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) January 28, 1998
MERIT Securities Corporation, Series 9
(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 9
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 9 makes monthly remittances to security
holders. The latest remittance was made January 28, 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 January 28, 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.
January 28, 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 January 28, 1998
5
MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT Series 9
Payment Date: 28-Oct-97
Reporting Month Sep-97
<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 6.220000 $237,500,000.00 $1,436,215.28 $1,436,215.28 $20,274,802.16 $21,711,017.44 $217,225,197.84
1-A2 6.460000 $394,001,020.00 $2,474,545.30 $2,474,545.30 $0.00 $2,474,545.30 $394,001,020.00
2-A1 6.290000 $397,995,120.00 $2,433,850.71 $2,433,850.71 $20,287,667.78 $22,721,518.49 $377,707,452.22
2-A2 6.520000 $207,000,000.00 $1,312,150.00 $1,312,150.00 $0.00 $1,312,150.00 $207,000,000.00
B-1 6.710000 $43,444,460.00 $283,414.76 $283,414.76 $0.00 $283,414.76 $43,444,460.00
B-2 6.960000 $20,051,280.00 $135,680.33 $135,680.33 $0.00 $135,680.33 $20,051,280.00
B-3 7.710000 $10,025,650.00 $75,150.60 $75,150.60 $0.00 $75,150.60 $10,025,650.00
- -----------------------------------------------------------------------------------------------------
$1,310,017,530.00 $8,151,006.98 $8,151,006.98 $40,562,469.94 $48,713,476.9 $1,269,455,060.06
</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 9
Payment Date: 28-Oct-97
Reporting Month Sep-97
<TABLE>
<CAPTION>
Class Original Original % Integral Record Interest Interest Principal Realized Ending Remaining
Balance of Pool Denomination Date Accrual Payment Payment Losses Balance Principal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1-A1 $237,500,000.00 17.84% $1,000.00 31-Dec-97 6.04722222 6.04722222 85.36758804 $0.00 $217,225,197.84 0.91463241
1-A2 $394,001,020.00 29.60% $1,000.00 31-Dec-97 6.28055556 6.28055556 0.00000000 $0.00 $394,001,020.00 1.00000000
2-A1 $397,995,120.00 29.90% $1,000.00 31-Dec-97 6.11527778 6.11527778 50.97466466 $0.00 $377,707,452.22 0.94902534
2-A2 $207,000,000.00 15.55% $1,000.00 31-Dec-97 6.33888889 6.33888889 0.00000000 $0.00 $207,000,000.00 1.00000000
B-1 $43,444,460.00 3.26% $1,000.00 31-Dec-97 6.52361111 6.52361111 0.00000000 $0.00 $43,444,460.00 1.00000000
B-2 $20,051,280.00 1.51% $1,000.00 31-Dec-97 6.76666667 6.76666667 0.00000000 $0.00 $20,051,280.00 1.00000000
B-3 $10,025,650.00 0.75% $1,000.00 31-Dec-97 7.49583333 7.49583333 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 9
Collateral Proceeds Account
Payment Date: 28-Oct-97
Reporting Month Sep-97
<TABLE>
<S> <C> <C>
Collateral Proceeds Account
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee $8,502,882.45 Interest Payments $8,151,006.98
Principal $40,562,469.94 Principal Payment $40,562,469.94
Deposits from Reserve Fund $55,727.37 Surplus $246,150.96
Other Deposits $0.00 Dynex Servicing Fee $105,724.51
Collateralized Reserve Fund $55,727.37
Total Deposits $49,121,079.76 Total Withdrawals $49,121,079.76
Ending Balance $0.00
Note: "Principal" and "Interest Net of Servicing Fee" includes
Advances on Delinquencies
</TABLE>
<PAGE>
Credit Enhancement Summary
MERIT Series 9
Payment Date: 28-Oct-97
Reporting Month Sep-97
<TABLE>
<CAPTION>
Initial Coverage Beginning Period Coverage Adjustments Losses Ending Period Coverage
Type Purpose
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Credit Enhancement 2.00% 26,735,052.00 2.00% 26,735,052.00 0.00 55,727.37 2.06% 26,679,324.63
</TABLE>
Beginning Current Withdrawals Ending
Type Balance Deposits for Losses Reserve
Collateralized Reserve Fund $0.00 $55,727.37 $55,727.37 $0.00
(Included in above coverage amount)
Surplus Summary
Class Total Distribution
Surplus $246,150.96
Loss Accrual
Accrual Amount $49,617.37
Delinquency Statistics
UNDERLYING LOANS* % of Underlying Loans
# of Loans Current Balance Current Balance
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30 Days 131 $23,287,019 3.57%
60 Days 34 $6,857,147 1.05%
90 + days 49 $9,112,633 1.40%
F/C 62 $11,981,610 1.84%
REO 26 $4,630,728 0.71%
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302 $55,869,137 8.56%
DIRECTLY HELD LOANS** % of Directly Held Loans
# of Loans Current Balance Current Balance
- ----------------------------------------------------------------
30 Days 27 $3,663,311 0.59%
60 Days 7 $1,178,524 0.19%
90 + days 24 $3,508,418 0.56%
F/C 7 $1,523,846 0.24%
REO 19 $2,857,295 0.46%
- ----------------------------------------------------------------
84 $12,731,394 2.04%
Advances on Delinquencies : $570,518
Non-Recoverable Advances on Delinquencies : $0
*Covered by various Pool Insurance policies
** Not covered by Pool Insurance policy
