Monthly Payment Report
Payment
Statement
MERIT
Series 11
Payment 28-Jul-99
Date:
Reporting Jun-99
Month
<TABLE>
<CAPTION>
Class Class Beginning Interest Interest Principal Total Ending
Interest Balance Accrual Payment Payment Distribution Balance
Rate
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1A-1 6.580000% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
1A-2 5.540000% $230,740,30 $1,065,251 $1,065,25 $15,627,256.4 $16,692,507.52 $215,113,047.29
2A-1 5.264000% $8,966,035. $39,331.01 $39,331.0 $8,966,035.59 $9,005,366.60 $0.00
2A-2 5.440000% $200,000,00 $906,666.6 $906,666. $6,416,310.48 $7,322,977.15 $193,583,689.52
2A-3 5.590000% $166,560,00 $775,892.0 $775,892.00 $0.00 $775,892.00 $166,560,000.00
3A-1 5.450000% $234,489,25 $1,064,972 $1,064,97 $2,093,717.49 $3,158,689.54 $232,395,541.25
B-1 5.840000% $59,600,000 $290,053.3 $290,053.33 $0.00 $290,053.33 $59,600,000.00
B-2 6.140000% $34,500,000 $176,525.0 $176,525.00 $0.00 $176,525.00 $34,500,000.00
B-3 6.890000% $20,000,000 $114,833.3 $114,833.33 $0.00 $114,833.33 $20,000,000.00
- ------------------------------------------------------------------------------------------
$954,855,59 $4,433,524 $4,433,52 $33,103,320.0 $37,536,844.47 $921,752,278.06
</TABLE>
Class Cusip Priority Principal Interest
Type Type
- -------------------------------------------------------
1A-1 589962BQ1 Senior Sequential Fixed
1A-2 589962BR9 Senior Sequential Floater
2A-1 589962BS7 Senior Sequential Floater
2A-2 589962BT5 Senior Sequential Floater
2A-3 589962BU2 Senior Sequential Floater
3A-1 589962BV0 Senior Sequential Floater
B-1 589962BW8 Subordinate Sequential Floater
B-2 589962BX6 Subordinate Sequential Floater
B-3 589962BY4 Subordinate Sequential Floater
- -------------------------------------------------------
Payments per Bond
Denomination
MERIT
Series 11
Payment 28-Jul-99
Date:
Reporting Jun-99
Month
<TABLE>
<CAPTION>
Amounts Per
Individual
Security
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class Original Original Integral Record Interest Interest Payment Principal Realized Ending Remaining
Balance % of Pool Denomination Date Accrual Payment Losses Balance Principal
Factor
- -----------------------------------------------------------------------------------------------------------------------------
1A-1 $262,000,000.00 17.03% $1,000.00 Jun-99 0.00000000 0.00000000 0.00000000 $0.00 $0.00 0.00000000
1A-2 $238,000,000.00 15.47% $1,000.00 Jun-99 4.47584483 4.47584483 65.66074139 $0.00 $215,113,040 .90383633
2A-1 $300,000,000.00 19.50% $1,000.00 Jun-99 0.13110336 0.13110336 29.88678530 $0.00 $0.00 0.00000000
2A-2 $200,000,000.00 13.00% $1,000.00 Jun-99 4.53333333 4.53333333 32.08155240 $0.00 $193,583,68 0.96791845
2A-3 $166,560,000.00 10.82% $1,000.00 Jun-99 4.65833333 4.65833333 0.00000000 $0.00 $166,560,00 1.00000000
3A-1 $258,173,000.00 16.78% $1,000.00 Jun-99 4.12503263 4.12503263 8.10974614 $0.00 $232,395,54 0.90015432
B-1 $59,600,000.00 3.87% $1,000.00 Jun-99 4.86666667 4.86666667 0.00000000 $0.00 $59,600,000 1.00000000
B-2 $34,500,000.00 2.24% $1,000.00 Jun-99 5.11666667 5.11666667 0.00000000 $0.00 $34,500,000 1.00000000
B-3 $20,000,000.00 1.30% $1,000.00 Jun-99 5.74166667 5.74166667 0.00000000 $0.00 $20,000,000 1.00000000
- -----------------------------------------------------------------------------------------------------------------------------
$1,538,833,000.00
</TABLE>
Funds Account Activity
Summary
MERIT
Series 11
Payment 28-Jul-99
Date:
Reporting Jun-99
Month
<TABLE>
<CAPTION>
Collateral Proceeds
Account
Beginning $0.00
Balance
<S> <C> <C> <C>
Deposits Withdrawals
Interest Net of $6,342,039.02 Interest $4,433,524.46
Servicing Fee Payments
Principal $33,099,558.62 Principal $33,103,320.01
Payment
Deposits from Reserve $218,446.65 Surplus $1,753,005.34
Fund
Other $0.00 Dynex $155,509.22
Deposits Servicing
Fee
Collateralized $214,685.26
Reserve
Fund
Total $39,660,044.29 Total $39,660,044.29
Deposits Withdrawals
Ending $0.00
Balance
<FN>
Note: "Principal" and "Interest Net of
Servicing Fee" includes Advances on
Delinquencies
</FN>
</TABLE>
Credit Enhancement
Summary
MERIT
Series 11
Payment 28-Jul-99
Date:
Reporting Jun-99
Month
<TABLE>
<CAPTION>
Ending
Initial Coverage Beginning Period Adjustments Losses Ending Period
Coverage Collateral Coverage
Balance
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------
Type Purpose % $ % $ $ $ $ % $
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve and Over 3.29% $52,317,8145.02% $50,433,273.63 $0.00 $218,446.65 $971,808,412.5.17% $50,214,826.98
</TABLE>
Collateralization Amount
Beginning Current WithdrawalsEnding
Type Balance Deposits for Reserve
Losses Balance
- ------------------------------------------------------------------
Collateralized Reserve $24,209.47 $214,685.2$218,446.$20,448.08
Fund
Reserve Collateral
Ending Balance
Surplus
Summary
Class Total
Distribution
- -------------------------
Surplus $1,753,005.34
Delinquency
Statistics
UNDERLYING % of
LOANS* Underlying
Loans
# of Loans Current Current
Balance Balance
- ----------------------------------------------
30 Days 98 $4,709,835 1.17%
60 Days 39 $2,399,613 0.60%
90 + days 32 $1,794,859 0.45%
F/C 19 $888,293 0.22%
REO 45 $1,955,502 0.49%
- ----------------------------------------------
233 $11,748,102 2.93%
DIRECTLY HELD LOANS** % of
Directly
Held
Loans
# of Loans Current Current
Balance Balance
- ----------------------------------------------
30 Days 69 $12,154,340 2.13%
60 Days 17 $2,458,565 0.43%
90 + days 43 $7,426,030 1.30%
F/C 27 $4,413,878 0.77%
REO 14 $2,159,193 0.38%
- ----------------------------------------------
170 $28,612,006 5.01%
*Covered by various
Pool Insurance policies
** Not covered by Pool
Insurance policy
