<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-03-24</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000718500</issuerCik>
        <issuerName>U S MUTUAL FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>USMT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001291329</rptOwnerCik>
            <rptOwnerName>Ranzini Family Trust</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>959 MAIDEN LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ANN ARBOR</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>48105</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001288315</rptOwnerCik>
            <rptOwnerName>MILDRED LANGE RANZINI TRUST</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>959 MAIDEN LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ANN ARBOR</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>48105</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001285717</rptOwnerCik>
            <rptOwnerName>CLARE FAMILY TRUST</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>959 MAIDEN LANE</rptOwnerStreet1>
            <rptOwnerStreet2>C/O UNIV BK</rptOwnerStreet2>
            <rptOwnerCity>ANN ARBOR</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>48105</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock $1.00 par value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2601885</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through LLC</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities are owned directly by LYRE, LLC (&quot;LYRE&quot;). Effective March 24, 2004, each of the Reporting Persons
became a member of LYRE and, as a result, may be deemed to be the beneficial owner of the shares held by LYRE. Each of the
Reporting Persons disclaims beneficial ownership of shares of the Issuer's common stock held by LYRE except to the extent of
its pecuniary interests therein. Each of the Reporting Persons also may be deemed to be a director of the Issuer by virtue
of its ability to designate a representative to serve on the Issuer's board of directors pursuant to the terms of LYRE's
operating agreement.</footnote>
    </footnotes>

    <remarks>Exhibit Lists: Exhibit 99 - Joint Filer Information</remarks>

    <ownerSignature>
        <signatureName>/s/ Stephen Lange Ranzini, Trustee for each of the Reporting Persons</signatureName>
        <signatureDate>2004-05-11</signatureDate>
    </ownerSignature>
</ownershipDocument>

