FORM 10-K

Securities and Exchange Commission

Washington, D. C. 20549

Annual Report Under Section 13 or 15(d)

of the Securities Exchange Act of 1934

For Year Ended Commission File Numbers:

December 31, 20002001 2-97573; 33-12626;

and 33-19023

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

(Exact name of registrant as specified in its charter)

Virginia 54-1294217

(State or other Jurisdiction (I.R.S. Employer

of incorporation) Identification number)

909 East Main Street

P. O. Box 1575

Richmond, Virginia 23218

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

(804) 775-7904

Securities registered pursuant to Section 12(b) of the Act:

NONE

Securities registered pursuant to Section 12(g) of the Act:

NONE

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety (90) days.

Yes X No

Aggregate market value of voting stock held by non-affiliates of the registrant as of March 1, 20010:

NONE

Number of shares of common stock outstanding as of March 1, 20020:

Class A: 730 shares

Class B: 1,665 shares

PART I

Item 1. Business

National Mortgage Acceptance Corporation ("NMAC"), was incorporated under the laws of the Commonwealth of Virginia on October 19, 1984, as a limited purpose finance corporation under the name "Thrift Financing Corporation". NMAC adopted its present name in 1989. NMAC maintains its principal executive offices at 909 East Main Street, Richmond, Virginia 23219, and its telephone number is (804) 775-7904.

Under its Restated and Amended Articles of Incorporation, NMAC's business is limited to issuing bonds ("Bonds") principally secured by, or with interests in, "Mortgage Collateral." Mortgage Collateral may include mortgage loans and deed of trust loans secured by real estate and certificates evidencing interests in pools of such mortgage and/or deed of trust loans, which certificates may be issued or guaranteed by the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and/or private issuers. NMAC may lend the proceeds from the sale of its Bonds to participating borrowers pursuant to loan or funding agreements through which NMAC will obtain pledges of Mortgage Collateral to secure a related series of Bonds. NMAC also may use the proceeds from the sale of its Bonds to acquire Mortgage Collateral pledged to secure a series of its Bonds. NMAC's activities in connection with such transactions may include holding, transferring, assigning, pledging, financing, refinancing and otherwise dealing with mortgage loans and mortgage certificates and any activities incident to or necessary or convenient to accomplish the foregoing purposes.

Each series of NMAC's Bonds is secured by collateral consisting primarily of (1) Mortgage Collateral owned by NMAC and pledged to secure that series of Bonds, (2) funding agreements with participating borrowers, which funding agreements are secured by Mortgage Collateral, (3) a combination of such Mortgage Collateral and funding agreements, and/or (4) amounts deposited in the various funds and accounts created for such series of NMAC's Bonds and investments made with such funds. Collateral for each series of NMAC's bonds is pledged and assigned by NMAC to a trustee on behalf of the holders of the Bonds of such series and, except for certain insurance policies (or deposits partially or entirely in lieu of such insurance policies), collateral for a particular series of Bonds will not be available for payment of Bonds of any other series or for payment of any other liabilities of NMAC. Funds held by the trustee with respect to each series of Bonds are restricted so as to assure the payment of principal and interest on the Bonds of such series to the extent of such funds.

With respect to any one or more series of its Bonds, NMAC may cause an election to be filed under the Internal Revenue Code of 1986, as amended (the "Code"), to have the segregated asset pool comprising the trust estate for such series of Bonds treated as a real estate mortgage investment conduit ("REMIC") as defined in the Code (each such series, a "REMIC Series"). If a REMIC election is to be made with respect to the trust estate for a series of NMAC's Bonds, the Bonds of such REMIC Series will be treated as "regular interests" in a REMIC, as such term is defined in the Code. In connection with one or more REMIC Series, NMAC expects that it will sell all or substantially all of the "residual interest," as such term is defined in the Code, in such REMIC Series to entities engaged, directly or through their owners or affiliates, in mortgage funding, financing or origination activities.

Each series of NMAC's Bonds is to be secured by separate collateral that does not serve as security for any other series of NMAC's Bonds. The collateral pledged to the trustee securing a series of NMAC's Bonds is projected to produce cash flow sufficient, together with reinvestment income thereon at an assumed annual rate and assuming timely payment to the trustee of distributions on the Mortgage Collateral for such series, to make principal and interest payments required to be made on the outstanding Bonds of that series. With respect to any REMIC Series of NMAC's Bonds, the sale by NMAC of the "residual interest" in the trust estate for such REMIC Series will constitute a sale by NMAC of the economic benefit of the amounts remaining in the trust estate for such REMIC Series after payments of the Bonds of the related REMIC Series. Such amounts will be paid to the purchasers of the residual interest of such REMIC Series, and will not be available to creditors of NMAC or available to pay other liabilities or obligations of NMAC.

On July 1, 2001, NMAC caused all of its issued and outstanding Thrift Industry Mortgage Collateralized Obligation (TIMCO) Bonds, Series 1985-A (FHLMMLC Certificates) (the "1985-A Bonds") to be redeemed. The redemption of the Series 1985-A Bonds was effected through the provisions of the Indenture and the Series Supplement for the 1985-A Bonds, which permitted the 1985-A Bonds to be redeemed, in whole but not in part, on any Series 1985-A Bond Payment Date, commencing with the July 1, 2001 Bond Payment Date for the Series 1985-A Bonds. Moneys to effect the redemption of the Series 1985-A Bonds were obtained by NMAC through its sale of the Funding Agreements pledged to secure the Series 1985-A Bonds to BB&T Capital Markets, a division of Scott & Stringfellow, Inc.. ("S&S" ,formally Craigie Incorporated, an affiliated company at a price in excess of the amounts required to effect the redemption of the Series 1985-A Bonds on July 1, 2001). Sale of the Funding Agreements securing the Series 1985-A Bonds in connection with the July 1, 2001 redemption resulted in NMAC not receiving any interest payments on the loans evidenced by the Funding Agreements. Offsetting this reduction in revenues for the period ending DecemberSeptember 310, 2001, is an elimination of the costs to NMAC represented by the interest on the Series 1985-A Bonds.

On September 17, 1999, NMAC offered to subscribe to 1,000 shares of the Common Stock ("Stock") of National Mortgage Securities Corporation ("NMSC") and agreed, in consideration therefor, to transfer cash in the amount of $10,000 to NMSC. NMAC also represented that the Stock would be held for investment and not for the purpose of distribution or resale. NMAC transferred cash in December 1999 and recorded an investment in subsidiary on its books. This investment along with certain costs incurred in the formation of NMSC, areis included in "Other Assets" on the Balance Sheet for December 31, 20002001. NMSC is a wholly owned subsidiary of NMAC.

NMSC was formed to purchase or otherwise acquire, own, hold, pledge, finance, transfer, assign and otherwise deal in or with mortgage assets (including mortgage loans), mortgage-backed securities, asset-backed securities, mortgage collateralized obligations, other interests in real estate, and any combination of the foregoing, including, but not limited to, (1) mortgage assets secured by senior or subordinate liens on residential property, (2) participation interests in mortgage assets, (3) pass-through, mortgage-backed certificates as to which Federal National Mortgage Association guarantees the timely payment of interest at the pass-through rate and the timely payment of principal, and other securities as dictated in NMSCs Articles of Incorporation. NMSC has no salaried employees and its officers and directors also hold offices in NMAC. Shelf Registration fees and organization costs are being amortized over 10 years and 15 years, respectively.

NMAC has no salaried employees and has entered into management and administrative services agreements with S&Scott & Stringfellow, Inc. ("S&S", formally Craigie Incorporated, an affiliated company), pursuant to which S&S provides NMAC with administrative, accounting and clerical services, office space and the use of the registered service mark "TIMCO" for NMAC's Bonds. NMAC also enters into management agreements with non-affiliates with respect to certain services to be provided by NMAC with respect to REMIC Series of its Bonds.

Information as of December 31, 20002001 with respect to NMAC's outstanding Bonds is included in Notes 45 and 56 of NMAC's Financial Statements included herein.

Item 2. Properties

NMAC has no material physical properties.

Item 3. Legal Proceedings

None.

Item 4. Submission of Matters to a Vote of Security Holders

On March 2826, 20021, a meeting of the Shareholders was held and the following persons were elected to NMACs Board of Directors: Steven C. DeLaney, John B. Jung, Jr., Merlin T. Grim and William E. Hardy. OPEN. Also, a change of Independent Public Accountants to PricewaterhouseCoopers LLP for the fiscal year ending December 31, 2002.

PART II

Item 5. Market for Registrant's Common Equity and Related Shareholder Matters

There is no market for NMAC common stock. All outstanding common stock of NMAC is owned by S&S and by the service corporation subsidiaries of what were originally nine savings and loan associations and savings banks. As of December 31, 20002001, four of the nine savings and loan associations and savings banks are believed to be under the management of federal banking regulators. There has been no transfer of common stock ownership and no dividends were paid with respect to NMAC common stock in 19992000 or 20002001.

Item 6. Selected Financial Data

The following data are for the years ended December 31, 20002001, 19992000, 1999, 1998, 1997, and 19976.

	Year Ended December 31,
	20002001	19992000	19981999	19971998	19961997
Statement of Operations Data
Revenues	$840,242383,9754	$840,242$1,107,885	$1,107,885$1,411,916	$1,411,916$1,742,471	$1,742,471$2,164,745
Net Income (Loss)	((33,29526,605))(13,0478)	(26,605)(1,502)	(1,502)3,641	3,6416,473	6,473(3,210)
Earnings (Loss) Per Share	(113.1190)(5.45)	(11.11)(0.63)	(0.63)1.52	1.522.70	2.70(1.34)
Balance Sheet
Total Assets	$7,111,657234,145	$7,111,657$9,236,904	$9,236,904$12,057,732	$12,057,732$14,998,274	$14,998,274$18,617,696
Receivables Pursuant to Funding Agreements	6,477,5700	6,477,5708,484,012	8,484,01211,104,810	11,104,81013,894,203	13,894,20317,328,606
Bonds Payable*	6,477,5700	6,477,5708,484,012	8,484,01211,104,810	11,104,81013,894,203	13,894,20317,328,606
*Does not include Series B and the Series D Bonds which are REMIC Series of NMACs Bonds. As of December 31, 19992001, the outstanding Series D aggregated $13,133,28010,234,660. Series B was retired during 1996, Series. Series A Bonds were retired, July 1, 2001 . See part II, Item 7, of this Report on Form 10-K.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation

NMAC was organized to facilitate the financing of long-term mortgage loans through issuance of its collateralized mortgage collateralized obligations. Such financing is facilitated by NMAC entering into funding agreements secured by Mortgage Collateral with participating borrowers and/or by NMAC acquiring Mortgage Collateral and pledging the mortgage collateralized funding agreements, directly owned Mortgage Collateral and/or a combination thereof to secure its Bonds. NMAC does not have, and is not expected to have, any significant assets other than assets pledged to secure a specific series of its Bonds. Furthermore, to the extent NMAC sells the "residual interest" in a REMIC Series of its Bonds, NMAC will have sold, and will have no further interest in, the economic benefit of the difference between the payments received on the collateral (i.e., trust estate) for such REMIC Series of its Bonds, including reinvestment earnings thereon, and the debt service on such REMIC Series of its Bonds.

Revenues for 20002001, 19992000, 19989, 19987, and 19976 consist primarily of (i) interest on loans receivable under funding agreements between NMAC and participating borrowers for the registrant's Series 1985-A Bonds, and Series C Bonds, and (ii) administrative fees paid to NMAC with respect to its outstanding Series 1985-A, B, C, and D Bonds. The Series B Bonds and the Series C Bonds were retired in 1996 and 1995, respectively. Series A Bonds were retired July 1, 2001. Future revenues are expected to be provided from interest payments on funding agreements for the Series 1985-A Bonds, and from administrative fees relating to REMIC Series of NMAC's Bonds (Series D). NMSC did not realize any revenue in 20002001 from dealing in securities.

Costs and expenses incurred by NMAC during each period result primarily from interest payable on its Bonds, expenses with respect to developing financing programs, and expenses incurred in connection with administering outstanding Series of its Bonds. Such costs and expenses incurred in any period, including those for any future period, depend primarily upon the amount of NMAC's Bonds issued and outstanding during any such period and the interest rate payable on such Bonds. NMAC receives, from the participating borrowers in its Series 1985-A Bonds and the residual interest holders with respect to its Series D Bonds, administration payments and fees which have been equal to, less than or in excess of the costs incurred by NMAC in administering such outstanding series of Bonds. Such fees and payments received by NMAC are expected to continue to adequately provide for the costs incurred by NMAC in administering such Bonds on a current basis, thereby not impacting upon NMAC's need for liquidity in the short or long term. NMSCs amortization expense of approximately $11,000 in 20002001 represents the majority of its expenses.

With respect to NMAC's Series B and Series D Bonds, NMAC caused an election to be made under the Code to have the trust estate for such Bonds taxed as a REMIC, in which the Series B Bonds and Series D Bonds, as the case may be, are (or were in the case of the Series B Bonds) "regular interests", as defined in the Code. Other than its ongoing fees for administration of the Series D Bond REMICs, NMAC has no future economic benefit in the segregated asset pools comprising the Series D REMICs. The "residual interest" in each of these series was sold by NMAC for cash. Accordingly, neither the collateral for these REMIC Series nor the related Bonds are recorded as assets or liabilities, respectively, of NMAC. The interest income on the collateral for, and the related interest expense on, the Series D Bonds will be recorded only within the related REMIC and will have no impact on NMAC's financial statements. As previously noted, the Series B Bonds were retired in 1996.

Interest on NMAC's outstanding Series 1985-A and Series C Bonds was the major source of cost and expenses for the years ending December 31, 20002001, 19992000, 19989, and 1997. The Series C Bonds were retired in 1995. Cash flow from payments of the loans receivable securing the Series 1985-A Bonds is anticipated to continue to provide cash sufficient to make all required payments on the Series 1985-A Bonds. Similarly, Ccash flow from the Mortgage Collateral for NMAC's Series D Bonds is anticipated to continue to provide cash sufficient to make required payments thereon. Consequently, NMAC anticipates that it will have no additional cash requirements with respect to any of its outstanding Bonds. Future net income of NMAC is expected to vary in direct relation to the issuance of one or more series of its Bonds in a given year.

With respect to future series of NMAC's Bonds secured by funding agreements, the participating borrowers will be obligated to pay costs of issuance with respect to the related series of Bonds and to pay ongoing Bond administration expenses with respect to the related series of NMAC's Bonds, including ongoing fees to NMAC for services rendered by NMAC in connection with the related series of Bonds. With respect to future REMIC Series of Bonds issued by NMAC, purchasers of the "residual interest" in each such REMIC Series will be obligated to pay administration expenses rendered under the related residual interest agreements. The purchase price of such residual interests is expected to be sufficient to pay costs of issuance of such REMIC Series with respect to outstanding and future series of NMAC's Bonds not paid from Bond proceeds. NMAC believes that payments on the collateral securing each series of its Bonds, whether now outstanding or to be issued in the future, will be sufficient to meet all required payments of principal and interest on each such series of Bonds. Furthermore, fees paid to NMAC by participating borrowers and by purchasers of the "residual interest" in a REMIC Series of NMAC's Bonds, together with NMAC's interest in any Mortgage Collateral owned by it and pledged to secure a series of Bonds are expected to be sufficient to provide for all ongoing costs and expenses. NMAC therefore anticipates that it will have no additional cash or liquidity requirements with respect to its obligations under any outstanding series of its Bonds in either the short or long term. NMAC also anticipates that the debt service requirements for any additional series of its Bonds will be satisfied by the collateral securing such series of Bonds.

To provide for administration and other management support, NMAC has entered into agreements with S&S and others. Payments under these agreements are not expected to exceed the amounts received by NMAC as ongoing fees paid to it by participating borrowers under their funding agreements and/or purchasers of the residual interest in any REMIC Series of NMAC's Bonds.

NMAC has established a Series 1985-A Working Capital Reserve, which reserve is funded by Series 1985-A participating borrowers from amounts otherwise distributable to them under the terms of their funding agreements. The Series 1985-A Working Capital Reserve is available solely to pay any fees, charges, taxes, assessments, impositions or other expenses of NMAC, other than Bond administration expenses of NMAC, in connection with the Series 1985-A Bonds or related funding agreements. NMAC is empowered, in its sole discretion, to expend amounts on behalf of, and release amounts to, the Series 1985-A participating borrowers from this working capital reserve. The Series 1985-A Working Capital Reserve is not available to pay expenses of NMAC or claims other than with respect to the Series 1985-A Bonds, is not pledged to secure the Series 1985-A Bonds and will not be pledged to secure any other series of NMAC's Bonds. NMAC does not anticipate establishing working capital reserves with respect to future series of its Bonds. The remaining amounts in the working capital reserve were paid to its respective Series 1985-A participating borrowers during 1999.

On November 12, 1996 S&S purchased from the Federal Deposit Insurance Corporation ("FDIC") the stock of three of the affiliates who participated in the Series 1985-A Bonds. The affiliates were Atlantic Financing Corporation, Security Federal Financing Corporation and Mountain Financial Corporation. Effective June 30, 1998, Atlantic Financing and Security Federal were merged into Mountain Financial Corporation. In addition, the parent company of S&S, BB&T Corporation, purchased Life Savings Bank on March 1, 1998, which owned a fourth affiliate of NMAC named Life Capital Corporation. Life Capital was purchased by S&S and subsequently merged into Mountain Financial Corporation effective September 30, 1998. Mountain Financial was dissolved in 2001 followingdue to redemption of the Series 1985-A Bonds and the concurrent liquidation of the funding agreements.

As of December 31, 20002001, NMAC's consolidated assets were $$7,111,657234,145, including $114,069131,608 in unrestricted cash and marketable securities. This balance, plus interest earnings from the investment thereof, is available to pay NMAC's annual operating expenses, and, if and to the extent necessary, amounts in connection with the outstanding Bonds of NMAC.

Market Risk Disclosure

Interest rate fluctuations tend to have the greatest effect on the prepayment of loans receivable from affiliates (Series 1985-A Bonds). As interest rates decline there is more likelihood of prepayment of these loan agreements with affiliates due to increased principal payments on the mortgage-backed securities collateralizing the funding agreements. When interest rates increase there is less likelihood of prepayments of the underlying collateral. Due to the maturity of the mortgages and history of prepayments since 1985, interest rate fluctuations should have a less than significant impact on NMACs ability to fund the outstanding Bonds Payable.

Principal value of the collateral plus cash and investments in the various debt service funds for the Series 1985-A aggregate approximately $________ and $9,310,253 compared the bonds payable of $________ and $8,484,012 for 2000 and 1999, respectively.

Item 8. Financial Statements and Supplementary Data

The response to this item is submitted in Appendix A.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.At the March 26, 2002 shareholders meeting, a change in the Certified Public Accountant to PricewaterhouseCoopers LLP was ratified. There were no disagreements with the prior auditors of Arthur Andersen LLP.

PART III

Item 10. Directors and Executive Officers of the Registrant

The persons set forth below are the directors and executive officers of NMAC as of December 31, 20002001:

Current

Name Age Title

John B. Jung, Jr. John Thomas West, IV 5443 President, Chairman of the Board and Director

Steven C. Delaney 46 Director

Merlin T. Grim 4546 Director

John B. Jung 42 Vice President and Director

William E. Hardy 4344 Vice President and Director

Jon W. Markiewicz 410 Vice President

Randall B. Saufley 3940 Secretary and Treasurer

John Thomas West, IV
, 54, Executive Vice President, Head of Fixed-Income BB&T Capital Markets Division of S&S.

Steven C. DeLaney
, 46, Executive Vice President and President of BB&T Capital Markets Division of S&S.

John B. Jung, Jr. 42, Senior Vice President and Head of Options StrategyPlanning and Administration for BB&T Capital Markets Division of S&S.

Merlin T. Grim
, 465, Senior Vice President, Treasurer and Risk Management Officer of S&S and Chief Financial Officer of BB&T Capital Markets Division of S&S.

John B. Jung, 42, Senior Vice President and Head of Options Strategy for BB&T Capital Markets Division of S&S.

William E. Hardy, 443, Senior Vice President and managing Director in the Structured Finance Group of S&S.

Jon W. Markiewicz, 410, Vice President and Director in the Structured Finance Group of S&S.

Randall B. Saufley, 4039, Senior Vice President & Controller of S&S.

All of the foregoing directors, except for John Thomas West, IV, of NMAC, were reelected at the annual meeting of the shareholders and officers at the Board of Directors meeting, held as of March 28, 2001 to serve until their successors are elected and shall qualify. Steven C. DeLaneyJohn B. Jung, Jr was elected as Chairman of the Board and John B. Jung as President for 2001. OPEN

Item 11. Executive Compensation

NMAC has no salaried employees and does not compensate its directors.

Item 12. Security Ownership of Certain Beneficial Owners and Management

NMAC has two Classes of its Common Stock. NMAC's Class A and Class B Common Stock are identical except that Class A Common Stock is voting but not entitled to dividends and Class B Common Stock is non-voting but has the right to receive dividends.

The following table sets forth certain information regarding the beneficial ownership of each class of NMAC's Common Stock by each entity that owns 5% or more of such Common Stock:

Class of Stock,

Amount of Name and Address

Name and Address Beneficial Ownership of Affiliated

of Beneficial Owner and Percent of Class(1) Financial Institution(1)

Class A % Class B %

Craigie IncorporatedScott & Stringfellow, Inc. 370 50.5 333 20.0 --

Richmond, Virginia

Colonial Service Corp. 40 5.5 148 8.9 Atlantic Permanent

Norfolk, Virginia Federal Savings Bank,

F.S.B.

Norfolk, Virginia

(See Note (12))

Jefferson Funding 40 5.5 148 8.9 Jefferson Savings and

Corporation Loan Association

Warrenton, Virginia Warrenton, Virginia

(See Note (34))

Investors Service Corporation 40 5.5 148 8.9 Investors Savings Bank

Richmond, Virginia Richmond, Virginia

(See Note (12))

Pioneer Financial Services, Inc. 40 5.5 148 8.9 Pioneer Federal

Richmond, Virginia Savings and Loan

Association

Hopewell, Virginia

Roanoke Valley Service 40 5.5 148 8.9 CorEast Federal

Corporation Savings Bank, F.S.B.

Roanoke, Virginia Roanoke, Virginia

(See Note (12))

Security Financial Service 40 5.5 148 8.9 Security Federal

Corporation Savings and Loan

Richmond, Virginia Association

Richmond,Virginia

(See Note (12))

Southern Service Corporation 40 5.5 148 8.9 Virginia Federal

Richmond, Virginia Savings and Loan

Association

Richmond, Virginia

(See Note (23))
Class of Stock,

Amount of Name and Address

Name and Address Beneficial Ownership of Affiliated

of Beneficial Owner and Percent of Class(1) Financial Institution(1)

Class A % Class B %

Southside Service Corporation 40 5.5 148 8.9 Virginia First

Petersburg, Virginia Savings Bank, F.S.B.

Petersburg, Virginia

Branch Bank & Trust 40 5.5 148 8.9 Branch Bank & Trust

Company of Virginia Company of Virginia

Norfolk, Virginia Norfolk, Virginia

_______________

NOTES:

(1) None of the financial institutions are affiliates of each other, and none insures or guarantees payment of principal or interest on NMAC's Bonds, any funding agreement or any Mortgage Collateral.

(12) The financial institutions are under the Management of the Federal Deposit Insurance Corporation (FDIC).

(23) In December, 1988 the Virginia Federal Savings and Loan Association was purchased by MNC Financial Corporation of Baltimore, Maryland, subsequently purchased by SunTrust Bank, Richmond, Virginia.

(34) In January, 1995, Jefferson Savings & Loan Association was purchased by SunTrust Bank, Richmond, Virginia.

Item 13. Certain Relationships and Related Transactions

During the year ended December 31, 20002001, NMAC incurred general and administrative expenses in connection with the management agreements described in Item 1 with Craigie IncorporatedScott & Stringfellow, Inc. amounting to approximately $10,00020,540. Directors Steven C. DeLaney, William E. Hardy, John B. Jung, Jr. and Merlin T. Grim of NMAC are officers of the BB&T Capital Markets division of S&S.

On July 1, 2001, NMAC caused all of its issued and outstanding Thrift Industry Mortgage Collateralized Obligation (TIMCO) Bonds, Series 1985-A (FHLMC Certificates) (the "1985-A Bonds") to be redeemed. The redemption of the Series 1985-A Bonds was effected through the provisions of the Indenture and the Series Supplement for the 1985-A Bonds, which permitted the 1985-A Bonds to be redeemed, in whole but not in part, on any Series 1985-A Bond Payment Date, commencing with the July 1, 2001 Bond Payment Date for the Series 1985-A Bonds. Moneys to effect the redemption of the Series 1985-A Bonds were obtained by NMAC through its sale of the Funding Agreements pledged to secure the Series 1985-A Bonds to BB&T Capital Markets, a division of Scott & Stringfellow, Inc. ("S&S" formally Craigie Incorporated, an affiliated company).

PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) (1)(2) The response to this portion of Item 14 is submitted in Appendix A.

(3) See Exhibit Index immediately preceding Exhibits.

(b) No reports on Form 8-K were filed during the last quarter of the fiscal year ended December 31, 20002001.

Supplemental information furnished with reports filed pursuant to Section 15(d) of the Act by registrants which have not registered securities pursuant to Section 12 of the Act.

NMAC has not sent an annual report or proxy material to its security holders and does not intend to distribute such information.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, NMAC has duly caused this report to be signed on its behalf by the undersigned there and to duly authorize.

NATIONAL MORTGAGE ACCEPTANCE

CORPORATION

By: _____________________________

OPENJohn B. Jung, Jr. Steven C. DeLaney, Chairman of the

Board of Directors

Pursuant to the requirements of the Securities and Exchange Act of 1934, this report is cosigned below by the following persons on behalf of NMAC and in the capacities and on the dates indicated.

Date:

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