<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 8-K


                                CURRENT REPORT


                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

                         Date of Report: May 23, 2001
                       (Date of earliest event reported)


                      FIRST HORIZON ASSET SECURITIES INC.
            (Exact name of Registrant as specified in its charter)

<TABLE>
<S>                                      <C>                   <C>
                Delaware                       333-47798           75-2808384
        (State of Incorporation)         (Commission File No.)  (I.R.S. Employer
                                                               Identification No.)

            4000 Horizon Way
             Irving, Texas                                           75063
(Address of Principal executive offices)                           (Zip Code)
</TABLE>

      Registrant's Telephone Number, Including Area Code: (214) 441-4000
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Item 5.   Other Events.
          ------------

     Reference is hereby made to the Registrant's Registration Statement on Form
S-3 (File No. 333-47798) filed with the Securities and Exchange Commission (the
"Commission") on October 12, 2000, as amended by Amendment No. 1 thereto filed
with the Commission on December 22, 2000, and as further amended by Amendment
No. 2 thereto filed with the Commission on January 5, 2001, (as so amended, the
"Registration Statement"), pursuant to which the Registrant registered
$1,000,000,000 aggregate principal amount of its mortgage pass-through
certificates, issuable in various series, for sale in accordance with the
provisions of the Securities Act of 1933, as amended.  Reference is also hereby
made to the Prospectus and the related Prospectus Supplement (collectively, the
"Prospectus"), which will be filed with the Commission pursuant to Rule
424(b)(5), with respect to the Registrant's Mortgage Pass-Through Certificates,
Series 2001-3 (the "Offered Securities").

     The Registrant is filing this Current Report on Form 8-K to provide
prospective investors with certain materials which constitute "ABS Term Sheets"
as described in the no-action letter dated February 27, 1995 issued by the
Division of Corporation Finance of the Commission to the Public Securities
Association, the filing of which materials is a condition of the relief granted
in such letters (such materials being the "ABS Term Sheets").  The ABS Term
Sheets are set forth in Exhibit 99.1 hereto.
                        ------------

     The assumptions used in preparing the ABS Term Sheets were based upon a
preliminary compilation of the underlying collateral and the estimated principal
amount and other features of the Offered Securities.  The actual features of the
Offered Securities and a detailed description of the final constituency of the
underlying collateral will be set forth in the Prospectus and in a Current
Report on Form 8-K to be filed with the Commission.

     Due to the preliminary nature of the information regarding the collateral
and the structure of the Offered Securities used in preparing the ABS Term
Sheets, no assurance can be given as to either the ABS Term Sheets' or the
underlying assumptions' accuracy, appropriateness or completeness in any
particular context; nor can assurance be given as to whether the ABS Term Sheets
and/or the assumptions upon which they are based reflect present market
conditions or future market performance.  These ABS Term Sheets should not be
construed as either projections or predictions or as legal, tax, financial or
accounting advice.

     The specific characteristics of the Offered Securities may differ from
those shown in the ABS Term Sheets due to differences between the actual
collateral and the preliminary collateral used in preparing the ABS Term Sheets.
As noted above, the principal amount and designation of any security described
in the ABS Term Sheets are subject to change prior to issuance.

     Please be advised that mortgage loan backed securities may not be
appropriate for all investors.  Potential investors must be willing to assume,
among other things, market price volatility, prepayments, yield curve and
interest rate risks.  Investors should make every effort to consider the risks
of these securities.

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     Any statement or information contained in the ABS Term Sheets shall be
deemed to be modified or superseded for purposes of the Prospectus and the
Registration Statement by statements or information contained in the Prospectus.

Item 7.   Financial Statements and Exhibits.
          ---------------------------------

     (c)  Exhibits

          Exhibit No.    Description
          -----------    -----------

             99.1        ABS Term Sheet

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                                  Signatures
                                  ----------

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


                            FIRST HORIZON ASSET SECURITIES INC.



May 23, 2001                By: /s/ Wade Walker
                                 -----------------------------------------------
                                    Wade Walker
                                    Senior Vice President - Asset Securitization


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