8-K 1 mlm02nc1.txt SEPTEMBER 8K 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): September 25, 2002 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2002-NC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-47270-04 Pooling and Servicing Agreement) (Commission 52-2365562 (State or other File Number) 52-2365561 jurisdiction 52-2365560 of Incorporation) 52-2365559 IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, Maryland 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On September 25, 2002 a distribution was made to holders of MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certificates, Series 2002-NC1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2002-NC1 Trust, relating to the September 25, 2002 distribution. 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 undersigned hereunto duly authorized. MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2002-NC1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/27/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2002-NC1 Trust, relating to the September 25, 2002 distribution. EX-99.1

Merrill Lynch Mortgage Loans, Inc. Mortgage ~~Loan Asset~~Pass-~~Backed~~Through Certificates Record Date: 78/31/02 Distribution Date: 89/2625/02 MLM Series: 2002-NC1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 589929ZA9 SEN 2.~~15688~~13000% ~~159~~158,~~947~~242,~~967~~352.2267 ~~306~~280,~~656~~880.5117 12,~~705~~276,~~614~~361.5582 M-1 589929ZE1 SUB 2.~~53688~~51000% 13,974,000.00 3129,~~511~~228.4395 0.00 M-2 589929ZF8 SUB 3.~~03688~~01000% 10,980,000.00 2927,~~639~~541.9550 0.00 B-1 589929ZC5 SUB 3.~~73688~~71000% 7,486,000.00 2423,~~866~~144.0322 0.00 B-2 589929ZD3 SUB 4.~~13688~~11000% 2,496,000.00 98,~~178~~548.3680 0.00 CE MLM02N1CE SUB 0.00000% 2,994,383.31 ~~930~~951,~~183~~250.1384 0.00 R1 MLM02N1R1 RES 0.00000% 0.00 0.00 0.00 R2 MLM02N1R2 RES 0.00000% 0.00 0.00 0.00 R3 MLM02N1R3 RES 0.00000% 0.00 0.00 0.00 P MLM02N10P SUB 0.00000% 100.00 3423,~~450~~045.6165 0.00 Totals ~~197~~196,~~878~~172,~~450~~835.5398 1,~~366~~343,~~486~~640.0213 12,~~705~~276,~~614~~361.5582

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~158~~155,~~242~~965,~~352~~990.6785 2,~~012~~557,~~271~~241.0699 0.00 M-1 0.00 13,974,000.00 3129,~~511~~228.4395 0.00 M-2 0.00 10,980,000.00 2927,~~639~~541.9550 0.00 B-1 0.00 7,486,000.00 2423,~~866~~144.0322 0.00 B-2 0.00 2,496,000.00 98,~~178~~548.3680 0.00 CE 0.00 2,994,383.31 ~~930~~951,~~183~~250.1384 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 P 0.00 100.00 3423,~~450~~045.6165 0.00 Totals 0.00 ~~196~~193,~~172~~896,~~835~~474.9816 3,~~072~~620,~~100~~001.5795 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 161,696,000.00 ~~159~~158,~~947~~242,~~967~~352.2267 0.00 12,~~705~~276,~~614~~361.5582 0.00 0.00 M-1 13,974,000.00 13,974,000.00 0.00 0.00 0.00 0.00 M-2 10,980,000.00 10,980,000.00 0.00 0.00 0.00 0.00 B-1 7,486,000.00 7,486,000.00 0.00 0.00 0.00 0.00 B-2 2,496,000.00 2,496,000.00 0.00 0.00 0.00 0.00 CE 2,993,453.94 2,994,383.31 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 199,625,553.94 ~~197~~196,~~878~~172,~~450~~835.5398 0.00 12,~~705~~276,~~614~~361.5582 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 12,~~705~~276,~~614~~361.5582 ~~158~~155,~~242~~965,~~352~~990.6785 0.~~97864111~~96456307 12,~~705~~276,~~614~~361.5582 M-1 0.00 13,974,000.00 1.00000000 0.00 M-2 0.00 10,980,000.00 1.00000000 0.00 B-1 0.00 7,486,000.00 1.00000000 0.00 B-2 0.00 2,496,000.00 1.00000000 0.00 CE 0.00 2,994,383.31 1.00031047 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 12,~~705~~276,~~614~~361.5582 ~~196~~193,~~172~~896,~~835~~474.9816 0.~~98270403~~97130087 12,~~705~~276,~~614~~361.5582

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 161,696,000.00 ~~989~~978.~~18938762~~64110844 0.00000000 1014.~~54827918~~07803421 0.00000000 M-1 13,974,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 10,980,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 7,486,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 2,496,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 2,993,453.94 1000.31046745 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 1014.~~54827918~~07803421 ~~978~~964.~~64110844~~56307423 0.~~97864111~~96456307 1014.~~54827918~~07803421 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.31046745 1.00031047 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 161,696,000.00 2.~~15688~~13000% ~~159~~158,~~947~~242,~~967~~352.2267 ~~306~~280,~~656~~880.5118 0.00 0.00 M-1 13,974,000.00 2.~~53688~~51000% 13,974,000.00 3129,~~511~~228.4395 0.00 0.00 M-2 10,980,000.00 3.~~03688~~01000% 10,980,000.00 2927,~~639~~541.9550 0.00 0.00 B-1 7,486,000.00 3.~~73688~~71000% 7,486,000.00 2423,~~866~~144.0322 0.00 0.00 B-2 2,496,000.00 4.~~13688~~11000% 2,496,000.00 98,~~178~~548.3680 0.00 0.00 CE 2,993,453.94 0.00000% 2,994,383.31 0951,250.0084 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 199,625,553.94 ~~401~~1,~~852~~320,594.2849 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 ~~306~~280,~~656~~880.5117 0.00 ~~158~~155,~~242~~965,~~352~~990.6785 M-1 0.00 0.00 3129,~~511~~228.4395 0.00 13,974,000.00 M-2 0.00 0.00 2927,~~639~~541.9550 0.00 10,980,000.00 B-1 0.00 0.00 2423,~~866~~144.0322 0.00 7,486,000.00 B-2 0.00 0.00 98,~~178~~548.3680 0.00 2,496,000.00 CE 0.00 0.00 ~~930~~951,~~183~~250.1384 0.00 2,994,383.31 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 3423,~~450~~045.6165 0.00 100.00 Totals 0.00 0.00 1,~~366~~343,~~486~~640.0213 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 161,696,000.00 2.~~15688~~13000% ~~989~~978.~~18938762~~64110844 1.~~89650028~~73708799 0.00000000 0.00000000 M-1 13,974,000.00 2.~~53688~~51000% 1000.00000000 2.~~25500429~~09166667 0.00000000 0.00000000 M-2 10,980,000.00 3.~~03688~~01000% 1000.00000000 2.~~69944900~~50833333 0.00000000 0.00000000 B-1 7,486,000.00 3.~~73688~~71000% 1000.00000000 3.~~32167112~~09166711 0.00000000 0.00000000 B-2 2,496,000.00 4.~~13688~~11000% 1000.00000000 3.~~67722756~~42500000 0.00000000 0.00000000 CE 2,993,453.94 0.00000% 1000.31046745 0317.~~00000000~~77700912 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 1.~~89650028~~73708793 0.00000000 ~~978~~964.~~64110844~~56307423 M-1 0.00000000 0.00000000 2.~~25500429~~09166667 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~69944900~~50833333 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~32167112~~09166711 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 3.~~67722756~~42500000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~310~~317.~~73908223~~77700912 0.00000000 1000.31046745 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~344506~~230456.~~10000000~~50000000 0.00000000 1000.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 3,~~122~~681,~~572~~147.7918 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Prepayment Penalties 3423,~~450~~045.6165 Total Deposits 3,~~157~~704,~~023~~192.4083 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 84,~~922~~190.8388 Payment of Interest and Principal 3,~~072~~620,~~100~~001.5795 Total Withdrawals (Pool Distribution Amount) 3,~~157~~704,~~023~~192.4083 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 8281,~~449~~738.3768 Wells Fargo 2,~~473~~452.4620 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 84,~~922~~190.8388

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 1.1210 1.1210 1,000.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 7690 0 0 0 7690 1012,~~574~~138,~~103~~064.6368 0.00 0.00 0.00 1012,~~574~~138,~~103~~064.6368 60 Days 23 0 0 0 23 43,~~146~~788,~~304~~076.7608 0.00 0.00 0.00 43,~~146~~788,~~304~~076.7608 90 Days 67 0 0 0 67 ~~610~~1,~~149~~394,358.7029 0.00 0.00 0.00 ~~610~~1,~~149~~394,358.7029 120 Days 45 0 0 0 45 ~~217~~446,~~771~~383.6897 0.00 0.00 0.00 ~~217~~446,~~771~~383.6897 150 Days 04 0 0 0 04 0217,657.0065 0.00 0.00 0.00 0217,657.0065 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~109~~129 0 0 0 ~~109~~129 1517,~~548~~984,~~329~~540.7767 0.00 0.00 0.00 1517,~~548~~984,~~329~~540.7767 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 56.~~735849~~854532% 0.000000% 0.000000% 0.000000% 56.~~735849~~854532% 56.~~390198~~260075% 0.000000% 0.000000% 0.000000% 56.~~390198~~260075% 60 Days 1.~~735849~~751714% 0.000000% 0.000000% 0.000000% 1.~~735849~~751714% 21.~~113598~~953659% 0.000000% 0.000000% 0.000000% 21.~~113598~~953659% 90 Days 0.~~452830~~533130% 0.000000% 0.000000% 0.000000% 0.~~452830~~533130% 0.~~311027~~719125% 0.000000% 0.000000% 0.000000% 0.~~311027~~719125% 120 Days 0.~~301887~~380807% 0.000000% 0.000000% 0.000000% 0.~~301887~~380807% 0.~~111010~~230218% 0.000000% 0.000000% 0.000000% 0.~~111010~~230218% 150 Days 0.~~000000~~304646% 0.000000% 0.000000% 0.000000% 0.~~000000~~304646% 0.~~000000~~112255% 0.000000% 0.000000% 0.000000% 0.~~000000~~112255% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 89.~~226415~~824829% 0.000000% 0.000000% 0.000000% 89.~~226415~~824829% 79.~~925832~~275331% 0.000000% 0.000000% 0.000000% 79.~~925832~~275331%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~801811~~734114% Weighted Average Net Coupon 8.~~301811~~234114% Weighted Average Pass-Through Rate 8.~~286811~~219113% Weighted Average Maturity(Stepdown Calculation ) ~~349~~348 Beginning Scheduled Collateral Loan Count 1,~~334~~325 Number Of Loans Paid In Full 912 Ending Scheduled Collateral Loan Count 1,~~325~~313 Beginning Scheduled Collateral Balance ~~197~~196,~~878~~172,~~450~~835.5398 Ending Scheduled Collateral Balance ~~196~~193,~~172~~896,~~835~~474.9816 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2002 ~~196~~193,~~172~~896,~~835~~474.9816 Monthly P &I Constant 1,~~589~~565,~~095~~527.6919 Special Servicing Fee 0.00 Prepayment Penalties 3423,~~450~~045.6165 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~196~~193,~~172~~896,~~835~~474.9816 Scheduled Principal 137,~~688~~697.3532 Unscheduled Principal 12,~~567~~138,~~926~~664.2050

Miscellaneous Reporting Excess Cash Amount ~~964~~974,~~632~~295.2439 Extra Principal Distribution 0.00 Overcollateralization Amount 2,994,383.31 Overcollateralization Deficiency Amount 0.00 Overcollateralization Floor Amount 998,127.77 Overcollateralization Reduction Amount 0.00 Required Overcollateralization Amount 2,994,383.31 Overcollateralization Increase Amount -0.00 Specified Overcollateralization Amount 2,994,383.31

Group Level Collateral Statement Group ARM Loans Fixed Loans Total Collateral Description Mixed ARM Mixed Fixed Mixed Fixed & Arm Weighted Average Coupon Rate 8.~~982296~~892460 8.~~294331~~291963 8.~~801811~~734114 Weighted Average Net Rate 8.~~482296~~392461 7.~~794332~~791963 8.~~301811~~234114 Weighted Average Maturity ~~355~~354 ~~333~~332 ~~349~~348 Beginning Loan Count ~~937~~929 ~~397~~396 1,~~334~~325 Loans Paid In Full 89 13 912 Ending Loan Count ~~929~~920 ~~396~~393 1,~~325~~313 Beginning Scheduled Balance ~~145~~144,~~965~~443,~~810~~495.7208 51,~~912~~729,~~639~~340.8190 ~~197~~196,~~878~~172,~~450~~835.5398 Ending scheduled Balance ~~144~~142,~~443~~664,~~495~~824.0871 51,~~729~~231,~~340~~649.9045 ~~196~~193,~~172~~896,~~835~~474.9816 Record Date 0708/31/2002 0708/31/2002 0708/31/2002 Principal And Interest Constant 1,~~181~~159,~~908~~436.0452 ~~407~~406,~~187~~090.6567 1,~~589~~565,~~095~~527.6919 Scheduled Principal 89,~~317~~054.9080 48,~~370~~642.4552 137,~~688~~697.3532 Unscheduled Principal 1,~~432~~689,~~997~~615.7457 ~~134~~449,~~928~~048.4693 12,~~567~~138,~~926~~664.2050 Scheduled Interest 1,~~092~~070,~~590~~381.1472 ~~358~~357,~~817~~448.2015 1,~~451~~427,~~407~~829.3487 Servicing Fees 60,~~819~~184.1178 21,~~630~~553.2690 8281,~~449~~738.3768 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~824~~805.5557 ~~648~~646.9163 2,~~473~~452.4620 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,~~029~~008,~~946~~391.4837 ~~336~~335,~~538~~247.0362 1,~~366~~343,~~484~~638.5199 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 3426,~~450~~805.6192 0.00 3426,~~450~~805.6192 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.~~467296~~377460 7.~~779331~~776963 8.~~286811~~219113

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