Monthly Payment Report
Payment Statement
MERIT Series 11
Payment Date: 29-Mar-99
Reporting Month Feb-99
<TABLE>
<CAPTION>
Class Rate Beginning Interest Interest Principal Total Ending Balance
Balance Accrual Payment Payment Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
1A-1 6.580000% $70,992,874.05 $389,277.59 $389,277.59 $20,199,276.32 $20,588,553.91 $50,793,597.73
1A-2 5.363440% $238,000,000.00 $1,063,748.93 $1,063,748.93 $0.00 $1,063,748.93 $238,000,000.00
2A-1 5.128930% $82,264,292.24 $351,606.50 $351,606.50 $17,710,235.35 $18,061,841.85 $64,554,056.89
2A-2 5.263440% $200,000,000.00 $877,240.00 $877,240.00 $0.00 $877,240.00 $200,000,000.00
2A-3 5.413440% $166,560,000.00 $751,385.47 $751,385.47 $0.00 $751,385.47 $166,560,000.00
3A-1 5.273440% $243,191,275.50 $1,068,712.17 $1,068,712.17 $2,246,649.20 $3,315,361.37 $240,944,626.30
B-1 5.663440% $59,600,000.00 $281,284.19 $281,284.19 $0.00 $281,284.19 $59,600,000.00
B-2 5.963440% $34,500,000.00 $171,448.90 $171,448.90 $0.00 $171,448.90 $34,500,000.00
B-3 6.713440% $20,000,000.00 $111,890.67 $111,890.67 $0.00 $111,890.67 $20,000,000.00
$1,115,108,441.79 $5,066,594.41 $5,066,594.41 $40,156,160.87 $45,222,755.28 $1,074,952,280.92
</TABLE>
Class Cusip Priority Principal Type Interest 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
<TABLE>
<CAPTION>
Payment Date: 29-Mar-99
Reporting Month Feb-99 Amounts Per Individual
Security
Class Original Original %l Denomination Date Interest Interest Principal Losses Ending Remaining
Balance Accrual Payment Balance Factor
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 $262,000,000.00 17.03% $1,000.00 Feb-99 1.48579234 1.48579234 77.09647450 $0.00 $50,793,597.73 0.19386869
1A-2 $238,000,000.00 15.47% $1,000.00 Feb-99 4.46953333 4.46953333 0.00000000 $0.00 $238,000,000.00 1.00000000
2A-1 $300,000,000.00 19.50% $1,000.00 Feb-99 1.17202166 1.17202166 59.03411783 $0.00 $64,554,056.89 0.21518019
2A-2 $200,000,000.00 13.00% $1,000.00 Feb-99 4.38620000 4.38620000 0.00000000 $0.00 $200,000,000.00 1.00000000
2A-3 $166,560,000.00 10.82% $1,000.00 Feb-99 4.51120000 4.51120000 0.00000000 $0.00 $166,560,000.00 1.00000000
3A-1 $258,173,000.00 16.78% $1,000.00 Feb-99 4.13951949 4.13951949 8.70210750 $0.00 $240,944,626.30 0.93326810
B-1 $59,600,000.00 3.87% $1,000.00 Feb-99 4.71953333 4.71953333 0.00000000 $0.00 $59,600,000.00 1.00000000
B-2 $34,500,000.00 2.24% $1,000.00 Feb-99 4.96953333 4.96953333 0.00000000 $0.00 $34,500,000.00 1.00000000
B-3 $20,000,000.00 1.30% $1,000.00 Feb-99 5.59453333 5.59453333 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: 29-Mar-99
Reporting Month Feb-99
<TABLE>
<CAPTION>
Collateral Proceeds Account
Beginning Balance $0.00
<S> <C> <C> <C>
Deposits Withdrawals
Interest Net of Servicing Fee $7,470,388.24 Interest Payments $5,066,594.41
Principal $40,110,946.58 Principal Payment $40,156,160.87
Deposits from Reserve Fund $223,493.26 Surplus $2,242,398.55
Other Deposits $0.00 Dynex Servicing Fee $161,395.28
Collateralized Reserve Fund $178,278.97
Total Deposits $47,804,828.09 Total Withdrawals $47,804,828.08
Ending Balance $0.00
<FN>
Note: "Principal" and "Interest Net of Servicing Fee" includes Advances on
Delinquencies
</FN>
</TABLE>
Credit Enhancement Summary
MERIT Series 11
Payment Date: 29-Mar-99
Reporting Month Feb-99
<TABLE>
<CAPTION>
Initial Beginning Period Adjustments Losses Collateral Ending Period
Coverage Coverage Balance Coverage
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Type Purpose % $ % $ $ $ $ % $
Reserve and Over
Collateralization Amount 3.29% $52,317,814.62 4.44% $51,803,377.84$0.00 $223,493.26 $1,126,034,735.67 4.58% $51,579,884.58
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Beginning Current Withdrawals Ending
Type Balance Deposits for Losses Reserve Balance
Collateralized Reserve Fund $265,014.38 $178,278.97 $223,493.26 $219,800.09
</TABLE>
Reserve Collateral Ending Balance
Surplus Summary
Class Total Distribution
Surplus $2,242,398.55
Delinquency Statistics
UNDERLYING LOANS* % of Underlying Loans
# of Loans Current Balance Current Balance
30 Days 125 $20,400,070.88 4.32%
60 Days 22 $3,486,799.10 0.74%
90 + days53 $9,267,405.33 1.96%
F/C 34 $6,254,003.59 1.33%
REO 21 $2,963,238.04 0.63%
255 $42,371,517 8.98%
DIRECTLY HELD LOANS** % of Directly Held Loans
# of Loans Current Balance Current Balance
30 Days 94 $8,749,511.01 1.34%
60 Days 20 $805,216.65 0.12%
90 + days19 $1,208,351.97 0.18%
F/C 16 $1,394,211.30 0.21%
REO 56 $2,331,688.40 0.36%
205 $14,488,979 2.21%
*Covered by various Pool Insurance policies
** Not covered by Pool Insurance policy
