diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 88972e257..cb7539e0b 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -438,16 +438,6 @@ class BaseSerializer(WritableField):
                     raise ValidationError(self.error_messages['required'])
                 return
 
-        # Set the serializer object if it exists
-        obj = get_component(self.parent.object, self.source or field_name) if self.parent.object else None
-
-        # If we have a model manager or similar object then we need
-        # to iterate through each instance.
-        if (self.many and
-            not hasattr(obj, '__iter__') and
-            is_simple_callable(getattr(obj, 'all', None))):
-            obj = obj.all()
-
         if self.source == '*':
             if value:
                 reverted_data = self.restore_fields(value, {})
@@ -457,6 +447,16 @@ class BaseSerializer(WritableField):
             if value in (None, ''):
                 into[(self.source or field_name)] = None
             else:
+                # Set the serializer object if it exists
+                obj = get_component(self.parent.object, self.source or field_name) if self.parent.object else None
+
+                # If we have a model manager or similar object then we need
+                # to iterate through each instance.
+                if (self.many and
+                    not hasattr(obj, '__iter__') and
+                    is_simple_callable(getattr(obj, 'all', None))):
+                    obj = obj.all()
+
                 kwargs = {
                     'instance': obj,
                     'data': value,
diff --git a/rest_framework/tests/test_serializer.py b/rest_framework/tests/test_serializer.py
index 85a899c53..3ee2b38a7 100644
--- a/rest_framework/tests/test_serializer.py
+++ b/rest_framework/tests/test_serializer.py
@@ -508,6 +508,32 @@ class ValidationTests(TestCase):
         )
         self.assertEqual(serializer.is_valid(), True)
 
+    def test_writable_star_source_on_nested_serializer_with_parent_object(self):
+        class TitleSerializer(serializers.Serializer):
+            title = serializers.WritableField(source='title')
+
+        class AlbumSerializer(serializers.ModelSerializer):
+            nested = TitleSerializer(source='*')
+
+            class Meta:
+                model = Album
+                fields = ('nested',)
+
+        class PhotoSerializer(serializers.ModelSerializer):
+            album = AlbumSerializer(source='album')
+
+            class Meta:
+                model = Photo
+                fields = ('album', )
+
+        photo = Photo(album=Album())
+
+        data = {'album': {'nested': {'title': 'test'}}}
+
+        serializer = PhotoSerializer(photo, data=data)
+        self.assertEqual(serializer.is_valid(), True)
+        self.assertEqual(serializer.data, data)
+
     def test_writable_star_source_with_inner_source_fields(self):
         """
         Tests that a serializer with source="*" correctly expands the