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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) September 25, 1998
FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling and
Servicing Agreement, dated as of September 1, 1998, which forms Ocwen
Mortgage Loan Trust 1998-OFS3, which will issue the Mortgage Loan
Asset-Backed Certificates, Series 1998-OFS3).
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
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Item 5. Other Events.
Filing of Derived Materials.
In connection with the offering of the Ocwen Home Equity Loan Trust,
Series 1998-OFS3, 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.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
The following is filed herewith. The exhibit number 99 corresponds with
Item 601(b) of Regulation S-K.
Exhibit No. Description
99 Computational Materials filed on
Form SE dated September 25, 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/ John Graham
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Name: John Graham
Title:
Dated: September 25, 1998
Exhibit Index
Exhibit Page
99. Computational Materials filed on Form SE dated September 25, 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-OFS3
FILED ON FORM SE, DATED SEPTEMBER 25, 1998.
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
September 25, 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-OFS3
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/ Michael Braun
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Michael Braun
Enclosure
