EXHIBIT 23.1
                         Consent of Independent Auditors



We consent to the incorporation by reference in the Registration Statement (Form
S-8  No.  33-70760)  pertaining  to the First Mortgage  Corporation  1992  Stock
Incentive Plan and 1993 Stock Option Plan for Non-Employee Directors and in  the
related  Prospectus  of  our  report dated May 23, 1997,  with  respect  to  the
financial statements of First Mortgage Corporation included in its Annual Report
(Form 10-K) for the year ended March 31, 1997.





Orange County, California
June 27, 1997