MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT Series 8
Payment Date: 28-Aug-98
Reporting Month: July
<TABLE>
<CAPTION>
Class Interest
Interest Beginning Interest Principal Total Applied
Class Rate Balance Accrual Payment Payment Distribution Losses Ending Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 5.876250% $218,911,836.74 $1,071,983.90 $1,071,983.90 $25,086,335.72 $26,158,319.62 $0.00 $193,825,501.02
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
$450,889,836.74 $2,712,086.82 $2,712,086.82 $25,086,335.72 $27,798,422.54 $0.00 $425,803,501.02
</TABLE>
Principal Interest
Class CUSIP Priority Type 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 Series 8
Payment Date: 28-Aug-98
Reporting Month: July
<TABLE>
<CAPTION>
Interest Interest Principal Principal
Original Integral Accrual Payment Payment Ending
Class Original Balance Pct Pool Denomination Record 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-Jul-98 1.50877396 1.50877396 35.30800242 $193,825,501.02 0.27280155
Class A-2 $142,000,000.00 14.99% $1,000.00 31-Jul-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 31-Jul-98 10.00000000 10.00000000 0.00000000 $89,978,000.00 1.00000000
$942,478,000.00 $425,803,501.02
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT Series 8
Payment Date: 28-Aug-98
Report Date: July
Collateral Proceeds Account
<TABLE>
<CAPTION>
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $2,956,953.69 Interest Payments $2,712,086.82
Principal $25,339,733.06 Principal Payments $25,086,335.72
Deposits From Reserve Fund $0.00 Surplus $466,328.95
Other Deposits $0.00 FSA Fee $31,935.26
Discount Principal Reserve $0.00
Total Deposit $28,296,686.75 Total Withdrawals $28,296,686.75
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 Series 8
Payment Date: 28-Aug-98
Reporting Month July
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
<S> <C> <C> <C> <C> <C>
Type
Pool Over Collateralization 0.50% $4,736,097.11 1.00% $4,554,442.80 ($253,397.34) $430,104,546.48 1.00% $4,301,045.46
</TABLE>
Surplus Summary
Class Total Distribution
Surplus $466,328.95
Delinquency Statistics
Directly Held Mortgage Loans*
% of
# of Loans Current Balance Current Balance
30+ Days 1 $450,000 0.10%
60+ Days 0 $0 0.00%
90+ Days 0 $0 0.00%
Foreclosure 0 $0 0.00%
REO 1 $209,709 0.06%
Totals 2 $659,709 0.17%
Underlying Mortgage Loans**
Current % of
# of Loans Balance Current Balance
30+ Days 76 $12,265,595.99 3.52%
60+ Days 16 $2,469,311.11 0.71%
90+ Days 55 $9,900,949.20 2.84%
Foreclosure 39 $8,044,576.43 2.31%
REO 28 $4,844,481.84 1.39%
Totals 214 $37,524,914.57 10.76%
Advances on Delinquencies $250,187.99
Non-Recoverable Advances on Delinquencies $0.00
*Not covered by Pool Insurance policy **Covered by various Pool Insurance
policies 1) Release of funds in excess of Target Overcollateralization Amount.
See Indenture, Prospectus and their respective Supplements for complete details.
