<ARTICLE> 5
<NAME> EMERGENT MORTGAGE CORP.
<CIK> 0001049373
<MULTIPLIER> 1,000
       
                                                  
<PERIOD-TYPE>                   6-MOS                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1997
<PERIOD-START>                             JAN-01-1996             JAN-01-1997
<PERIOD-END>                               JUN-30-1996             JUN-30-1997
<CASH>                                          22,731                   5,621
<SECURITIES>                                         0                   6,959
<RECEIVABLES>                                  107,974                 336,510
<ALLOWANCES>                                     2,214                   4,621
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                                     0<F1>                   0<F1>
<PP&E>                                           5,592                  12,961
<DEPRECIATION>                                   1,285                   2,613
<TOTAL-ASSETS>                                 146,657                 364,988
<CURRENT-LIABILITIES>                                0<F1>                   0<F1>
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                           327                     482
<OTHER-SE>                                      13,208                       0
<TOTAL-LIABILITY-AND-EQUITY>                   146,657                 364,988
<SALES>                                              0                       0
<TOTAL-REVENUES>                                18,319                  49,864
<CGS>                                                0                       0
<TOTAL-COSTS>                                   14,730                  31,871
<OTHER-EXPENSES>                                     0                       0
<LOSS-PROVISION>                                 1,532                   4,671
<INTEREST-EXPENSE>                               5,576                   9,782
<INCOME-PRETAX>                                  3,589                   3,539
<INCOME-TAX>                                       121                 (1,626)
<INCOME-CONTINUING>                              3,446                   5,165
<DISCONTINUED>                                    (10)                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                     3,436                   5,165
<EPS-PRIMARY>                                     0.51                    0.55
<EPS-DILUTED>                                     0.51                    0.55
<FN>
<F1>*(1) Unclassified Balance Sheet
</FN>