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 (Date of earliest event reported): January 24, 1995



                Lomas Financial Corporation
  ------------------------------------------------------
  (Exact name of registrant as specified in its charter)


   Delaware                1-6868              75-1043392
(State or other       (Commission File        (IRS Employer
jurisdiction of            Number)         Identification No.)
incorporation)



        1600 Viceroy Drive, Dallas, Texas     75235
   ----------------------------------------------------
   (Address of principal executive offices)  (Zip Code)


Registrant's telephone number, including area code:  (214) 879-4000



                           None
- -------------------------------------------------------------
(Former name or former address, if changed since last report)

<PAGE>
                Lomas Financial Corporation


                         Form 8-K


Item 4.  Changes in Registrant's Certifying Accountant.

  (a)  1.   Ernst & Young LLP was dismissed effective as of
            January 24, 1995 as the Registrant's independent
            auditors.  The Registrant was satisfied with the
            accounting and audit services performed by Ernst &
            Young LLP.  The decision to change auditors was
            based on economic considerations as part of the
            Registrant's ongoing cost reduction efforts.  In
            order to reach this decision, between November 1,
            1994 and January 24, 1995 management obtained
            proposals for accounting and audit services from
            several accounting firms, including Ernst & Young
            LLP.  These firms were allowed to review the
            Registrant's financial statements and accounting
            policies and principles.
  
       2.   The Ernst & Young LLP reports dated August 27, 1993
            and September 22, 1994 on the Registrant's
            consolidated financial statements for the two
            fiscal years ended June 30, 1993 and June 30, 1994,
            did not contain an adverse opinion or a disclaimer
            of opinion, nor was any such report qualified or
            modified as to uncertainty, audit scope, or
            accounting principles.

       3.   On January 24, 1995, the decision to change
            independent auditors was recommended by the Audit
            Committee of the Registrant's Board of Directors to
            the Registrant's Board of Directors and approved by
            the Registrant's Board of Directors.

       4.   During the two fiscal years ended June 30, 1993 and
            June 30, 1994, and through the date of dismissal of
            Ernst & Young LLP, there were no disagreements
            between the Registrant and Ernst & Young LLP on any
            matter of accounting principles or practices,
            financial statement disclosure, or auditing scope
            or procedures, which disagreement(s), if not
            resolved to the satisfaction of Ernst & Young LLP,
            would have caused it to make reference to the
            subject matter of the disagreement(s) in connection
            with its report.
<PAGE>
       5.   No reportable event described in paragraph
            (a)(1)(v) of Item 304 of Regulation S-K has
            occurred during the Registrant's two fiscal years
            ended June 30, 1993 and June 30, 1994, and through
            the date of dismissal of Ernst & Young LLP.

  (b)       On January 30, 1995, the Registrant engaged KPMG
            Peat Marwick LLP as its independent auditors.  

            During the Registrant's two fiscal years ended
            June 30, 1993 and June 30, 1994 and the fiscal
            quarter ended September 30, 1994, and through the
            date of engagement of KPMG Peat Marwick LLP,
            neither the Registrant (nor someone on its behalf)
            consulted with KPMG Peat Marwick LLP regarding any
            of the matters specified in Item 304(a)(2) of
            Regulation S-K.

            The Registrant has requested Ernst & Young LLP to
            furnish the Registrant with a letter addressed to
            the Securities and Exchange Commission stating
            whether it agrees with the above statements.  A
            copy of that letter, dated January 30, 1995 is
            filed as Exhibit 16 to this Form 8-K.

Item 7.  Financial Statements and Exhibits.

  (a)  None.

  (b)  None.

  (c)  Exhibits.

       16.  Letter dated January 30, 1995 from Ernst & Young
            LLP to the Securities and Exchange Commission
            regarding change in certifying accountant.
<PAGE>
                         SIGNATURE


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


                           LOMAS FINANCIAL CORPORATION
                           (Registrant)



                           By: /S/GARY WHITE                  
                               -------------------------------
                               Gary White
                               Senior Vice President and
                                 Controller



Date:  January 30, 1995

<PAGE>
                     INDEX TO EXHIBITS


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

  16           Letter dated January 30, 1995 from        6
               Ernst & Young LLP to the Securities
               and Exchange Commission regarding
               change in certifying accountant
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 5963}]
{"company-data": {"conformed-name": "LOMAS FINANCIAL CORP", "cik": "0000060150", "assigned-sic": "6162", "irs-number": "751043392", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-06868", "film-number": "95503972"}, "business-address": {"street1": "1600 VICEROY DR 8TH FLOOR", "city": "DALLAS", "state": "TX", "zip": "75235", "phone": "2148794000"}, "mail-address": {"street1": "1600 VICEROY DR", "street2": "8TH FLOOR", "city": "DALLAS", "state": "TX", "zip": "75235"}, "former-company": {"former-conformed-name": "LOMAS & NETTLETON FINANCIAL CORP", "date-changed": "19881030"}}
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 (Date of earliest event reported): January 24, 1995

                Lomas Financial Corporation
  ------------------------------------------------------
  (Exact name of registrant as specified in its charter)

   Delaware                1-6868              75-1043392
(State or other       (Commission File        (IRS Employer
jurisdiction of            Number)         Identification No.)
incorporation)

        1600 Viceroy Drive, Dallas, Texas     75235
   ----------------------------------------------------
   (Address of principal executive offices)  (Zip Code)

Registrant's telephone number, including area code:  (214) 879-4000

                           None
- -------------------------------------------------------------
(Former name or former address, if changed since last report)
Lomas Financial Corporation

                         Form 8-K

Item 4.  Changes in Registrant's Certifying Accountant.

  (a)  1.   Ernst & Young LLP was dismissed effective as of
            January 24, 1995 as the Registrant's independent
            auditors.  The Registrant was satisfied with the
            accounting and audit services performed by Ernst &
            Young LLP.  The decision to change auditors was
            based on economic considerations as part of the
            Registrant's ongoing cost reduction efforts.  In
            order to reach this decision, between November 1,
            1994 and January 24, 1995 management obtained
            proposals for accounting and audit services from
            several accounting firms, including Ernst & Young
            LLP.  These firms were allowed to review the
            Registrant's financial statements and accounting
            policies and principles.
  
       2.   The Ernst & Young LLP reports dated August 27, 1993
            and September 22, 1994 on the Registrant's
            consolidated financial statements for the two
            fiscal years ended June 30, 1993 and June 30, 1994,
            did not contain an adverse opinion or a disclaimer
            of opinion, nor was any such report qualified or
            modified as to uncertainty, audit scope, or
            accounting principles.

       3.   On January 24, 1995, the decision to change
            independent auditors was recommended by the Audit
            Committee of the Registrant's Board of Directors to
            the Registrant's Board of Directors and approved by
            the Registrant's Board of Directors.

       4.   During the two fiscal years ended June 30, 1993 and
            June 30, 1994, and through the date of dismissal of
            Ernst & Young LLP, there were no disagreements
            between the Registrant and Ernst & Young LLP on any
            matter of accounting principles or practices,
            financial statement disclosure, or auditing scope
            or procedures, which disagreement(s), if not
            resolved to the satisfaction of Ernst & Young LLP,
            would have caused it to make reference to the
            subject matter of the disagreement(s) in connection
            with its report.
5.   No reportable event described in paragraph
            (a)(1)(v) of Item 304 of Regulation S-K has
            occurred during the Registrant's two fiscal years
            ended June 30, 1993 and June 30, 1994, and through
            the date of dismissal of Ernst & Young LLP.

  (b)       On January 30, 1995, the Registrant engaged KPMG
            Peat Marwick LLP as its independent auditors.  

            During the Registrant's two fiscal years ended
            June 30, 1993 and June 30, 1994 and the fiscal
            quarter ended September 30, 1994, and through the
            date of engagement of KPMG Peat Marwick LLP,
            neither the Registrant (nor someone on its behalf)
            consulted with KPMG Peat Marwick LLP regarding any
            of the matters specified in Item 304(a)(2) of
            Regulation S-K.

            The Registrant has requested Ernst & Young LLP to
            furnish the Registrant with a letter addressed to
            the Securities and Exchange Commission stating
            whether it agrees with the above statements.  A
            copy of that letter, dated January 30, 1995 is
            filed as Exhibit 16 to this Form 8-K.

Item 7.  Financial Statements and Exhibits.

  (a)  None.

  (b)  None.

  (c)  Exhibits.

       16.  Letter dated January 30, 1995 from Ernst & Young
            LLP to the Securities and Exchange Commission
            regarding change in certifying accountant.
SIGNATURE

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

                           LOMAS FINANCIAL CORPORATION
                           (Registrant)

                           By: /S/GARY WHITE                  
                               -------------------------------
                               Gary White
                               Senior Vice President and
                                 Controller

Date:  January 30, 1995
INDEX TO EXHIBITS

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

  16           Letter dated January 30, 1995 from        6
               Ernst & Young LLP to the Securities
               and Exchange Commission regarding
               change in certifying accountant