MERIT SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
MERIT 12-1
Payment Date: 28-Jul-99
Reporting Month: June
<TABLE>
<CAPTION>
Class
Interest
Class Rate Beginning Interest Interest Principal Total Applied Ending Balance
Balance Accrual Payment Payment Distribution Losses
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 6.160000% $67,052,099.97 $344,200.78 $344,200.78 $2,400,308.30 $2,744,509.08 $0.00 $64,651,791.67
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
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
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
$316,742,099.97 $1,729,876.57 $1,729,876.57 $2,400,308.30 $4,130,184.87 $0.00 $314,341,791.67
</TABLE>
Class CUSIP Priority Principal Type Interest Type
1A-1 589962CK3 Senior Sequential Fixed
1A-2 589962CL1 Senior Sequential Fixed
1A-3 589962CM9 Senior Sequential Fixed
1B-1 589962CQ0 Senior Pro Rata Fixed
1M-1 589962CN7 Senior Pro Rata Fixed
1M-2 589962CP2 Senior Pro Rata Fixed
MERIT SECURITIES CORPORATION
Payments per Bond Denomination
MERIT 12-1
Payment Date: 28-Jul-99
Reporting Month: June
<TABLE>
<CAPTION>
Remaining
Original Integral Interest Interest Principal Principal
Class Original Balance Pct Pool Denomination Record Accrual Payment Payment Ending Factor
Date Factor Factor Factor Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 $73,650,000.00 20.41% $1,000.00 30-Jun-99 4.67346612 4.67346612 32.59074406 $64,651,791.67 0.87782473
1A-2 $42,500,000.00 11.78% $1,000.00 30-Jun-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-Jun-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-Jun-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-Jun-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-Jun-99 6.12499980 6.12499980 0.00000000 $24,889,000.00 1.00000000
$323,340,000.00 $314,341,791.67
</TABLE>
MERIT SECURITIES CORPORATION
Funds Account Activity Report
MERIT 12-1
Payment Date: 28-Jul-99
Report Date: June
Collateral Proceeds Account
<TABLE>
<CAPTION>
Beginning Balance $0.00
Deposits Withdrawals
<S> <C> <C> <C>
Interest Net of Servicing Fee $2,500,157.53 Interest Payments $2,024,712.15
Principal $2,484,185.77 Principal Payments $2,400,308.30
Deposits From Reserve Fund $90,446.85 Surplus $475,445.38
Other Deposits $0.00 $0.00
Discount Principal Reserve $174,324.32
Total Deposit $5,074,790.15 Total Withdrawals $5,074,790.15
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-Jul-99
Reporting Month June
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Over Collateralization 9.18% $33,122,916.27 9.40% $33,248,248.61 $90,446.85 $351,228,063.50 10.50% $36,886,271.83
Ending DPR
Beginning Balance Current Deposits Adjustments Losses Balance
Collateralization Fund $1,175,551.75 $174,324.32 $0.00 $90,446.85 $1,259,429.22
</TABLE>
Class Total Distribution
Surplus Funds $475,445.38
Delinquency Statistics (direct)
% of
# of Loans Current Balance Current Balance
30+ Days 90 $3,702,285 1.05%
60+ Days 27 $1,125,919 0.32%
90+ Days 16 $793,307 0.23%
Foreclosure 13 $573,921 0.16%
REO 26 $1,081,285 0.31%
Totals 172 $7,276,716 2.07%
Advances on Delinquencies $64,310.38
Non-Recoverable Advances on Delinquencies $0.00
