Fitch Rates $779.4MM Merrill Lynch Mortgage Investors Series 2003-WMC1.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 11, 2003

Merrill Lynch Mortgage Investors, Inc. (MLMI), series 2003-WMC1 $298 million class A-1, $343.2 million class A-2, $100 class R certificates and notional certificates class S are rated 'AAA' by Fitch Ratings. In addition, Fitch rates the $56.6 million class M-1 certificates 'AA ', $39.3 million class M-2 certificates 'A', $30.3 million class B-1 certificates 'BBB' and $11.9 million class B-2 certificates 'BBB-'.

The 'AAA' rating on the senior certificates reflects the 19.04% total credit enhancement provided by class M-1, M-2, B-1, B-2, initial overcollateralization, and monthly excess interest. Additionally, the 'AA' rating on the class M-1 certificates reflects the 11.89% credit enhancement provided by class M-2, B-1, B-2, initial overcollateralization, and monthly excess interest. The 'A' rating on the class M-2 certificates reflects the 6.93% credit enhancement provided by class B-1, B-2, initial overcollateralization, and monthly excess interest. The 'BBB' rating on the class B-1 certificates reflects the 3.10% credit enhancement provided by class B-2, initial overcollateralization, and monthly excess interest. The 'BBB-' rating on the class B-2 reflects the 1.60% credit enhancement provided by the initial overcollateralization of 1.60%. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the capabilities of HomeEq Servicing Corporation, as servicer and Wells Fargo Bank Minnesota NA, as Trustee.

The Group A mortgage loans consist of fixed rate and adjustable rate mortgage loans secured by first and second liens on residential properties with a cut-off date pool balance of $370,025,643. Approximately 19.52% of the mortgage loans are fixed-rate mortgage loans and 80.48% are adjustable-rate mortgage loans. The weighted average loan rate is approximately 8.23%. The weighted average remaining term to maturity is 337 months. The average principal balance of the loans is approximately 137,454$. The weighted average original loan-to-value ratio is 85.13%. The properties are primarily located in California (54.43%), New York (5.51%) and Florida (3.31%).

The Group B mortgage loans consist of fixed-rate and adjustable-rate mortgage loans secured by first liens on residential properties with a cut-off date pool balance of $423,702,285. Approximately 19.60% of the mortgage loans are fixed-rate mortgage loans and 80.40% are adjustable-rate mortgage loans. The weighted average loan rate is approximately 7.925%. The weighted average remaining term to maturity is 345 months. The average principal balance of the loans is approximately $196,431. The weighted average original loan-to-value ratio is 82.97%. The properties are primarily located in California (60.28%), New York (5.61%) and Arizona (3.06%).

WMC is a mortgage banking company incorporated in the State of California. WMC was owned by a subsidiary of Weyerhaeuser Company until May 1997 when it was sold to WMC Finance Co., a company owned principally by affiliates of Apollo Management, L.P., a private investment firm. As of March 2000, WMC changed its business model to underwrite and process 100% of its loans on the internet via 'WMC Direct'.

For federal income tax purposes, multiple real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate.