MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 6
Payment Date: 28-Aug-98
Reporting Month: July
Interest
Class Interest Beginning Interest Principal Total Applied
Class Rate Balance Accrual Payment Payment Distribution Losses Ending Balance
Class A1 6.156250% $131,272,517.95 $673,455.37 $673,455.37 $5,928,342.95 $6,601,798.32 $0.00 $125,344,175.00
Class A2 12.506190% $75,912,000.00 $791,141.70 $791,141.70 $0.00 $791,141.70 $0.00 $75,912,000.00
Class A3 6.200000% $14,214,642.73 $73,442.32 $73,442.32 $668,430.00 $741,872.32 $0.00 $13,546,212.73
Class A4 6.600000% $6,000,000.00 $33,000.00 $33,000.00 $0.00 $33,000.00 $0.00 $6,000,000.00
$227,399,160.68 $1,571,039.39 $1,571,039.39 $6,596,772.95 $8,167,812.34 $0.00 $220,802,387.73
Principal Interest
Class CUSIP Priority Type Type
Class A1 589962AP4 Senior Sequential Floater
Class A2 589962AQ2 Senior Sequential Floater
Class A3 589962AR0 Senior Sequential Fixed
Class A4 589962AS8 Senior Sequential Fixed
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 6
Payment Date: 28-Aug-98
Reporting Month: July
Interest Interest Principal
Original Pct Original Integral Accrual Payment Ending Principal
Class Balance Pool Denomination Record Date Factor Factor Factor Balance Factor
Class A1 $473,800,000.00 79.58% $1,000.00 31-Jul-98 1.42139166 1.42139166 12.51233210 $125,344,175.00 0.26455081
Class A2 $75,912,000.00 12.75% $1,000.00 31-Jul-98 10.42182659 10.42182659 0.00000000 $75,912,000.00 1.00000000
Class A3 $26,200,000.00 4.40% $1,000.00 31-Jul-98 2.80314198 2.80314198 25.51259542 $13,546,212.73 0.51703102
Class A4 $6,000,000.00 1.01% $1,000.00 31-Jul-98 5.50000000 5.50000000 0.00000000 $6,000,000.00 1.00000000
$581,912,000.00 $220,802,387.73
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 6
Payment Date: 28-Aug-98
Report Date: July
Collateral Proceeds Account
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee $1,654,612.11 Interest Payments $1,571,039.39
Principal $6,864,367.59 Principal Payments $6,596,772.95
Deposits From Reserve Fund $0.00 Surplus $341,967.26
Other Deposits $0.00 MBIA Fee $9,200.10
Discount Principal Reserve $0.00
Total Deposit $8,518,979.70 Total Withdrawals $8,518,979.70
Ending Balance $0.00
<FN>
Note: "Principal" and Interest Net of Servicing Fee" includes Advances on
Delinquencies
</FN>
MERIT SECURITIES CORPORATION
Credit Enhancement Summary
MERIT 6
Payment Date: 28-Aug-98
Reporting Month July
Reserve Funds and Subordination
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Pool Over Collateralization 2.26% $13,474,965.80 4.52% $10,764,721.01 ($267,594.64) $44,694.99 $231,255,119.12 4.52%$10,452,731.38
Class Total Distribution
Surplus $341,967.26
Delinquency Statistics (direct)
% of
# of Loans Current Balance Current Balance
30+ Days 15 $2,411,343 1.04%
60+ Days 7 $1,335,287 0.58%
90+ Days 15 $2,898,231 1.25%
Foreclosure 12 $2,039,982 0.88%
REO 4 $1,123,525 0.49%
Totals 53 $9,808,369 4.24%
Advances on Delinquencies $77,579.80
Non-Recoverable Advances on Delinquencies $0.00
1) Release of funds in excess of Target Overcollateralization Amount. See
Indenture, Prospectus and their respective Supplements for complete details