Form: 10-K405

Annual report [Sections 13 and 15(d), S-K Item 405]

April 1, 1996

EXHIBIT 21.1

Published on April 1, 1996







Exhibit 21.1




RESOURCE MORTGAGE CAPITAL, INC.
LIST OF SUBSIDIARIES
AS OF DECEMBER 31, 1995




TC Acquisition, Inc.
EO Associates, Inc.
Multi-Family Capital Access One, Inc.
Resource Finance Co. One
Resource Finance Co. Two
SHF Corp.
ND Holding Co.
Merit Securities Corp.
Resource Mortgage Finance Corp.

** Saxon Holding, Inc.
Saxon Financial, Inc.
Saxon Mortgage, Inc.
National Model Homes, Inc.

** SMFC Holding, Inc.
SMFC Funding Corp.
Meritech Mortgage Services, Inc.
MSC I L.P.
Housing Solutions Inc.
Saxon Mortgage Securities Corp.




NOTE: All companies were incorporated in Virginia except for SMFC Holding,
Inc. (Delaware) and Meritech Mortgage Services, Inc. (Texas).

** Resource Mortgage Capital, Inc. has a non-voting preferred stock
interest in these companies.