount 7,339,580.79 Sec 4.06(ii) Class C Distributable Amount 2,257,782.50 Interest Earnings on Certificate Account Paid to Seller 482.39 Section 4.05(a)(i) Scheduled Principal Group 1 301,260.45 Section 4.05(a)(i) Scheduled Principal Group 2 132,863.36 Group 1 Principal Prepayments 3,361,413.64 Group 2 Principal Prepayments 3,544,043.34 Group 1 Repurchased Principal 0.00 Group 2 Repurchased Principal 0.00 Extra Principal Distribution Amount 5,331.43 Prepayment Penalties 162,953.66 Section 4.05(a)(v) Total Beginning Number of Loans 4,014 Total Beginning Collateral Balance 568,613,523.68 Total Ending Number of Loans 3,967 Total Ending Collateral Balance 561,268,611.46 Section 4.05(a)(v) Group 1 Beginning Number of Loans 2,966 Group 1 Beginning Collateral Balance 388,308,628.95 Group 1 Ending Number of Loans 2,940 Group 1 Ending Collateral Balance 384,645,954.86 Section 4.05(a)(v) Group 2 Beginning Number of Loans 1,048 Group 2 Beginning Collateral Balance 180,304,894.73 Group 2 Ending Number of Loans 1,027 Group 2 Ending Collateral Balance 176,622,656.60 Section 4.05(a) O/C Amount 29,068.58 Targeted O/C Amount 0.00 O/C Deficiency Amount 0.00 O/C Release Amount 0.00 Monthly Excess Interest 2,263,113.93 Monthly Excess Cash Flow Amount 2,263,113.93 Section 4.05(a)(vi) Servicing Fee 236,922.52 Section 4.05(a)(viii) Current Advances 0.00 Section 4.05(a)(ix) Cumulative Realized Loss Amount 0.00 Cumulative Class M1 Applied Realized Loss Amount 0.00 Cumulative Class M2 Applied Realized Loss Amount 0.00 Cumulative Class M3 Applied Realized Loss Amount 0.00 Cumulative Class B1 Applied Realized Loss Amount 0.00 Cumulative Class B2 Applied Realized Loss Amount 0.00 Section 4.05(a)(x) Current Realized Loss Amount 5,331.43 Current Class M1 Applied Realized Loss Amount 0.00 Current Class M2 Applied Realized Loss Amount 0.00 Current Class M3 Applied Realized Loss Amount 0.00 Current Class B1 Applied Realized Loss Amount 0.00 Current Class B2 Applied Realized Loss Amount 0.00 Section 4.05(a)(xi) Loans Delinquent Group 1 Principal Category Number Balance Percentage 1 Month 61 7,648,433.09 1.99 % 2 Month 17 1,402,464.32 0.36 % 3 Month 6 1,035,346.57 0.27 % Total 84 10,086,243.98 2.62 % Group 2 Principal Category Number Balance Percentage 1 Month 17 2,805,952.91 1.59 % 2 Month 1 134,615.16 0.08 % 3 Month 0 0.00 0.00 % Total 18 2,940,568.07 1.67 % Please Note: Delinquency Figures Include Bankruptcies and Foreclosures Section 4.05(a)(xi) Loans in Foreclosure Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Section 4.05(a)(xi) Loans in Bankruptcy Group 1 Principal Number Balance Percentage 4 326,476.22 0.08 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Section 4.05(a)(xiii) Loans in REO Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Section 4.05(a)(xv) Has the Step Down Trigger Occurred? NO Section 4.05(a)(xv) Has the Step Up Trigger Occurred? NO Rolling 3 Month Prior Delinquency Percentage N/A Cumulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 % Section 4.05(a)(xvi) Class A1 Interest Carryforward Amount 0.00 Class A2 Interest Carryforward Amount 0.00 Class M1 Interest Carryforward Amount 0.00 Class M2 Interest Carryforward Amount 0.00 Class M3 Interest Carryforward Amount 0.00 Class B1 Interest Carryforward Amount 0.00 Class B2 Interest Carryforward Amount 0.00 Class R Interest Carryforward Amount 0.00 Section 4.05(a)(xvii) Class A1 Interest Carryover Amount Paid 0.00 Class A2 Interest Carryover Amount Paid 0.00 Class M1 Interest Carryover Amount Paid 0.00 Class M2 Interest Carryover Amount Paid 0.00 Class M3 Interest Carryover Amount Paid 0.00 Class B1 Interest Carryover Amount Paid 0.00 Class B2 Interest Carryover Amount Paid 0.00 Class R Interest Carryover Amount Paid 0.00 Section 4.05(a) Weighted Average Mortgage Rate for All Loans 7.1851 % Weighted Average Term to Maturity Group 1 347 Weighted Average Term to Maturity Group 2 345 Section 4.05(a) Total Class Interest Accrual Relief Act Reduction 0.00 Class A1 Interest Accrual Relief Act Reduction 0.00 Class A2 Interest Accrual Relief Act Reduction 0.00 Class M1 Interest Accrual Relief Act Reduction 0.00 Class M2 Interest Accrual Relief Act Reduction 0.00 Class M3 Interest Accrual Relief Act Reduction 0.00 Class B1 Interest Accrual Relief Act Reduction 0.00 Class B2 Interest Accrual Relief Act Reduction 0.00 Class R Interest Accrual Relief Act Reduction 0.00 Section 4.05(a) Net Prepayment Interest Shortfalls 0.00 Class A1 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class A2 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class M1 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class M2 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class M3 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class B1 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class B2 Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Class R Interest Accrual Prepayment Interest Shortfall Reduction 0.00 Beginning Cap Contract Balance 569,898,863.26 Current Period Cap Contract Amount 0.00 Cap Contract Amount Paid as Adjustable Rate Certificate Carryover 0.00 Cap Contract Amount Paid to C Class 0.00 Ending Cap Contract Balance 563,578,999.78 Section 4.05(a) Class A1 Interest Carryover Amount 0.00 Class A1 Unpaid Interest Carryover Amount 0.00 Section 4.05(a) Class A2 Interest Carryover Amount 0.00 Class A2 Unpaid Interest Carryover Amount 0.00 Class M1 Interest Carryover Amount 0.00 Class M1 Unpaid Interest Carryover Amount 0.00 Class M2 Interest Carryover Amount 0.00 Class M2 Unpaid Interest Carryover Amount 0.00 Class M3 Interest Carryover Amount 0.00 Class M3 Unpaid Interest Carryover Amount 0.00 Class B1 Interest Carryover Amount 0.00 Class B1 Unpaid Interest Carryover Amount 0.00 Class B2 Interest Carryover Amount 0.00 Class B2 Unpaid Interest Carryover Amount 0.00 Class R Interest Carryover Amount 0.00 Class R Unpaid Interest Carryover Amount 0.00 Section 4.05(a) Available Funds 10,507,281.13 Interest Remittance Amount 3,167,700.34 Principal Remittance Amount 7,339,580.79 Sec 4.06(ii) Class C Distributable Amount 2,257,782.50 Interest Earnings on Certificate Account Paid to Seller 482.39 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

Exhibit No. Description Page No. ----------- ----------- -------- 4.1 Pooling and Servicing Agreement, dated as of June 1, 2004, among Merrill Lynch Mortgage Investors, Inc., as Depositor, Litton Loan Servicing LP, as Servicer and JPMorgan Chase Bank, as Trustee. 99.1 Form of Mortgage Loan Sale and Assignment Agreement, dated as of June 1, 2004, between Merrill Lynch Mortgage Lending, Inc., as Seller and Merrill Lynch Mortgage Investors, Inc., as Purchaser.

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