8-K 1 ml02afc1_200205.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
Loan 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., Asset-Backed Certificates, Series 2002-AFC 1,
which was made on May 28, 2002.

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

(c) Exhibits

Exhibit No. Description

99.1 Monthly distribution report pursuant to
Section 4.06 of the Pooling and Servicing Agreement
for the distribution on May 28, 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 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: May 28, 2002.

ABN AMRO

LASALLE BANK

N.A.

MERRILL LYNCH MORTGAGE INVESTORS, INC.

STATEMENT DATE:

05/28/2002

ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1

PAYMENT DATE:

05/28/2002

135 S. LASALLE STREET SUITE 1625

CHICAGO, IL 60603-4159

USA

PRIOR PAYMENT:

04/25/2002

NEXT PAYMENT:

06/25/2002

RECORD DATE:

04/30/2002

ABN AMRO ACCT: 67-8946-30-2

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

CHRISTOPHER LEWIS (312) 904-7992

HUNG HUYNH 714-238-6716

CHRISTOPHER.LEWIS@ABNAMRO.COM

HUNG.B.HUYNH@ABNAMRO.COM

PAGE(S)

ISSUE ID:

ML02AFC1

CLOSING DATE:

2/7/2002

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2-3

CASH RECONCILIATION SUMMARY

PAGE 4-6

FIRST PAYMENT DATE:

2/25/2002

MONTHLY DATA FILE NAME:

BOND INTEREST RECONCILIATION

PAGE 7

ASSUMED FINAL PAYMENT: DATE:

9/25/2032

ML02AFC1_200205_3.ZIP

OTHER RELATED INFORMATION

PAGE 8

ASSET-BACKED FACTS ~ 15 MONTH LOAN STATUS SUMMARY

PAGE 9-11

ASSET-BACKED FACTS ~ 15 MONTH PAYOFF/LOSS SUMMARY

PAGE 12-14

HISTORICAL REO REPORT

PAGE 15

REALIZED LOSS DETAIL

PAGE 16

PARTIES TO THE TRANSACTION

DEPOSITOR: MERRILL LYNCH MORTGAGE INVESTORS 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

05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.

PAGE 1 OF 16





	ABN AMRO

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

										*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																											STATEMENT DATE:								05/28/2002

																																		PAYMENT DATE:						05/28/2002
WAC:						11.732329%																															PRIOR PAYMENT:							04/25/2002
																																		NEXT PAYMENT:								06/25/2002
WAMM:						265
																																		RECORD DATE:									04/30/2002
CURRENT INDEX:						1.850000%
										*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					136,039,648.06					10,698,474.71			0.00			0.00				125,341,173.35				235,802.06					0.00					2.08000000%
	589929XU7													819.515952169			64.448642831			0.000000000			0.000000000				755.067309337					1.420494337				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	69,600,000.00					0.00			0.00			0.00				69,600,000.00				388,600.00					0.00					6.70000000%
	589929XX1													945.652173913			0.000000000			0.000000000			0.000000000				945.652173913					5.279891304				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					131,822,922.09					6,150,632.36			0.00			0.00				125,672,289.73				243,872.41					0.00					2.22000000%
	589929YB8													898.423072032			41.918885822			0.000000000			0.000000000				856.504186210					1.662082711				0.000000000							N/A

	AV-IO						37,000,000.00				N	34,000,000.00					0.00			0.00			0.00				34,000,000.00				141,666.67					0.00					5.00000000%
	589929YC6													918.918918919			0.000000000			0.000000000			0.000000000				918.918918919					3.828828919				0.000000000							N/A

	MV-1						13,695,000.00					13,695,000.00					0.00			0.00			0.00				13,695,000.00				32,525.63					0.00					2.85000000%
	589929YD4													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					2.375000365				0.000000000							N/A

	MV-2						14,184,000.00					14,184,000.00					0.00			0.00			0.00				14,184,000.00				43,143.00					0.00					3.65000000%
	589929YE2													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					3.041666667				0.000000000							N/A

	BV-1						9,293,000.00					9,293,000.00					0.00			0.00			0.00				9,293,000.00				32,138.29					0.00					4.15000000%
	589929YF9													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					3.458333154				0.000000000							N/A

	C						571,972,863.34				N	530,078,191.44					0.00			0.00			0.00				513,206,624.66				2,891,441.30					(2,225.64)					6.55073229%
	9ABSH131													926.754091697			0.000000000			0.000000000			0.000000000				897.256946183					5.055207135				(0.003891164)							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								498,584,570.15				16,849,107.07			0.00			0.00				481,735,463.08				5,012,017.80					(2,225.64)

																										TOTAL P&I PAYMENT				21,861,124.87


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
05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																																						PAGE 2 OF 16





		ABN AMRO

		LASALLE BANK	N.A.
		*MERRILL LYNCH MORTGAGE INVESTORS, INC.*
		*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																												STATEMENT DATE:					05/28/2002
																												PAYMENT DATE:			05/28/2002
																												PRIOR PAYMENT:				04/25/2002
																												NEXT PAYMENT:					06/25/2002
																												RECORD DATE:						04/30/2002
					*ABN AMRO ACCT: 67-8946-30-2*


*CASH RECONCILIATION SUMMARY*



				INTEREST SUMMARY										SERVICING FEE SUMMARY																								PRINCIPAL SUMMARY
				CURRENT SCHEDULED INTEREST				5,182,543.25						CURRENT SERVICING FEES									165,649.43															SCHEDULED:
				LESS DEFERRED INTEREST				0.00						PLUS FEES ADVANCED FOR PPIS									0.00															CURRENT SCHEDULED PRINCIPAL				483,746.64
				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				483,746.64
				PPIS REDUCING SCHEDULED INTEREST				0.00						TOTAL SERVICING FEES									165,649.43															UNSCHEDULED:
				LESS TOTAL FEES PAID TO SERVICER				(165,649.43)																														CURTAILMENTS				571,899.36
				PLUS FEES ADVANCED FOR PPIS				0.00																														PREPAYMENTS IN FULL				15,791,235.43
				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				5,016,893.81							REDUCED BY SHORTFALLS IN FEES								0.00															UNSCHEDULED PRINCIPAL DISTRIBUTION				16,363,134.79
				LESS TRUSTEE FEE				(2,650.39)							REDUCED BY OTHER AMOUNTS								0.00															REMITTANCE PRINCIPAL				16,846,881.43
				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				21,863,775.24
				LESS INTEREST RESERVE WITHHOLDING						0.00				PPIS ALLOCATED TO CERTIFICATES									0.00
				PLUS INTEREST RESERVE DEPOSIT					0.00
				REMITTANCE INTEREST				5,014,243.42								POOL BALANCE SUMMARY
																								BALANCE/AMOUNT					COUNT
														BEGINNING POOL									530,078,191.44								8,192
														SCHEDULED PRINCIPAL DISTRIBUTION									483,746.64
														UNSCHEDULED PRINCIPAL DISTRIBUTION							16,363,134.79															216
														DEFERRED INTEREST							0.00
														LIQUIDATIONS							24,685.35																1
														REPURCHASES							0.00														0
														ENDING POOL							513,206,624.66									7,975
						ADVANCES
							PRIOR OUTSTANDING							CURRENT PERIOD								RECOVERED																ENDING OUTSTANDING
								PRINCIPAL				INTEREST					PRINCIPAL		INTEREST						PRINCIPAL		INTEREST												PRINCIPAL		INTEREST
			MADE BY: SERVICER		0.00						2,270,939.49		0.00					0.00		0.00						94,846.98												0.00		2,176,092.51

	05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																																										PAGE 4 OF 16





		ABN AMRO

		LASALLE BANK	N.A.
		*MERRILL LYNCH MORTGAGE INVESTORS, INC.*
		*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																												STATEMENT DATE:					05/28/2002
																												PAYMENT DATE:			05/28/2002
																												PRIOR PAYMENT:				04/25/2002
																												NEXT PAYMENT:					06/25/2002
																												RECORD DATE:						04/30/2002
					*ABN AMRO ACCT: 67-8946-30-2*


*CASH RECONCILIATION SUMMARY LOAN GROUP 1*



				INTEREST SUMMARY										SERVICING FEE SUMMARY																								PRINCIPAL SUMMARY
				CURRENT SCHEDULED INTEREST				3,448,578.63						CURRENT SERVICING FEES									109,170.63															SCHEDULED:
				LESS DEFERRED INTEREST				0.00						PLUS FEES ADVANCED FOR PPIS									0.00															CURRENT SCHEDULED PRINCIPAL				405,332.97
				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				405,332.97
				PPIS REDUCING SCHEDULED INTEREST				0.00						TOTAL SERVICING FEES									109,170.63															UNSCHEDULED:
				LESS TOTAL FEES PAID TO SERVICER				(109,170.63)																														CURTAILMENTS				367,855.03
				PLUS FEES ADVANCED FOR PPIS				0.00																														PREPAYMENTS IN FULL				9,923,977.46
				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				3,339,408.00							REDUCED BY SHORTFALLS IN FEES								0.00															UNSCHEDULED PRINCIPAL DISTRIBUTION				10,291,832.49
				LESS TRUSTEE FEE				(1,746.73)							REDUCED BY OTHER AMOUNTS								0.00															REMITTANCE PRINCIPAL				10,697,165.46
				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				14,036,573.46
				LESS INTEREST RESERVE WITHHOLDING						0.00				PPIS ALLOCATED TO CERTIFICATES									0.00
				PLUS INTEREST RESERVE DEPOSIT					0.00
				REMITTANCE INTEREST				3,337,661.27								POOL BALANCE SUMMARY
																								BALANCE/AMOUNT					COUNT
														BEGINNING POOL									349,346,012.86								6,260
														SCHEDULED PRINCIPAL DISTRIBUTION									405,332.97
														UNSCHEDULED PRINCIPAL DISTRIBUTION							10,291,832.49															160
														DEFERRED INTEREST							0.00
														LIQUIDATIONS							24,685.35																1
														REPURCHASES							0.00														0
														ENDING POOL							338,624,162.05									6,099
						ADVANCES
							PRIOR OUTSTANDING							CURRENT PERIOD								RECOVERED																ENDING OUTSTANDING
								PRINCIPAL				INTEREST					PRINCIPAL		INTEREST						PRINCIPAL		INTEREST												PRINCIPAL		INTEREST
			MADE BY: SERVICER		0.00						1,735,154.08		0.00					0.00		0.00						70,191.94												0.00		1,664,962.13

	05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																																										PAGE 5 OF 16





		ABN AMRO

		LASALLE BANK	N.A.
		*MERRILL LYNCH MORTGAGE INVESTORS, INC.*
		*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																												STATEMENT DATE:					05/28/2002
																												PAYMENT DATE:			05/28/2002
																												PRIOR PAYMENT:				04/25/2002
																												NEXT PAYMENT:					06/25/2002
																												RECORD DATE:						04/30/2002
					*ABN AMRO ACCT: 67-8946-30-2*


*CASH RECONCILIATION SUMMARY LOAN GROUP 2*



				INTEREST SUMMARY										SERVICING FEE SUMMARY																								PRINCIPAL SUMMARY
				CURRENT SCHEDULED INTEREST				1,733,964.62						CURRENT SERVICING FEES									56,478.81															SCHEDULED:
				LESS DEFERRED INTEREST				0.00						PLUS FEES ADVANCED FOR PPIS									0.00															CURRENT SCHEDULED PRINCIPAL				78,413.67
				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				78,413.67
				PPIS REDUCING SCHEDULED INTEREST				0.00						TOTAL SERVICING FEES									56,478.81															UNSCHEDULED:
				LESS TOTAL FEES PAID TO SERVICER				(56,478.81)																														CURTAILMENTS				204,044.33
				PLUS FEES ADVANCED FOR PPIS				0.00																														PREPAYMENTS IN FULL				5,867,257.97
				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				1,677,485.81							REDUCED BY SHORTFALLS IN FEES								0.00															UNSCHEDULED PRINCIPAL DISTRIBUTION				6,071,302.30
				LESS TRUSTEE FEE				(903.66)							REDUCED BY OTHER AMOUNTS								0.00															REMITTANCE PRINCIPAL				6,149,715.97
				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				7,827,201.78
				LESS INTEREST RESERVE WITHHOLDING						0.00				PPIS ALLOCATED TO CERTIFICATES									0.00
				PLUS INTEREST RESERVE DEPOSIT					0.00
				REMITTANCE INTEREST				1,676,582.15								POOL BALANCE SUMMARY
																								BALANCE/AMOUNT					COUNT
														BEGINNING POOL									180,732,178.58								1,932
														SCHEDULED PRINCIPAL DISTRIBUTION									78,413.67
														UNSCHEDULED PRINCIPAL DISTRIBUTION							6,071,302.30															56
														DEFERRED INTEREST							0.00
														LIQUIDATIONS							0.00																0
														REPURCHASES							0.00														0
														ENDING POOL							174,582,462.61									1,876
						ADVANCES
							PRIOR OUTSTANDING							CURRENT PERIOD								RECOVERED																ENDING OUTSTANDING
								PRINCIPAL				INTEREST					PRINCIPAL		INTEREST						PRINCIPAL		INTEREST												PRINCIPAL		INTEREST
			MADE BY: SERVICER		0.00						591,933.64		0.00					0.00		0.00						24,655.04												0.00		567,278.60

	05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																																										PAGE 6 OF 16





	ABN AMRO

	LASALLE BANK	N.A.

				*MERRILL LYNCH MORTGAGE INVESTORS, INC.*

															*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																																				STATEMENT DATE:								05/28/2002
																																																			PAYMENT DATE:								05/28/2002
																																	PRIOR PAYMENT:								04/25/2002
																																	NEXT PAYMENT:									06/25/2002
																																	RECORD DATE:										04/30/2002


															*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		30	2.080000000%								235,802.06								0.00					0.00				0.00			0.00									0.00		0.00					0.00				235,802.06			235,802.06		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%								388,600.00								0.00					0.00				0.00			0.00									0.00		0.00					0.00				388,600.00			388,600.00		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		30	2.220000000%								243,872.41								0.00					0.00				0.00			0.00									0.00		0.00					0.00				243,872.41			243,872.41		0.00			NA	NA
		AV-IO					30/360		30	5.000000000%								141,666.67								0.00					0.00				0.00			0.00									0.00		0.00					0.00				141,666.67			141,666.67		0.00			NA	NA
		MV-1					ACT/360		30	2.850000000%								32,525.63								0.00					0.00				0.00			0.00									0.00		0.00					0.00				32,525.63			32,525.63		0.00			NA	NA
		MV-2					ACT/360		30	3.650000000%								43,143.00								0.00					0.00				0.00			0.00									0.00		0.00					0.00				43,143.00			43,143.00		0.00			NA	NA
		BV-1					ACT/360		30	4.150000000%								32,138.29								0.00					0.00				0.00			0.00									0.00		0.00					0.00				32,138.29			32,138.29		0.00			NA	NA
		C					30/360		30	6.550732287%								2,893,666.94								0.00					0.00				0.00			0.00									2,971,983.59		0.00					0.00				5,865,650.53			2,891,441.30		2,974,209.23			NA	NA
																			5,014,243.44						0.00					0.00				0.00				0.00								2,971,983.59				0.00					0.00			7,986,227.03			5,012,017.80			2,974,209.23

	(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 7 OF 16
	05/23/2002 - 11:59 (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:

05/28/2002

PAYMENT DATE:

05/28/2002

PRIOR PAYMENT:

04/25/2002

NEXT PAYMENT:

06/25/2002

RECORD DATE:

04/30/2002

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

$2,893,666.93

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

05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.

PAGE 8 OF 16





		ABN AMRO

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

																																STATEMENT DATE:							05/28/2002
												*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																															PAYMENT DATE:							05/28/2002

																																PRIOR PAYMENT:								04/25/2002
																																NEXT PAYMENT:									06/25/2002
																																RECORD DATE:										04/30/2002

												*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


					5/28/02		0		0						0	0				0	0			149	9,025,231				0	0			0			0					0		0					20			1,542,178
						0.00%				0.00%			0.00%				0.00%			0.00%		0.00%	1.87%			1.76%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.25%			0.30%
					4/25/02		416		24,876,152						134	8,927,127				161	9,029,940			151	9,129,930				0	0			0			0					0		0					20			1,542,933
						5.08%				4.69%			1.64%				1.68%			1.97%		1.70%	1.84%			1.72%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.24%			0.29%
					3/25/02		461		26,887,324						167	9,481,515				79	4,136,504			154	9,220,444				0	0			0			0					0		0					21			1,592,015
						5.49%				4.93%			1.99%				1.74%			0.94%		0.76%	1.83%			1.69%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.25%			0.29%
					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
				05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																																											PAGE 9 OF 16





		ABN AMRO

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

																																STATEMENT DATE:							05/28/2002
												*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																															PAYMENT DATE:							05/28/2002

																																PRIOR PAYMENT:								04/25/2002
																																NEXT PAYMENT:									06/25/2002
																																RECORD DATE:										04/30/2002

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

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

																				*LOAN GROUP 1*

											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


					5/28/02		0		0						0	0				0	0			117	6,251,547				0	0			0			0					0		0					16			1,060,669
						0.00%				0.00%			0.00%				0.00%			0.00%		0.00%	1.92%			1.85%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.26%			0.31%
					4/25/02		341		18,190,448						96	5,414,867				130	6,606,542			118	6,288,514				0	0			0			0					0		0					16			1,061,242
						5.45%				5.21%			1.53%				1.55%			2.08%		1.89%	1.88%			1.80%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.26%			0.30%
					3/25/02		384		20,681,610						132	6,944,534				79	4,136,504			119	6,313,954				0	0			0			0					0		0					17			1,109,786
						5.98%				5.75%			2.05%				1.93%			1.23%		1.15%	1.85%			1.76%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.26%			0.31%
					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
				05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																																											PAGE 10 OF 16





		ABN AMRO

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

																																STATEMENT DATE:							05/28/2002
												*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																															PAYMENT DATE:							05/28/2002

																																PRIOR PAYMENT:								04/25/2002
																																NEXT PAYMENT:									06/25/2002
																																RECORD DATE:										04/30/2002

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

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

																				*LOAN GROUP 2*

											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


					5/28/02		0		0						0	0				0	0			32	2,773,684				0	0			0			0					0		0					4			481,509
						0.00%				0.00%			0.00%				0.00%			0.00%		0.00%	1.71%			1.59%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.21%			0.28%
					4/25/02		75		6,685,704						38	3,512,260				31	2,423,398			33	2,841,416				0	0			0			0					0		0					4			481,690
						3.88%				3.70%			1.97%				1.94%			1.60%		1.34%	1.71%			1.57%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.21%			0.27%
					3/25/02		77		6,205,714						35	2,536,982				0	0			35	2,906,490				0	0			0			0					0		0					4			482,229
						3.89%				3.34%			1.77%				1.37%			0.00%		0.00%	1.77%			1.56%	0.00%				0.00%			0.00%			0.00%				0.00%				0.00%				0.20%			0.26%
					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
				05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																																											PAGE 11 OF 16





	ABN AMRO

	LASALLE BANK		N.A.
	*MERRILL LYNCH MORTGAGE INVESTORS, INC.*
	*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																															STATEMENT DATE:							05/28/2002
																												PAYMENT DATE:								05/28/2002
																												PRIOR PAYMENT:									04/25/2002
																												NEXT PAYMENT:											06/25/2002
																												RECORD DATE:												04/30/2002
											*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
				5/28/02		7,975			513,206,625				216		15,791,235				0	0			0	0			1				24,685			1				24,685					265		287	11.73%		11.35%
					91.13%					89.73%		2.64%				2.98%						0.00%			0.00%				0.01%			0.00%			0.01%						0.00%
				4/25/02		8,192			530,078,191				207		14,586,230				0	0			0	0			3				144,564			3				2,226					267		288	11.84%		11.45%
					93.61%					92.68%		2.46%				2.67%						0.00%			0.00%				0.04%			0.03%			0.04%						0.00%
				3/25/02		8,402			545,464,333				192		15,227,117				0	0			0	0			0				0			0				0					261		289	11.66%		11.28%
					96.01%					95.37%		2.23%				2.71%						0.00%			0.00%				0.00%			0.00%			0.00%						0.00%
				2/25/02		8,594			561,479,252				153		9,664,350				0	0			0	0			0				0			0				0					280		290	16.15%		15.77%
					98.21%					98.17%		1.75%				1.69%						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 12 OF 16
			05/23/2002 - 11:59 (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:							05/28/2002
																													PAYMENT DATE:								05/28/2002
																													PRIOR PAYMENT:									04/25/2002
																													NEXT PAYMENT:											06/25/2002
																													RECORD DATE:												04/30/2002
											*ABN AMRO ACCT: 67-8946-30-2*
											*ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL PAYOFF/LOSS SUMMARY*
																	*LOAN GROUP 1*
							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
				5/28/02		6,099			338,624,162				160		9,923,977					0	0			0	0			1				24,685			1				24,685					223		252	11.85%		11.46%
					69.69%					59.20%		2.56%				2.84%							0.00%			0.00%				0.02%			0.01%			0.02%						0.01%
				4/25/02		6,260			349,346,013				163		9,704,120					0	0			0	0			2				81,959			2				1,309					225		253	11.99%		11.60%
					71.53%					61.08%		2.54%				2.70%							0.00%			0.00%				0.03%			0.02%			0.03%						0.00%
				3/25/02		6,425			359,693,700				146		9,381,447					0	0			0	0			0				0			0				0					216		254	11.91%		11.53%
					73.42%					62.89%		2.22%				2.54%							0.00%			0.00%				0.00%			0.00%			0.00%						0.00%
				2/25/02		6,571			369,684,897				119		6,095,165					0	0			0	0			0				0			0				0					244		254	13.63%		13.25%
					75.09%					64.63%		1.78%				1.62%							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 13 OF 16
			05/23/2002 - 11:59 (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:							05/28/2002
																													PAYMENT DATE:								05/28/2002
																													PRIOR PAYMENT:									04/25/2002
																													NEXT PAYMENT:											06/25/2002
																													RECORD DATE:												04/30/2002
											*ABN AMRO ACCT: 67-8946-30-2*
											*ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL PAYOFF/LOSS SUMMARY*
																	*LOAN GROUP 2*
							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
				5/28/02		1,876			174,582,463				56		5,867,258					0	0			0	0			0				0			0				0					346		355	11.51%		11.13%
					21.44%					30.52%		2.90%				3.25%							0.00%			0.00%				0.00%			0.00%			0.00%						0.00%
				4/25/02		1,932			180,732,179				44		4,882,111					0	0			0	0			1				62,605			1				916					347		356	11.54%		11.16%
					22.08%					31.60%		2.23%				2.63%							0.00%			0.00%				0.05%			0.03%			0.05%						0.00%
				3/25/02		1,977			185,770,633				46		5,845,669					0	0			0	0			0				0			0				0					348		357	11.17%		10.79%
					22.59%					32.48%		2.27%				3.05%							0.00%			0.00%				0.00%			0.00%			0.00%						0.00%
				2/25/02		2,023			191,794,355				34		3,569,185					0	0			0	0			0				0			0				0					349		358	21.00%		20.62%
					23.12%					33.53%		1.65%				1.82%							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 14 OF 16
			05/23/2002 - 11:59 (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:

05/28/2002

PAYMENT DATE:

05/28/2002

PRIOR PAYMENT:

04/25/2002

NEXT PAYMENT:

06/25/2002

RECORD DATE:

04/30/2002

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 15 OF 16

05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.





		ABN AMRO

		LASALLE BANK	N.A.
	*MERRILL LYNCH MORTGAGE INVESTORS, INC.*
																	STATEMENT DATE:			05/28/2002
						*ASSET-BACKED CERTIFICATES, SERIES 2002-AFC1*																	PAYMENT DATE:					05/28/2002
																						PRIOR PAYMENT:							04/25/2002
																						NEXT PAYMENT:								06/25/2002
																						RECORD DATE:									04/30/2002

						*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



				200205	5749		NOT AVAIL.	NOT AVAIL.	24,685.35		0.00			0.00%	24,685.35				0.00		0.00%				24,685.35
				200204	2026		NOT AVAIL.	NOT AVAIL.	34,600.00		36,799.93			106.36%	2,341.64				34,458.29		99.59%				141.71
				200204	670		NOT AVAIL.	NOT AVAIL.	47,359.02		50,267.13			106.14%	4,075.65				46,191.48		97.53%				1,167.54
				200204	7706		NOT AVAIL.	NOT AVAIL.	62,605.17		65,287.83			104.29%	3,599.05				61,688.78		98.54%				916.39
			CURRENT TOTAL							24,685.35			0.00			24,685.35		0.00									24,685.35
			CUMULATIVE							169,249.54		152,354.89					34,701.69		142,338.55							26,910.99
	* AGGREGATE LIQUIDATION EXPENSES ALSO INCLUDE OUTSTANDING P&I ADVANCES AND UNPAID SERVICING FEES, UNPAID TRUSTEE FEES, ETC..
	05/23/2002 - 11:59 (H119-H132) 2002 LASALLE BANK N.A.																							PAGE 16 OF 16

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