MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 7
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 6.207500% $178,229,925.95 $921,968.55 $921,968.55 $7,163,209.13 $8,085,177.68 $0.00 $171,066,716.82
Class A-2 15.000000% $45,500,000.00 $568,750.00 $568,750.00 $0.00 $568,750.00 $0.00 $45,500,000.00
Class A-3 7.000000% $17,093,421.34 $99,711.62 $99,711.62 $597,679.33 $697,390.95 $0.00 $16,495,742.01
Class A-4 7.500000% $7,000,000.00 $43,750.00 $43,750.00 $0.00 $43,750.00 $0.00 $7,000,000.00
Class A-5 6.207500% $7,992,036.08 $41,342.14 $41,342.14 $400,783.97 $442,126.11 $0.00 $7,591,252.11
$255,815,383.37 $1,675,522.31 $1,675,522.31 $8,161,672.43 $9,837,194.74 $0.00 $247,653,710.94
</TABLE>
Class CUSIP Priority Principal Type Interest Type
Class A-1 589962AT6 Senior Sequential Floater
Class A-2 589962AU3 Senior Sequential Floater
Class A-3 589962AV1 Senior Sequential Fixed
Class A-4 589962AW Senior Sequential Fixed
Class A-5 589962AX7 Senior Sequential Floater
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 7
Payment Date: 28-Apr-98
Reporting Month: March
<TABLE>
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 A-1 $435,000,000.00 78.06% $1,000.00 31-Mar-98 2.11946793 2.11946793 16.4671474 $171,066,716.82 0.39325682
Class A-2 $45,500,000.00 8.17% $1,000.00 31-Mar-98 12.5000000 12.5000000 0.00000000 $45,500,000.00 1.00000000
Class A-3 $26,300,000.00 4.72% $1,000.00 31-Mar-98 3.79131635 3.79131635 22.7254498 $16,495,742.01 0.62721453
Class A-4 $7,000,000.00 1.26% $1,000.00 31-Mar-98 6.25000000 6.25000000 0.00000000 $7,000,000.00 1.00000000
Class A-5 $14,750,000.00 2.65% $1,000.00 31-Mar-98 2.80285695 2.80285695 27.1717945 $7,591,252.11 0.51466116
$528,550,000.00 $247,653,710.94
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 7
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 $2,087,953.94 Interest Payments $1,675,522.31
Principal $8,161,672.43 Principal Payments $8,161,672.43
Deposits From Reserve Fund $0.00 Surplus $385,602.48
Other Deposits $0.00 MBIA Fee $26,829.15
Discount Principal Reserve $0.00
Total Deposit $10,249,626.37 Total Withdrawals $10,249,626.37
Ending Balance $0.00
</TABLE>
MERIT SECURITIES CORPORATION
Credit Enhancement Summary
MERIT 7
Payment Date: 28-Apr-98
Reporting Month March
Reserve Funds and Subordination
<TABLE>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Balance
Type
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Pool Over Collateralization 5.15% $28,702,601.63 9.49% $26,812,096.98 $0.00 $95,849.3 $274,369,958.66 9.74% $26,716,247.68
</TABLE>
Surplus Summary
Class Total Distribution
Surplus $385,602.48
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 107 $11,977,246 4.37%
60+ Days 42 $5,372,212 1.96%
90+ Days 54 $8,588,692 3.13%
Foreclosure 77 $9,626,697 3.51%
REO 42 $5,367,884 1.96%
Totals 322 $40,932,731 14.92%
Advances on Delinquencies $258,867.60
Non-Recoverable Advances on Delinquencies $0.00
