- -----------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
Reported) February 27, 1998
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling
and Servicing Agreement, dated as of February 1, 1998, which forms
Ocwen Home Equity Loan Trust 1998-OFS1, which will issue the Home
Equity Loan Asset-Backed Certificates, Series 1998-OFS1).
FINANCIAL ASSET SECURITIES CORP.
- ---------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-44067 06-1442101
- ---------------------------- -------------- ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
- -----------------------------------------------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (203) 625-2700
----- --------
- -----------------------------------------------------------------
Item 5. Other Events.
- ---- ------------
Filing of Derived Materials.
- ---------------------------
In connection with the offering of the Ocwen Home Equity Loan Trust,
Series 1998-OFS1, Asset Backed Pass-Through Certificates (the "Certificates")
Greenwich Capital Markets, Inc. as underwriter of the Certificates (the
"Underwriter"), has prepared certain materials (the "Derived Materials") for
distribution to their potential investors. Although the Registrant provided
the Underwriter with certain information regarding the characteristics of the
assets in the related portfolio, it did not participate in the preparation of
the Derived Materials. Concurrently with the filing hereof, pursuant to Rule
202 of Regulation 202, the Registrant is filing certain computational
materials by paper filing on Form SE.
For purposes of this Form 8-K, Derived Materials shall mean computer
generated tables and/or charts displaying, with respect to the Certificates,
any of the following: yield; average life, duration; expected maturity; loss
sensitivity; cash flow characteristics; background information regarding the
assets; the proposed structure; decrement tables; or similar information
(tabular or otherwise) of a statistical, mathematical, tabular or
computational nature, as well as certain matters relating to the collateral
for such transaction.
Item 7. Financial Statements, Pro Forma Financial
- ---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
The following is filed herewith. The exhibit number corresponds with
Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99 Computational Materials filed on Form SE
dated February 27, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Brian Bernard
---------------------------
Brian Bernard
Dated: February 26, 1998
Exhibit Index
-------------
Exhibit Page
- ------- ----
99. Computational Materials filed P
on Form SE dated February 27, 1998.
IN ACCORDANCE WITH RULE 202 OF REGULATION S-T, THESE
COMPUTATIONAL MATERIALS ARE BEING FILED IN PAPER.
EXHIBIT 99
COMPUTATIONAL MATERIALS
for
FINANCIAL ASSET SECURITIES CORP.
Ocwen Home Equity Loan Trust, Series 1998-OFS1
FILED ON FORM SE, DATED FEBRUARY 27, 1998.
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
February 27, 1998
BY MODEM
- --------
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Financial Asset Securities Corp.,
Ocwen Home Equity Loan Trust, Series 1998-OFS1
Asset-Backed Pass-Through Certificates
---------------------------------------------------
Ladies and Gentlemen:
On behalf of Financial Asset Securities Corp. (the "Company"), we
enclose herewith for filing, pursuant to the Securities and Exchange Act of
1934, the Company's Current Report on Form 8-K, for Computational Materials
in connection with the above-referenced transaction.
Very truly yours,
/s/ Gail G. Watson
---------------------------
Gail G. Watson
Enclosure
