MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 12-1
Payment Date: 28-May-99
Reporting Month: April
<TABLE>
<CAPTION>
Class Interest Beginning Interest Interest Principal Total Applied
Class Rate Balance Accrual Payment Payment Distribution Losses Ending Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 6.160000% $71,337,776.87 $366,200.59 $366,200.59 $2,072,621.33 $2,438,821.92 $0.00 $69,265,155.54
1A-2 6.190000% $42,500,000.00 $219,229.17 $219,229.17 $0.00 $219,229.17 $0.00 $42,500,000.00
1A-3 6.450000% $132,523,000.00 $712,311.13 $712,311.13 $0.00 $712,311.13 $0.00 $132,523,000.00
1M-1 6.880000% $32,000,000.00 $183,466.67 $183,466.67 $0.00 $183,466.67 $0.00 $32,000,000.00
1M-2 7.350000% $24,889,000.00 $152,445.12 $152,445.12 $0.00 $152,445.12 $0.00 $24,889,000.00
1B-1 7.980000% $17,778,000.00 $118,223.70 $118,223.70 $0.00 $118,223.70 $0.00 $17,778,000.00
$321,027,776.87 $1,751,876.38 $1,751,876.38 $2,072,621.33 $3,824,497.71 $0.00 $318,955,155.54
</TABLE>
<TABLE>
<CAPTION>
Class CUSIP Priority Principal Type Interest Type
<S> <C> <C> <C> <C>
1A-1 589962CK3 Senior Sequential Fixed
1A-2 589962CL1 Senior Sequential Fixed
1A-3 589962CM9 Senior Sequential Fixed
1M-1 589962CN7 Senior Sequential Fixed
1M-2 589962CP2 Senior Sequential Fixed
1B-1 589962CQ0 Senior Sequential Fixed
</TABLE>
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 12-1
Payment Date: 28-May-99
Reporting Month: April
<TABLE>
<CAPTION>
Remaining
Original Integral Record Interest Interest Principal Principal
Class Original Pct Pool Denomination Date Accrual Payment Payment Ending Balance Factor
Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 $73,650,000.00 20.41% $1,000.00 30-Apr-99 4.97217366 4.97217366 28.14149803 $69,265,155.54 0.94046375
1A-2 $42,500,000.00 11.78% $1,000.00 30-Apr-99 5.15833341 5.15833341 0.00000000 $42,500,000.00 1.00000000
1A-3 $132,523,000.00 36.72% $1,000.00 30-Apr-99 5.37500004 5.37500004 0.00000000 $132,523,000.00 1.00000000
1B-1 $17,778,000.00 4.93% $1,000.00 30-Apr-99 6.65000000 6.65000000 0.00000000 $17,778,000.00 1.00000000
1M-1 $32,000,000.00 8.87% $1,000.00 30-Apr-99 5.73333344 5.73333344 0.00000000 $32,000,000.00 1.00000000
1M-2 $24,889,000.00 6.90% $1,000.00 30-Apr-99 6.12499980 6.12499980 0.00000000 $24,889,000.00 1.00000000
$323,340,000.00 $318,955,155.54
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 12-1
Payment Date: 28-May-99
Report Date: April
Collateral Proceeds Account
<TABLE>
<CAPTION>
Beginning Balance $0.00
<S> <C> <C> <C>
Deposits Withdrawals
Interest Net of Servicing Fee $2,536,778.89 Interest Payments $1,751,876.38
Principal $2,180,734.52 Principal Payments $2,072,621.33
Deposits From Reserve Fund $0.00 Surplus $486,174.65
Dynex Servicing Fee 298,727.86
Discount Principal Reserve $108,113.19
Total Deposit $4,717,513.41 Total Withdrawals $4,717,513.41
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 12-1
Payment Date: 28-May-99
Reporting Month April
Reserve Funds and Subordination
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type % $ % $ $ $ % % $
Over Collateralization 9.18% $33,122,916.27 9.25% $33,158,937.43 65,375.81 $356,292,697.55 9.31% $33,175,605.00
Ending DPR
Beginning Balance Current Deposits Adjustments Losses Balance
Collateralization Fund $946,548.60 $108,113.19 $0.00 $65,375.81 $989,285.98
</TABLE>
Class Total Distribution
Surplus Funds $486,174.65
Delinquency Statistics
% of
# of Loans Current Balance Current Balance
30+ Days 68 $2,780,611 0.78%
60+ Days 17 $745,342 0.21%
90+ Days 8 $301,564 0.08%
Foreclosure 11 $466,557 0.13%
REO 14 $547,831 0.15%
Totals 118 $4,841,905 1.36%
