MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 6
Payment Date: 28-Jul-98
Reporting Month: June
<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 A1 6.156250% $140,168,067.58 $719,091.39 $719,091.39 $8,895,549.63 $9,614,641.02 $0.00 $131,272,517.95
Class A2 12.767030% $75,912,000.00 $807,642.37 $807,642.37 $0.00 $807,642.37 $0.00 $75,912,000.00
Class A3 6.200000% $14,433,254.14 $74,571.81 $74,571.81 $218,611.41 $293,183.22 $0.00 $14,214,642.73
Class A4 6.600000% $6,000,000.00 $33,000.00 $33,000.00 $0.00 $33,000.00 $0.00 $6,000,000.00
$236,513,321.72 $1,634,305.57 1,634,305.57 $9,114,161.04 $10,748,466.61 $0.00 $227,399,160.68
</TABLE>
Class CUSIP Priority PrincipalType Interest Type
Class A1 589962AP4 Senior Sequential Floater
Class A2 589962AQ2 Senior Sequential Floater
Class A3 589962AR0 Senior Sequential Fixed
Class A4 589962AS8 Senior Sequential Fixed
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 6
Payment Date: 28-Jul-98
Reporting Month: June
<TABLE>
<CAPTION>
Interest Interest Principal Principal
Class Original Pct Original Integral Accrual Payment Payment Ending
Balance Pool Denomination Record Date Factor Factor Factor Balance Factor
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A1 $473,800,000.00 79.58% $1,000.00 30-Jun-98 1.51771083 1.51771083 18.77490424 $131,272,517.95 0.27706314
Class A2 $75,912,000.00 12.75% $1,000.00 30-Jun-98 10.63919235 10.63919235 0.00000000 $75,912,000.00 1.00000000
Class A3 $26,200,000.00 4.40% $1,000.00 30-Jun-98 2.84625229 2.84625229 8.34394695 $14,214,642.73 0.54254362
Class A4 $6,000,000.00 1.01% $1,000.00 30-Jun-98 5.50000000 5.50000000 0.00000000 $6,000,000.00 1.00000000
$581,912,000.00 $227,399,160.68
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 6
Payment Date: 28-Jul-98
Report Date: June
Collateral Proceeds Account
<TABLE>
<CAPTION>
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $1,721,148.17 Interest Payments $1,634,305.57
Principal $9,521,310.65 Principal Payments $9,114,161.04
Deposits From Reserve Fund $0.00 Surplus $484,517.24
Other Deposits $0.00 MBIA Fee $9,474.97
Total Deposit $11,242,458.82 Total Withdrawals $11,242,458.82
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 6
Payment Date: 28-Jul-98
Reporting Month June
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type
<S> <C> <C> <C> <C> <C>
Pool Over Collateralization 2.26% $13,474,965.80 4.52% $11,196,183.18 ($407,149.61) $24,312.56 $238,164,181.70 4.52%$10,764,721.01
</TABLE>
Class Total Distribution
Surplus $484,517.24
Delinquency Statistics
% of
# of Loans Current Balance Current Balance
30+ Days 18 $3,086,434 1.30%
60+ Days 6 $1,010,743 0.42%
90+ Days 15 $2,532,187 1.06%
Foreclosure 13 $3,071,242 1.29%
REO 3 $349,536 0.15%
Totals 55 $10,050,143 4.22%
Advances on Delinquencies $80,295.73
Non-Recoverable Advances on Delinquencies $0.00
1) Release of funds in excess of Target Overcollateralization Amount.
See Indenture, Prospectus and their respective Supplements for complete details
