8-K 1 ml02afc1_200202.htm MONTHLY DISTRIBUTION STATEMENTS 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: February 5, 2002
(Date of earliest event reported)

Merrill Lynch Mortgage Investors, INC., (as depositor under Pooling and
Servicing Agreement, dated as of February 1, 2002, which forms Mortgage
Loans Asset Backed Certificates, series 2002-AFC 1)
(Exact name of registrant as specified in charter)

Delaware (State or other jurisdiction of organization)
333-47270 (Commission File No.)
###-##-#### (I.R.S. Employer Identification No.)

World Financial Center, North Tower, New York, New York 10281
(Address of principal executive offices) (Zip Code)

Registrant's Telephone Number, including area code
(212) 449-1000

(Former name or former address, if changed since
last report.)

Item 5. This current report on From 8-K relates to the monthly
Distribution reported to the holders of Merrill Lynch Mortgage
Investors, Inc., Mortgage Pass-Through Certificates, Series 2002-AFC 1,
which was made on February 25, 2002.

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS

(c) Exhibits

Exhibit No. Description

99.1 Monthly distribution report pursuant to
Section 4.02 of the Pooling and Servicing Agreement
for the distribution on February 25, 2002.

Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on behalf of the Registrant by the undersigned
thereunto duly authorized.

LASALLE BANK N.A. IN
ITS CAPACITY AS AGENT FOR THE
TRUSTEE
UNDER THE POOLING AND
SERVICING AGREEMENT ON
BEHALF OF Merrill Lynch
Mortgage Investors, Inc., REGISTRANT

By:

/s/ Russell Goldenberg
Russell Goldenberg,
Group Senior Vice President

Date: February 25, 2002.

ABN AMRO

LASALLE BANK

N.A.

MERRILL LYNCH MORTGAGE INVESTORS, INC.

STATEMENT DATE:

02/25/2002

ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1

PAYMENT DATE:

02/25/2002

135 S. LASALLE STREET SUITE 1625

CHICAGO, IL 60603-4159

USA

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

03/25/2002

RECORD DATE:

02/22/2002

ABN AMRO ACCT: 67-8946-30-2

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

CHRISTOPHER LEWIS (312) 904-7992

ARTUR OGANEZOV

CHRISTOPHER.LEWIS@ABNAMRO.COM

ARTUR.OGANEZOV@ABNAMRO.COM

PAGE(S)

ISSUE ID:

ML02AFC1

CLOSING DATE:

2/7/2002

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2-3

CASH RECONCILIATION SUMMARY

PAGE 4

FIRST PAYMENT DATE:

2/25/2002

MONTHLY DATA FILE NAME:

BOND INTEREST RECONCILIATION

PAGE 5

ASSUMED FINAL PAYMENT: DATE:

9/25/2032

ML02AFC1_200202_3.ZIP

OTHER RELATED INFORMATION

PAGE 6

ASSET-BACKED FACTS ~ 15 MONTH LOAN STATUS SUMMARY

PAGE 7

ASSET-BACKED FACTS ~ 15 MONTH PAYOFF/LOSS SUMMARY

PAGE 8

HISTORICAL REO REPORT

PAGE 9

REALIZED LOSS DETAIL

PAGE 10

PARTIES TO THE TRANSACTION

ISSUER: MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.

UNDERWRITER: MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.

MASTER SERVICER: FAIRBANKS CAPITAL CORPORATION

RATING AGENCY: STANDARD & POOR'S CORPORATION/MOODY'S INVESTORS SERVICE, INC.

INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES

LASALLE WEB SITE

WWW.ETRUSTEE.NET

LASALLE FACTOR LINE

(800) 246-5761

02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.

PAGE 1 OF 10





	ABN AMRO

	LASALLE BANK		N.A.
*MERRILL LYNCH MORTGAGE INVESTORS, INC.*

										*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																											STATEMENT DATE:								02/25/2002

																																		PAYMENT DATE:						02/25/2002
WAC:						16.149729%																															PRIOR PAYMENT:							N/A
																																		NEXT PAYMENT:								03/25/2002
																																		RECORD DATE:									02/22/2002
										*REMIC III*
										*ABN AMRO ACCT: 67-8946-30-2*


									ORIGINAL							OPENING		PRINCIPAL			PRINCIPAL			NEGATIVE				CLOSING					INTEREST				INTEREST					PASS-THROUGH
				CLASS				FACE VALUE (1)								BALANCE		PAYMENT			ADJ. OR LOSS			AMORTIZATION				BALANCE					PAYMENT (2)				ADJUSTMENT					RATE

			CUSIP												PER $ 1000				PER $ 1000			PER $ 1000			PER $ 1000				PER $ 1000						PER $ 1000		PER $ 1000		NEXT RATE(3)
	AF-1						166,000,000.00					166,000,000.00					9,221,231.30			0.00			0.00				156,778,768.70				171,913.75					0.00					2.07125000%
	589929XU7													1000.000000000			55.549586145			0.000000000			0.000000000				944.450413855					1.035625000				0.000000000							N/A

	AF-2						82,000,000.00					82,000,000.00					0.00			0.00			0.00				82,000,000.00				356,700.00					0.00					5.22000000%
	589929XV5													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					4.350000000				0.000000000							N/A

	AF-3						45,143,000.00					45,143,000.00					0.00			0.00			0.00				45,143,000.00				246,405.54					0.00					6.55000000%
	589929XW3													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					5.458333296				0.000000000							N/A

	AF-IO						73,600,000.00				N	73,600,000.00					0.00			0.00			0.00				73,600,000.00				410,933.33					0.00					6.70000000%
	589929XX1													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					5.583333288				0.000000000							N/A

	MF-1						25,614,000.00					25,614,000.00					0.00			0.00			0.00				25,614,000.00				140,450.10					0.00					6.58000000%
	589929XY9													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					5.483333333				0.000000000							N/A

	MF-2						19,922,000.00					19,922,000.00					0.00			0.00			0.00				19,922,000.00				121,524.20					0.00					7.32000000%
	589929XZ6													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					6.100000000				0.000000000							N/A

	BF-1						20,871,000.00					20,871,000.00					0.00			0.00			0.00				20,871,000.00				137,748.60					0.00					7.92000000%
	589929YA0													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					6.600000000				0.000000000							N/A

	AV-1						146,727,000.00					146,727,000.00					3,842,818.02			0.00			0.00				142,884,181.98				162,225.04					0.00					2.21125000%
	589929YB8													1000.000000000			26.190258235			0.000000000			0.000000000				973.809741765					1.105625004				0.000000000							N/A

	AV-IO						37,000,000.00				N	37,000,000.00					0.00			0.00			0.00				37,000,000.00				154,166.67					0.00					5.00000000%
	589929YC6													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					4.166666757				0.000000000							N/A

	MV-1						13,695,000.00					13,695,000.00					0.00			0.00			0.00				13,695,000.00				19,455.46					0.00					2.84125000%
	589929YD4													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					1.420625046				0.000000000							N/A

	MV-2						14,184,000.00					14,184,000.00					0.00			0.00			0.00				14,184,000.00				25,823.75					0.00					3.64125000%
	589929YE2													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					1.820625353				0.000000000							N/A

	BV-1						9,293,000.00					9,293,000.00					0.00			0.00			0.00				9,293,000.00				19,242.32					0.00					4.14125000%
	589929YF9													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					2.070625202				0.000000000							N/A

	C						571,972,863.34				N	571,972,863.34					0.00			0.00			0.00				561,479,252.07				2,979,044.17					(2,570,438.05)					11.64282274%
	9ABSH131													1000.000000000			0.000000000			0.000000000			0.000000000				981.653655370					5.208366272				(4.493986017)							N/A

	R						0.00					0.00					0.00			0.00			0.00				0.00				0.00					0.00					N/A
	9ABSH132													0.000000000			0.000000000			0.000000000			0.000000000				0.000000000					0.000000000				0.000000000

	RI						0.00					0.00					0.00			0.00			0.00				0.00				0.00					0.00					N/A
	9ABSH150													0.000000000			0.000000000			0.000000000			0.000000000				0.000000000					0.000000000				0.000000000

	RII						0.00					0.00					0.00			0.00			0.00				0.00				0.00					0.00					N/A
	9ABSH151													0.000000000			0.000000000			0.000000000			0.000000000				0.000000000					0.000000000				0.000000000



		TOTAL			543,449,000.00								543,449,000.00				13,064,049.32			0.00			0.00				530,384,950.68				4,945,632.93					(2,570,438.05)

																										TOTAL P&I PAYMENT				18,009,682.25


NOTES: (1) N DENOTES NOTIONAL BALANCE NOT INCLUDED IN TOTAL (2) ACCRUED INTEREST PLUS/MINUS INTEREST ADJUSTMENT MINUS DEFERRED INTEREST EQUALS INTEREST PAYMENT (3) ESTIMATED. * DENOTES CONTROLLING CLASS
02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.																																						PAGE 2 OF 10





	ABN AMRO

	LASALLE BANK	N.A.
	*MERRILL LYNCH MORTGAGE INVESTORS, INC.*
	*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																													STATEMENT DATE:					02/25/2002
																											PAYMENT DATE:				02/25/2002
																											PRIOR PAYMENT:					N/A
																											NEXT PAYMENT:						03/25/2002
																											RECORD DATE:							02/22/2002
				*ABN AMRO ACCT: 67-8946-30-2*
				*CASH RECONCILIATION SUMMARY*


			INTEREST SUMMARY										SERVICING FEE SUMMARY																									PRINCIPAL SUMMARY
			CURRENT SCHEDULED INTEREST				7,697,672.36						CURRENT SERVICING FEES									178,741.52																SCHEDULED:
			LESS DEFERRED INTEREST				0.00						PLUS FEES ADVANCED FOR PPIS									0.00																CURRENT SCHEDULED PRINCIPAL				439,067.34
			PLUS ADVANCE INTEREST				0.00						LESS REDUCTION FOR PPIS									0.00																ADVANCED SCHEDULED PRINCIPAL				0.00
			PLUS UNSCHEDULED INTEREST				0.00						PLUS DELINQUENT SERVICING FEES										0.00															SCHEDULED PRINCIPAL DISTRIBUTION				439,067.34
			PPIS REDUCING SCHEDULED INTEREST				0.00						TOTAL SERVICING FEES									178,741.52																UNSCHEDULED:
			LESS TOTAL FEES PAID TO SERVICER				(178,741.52)																															CURTAILMENTS				264,618.23
			PLUS FEES ADVANCED FOR PPIS				0.00																															PREPAYMENTS IN FULL				9,789,925.70
			LESS FEE STRIPS PAID BY SERVICER				0.00						PPIS SUMMARY																									LIQUIDATION PROCEEDS				0.00
			LESS MISC. FEES & EXPENSES				0.00						GROSS PPIS									0.00																REPURCHASE PROCEEDS				0.00
			LESS NON RECOVERABLE ADVANCES				0.00							REDUCED BY PPIE								0.00																OTHER PRINCIPAL PROCEEDS				0.00
			INTEREST DUE TRUST				7,518,930.84							REDUCED BY SHORTFALLS IN FEES								0.00																UNSCHEDULED PRINCIPAL DISTRIBUTION				10,054,543.93
			LESS TRUSTEE FEE				(2,859.86)							REDUCED BY OTHER AMOUNTS								0.00																REMITTANCE PRINCIPAL				10,493,611.27
			LESS FEE STRIPS PAID BY TRUST				0.00							NET PPIS								0.00
			LESS MISC. FEES PAID BY TRUST				0.00						PPIS REDUCING SERVICING FEE									0.00																SERVICER WIRE AMOUNT				18,012,542.11
			LESS INTEREST RESERVE WITHHOLDING						0.00				PPIS ALLOCATED TO CERTIFICATES									0.00
			PLUS INTEREST RESERVE DEPOSIT					0.00
			REMITTANCE INTEREST				7,516,070.98								POOL BALANCE SUMMARY
																							BALANCE/AMOUNT					COUNT
													BEGINNING POOL									571,972,863.34								8,751
													SCHEDULED PRINCIPAL DISTRIBUTION									439,067.34
													UNSCHEDULED PRINCIPAL DISTRIBUTION							10,054,543.93																157
													DEFERRED INTEREST							0.00
													LIQUIDATIONS							0.00																	0
													REPURCHASES							0.00														0
													ENDING POOL							561,479,252.07									8,594
					ADVANCES
						PRIOR OUTSTANDING							CURRENT PERIOD								RECOVERED																	ENDING OUTSTANDING
							PRINCIPAL				INTEREST					PRINCIPAL		INTEREST						PRINCIPAL		INTEREST													PRINCIPAL		INTEREST
		MADE BY: SERVICER		0.00						0.00		0.00					0.00		0.00						0.00													0.00		0.00

02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.																																											PAGE 4 OF 10





	ABN AMRO

	LASALLE BANK	N.A.

				*MERRILL LYNCH MORTGAGE INVESTORS, INC.*

															*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																																				STATEMENT DATE:								02/25/2002
																																																			PAYMENT DATE:								02/25/2002
																																	PRIOR PAYMENT:								N/A
																																	NEXT PAYMENT:									03/25/2002
																																	RECORD DATE:										02/22/2002


															*ABN AMRO ACCT: 67-8946-30-2*
															*BOND INTEREST RECONCILIATION*


																							DEDUCTIONS																									ADDITIONS
																																	REMAINING
															ACCRUAL							PASS							ACCRUED								ADD.
DEFERRED &

					PRIOR						PREPAY-					OTHER	DISTRIBUTABLE							INTEREST			OUTSTANDING
																																	CREDIT SUPPORT
													THRU								CERTIFICATE							ALLOCABLE				TRUST				ACCRETION				INTEREST					INT. SHORT-							MENT					INTEREST			CERTIFICATE		PAYMENT			INTEREST
			CLASS			METHOD DAYS								RATE						INTEREST							PPIS					EXPENSE (1)			INTEREST				LOSSES					FALLS DUE									PENALTIES			PROCEEDS (2)
INTEREST

			AMOUNT					SHORTFALLS				ORIGINAL							CURRENT(3)

		AF-1					ACT/360		18	2.071250000%								171,913.75								0.00					0.00				0.00			0.00									0.00		0.00					0.00				171,913.75			171,913.75		0.00			NA	NA
		AF-2					30/360		30	5.220000000%								356,700.00								0.00					0.00				0.00			0.00									0.00		0.00					0.00				356,700.00			356,700.00		0.00			NA	NA
		AF-3					30/360		30	6.550000000%								246,405.54								0.00					0.00				0.00			0.00									0.00		0.00					0.00				246,405.54			246,405.54		0.00			NA	NA
		AF-IO					30/360		30	6.700000000%								410,933.33								0.00					0.00				0.00			0.00									0.00		0.00					0.00				410,933.33			410,933.33		0.00			NA	NA
		MF-1					30/360		30	6.580000000%								140,450.10								0.00					0.00				0.00			0.00									0.00		0.00					0.00				140,450.10			140,450.10		0.00			NA	NA
		MF-2					30/360		30	7.320000000%								121,524.20								0.00					0.00				0.00			0.00									0.00		0.00					0.00				121,524.20			121,524.20		0.00			NA	NA
		BF-1					30/360		30	7.920000000%								137,748.60								0.00					0.00				0.00			0.00									0.00		0.00					0.00				137,748.60			137,748.60		0.00			NA	NA
		AV-1					ACT/360		18	2.211250000%								162,225.04								0.00					0.00				0.00			0.00									0.00		0.00					0.00				162,225.04			162,225.04		0.00			NA	NA
		AV-IO					30/360		30	5.000000000%								154,166.67								0.00					0.00				0.00			0.00									0.00		0.00					0.00				154,166.67			154,166.67		0.00			NA	NA
		MV-1					ACT/360		18	2.841250000%								19,455.46								0.00					0.00				0.00			0.00									0.00		0.00					0.00				19,455.46			19,455.46		0.00			NA	NA
		MV-2					ACT/360		18	3.641250000%								25,823.75								0.00					0.00				0.00			0.00									0.00		0.00					0.00				25,823.75			25,823.75		0.00			NA	NA
		BV-1					ACT/360		18	4.141250000%								19,242.32								0.00					0.00				0.00			0.00									0.00		0.00					0.00				19,242.32			19,242.32		0.00			NA	NA
		C					30/360		30	11.642822740%								5,549,482.22								0.00					0.00				0.00			0.00									0.00		0.00					0.00				5,549,482.22			2,979,044.17		2,570,438.05			NA	NA
																			7,516,070.98						0.00					0.00				0.00				0.00								0.00				0.00					0.00			7,516,070.98			4,945,632.93			2,570,438.05

	(1) ADDITIONAL TRUST EXPENSES ARE FEES ALLOCATED DIRECTLY TO THE BOND RESULTING IN A DEDUCTION TO ACCRUED INTEREST.
	(2) OTHER INTEREST PROCEEDS INCLUDE DEFAULT INTEREST, PPIE, INTEREST DUE ON OUTSTANDING LOSSES, INTEREST DUE ON OUTSTANDING SHORTFALLS AND RECOVERIES OF INTEREST.
	(3) DETERMINED AS FOLLOWS: (A) THE ENDING BALANCE OF ALL THE CLASSES LESS (B) THE SUM OF (I) THE ENDING BALANCE OF THE CLASS AND (II) THE ENDING BALANCE OF ALL CLASSES WHICH ARE NOT SUBORDINATE TO THE CLASS DIVIDED BY (A).
																																	PAGE 5 OF 10
	02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

MERRILL LYNCH MORTGAGE INVESTORS, INC.

ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1

STATEMENT DATE:

02/25/2002

PAYMENT DATE:

02/25/2002

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

03/25/2002

RECORD DATE:

02/22/2002

ABN AMRO ACCT: 67-8946-30-2

OTHER RELATED INFORMATION

GROUP 1 TRIGGER EVENTS

NOT OCCURING

CUMULATIVE REALIZED LOSSES TEST

SATISFIED

CURRENT DELINQUENCY TEST

SATISFIED

GROUP 2 TRIGGER EVENTS

NOT OCCURING

CUMULATIVE REALIZED LOSSES TEST

SATISFIED

CURRENT DELINQUENCY TEST

SATISFIED

BASIS RISK RESERVE FUND BEGINNING BALANCE

$5,000.00

DEPOSITS TO BASIS RISK RESERVE FUND

0.00

WITHDRAWL TO BASIS RISK RESERVE FUND

0.00

BASIS RISK RESERVE FUND ENDING BALANCE

$5,000.00

NET MONTHLY EXCESS CASHFLOW

$5,549,482.22

CLASS M-1 INT CARRY FORWARD AMT - FUNDED BY NET MONTHLY EXCESS CF

0.00

CLASS M-2 INT CARRY FORWARD AMT. - FUNDED BY NET MONTHLY EXCESS CF

0.00

CLASS B-1 INT CARRY FORWARD AMT. - FUNDED BY NET MONTHLY EXCESS CF

0.00

CLASS M-1 REALIZED LOSS AMORT. AMT. - FUNDED BY NET MONTHLY EXCESS CF

0.00

CLASS M-2 REALIZED LOSS AMORT. AMT. - FUNDED BY NET MONTHLY EXCESS CF

0.00

CLASS B-1 REALIZED LOSS AMORT. AMT. - FUNDED BY NET MONTHLY EXCESS CF

0.00

CUMMULATIVE LOSS PERCENTAGE

0.00 %

RESULTS OF SERVICER PERFORMANCE EVALUATION, IF ANY

NONE

02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.

PAGE 6 OF 10





		ABN AMRO

		LASALLE BANK		N.A.
		*MERRILL LYNCH MORTGAGE INVESTORS, INC.*

																																STATEMENT DATE:							02/25/2002
												*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																															PAYMENT DATE:							02/25/2002

																																PRIOR PAYMENT:								N/A
																																NEXT PAYMENT:									03/25/2002
																																RECORD DATE:										02/22/2002

												*ABN AMRO ACCT: 67-8946-30-2*

												*ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL LOAN STATUS SUMMARY*



											DELINQUENCY AGING CATEGORIES																								SPECIAL EVENT CATEGORIES (1)


DISTRIBUTION
DATE
DELINQ 1 MONTH								DELINQ 2 MONTHS					DELINQ 3+ MONTHS					FORECLOSURE						REO				MODIFICATIONS									SPECIALLY SERVICED							BANKRUPTCY
	# BALANCE								# BALANCE					# BALANCE					# BALANCE					# BALANCE							# BALANCE							# BALANCE								# BALANCE


					2/25/02		0		0						0	0				0	0			0	0				0	0			0			0					0		0					0			0
						0.00%				0.00%			0.00%				0.00%			0.00%		0.00%	0.00%			0.00%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.00%			0.00%
			(1) NOTE: MODIFICATION, SPECIALLY SERVICED & BANKRUPTCY TOTALS ARE INCLUDED IN THE APPROPRIATE DELINQUENCY AGING CATEGORY
				02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.																																											PAGE 7 OF 10





	ABN AMRO

	LASALLE BANK		N.A.
	*MERRILL LYNCH MORTGAGE INVESTORS, INC.*
	*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																															STATEMENT DATE:							02/25/2002
																												PAYMENT DATE:								02/25/2002
																												PRIOR PAYMENT:									N/A
																												NEXT PAYMENT:											03/25/2002
																												RECORD DATE:												02/22/2002
											*ABN AMRO ACCT: 67-8946-30-2*
											*ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL PAYOFF/LOSS SUMMARY*


							ENDING POOL (1)							PAYOFFS(2)			PENALTIES				APPRAISAL REDUCT. (2)					LIQUIDATIONS (2)							REALIZED LOSSES (2)									REMAINING TERM					CURR WEIGHTED AVG.

DISTRIBUTION
DATE
		# BALANCE						# BALANCE						# AMOUNT				# BALANCE						# BALANCE						# AMOUNT										LIFE AMORT.				COUPON REMIT
				2/25/02		8,594			561,479,252				157		9,789,926				0	0			0	0			0				0			0				0					0		0	16.15%		15.77%
					98.21%					98.17%		1.79%				1.71%						0.00%			0.00%				0.00%			0.00%			0.00%						0.00%
		(1) PERCENTAGE BASED ON POOL AS OF CUTOFF. (2) PERCENTAGE BASED ON POOL AS OF BEGINNING OF PERIOD.
																												PAGE 8 OF 10
			02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

MERRILL LYNCH MORTGAGE INVESTORS, INC.

ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1

STATEMENT DATE:

02/25/2002

PAYMENT DATE:

02/25/2002

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

03/25/2002

RECORD DATE:

02/22/2002

ABN AMRO ACCT: 67-8946-30-2

HISTORICAL COLLATERAL LEVEL REO REPORT

RECENT

APPRAISAL

VALUE

APPRAISAL

REDUCTION

AMOUNT

DISCLOSURE

CONTROL #

REO

DATE

CITY

STATE

PROPERTY

TYPE

ACTUAL

BALANCE

SCHEDULED

BALANCE

DATE

LIQUIDATED

LIQUIDATION

PROCEEDS

LIQUIDATION

EXPENSES

REALIZED

LOSS

PAGE 9 OF 10

02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

MERRILL LYNCH MORTGAGE INVESTORS, INC.

STATEMENT DATE:

02/25/2002

ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1

PAYMENT DATE:

02/25/2002

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

03/25/2002

RECORD DATE:

02/22/2002

ABN AMRO ACCT: 67-8946-30-2

REALIZED LOSS DETAIL

BEGINNING

SCHEDULED

BALANCE

GROSS PROCEEDS

AS A % OF

SCHED. BALANCE

AGGREGATE

LIQUIDATION

EXPENSES *

NET

LIQUIDATION

PROCEEDS

NET PROCEEDS

AS A % OF

SCHED. BALANCE

PERIOD

DISCLOSURE

CONTROL #

APPRAISAL

DATE

APPRAISAL

VALUE

GROSS

PROCEEDS

REALIZED

LOSS

CURRENT TOTAL

CUMULATIVE

* AGGREGATE LIQUIDATION EXPENSES ALSO INCLUDE OUTSTANDING P&I ADVANCES AND UNPAID SERVICING FEES, UNPAID TRUSTEE FEES, ETC..

02/22/2002 - 15:44 (H119-H132) 2002 LASALLE BANK N.A.

PAGE 10 OF 10

MERRILL LYNCH MORT LN ASS BKD CERTS SER 2002 AFC1 8-K