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) March 2, 1998
MERIT Securities Corporation, Series 10
(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 10
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 10 makes monthly remittances to
security holders. The latest remittance was made March 2, 1998. 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 March 2, 1998
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.
March 2, 1998 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 March 2, 1998
5
MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT Series 10
Payment Date: 3-Mar-98
Reporting Month Jan-98
<TABLE>
<CAPTION>
Class
Class Interest Beginning Interest Interest Principal Total Ending
Rate Balance Accrual Payment Payment Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
1-A1 5.88500 $217,225,197.84 $1,065,308.57 $1,065,308.57 $16,307,006.53 $17,372,315.10 $200,918,191.31
1-A2 6.12500 $394,001,020.00 $2,011,046.87 $2,011,046.87 $0.00 $2,011,046.87 $394,001,020.00
2-A1 5.95500 $377,707,452.22 $1,874,373.23 $1,874,373.23 $16,268,352.40 $18,142,725.63 $361,439,099.82
2-A2 6.18500 $207,000,000.00 $1,066,912.50 $1,066,912.50 $0.00 $1,066,912.50 $207,000,000.00
B-1 6.37500 $43,444,460.00 $230,798.69 $230,798.69 $0.00 $230,798.69 $43,444,460.00
B-2 6.62500 $20,051,280.00 $110,699.78 $110,699.78 $0.00 $110,699.78 $20,051,280.00
B-3 7.37500 $10,025,650.00 $61,615.97 $61,615.97 $0.00 $61,615.97 $10,025,650.00
$1,269,455,060.06 $6,420,755.62 $6,420,755.62 $32,575,358.93 $38,996,114.5 $1,236,879,701.13
</TABLE>
Class Cusip Priority Principal Type Interest Type
1-A1 589962BH1 Senior Sequential Floater
1-A2 589962BJ7 Senior Sequential Floater
2-A1 589962BK4 Senior Sequential Floater
2-A2 589962BL2 Senior Sequential Floater
B-1 589962BM0 Subordinate Sequential Floater
B-2 589962BN8 Subordinate Sequential Floater
B-3 589962BP3 Subordinate Sequential Floater
<PAGE>
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT Series 10
Payment Date: 3-Mar-98
Reporting Month Jan-98
<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>
1-A1 $237,500,000.00 17.84% $1,000.00 31-Jan-98 4.48550979 4.48550979 68.66108013 $0.00 $200,918,191.31 0.84597133
1-A2 $394,001,020.00 29.60% $1,000.00 31-Jan-98 5.10416667 5.10416667 0.00000000 $0.00 $394,001,020.00 1.00000000
2-A1 $397,995,120.00 29.90% $1,000.00 31-Jan-98 4.70953823 4.70953823 40.87575848 $0.00 $361,439,099.82 0.90814958
2-A2 $207,000,000.00 15.55% $1,000.00 31-Jan-98 5.15416667 5.15416667 0.00000000 $0.00 $207,000,000.00 1.00000000
B-1 $43,444,460.00 3.26% $1,000.00 31-Jan-98 5.31250000 5.31250000 0.00000000 $0.00 $43,444,460.00 1.00000000
B-2 $20,051,280.00 1.51% $1,000.00 31-Jan-98 5.52083333 5.52083333 0.00000000 $0.00 $20,051,280.00 1.00000000
B-3 $10,025,650.00 0.75% $1,000.00 31-Jan-98 6.14583333 6.14583333 0.00000000 $0.00 $10,025,650.00 1.00000000
$1,310,017,530.00
</TABLE>
<PAGE>
MERIT SECURITIES CORPORATION
Funds Account Activity Summary
MERIT Series 10
Collateral Proceeds Account
Payment Date: 3-Mar-98
Reporting Month Jan-98
<TABLE>
<S> <C> <C>
Collateral Proceeds Account
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee $8,212,022.70 Interest Payments $6,420,755.62
Principal $32,575,358.93 Principal Payment $32,575,358.93
Deposits from Reserve Fund $47,993.02 Surplus $1,685,542.57
Other Deposits $0.00 Dynex Servicing Fee $105,724.51
Collateralized Reserve Fund $47,993.02
Total Deposits $40,835,374.65 Total Withdrawals $40,835,374.65
Ending Balance $0.00
Note: "Principal" and "Interest Net of Servicing Fee" includes
Advances on Delinquencies
</TABLE>
<PAGE>
Credit Enhancement Summary
MERIT Series 10
Payment Date: 3-Mar-98
Reporting Month Jan-98
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Ending Coverage
Type
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Credit Enhancement 2.00% 26,735,052.00 2.06% 26,679,324.63 0.00 47,993.02 2.11% 26,631,331.61
</TABLE>
Beginning Current Withdrawals Ending
Type Balance Deposits for Losses Reserve Balance
Collateralized Reserve Fund 0.00 47,993.02 47,993.02 0.00
(Included in above coverage amount)
Surplus Summary
Class Total Distribution
Surplus $1,685,542.57
Loss Accrual
Accrual Amount $157,814.56
Delinquency Statistics
UNDERLYING LOANS* % of Underlying Loans
# of Loans Current Balance Current Balance
- ----------------------------------------------------------------
30 Days 117 $19,613,974 3.08%
60 Days 43 $7,361,559 1.16%
90 + days 54 $10,231,407 1.61%
F/C 58 $11,213,420 1.76%
REO 20 $3,512,173 0.55%
- ----------------------------------------------------------------
292 $51,932,533 8.16%
DIRECTLY HELD LOANS** % of Directly Held Loans
# of Loans Current Balance Current Balance
- ----------------------------------------------------------------
30 Days 89 $6,882,184 1.13%
60 Days 15 $1,813,120 0.30%
90 + days 26 $3,658,321 0.60%
F/C 5 $1,145,122 0.19%
REO 26 $3,313,316 0.54%
- ----------------------------------------------------------------
161 $16,812,063 2.76%
Advances on Delinquencies : $529,580
Non-Recoverable Advances on Delinquencies : $0
*Covered by various Pool Insurance policies
** Not covered by Pool Insurance policy
