Monthly Payment Report
Payment Statement
MERIT Series
11
<TABLE>
<CAPTION>
Payment Date: 28-Jan-99
Reporting Dec-98
Month
Class Class Interest Beginning Balance Interest Accrual Interest Principal Payment Total Distribution Ending
Rate Payment Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1A-1 6.580000% $124,280,014.30 $681,468.75 $681,468.75 $32,574,469.84 $33,255,938.59 $91,705,544.46
1A-2 6.024380% $238,000,000.00 $1,194,835.37 $1,194,835.37 $0.00 $1,194,835.37 $238,000,000.00
2A-1 4.898390% $125,618,344.73 $512,773.04 $512,773.04 $25,064,690.55 $25,577,463.59 $100,553,654.18
2A-2 5.924380% $200,000,000.00 $987,396.67 $987,396.67 $0.00 $987,396.67 $200,000,000.00
2A-3 6.074380% $166,560,000.00 $843,123.94 $843,123.94 $0.00 $843,123.94 $166,560,000.00
3A-1 5.934380% $248,205,265.77 $1,227,453.64 $1,227,453.64 $2,644,016.52 $3,871,470.16 $245,561,249.25
B-1 6.324380% $59,600,000.00 $314,110.87 $314,110.87 $0.00 $314,110.87 $59,600,000.00
B-2 6.624380% $34,500,000.00 $190,450.93 $190,450.93 $0.00 $190,450.93 $34,500,000.00
B-3 7.374380% $20,000,000.00 $122,906.33 $122,906.33 $0.00 $122,906.33 $20,000,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
$1,216,763,624.80 $6,074,519.53 $6,074,519.53 $60,283,176.91 $66,357,696.44 $1,156,480,447.89
</TABLE>
<TABLE>
<CAPTION>
Class Cusip Priority Principal Type Interest 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 Date: 28-Jan-99
Reporting Dec-98
Month
<TABLE>
<CAPTION>
Amounts Per Individual Security
---------------------------------------------------------------------
Class Original Original % Integral Record Interest Interest Principal Losses Ending
Balance of Pool Denomination Date Accrual Payment Payment Realized Remaining Balance
Factor Principal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 $262,000,000.00 17.03% $1,000.00 Dec-98 2.60102574 2.60102574 124.33003756 $0.00 $91,705,544.460.35002116
1A-2 $238,000,000.00 15.47% $1,000.00 Dec-98 5.02031667 5.02031667 0.00000000 $0.00 $238,000,000.01.00000000
2A-1 $300,000,000.00 19.50% $1,000.00 Dec-98 1.70924345 1.70924345 83.54896850 $0.00 $100,553,654.10.33517885
2A-2 $200,000,000.00 13.00% $1,000.00 Dec-98 4.93698333 4.93698333 0.00000000 $0.00 $200,000,000.01.00000000
2A-3 $166,560,000.00 10.82% $1,000.00 Dec-98 5.06198333 5.06198333 0.00000000 $0.00 $166,560,000.01.00000000
3A-1 $258,173,000.00 16.78% $1,000.00 Dec-98 4.75438422 4.75438422 10.24125885 $0.00 $245,561,249.20.95115000
B-1 $59,600,000.00 3.87% $1,000.00 Dec-98 5.27031667 5.27031667 0.00000000 $0.00 $59,600,000.001.00000000
B-2 $34,500,000.00 2.24% $1,000.00 Dec-98 5.52031667 5.52031667 0.00000000 $0.00 $34,500,000.001.00000000
B-3 $20,000,000.00 1.30% $1,000.00 Dec-98 6.14531667 6.14531667 0.00000000 $0.00 $20,000,000.001.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
$1,538,833,000.00
</TABLE>
Funds Account Activity
Summary
MERIT Series
11
Payment Date: 28-Jan-99
Reporting Dec-98
Month
<TABLE>
<CAPTION>
Collateral Proceeds Account
<S> <C> <C> <C>
Beginning $0.00
Balance
Deposits Withdrawals
Interest Net of Servicing $8,191,480.29 Interest Payments $6,074,519.53
Fee
Principal $60,242,503.55 Principal Payment $60,283,176.91
Deposits from Reserve Fund $166,499.07 Surplus $1,952,990.00
Other $0.00 Dynex Servicing Fee $163,970.77
Deposits
Collateralized Reserve Fund $125,825.71
Total $68,600,482.91 Total Withdrawals $68,600,482.91
Deposits
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: 28-Jan-99
Reporting Dec-98
Month
<TABLE>
<CAPTION>
Initial Coverage Beginning Adjustments Losses Ending Ending
Period Collateral Period
Coverage Balance Coverage
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
-------
Type Purpose % $ % $ $ $ $ % $
- ------------------------------------------------------------------------------------------------------------------------------------
Reserve and Over 2.04% $52,317,814.62 4.10% $52,004,888.15 $0.00 $166,499.07 $1,207,831,84.29 % $51,838,389.08
Collateralization Amount
</TABLE>
<TABLE>
<CAPTION>
Beginning Current Withdrawals Ending
Type Balance Deposits for Losses Reserve Balance
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Collateralized Reserve Fund $507,198.05 $125,825.71 $166,499.07 $466,524.69
Reserve Collateral Ending
Balance
</TABLE>
Surplus
Summary
Class Total
Distribution
- ------------------------------
Surplus $1,952,990.00
<TABLE>
<CAPTION>
Delinquency Statistics
UNDERLYING LOANS* % of Underlying Loans
# of Loans Current Balance Current Balance
- -----------------------------------------------------------------------
<S> <C> <C> <C>
30 Days 119 $20,692,575.12 4.07%
60 Days 28 $4,487,897.33 0.88%
90 + days 52 $9,410,117.70 1.85%
F/C 36 $6,836,995.86 1.35%
REO 22 $3,378,848.23 0.67%
- -----------------------------------------------------------------------
257 $44,806,434 8.82%
DIRECTLY HELD LOANS** % of Directly Held Loans
# of Loans Current Balance Current Balance
- -----------------------------------------------------------------------
30 Days 202 $7,455,101.22 1.07%
60 Days 79 $2,362,042.23 0.34%
90 + days 77 $852,323.66 0.12%
F/C 120 $1,183,117.37 0.17%
- -----------------------------------------------------------------------
518 $13,638,855 1.95%
<FN>
*Covered by various Pool Insurance policies
** Not covered by Pool
Insurance policy
</FN>
</TABLE>
