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.:  333-39649-01




                   Ocwen Mortgage Loan Asset Backed Certificates,
                               Series 1997-OFS3 Trust
               Exact name of registrant as specified in its charter)

NY                                   52-2075045     52-2075042
                                     52-2075071     52-2075039
(State or other jurisdiction                        (I.R.S. Employer
of incorporation or organization)                   Identification No.)


c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD                                        21703
(Address of principal executive                     (Zip Code)
offices)

Registrant's telephone number, including area code (301) 696-7900



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 26, 1998, on behalf Ocwen
Mortgage Loan Asset Backed  Certificates,  Series 1997-OFS3 Trust (the "Trust"),
established  pursuant to a Pooling and Servicing Agreement among LMAC, Inc.,  as
Seller (the "Company"), 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  1997-OFS3  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, 1997.

               (a) Ocwen Federal Bank FSB , as Servicer<F1>

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

               (a) Ocwen Federal Bank FSB, as Servicer<F1>

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

               (a) Ocwen Federal Bank FSB, as Servicer<F1>

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

                No distributions to certificate holders were made during 1997.

     (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.




                                    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:


Ocwen Mortgage Loan Asset Backed Certificates,
Series 1997-OFS3 Trust


Signed     NORWEST BANK MINNESOTA, N.A.,
           as Trustee
By:        /s/Sherri J. Sharps

By:        Sherri J. Sharps
Title:     Vice President
Dated:     August 31, 1998




EXHIBIT INDEX

Exhibit No.

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

     (a) Ocwen Federal Bank, FSB, as Servicer<F1>

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

     (a) Ocwen Federal Bank, FSB, as Servicer<F1>

99.3 Annual Statements of Compliance for the year ended December 31, 1997.

     (a) Ocwen Federal Bank, as Servicer<F1>


<F1> Filed herewith.