SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C.  20549

                                   Form 10-Q 
                                        
                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                     For the Quarter Ended November 30, 1996

                           Commission File No. 33-2749

                           FIRST MORTGAGE CORPORATION
             (Exact name of registrant as specified in its charter)


Incorporated under the laws of
the State of  UTAH                              87-03202209           
(State or other jurisdiction of                 (I.R.S. Employer
incorporation of organization)                  Identification Number)


            257 East 200 South, Suite 950, Salt Lake City, Utah 84111
                    (Address of Principal Executive Offices)

               Registrant's telephone number, including area code
                                 (801) 363-7663

                                       N/A 
               Former name, former address and former fiscal year,
                          if changed since last report

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.

   (1)  Yes  X              No    
   (2)  Yes  X              No    

Indicate the number of shares outstanding of each class of common stock as of
November 30, 1996.


                    51,101,680 COMMON STOCK (PAR VALUE $.001)<PAGE>
                           FIRST MORTGAGE CORPORATION
                                    Form 10-Q
                       Nine Months Ended November 30, 1996


                                      INDEX

                                      PAGE

PART I       Financial Information

 ITEM 1    Financial Statements

   Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . 3 

   Statements of Operations. . . . . . . . . . . . . . . . . . . . . . 4 

   Statements of Cash Flows. . . . . . . . . . . . . . . . . . . . . . 5 

   Notes to Financial Statements . . . . . . . . . . . . . . . . . . . 6 

   Management's Discussion and Analysis of
   the Statement of Income . . . . . . . . . . . . . . . . . . . . . . 7 

PART II Other Information

 ITEM 1 Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . 8 

 ITEM 2 Changes in Securities. . . . . . . . . . . . . . . . . . . . . 8 

 ITEM 3      Defaults upon Senior Securities . . . . . . . . . . . . . 8 

 ITEM 4 Submission of Matters to a Vote of Security Holders. . . . . . 8 

 ITEM 5      Other Information . . . . . . . . . . . . . . . . . . . . 8 

 ITEM 6      Exhibits and Reports on Form 8-K. . . . . . . . . . . . . 8 

   SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 
<PAGE>
                           FIRST MORTGAGE CORPORATION
                                 Balance Sheets
                     November 30, 1996 and February 29, 1996
<TABLE>
<CAPTION>
                                            (Unaudited)             (Unaudited)
                                              November                February 
                                              30, 1996                28, 1996 
                                           ------------            ------------
<S>                                        <C>                     <C>
                                     ASSETS

Current Assets
 Cash in Bank                              $     22,562            $    20,577 
 Cash in Savings                                421,000                320,000 
 Other Receivables                                  -0-                100,000 
 Contracts Receivable                           107,441                260,441 
 Prepaid Taxes                                      -0-                  2,128 
                                           -------------           ------------
    Total Current Assets                        551,003                703,146 

Fixed Assets
 Office Equipment                                    25                     55 
 Leasehold Improvements                             501                    750 
                                            ------------           ------------
    Total Fixed Assets                              526                    805 

Other Assets

 Land                                           38,023                  26,416 
                                           -------------           ------------
    Total Other Assets                           38,023                 26,416 
                                           -------------           ------------
    TOTAL ASSETS                           $    589,552            $   730,367 
                                           =============           ============
</TABLE>
                             See accompanying notes<PAGE>
                           FIRST MORTGAGE CORPORATION
                           Balance Sheets -Continued-
                      November 30, 1996 & February 29, 1996

<TABLE>
<CAPTION>
                                           (Unaudited)
                                              November               February  
                                              30, 1996               29, 1996  
                                          -------------            ------------
<S>                                       <C>                      <C>
                      LIABILITIES AND STOCKHOLDERS' EQUITY 

Current Liabilities
 Accounts Payable                         $        800             $     1,697 
 Taxes Payable                                     -0-                     -0- 
 Notes Payable                                     -0-                 140,000 
                                           -------------           ------------
    Total Current Liabilities                       800                141,697 

Stockholders' Equity                                   
 Common Stock, 100,000,000
   Shares Authorized at $0.001 Par Value;
   51,101,680 Shares Issued & Outstanding        51,102                 51,102 
 Capital in Excess of Par Value                 242,697                242,697 
 Retained Earnings                              294,953                294,871 
                                           -------------          -------------
    Total Stockholders' Equity                  588,752                588,670 
                                           -------------          -------------
    TOTAL LIABILITIES &
      STOCKHOLDERS' EQUITY                 $    589,552           $    730,367 
                                           =============          =============
</TABLE>
                             See accompanying notes<PAGE>
                           FIRST MORTGAGE CORPORATION
                            Statements of Operations
               For the Nine Month Period November 30, 1996 & 1995
            and the Three Month Period Ended November 30, 1996 & 1995
<TABLE>
<CAPTION>
                                   Nine Month               Three Month     
                                  Period Ended             Period Ended    
                           November      November      November      November 
                           30, 1996      30, 1995      30, 1996      30, 1995 
                        ------------  ------------  ------------  ------------
<S>                     <C>           <C>           <C>           <C>
Revenues
 Mortgage Recovery      $    66,000   $    58,357   $    38,000   $     25,713 
 Interest                    13,058        23,313         4,374          4,646 
 Miscellaneous Income           -0-         1,773           -0-          1,773 
 Rent Income                    -0-        66,654           -0-         22,218 
 Bad Debt Recovery            1,696         2,614           -0-            480 
                        ------------  ------------  ------------  -------------
   Total Revenues            80,754       152,711        42,374         54,830 

Expenses
 Commission Expense          56,800        30,200        40,600          6,200 
 Interest Expense             3,752        35,330         2,188         14,044 
 Office Expense               4,092         7,934         1,395          1,354 
 Rent                         6,525         6,525         2,175          2,175 
 Professional Fees            4,551        12,004           451          5,266 
 Telephone                    1,521         1,295           523            440 
 Depreciation                   279         8,247            93          5,027 
 Filings & Fees                 -0-           -0-           -0-          1,906 
 Land Expense                   -0-         5,126           -0-          3,775 
 Travel                       2,729         2,152         2,282            974 
 Taxes                          423         8,604           408          7,999 
                        ------------  ------------  ------------  ------------
   Total Expenses            80,672       117,417        50,115         49,163 
                        ------------  ------------  ------------  ------------
   Net Profit (Loss) 
   Before Taxes                  82        35,294        (7,741)         5,667 

   Income Taxes                 -0-         7,059         1,161         (1,133)
                        ------------  ------------  ------------  ------------
   Net Profit 
   After Taxes          $        82   $    28,235   $    (6,580)  $      4,534 
                        ============  ============  ============  =============
   Earnings Per 
   Share                $       .00   $       .00   $      (.00)  $        .00

   Weighted 
   Average Shares 
   Outstanding           51,101,680    51,101,680    51,101,680     51,101,680 

</TABLE>
                             See accompanying notes<PAGE>
                           FIRST MORTGAGE CORPORATION
                            Statements of Cash Flows
           For the Nine Months Periods Ended November 30, 1996 & 1995
<TABLE>
<CAPTION>
                                                     (Unaudited)    (Unaudited)
                                                           1996           1995 
                                                    ------------  ------------
<S>                                                 <C>           <C>  
Cash Flows from Operating Activities
 Net Income (Loss)                                  $        82   $     28,235 
 Adjustments to Reconcile Net Income 
   or (Loss) to Operating Activities:                  
    Depreciation                                            279          8,247 
 Changes in Operating Assets &Liabilities:
   Decrease in Prepaid Taxes                              2,128            -0- 
   (Increase) Decrease in Other Receivable              100,000         49,795 
   (Decrease) Increase in Accounts Payable                 (897)       (28,689)
   Increase (Decrease) in Taxes                             -0-        (12,447)
   Rounding                                                 -0-             (1)
                                                    ------------   ------------
    Net Cash Provided by Operating Activities           101,592         45,140  

Cash Flows from Investing Activities
 Purchase of Land                                       (11,607)           -0- 
 Purchase of Building                                       -0-       (564,921)
 Increase in Long Term Debt                                 -0-        564,921 
 Collected on Contracts                                 153,000         46,500 
 Payment on Notes Payable                              (140,000)       (65,813)
 Payment on Mortgages                                       -0-         (8,740)
                                                    ------------   ------------
    Net Cash Provided by Investing Activities             1,393        (28,053)

Cash Flows from Financing Activities                        -0-            -0- 
                                                    ------------   ------------
   Net Cash Provided by Financing Activities                -0-            -0- 
                                                    ------------   ------------
   Increase (Decrease) in Cash                          102,985         17,087 

   Cash at Beginning of Year                        $   340,577    $   435,781 
                                                    ------------   ------------
   Cash at End of Year                              $   443,562    $   452,868 
                                                    ============   ============
Expense Disclosures
 Interest                                           $     3,752    $    35,330 
 Taxes                                                      -0-          7,059 
</TABLE>
                             See accompanying notes <PAGE>
                           First Mortgage Corporation
                          Notes to Financial Statements


NOTE #1 - STATEMENT PREPARATION

        The Company has prepared the accompanying financial statements with
interim financial reporting requirement promulgated by the Securities and
Exchange Commission.   The information furnished reflects all adjustments which
are, in the opinion of management, necessary for a fair presentation of
financial position and results of operations.

        The consolidated financial statements should be read in conjunction
with the consolidated financial statements and notes thereto included in the
Company's February 29, 1996 10-K report.<PAGE>

                      MANAGEMENT'S DISCUSSION AND ANALYSIS

LIQUIDITY AND CAPITAL RESOURCES

        First Mortgage Corporation (the Company) is engaged in the business of
buying loan packages of mostly commercial loans from the FDIC or RTC.  The
Company attempts to recover its investment and make a profit through collection
efforts.  It is the Company's policy to not recognize any income until it has
recovered its initial investment.  During the current quarter the Company
collected $165,000 on its investments, recognized $101,500 as income, and
purchased no new loan packages.

        During the quarter ending May 31, 1995, the Company foreclosed on one
of the loans it had purchased.  As a result of the foreclosure the Company
borrowed $564,921 to pay off a first mortgage position holder and took over
possession of a 20,000 square foot industrial building in Phoenix, Arizona.  In
1996, the Company sold its position in the building to an associated investor. 
The Company received $100,000 from the investor in October 1996.  The investor
paid off the $564,921. 

RESULTS OF OPERATIONS

        First Mortgage Corporation (the Company) maintains adequate cash
reserves to pay for its operations for at least nine months without having to
use its cash in savings (cash equivalents), cash is collected on contracts,
commission are paid based on these collections.  The Company has sufficient
cash and cash equivalents to retire all of its debt and still have adequate
working capital to continue its operations. 

        The Company has no present need to raise additional capital by sale of
its common stock shares.





<PAGE>


                           PART II - OTHER INFORMATION


Item 1  Legal Proceedings. . . . . . . . . . . . . . . . . . . . .  None 

Item 2  Changes in the Rights of the Company's Security Holders. .  None 

Item 3  Defaults by the Company on its Senior Securities . . . . . .None 

Item 4  Results of Votes of Security Holders . . . . . . . . . . . .None 

Item 5  Other Information. . . . . . . . . . . . . . . . . . . . . .None 

Item 6  Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . None
<PAGE>






                       

                                   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.



Date: January 30, 1997                     By: William S. Greaves           
      ------------------                       -----------------------------
                                               William s. Greaves, President &
                                               Chief Executive Officer & 
                                               Chief Accounting Officer