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) September 29, 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 September 29, 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 September 29, 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.
September 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 September 29, 1997
5
MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT Series 9
Payment Date: 29-Sep-97
Reporting Month Aug-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 6.0250 $711,322,832.05 $3,571,433.39 $3,571,433.39 $28,330,535.21 $31,901,968.60 $682,992,296.84
A-2 6.1750 $119,200,000.00 $613,383.33 $613,383.33 $0.00 $613,383.33 $119,200,000.00
A-3 14.00000 $30,520,000.00 $356,066.67 $356,066.67 $0.00 $356,066.67 $30,520,000.00
B-1 14.00000 $42,791,000.00 $499,228.33 $499,228.33 $0.00 $499,228.33 $42,791,000.00
B-2 6.62500 $15,095,000.00 $83,336.98 $83,336.98 $0.00 $83,336.98 $15,095,000.00
B-3 7.37500 $10,063,000.00 $61,845.52 $61,845.52 $0.00 $61,845.52 $10,063,000.00
$928,991,832.05 $5,185,294.22 $5,185,294.22 $28,330,535.21 $33,515,829.43 $900,661,296.84
</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>
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT Series 9
Payment Date: 29-Sep-97
Reporting Month Aug-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 4.66244567 4.66244567 36.98503291 $0.00 $682,992,296.84 0.89163485
A-2 $119,200,000.00 12.12% $1,000.00 30-Jun-97 5.14583333 5.14583333 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 11.66666667 11.66666667 0.00000000 $0.00 $42,791,000.00 1.00000000
B-2 $15,095,000.00 1.53% $1,000.00 30-Jun-97 5.52083333 5.52083333 0.00000000 $0.00 $15,095,000.00 1.00000000
B-3 $10,063,000.00 1.02% $1,000.00 30-Jun-97 6.14583333 6.14583333 0.00000000 $0.00 $10,063,000.00 1.00000000
$983,669,000.00 100.00% $900,661,296.84
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Summary
MERIT Series 9
Payment Date: 29-Sep-97
Reporting Month Aug-97
Collateral Proceeds Account
<TABLE>
<S> <C> <C>
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee $5,991,934.62 Interest Payments $5,185,294.22
Principal $28,355,751.71 Principal Payment $28,330,535.21
Deposits from Reserve Fund $0.00 Surplus $728,670.83
Other Deposits $0.00 Dynex Servicing Fee $77,969.57
Collateralized Reserve Fund $25,216.50
Total Deposits $34,347,686.33 Total Withdrawals $34,347,686.33
Ending Balance $0.00
</TABLE>
Note: "Principal" and "Interest Net of Servicing Fee" includes
Advances on Delinquencies
<PAGE>
MERIT SECURITIES CORPORATION
Credit Enhancement Summary
MERIT Series 9
Payment Date: 29-Sep-97
Reporting Month Aug-97
<TABLE>
<CAPTION>
Initial Coverage Beginning Period Coverage Adjustments Losses Ending Period Coverage
Type
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Reserve and Over Collateralization 2.25% 22,642,778.00 2.25% 22,642,778.00 0.00 0.00 2.51% 22,642,778.00
</TABLE>
Beginning Current Withdrawals Ending
Type Balance Deposits for Losses Reserve Balance
Collateralized Reserve Fund 74,632.27 25,216.50 0.00 99,848.77
Surplus Summary
Class Total Distribution
Surplus* $728,670.83
Delinquency Statistics
UNDERLYING LOANS** % of Current
# of Loans Current Balance Balance
- ----------------------------------------------------------------
30 Days 27 $5,074,094 0.55%
60 Days 7 $1,208,237 0.13%
90 + days 16 $3,501,684 0.38%
F/C 27 $5,151,926 0.56%
REO 14 $2,241,411 0.24%
- ----------------------------------------------------------------
91 $17,177,352 1.86%
DIRECTLY HELD LOANS*** % of Current
# of Loans Current Balance Balance
- ----------------------------------------------------------------
30 Days 94 $6,331,528 0.69%
60 Days 21 $1,001,686 0.11%
90 + days 13 $889,635 0.10%
F/C 1 $49,418 0.01%
REO 11 $406,244 0.04%
- ----------------------------------------------------------------
140 $8,678,511 0.94%
TOTAL - - ALL LOANS % of Current
# of Loans Current Balance Balance
- ----------------------------------------------------------------
30 Days 121 $11,405,622 1.24%
60 Days 28 $2,209,923 0.24%
90 + days 29 $4,391,319 0.48%
F/C 28 $5,201,344 0.56%
REO 25 $2,647,655 0.29%
- ----------------------------------------------------------------
231 $25,855,862 2.80%
Advances on Delinquencies : $144,802
Non-Recoverable Advances on Delinquencies : $0
* includes $300,000 for remittance error from August 28, 1997 payment
**Covered by various Pool Insurance policies
*** Not covered by Pool Insurance policy
