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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 5

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940

o	Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
o	Form 3 Holdings Reported
o	Form 4 Transactions Reported

Name and Address of Reporting
Person*

Issuer Name and Ticker or Trading
Symbol

I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)

Lowther, Michael C.

(Last) (First) (Middle)

ANFI, Inc. - ANFI

1111 East Katella Avenue, Suite 220

Statement for Month/Year

If Amendment, Date of Original (Month/Year)

December 2002

(Street)

Relationship of Reporting Person(s)
to Issuer (Check All Applicable)

Individual or Joint/Group Reporting
(Check Applicable Line)

Orange, CA 92867

(City) (State) (Zip)

Director

10% Owner

Form filed by One Reporting Person

Officer (give title below)

Form filed by More than One Reporting Person

Other (specify below)

Chief Executive Officer

If the form is filed by more than one reporting person, see instruction 4(b)(v).

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

Title of
Security
(Instr. 3)

Transaction
Date
(Month/Day/Year)

2A.

Deemed Execution
Date, if any
(Month/Day/Year)

Transaction
Code
(Instr. 8)

Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)

Amount of Securities
Beneficially Owned
at the End of Issuer's
Fiscal Year
(Instr. 3 and 4)

Ownership
Form:
Direct (D) or
Indirect (I)
(Instr. 4)

Nature of
Indirect
Beneficial
Ownership
(Instr. 4)

Amount

(A)
or
(D)

Price

Common Stock

(1)

J(1)

28.0732

(1)

1,174,574(2)

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

Title of Derivative
Security
(Instr. 3)

Conversion or Exercise
Price of Derivative
Security

Transaction Date
(Month/Day/Year)

3A.

Deemed Execution
Date, if any
(Month/Day/Year)

Transaction Code
(Instr. 8)

Number of Derivative Securities
Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

(A)

(D)

Stock Option (right to buy)

$1.56

2/15/02

A(3)

55,550

Page 3

Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
(e.g., puts, calls, warrants, options, convertible securities)

Date Exercisable and
Expiration Date
(Month/Day/Year)

Title and Amount of
Underlying Securities
(Instr. 3 and 4)

Price of Derivative
Security
(Instr. 5)

Number of Derivative
Securities Beneficially
Owned at End of
Year
(Instr. 4)

10.

Ownership of
Derivative Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11.

Nature of
Indirect
Beneficial
Ownership
(Instr. 4)

Date
Exercisable

Expiration
Date

Title

Amount or
Number of
Shares

2/15/02

2/15/13

Common Stock

55,550

458,262

Explanation of Responses:

(1) In addition to the ANFI Employee Stock Purchase Plan ("ESPP") shares referred to within Footnote 2 below, these 28.0732 shares were acquired by Reporting Person through December 31, 2002 pursuant to the ANFI ESPP at various prices. The information reported herein is based on a year-end report.

(2) This includes Reporting Person's transfer of 48,958 shares on December 31, 2002, and 700 shares on November 17, 2002, from his ESPP account to his personal brokerage account. These 49,658 ESPP shares were acquired at various prices through ANFI’s ESPP throughout the year. The information reported herein is based on a year-end report. This does not include ESPP share amounts as referred to within Footnote 1 above.

(3) Stock options granted pursuant to 1999 Stock Option Plan are exempt under SEC Rule 16(b)3. Exercise price is decreased $.05 per year per option from the fair market value on the date of grant with Reporting Person's previously earned bonus monies, as allowed for within the 1999 Stock Option Plan.

/s/ Michael C. Lowther		February 12, 2003
**Signature of Reporting Person		Date

**		Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:		File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

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ANFI INC 5