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 (Date of earliest event reported) May 28, 1996
MERIT Securities Corporation, Series 6
(Exact name of registrant as specified in charter)
Virginia 03992 54-1736551
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4880 Cox Road
Glen Allen, Virginia
Attn: Vice President 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (804) 967-7400
<PAGE>
MERIT Securities Corporation, Series 6
Form 8-K
INDEX
Page Number
Item 5. Other Events 3
Item 7. Financial Statements and Exhibits 3
SIGNATURES 4
INDEX OF EXHIBITS 5
2
<PAGE>
ITEM 5. OTHER EVENTS
The MERIT Securities Corporation, Series 6 makes monthly remittances to security
holders. The latest remittance was made May 28, 1996. We have furnished a
monthly remittance statement delivered to the trustee with security holder
payment instructions.
Monthly Remittance Statement......................................Exhibit 1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
1. Monthly Remittance Statement dated as of May 28, 1996
3
<PAGE>
Signatures
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
June 6, 1996 MERIT SECURITIES
CORPORATION
By:____________________________
Name: Lisa R. Cooke
Title: Vice President
4
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
1. Monthly Remittance Statement dated 6-10
as of May 28, 1996
5
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 6
Payment Date: 28-May-96
Reporting Month: April
<TABLE>
<CAPTION>
Interest Interest
Original Original Integral Record Accrual Payment
Class Balance Pct Pool Denomination Date Factor Factor
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Class A1 $473,800,000.00 79.58% $1,000.00 30-Apr-96 4.62887488 4.62887488
Class A2 $75,912,000.00 12.75% $1,000.00 30-Apr-96 12.50000000 12.50000000
Class A3 $26,200,000.00 4.40% $1,000.00 30-Apr-96 5.01857901 5.01857901
Class A4 $6,000,000.00 1.01% $1,000.00 30-Apr-96 5.50000000 5.50000000
$581,912,000.00
Principal
Payment Ending Remaining
Class Factor Balance Principal Factor
- ------------------------------------------------------------------
<S> <C>
Class A1 43.39202794 $422,690,221.62 0.89212795
Class A2 0.00000000 $75,912,000.00 1.00000000
Class A3 1.47285763 $25,410,463.25 0.96986501
Class A4 0.00000000 $6,000,000.00 1.00000000
$530,012,684.87
</TABLE>
6
<PAGE>
MERIT SECURITIES CORPORATION
Credit Enhancement Summary
MERIT 6
Payment Date: 28-May-96
Reporting Month April
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type % $ % $ $ $ $ % $
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Pool Over
Collateralization 2.26% $13,474,965.80 2.39% $13,474,965.80 $0.00 $0.00 $543,487,650.67 2.48% $13,474,965.80
</TABLE>
Class Total Distribution
- -----------------------------------------------
Surplus $478,418.52
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 6 $1,486,313 0.27%
60+ Days 6 $977,077 0.18%
90+ Days 2 $460,381 0.08%
Foreclosure 2 $276,425 0.05%
REO 0 $0 0.00%
Totals 16 $3,200,195 0.59%
Advances on Delinquencies $24,816.51
Non-Recoverable Advances on Delinquencies $0.00
7
<PAGE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 6
Payment Date: 28-May-96
Report Date: April
<TABLE>
<CAPTION>
Collateral Proceeds Account
<S> <C>
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee $3,807,050.07 Interest Payments $3,306,547.69
Principal $20,597,731.71 Principal Payments $20,597,731.71
Deposits From Reserve Fund $0.00 Surplus $478,418.52
Other Deposits $0.00 MBIA Fee $22,083.86
Discount Principal Reserve $0.00
Total Deposit $24,404,781.78 Total Withdrawals $24,404,781.78
Ending Balance $0.00
</TABLE>
Note: "Principal" and Interest Net of Servicing Fee" includes Advances on
Delinquencies
8
<PAGE>
MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 6
Payment Date: 28-May-96
Reporting Month: April
<TABLE>
<CAPTION>
Class
Interest Beginning Interest Interest Principal Total
Class Rate Balance Accrual Payment Payment Distribution
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Class A1 5.937500% $443,249,364.46 $2,193,160.92 $2,193,160.92 $20,559,142.84 $22,752,303.76
Class A2 15.000000% $75,912,000.00 $948,900.00 $948,900.00 $0.00 $948,900.00
Class A3 6.200000% $25,449,052.12 $131,486.77 $131,486.77 $38,588.87 $170,075.64
Class A4 6.600000% $6,000,000.00 $33,000.00 $33,000.00 $0.00 $33,000.00
$550,610,416.58 $3,306,547.69 $3,306,547.69 $20,597,731.71 $23,904,279.40
Applied Ending
Class Losses Balance CUSIP Priority PrincipalType Interest Type
- ------------------------------------------------------------------------------------------------
<S> <C>
Class A1 $0.00 $422,690,221.62 589962AP4 Senior Sequential Floater
Class A2 $0.00 $75,912,000.00 589962AQ2 Senior Sequential Floater
Class A3 $0.00 $25,410,463.25 589962AR0 Senior Sequential Fixed
Class A4 $0.00 $6,000,000.00 589962AS8 Senior Sequential Fixed
$0.00 $530,012,684.87
</TABLE>
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