SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
/ x / Annual report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 1997
/ / Transition report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File No.: 333-39649-01
Ocwen Mortgage Loan Asset Backed Certificates,
Series 1997-OFS3 Trust
Exact name of registrant as specified in its charter)
NY 52-2075045 52-2075042
52-2075071 52-2075039
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (301) 696-7900
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No__
This Amendment No.1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 26, 1998, on behalf Ocwen
Mortgage Loan Asset Backed Certificates, Series 1997-OFS3 Trust (the "Trust"),
established pursuant to a Pooling and Servicing Agreement among LMAC, Inc., as
Seller (the "Company"), Ocwen Federal Bank FSB, as Special Servicer, and Norwest
Bank Minnesota, National Association, as Trustee, pursuant to which the Ocwen
Mortgage Loan Asset Backed Certificates, Series 1997-OFS3 Trust registered
under the Securities Act of 1933 (the "Certificates") were issued.
Item 14 of the Original Form 10-K is amended to read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 1997.
(a) Ocwen Federal Bank FSB , as Servicer<F1>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 1997.
(a) Ocwen Federal Bank FSB, as Servicer<F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 1997.
(a) Ocwen Federal Bank FSB, as Servicer<F1>
99.4 Aggregate Statement of Principal and Interest
Distributions to Certificate Holders.
No distributions to certificate holders were made during 1997.
(b) No reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized:
Ocwen Mortgage Loan Asset Backed Certificates,
Series 1997-OFS3 Trust
Signed NORWEST BANK MINNESOTA, N.A.,
as Trustee
By: /s/Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President
Dated: August 31, 1998
EXHIBIT INDEX
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1997.
(a) Ocwen Federal Bank, FSB, as Servicer<F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards for
the year ended December 31, 1997.
(a) Ocwen Federal Bank, FSB, as Servicer<F1>
99.3 Annual Statements of Compliance for the year ended December 31, 1997.
(a) Ocwen Federal Bank, as Servicer<F1>
<F1> Filed herewith.
One East Broward Boulevard Telephone 954 463 6280
Suite 1700
Fort Lauderdale, FL 33301
PRICE WATERHOUSE LLP (LOGO)
LOAN SERVICING REPORT OF
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
March 25, 1998
To the Board of Directors of
Ocwen Federal Bank FSB
We have examined management's assertions about Ocwen Federal Bank FSB's ("the
Bank") compliance with the minimum servicing standards in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS as of and for the year ended December 31, 1997, included in the
accompanying management assertion. Management is responsible for the Bank's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the entity's compliance based
on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Bank's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Bank's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Bank has complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 1997 is fairly stated, in all material respects.
/s/Price Waterhouse LLP
(LOGO)
OCWEN
MANAGEMENT'S ASSERTION ON COMPLIANCE WITH USAP
March 25, 1998
As of and for the year ended December 31, 1997, Ocwen Federal Bank FSB (the
"Bank") has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers. As of and for this same period,
the Bank had in effect a fidelity bond and an errors and omissions policy in the
combined amount of $10,000,000.
/s/Jay B. Goldman
Jay Goldman, Vice President
3/25/98
Date
(LOGO)
OCWEN
March 30, 1998
Norwest Bank Minnesota, NA
11000 Broken Land Parkway
Securities Administration Services
Columbia, MD 21044
Attn: Corporate Trust Services
Lehman Brothers, Series 1997-OFS3
RE: Officer Certification
I Jay B. Goldman as officer of Ocwen Federal Bank FSB (the "Bank") confirm that
activities required to be performed by the Bank under the servicing agreement
(the "Agreement") have been completed in accordance with the intent of the
respective Agreement, to the best of my knowledge.
Sincerely,
/s/Jay B. Goldman
Jay B. Goldman
Vice President Loan Servicing
