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~~Securities ~~of Report~~Exchange ~~(Date~~Act of ~~earliest event reported) January 31, 2007~~1934

Date of Report (Date of earliest event reported June 1, 2007)

NOMURA HOME EQUITY LOAN, INC., HOME EQUITY LOAN TRUST, SERIES 2007-1

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

NOMURA HOME EQUITY LOAN, INC.

(Exact name of depositor as specified in its charter)

NOMURA CREDIT & CAPITAL, INC.

(Exact name of sponsor as specified in its charter)

Delaware	333-132109-0708	20-~~2748651~~2748561
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
Two World Financial Center, Building B, 21st Floor, New York, New York		10281
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code, is (212) 667-9300.

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):

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

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

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

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

Item 9.01(c).
	(a)	Not applicable.
	(b)	Not applicable.
	(c)	Not applicable.
	(d)	Exhibits
		5.1	Opinion of Thacher Proffitt & Wood LLP
		8.1	Opinion of Thacher Proffitt & Wood LLP (contained in Exhibit 5.1)
		23.1	Opinion of Thacher Proffitt & Wood LLP (contained in Exhibit 5.1)

Item 6.02 Change of Servicer or Trustee

On January 31, 2007, a series of certificates, entitled Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-1, Asset-Backed Certificates (the “Certificates”), were issued pursuant to a pooling and servicing agreement, dated as of January 1, 2007 (the “Agreement”), among Nomura Home Equity Loan, Inc., as depositor (the “Depositor”), Nomura Credit & Capital, Inc., as sponsor (the “Sponsor”), Wells Fargo Bank, National Association., as master servicer and securities administrator (the “Master Servicer and Securities Administrator”), GMAC Mortgage, LLC, as a servicer (“GMAC”) and HSBC Bank USA, National Association, as trustee (the “Trustee”), which Agreement was the subject of, and exhibit to a Form 8-K filed with the United States Securities and Exchange Commission (“SEC”) on March 9, 2007. Further, the Depositor, the Sponsor, the Master Servicer and Securities Administrator, Wells Fargo Bank, National Association (“Wells Fargo”), GMAC and the Trustee entered into a Servicer Appointment, Assumption and Amendment Agreement to the Agreement (the “Amendment”), dated as of May 1, 2007, which agreement was the subject of, and an exhibit to, a Form 8-K filed with the SEC on May 4, 2007 by which Wells Fargo was appointed as a successor servicer under the Agreement.

The Sponsor, as owner of the Mortgage Loans sold to the trust fund, retained certain rights relating to the servicing of the Mortgage Loans, including the right to terminate and replace GMAC at any time, without cause. As of June 1, 2007, the Sponsor sold the servicing rights with respect to certain Mortgage Loans attached as an exhibit hereto to Wells Fargo and this filing reflects the appointment of Wells Fargo as the successor servicer of such Mortgage Loans.

Item 9.01 Financial Statements and Exhibits

	(a)	Not applicable

	(b)	Not applicable

	(c)	Exhibits

Exhibit No.	Description
4.1	Schedule of Mortgage Loans, transferred from GMAC to Wells Fargo on June 1, 2007 pursuant to the Servicer Appointment, Assumption and Amendment Agreement, dated as of May 1, 2007, to the Pooling and Servicing Agreement, dated as of January 1, 2007, by and among the Sponsor, the Depositor, the Master Servicer and Securities Administrator, GMAC and the Trustee.

SIGNATURES

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

Dated: January 31, 2007

Dated: June 4, 2007
	NOMURA HOME EQUITY LOAN, INC.

		By: /s/ John P. Graham

		Name: John P. Graham Title: Managing Director

~~NOMURA~~Index to ~~HOME EQUITY LOAN, INC. By: /s/ John P. Graham Name: John P. Graham Title: Managing Director~~Exhibits

Exhibit No.	Description	Sequentially Numbered Page
4.1	Schedule of Mortgage Loans, transferred from GMAC to Wells Fargo on June 1, 2007 pursuant to the Servicer Appointment, Assumption and Amendment Agreement, dated as of May 1, 2007, to the Pooling and Servicing Agreement, dated as of January 1, 2007, by and among the Sponsor, the Depositor, the Master Servicer and Securities Administrator, GMAC and the Trustee.	7

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