<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                           3,435
<SECURITIES>                                         0
<RECEIVABLES>                                2,467,674
<ALLOWANCES>                                   (6,711)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               2,659,663
<CURRENT-LIABILITIES>                                0
<BONDS>                                        299,381
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           440
<OTHER-SE>                                     369,648
<TOTAL-LIABILITY-AND-EQUITY>                 2,659,663
<SALES>                                              0
<TOTAL-REVENUES>                                22,247<F1>
<CGS>                                                0
<TOTAL-COSTS>                                    4,484
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 2,403
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 15,360
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             15,360
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    15,360
<EPS-PRIMARY>                                     0.36
<EPS-DILUTED>                                     0.36
<FN>
<F1>Includes 40,523 of interest expense related to mortgage loan activities.
</FN>