<PAGE>   1
                      MID-STATE TRUST VI ASSET-BACKED NOTES
                             PAYMENT DATE STATEMENT

                             PAYMENT DATE : 01/01/98

<TABLE>
<CAPTION>
===================================================================================================================================
                                                  % OF        % OF
                     CURRENT      INTEREST       CURRENT    INTEREST      OPTIMAL      INTEREST PAID     REALIZED
 NOTE               INTEREST      SHORTFALL     INTEREST    SHORTFALL    PRINCIPAL     ON REIMBURSED    LOSS AMOUNT      TOTAL
CLASS   CUSIP        PAYMENT       PAYMENT        PAID        PAID        PAYMENT    REALIZED LOSS AMT     PAID       DEBT SERVICE
-----   -----       --------      ---------     --------    ---------    ---------   -----------------  -----------   ------------
                      (iii)          (iii)        (v)         (v)         (iv)
<S>    <C>        <C>               <C>      <C>            <C>        <C>                 <C>            <C>        <C>
 A-1   59549NAA1  $5,104,138.68     $0.00    100.00000000%      N/A    $6,082,764.37       $0.00          $0.00      $11,186,903.05

 A-2   59549NAB9  $1,032,749.00     $0.00    100.00000000%      N/A    $1,220,780.69       $0.00          $0.00       $2,253,529.69

 A-3   59549NAC7    $821,786.42     $0.00    100.00000000%      N/A      $953,371.58       $0.00          $0.00       $1,775,158.00

 A-4   59549NAD5    $913,982.26       N/A    100.00000000%      N/A    $1,026,301.34       $0.00          $0.00       $1,940,283.60

TOTALS:           $7,872,656.36     $0.00                              $9,283,217.98                                 $17,155,874.34
                  -------------     -----                              -------------                                 --------------
===================================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
====================================================================================
              PAYMENTS PER "INDIVIDUAL NOTE"          UNPAID PRINCIPAL BALANCE
                                                       AFTER THIS PAYMENT DATE
====================================================================================
          CURRENT        INTEREST      OPTIMAL
         INTEREST       SHORTFALL     PRINCIPAL                         INDIV NOTE
 NOTE     PAYMENT        PAYMENT       PAYMENT         OUTSTANDING      PRIN BALANCE
CLASS  (PER $1,000)   (PER $1,000)   (PER $1,000)     PRIN BALANCE      (PER $1,000)
-----  ------------   ------------   ------------     ------------      ------------
           (vii)         (vii)          (viii)             (x)               (x)
<S>    <C>            <C>             <C>            <C>                <C>
 A-1   $17.73810141   $0.00000000     21.13905950    $272,071,931.96    $945.51496771

 A-2   $17.88309957   $0.00000000     21.13905950     $54,603,489.38    $945.51496768

 A-3   $18.22142838   $0.00000000     21.13905950     $42,642,725.04    $945.51496755

 A-4   $18.82558723   $0.00000000     21.13905950     $45,904,751.68    $945.51496769

TOTALS:                                              $415,222,898.06
                                                     ---------------
=====================================================================================
</TABLE>

<TABLE>
<S>                                                                                       <C>
(i)   THE AMOUNT OF ISSUER EXPENSES TO BE PAID ON THIS PAYMENT DATE IS:                        $32,658.23

(ii)  THE AMOUNT OF AVAILABLE FUNDS FOR THIS PAYMENT DATE IS:                              $17,155,874.34

(vi)  THE TOTAL CLASS INTEREST SHORTFALL ON THIS PAYMENT DATE IS:                                   $0.00

(viii) THE AMOUNT TO BE WITHDRAWN FROM THE COLLECTION ACCOUNT AND PAID
       OVER TO THE ISSUER IN RESPECT OF SUCH PAYMENT DATE PURSUANT TO
       SECTION 8.02(c) IS:                                                                          $0.00

(ix)  THE TOTAL REALIZED LOSS AMOUNT IS:                                                            $0.00

(xi)  THE AMOUNT OF CUMULATIVE ACTUAL NET ECONOMIC LOSSES AS OF THE END OF THE RELATED
      DUE PERIOD WHICH IS CALCULATED AS FOLLOWS:

      (a)  ECONOMIC BALANCE OF ALL ACCOUNTS THAT HAVE BEEN REPOSSESSED, CHARGED OFF,
           WRITTEN OFF OR OTHERWISE REDUCED IN WHOLE OR IN PART, WITHOUT ANY REPOSSESSION   $9,748,769.10
      (b)  THE NET LIQUIDATION PROCEEDS, IF ANY, OF ACCOUNTS AS OF THE END OF THE
           RELATED DUE PERIOD, ANY NEW ACCOUNT THAT IS PART OF SUCH NET
           LIQUIDATION PROCEEDS BEING VALUED AT ITS ECONOMIC BALANCE AND
           THE REMAINING OUTSTANDING ECONOMIC BALANCE OF ACCOUNTS, CHARGED
           OFF, WRITTEN OFF OR OTHERWISE REDUCED, IN PART, BUT NOT IN WHOLE:                $7,645,866.54
      (c)  [(a) MINUS (b)]:                                                                 $2,102,902.56

(xii) THE ECONOMIC BALANCE AS OF THE END OF THE RELATED DUE PERIOD OF ACCOUNTS
      WITH RESPECT TO WHICH THERE IS A MATERIAL BREACH OF ANY REPRESENTATION
      OR WARRANTY MADE IN SECTION 3.11 OR AS TO WHICH THERE IS A MATERIAL
      DEFECT IN THE RELATED ACCOUNT DOCUMENTS IN ACCORDANCE WITH SECTION
      3.12(b) IS:                                                                                     N/A

(xiii) THE MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT IS:                                 $43,978,905.02

(xiv) THE CUMULATIVE UNREIMBURSED REALIZED LOSS AMOUNT IS:                                          $0.00

(xv)  THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS IMMEDIATELY FOLLOWING
      THE END OF THE RELATED DUE PERIOD:                                                  $439,789,050.24

(xvi) THE NUMBER AND AGGREGATE ECONOMIC BALANCE OF ALL ACCOUNTS 30, 60 and 90
      OR MORE DAYS PAST DUE AND IN REPOSSESSION, FORECLOSURE OR BANKRUPTCY:

                     191             $9,163,377.80
</TABLE>

<PAGE>   2
                      MID-STATE TRUST VI ASSET-BACKED NOTES
                             PAYMENT DATE STATEMENT
                                  (SUPPLEMENT)
                                                         SUPPLEMENT: PAGE 1 OF 2
                             PAYMENT DATE : 01/01/98

(i) ISSUER EXPENSES TO BE PAID ON THIS PAYMENT DATE ARE AS FOLLOWS:
    (a) OWNER TRUSTEE FEE (WILMINGTON TRUST):                            $0.00
    (b) TRUSTEE FEE (FIRST UNION):                                  $15,180.99
    (c)  SUCCESSOR SERVICER FEE (FIRST UNION):                      $15,918.98
    (d)  RICHARDS, LAYTON & FINGER:                                  $1,558.26
                                                                    ----------

                                                                    $32,658.23
                                                                    ==========

(ii) CALCULATION TO DETERMINE AVAILABLE FUNDS: [THE SUM OF (a), (b) and (c) LESS
     (d)]

<TABLE>
<S>                                                                                         <C>
     (a) AMOUNT OF COLLECTIONS ON THE ACCOUNTS ON DEPOSIT IN THE COLLECTION ACCOUNT
         AT THE CLOSE OF BUSINESS ON THE LAST BUSINESS DAY OF THE RELATED DUE PERIOD; PLUS  $16,984,779.72
     (b) NET REINVESTMENT INCOME EARNED ON FUNDS IN THE COLLECTION ACCOUNT
         (AMOUNT REPRESENTS INVESTMENT EARNINGS CREDITED DURING THE PERIOD BEGINNING
         TWO BUSINESS DAYS PRIOR TO SUCH PAYMENT DATE).                                        $190,962.94
     (c) NET REINVESTMENT INCOME EARNED ON FUNDS IN THE HOLDING ACCOUNT FROM THE
         PRECEDING PAYMENT DATE THROUGH THE 1ST BUSINESS DAY OF THE MONTH PRECEDING
         THE PAYMENT DATE:                                                                      $12,789.91
     (d) THE AMOUNTS REFLECTED IN (i):                                                          $32,658.23
                                                                                            --------------
                                                                                            $17,155,874.34
</TABLE>

(iii) CURRENT INTEREST DUE AND PAYABLE:

 NOTE        PRINCIPAL BALANCE       INTEREST             INTEREST DUE
CLASS        AS OF RECORD DATE         RATE           (10/01/97-12/31/97)
-----        -----------------       --------         -------------------
 A-1          $278,154,696.33         7.340%             $5,104,138.68
 A-2           $55,824,270.07         7.400%             $1,032,749.00
 A-3           $43,596,096.62         7.540%               $821,786.42
 A-4           $46,931,053.02         7.790%               $913,982.26

              $424,506,116.04                            $7,872,656.36

(iv) OPTIMAL PRINCIPAL AMOUNT DUE AND PAYABLE:

<TABLE>
<CAPTION>
                                                OPTIMAL           OPTIMAL        CUMULATIVE        CUMULATIVE
 NOTE      ORIGINAL PRINCIPAL   OPTIMAL PRIN    PRIN AMT         PRIN PAID         % OF            AMOUNT OF
CLASS        AMOUNT OF NOTES     PERCENTAGE     01/01/98          01/01/98     OPTIMAL PRIN PD    OPT PRIN PAID
-----      ------------------   ------------    --------         ---------     ---------------    -------------
<S>         <C>                  <C>          <C>              <C>                <C>             <C>
 A-1        $287,750,000.00      65.524308%    6,082,764.37     6,082,764.37      5.448503%       $15,678,068.04
 A-2         $57,750,000.00      13.150404%    1,220,780.69     1,220,780.69      5.448503%        $3,146,510.62
 A-3         $45,100,000.00      10.269839%      953,371.58       953,371.58      5.448503%        $2,457,274.96
 A-4         $48,550,000.00      11.055448%    1,026,301.34     1,026,301.34      5.448503%        $2,645,248.32
            ---------------                   -------------    -------------
            $439,150,000.00                   $9,283,217.98    $9,283,217.98
</TABLE>

THE FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY (TO BE USED IN THE CALCULATION
OF (iv)):

<TABLE>
<S>                                                                          <C>                 <C>
THE OPTIMAL PRINCIPAL AMOUNT FOR EACH CLASS OF NOTES SHALL BE THE AMOUNT EQUAL
TO:
(a) ON OR PRIOR TO THE PAYMENT DATE IN APRIL, 2000
    (THE "TARGET OVERCOLLATERALIZATION DATE"); AND
(b) AFTER THE PAYMENT DATE IN APRIL, 2000  AND ON WHICH THERE EXISTS AN
    UNCURED TRIGGER EVENT,
THE REMAINING AVAILABLE FUNDS: [(ii) LESS THE SUM OF (iii) AND (vi)]:                              $9,283,217.98
                                   AND
(c) ON THE PAYMENT DATE AFTER THE PAYMENT DATE IN APRIL, 2000 ON WHICH
    THERE DOES NOT EXIST AND UNCURED TRIGGER EVENT,
THE AMOUNT WHICH, WHEN PAID AS PRINCIPAL ON THE NOTES,WILL RESULT IN
ACHIEVING OR MAINTAINING THE TARGET OVERCOLLATERALIZATION LEVEL:

[PROVIDED THAT IN NO EVENT WILL THE OPTIMAL PRINCIPAL AMOUNT FOR ANY PAYMENT
DATE EXCEED THE REMAINING AVAILABLE FUND FOR SUCH PAYMENT DATE OR THE AGGREGATE
OUTSTANDING PRINCIPAL BALANCE.]
----------------------------------------------------------------------------------------------------------------
CALCULATION OF TARGET OVERCOLLATERALIZATION LEVEL: [THE GREATER OF (a) AND (b)]

(a) THE PRODUCT OF (i) OVERCOLLATERALIZATION PERCENTAGE; AND                           0.00%
                   (ii) AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS [AS OF
                        THE FIRST DAY OF THE MONTH PRECEDING THE MONTH OF    $439,789,050.24
                        THIS PAYMENT DATE]; AND                                        $0.00
(b) THE MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT [(xiii), BELOW]           $43,978,905.02
                                                                                                  $43,978,905.02
----------------------------------------------------------------------------------------------------------------
CALCULATION OF OVERCOLLATERALIZATION PERCENTAGE: [THE DIFFERENCE OF (a) AND (b)
DIVIDED BY (a)]:

THE EXCESS OF:
(a) THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS (AS OF THE FIRST DAY
    OF MARCH, 2000); OVER                                                                         N/A
(b) THE AGGREGATE OUTSTANDING PRINCIPAL BALANCE AND ALL UNREIMBURSED
    REALIZED LOSS AMOUNTS OF ALL CLASSES OF NOTES (AFTER GIVING
    EFFECT TO PAYMENTS AND ALLOCATIONS OF LOSSES ON THE PAYMENT DATE                              N/A
    IN APRIL, 2000); DIVIDED BY                                                                            $0.00
(c) (a), ABOVE.                                                                                            0.00%
----------------------------------------------------------------------------------------------------------------
THE OVERCOLLATERALIZATION AMOUNT SHALL BE CALCULATED AS FOLLOWS: [(a) LESS (b)]:

(a) AGGREGATE ECONOMIC BALANCE OF ACCOUNTS (AS OF THE FIRST DAY OF THE MONTH
    PRECEDING THIS PAYMENT DATE); LESS                                                           $439,789,050.24
(b) THE SUM OF (i) THE AGGREGATE OUTSTANDING PRINCIPAL BALANCE OF THE NOTES; AND                 $415,222,898.06
               (ii) ALL UNREIMBURSED REALIZED LOSS AMOUNTS                                                 $0.00
                    [AFTER GIVING EFFECT TO PAYMENTS MADE, BUT PRIOR TO THE
                    ALLOCATION OF LOSSES THEREON ON THIS PAYMENT DATE]                            $24,566,152.18
</TABLE>
<PAGE>   3
                    MID-STATE TRUST VI MORTGAGE-BACKED NOTES
                             PAYMENT DATE STATEMENT
                                  (SUPPLEMENT)

                                                         PAYMENT DATE : 01/01/98
                             SUPPLEMENT: PAGE 2 OF 2


(vi)  CALCULATION OF INTEREST SHORTFALL:

                                     INTEREST
         CURRENT    UNREIMBURSED     ON UNREIMB      CUMULATIVE     INTEREST
 NOTE   INTEREST     INTEREST         SHORTFALL        INTEREST   SHORTFALL PAID
CLASS   SHORTFALL    SHORTFALL   (10/01/97-12/31/97)  SHORTFALL     01/01/98*
------  ---------   ------------ ------------------- ----------   --------------
 A-1       0.00          0.00           0.00            0.00          0.00
 A-2       0.00          0.00           0.00            0.00          0.00
 A-3       0.00          0.00           0.00            0.00          0.00
 A-4       0.00          0.00           0.00            0.00          0.00

          $0.00         $0.00          $0.00           $0.00         $0.00

* ANY CLASS A-4 SHORTFALL AMOUNT WAS TRANSFERRED FROM THE CLASS A-4 RESERVE
  ACCOUNT AND DEPOSITED IN THE COLLECTION ACCOUNT ON THE PAYMENT DATE.

(viii)AMOUNT TO BE WITHDRAWN FROM THE COLLECTION ACCOUNT AND PAID OVER TO THE
      ISSUER IN RESPECT OF THIS PAYMENT DATE PURSUANT TO SECTION 8.02(c): [(a)
      LESS (b)]:

<TABLE>
<S>                                                                                                       <C>
      (a) COLLECTION ACCOUNT BALANCE BEFORE ANY PAYMENTS ARE MADE:                                        $17,188,532.57
      (b) TOTAL OF ALL PAYMENTS TO BE MADE ON THIS PAYMENT DATE [(i), (iii), (iv), (vi) AND (xv)]:        $17,188,532.57
                                                                                                          --------------
                                                                                                                   $0.00

(ix) CALCULATION TO DETERMINE CLASS REALIZED LOSS AMOUNTS: [(a) LESS (b)]

     WITH RESPECT TO THE NOTES, AN AMOUNT EQUAL  THE EXCESS OF
     (a) THE OUTSTANDING PRINCIPAL BALANCE OF EACH CLASS OF NOTES
         [AFTER APPLICATION OF THE CLASS OPTIMAL PRINCIPAL AMOUNT, BUT
         PRIOR TO LOSSES]; OVER                                                                          $415,222,898.06
     (b) THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS IMMEDIATELY
         FOLLOWING THE DUE PERIOD RELATED TO SUCH PAYMENT DATE:                                          $439,789,050.24
                                                                                                         ---------------
                                                                                                         ($24,566,152.18)
</TABLE>

                                                                   INTEREST
           OUTSTANDING         REALIZED       UNREIMBURSED       ON UNREIMB.
 NOTE       PRINCIPAL            LOSS           REALIZED            AMOUNT
CLASS       BALANCE             AMOUNT         LOSS AMOUNT   (10/01/97-12/31/97)
-----      -----------         --------       ------------   -------------------
 A-1     $272,071,931.96         0.00            0.00                0.00
 A-2      $54,603,489.38         0.00            0.00                0.00
 A-3      $42,642,725.04         0.00            0.00                0.00
 A-4      $45,904,751.68         0.00            0.00                0.00
         ---------------        -----           -----                ----
         $415,222,898.06        $0.00           $0.00                0.00


(xiii) CALCULATION TO DETERMINE MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT:

<TABLE>
<S>                                                                              <C>                 <C>
       THE GREATER OF:
       (a)  THE PRODUCT OF 10%; AND                                                       10.00%
       (b)  THE AGGREGATE ECONOMIC BALANCE OF THE ACCOUNTS (AS OF THE FIRST DAY
            OF THE MONTH PRECEDING THE MONTH OF THIS PAYMENT DATE STATEMENT)     $439,789,050.24
                                                                                  $43,978,905.02
                                AND
       (c)  $16,180,055.00                                                                           $43,978,905.02
</TABLE>

[NOTE: SEE DEFINITION OF "MINIMUM TARGET OVERCOLLATERALIZATION AMOUNT" IN
       INDENTURE FOR CRITERIA IF MID-STATE HOMES, INC. NO LONGER SERVICES THE
       COLLATERAL.]

(xiv)  DETERMINATION OF CUMULATIVE REALIZED LOSS AMOUNT FOR EACH CLASS OF
       NOTES [THE SUM OF THE AMOUNTS CALCULATED IN (ix)]:

                    CURRENT             INTEREST
NOTE              AND UNREIMB          ON UNREIMB.       CUMULATIVE
CLASS            REAL. LOSS AMT         LOSS AMT.          AMOUNTS
-----            --------------        -----------       ----------
 A-1                 0.00                  0.00              0.00
 A-2                 0.00                  0.00              0.00
 A-3                 0.00                  0.00              0.00
 A-4                 0.00                  0.00              0.00

                     0.00                  0.00              0.00

THE FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY:

CALCULATION OF AMOUNT AVAILABLE TO PAY REALIZED LOSS AMOUNT FOR EACH CLASS OF
NOTES

        REMAINING
        AVAIL FDS*       OPTIMAL       INTEREST       CURRENT
NOTE   [(iv) ABOVE]      PRIN AMT     ON UNREIMB.   AND UNREIMB
CLASS  OR BALANCE**    [(iv) ABOVE]    LOSS AMT.   REAL. LOSS AMT    BALANCE
-----  ------------    ------------   -----------  --------------    -------
 A-1   $9,283,217.98   $6,082,764.37     0.00          0.00        $3,200,453.61
 A-2   $3,200,453.61   $1,220,780.69     0.00          0.00        $1,979,672.92
 A-3   $1,979,672.92     $953,371.58     0.00          0.00        $1,026,301.34
 A-4   $1,026,301.34   $1,026,301.34     0.00          0.00                $0.00


* APPLIES TO CLASS A-1 NOTES ONLY
** APPLIES TO CLASS A-2 THROUGH CLASS A-4 NOTES.