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) August 28, 1997
MERIT Securities Corporation, Series 9
(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 9
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 9 makes monthly remittances to security
holders. The latest remittance was made August 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 August 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.
August 30, 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 August 28, 1997
5
MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT Series 9
Payment Date: 28-Aug-97
Reporting Month Jul-97
<TABLE>
<CAPTION>
Class Class Beginning Interest Interest Payment Principal Total Ending Balance
Interest Rate Balance Accrual Payment Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.048440% $745,913,329.53 $3,759,676.68 $3,759,676.68 $34,590,497.48 $38,350,174.16 $711,322,832.05
A-2 6.198440% $119,200,000.00 $615,711.71 $615,711.71 $0.00 $615,711.71 $119,200,000.00
A-3 14.000000% $30,520,000.00 $356,066.67 $356,066.67 $0.00 $356,066.67 $30,520,000.00
B-1 12.778681% $42,791,000.00 $455,677.12 $455,677.12 $0.00 $455,677.12 $42,791,000.00
B-2 6.648440% $15,095,000.00 $83,631.83 $83,631.83 $0.00 $83,631.83 $15,095,000.00
B-3 7.398440% $10,063,000.00 $62,042.08 $62,042.08 $0.00 $62,042.08 $10,063,000.00
$963,582,329.53 $5,332,806.10 $5,332,806.10 $34,590,497.48 $39,923,303.58 $928,991,832.05
</TABLE>
Class Cusip Priority Principal Type Interest Type
A-1 589962BB4 Senior Sequential Floater
A-2 589962BC2 Senior Sequential Floater
A-3 589962BD0 Senior Sequential Floater
B-1 589962BE8 Subordinate Sequential Floater
B-2 589962BF5 Subordinate Sequential Floater
B-3 589962BG3 Subordinate Sequential Floater
<PAGE>
Payments per Bond Denomination
MERIT Series 9
Payment Date: 28-Aug-97
Reporting Month Jul-97
<TABLE>
<CAPTION>
Class Original Original % Integral Record Interest Interest Principal Realized Ending Balance Remaining
Balance of Pool Denomination Date Accrual Payment Payment Losses Principal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $766,000,000.00 77.87% $1,000.00 30-Jun-97 4.90819410 4.90819410 45.15730742 $0.00 $711,322,832.05 0.92861989
A-2 $119,200,000.00 12.12% $1,000.00 30-Jun-97 5.16536667 5.16536667 0.00000000 $0.00 $119,200,000.00 1.00000000
A-3 $30,520,000.00 3.10% $1,000.00 30-Jun-97 11.66666667 11.66666667 0.00000000 $0.00 $30,520,000.00 1.00000000
B-1 $42,791,000.00 4.35% $1,000.00 30-Jun-97 10.64890094 10.64890094 0.00000000 $0.00 $42,791,000.00 1.00000000
B-2 $15,095,000.00 1.53% $1,000.00 30-Jun-97 5.54036667 5.54036667 0.00000000 $0.00 $15,095,000.00 1.00000000
B-3 $10,063,000.00 1.02% $1,000.00 30-Jun-97 6.16536667 6.16536667 0.00000000 $0.00 $10,063,000.00 1.00000000
</TABLE>
<PAGE>
Funds Account Activity Summary
MERIT Series 9
Payment Date: 28-Aug-97
Reporting Month Jul-97
Collateral Proceeds Account
<TABLE>
<S> <C> <C>
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee $5,527,698.33 Interest Payments $5,332,806.10
Principal $34,610,580.05 Principal Payment $34,590,497.48
Deposits from Reserve Fund $0.00 Surplus $116,615.98
Other Deposits $0.00 Dynex Servicing Fee $78,276.26
Collateralized Reserve Fund $20,082.57
Total Deposits $40,138,278.38 Total Withdrawals $40,138,278.38
Ending Balance $0.00
</TABLE>
<PAGE>
Credit Enhancement Summary
MERIT Series 9
Payment Date: 28-Aug-97
Reporting Month Jul-97
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Period Coverage Adjustments Losses Ending Period Coverage
Type
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Pool Over Collateralization 2.25% 22,642,778.00 2.25% 22,642,778.00 0.00 0.00 2.38% 22,642,778.00
</TABLE>
Beginning Current Withdrawals Ending
Type Balance Deposits for Losses Reserve Balance
Collateralized Reserve Fund 54,549.70 20,082.57 0.00 74,632.27
Surplus Summary
Class Total Distribution
Surplus $116,615.98
Delinquency Statistics
% of Current
# of Loans Current Balance Balance
30 Days 98 $7,213,355 0.76%
60 Days 25 $2,176,782 0.23%
90 + days 21 $3,839,651 0.40%
F/C 31 $5,496,541 0.58%
REO 19 $2,373,164 0.25%
194 $21,099,493 2.22%
Advances on Delinquencies : $151,247
Non-Recoverable Advances on Delinquencies : $0
