Monthly Payment
Report
Payment Statement
MERIT Series 10
Payment 28-Aug-99
Date:
Reporting Jul-99
Month
<TABLE>
<CAPTION>
Class Class Beginning Interest Interes Principal Total Ending Balance
Interest Balance Accrual Payment Payment Distribution
Rate
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1-A1 0.000000% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
1-A2 5.640000% $266,038,55 $1,250,381. $1,250,3 $12,585,121 $13,835,502.89 $253,453,435.60
2-A1 0.000000% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
2-A2 5.700000% $132,925,70 $631,397.10 $631,397 $98,297,057 $98,928,454.80 $34,628,647.87
B-1 5.890000% $43,444,460 $213,239.89 $213,239.89 $0.00 $213,239.89 $43,444,460.00
B-2 6.140000% $20,051,280 $102,595.72 $102,595.72 $0.00 $102,595.72 $20,051,280.00
B-3 6.890000% $10,025,650 $57,563.94 $57,563.94 $0.00 $57,563.94 $10,025,650.00
- -----------------------------------------------------------------------------------
$472,485,65 $2,255,177. $2,255,1 $110,882,17 $113,137,357.24 $361,603,473.47
</TABLE>
Class Cusip Priority Principal Interest
Type Type
- -----------------------------------------------------------
1-A1 589962BH1 Senior Sequential Floater
1-A2 589962BJ7 Senior Sequential Floater
2-A1 589962BK4 Senior Sequential Floater
2-A2 589962BL2 Senior Sequential Floater
B-1 589962BM0 Subordinate Sequential Floater
B-2 589962BN8 Subordinate Sequential Floater
B-3 589962BP3 Subordinate Sequential Floater
- -----------------------------------------------------------
Payments per Bond Denomination
MERIT Series 10
Payment 28-Aug-99
Date:
Reporting Jul-99
Month
<TABLE>
<CAPTION>
Amounts Per Individual
Security
--------------------------------------------
Class Original Original Integral Record Interest Interest Principal Realized Ending Remaining
Balance % of Pool Denomination Date Accrual Payment Payment Losses Balance Principal
Factor
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1-A1 $237,500,000.00 17.84% $1,000.00 31-Jul-90 .00000000 0.00000000 0.00000000 $0.00 $0.00 0 .00000000
1-A2 $394,001,020.00 29.60% $1,000.00 31-Jul-93 .17354818 3.17354818 31.94185048 $0.00 $253,453,435.0 .64328117
2-A1 $397,995,120.00 29.90% $1,000.00 31-Jul-90 .00000000 0.00000000 0.00000000 $0.00 $0.00 0 .00000000
2-A2 $207,000,000.00 15.55% $1,000.00 31-Jul-93 .05022754 3.05022754 474.86501304 $0.00 $34,628,647.80 .16728815
B-1 $43,444,460.00 3.26% $1,000.00 31-Jul-94 .90833333 4.90833333 0.00000000 $0.00 $43,444,460.01 .00000000
B-2 $20,051,280.00 1.51% $1,000.00 31-Jul-95 .11666667 5.11666667 0.00000000 $0.00 $20,051,280.01 .00000000
B-3 $10,025,650.00 0.75% $1,000.00 31-Jul-95 .74166667 5.74166667 0.00000000 $0.00 $10,025,650.01 .00000000
- ---------------------------------------------------------------------------------------------------------------------
$1,310,017,530.00 $361,603,473.47
</TABLE>
Funds Account Activity Summary
MERIT Series 10
Payment 28-Aug-99
Date:
Reporting Jul-99
Month
<TABLE>
<CAPTION>
Collateral Proceeds Account
Beginning Balance $0.00
<S> <C> <C> <C>
Deposits Withdrawals
Interest Net of Servicing Fee $3,257,708.39 Interest Payments $2,255,177.87
Principal $110,882,179.37 Principal Payment $110,882,179.37
Deposits from Reserve Fund $10,183,124.52 Surplus $916,791.29
Other Deposits $0.00 Dynex Servicing Fee $85,739.23
Collateralized Reserve $10,183,124.52
Fund
Total Deposits $124,323,012.28 Total Withdrawals $124,323,012.28
Ending Balance ($0.00)
<FN>
Note: "Principal" and "Interest Net of Servicing Fee" includes Advances on
Delinquencies
</FN>
</TABLE>
Credit Enhancement Summary
MERIT Series 10
Payment 28-Aug-99
Date:
Reporting Jul-99
Month
<TABLE>
<CAPTION>
Initial Coverage Beginning Period Adjustments Losses Ending Period
Coverage Coverage1
--------------------------------------------------------------------------------------
Type Purpose % $ % $ $ $ % $
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Credit Enhancement 2.00% 26,735,052.04.30% 21,301,686.40 0.00 345,424.72 5.60% 20,956,261.68
</TABLE>
Beginning Current WithdrawalEnding
Type Balance Deposits for Reserve Balance
Losses
- ------------------------------------------------------------------------------
Collateralized 0.00 10,183,124.345,424.9,837,699.80
Reserve Fund
(Included in above coverage
amount)
Surplus Summary
Class Total Distribution
- ---------------------------------
Surplus $916,791.29
Loss Accrual
- ----------------------
Accrual $0.00
Amount
Delinquency
Statistics
UNDERLYING LOANS* % of Underlying
Loans
# of Loans Current Current
Balance Balance
- --------------------------------------------
30 Days 51 $8,493,086 2.88%
60 Days 12 $2,506,705 0.85%
90 + days 27 $5,057,027 1.71%
F/C 12 $1,808,697 0.61%
REO 10 $1,545,154 0.52%
- --------------------------------------------
112 $19,410,669 6.58%
DIRECTLY HELD LOANS** % of Directly
Held Loans
# of Loans Current Current
Balance Balance
- --------------------------------------------
30 Days 65 $4,582,262 6.22%
60 Days 18 $1,149,056 1.56%
90 + days 30 $3,293,014 4.47%
F/C 23 $3,561,866 4.84%
REO 27 $1,449,164 1.97%
- --------------------------------------------
163 $14,035,362 19.06%
Advances on Delinquencies : $297,784
Non-Recoverable Advances on $0
Delinquencies :
*Covered by various Pool Insurance policies
** Not covered by Pool
Insurance policy
1) Includes Loss
Accrual
