<TABLE> <S> <C>

<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION EXTRACTED FROM OCWEN ASSET
INVESTMENT CORP'S CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AND STATEMENT OF
OPERATIONS  AND IS QUALIFIED  IN ITS  ENTIRETY BY  REFERENCE  TO SUCH  FINANCIAL
STATEMENTS.
</LEGEND>
<CIK>                                          0001033643
<NAME>                       OCWEN ASSET INVESTMENT CORP.
<MULTIPLIER>                                            1
<CURRENCY>                                            USD
       
<S>                                         <C>
<PERIOD-TYPE>                                 3-MOS
<FISCAL-YEAR-END>                             DEC-31-1998
<PERIOD-START>                                JAN-01-1998
<PERIOD-END>                                  MAR-31-1998 <F1>   
<EXCHANGE-RATE>                                         1
<CASH>                                          7,609,603 <F2>
<SECURITIES>                                  200,537,146
<RECEIVABLES>                                           0
<ALLOWANCES>                                            0
<INVENTORY>                                             0
<CURRENT-ASSETS>                                        0
<PP&E>                                                  0
<DEPRECIATION>                                          0
<TOTAL-ASSETS>                                447,725,270
<CURRENT-LIABILITIES>                         177,614,055
<BONDS>                                                 0
<PREFERRED-MANDATORY>                                   0
<PREFERRED>                                             0
<COMMON>                                          191,250
<OTHER-SE>                                    264,166,168
<TOTAL-LIABILITY-AND-EQUITY>                  447,725,270
<SALES>                                                 0
<TOTAL-REVENUES>                               (8,800,622)<F3>
<CGS>                                                   0
<TOTAL-COSTS>                                   1,009,690 <F4>
<OTHER-EXPENSES>                                  189,655
<LOSS-PROVISION>                                        0
<INTEREST-EXPENSE>                                693,817
<INCOME-PRETAX>                               (10,504,242)<F5>
<INCOME-TAX>                                            0
<INCOME-CONTINUING>                           (10,504,242)<F5>
<DISCONTINUED>                                          0
<EXTRAORDINARY>                                         0
<CHANGES>                                               0
<NET-INCOME>                                  (10,504,242)<F5>
<EPS-PRIMARY>                                       (0.55)
<EPS-DILUTED>                                       (0.54)
<FN>
<F1>  Tag 10  includes  Cash and  amounts due from  depository  institutions  of
      $373,097 and Interest bearing deposits of $7,236,506.
<F2>  Tag 11 includes  securities  held for trading of $42,545,318 and securites
      available for sale of $157,991,828.
<F3>  Tag 28 includes  Interest  income on  Repurchase  agreements  and interest
      bearing   deposits  of  $198,138,   on  Securities  held  for  trading  of
      $(2,637,259),  on Securities available for sale of $4,648,582, on Loans of
      $1,240,807,  and on  Discount  loans  of  $902,777,  operating  income  of
      $803,961 and loss on securities held for trading of $(13,957,628).
<F4>  Tag 30 includes Provision for loan losses of $105,073,  Management fess of
      $828,881,  Due diligence expenses of $192,689,  and Foreign currency gains
      of $(116,953).
<F5>  Tags 34, 36 and 40  exclude  minority  interest  in net loss of  operating
      partnership of $189,542.
</FN>
        

</TABLE>