8-K 1 mlm03wm1.txt MAY 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): May 27, 2003 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2003-WMC1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-101760-03 54-2102397 Pooling and Servicing Agreement) (Commission 54-2102398 (State or other File Number) 54-2102399 jurisdiction 54-6535292 of Incorporation) 54-6535291 54-6535287 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 May 27, 2003 a distribution was made to holders of MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certificates, 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 Certificates, Series 2003-WMC1 Trust, relating to the May 27, 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 Certificates, Series 2003-WMC1 Trust By: Wells Fargo Bank Minnesota, N.A., as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 5/28/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Asset-Backed Certificates, Series 2003-WMC1 Trust, relating to the May 27, 2003 distribution.

Merrill Lynch Mortgage Loans, Inc. Mortgage ~~Loan~~ Asset-Backed Certificates Record Date: 24/2830/03 ~~3/25/03~~ Distribution Date: 5/27/03 MLM Series: 2003-~~WMC1~~WM1 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.~~72063~~72000% ~~100~~0.00 0.0700 ~~100~~0.00 A1 589929J25 Sen 1.~~72063~~72000% ~~298~~292,~~080~~502,~~000~~157.0085 ~~199~~447,~~455~~203.4330 25,~~411~~400,~~063~~310.3789 A2 589929J33 Sen 1.~~68063~~68000% ~~343~~332,~~195~~148,~~000~~891.0003 ~~224~~496,~~304~~009.8201 37,~~228~~989,~~634~~436.4746 M1 589929J41 Sub 2.~~17063~~17000% 56,592,000.00 47109,~~771~~159.2268 0.00 M2 589929J58 Sub 3.~~27063~~27000% 39,289,000.00 49114,~~972~~200.1403 0.00 B1 589929J66 Sub 4.~~32063~~32000% 30,325,000.00 50116,~~953~~448.4300 0.00 B2 589929J74 Sub 4.~~32060~~32000% 11,906,000.00 2045,~~004~~719.8604 0.00 C 58992903C Sub 0.00000% 12,~~673~~699,~~442~~647.3700 43,~~360~~541,~~949~~973.2451 0.00 P 58992903P Sub 0.00000% 0.00 61173,~~127~~371.3971 0.00 S 589929J90 Sub 0.~~00000~~00063% 0.00 0427.0015 0.00 Totals ~~792~~775,~~060~~462,~~542~~695.3788 5,~~014~~044,~~538~~511.6043 513,~~639~~389,~~797~~747.8435

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 ~~100~~0.0700 0.00 A1 0.00 ~~295~~287,~~668~~101,~~936~~846.6396 25,~~610~~847,~~518~~514.8019 0.00 A2 0.00 ~~339~~324,~~966~~159,~~365~~454.5357 38,~~452~~485,~~939~~445.2947 0.00 M1 0.00 56,592,000.00 47109,~~771~~159.2268 0.00 M2 0.00 39,289,000.00 49114,~~972~~200.1403 0.00 B1 0.00 30,325,000.00 50116,~~953~~448.4300 0.00 B2 0.00 11,906,000.00 2045,~~004~~719.8604 0.00 C 0.00 12,699,647.00 43,~~360~~541,~~949~~973.2451 0.00 P 0.00 0.00 61173,~~127~~371.3971 0.00 S 0.00 0.00 0427.0015 0.00 Totals 0.00 ~~786~~762,~~446~~072,~~949~~948.1653 1018,~~654~~434,~~336~~258.4478 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 ~~100~~0.00 0.00 ~~100~~0.00 0.00 0.00 A1 298,080,000.00 ~~298~~292,~~080~~502,~~000~~157.0085 0.00 25,~~411~~400,~~063~~310.3789 0.00 0.00 A2 343,195,000.00 ~~343~~332,~~195~~148,~~000~~891.0003 0.00 37,~~228~~989,~~634~~436.4746 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,~~673~~699,~~442~~647.3700 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 ~~792~~775,~~060~~462,~~542~~695.3788 0.00 513,~~639~~389,~~797~~747.8435 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 ~~100~~0.00 0.00 0.00000000 ~~100~~0.00 A1 25,~~411~~400,~~063~~310.3789 ~~295~~287,~~668~~101,~~936~~846.6396 0.~~99191135~~96317045 25,~~411~~400,~~063~~310.3789 A2 37,~~228~~989,~~634~~436.4746 ~~339~~324,~~966~~159,~~365~~454.5357 0.~~99059242~~94453432 37,~~228~~989,~~634~~436.4746 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 12,699,647.00 1.00206768 0.00 P 0.00 0.00 0.00000000 0.00 S 0.00 0.00 0.00000000 0.00 Totals 513,~~639~~389,~~797~~747.8435 ~~786~~762,~~446~~072,~~949~~948.1653 0.~~99291267~~96213977 513,~~639~~389,~~797~~747.8435

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 100.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 A1 298,080,000.00 ~~1000~~981.~~00000000~~28743240 0.00000000 818.~~08864523~~11698500 0.00000000 A2 343,195,000.00 ~~1000~~967.~~00000000~~81389889 0.00000000 923.~~40758015~~27958292 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 ~~1000~~1002.~~00000000~~06768053 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 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 A1 0.00000000 818.~~08864523~~11698500 ~~991~~963.~~91135477~~17044740 0.~~99191135~~96317045 818.~~08864523~~11698500 A2 0.00000000 923.~~40758015~~27958292 ~~990~~944.~~59241985~~53431597 0.~~99059242~~94453432 923.~~40758015~~27958292 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 1,002.06768053 1.00206768 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, ~~Bankrupcy~~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.~~72063~~72000% ~~100~~0.00 0.0700 0.00 0.00 A1 298,080,000.00 1.~~72063~~72000% ~~298~~292,~~080~~502,~~000~~157.0085 ~~199~~447,~~455~~203.4330 0.00 0.00 A2 343,195,000.00 1.~~68063~~68000% ~~343~~332,~~195~~148,~~000~~891.0003 ~~224~~496,~~304~~009.8201 0.00 0.00 M1 56,592,000.00 2.~~17063~~17000% 56,592,000.00 47109,~~771~~159.2368 0.00 0.00 M2 39,289,000.00 3.~~27063~~27000% 39,289,000.00 49114,~~972~~200.1403 0.00 0.00 B1 30,325,000.00 4.~~32063~~32000% 30,325,000.00 50116,~~953~~448.4300 0.00 0.00 B2 11,906,000.00 4.~~32060~~32000% 11,906,000.00 2045,~~004~~719.8604 0.00 0.00 C 12,673,442.37 0.00000% 12,~~673~~699,~~442~~647.3700 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 S 0.00 0.~~00000~~00063% ~~779~~762,~~387~~763,~~100~~048.0088 0427.0015 0.00 0.00 Totals 792,060,542.37 ~~592~~1,~~461~~329,166.9821 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 0.0700 0.00 0.00 A1 0.00 0.00 ~~199~~447,~~455~~203.4330 0.00 ~~295~~287,~~668~~101,~~936~~846.6396 A2 0.00 0.00 ~~224~~496,~~304~~009.8201 0.00 ~~339~~324,~~966~~159,~~365~~454.5357 M1 0.00 0.00 47109,~~771~~159.2268 0.00 56,592,000.00 M2 0.00 0.00 49114,~~972~~200.1403 0.00 39,289,000.00 B1 0.00 0.00 50116,~~953~~448.4300 0.00 30,325,000.00 B2 0.00 0.00 2045,~~004~~719.8604 0.00 11,906,000.00 C 0.00 0.00 43,~~360~~541,~~949~~973.2451 0.00 12,699,647.00 P 0.00 0.00 61173,~~127~~371.3971 0.00 0.01 S 0.00 0.00 0427.0015 0.00 ~~773~~749,~~747~~373,~~302~~301.1653 Totals 0.00 0.00 5,~~014~~044,~~538~~511.6043 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 R 100.00 1.~~72063~~72000% ~~1000~~0.00000000 0.~~70000000~~00000000 0.00000000 0.00000000 A1 298,080,000.00 1.~~72063~~72000% ~~1000~~981.~~00000000~~28743240 01.~~66913389~~50027946 0.00000000 0.00000000 A2 343,195,000.00 1.~~68063~~68000% ~~1000~~967.~~00000000~~81389889 01.~~65357834~~44526875 0.00000000 0.00000000 M1 56,592,000.00 2.~~17063~~17000% 1000.00000000 01.~~84413398~~92888889 0.00000000 0.00000000 M2 39,289,000.00 3.~~27063~~27000% 1000.00000000 12.~~27191173~~90666675 0.00000000 0.00000000 B1 30,325,000.00 4.~~32063~~32000% 1000.00000000 13.~~68024501~~84000000 0.00000000 0.00000000 B2 11,906,000.00 4.~~32060~~32000% 1000.00000000 13.~~68023350~~84000000 0.00000000 0.00000000 C 12,673,442.37 0.00000% ~~1000~~1002.~~00000000~~06768053 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 S 0.00 0.~~00000~~00063% ~~1000~~978.~~00000000~~67035377 0.~~00000000~~00054806 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.~~70000000~~00000000 0.00000000 0.00000000 A1 0.00000000 0.00000000 01.~~66913389~~50027946 0.00000000 ~~991~~963.~~91135477~~17044740 A2 0.00000000 0.00000000 01.~~65357834~~44526875 0.00000000 ~~990~~944.~~59241985~~53431597 M1 0.00000000 0.00000000 01.~~84413380~~92888889 0.00000000 1000.00000000 M2 0.00000000 0.00000000 12.~~27191173~~90666675 0.00000000 1000.00000000 B1 0.00000000 0.00000000 13.~~68024501~~84000000 0.00000000 1000.00000000 B2 0.00000000 0.00000000 13.~~68023350~~84000000 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~344~~279.~~10139824~~47998709 0.00000000 1002.06768053 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 S 0.00000000 0.00000000 0.~~00000000~~00054806 0.00000000 ~~992~~961.~~76380397~~49051162 (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 1018,~~871~~461,~~755~~457.2665 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 65135,~~010~~786.0737 Realized Losses 0.00 Prepayment Penalties 61173,~~127~~371.3971 Total Deposits 1018,~~997~~770,~~892~~615.7273 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~343~~336,~~556~~356.2795 Payment of Interest and Principal 1018,~~654~~434,~~336~~258.4578 Total Withdrawals (Pool Distribution Amount) 1018,~~997~~770,~~892~~615.7273 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~330~~323,~~025~~109.1946 Credit Risk Manager Fee 10,~~230~~016.8139 Trustee Fee 3,~~300~~231.2710 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~343~~336,~~556~~356.2795

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 42200 0 0 0 42200 833,~~779~~770,~~051~~520.7444 0.00 0.00 0.00 833,~~779~~770,~~051~~520.7444 60 Days 065 0 0 0 065 012,776,450.0097 0.00 0.00 0.00 012,776,450.0097 90 Days 01 0 0 0 01 0165,219.0059 0.00 0.00 0.00 0165,219.0059 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 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 42266 0 0 0 42266 846,~~779~~712,~~051~~191.7400 0.00 0.00 0.00 846,~~779~~712,~~051~~191.7400 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 04.~~873181~~256225% 0.000000% 0.000000% 0.000000% 04.~~873181~~256225% 14.~~115723~~428675% 0.000000% 0.000000% 0.000000% 14.~~115723~~428675% 60 Days 01.~~000000~~383273% 0.000000% 0.000000% 0.000000% 01.~~000000~~383273% 01.~~000000~~675507% 0.000000% 0.000000% 0.000000% 01.~~000000~~675507% 90 Days 0.~~000000~~021281% 0.000000% 0.000000% 0.000000% 0.~~000000~~021281% 0.~~000000~~021667% 0.000000% 0.000000% 0.000000% 0.~~000000~~021667% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 05.~~873181~~660779% 0.000000% 0.000000% 0.000000% 05.~~873181~~660779% 16.~~115723~~125850% 0.000000% 0.000000% 0.000000% 16.~~115723~~125850%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 65135,~~010~~786.07 (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.37

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~064796~~058410% Weighted Average Net Coupon 7.~~564796~~558410% Weighted Average Pass-Through Rate 7.~~544296~~537909% Weighted Average Maturity(Stepdown Calculation ) 1 Beginning Scheduled Collateral Loan Count 4,~~838~~762 Number Of Loans Paid In Full 2863 Ending Scheduled Collateral Loan Count 4,~~810~~699 Beginning Scheduled Collateral Balance ~~792~~775,~~060~~462,~~542~~695.3788 Ending Scheduled Collateral Balance ~~786~~762,~~446~~072,~~949~~948.1653 Ending Actual Collateral Balance at 2830-~~Feb~~Apr-2003 ~~786~~762,~~848~~542,~~832~~248.9743 Monthly P &I Constant 5,~~889~~767,~~947~~634.0374 Special Servicing Fee 0.00 Prepayment Penalties 61173,~~127~~371.3971 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~786~~762,~~446~~072,~~949~~948.1653 Scheduled Principal ~~566~~558,~~774~~394.9384 Unscheduled Principal 512,~~046~~831,~~818~~352.2851 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 12,699,647.00 Overcollateralized Amount 12,699,647.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~26,204~~0.6300 Excess Cash Amount 43,~~373~~541,~~146~~973.7551

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