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) March 28, 1997
MERIT Securities Corporation, Series 7
(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.)
10900 Nuckols Road
Glen Allen, Virginia
Attn: Vice President 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (804) 217-5800
<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
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ITEM 5. OTHER EVENTS
The MERIT Securities Corporation, Series 7 makes monthly remittances to security
holders. The latest remittance was made March 28, 1997. 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 March 28, 1997
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.
March 31, 1997 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 March 28, 1997
5
MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 7
Payment Date: 28-Mar-97
Reporting Month: February
<TABLE>
<CAPTION>
Class
Interest Beginning Interest Interest Principal Total Applied Ending
Class Rate Balance Accrual Payment Payment Distribution Losses Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 5.895000% $334,407,955.16 $1,642,779.08 $1,642,779.08 $15,333,007.02 $16,975,786.10 $0.00 $319,074,948.14
Class A-2 15.000000% $45,500,000.00 $568,750.00 $568,750.00 $0.00 $568,750.00 $0.00 $45,500,000.00
Class A-3 7.000000% $24,156,367.33 $140,912.14 $140,912.14 $450,643.36 $591,555.50 $0.00 $23,705,723.97
Class A-4 7.500000% $7,000,000.00 $43,750.00 $43,750.00 $0.00 $43,750.00 $0.00 $7,000,000.00
Class A-5 5.895000% $12,080,742.71 $59,346.65 $59,346.65 $231,948.92 $291,295.57 $0.00 $11,848,793.79
$423,145,065.20 $2,455,537.87 $2,455,537.87 $16,015,599.30 $18,471,137.17 $0.00 $407,129,465.90
</TABLE>
Class CUSIP Priority Principal Type Interest Type
Class A-1 589962AT6 Senior Sequential Floater
Class A-2 589962AU3 Senior Sequential Floater
Class A-3 589962AV1 Senior Sequential Fixed
Class A-4 589962AW Senior Sequential Fixed
Class A-5 589962AX7 Senior Sequential Floater
<PAGE>
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 7
Payment Date: 28-Mar-97
Reporting Month: February
<TABLE>
<CAPTION>
Interest Interest Principal
Original Original Integral Record Accrual Payment Payment Ending Remaining
Class Balance Pct Pool Denomination Date Factor Factor Factor Balance Principal Factor
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $435,000,000.00 78.06% $1,000.00 28-Feb-97 3.77650363 3.77650363 35.2482920 $319,074,948.14 0.73350563
Class A-2 $45,500,000.00 8.17% $1,000.00 28-Feb-97 12.50000000 12.50000000 0.0000000 $45,500,000.00 1.00000000
Class A-3 $26,300,000.00 4.72% $1,000.00 28-Feb-97 5.35787605 5.35787605 17.1347285 $23,705,723.97 0.90135833
Class A-4 $7,000,000.00 1.26% $1,000.00 28-Feb-97 6.25000000 6.25000000 0.0000000 $7,000,000.00 1.00000000
Class A-5 $14,750,000.00 2.65% $1,000.00 28-Feb-97 4.02350169 4.02350169 15.7253505 $11,848,793.79 0.80330805
$528,550,000.00 407,129,465.90
</TABLE>
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MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 7
Payment Date: 28-Mar-97
Report Date: February
Collateral Proceeds Account
<TABLE>
<S> <C> <C>
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee $3,264,824.43 Interest Payments $2,455,537.87
Principal $16,015,599.30 Principal Payments $16,015,599.30
Deposits From Reserve Fund $0.00 Surplus $765,180.87
Other Deposits $0.00 MBIA Fee $44,105.69
Discount Principal Reserve $0.00
Total Deposit $19,280,423.73 Total Withdrawals $19,280,423.73
Ending Balance $0.00
</TABLE>
<PAGE>
MERIT SECURITIES CORPORATION
Credit Enhancement Summary
MERIT 7
Payment Date: 28-Mar-97
Reporting Month February
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Balance
Type
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Pool Over Collateralization 5.15% $28,702,601.63 6.35% $28,696,547.24 $0.00 $0.00 $435,826,013.14 6.58% $28,696,547.24
Surplus Summary
Class Total Distribution
Surplus $765,180.87
Delinquency Statistics
Current % of
# of Loans Balance Current
30+ Days 84 $9,809,022 2.25%
60+ Days 47 $4,861,620 1.12%
90+ Days 80 $10,357,253 2.38%
Foreclosure 48 $5,805,293 1.33%
REO 14 $2,556,466 0.59%
Totals 273 $33,389,654 7.66%
Advances on Delinquencies $244,643.53
Non-Recoverable Advances on Delinquencies $0.00
</TABLE>
