MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 7
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 6.176250% $171,066,716.82 $880,459.01 $880,459.01 $10,201,830.06 $11,082,289.07 $0.00 $160,864,886.76
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% $16,495,742.01 $96,225.16 $96,225.16 $573,681.18 $669,906.34 $0.00 $15,922,060.83
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 6.176250% $7,591,252.11 $39,071.23 $39,071.23 $343,079.89 $382,151.12 $0.00 $7,248,172.22
$247,653,710.94 $1,628,255.40 $1,628,255.40 $11,118,591.13 $12,746,846.53 $0.00 $236,535,119.81
</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-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 $435,000,000.00 78.06% $1,000.00 30-Apr-98 2.02404370 2.02404370 23.4524829 $160,864,886.76 0.36980434
Class A-2 $45,500,000.00 8.17% $1,000.00 30-Apr-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 30-Apr-98 3.65875133 3.65875133 21.8129726 $15,922,060.83 0.60540155
Class A-4 $7,000,000.00 1.26% $1,000.00 30-Apr-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 30-Apr-98 2.64889695 2.64889695 23.2596535 $7,248,172.22 0.49140151
$528,550,000.00 $236,535,119.81
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 7
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 $2,018,364.63 Interest Payments $1,628,255.40
Principal $11,118,591.13 Principal Payments $11,118,591.13
Deposits From Reserve Fund $0.00 Surplus $364,484.59
Other Deposits $0.00 MBIA Fee $25,624.64
Total Deposit $13,136,955.76 Total Withdrawals $13,136,955.76
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 7
Payment Date: 28-May-98
Reporting Month April
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Balance
Type
<S> <C> <C> <C> <C> <C>
Pool Over Collateralization 5.15%$28,702,601.63 9.74% $26,716,247.68 $0.00 $223,568.74 $263,027,798.79 10.07%$26,492,678.94
</TABLE>
Surplus Summary
Class Total Distribution
Surplus $364,484.59
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 118 $12,041,978 4.58%
60+ Days 33 $2,929,238 1.11%
90+ Days 55 $9,040,276 3.44%
Foreclosure 71 $91,199,567 34.67%
REO 44 $5,512,629 2.10%
Totals 321 $120,723,687 45.90%
Advances on Delinquencies $243,632.30
Non-Recoverable Advances on Delinquencies $0.00
