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.:  033-73748


                          Fund America Investors Trust,
               Collateralized Mortgage Obligations, Series NMC1
               (Exact name of registrant as specified in its charter)

New York                                            Not Applicable
(State or other jurisdiction                        (I.R.S. Employer
of incorporation or organization)                   Identification No.)


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

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



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 30, 1998, on
behalf of Fund America  Investors Trust,  Collateralized  Mortgage  Obligations,
Series NMC1,  established  pursuant to a Management Agreement among Fund America
Investors Trust 1997-NMC1,  as the Trust,  and Norwest Bank Minnesota,  National
Association,  as Manager,  pursuant to which the Fund America  Investors  Trust,
Collateralized Mortgage Obligations, Series NMC1 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) National Mortgage Corporation, as Servicer<F1>

99.2  Report of Management  as to  Compliance  with Minimum  Servicing
                Standards for the year ended  December 31, 1997.

               (a) National Mortgage Corporation, as Servicer <F1>

          99.3  Annual Statements of Compliance  under the Pooling and Servicing
                Agreements for the year ended  December 31, 1997.

               (a) National Mortgage Corporation, as Servicer <F1>

          99.4  Aggregate Statement of Principal and Interest
                Distributions to Certificate Holders.<F2>

     (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.
<F2> Previously filed.





                                    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:


Fund America Investors Trust,
Collateralized Mortgage Obligations, Series NMC1


Signed     Wilmington Trust Company
           as Owner Trustee

By:        Mary Kay Pupillo
By:        /s/Mary Kay Pupillo
Title:     Officer
Dated:     2/10/2000




EXHIBIT INDEX

Exhibit No.

99.1 Annual  Independent  Accountants'  Servicing Reports  concerning  servicing
     activities for the year ended December 31, 1997.


     (a) National Mortgage, as Servicer <F1>

99.2 Report of Management as to Compliance with Minimum Servicing  Standards for
     the year ended December 31, 1997.

     (a) National Mortgage, as Servicer <F1>
99.3 Annual Statements of Compliance for the year ended December 31, 1997.

     (a) National Mortgage, as Servicer <F1>

99.4 Aggregate Statement of Principal and Interest  Distributions to
     Certificate Holders.<F2>

<F1>  Filed herewith.
<F2> Previously filed.