MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 8
Payment Date: 28-Apr-98
Reporting Month: March
<TABLE>
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 5.907500% $320,417,633.15 $1,577,389.31 $1,577,389.31 $29,872,223.78 $31,449,613.09 $0.00 $290,545,409.37
Class A-2 6.287500% $142,000,000.00 $744,020.83 $744,020.83 $0.00 $744,020.83 $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
$552,395,633.15 $3,221,190.14 $3,221,190.14 $29,872,223.78 $33,093,413.92 $0.00 $522,523,409.37
</TABLE>
Class CUSIP Priority Principal Type 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: 28-Apr-98
Reporting Month: March
<TABLE>
<CAPTION>
Interest Interest Principal Remaining
Original Original Integral Record Accrual Payment Payment Ending Principal
Class 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 31-Mar-98 2.22011163 2.22011163 42.0439462 $290,545,409.37 0.40893091
Class A-2 $142,000,000.00 14.99% $1,000.00 31-Mar-98 5.23958331 5.23958331 0.00000000 $142,000,000.00 1.00000000
Class A-3 $89,978,000.00 9.50% $1,000.00 31-Mar-98 10.0000000 10.0000000 0.00000000 $89,978,000.00 1.00000000
$942,478,000.00 $522,523,409.37
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 8
Payment Date: 28-Apr-98
Report Date: March
<TABLE>
<CAPTION>
Collateral Proceeds Account
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $3,659,289.79 Interest Payments $3,221,190.14
Principal $29,872,223.78 Principal Payments $29,872,223.78
Deposits From Reserve Fund $0.00 Surplus $398,910.39
Other Deposits $0.00 FSA Fee $39,189.26
Discount Principal Reserve $0.00
Total Deposit $33,531,513.57 Total Withdrawals $33,531,513.57
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 8
Payment Date: 28-Apr-98
Reporting Month March
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Balance
Type
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Pool Over Collateralization 0.50% $4,736,097.11 0.85% $4,736,097.11 $0.00 $0.00 $527,259,506.48 0.90% $4,736,097.11
</TABLE>
Surplus Summary
Class Total Distribution
Surplus $398,910.39
Delinquency Statistics
Underlying Mortgage Loans*
Current % of Underlying
# of Loans Balance Mortgage Loans
30+ Days 92 $16,666,608 3.93%
60+ Days 32 $7,745,844 1.82%
90+ Days 61 $11,497,446 2.71%
Foreclosure 55 $10,954,215 2.58%
REO 30 $4,949,659 1.17%
Totals 270 $51,813,772 12.21%
Directly Held Mortgage Loans**
Current % of Directly Held
# of Loans Balance Mortgage Loans
30+ Days 2 $1,474,951 1.43%
60+ Days 0 $0.00 0.00%
90+ Days 0 $0.00 0.00%
Foreclosure 1 $210,687 0.20%
REO 0 $0.00 0.00%
Totals 3 $1,685,445 3.89%
Advances on Delinquencies $330,448
Non-Recoverable Advances on Delinquencies $0.00
* Covered by various Pool Insurance policies
** Not covered by Pool Insurance policy
