MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 8
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 A-1 5.868440% $265,817,550.77 $1,299,945.29 $1,299,945.29 $22,723,886.75 $24,023,832.04 $0.00 $243,093,664.02
Class A-2 6.248440% $142,000,000.00 $739,398.73 $739,398.73 $0.00 $739,398.73 $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
$497,795,550.77 $2,939,124.02 $2,939,124.02 $22,723,886.75 $25,663,010.77 $0.00 $475,071,664.02
</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 8
Payment Date: 29-Jun-98
Reporting Month: May
<TABLE>
<CAPTION>
Original Interest Interest Principal Remaining
Pct Integral Accrual Payment Payment Principal
Class Original Balance Pool Denomination Record Date Factor Factor Factor Ending Balance Factor
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $710,500,000.00 75.00% $1,000.00 31-May-98 1.82962039 1.82962039 31.98295109 $243,093,664.02 0.34214450
Class A-2 $142,000,000.00 14.99% $1,000.00 31-May-98 5.20703331 5.20703331 0.00000000 $142,000,000.00 1.00000000
Class A-3 $89,978,000.00 9.50% $1,000.00 31-May-98 10.00000000 10.00000000 0.00000000 $89,978,000.00 1.00000000
$942,478,000.00 $475,071,664.02
</TABLE>
MERIT SECURITIES CORPORATION
Credit Enhancement Summary
MERIT 8
Payment Date: 29-Jun-98
Reporting Month May
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type
<S> <C> <C> <C> <C> <C>
Pool Over Collateralization 0.50%$4,736,097.11 0.94% $4,736,097.11 $479,807,761.12 0.99% $4,736,097.11
</TABLE>
Surplus Summary
Class Total Distribution
Surplus $302,934.83
Delinquency Statistics
Directly Held Mortgage Loans*
Current % of
# of Loans Balance Current Balance
30+ Days 2 $1,061,894 1.15%
60+ Days 0 $0 0.00%
90+ Days 0 $0 0.00%
Foreclosure 0 $0 0.00%
REO 1 $210,106 0.23%
Totals 3 $1,271,999 1.38%
Underlying Mortgage Loans**
Current % of
# of Loans Balance Current Balance
30+ Days 98 $18,494,159.83 4.77%
60+ Days 21 $4,088,746.87 1.06%
90+ Days 54 $9,890,315.55 2.55%
Foreclosure 54 $11,132,915.95 2.87%
REO 31 $5,303,168.15 1.37%
Totals 258 $48,909,306.35 12.62%
Advances on Delinquencies $316,796
Non-Recoverable Advances on Delinquencies $0.00
*Not covered by Pool Insurance policy
**Covered by various Pool Insurance policies
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 8
Payment Date: 29-Jun-98
Report Date: May
<TABLE>
<CAPTION>
Collateral Proceeds Account
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $3,277,689.22 Interest Payments $2,939,124.02
Principal $22,723,886.75 Principal Payments $22,723,886.75
Deposits From Reserve Fund $0.00 Surplus $302,934.83
Other Deposits $0.00 FSA Fee $35,630.37
Total Deposit $26,001,575.97 Total Withdrawals $26,001,575.97
Ending Balance $0.00
<FN>
Note: "Principal" and Interest Net of Servicing Fee" includes Advances on
Delinquencies
</FN>
</TABLE>
