MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT Series 8
Payment Date: 28-Jul-98
Reporting Month: June
<TABLE>
<CAPTION>
Class
Interest Beginning Interest Interest Principal Total Applied
Class Rate Balance Accrual Payment Payment Distribution Losses Ending Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 5.876250% $243,093,664.02 $1,190,399.29 $1,190,399.29 $24,181,827.28 $25,372,226.57 $0.00 $218,911,836.74
Class A-2 6.256250% $142,000,000.00 $740,322.92 $740,322.92 $0.00 $740,322.92 $0.00 $142,000,000.00
Class A-3 12.000000% $89,978,000.00 $899,780.00 $899,780.00 $0.00 $899,780.00 $0.00 $89,978,000.00
$475,071,664.02 $2,830,502.21 $2,830,502.21 $24,181,827.28 $27,012,329.49 $0.00 $450,889,836.74
</TABLE>
Class CUSIP Priority PrincipalType Interest Type
Class A-1 589962AY5 Senior Sequential Floater
Class A-2 589962AZ2 Senior Sequential Floater
Class A-3 589962BA6 Senior Sequential Floater
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT Series 8
Payment Date: 28-Jul-98
Reporting Month: June
<TABLE>
<CAPTION>
Interest Interest Principal Remaining
Original Integral Record Accrual Payment Payment Ending Principal
Class Original Balance Pct Pool Denomination Date Factor Factor Factor Balance Factor
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $710,500,000.00 75.00% $1,000.00 30-Jun-98 1.67543883 1.67543883 34.03494339 $218,911,836.74 0.30810955
Class A-2 $142,000,000.00 14.99% $1,000.00 30-Jun-98 5.21354169 5.21354169 0.00000000 $142,000,000.00 1.00000000
Class A-3 $89,978,000.00 9.50% $1,000.00 30-Jun-98 10.00000000 10.00000000 0.00000000 $89,978,000.00 1.00000000
$942,478,000.00 $450,889,836.74
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT Series 8
Payment Date: 28-Jul-98
Report Date: June
Collateral Proceeds Account
<TABLE>
<CAPTION>
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $3,124,178.94 Interest Payments $2,830,502.21
Principal $24,363,481.59 Principal Payments $24,181,827.28
Deposits From Reserve Fund $0.00 Surplus $441,514.30
Other Deposits $0.00 FSA Fee $33,816.74
Total Deposit $27,487,660.53 Total Withdrawals $27,487,660.53
Ending Balance $0.00
<FN>
Note: "Principal" and Interest Net of Servicing Fee" includes Advances on Delinquencies
</FN>
</TABLE>
MERIT SECURITIES CORPORATION
Credit Enhancement Summary
MERIT Series 8
Payment Date: 28-Jul-98
Reporting Month June
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending
Coverage
<S> <C> <C> <C> <C> <C> <C>
Type
Pool Over Collateralization 0.50% $4,736,097.11 0.99%$4,736,097.11 ($181,654.31) $455,444,279.54 1.00% $4,554,442.80
Surplus Summary
Class Total Distribution
Surplus $441,514.30
</TABLE>
Delinquency Statistics
Directly Held Mortgage Loans*
Current % of
# of Loans Balance Current Balance
30+ Days 1 $131,934 0.15%
60+ Days 1 $725,608 0.83%
90+ Days 0 $0 0.00%
Foreclosure 0 $0 0.00%
REO 1 $210,301 0.24%
Totals 3 $1,067,843 1.22%
Underlying Mortgage Loans**
Current % of
# of Loans Balance Current Balance
30+ Days 78 $15,466,513 4.20%
60+ Days 17 $3,147,429 0.85%
90+ Days 63 $11,337,193 3.08%
Foreclosure 44 $9,425,243 2.56%
REO 32 $5,530,466 1.50%
Totals 234 $44,906,844 12.20%
Advances on Delinquencies $560,759.89
Non-Recoverable Advances on Delinquencies $0.00
*Not covered by Pool Insurance policy
**Covered by various Pool Insurance policies
1) Release of funds in excess of Target Overcollateralization Amount.
See Indenture, Prospectus and their respective Supplements for complete details
