SECURITIES AND EXCHANGE COMMISSION


                             Washington, D.C. 20549


                                    FORM 10-K/A

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the  Securities
         Exchange   Act  of  1934  for  the  period   from    December  3,  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 - 33-37569


                     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.)

  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

            Mortgage Loan Asset Backed Certificates, Series 1997-FF3
            (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/A or any 
amendment to this Form 10-K/A.  [X]

                                   Page 1 of 4
            This report consists of 8 consecutively numbered pages.

Documents incorporated by reference:  none

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                    AMENDMENT NUMBER 1 OF 1


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MERRILL LYNCH MORTGAGE INVESTORS, INC.
Mortgage Loan Asset Backed Certificates, Series 1997-FF3
--------------------------------------------------------


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

         (1)  Financial Statements:

              Omitted.


         (2)  Financial Statement Schedules:

              Omitted.


         (3)  Exhibits:

              Annual Servicing Reports, filed as Exhibit 99.1 hereto.

(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 22, 1997, was filed for the
purpose of filing  the  Monthly  Statement  sent to the  Holders of the  Offered
Certificates  for Payments  made on the same dates.  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.

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<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: December 11, 1998             By:    /s/ Bill Marshall
                                        ----------------
                                        Bill Marshall
                                        Vice President & Trust Officer


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<PAGE>




INDEX TO EXHIBITS

Exhibit
Number           Description of Exhibits                        Page

99.1      Annual Servicing Reports                               6              




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<PAGE>




                                  EXHIBIT 99.1

                         ANNUAL SERVICING REPORTS




                                      -6-

<PAGE>

                                        OPTION ONE MORTGAGE CORPORATION
                                        Corporate Offices
                                        3ADA, Irvine, CA  92618
                                        P.O. Box 57054, Irvine, CA  92619-7054
                                        Phone 714/790-8200  800/648-9605
                                        Fax   714/790-8505

July 28, 1998




Merrill Lynch Mortgage Investors Incorporated
World Financial Center
New York, New York 10281
Attention:    Merrill Lynch Mortgage Investors, Incorporated
First Franklin 1997-FF3 Inv#496

First Franklin Financial Corporation
2150 North First Street
San Jose, Ca. 95131
Attention:    Chief Operating Officer

Texas Commerce Bank National Association
Global Trust Services
600 Travis Street 8th Floor
Houston, TX 77002
Attention:    Merrill Lynch Mortgage Investors, Series 1997-FF3

Texas Commerce Bank National Association
c/o Texas Commerce Trust Company of New York
55 Water Street, North Building
Room 234, Windows 20 and 21
New York, New York 10041

Financial Security Assurance Incorporated
350 Park Avenue
New York, New York 10022
Attention:    Surveillance Department
RE:  Mortgage Loan Asset Backed Certificates, Series 1997-FF3


Pursuant  to Section  3.20 of the  Pooling and  Servicing  Agreement,  dated and
effective as of November 1, 1997, (the "Agreement") among Merrill Lynch Mortgage
Investors, Inc., as Depositor,  First Franklin Financial Corporation,  as Master
Servicer,  Option One Mortgage Corporation,  as Servicer and Texas Commerce Bank
National Association, as Trustee, I certify that:

1. A review of the  activities  of the  Servicer,  during the fiscal  year ended
April 30,1998,  and of performance under the  aforementioned  agreement has been
made under my supervision.

2.  To the  best of my  knowledge,  based  on such  review,  the  Servicer,  has
fulfilled   all of its  obligations  under the Agreement  during the fiscal year
ended April 30,  1998,  subject to any  matters  noted in the  servicing  report
provided under Section 3.21 of the Agreement.


By:  /s/ William L. O'Neill
William L. O'Neill
Senior Vice President\Chief Financial Officer
Option One Mortgage Corporation



      
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                   INDEPENDENT AUDITORS' REPORT

Deloitte & Touche LLP                 Telephone: (714)436-7100
Suite 1200                            Facsimile: (714)436-4200
695 Town Center Drive
Costa Mesa, California 92626-1924
                   

The Board of Directors
Option One Mortgage Corporation


We  have  audited  the  accompanying   balance  sheet  of  Option  One  Mortgage
Corporation  (the  Company),  a  wholly-owned   subsidiary  of  Block  Financial
Corporation,  as of April 30,  1998,  and the related  statements  of  earnings,
stockholder's  equity  and cash  flows  for the  period  from  June 18,  1997 to
April 30, 1998.  These  financial  statements  are  the  responsibility  of  the
Company's  management.  Our  responsibility  is to  express  an opinion on these
financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance   about  whether  the  financial   statements  are  free  of  material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Option One Mortgage Corporation
as of April 30, 1998, and the results of  its  operations and its cash flows for
the period from June 18,  1997 to April 30, 1998 in  conformity  with  generally
accepted accounting principles.


/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Costa Mesa, CA

June 12, 1998

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