10-K/A

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-K/A
                                   Amendment 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, 1998 or

/   / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934


      Commission File No.:   333-44067-01

                  OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
                               Series 1998-OFS1 Trust
             (Exact name of registrant as specified in its charter)



New York                          52-2094143, 52-2094145
                                  52-2094147, 52-2094150
(State or other jurisdiction     (I.R.S. Employer
 of incorporation or              Identification  No.)
 organization)

c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland                            21044
(Address of principal executive offices)     (ZIP Code)


Registrant's telephone number, including area code:
     (410) 884-2000

Securities to be registered pursuant to Section 12(b)
of the Act:

     NONE

Securities to be 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 25, 1999,  on behalf of
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES Series 1998-OFS1 Trust established
pursuant to a Pooling and Servicing  Agreement among Financial Asset  Securities
Corp,as Depositor,  LMAC, Inc,as Seller, Ocwen Financial Services, Inc as Master
Servicer, 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 1998-OFS1 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, 1998.

                     a)   OCWEN FEDERAL BANK FSB 

              (99.2) Report of Management as to Compliance with
                     Minimum Servicing Standards for the year
                     ended December 31, 1998.

                     a)   OCWEN FEDERAL BANK FSB 

              (99.3) Annual Statements of Compliance under the
                     Pooling and Servicing Agreements for the
                     year ended December 31, 1998.

                     a)   OCWEN FEDERAL BANK FSB 

              (99.4) Aggregate Statement of Principal and
                     Interest Distributions to Certificate
                     Holders.

            (b)  On  October 7, 1998, November 10, 1998, and
                 December 4 , 1998, reports on Form 8-K were filed
                 by the Company in order to provide the
                 statements for the monthly distributions to
                 holders of the Certificates.  No other reports on
                 Form 8-K have been filed during the last quarter
                 of the period covered by this report.

            (c)  Not applicable.

            (d)  Omitted.

  Filed herewith.
  Previously filed.

                           SIGNATURES

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  1998-OFS1 Trust

Signed:   Norwest Bank Minnesota, N.A., as Trustee

By:   Sherri J. Sharps, Vice president
By:  /s/  Sherri J. Sharps, Vice president

Dated:  December 15, 1999

Exhibit Index

Exhibit No.

99.1      Annual Independent Accountants' Servicing Reports concerning servicing
          activities for the year ended December 31, 1998.

                     a)   OCWEN FEDERAL BANK FSB 

99.2      Report of Management as to Compliance with Minimum Servicing Standards
          for the year ended December 31, 1998.

                     a)   OCWEN FEDERAL BANK FSB 

99.3      Annual Statements of Compliance under the Pooling and Servicing
          Agreements for the year ended December 31, 1998.

                     a)   OCWEN FEDERAL BANK FSB 

99.4      Aggregate Statement of Principal and Interest Distributions to
          Certificate Holders.

  Filed herewith.
  Previously filed.

EX-99.1(A)

(LOGO)

PricewaterhouseCoopers LLP
200 East Las Olas Boulevard
Suite 1700
Ft. Lauderdale FL 33301
Telephone (954) 764 7111
Facsimile (954) 525 4433

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Board of Directors of Ocwen Federal Bank FSB

We have  examined  management's  assertion  about Ocwen Federal Bank FSB's ("the
Bank") compliance with the minimum  servicing  standards in the Mortgage Bankers
Association of America's (MBA's) Uniform Single Attestation Program for Mortgage
Bankers,  with respect to certain  mortgage  loan pools for which the trustee is
Norwest  Bank  Minnesota,  National  Association,  as  of and for the year ended
December 31, 1998, 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
Bank'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,  except  as  indicated  in the
accompanying management assertion, the Bank has complied with the aforementioned
minimum  servicing  standards as of and for the year ended  December 31, 1998 is
fairly stated, in all material respects.

PricewaterhouseCoopers LLP

July 14, 1999

EX-99.2(A)

(LOGO)

OCWEN

MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP

July 14, 1999

As of and for the year ended December 31, 1998, with respect to certain mortgage
loan  pools  for  which  the  trustee  is  Norwest  Bank   Minnesota,   National
Association,  except as  specifically  noted below,  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  (MBA's)
Uniform Single Attestation Program for Mortgage Bankers ("USAP").

*  Standard:   Custodial  bank  accounts  and  related  bank  clearing   account
reconciliations shall be prepared within 45 calendar days after the cuttoff date
and documented  reconciling  items shall be resolved  within 90 calendar days of
their original identification.

The Bank's 1998 custodial  account  reconciliations  were not prepared within 45
days after the cutoff date.  However,  these  reconciliations and all subsequent
reconciliations have subsequently been prepared through April 30, 1999.

In  addition,  certain  reconciling  items  which  arose  during  the year ended
December  31,  1998 were not  specifically  identified  and/or  were not cleared
within 90 days of  identification.  Management  has developed an action plan and
has continued to follow the action plan to resolve all  outstanding  reconciling
items. All significant  reconciling items have been isolated and reviewed by the
Company, and the Company believes these items will not have a material impact on
the status of any custodial accounts.

*Standard: Each custodial account shall be maintained at a federally insured
depository institution in trust for the applicable investor.

During 1998, certain investor custodial accounts did not indicate that they were
"in trust for" accounts in the account  title.  However,  as of the date of this
assertion,  the  accounts  were changed to include "in trust for" in the account
titles.

*Standard: Mortgage payments shall be deposited into the custodial bank accounts
and related bank clearing accounts within two business days of receipt.

Mortgage  payments  were  credited  to  the  investors  in the  Bank's  internal
servicing records within two business days of receipt. However, certain mortgage
payments were not deposited into  investors'  custodial bank accounts within two
business days of receipt.

*Standard:  Escrow funds held in trust for a mortgagor  shall be returned to the
mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

During 1998, escrow funds held in trust for certain mortgagors were not returned
to the  mortgagor  within  thirty  days of the  payoff of their  mortgage  loan.
However,  these escrow funds were returned within the required number of days as
required by the Real Estate Settlement Procedures Act.

As of and for this same  period,  the Bank had in effect a fidelity  bond in the
amount  of  $15,000,000  and an errors  and  omissions  policy in the  amount of
$10,000,000.

Christine A. Reich
President

Scott W. Anderson
Vice President of Residential Assets

Scott A. Johnson
Supervisor of Investor Reporting

EX-99.3(A)

Scott W. Anderson
Vice President/Residential Assets

OCWEN
(LOGO)

July 19, 1999

Telephone 561-682-8913
Facsimile 561-682-8186

Norwest Bank Minnesota, National Associate
Diane Tenhoopen
11000 Broken Land Parkway
Columbia, Maryland 21044

RE:

         Officer  Certification  Ocwen 1997-OFS3 Ocwen 1998-OFS1 Ocwen 1998-OFS2
         Ocwen 1998-OFS3 Ocwen 1998-OFS4  Equicon 94-1 Equicon 94-2 Equicon 95-1
         Equicon 95-2 Access 96-1 Access 96-2 Access 96-3

Dear Ms. Tenhoopen:

Pursuant to the applicable sections of the above Servicing  Agreements,  I Scott
W.  Anderson as officer of Ocwen  Federal Bank FSB (the  "Bank")  confirm that a
review of the  activities of the Bank ended December 31, 1998 and of performance
under the Servicing  Agreements has been made under my supervision.  To the best
of my  knowledge,  based  on such  review,  the Bank  has  fulfilled  all of its
obligations under the Servicing Agreement  throughout the period,  other than as
noted in the Management Assertion on Compliance with USAP.

Sincerely,

Scott W. Anderson
Vice President Residential Assets

SWA/dls

The Forum 1675 Palm Beach Lakes Boulevard, West Palm Beach. FL 33401