UNITED STATES

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): April 13, 2007

Option One Mortgage Loan Trust 2007-HL1

(Exact name of issuing entity as specified in its charter)

Option One Mortgage Acceptance Corporation

(Exact name of depositor as specified in its charter)

Option One Mortgage Corporation

(Exact name of sponsor as specified in its charter)

Delaware	~~333-130870-10~~	33333-~~0727357~~130870-10	33-0727357
(State or Other Jurisdiction of Incorporation)	~~(Commission File Number)~~	(~~I.R.S.~~Commission ~~Employer~~File ~~Identification~~ Number)	(I.R.S. Employer Identification Number)
3 Ada Irvine, California		92618
(Address of Principal Executive Offices		(Zip Code)

3 Ada Irvine, California		92618
(Address of Principal Executive Offices		(Zip Code)

Registrant's telephone number, including area code: (914) 790-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~Item~~SECTION ~~8.01.~~2- ~~Other Events~~Completion of Acquisition or Disposition of Assets

~~The~~Item ~~consolidated balance sheets of XL Capital Assurance Inc~~2. ~~and its subsidiary~~01 Acquisition ~~as of~~or ~~December~~Disposition ~~31, 2006 and 2005, and the related consolidated statements~~ of ~~operations~~ and comprehensive income, changes in shareholder’s equity, and cash flows for each of the three years in the period ended December 31, 2006, incorporated by reference in (i) the registration statement; and (ii) the Prospectus Supplement and shall be deemed to be a part hereof, have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, independent registered public accounting firm, given on the authority of that firm as experts in accounting and auditing.Assets

~~The~~Description ~~balance sheets~~ of ~~XL Financial Assurance Ltd. as of December 31, 2006 and 2005, and~~ the ~~related~~Certificates ~~statements of operations~~ and ~~comprehensive income, changes in shareholders’ equity, and cash flows for each of~~ the ~~three~~Mortgage years in the period ended December 31, 2006, incorporated by reference in (i) the registration statement; and (ii) the Prospectus Supplement and shall be deemed to be a part hereof, have been so incorporated in reliance on the report of PricewaterhouseCoopers, independent registered public accounting firm, given on the authority of that firm as experts in accounting and auditing.Pool

~~Item~~On April 26, 2006, a single series of certificates, entitled Option One Mortgage Loan Trust 2007-HL1, Asset-Backed Certificates, Series 2007-HL1 (the “Certificates”), were issued pursuant to a pooling and servicing agreement, dated as of April 1, 2007 (the “Agreement”), attached hereto as Exhibit 4.1, among Option Mortgage Acceptance Corporation as depositor (the “Depositor”), Option One Mortgage Corporation (“Option One”) as servicer (the “Servicer”), HSBC Bank USA, National Association, as Trustee (the “Trustee”) and Wells Fargo Bank, N.A., as Master Servicer and Trust Administrator (the “Master Servicer” and the “Trust Administrator”, as applicable). The Certificates consist of nine classes of certificates (collectively, the “Certificates”), designated as the “Class I-A-1 Certificates”, “Class II-A-1 Certificates”, “Class II-A-2 Certificates”, “Class II-A-3 Certificates”, “Class II-A-4 Certificates”, “Class C Certificates”, “Class P Certificates”, “Class R Certificates” and “Class R-X Certificates”. The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the “Trust Fund”), consisting of a pool of mortgage loans (the “Mortgage Pool”) of conventional, one- to four- family, adjustable rate, first lien mortgage loans having original terms to maturity up to 30 years (the “Mortgage Loans”). The Mortgage Pool consists of Mortgage Loans having an aggregate principal balance of $809,023,985 as of April 1, 2007 (the “Cut-off Date”). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated April 17, 2007, among the Depositor, Option One, Option One Mortgage Capital Corporation, Option One Owner Trust 2001-1A, Option One Owner Trust 2001-2, Option One Owner Trust 2002-3, Option One Owner Trust 2003-4, Option One Owner Trust 2003-5, Option One Owner Trust 2005-6, Option One Owner Trust 2005-8, Option One Owner Trust 2005-9 and Option One Owner Trust 2007-5A.01 The Class I-A-1 Certificates, Class II-A-1 Certificates, Class II-A-2 Certificates, Class II-A-3 Certificates and Class II-A-4 Certificates were sold by the Depositor to Banc of America Securities LLC, Greenwich Capital Markets, Inc. ~~Financial~~, Deutsche Bank Securities Inc., ~~Statements~~J.P. Morgan Securities Inc., ~~Pro~~Lehman ~~Forma~~Brothers and H&R Block Financial Advisors, ~~Information~~Inc. (the “Underwriters) pursuant to an Underwriting Agreement, dated April 17, 2007 (the “Underwriting Agreement”) among the Depositor, Option One and ~~Exhibits~~the Underwriters.

~~(a)~~The Class C, ~~Not~~Class ~~applicable~~P, Class R and Class R-X Certificates were delivered by the Depositor to Option One Mortgage Capital Corporation as partial consideration for the Mortgage Loans constituting the pool assets.

~~(b)~~The Certificates ~~Not~~have ~~applicable.~~the following initial Certificate Balances and Pass-Through Rates:

Class	Initial Certificate Principal Balance or Notional Amount		Pass-Through Rate
I-A-1	$	304,935,000		Variable
II-A-1	$	193,379,000		Variable
II-A-2	$	105,220,000		Variable
II-A-3	$	41,559,000		Variable
II-A-4	$	57,814,000		Variable
C		Notional Balance		N/A
P	$	100		N/A
R		N/A		N/A
R-X		N/A		N/A

~~23.1~~The Certificates ~~Consent~~(other ofthan ~~PricewaterhouseCoopers~~the ~~LLP~~“Class C Certificates”, ~~Independent~~“Class ~~Registered~~P ~~Public~~Certificates”, “Class ~~Accounting~~R ~~Firm~~Certificates” ofand XL“Class ~~Capital~~R-X ~~Assurance~~Certificates”) ~~Inc.~~and the Mortgage Loans are more particularly described in the Prospectus, dated February 28, 2007 and the Prospectus ~~consent~~Supplement, ofdated ~~PricewaterhouseCoopers~~April 17, ~~Independent~~2007 ~~Registered~~as ~~Public~~previously ~~Accounting~~filed ~~Firm~~with ofthe Securities XLand ~~Financial~~Exchange ~~Assurance~~Commission ~~Ltd~~pursuant to Rule 424(b). The “Class C Certificates”, “Class P Certificates”, “Class R Certificates” and “Class R-X Certificates” have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement.

Section 9 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(a)

Not applicable

(b)

Not applicable

(c)

Exhibits

Exhibit No.		Description

1.1		Underwriting Agreement, dated as of April 17, 2007, by and among the Depositor, Option One Mortgage Corporation, Banc of America Securities LLC, Greenwich Capital Markets, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Lehman Brothers and H&R Block Financial Advisors, Inc. relating to the Series 2007-HL1 Certificates.

4.1		Pooling and Servicing Agreement, dated as of April 1, 2007, by and among Option One Mortgage Acceptance Corporation as Depositor, Option One Mortgage Corporation as Servicer, HSBC Bank USA, National Association as Trustee and Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator, relating to the Series 2007-HL1 Certificates.

SIGNATURES

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

Dated: ~~April~~ May 2418, 2007

OPTION ONE MORTGAGE ACCEPTANCE CORPORATION By: /s/ Charles RT. ~~Fulton~~Harkins ~~Name:~~ Charles RT. ~~Fulton~~Harkins ~~Title:~~ Assistant Secretary

~~EXHIBIT~~Index ~~INDEX~~to Exhibits

Exhibit No.	~~Description~~	Description
23.1	Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm of XL Capital Assurance Inc. and consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm of XL Financial Assurance Ltd.
1.1		Underwriting Agreement, dated as of April 17, 2007, by and among the Depositor, Option One Mortgage Corporation, Banc of America Securities LLC, Greenwich Capital Markets, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Lehman Brothers and H&R Block Financial Advisors, Inc. relating to the Series 2007-HL1 Certificates.
4.1		Pooling and Servicing Agreement, dated as of April 1, 2007, by and among Option One Mortgage Acceptance Corporation as Depositor, Option One Mortgage Corporation as Servicer, HSBC Bank USA, National Association as Trustee and Wells Fargo Bank, N.A. as Master Servicer and Trust Administrator, relating to the Series 2007-HL1 Certificates.

Filing Compare · Option One Mortgage Loan Trust 2007-HL1