MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 8
Payment Date: 28-May-98
Reporting Month: April
<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 5.876250% $290,545,409.37 $1,422,764.55 $1,422,764.55 $24,727,858.60 $26,150,623.15 $0.00 $265,817,550.77
Class A-2 6.256250% $142,000,000.00 $740,322.92 $740,322.92 $0.00 $740,322.92 $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
$522,523,409.37 $3,062,867.47 $3,062,867.47 $24,727,858.60 $27,790,726.07 $0.00 $497,795,550.77
</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-May-98
Reporting Month: April
<TABLE>
<CAPTION>
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 $710,500,000.00 75.00% $1,000.00 30-Apr-98 2.00248353 2.00248353 34.8034603 $265,817,550.77 0.37412745
Class A-2 $142,000,000.00 14.99% $1,000.00 30-Apr-98 5.21354169 5.21354169 0.00000000 $142,000,000.00 1.00000000
Class A-3 $89,978,000.00 9.50% $1,000.00 30-Apr-98 10.0000000 10.0000000 0.00000000 $89,978,000.00 1.00000000
$942,478,000.00 $497,795,550.77
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 8
Payment Date: 28-May-98
Report Date: April
<TABLE>
<CAPTION>
Collateral Proceeds Account
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $3,457,779.96 Interest Payments $3,062,867.47
Principal $24,727,858.60 Principal Payments $24,727,858.60
Deposits From Reserve Fund $0.00 Surplus $357,577.82
Other Deposits $0.00 FSA Fee $37,334.67
Total Deposit $28,185,638.56 Total Withdrawals $28,185,638.56
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-May-98
Reporting Month April
<TABLE>
<CAPTION>
Reserve Funds and Subordination
Initial Coverage Beginning Coverage Adjustments Insured Balance Ending Balance
Type Losses
<S> <C> <C> <C> <C> <C>
Pool Over Collateralization 0.50%$4,736,097.11 0.90% $4,736,097.11 $0.00 $0.00 $502,531,647.88 0.94% $4,736,097.11
</TABLE>
Surplus Summary
Class Total Distribution
Surplus $357,577.82
Delinquency Statistics
Underlying Mortgage Loans*
Current % of Underlying
# of Loans Balance Mortgage Loans
30+ Days 87 $16,457,654 4.07%
60+ Days 21 $3,221,245 0.80%
90+ Days 56 $10,181,549 2.52%
Foreclosure 54 $11,208,394 2.77%
REO 28 $4,915,661 1.21%
Totals 246 $45,984,503 11.36%
Directly Held Mortgage Loans**
Current % of Directly Held
# of Loans Balance Mortgage Loans
30+ Days 0 $0.00 0.00%
60+ Days 0 $0.00 0.00%
90+ Days 0 $0.00 0.00%
Foreclosure 0 $0.00 0.00%
REO 1 $210,301 0.22%
Totals 1 $1,685,445 0.22%
Advances on Delinquencies $293,158
Non-Recoverable Advances on Delinquencies $0.00
* Covered by various Pool Insurance policies
** Not covered by Pool Insurance policy
