8-K 1 mlm03wm1_dec.txt DECEMBER 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): December 26, 2003 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certs., Series 2003-WMC1 Trust (Exact name of registrant as specified in its charter) 54-6535292 54-6535291 54-6535287 54-2102397 New York (governing law of 333-101760-03 54-2102398 Pooling and Servicing Agreement) (Commission 54-2102399 (State or other File Number) IRS EIN jurisdiction of Incorporation) 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 December 26, 2003 a distribution was made to holders of MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certs., Series 2003-WMC1 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 Certs., Series 2003-WMC1 Trust, relating to the December 26, 2003 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 Certs., Series 2003-WMC1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/8/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certs., Series 2003-WMC1 Trust, relating to the December 26, 2003 distribution.

Merrill Lynch Mortgage Investors, Inc. Mortgage Loan Asset-Backed ~~Certificates~~Certs. Record Date: 911/30/03 Distribution Date: 1012/2726/03 MLM Series: 2003-~~WM1~~WMC1 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 R 58992903R Sen 1.~~52000~~51875% 0.00 0.00 0.00 A1 589929J25 Sen 1.~~52000~~51875% ~~255~~223,~~347~~894,~~925~~616.2403 ~~345~~292,~~003~~812.4218 1314,~~917~~510,~~604~~303.9480 A2 589929J33 Sen 1.~~48000~~47875% ~~287~~254,~~698~~114,~~971~~225.5991 ~~378~~323,~~483~~580.9894 1518,~~116~~482,~~467~~485.7058 M1 589929J41 Sub 1.~~97000~~96875% 56,592,000.00 9995,~~098~~941.8813 0.00 M2 589929J58 Sub 3.~~07000~~06875% 39,289,000.00 ~~107~~103,~~215~~822.3255 0.00 B1 589929J66 Sub 4.~~12000~~11875% 30,325,000.00 ~~111~~107,~~056~~553.8972 0.00 B2 589929J74 Sub 4.~~12000~~11875% 11,906,000.00 4342,~~602~~227.4203 0.00 C 58992903C Sub 0.00000% 12,672,968.68 32,~~120~~732,~~860~~159.5012 0.00 P 58992903P Sub 0.00000% 0.00 ~~498~~599,~~325~~582.8379 0.00 S 589929J90 Sub 0.~~20063~~20188% 0.00 ~~121~~107,~~476~~107.3613 0.00 Totals ~~693~~628,~~831~~793,~~865~~810.5162 4,~~825~~404,~~123~~786.6059 2932,~~034~~992,~~072~~789.6438

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 A1 0.00 ~~241~~209,~~430~~384,~~320~~312.3022 14,~~262~~803,~~608~~115.3698 0.00 A2 0.00 ~~272~~235,~~582~~631,~~503~~740.8934 1518,~~494~~806,~~951~~066.6852 0.00 M1 0.00 56,592,000.00 9995,~~098~~941.8813 0.00 M2 0.00 39,289,000.00 ~~107~~103,~~215~~822.3255 0.00 B1 0.00 30,325,000.00 ~~111~~107,~~056~~553.8972 0.00 B2 0.00 11,906,000.00 4342,~~602~~227.4203 0.00 C 0.00 12,672,968.68 32,~~120~~732,~~860~~159.5012 0.00 P 0.00 0.00 ~~498~~599,~~325~~582.8379 0.00 S 0.00 0.00 ~~121~~107,~~476~~107.3613 0.00 Totals 0.00 ~~664~~595,~~797~~801,~~792~~021.8724 3337,~~859~~397,~~196~~575.2497 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) R 100.00 0.00 0.00 0.00 0.00 0.00 A1 298,080,000.00 ~~255~~223,~~347~~894,~~925~~616.2403 0.00 1314,~~917~~510,~~604~~303.9480 0.00 0.00 A2 343,195,000.00 ~~287~~254,~~698~~114,~~971~~225.5991 0.00 1518,~~116~~482,~~467~~485.7058 0.00 0.00 M1 56,592,000.00 56,592,000.00 0.00 0.00 0.00 0.00 M2 39,289,000.00 39,289,000.00 0.00 0.00 0.00 0.00 B1 30,325,000.00 30,325,000.00 0.00 0.00 0.00 0.00 B2 11,906,000.00 11,906,000.00 0.00 0.00 0.00 0.00 C 12,673,442.37 12,672,968.68 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 S 0.00 0.00 0.00 0.00 0.00 0.00 Totals 792,060,542.37 ~~693~~628,~~831~~793,~~865~~810.5162 0.00 2932,~~034~~992,~~072~~789.6438 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 R 0.00 0.00 0.00000000 0.00 A1 1314,~~917~~510,~~604~~303.9480 ~~241~~209,~~430~~384,~~320~~312.3022 0.~~80995142~~70244334 1314,~~917~~510,~~604~~303.9480 A2 1518,~~116~~482,~~467~~485.7058 ~~272~~235,~~582~~631,~~503~~740.8934 0.~~79424964~~68658267 1518,~~116~~482,~~467~~485.7058 M1 0.00 56,592,000.00 1.00000000 0.00 M2 0.00 39,289,000.00 1.00000000 0.00 B1 0.00 30,325,000.00 1.00000000 0.00 B2 0.00 11,906,000.00 1.00000000 0.00 C 0.00 12,672,968.68 0.99996262 0.00 P 0.00 0.00 0.00000000 0.00 S 0.00 0.00 0.00000000 0.00 Totals 2932,~~034~~992,~~072~~789.6438 ~~664~~595,~~797~~801,~~792~~021.8724 0.~~83932699~~75221652 2932,~~034~~992,~~072~~789.6438

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 A1 298,080,000.00 ~~856~~751.~~64226127~~12257122 0.00000000 4648.~~69083783~~67922638 0.00000000 A2 343,195,000.00 ~~838~~740.~~29592969~~43685342 0.00000000 4453.~~04629351~~85418080 0.00000000 M1 56,592,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 39,289,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 30,325,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 11,906,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 12,673,442.37 999.96262341 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 S 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 4648.~~69083783~~67922638 ~~809~~702.~~95142344~~44334481 0.~~80995142~~70244334 4648.~~69083783~~67922638 A2 0.00000000 4453.~~04629351~~85418080 ~~794~~686.~~24963618~~58267265 0.~~79424964~~68658267 4453.~~04629351~~85418080 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 999.96262341 0.99996262 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 S 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 R 100.00 1.~~52000~~51875% 0.00 0.00 0.00 0.00 A1 298,080,000.00 1.~~52000~~51875% ~~255~~223,~~347~~894,~~925~~616.2403 ~~345~~292,~~003~~812.4218 0.00 0.00 A2 343,195,000.00 1.~~48000~~47875% ~~287~~254,~~698~~114,~~971~~225.5991 ~~378~~323,~~483~~580.9894 0.00 0.00 M1 56,592,000.00 1.~~97000~~96875% 56,592,000.00 9995,~~098~~941.8813 0.00 0.00 M2 39,289,000.00 3.~~07000~~06875% 39,289,000.00 ~~107~~103,~~215~~822.3255 0.00 0.00 B1 30,325,000.00 4.~~12000~~11875% 30,325,000.00 ~~111~~107,~~056~~553.8972 0.00 0.00 B2 11,906,000.00 4.~~12000~~11875% 11,906,000.00 4342,~~602~~227.4203 0.00 0.00 C 12,673,442.37 0.00000% 12,672,968.68 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 S 0.00 0.~~20063~~20188% ~~681~~616,~~158~~120,~~896~~841.8394 ~~121~~107,~~476~~107.3613 0.00 0.00 Totals 792,060,542.37 1,~~205~~073,~~937~~044.2768 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 R 0.00 0.00 0.00 0.00 0.00 A1 0.00 0.00 ~~345~~292,~~003~~812.4218 0.00 ~~241~~209,~~430~~384,~~320~~312.3022 A2 0.00 0.00 ~~378~~323,~~483~~580.9894 0.00 ~~272~~235,~~582~~631,~~503~~740.8934 M1 0.00 0.00 9995,~~098~~941.8813 0.00 56,592,000.00 M2 0.00 0.00 ~~107~~103,~~215~~822.3255 0.00 39,289,000.00 B1 0.00 0.00 ~~111~~107,~~056~~553.8972 0.00 30,325,000.00 B2 0.00 0.00 4342,~~602~~227.4203 0.00 11,906,000.00 C 0.00 0.00 32,~~120~~732,~~860~~159.5012 0.00 12,672,968.68 P 0.00 0.00 ~~498~~599,~~325~~582.8379 0.00 0.01 S 0.00 0.00 ~~121~~107,~~476~~107.3613 0.00 ~~652~~583,~~124~~128,~~824~~052.1956 Totals 0.00 0.00 4,~~825~~404,~~123~~786.6059 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 R 100.00 1.~~52000~~51875% 0.00000000 0.00000000 0.00000000 0.00000000 A1 298,080,000.00 1.~~52000~~51875% ~~856~~751.~~64226127~~12257122 10.~~15741888~~98232750 0.00000000 0.00000000 A2 343,195,000.00 1.~~48000~~47875% ~~838~~740.~~29592969~~43685342 10.~~10282487~~94284864 0.00000000 0.00000000 M1 56,592,000.00 1.~~97000~~96875% 1000.00000000 1.~~75111111~~69531259 0.00000000 0.00000000 M2 39,289,000.00 3.~~07000~~06875% 1000.00000000 2.~~72888900~~64253481 0.00000000 0.00000000 B1 30,325,000.00 4.~~12000~~11875% 1000.00000000 3.~~66222226~~54670140 0.00000000 0.00000000 B2 11,906,000.00 4.~~12000~~11875% 1000.00000000 3.~~66222241~~54670166 0.00000000 0.00000000 C 12,673,442.37 0.00000% 999.96262341 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 S 0.00 0.~~20063~~20188% ~~873~~790.~~96737363~~51968135 0.~~15586139~~13742482 0.00000000 0.00000000 Per $1000 denomination. class B and C certificates are per $1 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A1 0.00000000 0.00000000 10.~~15741888~~98232750 0.00000000 ~~809~~702.~~95142344~~44334481 A2 0.00000000 0.00000000 10.~~10282487~~94284864 0.00000000 ~~794~~686.~~24963618~~58267265 M1 0.00000000 0.00000000 1.~~75111111~~69531259 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~72888900~~64253481 0.00000000 1000.00000000 B1 0.00000000 0.00000000 3.~~66222226~~54670140 0.00000000 1000.00000000 B2 0.00000000 0.00000000 3.~~66222241~~54670166 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~246~~215.~~25199759~~58145295 0.00000000 999.96262341 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 S 0.00000000 0.00000000 0.~~15586139~~13742482 0.00000000 ~~836~~748.~~71493176~~18797047 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 3437,~~181~~194,~~283~~948.2786 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~245~~269,~~587~~740.5911 Realized Loss (Gains, Subsequent Expenses & Recoveries) (8129,~~938~~688.8072) Prepayment Penalties 0599,582.0079 Total Deposits 3437,~~417~~934,~~932~~583.0604 Withdrawals Reimbursement for Servicer Advances ~~258~~264,~~165~~267.76 Payment of Service Fee ~~300~~272,~~570~~739.0631 Payment of Interest and Principal 3337,~~859~~397,~~196~~575.2497 Total Withdrawals (Pool Distribution Amount) 3437,~~417~~934,~~932~~583.0604 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~288~~261,~~717~~997.1141 Credit Risk Manager Fee 8,~~961~~121.9992 Trustee Fee 2,~~890~~619.9698 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~300~~272,~~570~~739.0631

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 011 0 0 011 01,997,492.0003 0.00 0.00 01,997,492.0003 30 Days ~~264~~271 05 01 0 ~~264~~277 4243,~~561~~417,~~226~~591.9150 01,078,780.0003 0155,311.0049 0.00 4244,~~561~~651,~~226~~683.9102 60 Days 6665 01 01 0 6667 10,~~949~~952,~~076~~021.3010 0142,751.0053 054,140.0044 0.00 1011,~~949~~148,~~076~~913.3007 90 Days 2959 024 047 012 29142 47,~~091~~539,~~465~~867.1907 03,417,204.0018 09,955,106.0031 02,079,835.0073 422,~~091~~992,~~465~~013.1929 120 Days 890 0 0 0 890 ~~16,009,214~~0.8200 0.00 0.00 0.00 ~~16,009,214~~0.8200 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~448~~395 041 049 012 ~~448~~497 7361,~~610~~909,~~983~~479.2267 06,636,227.0077 010,164,558.0024 02,079,835.00 73 80,~~610~~790,~~983~~101.2241 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~~289245% 0.000000% 0.000000% 0.~~000000~~289245% 0.~~000000~~334964% 0.000000% 0.000000% 0.~~000000~~334964% 30 Days 67.~~312769~~125953% 0.~~000000~~131475% 0.~~000000~~026295% 0.000000% 67.~~312769~~283723% 67.~~396986~~280795% 0.~~000000~~180903% 0.~~000000~~026045% 0.000000% 67.~~396986~~487742% 60 Days 1.~~578192~~709177% 0.~~000000~~026295% 0.~~000000~~026295% 0.000000% 1.~~578192~~761767% 1.~~645655~~836569% 0.~~000000~~023938% 0.~~000000~~009079% 0.000000% 1.~~645655~~869587% 90 Days 01.~~693448~~551407% 0.~~000000~~631081% 01.~~000000~~235866% 0.~~000000~~315540% 03.~~693448~~733894% 01.~~614950~~264377% 0.~~000000~~573039% 01.~~000000~~669394% 0.~~000000~~348772% 03.~~614950~~855583% 120 Days 20.~~128168~~000000% 0.000000% 0.000000% 0.000000% 20.~~128168~~000000% 20.~~406198~~000000% 0.000000% 0.000000% 0.000000% 20.~~406198~~000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 10.~~712578~~386537% 01.~~000000~~078096% 01.~~000000~~288456% 0.~~000000~~315540% 1013.~~712578~~068630% 1110.~~063790~~381742% 01.~~000000~~112844% 01.~~000000~~704518% 0.~~000000~~348772% 1113.~~063790~~547876%

(7)Bankruptcy and Foreclosure information is included in the amount reported in the Delinquent column. The total column is overstated by these amounts. All 90+ delinquencies are reported in the 90 day delinquency field. OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~245~~269,~~587~~740.5911

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~018611~~029911% Weighted Average Net Coupon 7.~~519268~~529911% Weighted Average Pass-Through Rate 7.~~498768~~509412% Weighted Average Maturity(Stepdown Calculation ) 1 Beginning Scheduled Collateral Loan Count 43,~~332~~981 Number Of Loans Paid In Full ~~150~~178 Ending Scheduled Collateral Loan Count 43,~~182~~803 Beginning Scheduled Collateral Balance ~~693~~628,~~831~~793,~~865~~810.5162 Ending Scheduled Collateral Balance ~~664~~595,~~797~~801,~~792~~021.8724 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~665~~596,~~332~~330,~~463~~376.2589 Monthly P &I Constant 54,~~146~~676,~~499~~989.6818 Special Servicing Fee 0.00 Prepayment Penalties 0599,582.0079 Realized Loss Amount 8129,~~938~~688.8072 Cumulative Realized Loss 74344,~~576~~156.7512 Ending Scheduled Balance for Premium Loans ~~664~~595,~~797~~801,~~792~~021.8724 Scheduled Principal ~~510~~470,~~193~~764.0417 Unscheduled Principal 2832,~~523~~522,~~879~~025.6021 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 12,672,968.68 Overcollateralized Amount 12,672,968.68 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 8129,~~938~~688.8072 Excess Cash Amount 32,~~129~~861,~~799~~848.2923

Filing Compare · MERRILL LYNCH MORT INV INC MORT LN AST BCK CE SER 2003-WMC1