SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the  Securities
         Exchange   Act  of  1934  for  the  period   from   September 25, 1997
         (Commencement of Operations) to December 31, 1997.

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


Commission File Number - 333-7569


                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
             (Exact name of registrant as specified in its charter)


           Delaware                                     13-3416059
(State or other jurisdiction of                        (I.R.S.  Employer
incorporation or organization)                       Identification No.)

  Three World Financial Center
  North Tower, 10th Floor
  250 Vesey Street
  New York, New York                                         10281-1310
  (Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code : (212) 449-0336


        OCWEN MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1997-OFS2 
            (Title of each class of securities covered by this Form)


Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if  disclosure  of delinquent  filers  pursuant to Item 
405 of Regulation  S-K is not contained herein,  and  will not be  contained,  
to the best of  registrant's  knowledge,  in  definitive  proxy or  information
statements incorporated by reference in Part III of this Form 10-K or any 
amendment to this Form 10-K.  [X]

Documents incorporated by reference:  None

                                   Page 1 of 6
            This report consists of 6 consecutively numbered pages.


<PAGE>



MERRILL LYNCH MORTGAGE INVESTORS, INC.

OCWEN MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1997-OFS2 
--------------------------------------------------------------

TABLE OF CONTENTS
                                                                         Page
PART I
    Item  1. Business....................................................3

    Item  2. Properties..................................................3

    Item  3. Legal Proceedings...........................................3

    Item  4. Submission of Matters to a Vote of Security Holders.........3

PART II
    Item  5. Market for Registrant's Common Equity and Related
             Stockholder Matters.........................................3

    Item  6. Selected Financial Data.....................................3

    Item  7. Management's Discussion and Analysis of Financial
             Condition and Results of Operations.........................3

    Item  8. Financial Statements and Supplementary Data.................3

    Item  9. Changes in and Disagreements with Accountants on
             Accounting and Financial Disclosure.........................3

PART III
    Item 10. Directors and Executive Officers of the Registrant..........3

    Item 11. Executive Compensation......................................3

    Item 12. Security Ownership of Certain Beneficial
                  Owners and Management..................................3

    Item 13. Certain Relationships and Related Transactions..............3

PART IV
    Item 14. Exhibits, Financial Statement Schedules and
             Reports on Form 8-K.........................................4

SIGNATURE................................................................5

Supplemental Information to be Furnished with Reports Filed
Pursuant to Section 15(d) of the Act by Registrants Which 
Have Not Registered Securities Pursuant to Section 12 of the Act.........6



<PAGE>



PART I


Item 1.  Business

Omitted.

Item 2.  Properties

Omitted.

Item 3.  Legal Proceedings

The Registrant is not aware of any material legal  proceeding  with respect to a
Pool, the Trustee, the Servicer or Merrill Lynch Mortgage Investors,  Inc., with
respect to a Pool,  other than  ordinary  routine  litigation  incidental to the
duties of the  Trustee or  Servicer  under the  related  Pooling  and  Servicing
Agreement.

Item 4.  Submission of Matters to a Vote of Security Holders

No matter was  submitted to a vote or consent of  Certificateholders  during the
fiscal year covered by this report.


PART II


Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

The Trust does not issue  stock.  There is currently  no  established  secondary
market for the  Certificates.  As of January  2,  1998,  there were four (4)
Certificateholders.


Item 6.  Selected Financial Data

Omitted.


Item 7.  Management's Discussion and Analysis of Financial condition and Results
         of Operations

Omitted.

Item 8.  Financial Statements and Supplementary Data

Omitted.

Item 9.  Changes in and Disagreements with Accountants on Accounting and 
         Financial Disclosure

There was no change of  accountants  or  disagreement  with  accountants  on any
matter of accounting principles or practices or financial disclosure.


PART III

Item 10. Directors and Executive Officers of the Registrant

Omitted.

Item 11. Executive Compensation

Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management

Omitted.

Item 13. Certain Relationships and Related Transactions

Omitted.

<PAGE>

PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)      The following documents are filed as part of this report:

         (1)  Financial Statements:

              Omitted.


         (2)  Financial Statement Schedules:

              Omitted.


         (3)  Exhibits:

              Omitted.

(b)      Reports on Form 8-K:  The following Current Reports on Form 8-K were
         filed by the Registrant.

     A Current  Report on Form 8-K,  dated  December 3, 1997,  was filed for the
purpose of filing the Monthly Certificateholder  Statements for payments made on
October 27, 1997 and November 25, 1997,  respectively.  A Current Report on
Form 8-K, dated January 1, 1998,  was filed for the purpose of filing the
Monthly Certificateholder  Statement for payment made on December  26, 1997. 
The items reported in such Current Report were Item 5 (Other Events).

(c)      Exhibits to this report are listed in Item (14)(a)(3) above.



<PAGE>



SIGNATURE


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.

                                   CHASE BANK OF TEXAS, N.A.
                                   not in its individual capacity but solely
                                   as Trustee under the Agreement referred 
                                   to herein


Date: March 31, 1998             By:    /s/ Karen Marshall
                                        ----------------
                                        Karen Marshall
                                        Vice President & Trust Officer




<PAGE>


SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.