MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 6
Payment Date: 29-Jun-98
Reporting Month: May
<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 A1 6.148440% $152,822,904.01 $783,018.71 $783,018.71 $12,654,836.43 $13,437,855.14 $0.00 $140,168,067.58
Class A2 13.164860% $75,912,000.00 $832,808.82 $832,808.82 $0.00 $832,808.82 $0.00 $75,912,000.00
Class A3 6.200000% $15,591,824.72 $80,557.76 $80,557.76 $1,158,570.58 $1,239,128.34 $0.00 $14,433,254.14
Class A4 6.600000% $6,000,000.00 $33,000.00 $33,000.00 $0.00 $33,000.00 $0.00 $6,000,000.00
$250,326,728.73 $1,729,385.29 $1,729,385.29 $13,813,407.01 $15,542,792.30 $0.00 $236,513,321.72
</TABLE>
Class CUSIP Priority Principal Type Interest Type
Class A1 589962AP4 Senior Sequential Floater
Class A2 589962AQ2 Senior Sequential Floater
Class A3 589962AR0 Senior Sequential Fixed
Class A4 589962AS8 Senior Sequential Fixed
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 6
Payment Date: 29-Jun-98
Reporting Month: May
<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 A1 $473,800,000.00 79.58% $1,000.00 31-May-98 1.65263552 1.65263552 26.70923687 $140,168,067.58 0.29583805
Class A2 $75,912,000.00 12.75% $1,000.00 31-May-98 10.97071372 10.97071372 0.00000000 $75,912,000.00 1.00000000
Class A3 $26,200,000.00 4.40% $1,000.00 31-May-98 3.07472366 3.07472366 44.22025115 $14,433,254.14 0.55088756
Class A4 $6,000,000.00 1.01% $1,000.00 31-May-98 5.50000000 5.50000000 0.00000000 $6,000,000.00 1.00000000
$581,912,000.00 $236,513,321.72
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 6
Payment Date: 29-Jun-98
Report Date: May
Collateral Proceeds Account
<TABLE>
<CAPTION>
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $1,823,651.76 Interest Payments $1,729,385.29
Principal $14,738,047.91 Principal Payments $13,813,407.01
Deposits From Reserve Fund $0.00 Surplus $1,009,052.65
Other Deposits $0.00 MBIA Fee $9,854.72
Total Deposit $16,561,699.67 Total Withdrawals $16,561,699.67
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 6
Payment Date: 29-Jun-98
Reporting Month May
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
<S> <C> <C> <C> <C> <C>
Type
Pool Over Collateralization 2.26%$13,474,965.80 4.65%$12,218,513.16 ($924,940.90) $97,389.08 $247,709,804.91 4.52% $11,196,483.18
</TABLE>
Class Total Distribution
Surplus $1,009,052.65
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 32 $6,102,461 2.46%
60+ Days 4 $542,160 0.22%
90+ Days 16 $2,748,701 1.11%
Foreclosure 10 $2,495,102 1.01%
REO 4 $416,475 0.17%
Totals 66 $12,304,899 4.97%
Advances on Delinquencies $90,583.61
Non-Recoverable Advances on Delinquencies $0.00
1 Release of funds in excess of Target Overcollateralization Amount.
See Indenture, Prospectus and their respective Supplements for complete details.
