Monthly Payment
Report
Payment Statement
MERIT Series 11
Payment 28-May-99
Date:
Reporting Apr-99
Month
<TABLE>
<CAPTION>
Class Class Beginning Interest Interest Principal Total Ending Balance
Interest Rate Balance Accrual Payment Payment Distribution
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1A-1 6.580000% $24,348,148.41 $133,509.01 $133,509.01 $17,895,215.80 $18,028,724.81 $6,452,932.61
1A-2 5.302500% $238,000,000.00 $1,051,662.5 $1,051,662.50 $0. $1,051,662.50 $238,000,000.00
2A-1 5.105330% $44,602,685.34 $189,759.52 $189,759.52 $18,691,599. $18,881,358.61 $25,911,086.25
2A-2 5.202500% $200,000,000.00 $867,083.33 $867,083.33 $0.00 $867,083.33 $200,000,000.00
2A-3 5.352500% $166,560,000.00 $742,927.00 $742,927.00 $0.00 $742,927.00 $166,560,000.00
3A-1 5.212500% $238,017,505.28 $1,033,888.5 $1,033,888.54 $1,635,257.69 $2,669,146.23 $236,382,247.59
B-1 5.602500% $59,600,000.00 $278,257.50 $278,257.50 $0.00 $278,257.50 $59,600,000.00
B-2 5.902500% $34,500,000.00 $169,696.88 $169,696.88 $0.00 $169,696.88 $34,500,000.00
B-3 6.652500% $20,000,000.00 $110,875.00 $110,875.00 $0.00 $110,875.00 $20,000,000.00
- ------------------------------------------------------------------------------------------------------------
$1,025,628,339 $4,577,659.2 $4,577,659.2 $38,222,072. $42,799,731.86 $987,406,266.45
</TABLE>
<TABLE>
<CAPTION>
Class Cusip Priority Principal Interest
Type Type
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
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
- -------------------------------------------------------------
</TABLE>
Payments per Bond Denomination
MERIT Series 11
Payment 28-May-99
Date:
Reporting Apr-99
Month
<TABLE>
<CAPTION>
Amounts Per Individual Security
------------------------------------------------------------
Class Original Original Integral Record Interest Interest Principal Realized Ending Remaining
Balance %of Pool Denomin- Date Accrual Payment Payment Losses Balance Principal
ation Factor
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 $262,000,000.00 17.03% $1,000.00 Apr-99 0.50957639 0.50957639 68.30235038 $0.00 $6,452,932.61 0.02462951
1A-2 $238,000,000.00 15.47% $1,000.00 Apr-99 4.41875000 4.41875000 0.00000000 $0.00 $238,000,000.00 1.00000000
2A-1 $300,000,000.00 19.50% $1,000.00 Apr-99 0.63253174 0.63253174 62.30533030 $0.00 $25,911,086.25 0.08637029
2A-2 $200,000,000.00 13.00% $1,000.00 Apr-99 4.33541667 4.33541667 0.00000000 $0.00 $200,000,000.00 1.00000000
2A-3 $166,560,000.00 10.82% $1,000.00 Apr-99 4.46041667 4.46041667 0.00000000 $0.00 $166,560,000.00 1.00000000
3A-1 $258,173,000.00 16.78% $1,000.00 Apr-99 4.00463464 4.00463464 6.33396091 $0.00 $236,382,247.59 0.91559632
B-1 $59,600,000.00 3.87% $1,000.00 Apr-99 4.66875000 4.66875000 0.00000000 $0.00 $59,600,000.00 1.00000000
B-2 $34,500,000.00 2.24% $1,000.00 Apr-99 4.91875000 4.91875000 0.00000000 $0.00 $34,500,000.00 1.00000000
B-3 $20,000,000.00 1.30% $1,000.00 Apr-99 5.54375000 5.54375000 0.00000000 $0.00 $20,000,000.00 1.00000000
- -------------------------------------------------------------------------------------------------------------------------
$1,538,833,000.00
</TABLE>
Funds Account Activity Summary
MERIT Series 11
Payment Date: 28-May-99
Reporting Month Apr-99
<TABLE>
<CAPTION>
Collateral Proceeds
Account
Beginning Balance $0.00
<S> <C> <C> <C>
Deposits Withdrawals
Interest Net of $6,821,950.32 Interest Payments $4,577,659.28
Servicing Fee
Principal $38,107,796.68 Principal Payment $38,222,072.58
Deposits from $306,798.91 Surplus $2,086,366.82
Reserve Fund
Other Deposits $0.00 Dynex Servicing Fee $157,924.22
Collateralized Reserve Fund $192,523.01
Total Deposits $45,236,545.91 otal Withdrawals $45,236,545.91
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 Date: 28-May-99
Reporting Month Apr-99
<TABLE>
<CAPTION>
Ending
Initial Beginning Adjustments Losses Collateral Ending Period
Coverage Period Balance Coverage
Coverage
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Type Purpose % $ % $ $ $ $ % $
- -----------------------------------------------------------------------------------------------------------------------------------
Reserve and Over 3.29% $52,317,814.62 4.76% $51,192,880.76 $0.00 $306,798.91 $1,037,990,509.09 4.90% $50,886,081.85
Collateralization Amount
</TABLE>
Beginning Current Withdrawals Ending
Type Balance Deposits for Losses Reserve
Balance
- --------------------------------------------------------------------------------
Collateralized Reserve Fund $138,485.37 $192,523.01 $306,798.91 $24,209.47
Reserve Collateral Ending Balance
Surplus Summary
Class Total Distribution
- -----------------------------
Surplus $2,086,366.82
<TABLE>
<CAPTION>
Delinquency Statistics
UNDERLYING LOANS* % of Underlying Loans
# of Loans Current Balance Current
Balance
- -----------------------------------------------------------
<S> <C> <C> <C>
30 Days 90 $15,885,393 3.67%
60 Days 16 $2,330,215 0.54%
90 + days 40 $7,786,297 1.80%
F/C 36 $5,695,122 1.31%
REO 20 $2,657,254 0.61%
- -----------------------------------------------------------
202 $34,354,282 7.93%
DIRECTLY HELD LOANS** % of Directly Held
Loans
# of Loans Current Balance Current
Balance
- -----------------------------------------------------------
30 Days 87 $4,196,071 0.69%
60 Days 21 $827,298 0.14%
90 + days 21 $1,452,625 0.24%
F/C 13 $513,268 0.08%
REO 40 $1,817,371 0.30%
- -----------------------------------------------------------
182 $8,806,632 1.46%
<FN>
*Covered by various Pool Insurance policies
** Not covered by Pool Insurance policy
</FN>
</TABLE>
