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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
JANUARY 24, 1997
Date of Report (Date of earliest event reported)
SOURCE ONE MORTGAGE SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-12898 38-2011419
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) file number) Identification No.)
27555 FARMINGTON ROAD, FARMINGTON HILLS, MI 48334-3357
(Address of principal executive offices)
(810) 488-7000
(Registrant's telephone number, including area code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
On January 24, 1997, Source One Mortgage Services Corporation (the "Company"),
upon recommendation of the Audit Committee of the Board of Directors of its
parent, Fund American Enterprises Holding, Inc., appointed KPMG Peat Marwick
LLP as its independent auditors for the fiscal year ending December 31, 1997 to
replace Ernst & Young LLP ("Ernst & Young") effective upon the issuance of
their reports on the consolidated financial statements of the Company for the
year ended December 31, 1996. It is expected that Ernst & Young will issue
their report on the consolidated financial statements of the Company and its
subsidiaries for the year ended December 31, 1996 prior to March 31, 1997.
In connection with the audits of the two years ended December 31, 1995, and the
subsequent interim period through January 24, 1997, there were no disagreements
with Ernst & Young on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope and procedures which, if not
resolved to their satisfaction would have caused them to make reference in
connection with their opinion to the subject matter of the disagreement.
The audit reports of Ernst & Young on the consolidated financial statements of
the Company and subsidiaries as of and for the years ended December 31, 1995
and 1994, did not contain an adverse opinion or disclaimer of opinion, nor were
they qualified or modified as to uncertainty, audit scope, or accounting
principles, except for an explanatory paragraph in 1995 regarding a change in
the method of accounting for originated mortgage servicing rights, and in 1994
regarding a change in the methodology used to measure impairment of purchased
mortgage servicing rights.
The Company has requested Ernst & Young to furnish a letter addressed to the
Commission stating whether it agrees with the above statements. A copy of that
letter, dated January 24, 1997 is filed as Exhibit 16(a) to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. The following exhibits are filed herewith:
Exhibit No. Description
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16(a) Letter from Ernst & Young LLP
Re Change in Certifying Accountant
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SIGNATURES
Pursuant to the requirements 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.
SOURCE ONE MORTGAGE SERVICES CORPORATION
Dated: January 31, 1997 By: /s/ Michael C. Allemang
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Michael C. Allemang
Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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16(a) Letter from Ernst & Young LLP Re Change in
Certifying Accountant
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Exhibit 16(a)
January 31, 1997
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
We have read Item 4 of Form 8-K dated January 24, 1997, of Source One Mortgage
Services Corporation, and are in agreement with the statements contained in the
second and third paragraphs on page 2 therein. We have no basis to agree or
disagree with other statements of the registrant contained therein.
Very truly yours,
ERNST & YOUNG LLP
