<PAGE>   1
 


                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934 This report also includes the Registrant's Use of Proceeds
    Report Pursuant to Sections 229.701(f).

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998.

                                       OR

[_] Transition pursuant to Section 13 or 15(d) of the Securities Exchange Act of
    1934



                         COMMISSION FILE NUMBER 0-23381


                     BINGHAM FINANCIAL SERVICES CORPORATION
             (Exact Name of Registrant as Specified in its Charter)



             Michigan                                   38-3313951             
      (State of Incorporation)              (I.R.S. Employer Identification No.)
                        
       31700 Middlebelt Road 
             Suite 125       
     Farmington Hills, Michigan                           48334               
(Address of Principal Executive Offices)                (Zip Code)             
                                         
                                         
                                                             
       Registrant's telephone number, including area code: (248) 932-9656

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 [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:

       1,576,818 shares of Common Stock, no par value as of July 31, 1998



                                  Page 1 of 15

<PAGE>   2


                     BINGHAM FINANCIAL SERVICES CORPORATION

                                      INDEX

                                      -----

                                                                           PAGES

PART I

Item 1.   Financial Statements:

          Consolidated Balance Sheets as of June 30, 1998 and
                   September 30, 1997                                        3

          Consolidated Statements of Income for the Three 
                   Months and Periods Ended June 30, 1998 and 1997           4

          Consolidated Statements of Cash Flows for the Nine 
                   Months and Periods Ended June 30, 1998 and 1997           5

          Consolidated Statements of Changes in Stockholders' 
                   Equity for the Nine Months Ended June 30, 1998            6

          Notes to Consolidated Financial Statements                       7-8


Item 2.   Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                    9-11



PART II

          Item 5. Other Events                                              12

          Item 6 (a) Exhibits Required by Item 601 of 
                   Regulation S-K                                           12

          Item 6 (b) Reports on Form 8-K                                    12

          Item 701 (f) Use of Proceeds                                   12-13

          Signatures                                                        14

          Exhibit Index                                                     15





                                       2
<PAGE>   3


                     BINGHAM FINANCIAL SERVICES CORPORATION

                           CONSOLIDATED BALANCE SHEETS

                      JUNE 30, 1998 AND SEPTEMBER 30, 1997

                                     ------

<TABLE>
<CAPTION>
                                                                 JUNE 30      SEPT 30
                                    ASSETS                        1998         1997
                                                              -----------   -----------
<S>                                                           <C>           <C>        
Cash and cash equivalents                                     $ 2,147,100   $        --
Restricted cash                                                 1,201,300            --
Mortgage loans receivable                                      28,398,800            --
Installment contracts receivable, net                          26,562,800     9,541,100
Servicing asset                                                   226,900            --
Other assets                                                    2,220,600       111,100
                                                              -----------   -----------

         Total assets                                         $60,757,500   $ 9,652,200
                                                              ===========   ===========

     LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
     Advances by mortgagors                                   $ 1,188,700   $        --
     Accounts payable and accrued expenses                        979,700        14,800
     Servicing liability                                          113,900            --
     Advances under repurchase agreements                      24,364,900
     Subordinated debt, net of debt discount
         of $529,500                                            3,470,500            --
     Notes payable - Sun Communities                           15,624,100     9,747,500
                                                              -----------   -----------

         Total liabilities                                     45,741,800     9,762,300
                                                              -----------   -----------

Minority Interest                                                 302,200            --
                                                              -----------   -----------
Stockholders' equity (deficiency):
     Preferred stock, no par value, 10,000,000 shares
         authorized; no shares issued and outstanding                  --            --
     Common stock, no par value, 10,000,000 shares
         authorized; 1,576,818 and 100 shares issued
         and outstanding at June and Sept, respectively        13,616,500           100
     Paid-in capital                                              630,100            --
     Retained earnings (deficit)                                  466,900      (110,200)
                                                              -----------   -----------

                    Total stockholders' equity (deficiency)    14,713,500      (110,100)
                                                              -----------   -----------

                    Total liabilities and stockholders'
                      equity (deficiency)                     $60,757,500   $ 9,652,200
                                                              ===========   ===========
</TABLE>








    The accompanying notes are an integral part of the financial statements.


                                       3
<PAGE>   4
                     BINGHAM FINANCIAL SERVICES CORPORATION

                        CONSOLIDATED STATEMENTS OF INCOME

          FOR THE THREE MONTHS AND PERIODS ENDED JUNE 30, 1998 AND 1997

                                     ------

<TABLE>     
<CAPTION>                                                                                                    
                                                        Three Months       Nine Months        Period       
                                                       Ended June 30,         Ended        January 2, to   
                                                     1998         1997     June 30,1998    June 30, 1997   
                                                  ----------   ---------    ------------   -------------   
<S>                                               <C>          <C>          <C>              <C>             
Revenues:
        Interest income - installment contracts   $  818,800   $ 112,000    $1,534,900       $ 122,000       
        Mortgage origination and servicing fees      972,800          --     1,112,300              --       
        Sale of mortgage servicing rights            324,600          --       324,600              --       
        Other income                                  69,900         100       160,900             100       
                                                  ----------   ---------    ----------       ---------       
                Total revenues                    $2,186,100   $ 112,100    $3,132,700       $ 122,100       
                                                  ==========   =========    ==========       =========       
                                                                                                             
Costs and expenses:                                                                                          
        Interest expense                             405,300      69,700       691,700          85,200       
        Provision for credit losses                   41,500      22,800        92,000          31,500       
        General and administrative                   463,200      21,400       791,600          62,800       
        Other operating expenses                     616,200       1,000       683,400           7,800       
                                                  ----------   ---------    ----------       ---------       
                                                                                                             
                Total costs and expenses           1,526,200     114,900     2,258,700         187,300       
                                                  ----------   ---------    ----------       ---------       
                                                                                                             
                Income before taxes                  659,900      (2,800)      874,000         (65,200)      
                                                                                                             
Provision for income taxes                           224,800          --       296,900              --       
                                                  ----------   ---------    ----------       ---------       
        Net income                                $  435,100   $  (2,800)   $  577,100       $ (65,200)      
                                                  ==========   =========    ==========       =========       
                                                                                                             
Weighted average common shares outstanding         1,576,818         100     1,170,451             100       
                                                  ==========   =========    ==========       =========       
                                                                                                             
Weighted average common shares outstanding,                                                                  
        fully diluted                              1,948,082         100     1,404,074             100       
                                                  ==========   =========    ==========       =========       
                                                                                                             
Earnings per share:                                                                                          
        Basic                                     $     0.28   $     (28)   $     0.49       $    (652)      
                                                  ==========   =========    ==========       =========       
        Fully diluted                             $     0.22   $     (28)   $     0.41       $    (652)      
                                                  ==========   =========    ==========       =========       
</TABLE>   
           
           












    The accompanying notes are an integral part of the financial statements.




                                       4
<PAGE>   5


                     BINGHAM FINANCIAL SERVICES CORPORATION

                      CONSOLIDATED STATEMENT OF CASH FLOWS

           FOR THE NINE MONTHS AND PERIOD ENDED JUNE 30, 1998 AND 1997

                                     ------


<TABLE>
<CAPTION>
                                                                                Nine Months             Period
                                                                                  Ended              January 2 to
                                                                               June 30, 1998         June 30, 1997
                                                                            ----------------        ---------------
<S>                                                                         <C>                     <C>             
Cash flows from operating activities:
    Net income                                                              $        577,100        $       (65,200)
    Adjustments to reconcile net income to net
          cash provided by operating activities:
       Provision for credit losses                                                    77,900                 31,500
       Depreciation and amortization                                                 155,900                  9,400
       Gain on sale of investment securities                                         (13,500)                    --
       Increase in net servicing rights                                             (113,000)                    --
       Increase in other assets                                                   (2,276,000)              (179,400)
       Increase in other liabilities                                               1,666,700                220,500
                                                                            ----------------       ----------------

               Net cash provided by operating activities                              75,100                 16,800
                                                                            ----------------       ----------------

Cash flows from investing activities:
    Mortgage loans receivable originated                                         (28,398,800)                    --
    Installment contracts receivable originated                                  (18,373,100)            (5,372,600)
    Collections on installment contracts receivable                                1,341,700                 98,500
    Proceeds from the sale of investment securities                                   71,000                 (7,700)
    Capital expenditures                                                             (27,300)                    --
                                                                            ----------------       ----------------

               Net cash used in investing activities                             (45,386,500)            (5,281,800)
                                                                            ----------------       -----------------

Cash flows from financing activities:
    Issuance of common stock                                                      13,616,500                    100
    Issuance of subordinated debt, including discount                              4,000,000                     --
    Advances under repurchase agreements                                          24,364,900                     --
    Advances on notes payable, Sun Communities                                    15,224,600              5,264,900
    Repayment of notes payable, Sun Communities                                   (9,747,500)                    --
                                                                            ----------------       ----------------

               Net cash used in financing activities                              47,458,500              5,265,000
                                                                            ----------------       ----------------

Net change in cash and cash equivalents                                            2,147,100                     --

Cash and cash equivalents, beginning of period                                            --                     --
                                                                            ----------------       ----------------
Cash and cash equivalents, end of period                                    $      2,147,100       $             --
                                                                            ================       ================
</TABLE>









     The accompanying notes are an integral part of the financial statements

                                       5
<PAGE>   6


                     BINGHAM FINANCIAL SERVICES CORPORATION

            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY

                     FOR THE NINE MONTHS ENDED JUNE 30, 1998

                                     ------





<TABLE>
<CAPTION>
                                                                                                                  TOTAL  
                                                        COMMON            PAID-IN            RETAINED         STOCKHOLDER'S
                                                        STOCK             CAPITAL            EARNINGS           EQUITY
                                                   ---------------     -------------      --------------      ------------- 
<S>                                                <C>                 <C>                <C>                 <C>        
     Balance, October 1, 1997                      $           100                        $     (110,200)     $    (110,100)

     Issuance of 1,295,000 shares
          of common stock                               11,582,800                                               11,582,800

     Issuance of 281,818 shares of
          common stock in conjunction
          with acquisition                               2,033,600                                                2,033,600

     Issuance of 400,000 warrants
          with subordinated debt                                       $     577,000                                577,000

     Option amortization                                                      53,100                                 53,100

     Net income                                                                                  577,100            577,100
                                                    --------------     -------------      --------------     --------------

     Balance, June 30, 1998                        $    13,616,500     $     630,100      $      466,900    $    14,713,500
                                                   ===============     =============      ==============    ===============
</TABLE>























     The accompanying notes are an integral part of the financial statements


                                       6
<PAGE>   7


                     BINGHAM FINANCIAL SERVICES CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                     ------



1. BASIS OF PRESENTATION:

   These unaudited condensed consolidated financial statements of Bingham
   Financial Services Corporation, a Michigan corporation (the "Company"), have
   been prepared pursuant to the Securities and Exchange Commission ("SEC")
   rules and regulations and should be read in conjunction with the Prospectus
   dated November 13, 1997, and related information provided in conjunction with
   the Company's initial public offering. The following notes to financial
   statements present interim disclosures as required by the SEC. The
   accompanying financial statements reflect, in the opinion of management, all
   adjustments necessary for a fair presentation of the interim financial
   statements. All such adjustments are of a normal and recurring nature.

   For purposes of income statement and cash flow comparison, the Company does
   not have a period covering the nine months ended June 30, 1997. Information
   presented covers the period from January 2, 1997 (date of inception) through
   June 30, 1997. Earnings per share information for the periods ending June 30,
   1997 is based on the 100 shares issued for initial capitalization. The
   Company's initial public offering of common stock did not take place until
   the quarter ended December 31, 1997.

2. FORMATION AND ORGANIZATION:

   The Company commenced operations in January, 1997, for the primary purpose of
   originating loans on manufactured homes in communities owned by Sun
   Communities, Inc. ("Sun"). During the three months ended December 31, 1997,
   the Company issued 1,270,000 shares of common stock in an initial public
   offering at $10 per share and 25,000 shares of common stock to Sun in a
   private sale at $10 per share. Aggregate equity capital raised including
   shares purchased by Sun and in conjunction with the exercise of the
   underwriters over allotment option approximated net proceeds of $11.6
   million.

   At the time of the public offering the Company also issued $4.0 million
   of subordinated debt to Sun which has a seven-year term and an annual
   interest rate of 9.75%. The Company may also borrow up to $6.0 million of
   additional subordinated debt on a revolving basis through 2002. In
   connection therewith, Sun received 400,000 warrants to purchase stock of the
   Company at $10 per share for seven years.

3. RECENT ACCOUNTING PRONOUNCEMENTS:

   In June 1997, the Financial Accounting Standards Board (the "FASB") issued
   SFAS No. 130 "Reporting Comprehensive Income" ("SFAS 130") which is effective
   for fiscal years beginning after December 15, 1997. SFAS 130 establishes
   standards for reporting comprehensive income and its components in a full set
   of general-purpose financial statements. SFAS 130 requires that all
   components of comprehensive income be reported in a financial statement that
   is displayed with the same prominence as other financial statements. The
   adoption of this standard will not have an impact on the Company's financial
   position or results of operations.

   In June 1997, the FASB issued SFAS No. 131 "Disclosures about Segments of an
   Enterprise and Related Information" ("SFAS 131") which is effective for
   fiscal years beginning after December 15, 1997. SFAS 131 establishes
   standards for reporting information about operating segments in annual
   financial statements and in interim financial reports. It also establishes
   standards for related disclosures about products and services, geographic
   areas and major customers. The adoption of this standard will not have an
   impact on the Company's financial position or results of operations.



                                       7
<PAGE>   8
                     BINGHAM FINANCIAL SERVICES CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                     ------

4. INSTALLMENT CONTRACTS/COMMERCIAL MORTGAGES RECEIVABLE:

   During the quarter, the Company originated net installment contracts
   receivable approximating $7,132,000. The balance of installment contracts
   receivable at June 30, 1998, is net of a provision for credit losses. At 
   June 30, 1998, 1.10% of installment contracts were 60 or more days
   delinquent and 11 loans had been foreclosed.

   New loans originated by Bloomfield Acceptance, the Company's commercial
   lending subsidiary, for the quarter ended totaled $154 million. Commercial
   mortgage loans receivable at June 30, 1998 were approximately $28 million.

5. ACQUISITIONS:

   In March 1998, the Company acquired 100% of the outstanding stock of
   Bloomfield Acceptance Company, L.L.C. ("BAC") and Bloomfield Servicing
   Company, L.L.C. ("BSC") for 281,818 shares of the Company's common stock
   valued at $2.1 million. BAC is engaged in the business of the origination of
   mortgages and real estate lending. Loans originated by BAC primarily consist
   of fixed rate loans secured by mortgages on commercial property. BSC was
   formed to service the loans originated by BAC and others.

   In addition to the shares of common stock issued to the shareholders of BAC
   and BSC additional consideration of up to $500,000, in the form of the
   Company's common stock, will be paid to the shareholders subject to the
   performance of the merged entities over the two year period following the
   date of merger.

   The excess of the purchase price over the book value of the net assets
   acquired for BAC and BSC has been allocated to the tangible and intangible
   assets based on the Company's estimate of the fair market value of the net
   assets acquired.

6. EARNINGS PER SHARE:
<TABLE>
<CAPTION>
                                                        Three Months  Nine Months
                                                            Ended        Ended
                                                        June 30, 1998 June 30, 1998
                                                        ------------- -------------
<S>                                                     <C>           <C>       
       Earnings used for basic and diluted earnings per
           share calculation                            $  435,100    $  577,100
                                                        ==========    ==========

       Total shares used for basic earnings per share    1,576,818     1,170,451

       Dilutive securities:
           Stock options                                    47,597        28,422
           Warrants                                        323,667       205,201
                                                        ----------    ----------
                                                           371,264       233,623
                                                        ----------    ----------

       Total shares used for diluted earnings per share
           calculation                                   1,948,082     1,404,074
                                                        ==========    ==========
</TABLE>


7. YEAR 2000 COMPLIANCE:

   Bingham is currently in the process of evaluating its information technology
   infrastructure for year 2000 compliance. The Company does not expect that the
   cost to modify its information technology infrastructure to be year 2000
   compliant will be material to its financial condition or results of
   operations. The Company does not anticipate any material disruption in its
   operations as a result of any failure by the Company to be in compliance.


                                       8
<PAGE>   9

                     BINGHAM FINANCIAL SERVICES CORPORATION

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                     ------

OVERVIEW
The Company commenced operations in January, 1997, for the primary purpose of
originating loans on manufactured homes "Contracts" located within the
communities owned by Sun. The Company expects to extend its business to include
the sale of insurance products, other installment loans or engage in other
related businesses in the future through the initiation of new businesses or
through acquisitions of existing businesses.

The following should be read in conjunction with the financial statements and
the notes thereto.

RESULTS OF OPERATIONS
For the three months ended June 30, 1998

During the three month period, the Company earned a profit of $659,900 before
income taxes on revenues of $2,186,100 and expenses of $1,526,200. The primary
components of revenue were mortgage origination and servicing fees of $972,800.
Interest income of $818,800 was earned on the Company's portfolio of 
manufactured home contracts which had a balance of $26,562,800 and the 
Company's portfolio of commercial mortgages that had a balance of $28,398,800 
at June 30, 1998.

The principal components of expense were interest of $405,300 and general and
administrative expenses of $463,200. Credit losses of $41,500 were reserved at
the annual rate of .75% of the average loan balances. 

It is the intention of the Company to generate larger business volume from the
Sun portfolio as well as from the portfolios of other community owners.

LIQUIDITY AND CAPITAL RESOURCES
The Company completed an initial public offering of 1,270,000 shares of common
stock and sold 25,000 shares of common stock to Sun in a private transaction
during the three months ended December 31, 1997 resulting in net proceeds of
approximately $11.6 million. This was used to repay advances from Sun and to
provide working capital for additional loans. Sun has provided a Subordinated
Debt facility, consisting of a $4 million term loan and a five-year revolving
line of credit up to $6 million. Sun has also provided an additional $12 million
revolving line of credit payable upon demand with an annual interest rate equal
to "LIBOR" plus 140 basis points.

In March of 1998 the Company's commercial mortgage subsidiary entered into a 
one year master repurchase agreement with a lender to finance up to $150 
million of fixed rate commercial loans secured by real estate. As of June 30, 
1998, approximately $24.4 million of borrowings were outstanding under this 
facility. Outstanding borrowings under this master repurchase agreement are 
secured by commercial mortgage loans.

The Company expects to meet its short term liquidity requirements through
working capital provided by operating activities and proceeds under a warehouse
line of credit which is currently being negotiated. The Company expects to meet
its long term liquidity requirements through additional equity offerings, draws
on its revolving lines of credit of $18 million, advances under repurchase
agreements, and possible future periodic securitizations of its loan portfolio.




                                       9
<PAGE>   10


                     BINGHAM FINANCIAL SERVICES CORPORATION

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                     ------


INSTALLMENT CONTRACT PORTFOLIO
At June 30, 1998, the average loan balance was approximately $29,000 and had a
weighted average interest rate of approximately 10.8%. The Company is currently
operating with an annual loan loss reserve of 0.75%. As of June 30, 1998, the
Company had 12 contracts that were delinquent over 60 days. Contracts past due
30-60 days totaled $388,000 or 1.50% of the outstanding Contracts receivable.
The Company sends a notice of default after 30 days and sends a final demand
letter after 60 days. If the loan is not brought current pursuant to the terms
of the demand letter, the Company commences collection and repossession
procedures. To the extent that the repossession and resale of the collateral
results in a loss, the reserve account will be charged. If the Company
experiences losses in excess of its loan loss reserve it will incur additional
charges to the reserve account which would adversely affect its profitability.
All loans made by the Company are fully amortizing and provide for equal payment
over the term of the Contract (typically 5 to 25 years). The portions of such
payments allocable to principal and interest are for payoff and deficiency
purposes, determined in accordance with the terms of the Contract. The following
table sets forth, at the date shown, the average loan balance, weighted average
loan yield and weighted average initial term.

<TABLE>
<CAPTION>
                                                                 June 30, 1998
                                                               ---------------
<S>                                                            <C>            
         Outstanding Contract Receivable                       $    26,325,000
         Total Number of Contracts Outstanding                             922
         Average Loan Balance                                  $        29,000
         Weighted Average Loan Yield                                      10.8%
         Weighted Average Initial Term                              22.5 years
</TABLE>

The contracts are secured by manufactured homes, which range in age from 1963 to
1998, with approximately 56% of the manufactured homes built since 1996. As of
June 30, 1998, the Company's Contracts in its portfolio were concentrated in
Michigan (41%), Indiana (24%), Texas (11%) and Florida (10%). The following
table sets forth the number and value of loans for various terms, as of June 30,
1998.


         Term of Loan            Number of Loans              Value of Loans
         ------------            ---------------            -----------------
          5 or less                      28                 $       232,700

               6-10                      84                         989,100

              11-12                       7                         120,100

              13-15                     119                       2,107,900

              16-20                     225                       6,054,300

              21-25                     450                      16,423,000

              26-30                       9                         397,900




                                       10
<PAGE>   11





                     BINGHAM FINANCIAL SERVICES CORPORATION

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                     ------



CREDIT LOSS AND FORECLOSURE EXPERIENCE
The Company's profitability depends in large part upon its ability to
effectively monitor and control credit losses. The Company provides for a
reserve for credit losses at an annual rate of 0.75% of installment contract
receivable balances. To the extent the Company experiences loss rates or
foreclosure rates in excess of those estimated, the Company may experience an
adverse material effect.


CAPITALIZED MORTGAGE SERVICING RIGHTS
The Company records a separate asset or liability representing the right or
obligation, respectively to service loans for others. A servicing asset is
determined by allocating the loans previous carrying amount between the
servicing asset and the loans that were sold, based on their relative fair
values at the date of sale. Servicing liabilities are recorded at their fair
value as a reduction of the sale proceeds. The fair value of the servicing
assets and liabilities is based on an analysis of discounted cash flows that
incorporates estimates of market servicing costs, projected ancillary servicing
revenue, projected prepayment rates and market profit margins.

Mortgage servicing rights are periodically assessed for impairment based on the
fair value of those rights calculated on a discounted basis. This assessment is
performed on a disaggregate basis, stratified by mortgage type and term.
Identified impairments are recognized through a valuation allowance. No
valuation allowance was necessary at June 30, 1998.

Changes in capitalized mortgage servicing rights are summarized as follows:

<TABLE>
<CAPTION>
<S>                                               <C>          
        Balance at March 31, 1998, net            $     601,700
        Additional servicing liabilities, net           (11,800)
        Amortization                                     (8,700)
        Sales                                          (468,200)
                                                  -------------
        Balance at June 30, 1998, net             $     113,000
                                                  =============
</TABLE>



IMPACT OF INFLATION
Increases in the inflation rate generally result in increased interest rates and
increases in the Company's operating expenses. As the Company expects to borrow
funds at variable rates, increased interest rates will increase the borrowing
costs of the Company, and such increased borrowing costs may not be offset by
increases in the rates of the Company's Contracts.


SEASONALITY
Higher sales of manufactured homes during the Spring and Summer seasons result
in a greater volume of new Contracts during those periods.







                                       11
<PAGE>   12



                     BINGHAM FINANCIAL SERVICES CORPORATION

PART II


ITEM 5. - OTHER EVENTS

On March 18, 1998 the Board of Directors of Bingham Financial Services
Corporation resolved to increase the size of the board from six to eight
members. The Board further resolved to fill the vacancies created by the
appointment of Daniel E. Bober and Creighton J. Weber as directors.


ITEM 6.(A) - EXHIBITS REQUIRED BY ITEM 601 OF REGULATION S-K

           EXHIBIT NO.                         DESCRIPTION
           -----------                         -----------

              27                        Financial Data Schedule


ITEM 6.(B) - REPORTS ON FORM 8-K

The Company filed a report on Form 8-K, dated March 5, 1998, reporting the
acquisition of Bloomfield Acceptance Company, L.L.C., and Bloomfield Servicing
Company, L.L.C. for 281,818 shares of the Company's common stock. As disclosed
in the Form 8-K, financial statements were not included in the initial report
and were filed by an amendment to the Form 8-K on May 12, 1998.


ITEM 701.

         (f)   USE OF PROCEEDS

               1.  The effective date of the Securities Act registration
                   statement for Bingham Financial Services Corporation is
                   November 12, 1997. The Commission file number is 0-23381.

               2.  The offering of the shares of common stock of Bingham
                   commenced on November 13, 1997.

               3.  The offering did not terminate before any securities were
                   sold.

               4.  (i) Pursuant to the Underwriting Agreement, the underwriters
                   were granted an option to purchase the optional shares within
                   30 days of the date of the Underwriting Agreement. On
                   December 12, 1997, the underwriters exercised the option to
                   purchase the optional shares with respect to 70,000 shares of
                   common stock of Bingham. All the securities registered were
                   sold prior to the termination of the offering.

                   (ii) The managing underwriter is Roney & Co., L.L.C., One
                   Griswold, Detroit, Michigan 48226.

                   (iii) Common stock, no par value was registered.

                   (iv) 1,270,000 shares of common stock were registered and
                   sold for an aggregate offering price of $12,700,000.



                                       12
<PAGE>   13



                     BINGHAM FINANCIAL SERVICES CORPORATION


ITEM 701.
          (f) USE OF PROCEEDS, CONTINUED

<TABLE>
<CAPTION>
<S>                                                               <C>          
              (v)    Underwriting discounts and commissions:      $     859,000
                     Attorneys' Fees:                                   219,000
                     Printing Costs:                                     99,800
                     Accounting Fees:                                   100,000
                     Miscellaneous:                                      80,200
                                                                  -------------
                                                                  $   1,358,000
                                                                  =============
</TABLE>

                     (B) These payments were direct or indirect payments to
                         others.

               (vi)  Net Offering Proceeds = $11,342,000


               (vii) Repayment of Demand Note to Sun Communities, Inc.:
                     $9,747,500. The remaining $1,586,700 will be used for
                     funding loans and working capital.

                     (A) Sun Communities, Inc. is an affiliate of the issuer.

               (viii)The amount of proceeds used to repay the Demand Note to Sun
                     Communities, Inc. is greater than the amount that was
                     indicated in the Prospectus, as the Company continued to
                     draw funds from June 30, 1997 to September 30, 1997 to
                     provide the Company with working capital.










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                                   SIGNATURES


Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated: August 10, 1998



                                  BINGHAM FINANCIAL SERVICES CORPORATION



                                  BY: /s/  Jeffrey P. Jorissen
                                     -------------------------------------------
                                     Jeffrey P. Jorissen,  President, Chief 
                                     Executive Officer, Chief Financial Officer











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<PAGE>   15


                                  EXHIBIT INDEX



                                                           PAGE
                        FILED                             NUMBER
EXHIBIT NO.             DESCRIPTION                      HEREWITH         HEREIN


    27                  Financial Data Schedule              X



























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