<PAGE>
                                UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549


                                 FORM 10-K

[X]  Annual Report Under Section 13 or 15(d) of the Securities Exchange Act of 
1934

For the Fiscal Year Ended December 31, 1995
                          -----------------

[ ]  Transition Report Pursuant to Section 13 or 15(d) for the Securities 
Exchange Act of 1934

For the transition period from            to          . 
                               ----------    ----------

Commission File Number 0-13199
                       -------

                      RYLAND ACCEPTANCE CORPORATION FOUR
------------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)

          Virginia                                          52-1402921
---------------------------------                 ----------------------------
(State or other jurisdiction                             (I.R.S. Employer 
of incorporation or organization)                        Identification No.)

11000 Broken Land Parkway, Columbia, Maryland                21044-3562
---------------------------------------------              --------------
(Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code         (410) 715-7800
                                                           --------------

Securities registered pursuant to Section 12(b) of the Act:      NONE 
                                                                 ----
Securities registered pursuant to Section 12(g) of the Act:      NONE 
                                                                 ----

Indicate by check mark 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 twelve months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.
Yes   *   No       .
    -----    ------

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 
of Regulation S-K is not contained herein, and will not be contained, to the 
best of registrant's knowledge, in definitive proxy or information statements 
incorporated by reference in Part III of this Form 10-K or any amendment to 
this Form 10-K.    *  .
                ------

Aggregate market value of voting stock held by non affiliates of the 
registrant as of the latest practicable date, March 30, 1996:     NONE

As of March 30, 1996, the latest practicable date, 10,000 shares of Ryland 
Acceptance Corporation Four common stock were outstanding.

The registrant meets the conditions set forth in General Instruction J(1) (a) 
and (b) of Form 10-K and is therefore furnishing the abbreviated narrative 
disclosure specified in Paragraph (2) of General Instruction J.








<PAGE>
                       RYLAND ACCEPTANCE CORPORATION FOUR
                                    FORM 10-K
                                     INDEX

                                                                   Page Number
------------------------------------------------------------------------------


PART I.

      Item 1.   Business                                                 3-21
      Item 2.   Properties                                               21
      Item 3.   Legal Proceedings                                        21
      Item 4.   Submission of Matters to a Vote of Security Holders      21

PART II.

      Item 5.   Market for Registrant's Common Equity and Related
                 Stockholder Matters                                     21
      Item 6.   Selected Financial Data                                  21
      Item 7.   Management's Discussion and Analysis of Financial 
                 Condition and Results of Operations                     22-24
      Item 8.   Financial Statements and Supplementary Data              25-39
      Item 9.   Changes In and Disagreements With Accountants
                 on Accounting and Financial Disclosure                  40

PART III.

      Item 10.   Directors and Executive Officers of the Registrant      40
      Item 11.   Executive Compensation                                  40
      Item 12.   Security Ownership of Certain Beneficial Owners and 
                  Management                                             40
      Item 13.   Certain Relationships and Related Transactions          40

PART IV.

      Item 14.   Exhibits, Financial Statement Schedules and 
                  Reports on Form 8-K                                    40-55

SIGNATURES                                                               56

SUPPLEMENTAL INFORMATION                                                 57

INDEX OF EXHIBITS                                                        58





















<PAGE>
                                   PART I

ITEM 1. BUSINESS:

Ryland Acceptance Corporation Four (the "Company") was incorporated in 
Virginia on February 12, 1985 and is a wholly owned subsidiary of LPS Holdings 
Corporation (LPS) and an indirect, wholly owned subsidiary of The Ryland 
Group, Inc. (Ryland).  Ryland is a diversified homebuilding and mortgage-
finance company.

The Company was formed solely for the purpose of facilitating the long-term 
financing of mortgage loans.  The Company issues collateralized mortgage-
backed bonds (the "bonds") in series and uses the net proceeds from the sale 
of the bonds to:  1) purchase mortgage collateral from Ryland Mortgage Company 
(RMC), a wholly owned subsidiary of Ryland, 2) purchase mortgage collateral 
from other homebuilders or financial institutions and 3) fund loans secured by 
mortgage collateral to limited-purpose subsidiaries  of homebuilders or 
financial  institutions participating in the issuance of the bonds.  

The Company has issued and recorded in the financial statements, 43 series of 
bonds with an initial principal amount of $4.34 billion as of December 31, 
1995.  In 1988, certain classes within 27 of the original 43 series of bonds 
with mortgage collateral of $516 million were sold to Resource Mortgage 
Capital, Inc., formerly RAC Mortgage Investment Corporation, a publicly held 
real estate investment trust.  Also included in the sale were certain residual 
cash flows of various bond series.  The related mortgage collateral and bond 
balances are not included in the financial statements as described below.

In addition, as of December 31, 1995, the Company has issued 56 series of 
bonds with an original principal balance of $12.03 billion under a program 
initiated during 1987 whereby the Company uses its shelf registration to issue 
bonds on behalf of other companies.  These bonds and the associated mortgage 
collateral are excluded from the consolidated financial statements of the 
Company since the issuance of these bonds has been accounted for as a sale of 
the associated mortgage collateral in accordance with generally accepted 
accounting principles.

During 1994, the Company acquired bonds of $12.8 million and the related 
collateral from another company.  These bonds had previously been issued from 
the Company's shelf registration and accounted for as a sale under generally 
accepted accounting principles.

It is anticipated that regular payments under the terms of the mortgages, as 
well as early mortgage retirements, will reduce the number of mortgages and 
amount of bonds outstanding in future years.  The Company does not anticipate 
the issuance of additional series of bonds.



















<PAGE>
On February 13, 1985, the Company filed an initial registration statement 
under the Securities Act of 1933 with the Securities and Exchange Commission 
(SEC), providing for the issuance of bonds in series.  Registration statements 
have been filed as follows:

<TABLE>
                                                    Aggregate Principal
                                                 Amount of Collateralized
                                                      Mortgage Bonds
              Date of Registration                (dollars in thousands)
            ------------------------           -----------------------------
              <S>                                       <C> 
              February 13, 1985                         $   500,000
              	October 2, 1985                               500,000
              January 31, 1986                              500,000
              April 9, 1986                               1,000,000
              August 25, 1986                               500,000
              October 9, 1986                               500,000
              November 19, 1986                           1,000,000
              January 30, 1987                            1,500,000
              June 29, 1987                               1,000,000
              October 25, 1987                            1,000,000
              December 3, 1987                            1,000,000
              April 29, 1988                              1,000,000
              June 16, 1988                               1,000,000
              July 27, 1988                               1,000,000
              October 18, 1988                            2,000,000
              January 9, 1989                             2,000,000
              March 11, 1991                              1,000,000
                                                       ------------
                                                        $17,000,000
                                                       ============
</TABLE>

At December 31, 1995, the Company had $626.2 million of bonds remaining for 
issuance under a registration statement filed with the Securities and Exchange 
Commission.  Bonds sold in private placements do not reduce the remaining 
issuance shelf.  Since inception, the amount of bonds issued in private 
placements was $.9 million.

The bonds are secured by mortgage collateral which is comprised of GNMA 
certificates guaranteed by the Government National Mortgage Association, 
mortgage participation certificates issued by the Federal Home Loan Mortgage 
Corporation, guaranteed mortgage pass-through certificates issued by the 
Federal National Mortgage Association, other mortgage certificates issued by 
private companies, mortgage loans secured by first mortgages or deeds of trust 
and funds held by trustee (collectively, the "mortgage collateral").  The 
mortgage collateral is pledged to Bank of New York, (the "Trustee"), under an 
Indenture.  The mortgage loans constituting the mortgage collateral are either 
insured by the Federal Housing Administration, partially insured by private 
mortgage insurance or partially guaranteed by the U.S. Veterans 
Administration.  The bonds are not guaranteed or insured by Ryland, RMC, LPS 
or any other affiliated entities.

Certain series of bonds are secured by mortgage collateral beneficially owned 
by a finance company.  Pursuant to a funding agreement, the finance company 
pledges mortgage collateral and certain other collateral to the Company to 
secure a note receivable in an amount equal to the collateral value, as 
defined in the Indenture, of the pledged mortgage collateral and bearing 
interest generally at the weighted average interest rate of the applicable 
bond series.  The Company assigns each funding agreement to the Trustee as 
security for the applicable bond series.



<PAGE>
Each series of bonds is secured by mortgage collateral with an aggregate 
collateral value of not less than the outstanding principal amount of the 
bonds of that series.  Additionally, the bonds of a series may be further 
secured by one or more of the following:  1) cash or letters of credit to fund 
a buy-down fund for a series secured by one or more buy-down mortgage loans; 
2) cash or letters of credit to fund a special reserve fund for certain series 
secured by mortgage loans; 3) mortgage pool insurance; 4) special hazard 
insurance; 5) mortgagor bankruptcy insurance; 6) master servicing agreement; 
7) servicing agreements; 8) cash to fund other accounts and reserves; and 9) 
additional mortgage collateral.

During 1991, RMC assumed the Company's obligation to maintain cash deposits 
with the Trustee for mortgagor bankruptcy risk associated with the mortgage 
collateral.  At December 31, 1995 and 1994, cash deposits of $.2 million and 
$1.7 million, respectively, were maintained by RMC.

The Company competes in a national market with other private conduits, thrift 
institutions and financial firms.  Economic conditions, interest rates, 
prepayment speeds, regulatory changes and market dynamics all influence the 
market for collateralized mortgage bonds.














































<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding  
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                  <C>     <C>         <C>             <C>          <C>
Collateralized       1-A     11.625%     $25,000            $0        05/01/93
Mortgage Bonds       1-B     12.625%      49,000             0        05/01/99
Series 1, Issued     1-C     12.625%      12,000             0        05/01/00
4/25/85:             1-D     12.625%      14,000         2,778        05/01/15
                                       -----------------------
                                         100,000         2,778
                                       -----------------------

Collateralized       2-A      9.900%      33,000             0        04/01/94
Mortgage Bonds       2-B     11.000%      44,000             0        07/01/99
Series 2, Issued     2-C     11.200%      16,500             0        10/01/00
6/26/85:             2-D     11.600%      16,500         3,620****    07/01/15
                                       -----------------------
                                         110,000         3,620
                                       -----------------------

Collateralized       3-A      9.500%      26,000             0        03/01/94
Mortgage Bonds       3-B     10.800%      20,000             0        03/01/97
Series 3, Issued     3-C     11.600%      63,000             0        06/01/03
8/28/85:             3-D     11.650%      11,000         4,908        09/01/15
                                       -----------------------
                                         120,000         4,908
                                       -----------------------
<S>                  <C>     <C>         <C>             <C>          <C>
Collateralized       4-A     10.450%      37,500             0        02/01/96
Mortgage Bonds       4-B     11.400%      25,000             0        08/01/99
Series 4, Issued     4-C     11.400%      24,000             0        11/01/01
10/30/85:            4-D     11.400%      13,500         4,195        11/01/15
                                       -----------------------
                                         100,000         4,195
                                       -----------------------

Collateralized       5-A      9.900%      19,500             0        11/01/93
Mortgage Bonds       5-B     10.700%      19,500             0        11/01/97
Series 5, Issued     5-C     11.250%      53,500             0        11/01/03
10/30/85:            5-D     11.200%      11,500         2,130        11/01/15
                                       -----------------------
                                         104,000         2,130
                                       -----------------------

Collateralized       6-A      9.500%      47,600             0        10/01/96
Mortgage Bonds       6-B     10.600%      30,700             0        01/01/00
Series 6, Issued     6-C     10.750%      28,100             0        07/01/02
12/19/85:            6-D     10.750%      15,900         4,821****    01/01/16
                                       -----------------------
                                         122,300         4,821
                                       -----------------------
<S>                  <C>     <C>         <C>             <C>          <C>
Collateralized       7-A      9.800%      44,900             0        01/01/97
Mortgage Bonds       7-B     10.550%      30,800             0        07/01/00
Series 7, Issued     7-C     10.700%      31,900             0        01/01/03
12/19/85:            7-D     10.750%      16,400         5,200****    01/01/16
                                       -----------------------
                                         124,000         5,200
                                       -----------------------

Collateralized       8-A      9.350%      46,600             0        09/01/96
Mortgage Bonds       8-B      9.950%      30,900             0        03/01/00
Series 8, Issued     8-C     10.150%      26,400             0        12/01/02
2/27/86:             8-D     10.150%      15,600         6,423        03/01/16
                                       -----------------------
                                         119,500         6,423
                                       -----------------------

Collateralized       9-A      9.250%      61,000             0        03/01/04
Mortgage Bonds       9-B      9.950%      30,000             0        03/01/07
Series 9, Issued     9-C      9.950%       6,000             0        03/01/12
2/27/86:             9-D     10.000%       3,000         6,257        03/01/16
                                       -----------------------
                                         100,000         6,257
                                       -----------------------
</TABLE>




<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding  
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      10-A      8.950%     $10,300            $0        03/01/94
Mortgage Bonds      10-B      9.350%      13,200             0        06/01/99
Series 10, Issued   10-C      9.850%      28,400             0        09/01/05
2/27/86:            10-D     10.000%       6,100         5,324        03/01/16
                                       -----------------------
                                          58,000         5,324
                                       -----------------------

Collateralized      11-A      8.550%      42,000             0        02/01/96
Mortgage Bonds      11-B      8.800%      36,000             0        02/01/00
Series 11, Issued   11-C      8.900%      15,000             0        05/01/01
4/29/86:            11-D      8.900%      20,000             0        02/01/14
                    11-E      8.900%      27,000         6,989        05/01/16
                                       -----------------------
                                         140,000         6,989
                                       -----------------------

Collateralized      12-A      8.700%      37,600             0        08/01/03
Mortgage Bonds      12-B      8.800%      18,600             0        08/01/06
Series 12, Issued   12-C      9.200%      39,000             0        02/01/11
4/29/86:            12-D      9.350%       4,800         9,514        05/01/16
                                       -----------------------
                                         100,000         9,514
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      13-A      8.250%      19,950             0        08/01/93
Mortgage Bonds      13-B      8.450%      21,000             0        02/01/98
Series 13, Issued   13-C      8.600%       8,050             0        05/01/99
4/29/86:            13-D      8.550%      21,000        10,659        05/01/16
                                       -----------------------
                                          70,000        10,659
                                       -----------------------

Collateralized      14-A      8.550%      56,150             0        03/01/05
Mortgage Bonds      14-B      9.400%      26,730             0        12/01/10
Series 14, Issued   14-C      9.400%      12,220             0        12/01/12
5/29/86:            14-D      9.000%      33,400         8,617        06/01/16
                                       -----------------------
                                         128,500         8,617
                                       -----------------------

Collateralized      15-A      8.650%      23,450             0        06/01/04
Mortgage Bonds      15-B      8.950%      18,850             0        06/01/09
Series 15, Issued   15-C      9.000%      32,100             0        12/01/13
5/29/86:            15-D      9.000%      25,600         9,581        06/01/16
                                       -----------------------
                                         100,000         9,581
                                       -----------------------
<S>                 <C>       <C>        <C>            <C>           <C>
Collateralized      16-A      9.350%      41,550             0        07/01/05
Mortgage Bonds      16-B      9.750%      21,450             0        10/01/10
Series 16, Issued   16-C      9.750%      10,500             0        10/01/12
6/26/86:            16-D      9.750%      31,000         8,268****    07/01/16
                                       -----------------------
                                         104,500         8,268
                                       -----------------------

Collateralized      17-A      9.000%      35,125             0        01/01/98
Mortgage Bonds      17-B      9.000%      26,550             0        04/01/02
Series 17, Issued   17-C      9.000%      15,400             0        01/01/04
6/26/86:            17-D      9.000%      15,425        21,153****    07/01/16
                                       -----------------------
                                          92,500        21,153
                                       -----------------------
</TABLE>











<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding  
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>       <C>        <C>            <C>           <C>
Collateralized      18-A      8.900%     $78,100            $0        02/01/02
Mortgage Bonds      18-B      9.700%      42,425             0        11/01/06
Series 18, Issued   18-C      9.700%      20,925             0        11/01/08
7/31/86:            18-D      9.700%       6,550             0        08/01/14
                    18-E      9.375%      32,000        13,191        08/01/16
                                       -----------------------
                                         180,000        13,191
                                       -----------------------

Collateralized      19-A      8.500%      59,920             0        09/01/01
Mortgage Bonds      19-B      9.600%      35,525             0        12/01/05
Series 19, Issued   19-C      9.700%      19,255             0        09/01/07
8/28/86:            19-D      9.375%      18,000             0        03/01/09
                    19-E      9.700%       8,500         9,729        09/01/16
                                       -----------------------
                                         141,200         9,729
                                       -----------------------

Collateralized      20-A      7.700%      17,775             0        10/01/96
Mortgage Bonds      20-B      8.500%      17,660             0        07/01/01
Series 20, Issued   20-C      9.000%      38,600         3,388****    01/01/08
9/25/86:            20-D      9.000%       7,965        18,144****    10/01/16
                                       -----------------------
                                          82,000        21,532
                                       -----------------------
<S>                 <C>       <C>        <C>            <C>           <C>
Collateralized      21-A      7.900%      41,500             0        10/01/99
Mortgage Bonds      21-B      9.450%      88,500             0        04/01/10
Series 21, Issued   21-C      9.125%      36,250         1,784****    10/01/12
9/25/86:            21-D      9.450%       4,750        11,270****    10/01/16
                                       -----------------------
                                         171,000        13,054 
                                       -----------------------

Collateralized      22-A      7.850%      30,300             0        04/01/02
Mortgage Bonds      22-B      8.550%      24,300             0        01/01/07
Series 22, Issued   22-C      9.450%      40,600             0****    07/01/11
9/25/86:            22-D      9.450%       4,800         9,954****    10/01/16
                                       -----------------------
                                         100,000         9,954
                                       -----------------------

Collateralized      23-A       *          47,000             0        11/01/00
Mortgage Bonds      23-B      9.375%      88,500             0        08/01/10
Series 23, Issued   23-C      9.200%      42,500         1,628        05/01/13
10/30/86:           23-D      9.500%       5,000        11,640        11/01/16
                                       -----------------------
                                         183,000        13,268
                                       -----------------------
<S>                 <C>       <C>        <C>            <C>           <C>
Collateralized
Mortgage Bonds      24-A      7.950%     110,900             0        02/01/02
Series 24, Issued   24-B      8.950%      80,800        37,148        08/01/06
10/29/86:           24-C      9.000%       8,300        18,491        11/01/09
                                       -----------------------
                                         200,000        55,639
                                       -----------------------

Collateralized      25-A      8.200%      19,235             0        11/01/06
Mortgage Bonds      25-B      9.125%      11,165             0        11/01/10
Series 25, Issued   25-C      9.125%      18,830         6,944        02/01/15
10/29/86:           25-D      9.125%         770         1,735        11/01/16
                                       -----------------------
                                          50,000         8,679
                                       -----------------------
</TABLE>










<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding  
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized
Mortgage Bonds      26-A      7.900%      40,000             0        12/01/01
Series 26, Issued   26-B      9.000%      34,000         1,318        03/01/07
11/26/86:           26-C      9.000%       9,500        21,164        12/01/16
                                       -----------------------
                                          83,500        22,482
                                       -----------------------

Collateralized      27-A      7.300%      15,400             0        12/01/93
Mortgage Bonds      27-B       *          37,350             0        09/01/01
Series 27, Issued   27-C      9.300%      70,600             0        12/01/10
11/26/86:           27-D      9.250%      40,100         4,181        12/01/13
                    27-E      9.450%       3,550         8,228        12/01/16
                                       -----------------------
                                         167,000        12,409
                                       -----------------------

Collateralized
Mortgage Bonds
Series 28, Issued   28-A-1   11.500%      86,000         8,629        12/25/16
12/18/86:           28-B-2    7.250%     117,000        11,739        12/25/16
                                       -----------------------
                                         203,000        20,368
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      29-A      7.100%      18,300             0        05/01/97
Mortgage Bonds      29-B      7.800%      16,200             0        11/01/01
Series 29, Issued   29-C      8.500%      37,450         6,486        08/01/08
1/29/87:            29-D      8.600%       8,050        16,950        02/01/17
                                       -----------------------
                                          80,000        23,436
                                       -----------------------

Collateralized      30-A      7.700%      26,670             0        02/01/00
Mortgage Bonds      30-B      8.450%      25,400             0        08/01/07
Series 30, Issued   30-C      9.100%      35,330             0        11/01/13
2/12/87:            30-D      8.875%      17,600         5,289        11/01/15
                    30-E      9.100%       1,000         2,198        02/01/17
                                       -----------------------
                                         106,000         7,487
                                       -----------------------

Collateralized      31-A      7.700%      23,150             0        08/01/10
Mortgage Bonds      31-B      8.500%      10,330             0        08/01/13
Series 31, Issued   31-C      8.850%       4,970             0        11/01/14
1/29/87:            31-D      8.625%      13,550         4,734        02/01/18
                                       -----------------------
                                          52,000         4,734
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized
Mortgage Bonds      32-A      7.500%     140,400             0        08/01/12
Series 32, Issued   32-B      8.600%      48,500        23,833        05/01/16
1/28/87:            32-C      8.800%      11,100        11,100        02/01/17
                                       -----------------------
                                         200,000        34,933
                                       -----------------------

Collateralized      33-A       *         197,200        20,868        06/20/18
Mortgage Bonds      33-B      6.000%      95,200             0        06/20/12
Series 33, Issued   33-C      6.000%      37,600             0        03/20/15
2/26/87:            33-D      6.000%      19,400             0        03/20/16
                    33-E      6.000%      50,600        21,460        06/20/18
                                       -----------------------
                                         400,000        42,328
                                       -----------------------
</TABLE>









<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding  
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      34-A      7.750%      34,500             0        08/25/00
Mortgage Bonds      34-B      8.600%      69,500             0        02/25/11
Series 34, Issued   34-C      8.625%      27,250         2,134        05/25/13
2/26/87:            34-D      8.850%       2,000         4,302        02/25/15
                    34-E      8.850%       2,250         4,840        02/25/17
                                       -----------------------
                                         135,500        11,276
                                       -----------------------

Collateralized      35-A      7.550%      16,750             0        04/01/05
Mortgage Bonds      35-B      8.050%      14,160             0        07/01/10
Series 35, Issued   35-C      8.600%      21,960             0        01/01/15
3/26/87:            35-D      8.500%      16,130        12,523****    04/01/17
                                       -----------------------
                                          69,000        12,523
                                       -----------------------

Collateralized      36-A      7.650%      25,075             0        07/25/99
Mortgage Bonds      36-B      8.200%      22,150             0        10/25/04
Series 36, Issued   36-C      8.750%      37,165             0        10/25/10
4/30/87:            36-D      8.750%       5,610         9,860        04/25/17
                                       -----------------------
                                          90,000         9,860
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      37-A      7.600%      73,575             0        02/01/07
Mortgage Bonds      37-B      8.350%      62,580        17,766        12/01/12
Series 37, Issued   37-C      9.000%       5,000        10,957        12/01/16
3/30/87:            37-D      8.625%       9,000         9,000        04/01/17
                                       -----------------------
                                         150,155        37,723
                                       -----------------------

Collateralized      38-A      7.600%      90,010             0        10/20/11
Mortgage Bonds      38-B      8.250%       6,080             0        04/20/12
Series 38, Issued   38-C      8.550%      24,140           944        04/20/14
4/30/87:            38-D      8.600%       4,770         9,831        07/20/18
                                       -----------------------
                                         125,000        10,775
                                       -----------------------

Collateralized
Mortgage Bonds
Series 39, Issued   39-A       *         108,750             0        02/20/17
5/28/87:            39-B      8.400%      16,250             0        08/20/18
                                       -----------------------
                                         125,000             0
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      40-A-1    8.600%      80,000             0        04/01/09
Mortgage Bonds      40-A-2   20.150%       2,500             0        06/01/17
Series 40, Issued   40-B      8.950%      13,500             0        08/01/10
5/28/87:            40-C      8.950%      34,500             0        04/01/13
                    40-D      9.000%      15,000        10,305        03/01/14
                    40-E      8.950%       4,500         9,674        06/01/17
                                       -----------------------
                                         150,000        19,979
                                       -----------------------

Collateralized             
Mortgage Bonds             
Series 41, Issued             
5/21/87:            41-A      9.500%      56,500         8,190        05/25/17
                                       -----------------------
</TABLE>











<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding  
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      42-A      8.750%      56,290             0        03/01/10
Mortgage Bonds      42-B      9.400%       7,695             0        03/01/11
Series 42, Issued   42-C      9.400%      26,120             0        03/01/14
5/28/87:            42-D      9.400%       2,500         5,085        03/01/17
                    42-E      9.400%       7,440         7,440        09/01/17
                                       -----------------------
                                         100,045        12,525
                                       -----------------------

Collateralized      43-A      9.100%      13,840             0        07/01/04
Mortgage Bonds      43-B      9.250%      26,000             0        04/01/13
Series 43, Issued   43-C      9.250%      17,560        15,453****    07/01/16
6/25/87:            43-D      9.250%         600         1,305****    07/01/18
                                       -----------------------
                                          58,000        16,758
                                       -----------------------

Collateralized
Mortgage Bonds      44-A      9.350%      11,200             0        08/25/03
Series 44, Issued   44-B      9.375%      17,800           142        02/25/13
6/25/87:            44-C      9.375%       1,000         2,212        06/25/17
                                       -----------------------
                                          30,000         2,354
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      45-A      9.000%      13,100             0        08/01/00
Mortgage Bonds      45-B      9.375%      21,400             0        11/01/09
Series 45, Issued   45-C      9.375%      15,000         3,121        08/01/13
7/28/87:            45-D      9.375%       1,500         3,222        08/01/17
                                       -----------------------
                                          51,000         6,343
                                       -----------------------

Collateralized      46-A-1    8.850%      71,247             0        10/01/03
Mortgage Bonds      46-A-2     **            965             0        08/01/17
Series 46, Issued   46-B      9.500%      58,953             0        07/01/08
7/30/87:            46-C      9.800%       5,830             0        11/01/08
                    46-D      9.800%      13,005             0        08/01/17
                                       -----------------------
                                         150,000             0
                                       -----------------------

Collateralized
Mortgage Bonds      47-A      9.050%      22,385             0        02/20/03
Series 47, Issued   47-B      9.100%      25,115         1,035        02/20/12
7/30/87:            47-C      9.100%       2,500         5,252        05/20/18
                                       -----------------------
                                          50,000         6,287
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      48-A       *          70,470             0        07/25/94
Mortgage Bonds      48-B       *          67,400             0        04/25/98
Series 48, Issued   48-C       *         208,120             0        10/25/04
7/30/87:            48-D      9.850%      59,180             0        07/25/17
                                       -----------------------
                                         405,170             0
                                       -----------------------

Collateralized      49-A      8.800%       9,600             0        09/01/07
Mortgage Bonds      49-B      9.125%       7,450             0        06/01/11
Series 49, Issued   49-C      9.125%      25,800         6,789        03/01/17
8/27/87:            49-D      9.125%         650         1,368        09/01/18
                                       -----------------------
                                          43,500         8,157
                                       -----------------------
</TABLE>










<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding  
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      50-A      6.000%      39,700             0        02/01/04
Mortgage Bonds      50-B       *          94,200             0        10/01/08
Series 50, Issued   50-C      **             100             0        10/01/17
9/30/87:            50-D      6.000%      15,000             0        09/01/06
                    50-E      6.000%      15,000             0        10/01/08
                    50-F      9.500%      20,000         7,588        07/01/09
                    50-G      9.450%      16,000        34,793        10/01/17
                                       -----------------------
                                         200,000        42,381
                                       -----------------------

Collateralized      51-A      9.250%      12,900             0        04/01/04
Mortgage Bonds      51-B      9.250%      13,300             0        04/01/10
Series 51, Issued   51-C      9.250%      19,700             0        04/01/15
9/29/87:            51-D      9.250%      24,100        16,814****    10/01/18
                                       -----------------------
                                          70,000        16,814
                                       -----------------------

Collateralized
Mortgage Bonds
Series 52, Issued
9/29/87:            52-A      9.625%      97,250         3,570        09/25/17
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      53-A     10.000%      28,350             0        07/25/06
Mortgage Bonds      53-B     10.000%      12,200             0        07/25/09
Series 53, Issued   53-C     10.000%       8,450             0        04/25/11
10/25/87:           53-D     10.000%      18,000             0        04/25/13
                    53-E     10.000%       3,000         5,977        10/25/18
                                       -----------------------
                                          70,000         5,977
                                       -----------------------

Collateralized
Mortgage Bonds      54-A      9.850%      24,100         6,375        02/01/19
Series 54, Issued   54-B      9.850%      23,315             0        11/01/03
10/29/87:           54-C      9.850%      10,935        13,470        02/01/19
                                       -----------------------
                                          58,350        19,845
                                       -----------------------

Collateralized      55-A      9.300%      13,800             0        10/01/01
Mortgage Bonds      55-B      9.500%      11,000             0        07/01/06
Series 55, Issued   55-C      9.500%      18,000         1,398****    04/01/11
12/22/87:           55-D      9.500%      15,000        14,100****    07/01/13
                    55-E      9.500%       2,200         4,663****    01/01/18
                                       -----------------------
                                          60,000        20,161
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      56-A      9.500%      27,900             0        12/25/02
Mortgage Bonds      56-B      9.500%      12,600             0        06/25/06
Series 56, Issued   56-C      9.500%      10,650             0        09/25/08
12/22/87:           56-D      9.500%       5,000             0        06/25/09
                    56-E      9.500%       4,850         3,678        02/25/18
                                       -----------------------
                                          61,000         3,678
                                       -----------------------

Collateralized
Mortgage Bonds
Series 57, Issued   57-A      8.125%      65,000         9,627        08/15/00
                                       -----------------------
</TABLE>











<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      58-A       *         140,000             0        10/20/16
Mortgage Bonds      58-B       *          46,000             0        11/20/18
Series 58, Issued   58-C      0.000%       3,900             0        11/20/18
12/30/87:           58-D      9.500%      10,000             0        02/20/19
                    58-E       **            100             0        02/20/19
                                       -----------------------
                                         200,000             0
                                       -----------------------

Collateralized      59-A      9.250%      47,300             0        07/25/09
Mortgage Bonds      59-B     10.000%      31,250             0        11/25/12
Series 59, Issued   59-C      9.500%      29,250             0        01/25/15
1/28/88:            59-D     10.550%       2,200             0        01/25/18
                    59-E      **             100             0        01/25/18
                                       -----------------------
                                         110,100             0
                                       -----------------------

Collateralized       
Mortgage Bonds      60-A      9.550%      57,630             0        04/25/99
Series 60, Issued   60-B      9.550%      15,090             0        11/25/00
12/29/87:           60-C      9.550%      29,690         8,064        12/25/03
                                       -----------------------
                                         102,410         8,064 
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      61-A      8.900%      54,000           515        12/01/08
Mortgage Bonds      61-B      9.150%      42,000         6,343        06/01/09
Series 61, Issued   61-C      9.375%       4,000         3,768        09/01/09
02/25/88            61-D       ***           200            21        09/01/09
                                       -----------------------
                                         100,200        10,647
                                       -----------------------

Collateralized      62-A      8.850%      58,355        16,695        03/01/18
Mortgage Bonds      62-B      9.000%      31,365             0        07/01/09
Series 62, Issued   62-C      8.850%       6,000             0        12/01/09
02/25/88            62-D      7.500%      12,880             0        02/01/11
                    62-E      9.050%      32,000             0        11/01/12
                    62-F      8.000%       9,400         9,318        03/01/18
                    62-G       ***           200            28        03/01/18
                                       -----------------------
                                         150,200        26,041
                                       -----------------------

Collateralized      63-A      8.750%      28,800             0        04/01/05
Mortgage Bonds      63-B      8.750%       6,450             0        04/01/07
Series 63, Issued   63-C      8.750%      15,100         5,075****    01/01/11
3/30/88:            63-D      8.750%       3,650         7,139****    04/01/19
                                       -----------------------
                                          54,000        12,214
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      64-A      8.500%      51,750             0        08/01/04
Mortgage Bonds      64-B      9.000%      14,550             0        09/01/06
Series 64, Issued   64-C      9.000%      28,650             0        12/01/09
03/30/88            64-D      8.600%      10,050        18,656        04/01/18
                    64-E       *         157,500        27,985        04/01/18
                    64-F      0.000%      37,500         6,663        04/01/18
                    64-G       **            300            53        04/01/18
                                       -----------------------
                                         300,300        53,357
                                       -----------------------
</TABLE>












<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      65-A      8.300%      48,010             0        07/25/09
Mortgage Bonds      65-B      8.875%      85,333             0        11/25/12
Series 65, Issued   65-C      9.375%      66,667             0        01/25/15
03/29/88            65-R       **            200             0        01/25/18
                                       -----------------------
                                         200,210             0
                                       -----------------------

Collateralized
Mortgage Bonds
Series 66, Issued
04/12/88:           66-A      8.550%     166,245             0        08/20/17
                                       -----------------------

Collateralized      67-A      9.000%      52,740             0        01/20/04
Mortgage Bonds      67-B      9.000%      21,420             0        07/20/06
Series 67, Issued   67-C      9.000%      11,000        11,466        01/20/10
04/12/88:           67-D      9.000%       6,530        12,730        01/20/19
                                       -----------------------
                                          91,690        24,196
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      68-A      8.900%      44,350             0        01/27/88
Mortgage Bonds      68-B      9.000%      12,455             0        01/27/08
Series 68, Issued   68-C      9.000%      59,250         4,660        02/27/14
04/26/88:           68-D      9.000%       4,755         9,388        05/27/19
                                       -----------------------
                                         120,810        14,048
                                       -----------------------

Collateralized
Mortgage Bonds      69-A      9.050%      93,000         4,682        02/01/18
Series 69, Issued   69-B      9.375%       7,000         6,615        06/01/18
05/26/88:           69-R       **            100            11        06/01/18
                                       -----------------------
                                         100,100        11,308
                                       -----------------------

Collateralized      70-A      8.900%      42,000             0        05/01/05
Mortgage Bonds      70-B      8.900%      51,100         6,716        05/01/12
Series 70, Issued   70-C      8.900%       5,900        11,558        06/01/18
5/31/88:            70-D       *         101,000        18,644        06/01/18
                    70-E      0.000%      26,000         4,799        06/01/18
                    70-R       **            200            37        06/01/18
                                       -----------------------
                                         226,200        41,754
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      71-A      9.250%      18,800             0        06/01/09
Mortgage Bonds      71-B      8.900%      23,700             0        06/01/18
Series 71, Issued   71-C      9.250%       8,000         4,210        06/01/18
5/26/88:            71-D       *          50,850         7,241        02/01/13
                    71-E      0.000%      17,200         3,839        06/01/18
                    71-F      9.250%      14,500        14,500        06/01/18
                    71-G      9.250%      35,000             0        01/01/13
                    71-H      9.500%       6,750         9,228        06/01/18
                    71-R       **            200            45        06/01/18
                                       -----------------------
                                         175,000        39,063
                                       -----------------------
</TABLE>















<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      72-A      8.900%      48,560             0        05/01/11
Mortgage Bonds      72-B      9.550%      16,755             0        05/01/14
Series 72, Issued   72-C      9.550%      28,390         5,121        06/01/15
6/29/88:            72-D      9.850%      13,850        13,850        12/01/16
                    72-E      9.900%      18,021        18,021        07/01/18
                    72-F      0.000%      10,360             0        07/01/18
                    72-G       **         49,230             0        07/01/18
                    72-R       **         15,000             0        07/01/18
                                       -----------------------
                                         200,166        36,992
                                       -----------------------

Collateralized      73-A       *         120,000             0        04/01/15
Mortgage Bonds      73-B      0.000%      24,200         2,839        07/01/18
Series 73, Issued   73-C       *          42,000        14,782        07/01/18
6/30/88:            73-D      9.500%      18,000         6,335        07/01/18
                    73-R       **            200            23        07/01/18
                                       -----------------------
                                         204,400        23,979
                                       -----------------------

Collateralized      74-A      7.500%      46,000             0        10/01/04
Mortgage Bonds      74-B      7.500%      21,100             0        11/01/07
Series 74, Issued   74-C       *         157,000        11,949        08/01/13
6/30/88:            74-D      7.500%      63,750         9,946        08/01/13
                    74-E      9.500%      12,150        24,705        07/01/18
                    74-R       **            300            47        07/01/18
                                       -----------------------
                                         300,300        46,647
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      75-A      9.100%      91,920             0        01/01/11
Mortgage Bonds      75-B      9.450%      38,780             0        03/01/14
Series 75, Issued   75-C       *          10,800         9,407        11/01/16
7/28/88:            75-D      8.000%      32,400        28,221        11/01/16
                    75-E      9.400%      35,295        35,295        08/01/18
                    75-F      8.000%      45,500             0        05/01/09
                    75-G      8.000%      34,205             0        08/01/10
                    75-H      9.500%      40,000             0        10/01/11
                    75-I      9.250%      21,200             0        08/01/18
                    75-R       **            300            62        08/01/18
                                       -----------------------
                                         350,400        72,985
                                       -----------------------

Collateralized      76-A      9.000%     134,900             0        08/01/18
Mortgage Bonds      76-B      9.000%     103,300        38,768        08/01/18
Series 76, Issued   76-C      0.000%      25,000             0        08/01/18
7/28/88:            76-D       *          36,800             0        08/01/18
                    76-R       **            300            39        08/01/18
                                       -----------------------
                                         300,300        38,807
                                       -----------------------

Collateralized      77-A       *          14,300             0        07/20/12
Mortgage Bonds      77-B      9.550%      23,400             0        07/20/18
Series 77, Issued   77-C     10.000%      14,500             0        11/20/14
7/28/88:            77-D     10.000%       1,150             0        07/20/18
                    77-E      0.000%       1,430             0        07/20/18
                                       -----------------------
                                          54,780             0
                                       -----------------------
</TABLE>













<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      78-A      9.000%     100,560             0        07/01/17
Mortgage Bonds      78-B      9.550%      18,140        10,693        03/01/16
Series 78, Issued   78-C      9.850%       2,595         2,595        02/01/17
8/30/88:            78-D      9.000%      13,520             0        09/01/18
                    78-E       *           8,420             0        09/01/18
                    78-F     10.000%       5,220         5,220        09/01/18
                    78-G      9.500%       1,545             0        09/01/18
                    78-R       **            100             0        09/01/18
                                       -----------------------
                                         150,100        18,508
                                       -----------------------

Collateralized
Mortgage Bonds
Series 79, Issued   79-A      6.650%      71,175        35,066        07/01/11
7/28/88:            79-B      0.000%          25            12        07/01/11
                                       -----------------------
                                          71,200        35,078
                                       -----------------------

Collateralized      80-A      9.400%     112,900        13,927        02/01/16
Mortgage Bonds      80-B      9.490%      38,600             0        08/01/14
Series 80, Issued   80-C      9.300%      24,000             0        05/01/15
9/29/88:            80-D      9.490%      40,200        40,200        10/01/18
                    80-E      9.490%      25,200             0        05/01/16
                    80-F      9.490%       4,500             0        10/01/18
                    80-R       **          4,600             0        10/01/18
                                       -----------------------
                                         250,000        54,127
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      81-A      9.000%       5,960             0        06/01/13
Mortgage Bonds      81-B      9.000%      31,680         8,491        01/01/15
Series 81, Issued   81-C      9.000%       7,510         7,510        02/01/17
8/25/88:            81-D      9.000%      20,450             0        02/01/17
                                       -----------------------
                                          65,600        16,001
                                       -----------------------

Collateralized
Mortgage Bonds
Series 82, Issued
8/28/88:            82-A     10.250%      75,000        12,624        03/15/11
                                       -----------------------

Collateralized      83-A      9.450%      69,750             0        04/01/09
Mortgage Bonds      83-B      9.450%      44,510             0        02/01/13
Series 83, Issued   83-C      9.450%      27,760             0        11/01/14
9/29/88:            83-D       *          15,350         3,687        10/01/17
                    83-E      8.150%      45,490        10,928        10/01/17
                    83-F      9.400%      28,405        28,405        10/01/18
                    83-G      0.000%      40,500             0        10/01/15
                    83-H      9.000%      52,500             0        03/01/17
                    83-I     10.000%      26,200             0        10/01/17
                    83-J       *          24,500             0        10/01/18
                    83-K      5.500%      25,035             0        10/01/18 
                    83-R       **            400            43        10/01/18
                                       -----------------------
                                         400,400        43,063
                                       -----------------------
</TABLE>















<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized
Mortgage Bonds
Series 84, Issued
9/29/88:            84-A     10.200%      73,215         2,643        06/25/18
                                       -----------------------

Collateralized      85-A      9.000%     238,600             0        04/01/06
Mortgage Bonds      85-B      9.000%      37,600             0        07/01/07
Series 85, Issued   85-C      9.150%     143,800             0        04/01/11
10/14/88:           85-D      9.250%      50,000        41,339        04/01/12
                    85-E      9.150%      30,000        57,654        11/01/18
                    85-R       **            500            99        11/01/18
                                       -----------------------
                                         500,500        99,092
                                       -----------------------

Collateralized      86-A      8.750%     207,700             0        04/01/11
Mortgage Bonds      86-B      9.000%      34,500             0        09/01/12
Series 86, Issued   86-C      9.000%      79,000             0        10/01/15
12/29/88:           86-D      9.900%      20,000             0        10/01/15
                    86-E      9.500%      32,000             0        07/01/16
                    86-F      8.750%     126,800       104,135        04/01/19
                    86-R       **            200            42        04/01/19
                                       -----------------------
                                         500,200       104,177
                                       -----------------------
<S>                 <C>      <C>         <C>            <C>           <C>
Collateralized      87-A      8.500%      58,974             0        07/01/14
Mortgage Bonds      87-B      8.000%      15,885             0        06/20/16
Series 87, Issued   87-C      8.000%      21,047             0        06/20/18
12/28/88:           87-D      8.000%      25,168        15,651        04/20/20
                    87-E       *          28,826         4,265        04/20/20
                    87-R       **            100            13        04/20/20 
                                       -----------------------
                                         150,000        19,929
                                       -----------------------

Collateralized      88-A      8.000%      78,060             0        06/01/07
Mortgage Bonds      88-B      8.000%      42,675             0        09/01/11
Series 88, Issued   88-C      8.000%      44,550        38,192        12/01/14
12/22/88:           88-D      8.000%      79,000        79,000        01/01/19
                    88-E      7.950%      43,200        64,358        01/01/19
                    88-F      7.750%      35,180             0        09/01/15
                    88-G      8.000%      10,000             0        02/01/16
                    88-H      8.000%       8,000             0        05/01/16
                    88-I      8.000%      12,000             0        11/01/16
                    88-J      7.950%       7,335             0        01/01/19
                    88-R       **            300             0        01/01/19
                                       -----------------------
                                         360,300       181,550
                                       -----------------------

Collateralized      89-A      8.875%      70,700             0        11/01/06
Mortgage Bonds      89-B      8.875%      39,000             0        11/01/10
Series 89, Issued   89-C      8.875%      25,400        25,400        11/01/12
01/31/89:           89-D      8.875%      78,500        78,500        08/01/17
                    89-E      8.875%      39,800        39,800        02/01/19
                    89-F        **       108,655             0        08/01/16
                    89-G      8.875%     111,575         7,831        02/01/19
                                       -----------------------
                                         473,630       151,531
                                       -----------------------
</TABLE>













<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>        <C>             <C>           <C>
Collateralized      90-A     10.000%      8,500              0        10/20/14
Mortgage Bonds      90-B     10.000%     12,500              0        01/20/19
Series 90, Issued   90-C     10.000%      7,500          1,920        01/20/19
01/26/89:           90-D     10.000%     21,500              0        01/20/19
                                       -----------------------
                                         50,000          1,920
                                       -----------------------

Collateralized      91-A      9.950%     29,700              0        03/01/19
Mortgage Bonds      91-B      9.950%     77,760         11,518        03/01/19
Series 91, Issued   91-C      9.950%     41,240         41,240        03/01/19
02/28/89:           91-D      9.950%     37,500         16,372        03/01/19
                    91-E      9.950%     30,000              0        03/01/19
                    91-F      9.950%    156,000              0        11/01/11
                    91-G      9.950%      7,600              0        02/01/12
                    91-H      9.950%     20,200              0        03/01/19
                    91-R       ***          100              0        03/01/19
                                       -----------------------
                                        400,100         69,130
                                       -----------------------

Collateralized      92-A      8.960%     44,960              0        05/01/19
Mortgage Bonds      92-B      8.960%     22,000              0        05/01/19
Series 92, Issued   92-C      8.960%     16,200              0        05/01/19
04/27/89:           92-D      8.960%     15,500         26,133        05/01/19
                    92-E      8.960%     36,720          5,005        05/01/19
                    92-F      8.960%      8,000              0        05/01/19
                    92-G      8.960%     56,970         56,970        05/01/19
                    92-H      8.960%      9,040              0        05/01/19
                    92-I      8.960%     18,000              0        05/01/19
                    92-J     10.000%     30,000              0        05/01/19
                    92-K     10.000%     25,240              0        05/01/19
                    92-L      8.960%     11,070              0        05/01/19
                    92-M      0.000%      6,500              0        05/01/19
                    92-R       ***           50              0        05/01/19
                                       -----------------------
                                        300,250         88,108
                                       -----------------------
<S>                 <C>      <C>        <C>             <C>           <C>
Collateralized      93-A      9.500%     35,170              0        07/18/20
Mortgage Bonds      93-B      9.500%     33,500              0        07/18/20
Series 93, Issued   93-C      9.500%     29,600              0        07/18/20
06/29/89:           93-D      9.500%     16,420              0        07/18/20
                    93-E      9.500%     38,000          3,739        07/18/20
                    93-F      9.500%     30,000         30,000        07/18/20
                    93-G      9.500%     12,090              0        07/18/20
                    93-H      9.500%     53,000              0        07/18/20
                    93-I      9.500%     30,000              0        07/18/20
                    93-J      9.500%     10,000              0        07/18/20
                    93-K      9.500%     12,170              0        07/18/20
                    93-R       ***           75              0        07/18/20
                                       -----------------------
                                        300,025         33,739
                                       -----------------------
</TABLE>





















<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>        <C>            <C>            <C>
Collateralized      94-A      9.500%     45,395              0        05/22/10
Mortgage Bonds      94-B      9.500%     70,000              0        06/22/13
Series 94, Issued   94-C      9.500%     21,000              0        06/22/13
06/29/90:           94-D      9.500%     37,642              0        06/22/15
                    94-E      9.850%     12,000              0        11/22/17
                    94-F      9.400%     42,000              0        11/22/17
                    94-G      9.500%      7,434              0        06/22/93
                    94-H      9.500%      6,159              0        06/22/95
                    94-I      9.500%     22,495              0        06/22/00
                    94-J      9.500%     20,843         17,611        09/22/03
                    94-K       **           160             28        06/22/20
                    94-R      9.500%      6,930             10        06/22/20
                    94-Z      9.500%     22,942         38,606        06/22/20
                                       -----------------------
                                        315,000         56,255
                                       -----------------------
<S>                 <C>      <C>        <C>            <C>            <C>
Collateralized      95-A      8.500%    145,927              0        02/20/10
Mortgage Bonds      95-B       **            73              0        02/20/10
Series 95, Issued   95-C      9.000%     20,550              0        12/20/10
 01/30/91:          95-D      9.000%     50,250              0        10/20/12
                    95-E      9.000%     14,650              0        01/20/96
                    95-G      9.000%     22,950              0        01/20/01
                    95-H      9.000%     19,630         15,455        01/20/04
                    95-J       **           291             54        01/20/21
                    95-R      9.000%     25,970              2        01/20/21
                    95-Z      9.970%         10         40,358        01/20/21
                                       -----------------------
                                        300,301         55,869
                                       -----------------------

Collateralized      96-A      8.550%    287,100              0        06/20/14
Mortgage Bonds      96-B      9.100%     56,700              0        12/20/15
Series 96, Issued   96-C      9.100%     39,436              0        12/20/16
01/30/91:           96-D      9.300%     36,000              0        01/20/18
                    96-E      8.700%     18,000              0        01/20/18
                    96-F      9.100%     31,986              0        01/20/96
                    96-G      9.100%     56,657          1,844        07/20/01
                    96-H      9.100%     34,056         34,056        11/20/03
                    96-I       **           630            123        01/20/21
                    96-J       **           225              0        06/20/14
                    96-R      9.100%     55,800              0        01/20/21
                    96-Z      9.100%     14,040         87,139        01/20/21
                                       -----------------------
                                        630,630        123,162
                                       -----------------------

</TABLE>




























<PAGE>
<TABLE>
The following table provides information with respect to all series of bonds 
issued by Ryland Acceptance Corporation Four (dollars in thousands):

                                                   Outstanding
                                       Original     Principal          Stated
Series and Issue                       Principal     Balance          Maturity
     Date           Class     Rate      Amount      @12/31/95           Date
----------------    ----------------------------------------------------------

<S>                 <C>      <C>    <C>             <C>               <C>
Collateralized      97-A      7.950%     25,110              0        08/20/02
Mortgage Bonds      97-B      7.950%     25,800              0        05/20/07
Series 97, Issued   97-C      8.250%     22,500              0        03/20/10
04/30/91:           97-D      8.500%     46,250              0        03/20/14
                    97-E      7.950%     38,676              0        08/20/16
                    97-F       **       113,558              0        04/20/21
                    97-G      7.950%      4,000          3,258        08/20/19
                    97-H      8.950%     60,000         48,868        08/20/19
                    97-I      8.500%     11,666         11,666        01/20/20
                    97-JA     8.750%     21,200         21,200        04/20/21
                    97-JB     8.500%     14,130         14,130        04/20/21
                    97-JC      **             3              3        04/20/21
                    97-K       **           340             45        04/20/21
                    97-L      8.500%     43,000              0        03/20/21
                    97-M      8.500%      4,375              0        04/20/21
                    97-MA      **           194              0        04/20/21
                    97-N      9.000%     17,158              0        04/20/21
                    97-O      9.000%     10,000              0        06/20/20
                    97-P      9.000%      5,682              0        11/20/19
                    97-Q      9.000%     11,123              0        02/20/20
                    97-S       **        15,835              0        04/20/21
                    97-SB      **         4,400              0        04/20/21
                    97-SC      **         5,000              0        04/20/21
                    97-T       **           500             99        04/20/21
                                       -----------------------
                                        500,500         99,269
                                       -----------------------

Collateralized      98-A        *       112,500         48,562        06/25/23
Mortgage Bonds                         -----------------------
Series 98, Issued                     
09/30/93:
<S>                 <C>      <C>    <C>             <C>               <C>
Collateralized      99-A        *       225,000         41,749        10/25/23
Mortgage Bonds                         -----------------------
Series 99, Issued
10/29/93:


                                    $16,374,732     $2,534,651
                                    ==========================
</TABLE>































<PAGE>
LEGEND:


* These bonds are variable interest rate bonds.  These bonds will bear 
interest at rates based upon the London Inter-bank Offered Rate, as specified 
in each Series Supplement to the Indenture between the Company and Bank of New 
York, as Trustee, dated February 1, 1985, as heretofore supplemented, amended 
and restated.


** These classes of bonds represent REMIC residual interests and other classes 
for which varying interest rates as described in each Series' Supplement 
apply.


*** These classes of bonds represent private placements of residual interests 
which have no stated interest rate.


**** For purposes of this schedule only, the balances shown for these series 
have been reduced by the January 1, 1996 bond payment.



ITEM 2. PROPERTIES:

        The Company has no physical properties.

ITEM 3. LEGAL PROCEEDINGS:

        None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

        Information in response to this Item is omitted pursuant to General
        Instruction J.


                                    PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS:

        All of the Company's outstanding common stock is owned by LPS.  
Accordingly, there is no market for its common stock.  The Company did 
not pay any dividends to LPS with respect to its common stock in 1995.  
The Company paid $48 thousand in dividends to LPS with respect to its 
common stock in 1994.

ITEM 6. SELECTED FINANCIAL DATA:

        Information in response to this Item is omitted pursuant to General 
Instruction J.














<PAGE>
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
RESULTS OF OPERATIONS:

GENERAL

The consolidated financial statements and related notes should be read in 
conjunction with the following review.

The Company was formed on January 25, 1985 solely for the purpose of 
facilitating the long-term financing of mortgage loans through the issuance 
and sale of mortgage-backed bonds (the "bonds").  Since its inception, the 
Company has issued and recorded in the financial statements 43 series of 
bonds.  The bond series shown in the financial statements represent 
obligations solely of the Company, and are secured by mortgage collateral 
originated by Ryland Mortgage Company (RMC), a wholly owned subsidiary of The 
Ryland Group, Inc. (Ryland), and by other entities.  The bonds are not 
guaranteed or insured by Ryland, RMC, LPS Holdings Corporation or any other 
affiliated entities.

The Company issues bonds in series and uses the net proceeds from the sale of 
the bonds to:  (1) purchase mortgage collateral from RMC, (2) purchase 
mortgage collateral from other homebuilders or financial institutions and (3) 
fund loans secured by mortgage collateral to limited-purpose subsidiaries of 
homebuilders or financial institutions participating in the issuance of the 
bonds.  The bonds are structured such that the cash flows from the underlying 
mortgage collateral will be sufficient to satisfy the bond obligations.  As of 
December 31, 1995, the Company had $626.2 million of collateralized mortgage 
bonds remaining for issuance under a registration statement filed with the 
Securities and Exchange Commission.

In addition, the Company uses its shelf registration to issue bonds on behalf 
of other companies.  As of December 31, 1995, the Company had issued 56 series 
of bonds under these arrangements.  These bonds and the associated mortgage 
collateral are excluded from the consolidated financial statements of the 
Company since the issuance of these bonds has been accounted for as a sale of 
the associated mortgage collateral in accordance with generally accepted 
accounting principles.  The Company has relinquished all risks and rewards 
relating to the bonds payable and associated mortgage collateral.  The Company 
has elected to treat 49 series of these bonds as real estate mortgage 
investment conduits for tax purposes.  During the year ended December 31, 1995 
and 1994, the Company did not issue any bonds.

During 1994, the Company acquired bonds of $12.8 million and the related 
collateral from another company.  These bonds had previously been issued from 
the Company's shelf registration and accounted for as a sale under generally 
accepted accounting principles.

The bonds were reduced during the year for payments and prepayments on the 
underlying mortgage collateral.  A bond series or a class within certain 
series may be redeemed at par at the earlier of the date specified in the 
Indenture or when the outstanding collateral value of the mortgage securities 
securing the bond series or class is less than or equal to a specified 
percentage of the initial collateral value of such securities.  During the 
year ended December 31, 1995, certain classes within each of 8 series totaling 
$58.1 million were redeemed.  During the year ended December 31, 1994, certain 
classes within each of 17 series totaling $291.2 million were redeemed.











<PAGE>
RESULTS OF OPERATIONS

For the years ended December 31, 1995, 1994 and 1993, revenues consisted 
primarily of interest on mortgage collateral subject to the bond indebtedness 
and amortization of deferred items, and totalled $44,557, $58,142 and 
$104,366, respectively.  The amount of revenues reported during each period 
depends primarily upon the amount of mortgage collateral outstanding during 
each such period, the related prepayment rates and the interest rates on such 
mortgage collateral.  The Company's average net investment in mortgage 
collateral (excluding funds held by trustee) and the average effective rate of 
interest income are as follows (dollars in thousands):

<TABLE>
                                  1995             1994             1993
                             ------------------------------------------------
<S>                             <C>              <C>              <C>
Average net investment in
  mortgage collateral           $468,072         $575,126         $997,561

Average effective interest
  rate                           9.40%            9.92%            10.10%

</TABLE>

Expenses for the years ended December 31, 1995, 1994 and 1993 consisted 
primarily of interest on the Company's outstanding bonds and amortization of 
deferred costs, and totaled $44,546, $58,062 and $104,310, respectively.  The 
amount of expenses reported during each period depends primarily upon the 
amount of bonds outstanding during each such period and the interest rates on 
such bonds.  The Company's average debt outstanding and average cost of 
borrowings are as follows (dollars in thousands):

<TABLE>
                                  1995             1994             1993
                             ------------------------------------------------
<S>                             <C>              <C>              <C>
Average debt outstanding        $477,155         $610,622         $1,064,759

Average cost of borrowings       9.22%            9.35%             9.54%

</TABLE>

The bonds will decline over time in direct proportion to the decline in the 
mortgage collateral.

Net cash flows that are generated based upon the differential between the 
interest rates of the bonds outstanding and the mortgage collateral are 
described as the net interest spreads.  Excluding the impact of the 
amortization of deferred costs, the net interest spread of a bond generally is 
higher during the earlier years since bond classes with earlier stated 
maturities generally have lower interest rates than classes with later stated 
maturities.  Because the weighted average interest rate of the bonds is lower 
during the earlier years and the interest rates on the underlying collateral 
are fixed, there is a greater net interest spread in the earlier years.  The 
number of bonds issued by the Company in which a net interest spread is 
retained has decreased substantially since 1988.










<PAGE>
FINANCIAL CONDITION AND LIQUIDITY

Mortgage collateral held by the Company is pledged as collateral for the 
mortgage-backed bonds, the terms of which provide for the retirement of all 
bonds from the proceeds of the mortgage collateral.  Cash flows from payments 
on the mortgage collateral, together with proceeds of reinvestment income 
earned on the mortgage collateral, are intended to provide cash sufficient to 
make all required payments of principal and interest on each outstanding 
series of bonds.  The Company anticipates that it will require no additional 
funds to meet the obligation on its outstanding bonds.

During 1991, RMC assumed the Company's obligation to maintain cash deposits 
with the Trustee for mortgagor bankruptcy risk associated with the mortgage 
collateral.  At December 31, 1995 and 1994, cash deposits of $.2 million and 
$1.7 million were maintained by RMC.

It is anticipated that regular payments under the terms of the mortgages, as 
well as early mortgage retirements, will reduce the number of mortgages and 
amount of bonds outstanding in future years.  The Company does not anticipate 
the issuance of additional series of bonds.













































<PAGE>
ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA:


AUDITED CONSOLIDATED FINANCIAL STATEMENTS

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995

Report of Independent Auditors                                        26
Consolidated Balance Sheets                                           27
Consolidated Statements of Earnings                                   28
Consolidated Statements of Stockholder's Equity                       29
Consolidated Statements of Cash Flows                                 30
Notes to Consolidated Financial Statements                            31


















































<PAGE>








REPORT OF INDEPENDENT AUDITORS



Board of Directors
Ryland Acceptance Corporation Four

We have audited the accompanying consolidated balance sheets of Ryland 
Acceptance Corporation Four (a wholly owned subsidiary of LPS Holdings 
Corporation) and subsidiaries as of December 31, 1995 and 1994, and the 
related consolidated statements of earnings, stockholder's equity, and cash 
flows for each of the three years in the period ended December 31, 1995.  
These financial statements are the responsibility of the company's management.  
Our responsibility is to express an opinion on these financial statements 
based on our audits.  

We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether the financial statements are free of 
material misstatement.  An audit includes examining, on a test basis, evidence 
supporting the amounts and disclosures in the financial statements.  An audit 
also includes assessing the accounting principles used and significant 
estimates made by management, as well as evaluating the overall financial 
statement presentation.  We believe that our audits provide a reasonable basis 
for our opinion.

In our opinion, the financial statements referred to above present fairly, in 
all material respects, the consolidated financial position of Ryland 
Acceptance Corporation Four and subsidiaries at December 31, 1995 and 1994, 
and the consolidated results of their operations and their cash flows for each 
of the three years in the period ended December 31, 1995, in conformity with 
generally accepted accounting principles.


                                       /s/ Ernst & Young LLP
                                       ---------------------



February 5, 1996





















<PAGE>
<TABLE>
CONSOLIDATED BALANCE SHEETS 

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31 (dollars in thousands)

ASSETS                                            1995                1994
                                         ----------------------------------
<S>                                          <C>                  <C>
Collateral for bonds payable:
   Mortgage-backed securities 
      held-to-maturity, less discounts
      of $1,263 and $2,301                   $    110,007         $    179,769
   Mortgage-backed securities 
      available-for-sale                           47,846
   Mortgage loans receivable,
      less discounts of $1,929 and $2,347          66,685               83,908
Notes receivable,
      less discounts of $4,904 and $5,707         199,102              237,697
   Funds held by trustee                           26,231               25,164
                                            -------------        -------------
                                                  449,871              526,538
<S>                                          <C>                  <C>
Cash                                                   11                   36
Other assets                                        4,318                5,085
                                            -------------        -------------
                                             $    454,200         $    531,659
                                            =============        =============


LIABILITIES AND STOCKHOLDER'S EQUITY

Bonds payable, less discounts 
   of $6,662 and $7,862                      $    437,376         $    513,883
Due to affiliate                                    3,209                3,911
Other liabilities                                  12,385               13,855
                                            -------------        -------------
                                                  452,970              531,649
                                            -------------        -------------
<S>                                          <C>                  <C>
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value;
   10,000 shares authorized,
   issued and outstanding                              10                   10
Retained earnings                                       7                    -
Net unrealized gain on mortgage-backed 
   securities available-for-sale 
   (net of taxes of $809 and $0)                    1,213                    -
                                            -------------        -------------
                                                    1,230                   10
                                            -------------        -------------
                                             $    454,200         $    531,659
                                            =============        =============
</TABLE>








See notes to consolidated financial statements


<PAGE>
<TABLE>
CONSOLIDATED STATEMENTS OF EARNINGS 

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

Year Ended December 31 (dollars in thousands)

                              1995               1994               1993
                           -------------------------------------------------
<S>                         <C>               <C>               <C>
REVENUES

Interest                    $    44,647       $    58,088       $   102,461
Other                              (90)                54             1,905
                           ------------      ------------      ------------
                                 44,557            58,142           104,366
                           ------------      ------------      ------------

EXPENSES

Interest                         44,436            57,578           102,501
Other                               110               484             1,809
                           ------------      ------------      ------------
                                 44,546      	      58,062           104,310
                           ------------      ------------      ------------

<S>                         <C>               <C>               <C>
EARNINGS BEFORE INCOME 
   TAXES                             11                80                56

Income taxes                          4                32                22
                           ------------      ------------      ------------

NET EARNINGS                $         7       $        48       $        34
                           ============      ============      ============

</TABLE>


























See notes to consolidated financial statements


<PAGE>
<TABLE>
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

Year Ended December 31, 1995, 1994 and 1993  (dollars in thousands)

                                                      Net 
                                                   Unrealized
                                                    Gain on
                                                      MBS           Total
                          Common      Retained     Available-   Stockholder's
                           Stock      Earnings      for-Sale        Equity
                        -----------------------------------------------------
<S>                      <C>          <C>           <C>             <C>
Balance at 
  December 31, 1992      $    10      $     -       $     -         $    10

Net earnings                               34                            34
Common stock dividends                    (34)                          (34)
                        -----------------------------------------------------

Balance at 
  December 31, 1993           10            -             -              10
                        -----------------------------------------------------

Net earnings                               48                            48
Common stock dividends                    (48)                          (48)
                        -----------------------------------------------------

Balance at 
  December 31, 1994           10            -             -              10
                        -----------------------------------------------------

<S>                      <C>          <C>           <C>             <C>
Net earnings                                7                             7
Increase in net 
  unrealized gain on
  MBS available-for-sale
  (net of taxes of $808)                              1,213           1,213
                        -----------------------------------------------------

Balance at 
  December 31, 1995      $    10      $     7       $ 1,213         $ 1,230
                        =====================================================

</TABLE>














See notes to consolidated financial statements



<PAGE>
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS 

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

Year Ended December 31 (dollars in thousands)

                                              1995          1994         1993
                                           -----------------------------------
<S>                                        <C>           <C>          <C>
Cash flows from operating activities:
  Net earnings                              $    7       $    48      $    34
  Adjustments to reconcile net earnings to
    net cash used for operating activities:
  Amortization:
    Deferred financing costs                    94           381        1,710 
    Discounts on bonds payable               1,200         3,562        8,527
     Discounts on collateral for
       bonds payable                        (1,263)       (3,858)      (8,356)
  Net decrease in other assets, other 
     liabilities and amounts due 
     to affiliate                           (2,513)       (8,342)     (13,639)
Net cash used for operating activities      (2,475)       (8,209)     (11,724)
<S>                                        <C>           <C>          <C>
Cash flows from investing activities:
  Additions to other collateral for 
     bonds payable                                -       (13,101)           -
  Principal reduction on mortgage-backed
     securities - held-to-maturity          24,184        86,211            -
  Principal reduction on other collateral 
     for bonds payable                      57,039       155,277      511,862
  Decrease (increase) in funds held 
     by trustee                             (1,067)       69,572       39,333
                                           -------       -------      -------
Net cash provided by investing activities   80,156       297,959      551,195
<S>                                        <C>           <C>          <C>
Cash flows from financing activities:
  Additions to bonds payable                     -        12,774            -
  Reductions of bonds payable              (88,842)     (315,492)    (548,286)
  Principal accretion on bonds payable      11,136        12,955        8,907
  Dividends paid                                 -           (48)         (34)
                                           -------       -------      -------
Net cash used for financing activities     (77,706)     (289,811)    (539,413)
                                           -------       -------      -------
Net (decrease) increase in cash                (25)          (61)          58
Cash at beginning of year                       36            97           39
                                           -------       -------      -------
CASH AT END OF YEAR                       $     11      $     36     $     97
                                          ========      ========     ========
Supplemental disclosures:
Cash paid during the year for interest    $ 44,531      $ 60,363     $105,257
                                          ========      ========     ========
</TABLE>










See notes to consolidated financial statements

<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Description of Business

Ryland Acceptance Corporation Four (the "Company") is a wholly owned 
subsidiary of LPS Holdings Corporation (LPS) and an indirect, wholly owned 
subsidiary of The Ryland Group, Inc. (Ryland).  The Company was organized to 
facilitate the long-term financing of mortgage loans originated by Ryland 
Mortgage Company (RMC), a wholly owned subsidiary of Ryland, and other 
entities through the issuance and sale of mortgage-backed bonds.  

Reclassifications

Certain amounts previously reported have been reclassified to conform with the 
1995 presentation.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the 
Company and its wholly owned subsidiaries, C.C. Holding Company and Brock 
Acceptance Corporation (BAC).  All significant intercompany transactions and 
balances have been eliminated in consolidation.

The preparation of financial statements in conformity with generally accepted 
accounting principles requires management  to make estimates and assumptions 
that affect the reported amounts of assets and liabilities and disclosure of 
contingent assets and liabilities at the date of the financial statements and 
the reported amounts of revenues and expenses during the reporting period.  
Actual results inevitably will differ from those estimates, and such 
differences may be material to the financial statements.
 
Collateral for Bonds Payable

Collateral for bonds payable consists of mortgage-backed securities, mortgage 
loans receivable, notes receivable from participants, funds held by trustee 
and various types of insurance.  Mortgage-backed securities consist primarily 
of GNMA certificates, FNMA mortgage pass-through certificates and FHLMC 
participation certificates.  Mortgage loans receivable consists of loans 
collateralized by first mortgages or first deeds of trust on single family 
attached or detached houses.

Notes receivable represent funding agreements with unaffiliated entities (the 
"participants") participating in the Company's bond programs.  The Company 
issues bonds and lends proceeds to the participants in accordance with funding 
agreements.  These funding agreements are fully collateralized by mortgage 
loans and mortgage-backed securities.  The Company has assigned to the Trustee 
its interest in these funding agreements and the underlying loans and 
mortgage-backed securities as collateral for a corresponding amount of bonds.  
Principal and interest on the funding agreements are payable concurrently and 
at the same rate as such payments on the bonds.







<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED)

Collateral for Bonds Payable (Continued)

Funds held by trustee represent payments on mortgage collateral and 
reinvestment earnings on such funds which have not been applied to pay 
principal and interest on the bonds.  These funds are restricted to assure 
payment in accordance with the Trust Indenture ("the Indenture").    

The mortgage collateral securing the bonds may include mortgage loans that are 
delinquent or non-performing, and real estate owned ("REO") properties.  At 
December 31, 1995, Mortgage loans receivable and Notes receivable include 145 
loans in the amount of $14.2 million that are delinquent, non-performing, or 
REO properties.  At December 31, 1994, Mortgage loans receivable and Notes 
receivable include 153 loans in the amount of $16.6 million that are 
delinquent, non-performing, or REO properties.  Reserves for these loans have 
not been established as any anticipated losses would be covered by primary 
mortgage insurance, hazard insurance, mortgagor bankruptcy insurance or 
mortgage pool insurance policies.  Since the Company's inception, the Company 
has recovered $20.7 million from pool insurance which represents less than 1% 
of the initial total principal balance of mortgage loans.  At December 31, 
1995, $258.6 million or 93% of the initial pool insurance coverage remains 
available for future potential losses.  Management believes that this coverage 
is adequate.  As of December 31, 1995, the pool insurer has been rated AAA by 
a nationally recognized statistical rating agency.

Mortgage loans receivable acquired from an affiliate are valued at the 
affiliate's net carrying amount which is the lower of cost or market at the 
time of transfer.

Collateral for bonds payable are reported net of loan origination discount 
points and purchase price discounts.  These discounts are deferred as an 
adjustment to the carrying value of the related collateral for bonds payable 
and are amortized into interest income over their respective lives using the 
interest method adjusted currently for the effects of prepayments.  

Deferred Financing Costs

Financing costs incurred in connection with the issuance of bonds are 
capitalized and amortized over the respective lives of the bonds using the 
interest method adjusted currently for the effects of prepayments.  These 
costs are included in other assets in the accompanying consolidated financial 
statements.

Bond Price Discounts

Price discounts incurred in connection with the issuance of bonds are deferred 
as an adjustment to the carrying value of the bonds and are  amortized into 
interest expense over the lives of the bonds using the interest method 
adjusted currently for the effects of prepayments.







<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED)

Income Taxes

The Company is included in the consolidated federal income tax return filed by 
Ryland.  Consolidated income taxes are allocated to the Company using the 
separate return method.  The Company adopted Statement of Financial Accounting 
Standards No. 109, "Accounting for Income Taxes" (FAS 109), effective January 
1, 1993.  Prior to the adoption of FAS 109, income taxes were accounted for in 
accordance with FAS 96.  The impact of the adoption of FAS 109 was not 
material.  Certain items of income and expense are included in one period for 
financial reporting purposes and another for income tax purposes.  Deferred 
income taxes are provided in recognition of these differences.

Mortgage Backed Securities

In May 1993, the Financial Accounting Standards Board issued Statement of 
Financial Accounting Standards No. 115, "Accounting for Certain Investments in 
Debt and Equity Securities."  The Company adopted the provisions of the new 
standard for investments held as of or acquired after January 1, 1994.

Management determines the appropriate classification of mortgage backed 
securities at the time of purchase and reevaluates such designations as of 
each balance sheet date.  The Company has classified its investments in 
mortgage-backed securities as held-to-maturity and available-for-sale.  
Securities classified as held-to-maturity are accounted for at amoritized 
cost.  Securities classified as available-for-sale are measured at fair market 
value with market value changes, net of tax, reflected as a component of 
stockholder's equity.  Because the Indentures prohibit liquidation of 
collateral for bonds payable, fair values cannot be realized unless the 
corresponding bonds payable are redeemed.

In November 1995, the Financial Accounting Standards Board issued Special 
Report No. 155-B, "A Guide to Implementation of Statement 115 on Accounting 
for Certain Investments in Debt and Equity Securities", as an aid in 
understanding and implementing Statement 115.  The effect of adopting this 
implementation guidance as of December 31, 1995 has resulted in the 
reclassification of $45,825 of mortgage backed securities from the held-to-
maturity classification to the available-for-sale classification.  The related 
unrealized gain recorded in stockholder's equity totaled $1,213, net of 
deferred taxes of $808.  Restatement of prior periods to reflect the effects 
of initially adopting this implementation guidance is not permitted.















<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED)

The following is a summary of available-for sale and held-to-maturity 
securities as of:
<TABLE>
                     Amortized      Unrealized      Unrealized     Estimated
                    Gross Cost      Gross Gains        Losses     Fair Value
<S>                  <C>              <C>             <C>           <C>
December 31, 1995
 Available-for-sale   $45,825         $ 2,021         $    -        $ 47,846
 Held-to-maturity     110,007           8,754              -         118,761
                     --------         -------         ------        --------
      Totals         $155,832         $10,775         $    -        $166,607
                     ========         =======         ======        ========
December 31, 1994
Held-to-maturity     $179,769         $ 4,086         $1,709        $182,146
                     ========         =======         ======        ========
</TABLE>

NOTE B--FAIR VALUES OF FINANCIAL INSTRUMENTS

Statement of Financial Accounting Standards No. 107, "Disclosures about Fair 
Value of Financial Instruments" (FAS 107), requires disclosure of fair value 
information about financial instruments, whether or not recognized on the 
balance sheet. 

FAS 107 excludes certain financial instruments and all non-financial 
instruments from its disclosure requirements.  Accordingly, the aggregate fair 
value amounts presented do not represent the underlying value of the Company.  
In cases where quoted market prices are not available, fair values are based 
on estimates using present value or other valuation techniques.  Those fair 
values are significantly affected by the assumptions used, including the 
discount rate and estimates of cash flow.  In that regard, the derived fair 
value estimates cannot be substantiated by comparison to independent markets 
and, in many cases, could not be realized in immediate settlement of the 
instrument.





















<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE B--FAIR VALUES OF FINANCIAL INSTRUMENTS - (CONTINUED)

The estimated fair values of the company's financial instruments are as 
follows:

<TABLE>
                                                   December 31,

                                           1995                    1994
                                ----------------------------------------------
                                                 Fair                    Fair
                                   Carrying     Market     Carrying     Market
                                    Value       Value        Value      Value
                                ----------------------------------------------
<S>                               <C>         <C>         <C>        <C>
Assets:
Cash                                  $11         $11         $36         $36
Mortgage-backed securities 
  held-to-maturity                110,007     118,761     179,769     182,146
Mortgage-backed securities 
  available-for-sale               47,846      47,846           -           -
Mortgage loans receivable          66,685      71,596      83,908      86,300
Notes receivable                  199,102     214,495     237,697     242,856
Funds held by trustee              26,231      26,231      25,164      25,164

Liabilities:
Bonds payable                     437,376     471,906     513,883     535,163
</TABLE>

The company used the following methods and assumptions in estmating fair 
values:

Cash:  The carrying amounts of cash approximate fair values.

Mortgage-backed securities and mortgage loans receivable:  Fair values are 
estimated using quoted market prices for similar certificates, loans or 
securities.

Notes receivable:  Fair values are based on quoted market prices for 
securities comparable to those that collateralize the notes receivable.

Funds held by trustee:  The carrying amounts of funds held by trustee 
approximate fair values.

Bonds payable: Fair values are based on quoted market prices of comparable 
securities.

Because the Indentures prohibit liquidation of collateral for bonds payable, 
fair values cannot be realized unless the corresponding bonds payable are 
redeemed.  As more fully described in Note C, the bonds can be redeemed before 
maturity by the Company only under certain prescribed conditions.






<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE C--BONDS PAYABLE 

Bonds payable represent mortgage-backed bond series issued by the Company.  
Neither Ryland, nor any affiliated entities have guaranteed, nor are they 
otherwise obligated, with respect to these bond issues.

At December 31, 1995 and 1994, mortgage-backed bond series consisted of series 
with various classes maturing in the years 2006 through 2019.  Payments are 
made on a periodic basis as a result of, and in amounts related to, 
corresponding payments received on the underlying mortgage collateral.  Also, 
additional payments of the bonds may occur prior to maturity in accordance 
with certain provisions of the Indenture and related Series Supplements 
between the Company and the Trustee.  At December 31, 1995 and 1994, the 
classes of each series of bonds bear interest at fixed rates ranging from 
7.25% to 12.625%.

During 1994, the Company acquired bonds of $12.8 million and the related 
collateral from another company.  These bonds had previously been issued from 
the Company's shelf registration and accounted for as a sale under generally 
accepted accounting principles.

Under certain provisions of the Indenture, a bond series or a class within 
certain series may be redeemed at par prior to the stated maturity date.  The 
redemption may take place at the earlier of specified dates or when the 
outstanding collateral value (as defined in the Indenture) of the mortgage 
securities securing the bond series or class is less than or equal to a 
specified percentage of its initial collateral value of such securities.  
Certain classes within each of 8 series totaling $58.1 million were redeemed 
in 1994 and certain classes within each of 17 series totaling $291.2 million 
were redeemed in 1994.

The Company uses its shelf registration to issue bonds on behalf of other 
companies.  As of December 31, 1995, the Company had issued 56 series of bonds 
under these arrangements. These bonds and the associated mortgage collateral 
are excluded from the financial statements of the Company since these 
transactions have been accounted for as sales of the associated mortgage 
collateral in accordance with generally accepted accounting principles.  The 
outstanding principal balance at December 31, 1995 and 1994, of bonds issued 
by the Company which is not included in the accompanying financial statements 
is $2 billion and $2.5 billion, respectively.  During the years ended December 
31, 1995 and 1994, the Company did not issue any bonds.

At December 31, 1995, the Company had $626.2 million of collateralized 
mortgage bonds remaining for issuance under a registration statement filed 
with the Securities and Exchange Commission.

Also included in bonds payable at December 31, 1995 and 1994 are funding notes 
payable totaling $.9 million and $1.0 million which represent BAC's 
participation in bond series issued by an unaffiliated entity.








<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE D--TRANSACTIONS WITH AFFILIATED COMPANIES

The Company records various intercompany transactions with affiliates and 
Ryland.  These transactions include ongoing charges related to the outstanding 
bonds.  The amount of these charges for the years ended December 31, 1995, 
1994 and 1993 was $.2 million, $.4 million and $2.4 million, of which $.3 
million, $.3 million, and $.5 million is recorded in interest revenue and 
($.1) million, $.1 million and $1.9 million is recorded in other revenue, 
respectively.

The Company is charged a finance charge which is based on the average 
outstanding balance of advances made by Ryland and RMC.  The amount of finance 
charge, which has been recorded in interest expense, is $.3 million, $.3 
million and $.5 million for the years ended December 31, 1995, 1994 and 1993, 
respectively.  Interest is calculated at approximate market rates.  The 
carrying values of Due to affiliate were $3,209 and $3,911 at December 31, 
1995 and 1994, respectively.

Included in bonds payable are amounts which RMC holds totaling $72,704 and 
$80,887 at December 31, 1995 and 1994, respectively.  Interest incurred on the 
bonds payable amounted to $7,380 and $9,254 in 1995 and 1994, respectively.

An affiliate performed the administration function through June 30, 1995 for 
the bonds issued under the Company's shelf registration statement.  The 
affiliate was sold as of June 30, 1995 and continues to provide these 
functions as an unaffiliated entity. There were no payable balances related to 
administration fees to affiliated companies at December 31, 1995.  Payable 
balances related to administration fees to affiliated companies were $155 at 
December 31, 1994. 
 
In addition, an affiliate performs the loan servicing function for certain 
mortgage loans collateralizing the bonds.  All fees and related expenses in 
connection with these services are recorded in the affiliates' financial 
statements.

During 1991, RMC assumed the Company's obligation to maintain cash deposits 
with the Trustee for mortgagor bankruptcy risk associated with the mortgage 
collateral.  At December 31, 1995 and 1994, cash deposits of 
$.2 million and $1.7 million were maintained by RMC.


NOTE E--INCOME TAXES

The Company accounts for its income taxes under the liability method in 
accordance with Statement of Financial Accounting Standards No. 109 , 
"Accounting for Income Taxes" (FAS 109), effective January 1, 1993.  Prior to 
the adoption of FAS 109,  income taxes were accounted for in accordance with 
FAS 96.  As both FAS 96 and 109 required the liability method, the adoption of 
FAS 109 did not have a material impact on the Company's financial statements.








<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE E--INCOME TAXES - (CONTINUED)

Under the liability method, the deferred tax liability (asset) is determined 
based on enacted tax rates and is subsequently adjusted for changes in tax 
rates.  A change in the deferred tax liability (asset) results in a charge or 
credit to deferred tax expense.  The Company's provision for income taxes for 
the years ended December 31, is summarized as follows:

<TABLE>
                                1995                1994                1993
                        ------------------------------------------------------
<S>                          <C>                 <C>                 <C>
Current:
  Federal                    $  (85)             $  (30)             $  545
  State                         (18)                 (8)                117
                             -------             -------             ------
Total current                  (103)                (38)                662
                             =======             =======             ======

Deferred:
  Federal                        88                  58                (527)
  State                          19                  12                (113)
                             ------              ------              ------
Total deferred                  107                  70                (640)
                             ------              ------              ------
Total provision               $   4               $  32               $  22
                             ======              ======              ======
</TABLE>

The actual income tax rate differs from the statutory federal income tax rate 
as follows:

<TABLE>
                                1995                1994                1993
                          ---------------------------------------------------
<S>                              <C>                 <C>                 <C>
Statutory federal rate           35%                 35%                 35%
Increases (reductions):
State taxes                       5                   5                   4
                                ----                ----                ----
Total actual income tax rate     40%                 40%                 39%
                                ====                ====                ====
</TABLE>














<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

December 31, 1995 (dollars in thousands)


NOTE E--INCOME TAXES - (CONTINUED)

Deferred income taxes reflect the net tax effects of temporary differences 
between the carrying amounts of assets and liabilities for financial reporting 
purposes and the amounts used for income tax purposes.  Significant components 
of the Company's deferred tax liabilities and assets as of December 31, 1995 
and December 31, 1994 are as follows (in thousands):

<TABLE>
                                    12/31/95           12/31/94
                                    ---------------------------
<S>                                   <C>                <C>
Deferred tax assets:
  Bond issuance discounts             $367               $474
                                    ------             ------
Total deferred tax assets              367                474
                                    ------             ------
Deferred tax liability:
  Unrealized excess market value    $(809)              $   -
                                    -----               -----
Total deferred tax liabilities       (809)                  -
                                    ------              -----
Net deferred tax (liability) asset  $(442)              $ 474
                                    ======              =====
</TABLE>

The Company has determined that no valuation allowance for the deferred tax 
asset is required.

   

































<PAGE>

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE:

         None.


                                   PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT:

         Information in response to this Item is omitted pursuant to General  
         Instruction J.

ITEM 11. EXECUTIVE COMPENSATION:

         Information in response to this Item is omitted pursuant to General  
         Instruction J.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT:

         Information in response to this Item is omitted pursuant to General 
         Instruction J.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS:

         Information in response to this Item is omitted pursuant to General   
         Instruction J.


                                   PART IV

ITEM 14. EXHIBITS, CONSOLIDATED FINANCIAL STATEMENT SCHEDULES AND REPORTS ON 
FORM 8-K:

         (a)(1) Consolidated Financial Statements.

         The following financial statements are included in Part II, Item 8:

         Report of Independent Auditors

                Consolidated Balance Sheets-December 31, 1995 and 1994

                Consolidated Statements of Earnings-Years ended December 31, 
                1995, 1994 and 1993

                Consolidated Statements of Stockholder's Equity - Years ended   
                December 31, 1995, 1994 and 1993 

                Consolidated Statements of Cash Flows - Years ended December 
                31, 1995, 1994 and 1993

                Notes to Consolidated Financial Statements














<PAGE>
         (a)(2) Consolidated Financial Statement Schedules.

                All schedules have been omitted because they are either  
                inapplicable or the required information has been given in the  
                consolidated financial statements or the notes thereto.

         (A)(3) Exhibits.

         3.1    Articles of Incorporation of Ryland Acceptance Corporation  
                Four (incorporated herein by reference to Exhibit to Company's 
                Form 10, filed February 13, 1985).

         3.2    By-laws of Ryland Acceptance Corporation Four (incorporated 
                herein by reference to Exhibit to Report on Form 8-K (File No.  
                0-13199) dated April 22, 1987, filed May 6, 1987).

         4.1    Indenture between Ryland Acceptance Corporation Four and S    
                Sovran Bank, N.A., as Trustee, dated February 1, 1985 
                (incorporated herein by reference to Exhibit to Report on Form 
                10-Q (File No. 0-13199) for the period ended March 31, 1985, 
                filed May 10, 1985).

         4.2    Conformed copy of Series 1 Supplemental Indenture, dated as of  
                April 1, 1985, to Indenture between the Registrant and Sovran 
                Bank, N.A., as Trustee, dated February 1, 1985 (incorporated 
                herein by reference to Exhibit to Report on Form 10-Q (File 
                No. 0-13199) for the period ended March 31, 1985, filed May  
                10, 1985).

         4.3    Conformed copy of Series 2 Supplemental Indenture, dated as of 
                June 1, 1985, to Indenture between the Registrant and Sovran 
                Bank, N.A., as Trustee, dated February 1, 1985 (incorporated  
                herein by reference to Exhibit to Report on Form 10-Q (File 
                No. 0-13199) for the period ended June 30, 1985, filed August 
                12, 1985).

         4.4    Conformed copy of Series 3 Supplemental Indenture, dated as of 
                August 1, 1985, to Indenture between the Registrant and Sovran 
                Bank, N.A., as Trustee, dated February 1, 1985 (incorporated 
                herein by reference to Exhibit to Registration Statement No. 
                33-443, filed September 24, 1985).

         4.5    Conformed copy of Series 4 Supplemental Indenture, dated as of 
                October 1, 1985, to Indenture between the Registrant and 
                Sovran Bank, N.A., as Trustee, dated February 1, 1985 
                (incorporated herein by reference to Exhibit to Report on Form 
                10-Q (File No. 0-13199) for the period ended September 30, 
                1985, filed November 12, 1985).

         4.6    Conformed copy of Series 5 Supplemental Indenture, dated as of 
                October 1, 1985, to Indenture between the Registrant and 
                Sovran Bank, N.A., as Trustee, dated February 1, 1985 
                (incorporated herein by reference to Exhibit to Report on Form 
                10-Q (File No. 0-13199) for the period ended September 30, 
                1985, filed November 12, 1985).

         4.7    Conformed copy of Series 6 Supplemental Indenture, dated as of 
                December 1, 1985, to Indenture between the Registrant and  
                Sovran Bank, N.A., as Trustee, dated February 1, 1985 
                (incorporated herein by reference to  Exhibit to Registration 
                Statement No. 33-2757, filed January 16, 1986).
    




<PAGE>
         4.8    Conformed copy of Series 7 Supplemental Indenture, dated as of 
                December 1, 1985, to Indenture between the Registrant and 
                Sovran Bank, N.A., as Trustee, dated February 1, 1985 
                (incorporated herein by reference to Exhibit to Registration  
                Statement No. 33-2757, filed January 16, 1986).

         4.9    Amended and Restated Indenture for Series 8 Bonds and 
                subsequent Series of Bonds, dated as of February 1, 1986 
                (incorporated herein by reference to Exhibit to Report on Form 
                10-K (File No. 0-13199) for period ended December 31, 1985, 
                filed March 31, 1986).

        4.10    Conformed copy of Series 8 Supplemental Indenture, dated as of 
                February 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the period ended December 31, 1985, filed March 31,  
                1986).

        4.11    Conformed copy of Series 9 Supplemental Indenture, dated as of 
                February 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the period ended December 31, 1985, filed March 31, 
                1986).

        4.12    Conformed copy of Series 10 Supplemental Indenture, dated as 
                of February 1, 1986, between the Registrant and Sovran Bank, 
                N.A., dated February 1, 1985 (incorporated herein by reference 
                to Exhibit to Report on Form 10-K (File No. 0-13199) for the 
                period ended December 31, 1985, filed March 31, 1986).

        4.13    Conformed copy of Series 11 Supplemental Indenture, dated as 
                of April 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to  Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended March 31, 1986, filed May 15, 
                1986).

        4.14    Conformed copy of Series 12 Supplemental Indenture, dated as 
                of April 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to  Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended March 31, 1986, filed May 15, 
                1986).

        4.15    Conformed copy of Series 13 Supplemental Indenture, dated as 
                of April 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to  Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended March 31, 1986, filed May 15, 
                1986).

        4.16    Conformed copy of Series 14 Supplemental Indenture, dated as 
                of May 1, 1986, to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-13199) 
                for the period ended June 30, 1986, filed August 12, 1986).

        4.17    Conformed copy of Series 15 Supplemental Indenture, dated as 
                of May 1, 1986, to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-13199) 
                for the period ended June 30, 1986, filed August 12, 1986).


<PAGE>
        4.18    Conformed copy of Series 16 Supplemental Indenture, dated as 
                of June 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-    
                13199) for the period ended June 30, 1986, filed August 12,  
                1986).

        4.19    Conformed copy of Series 17 Supplemental Indenture, dated as 
                of June 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended June 30, 1986, filed August 12, 
                1986).

        4.20    Conformed copy of Series 18 Supplemental Indenture, dated as 
                of July 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended June 30, 1986, filed August 12, 
                1986).

        4.21    Conformed copy of Series 19 Supplemental Indenture, dated as 
                of August 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to  Exhibit to Registration Statement No. 33-
                9191, filed September 30, 1986).

        4.22    Conformed copy of Series 20 Supplemental Indenture, dated as 
                of September 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to  Exhibit to Registration Statement No. 33-
                9191, filed September 30, 1986).

        4.23    Conformed copy of Series 21 Supplemental Indenture, dated as 
                of September 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to  Exhibit to Registration Statement No. 33-
                9191, filed September 30, 1986).

        4.24    Conformed copy of Series 22 Supplemental Indenture, dated as 
                of September 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to  Exhibit to Registration Statement No. 33-
                9191, filed September 30, 1986).

        4.25    Conformed copy of Series 23 Supplemental Indenture, dated as   
                of October 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-  
                13199) for the period ended September 30, 1986, filed November  
                14, 1986).

        4.26    Conformed copy of Series 24 Supplemental Indenture, dated as 
                of October 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended September 30, 1986, filed November 
                14, 1986).








<PAGE>
        4.27    Conformed copy of Series 25 Supplemental Indenture, dated as 
                of October 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended September 30, 1986, filed November 
                14, 1986).

        4.28    Conformed copy of Series 26 Supplemental Indenture, dated as 
                of November 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                11654, filed January 30, 1987).

        4.29    Conformed copy of Series 27 Supplemental Indenture, dated as 
                of November 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                11654, filed January 30, 1987).

        4.30    Conformed copy of Series 28 Supplemental Indenture, dated as 
                of December 1, 1986, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                11654, filed January 30, 1987).

        4.31    Supplemental Indenture, dated as of December 1, 1986, to 
                Indenture between the Registrant and Sovran Bank, N.A., dated 
                February 1, 1985 (incorporated herein by reference to Exhibit 
                to Registration Statement No. 33-11654, filed January 30,      
                1987).

        4.32    Conformed copy of Series 29 Supplemental Indenture, dated as  
                of January 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                11654, filed January 30, 1987).

        4.33    Conformed copy of Series 30 Supplemental Indenture, dated as 
                of February 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                11654, filed January 30, 1987).

        4.34    Conformed copy of Series 31 Supplemental Indenture, dated as 
                of January 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                11654, filed January 30, 1987).

        4.35    Conformed copy of Series 32 Supplemental Indenture, dated as 
                of January 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                11654, filed January 30, 1987).
    
        4.36    Supplemental Indenture, dated as of January 1, 1987, to 
                Indenture between the Registrant and Sovran Bank, N.A., dated 
                February 1, 1985 (incorporated herein by reference to Exhibit 
                to Report on Form 10-K (File No. 0-13199) for the period ended 
                December 31, 1986, filed March 31, 1987).






<PAGE>
        4.37    Conformed copy of Series 33 Supplemental Indenture, dated as 
                of February 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the period ended December 31, 1986, filed March
                31, 1987).

        4.38    Conformed copy of Series 34 Supplemental Indenture, dated as 
                of February 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the period ended December 31, 1986, filed March 31, 
                1987).

        4.39    Conformed copy of Series 35 Supplemental Indenture, dated as 
                of March 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 8-K (File No. 0-
                13199) dated April 22, 1987, filed May 6, 1987).

        4.40    Conformed copy of Series 36 Supplemental Indenture, dated as 
                of March 25, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 8-K (File No. 0-
                13199) dated April 22, 1987, filed May 6, 1987).

        4.41    Conformed copy of Series 37 Supplemental Indenture, dated as 
                of March 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 8-K (File No. 0-
                13199) dated April 22, 1987, filed May 6, 1987).
 
        4.42    Conformed copy of Supplemental Indenture, dated as of April 1, 
                1987, to Indenture between the Registrant and Sovran Bank, 
                N.A., dated February 1, 1985 (incorporated herein by reference 
                to Exhibit to Report on Form 10-Q (File No. 0-13199) for the 
                period ended March 31, 1987 filed May 15, 1987).

        4.43    Conformed copy of Series 38 Supplemental Indenture, dated as 
                of April 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 8-K (File No. 0-
                13199) dated April 22, 1987 filed May 6, 1987).

       4.44    (Reserved)

        4.45    Conformed copy of Series 40 Supplemental Indenture, dated as 
                of May 1, 1987, to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-13199) 
                for the period ended June 30, 1987 filed August 15, 1987).

        4.46    Conformed copy of Series 41 Supplemental Indenture, dated as 
                of May 1, 1987, to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-13199) 
                for the period ended June 30, 1987 filed August 15, 1987).










<PAGE>
        4.47    Conformed copy of Series 42 Supplemental Indenture, dated as 
                of May 1, 1987, to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-13199) 
                for the period ended June 30, 1987 filed August 15, 1987).

        4.48    Conformed copy of Series 43 Supplemental Indenture, dated as 
                of June 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended June 30, 1987 filed August 15, 
                1987).

        4.49    Conformed copy of Series 44 Supplemental Indenture, dated as 
                of June 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended June 30, 1987 filed August 15, 
                1987).

        4.50    Conformed copy of Series 45 Supplemental Indenture, dated as 
                of July 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                15260, filed June 29, 1987).

        4.51    (Reserved)

        4.52    Conformed copy of Series 47 Supplemental Indenture, dated as 
                of July 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement No. 33-
                15260, filed June 29, 1987).

        4.53    (Reserved)

        4.54    Conformed copy of Series 49 Supplemental Indenture, dated as 
                of August 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated August 27, 1987, filed October 15, 1987).

        4.55    Conformed copy of Series 50 Supplemental Indenture, dated as 
                of September 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated August 27, 1987, filed October 15, 1987).

        4.56    Conformed copy of Series 51 Supplemental Indenture, dated as 
                of September 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated August 27, 1987, filed October 15, 1987).

        4.57    Conformed copy of Series 52 Supplemental Indenture, dated as 
                of September 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated August 27, 1987, filed October 15, 1987).






<PAGE>
        4.58    Conformed copy of Series 53 Supplemental Indenture, dated as 
                of October 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended September 30, 1987, filed November 
                13, 1987).

        4.59    Conformed copy of Series 54 Supplemental Indenture, dated as 
                of October 1, 1987, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199) for the period ended September 30, 1987, filed November 
                13, 1987).

        4.60    Amended and Restated Indenture between Ryland Acceptance 
                Corporation Four and Sovran Bank, N.A., as trustee, dated as 
                of July 1, 1987 (incorporated herein by reference to Exhibit   
                to Report on Form 10-K (File No. 0-13199) for the year ended 
                December 31, 1987, filed March 30, 1988).

        4.61    Conformed copy of Series 55 Supplemental Indenture, dated as 
                of December 1, 1987 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the year ended December 31, 1987, filed March 30, 
                1988).

        4.62    Conformed copy of Series 56 Supplemental Indenture, dated as 
                of December 1, 1987 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the year ended December 31, 1987, filed March 30, 
                1988).

        4.63    Conformed copy of Series 57 Supplemental Indenture, dated as 
                of December 4, 1987 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the year ended December 31, 1987, filed March 30, 
                1988).

        4.64    Conformed copy of Series 58 Supplemental Indenture, dated as 
                of December 1, 1987 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the year ended December 31, 1987, filed March 30, 
                1988).

        4.65    (Reserved)

        4.66    Conformed copy of Series 60 Supplemental Indenture, dated as 
                of December 1, 1987 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Report on Form 10-K (File No. 0-
                13199) for the year ended December 31, 1987, filed March 30, 
                1988).

        4.67    Conformed copy of Series 61 Supplemental Indenture, dated as 
                of February 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement (File No. 
                33-21612), filed April 29, 1988).



<PAGE>        
        4.68    Conformed copy of Series 62 Supplemental Indenture, dated as 
                of February 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement (File No. 
                33-21612), filed April 29, 1988).

        4.69    Conformed copy of Series 63 Supplemental Indenture, dated as   
                of March 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement (File No. 
                33-21612), filed April 29, 1988).

        4.70    Conformed copy of Series 64 Supplemental Indenture, dated as 
                of March 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement (File No. 
                33-21612), filed April 29, 1988).

        4.71    (Reserved)

        4.72    (Reserved)

        4.73    Conformed copy of Series 67 Supplemental Indenture, dated as 
                of April 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement (File No. 
                33-21612), filed April 29, 1988).

        4.74    Conformed copy of Supplemental Indenture, dated as of March 1, 
                1988 for Series 11, 13, 14, 16, 17, 18, 19, 20, 21, 22, 23, 
                24, 26, 27, 28, 29, 30, 31, 34, 36, 41, 43, 45, 49 and 51 to 
                Indenture between the Registrant and Sovran Bank, N.A., dated 
                February 1, 1985 (incorporated herein by reference to Exhibit 
                to Report on Form 10-Q (File No. 0-13199) for the period ended 
                March 31, 1988, filed May 16, 1988).

        4.75    Conformed copy of Supplemental Indenture, dated as of March 1, 
                1988 to Indenture between the Registrant and Sovran Bank, 
                N.A., dated February 1, 1985 (incorporated herein by reference 
                to Exhibit to Report on Form 10-Q (File No. 0-13199) for the 
                period ended March 31, 1988, filed May 16, 1988).

        4.76    Conformed copy of Series 68 Supplemental Indenture, dated as 
                of April 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Registration Statement (File No. 
                33-22561), filed June 16, 1988).

        4.77    Conformed copy of Series 69 Supplemental Indenture, dated as 
                of May 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Registration Statement (File No. 33-
                22561), filed June 16, 1988).












<PAGE>
        4.78    Conformed copy of Series 70 Supplemental Indenture, dated as 
                of May 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Registration Statement (File No. 33-
                22561), filed June 16, 1988).

        4.79    Conformed copy of Series 71 Supplemental Indenture, dated as 
                of May 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Registration Statement (File No. 33-
                22561), filed June 16, 1988).

        4.80    Conformed copy of Series 72 Supplemental Indenture, dated as 
                of June 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Registration Statement (File No. 33- 
                23346), filed July 27, 1988).

        4.81    Conformed copy of Series 73 Supplemental Indenture, dated as 
                of June 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Registration Statement (File No. 33- 
                23346), filed July 27, 1988).

        4.82    Conformed copy of Series 74 Supplemental Indenture, dated as 
                of June 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Registration Statement (File No. 33-
                23346), filed July 27, 1988).

        4.83    Conformed copy of Series 75 Supplemental Indenture, dated as 
                of July 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199), for the period ended June 30, 1988 filed August 15,  
                1988).

        4.84    Conformed copy of Series 76 Supplemental Indenture, dated as 
                of July 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199), for the period ended June 30, 1988 filed August 15, 
                1988).

        4.85    Conformed copy of Series 77 Supplemental Indenture, dated as 
                of July 1, 1988 to Indenture between the Registrant and Sovran 
                Bank, N.A., dated February 1, 1985 (incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-
                13199), for the period ended June 30, 1988 filed August 15, 
                1988).

        4.86    Conformed copy of Series 78 Supplemental Indenture, dated as 
                of August 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K, (File 
                No. 0-13199) dated July 28, 1988 filed September 8, 1988).









<PAGE>
        4.87    Conformed copy of Series 79 Supplemental Indenture, dated as 
                of July 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K, (File 
                No. 0-13199) dated July 28, 1988 filed September 24, 1988).

        4.88    Conformed copy of Series 80 Supplemental Indenture, dated as 
                of September 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K, (File 
                No. 0-13199) dated September 29, 1988 filed October 8, 1988).

        4.89    Conformed copy of Series 81 Supplemental Indenture, dated as  
                of August 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K, (File 
                No. 0-13199) dated July 28, 1988 filed September 8, 1988).

        4.90    Conformed copy of Series 82 Supplemental Indenture, dated as 
                of August 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K, (File 
                No. 0-13199) dated July 28, 1988 filed September 8, 1988).

        4.91    Conformed copy of Series 83 Supplemental Indenture, dated as 
                of September 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K, (File 
                No. 0-13199) dated September 29, 1988 filed October 8, 1988).

        4.92    Conformed copy of Series 84 Supplemental Indenture, dated as 
                of September 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K, (File 
                No. 0-13199) dated September 29, 1988 filed October 8, 1988).
        
        4.93    Conformed copy of Series 85 Supplemental Indenture, dated as 
                of October 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to the Registration Statement No. 33-
                26428 filed January 9, 1989).

       4.94     Conformed copy of Series 86 Supplemental Indenture, dated as 
                of December 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to the Registration Statement No. 33-
                26428 filed January 9, 1989).

        4.95    Conformed copy of Series 87 Supplemental Indenture, dated as 
                of December 1, 1988 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to the Registration Statement No. 33-
                26428 filed January 9, 1989).












<PAGE>
        4.96    Conformed copy of Series 88 Supplemental Indenture, dated as 
                of December 1, 1988, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to the Registration Statement No. 33-
                26428 filed January 9, 1989).

        4.97    Conformed copy of Series 89 Supplemental Indenture, dated as 
                of January 1, 1989 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated January 26, 1989, filed February 10, 1989).

        4.98    Conformed copy of Series 90 Supplemental Indenture, dated as 
                of January 1, 1989 to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated January 26, 1989, filed February 10, 1989).

        4.99    Conformed copy of Series 91 Supplemental Indenture, dated as 
                of February 1, 1989, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated February 28, 1989, filed March 13, 1989).

       4.100    Conformed copy of Series 92 Supplemental Indenture, dated as 
                of April 1, 1989, to Indenture between the Registrant and 
                Sovran Bank, N.A., date February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated June 29, 1989, filed July 13, 1989).

       4.101    Conformed copy of Series 93 Supplemental Indenture, dated as 
                of June 1, 1989, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated June 29, 1989, filed July 13, 1989).

       4.102    Conformed copy of Series 94 Supplemental Indenture, dated as 
                of June 1, 1990, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated June 29, 1989, filed July 12, 1990).

       4.103    Conformed copy of Series 95 Supplemental Indenture, dated as 
                of January 1, 1991, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated January 30, 1991, filed February 12, 1991).

       4.104    Conformed copy of Series 96 Supplemental Indenture, dated as 
                of January 1, 1991, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated February 1, 1985 (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199) dated January 30, 1991, filed February 12, 1991).












<PAGE>
       4.105    Conformed copy of Series 97 Supplemental Indenture, dated as    
                of April 30, 1991, to Indenture between the Registrant and 
                Sovran Bank, N.A., dated April 1, 1991, (incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199), filed May 9, 1991).

       4.106    Form of Indenture between Registrant and NationsBank of 
                Virginia, N.A., as Trustee (Incorporated herein by reference 
                of Exhibit to Issuer's Post-Effective Amendment No. 1 to 
                Registration Statement on Form S-11 (No. 33-39357), filed June 
                3, 1993).

       4.107    Form of Indenture between Registrant and Texas Commerce Bank 
                National Association, as Trustee (Incorporated herein by 
                reference to Exhibit to Issuer's Post-Effective Amendment No. 
                1 to Registration Statement on Form S-11 (No. 33-39357), filed 
                June 3, 1993).

       4.108    Conformed Copy of Series 98 Supplemental Indenture between the 
                Registrant and NationsBank of Virginia, N.A., as Trustee, 
                dated as of September 1, 1993, to Indenture between the 
                Registrant and Sovran Bank, N.A., as Trustee, as Amended and 
                Restated as of July 1, 1987 (Incorporated herein by reference 
                to Exhibit to Current Report on Form 8-K (File No. 0-13199) 
                dated September 30, 1993, filed October 12, 1993).

       4.109    Conformed Copy of Series 99 Supplemental Indenture between the 
                Registrant and NationsBank of Virginia, N.A., dated as of 
                October 1, 1993, to Indenture between the Registrant and 
                Sovran Bank, N.A., as Trustee, as Amended and Restated as of 
                July 1, 1987 (Incorporated herein by reference to Exhibit to 
                Current Report on Form 8-K (File No. 0-13199), filed November 
                12, 1993).

       4.110    Conformed Copy of Series 98 Series Second Supplement to 
                Indenture, dated as of July 1, 1994, between the Registrant 
                and NationsBank of Virginia, N.A., as Trustee (Incorporated 
                herein by reference to Exhibit to Current Report on Form 8-K 
                (File No. 0-13199), dated June 1, 1994, filed April 19, 1995).

       4.111    Conformed Copy of Series 98 Series Third Supplement to 
                Indenture, dated as of August 1, 1994, between Registrant and 
                NationsBank of Virginia, N.A., as Trustee (Incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199), dated June 1, 1994, filed April 19, 1995).

       4.112    Conformed Copy of Series 99 Series Second Supplement to 
                Indenture, dated as of July 1, 1994, between Registrant and 
                NationsBank of Virginia, N.A., as Trustee (Incorporated herein 
                by reference to Exhibit to Current Report on Form 8-K (File 
                No. 0-13199), dated June 1, 1994, filed April 19, 1995).

        21.1    Subsidiaries of the Registrant:

                C. C. Holding Company was incorporated in Virginia on 
                March 29, 1988 to acquire and hold mortgage collateral subject 
                to the bond liability.

                Brock Acceptance Corporation was incorporated in Delaware on 
                December 20, 1984 to acquire and hold mortgage collateral 
                subject to the bond liability.

        24.1    Consent of Ernst & Young LLP, Independent Auditors.

        25.1    Power of Attorney of Directors of registrant.
<PAGE>
        27.1    Financial Data Schedule (electronic filing only)
    
        99.1    Form of Guaranty Agreement with respect to Single-Family  
                (level payment) Mortgage-Backed Certificates between Servicer 
                and Government National Mortgage Association (Incorporated 
                herein by reference to Exhibit to Registration Statement No. 
                2-95839, filed February 13, 1985).

        99.2    Form of Guaranty Agreement with respect to Graduated Payment 
                Mortgage-Backed Certificates between Servicer and Government 
                National Mortgage Association (Incorporated herein by 
                reference to Exhibit to Registration Statement No. 2-95839, 
                filed February 13, 1985).

        99.3    Form of Mortgage Participation Certificate Agreement Series 
                700 (March, 1983) (Incorporated herein by reference to Exhibit 
                to Registration Statement No. 2-95839, filed February 13, 
                1985).

        99.4    Federal National Mortgage Association Trust Indenture 
                (Incorporated herein by reference to Exhibit to Registration 
                Statement No. 2-95839, filed February 13, 1985).

        99.5    Form of Funding Agreement (Incorporated herein by reference to 
                Exhibit to Amendment No. 1 to Registration Statement No. 2-
                95839, filed March 13, 1985) and Funding Note (Incorporated 
                herein by reference to Exhibit to Report on Form 10-Q) (File 
                No. 0-13199) for period ended June 30, 1985, filed August 12, 
                1985).

        99.6    Form of Servicing Agreement and Standard Provisions 
                (Incorporated herein by reference to Exhibit to Report on Form 
                10-Q (File No. 0-13199) for period ended June 30, 1985, filed 
                August 12, 1985).

        99.7    Form of Master Servicing Agreement (Incorporated herein by 
                reference to Exhibit to Registrant's Registration Statement 
                No. 33-18860, filed December 3, 1987).

        99.8    Form of Standard Terms to Master Servicing Agreement 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Registration Statement No. 33-18860, filed December 3, 1987).

        99.9    Form of Performance Bond (Incorporated herein by reference to 
                Exhibit to Report on Form 10-Q (File No. 0-13199) for period 
                ended June 30, 1985, filed August 12, 1985).

        99.10   Form of Prospectus Supplement for Current Interest Bonds 
                (Incorporated herein by reference to Exhibit to Registration 
                Statement No. 33-2757, filed January 16, 1986).

        99.11   Form of Prospectus Supplement for Capital Appreciation Bonds 
                (Incorporated herein by reference to Exhibit to Registration 
                Statement No. 33-2757, filed January 16, 1986).











<PAGE>
       99.12    Form of Primary Mortgage Insurance Policy (Incorporated herein 
                by reference to Exhibit to Registration Statement No. 2-95839, 
                filed February 13, 1985).

       99.13    Form of Full Coverage Insurance Policy (Incorporated herein by 
                reference to Exhibit to Registration Statement No. 2-95839, 
                filed February 13, 1985).

       99.14    Form of FHA Mortgage Insurance Certificate (Incorporated 
                herein by reference to Exhibit to Registration Statement No. 
                2-95839, filed February 13, 1985).

       99.15    Form of VA Loan Guaranty (Incorporated herein by reference to 
                Exhibit to Registration Statement No. 2-95839, filed February 
                13, 1985).

       99.16    Form of Pool Insurance Policy (Incorporated herein by     
                reference to Exhibit to Report on Form 10-Q (File No. 0-13199) 
                for period ended June 30, 1985, filed August 12, 1985).

       99.17    Form of Standard Hazard Insurance Policy (Incorporated herein 
                by reference to Exhibit to Registration Statement No. 2-95839, 
                filed February 13, 1985).

       99.18    Form of Special Hazard Insurance Policy (Incorporated herein 
                by reference to Exhibit to Registrant's Report on Form 10-Q 
                (File No. 0-13199) for period ended June 30, 1986, filed 
                August 12, 1986).

       99.19    Form of Mortgagor Bankruptcy Bond (Incorporated herein by 
                reference to Exhibit to Report on Form 10-Q (File No. 0-13199) 
                for period ended June 30, 1985, filed August 12, 1985).

       99.20    Form of Surety Bond (Incorporated herein by reference to 
                Exhibit to Registration Statement No. 33-2757, filed January 
                16, 1986).

       99.21    Form of Escrow Agreement for Incomplete Mortgage Loan Files    
                (Incorporated herein by reference to Exhibit to Registration 
                Statement No. 33-1919, filed September 30, 1986).

       99.22    Form of Escrow Agreement for Missing Mortgage Certificates 
                (Incorporated herein by reference to Exhibit to Registration 
                Statement No. 33-1919, filed September 30, 1986).

       99.23    First Supplement to Standard Provisions to Servicing Agreement 
                (Incorporated herein by reference to Exhibit to Report on Form  
                10-Q (File No. 0-13199) for period ended September 30, 1985, 
                filed November 12, 1985).

       99.24    Second Supplement to Standard Provisions to Servicing 
                Agreement (Incorporated herein by reference to Exhibit to 
                Registration Statement No. 33-2757, filed January 16, 1986).

       99.25    Standard Provisions to Servicing Agreement, January, 1986 
                Edition (Incorporated herein by reference to Exhibit to 
                Registrant's Annual Report on Form 10-K (File No. 0-13199) for 
                the period ended December 31, 1985, filed March 31, 1986).

       99.26    First Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated February 1, 1986 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Annual Report on Form 10-K (File No. 0-13199) for the period 
                ended December 31, 1985, filed March 31, 1986).

<PAGE>
       99.27    Form of Prospectus Supplement for sale of single class Bonds 
                with Redemption Fund (Incorporated herein by reference to 
                Exhibit to Registration Statement No. 33-4691, filed April 9, 
                1986).

       99.28    Second Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated April 1, 1986 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Report on Form 10-Q (File No. 0-13199) for period ended March 
                31, 1986, filed May 15, 1986).

       99.29    Third Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated June 1, 1986 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Report on Form 10-Q (File No. 0-13199) for the period ended 
                June 30, 1986, filed August 12, 1986).

       99.30    Fourth Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated September 1, 1986 
                (Incorporated herein by reference to Exhibit to Registration 
                Statement No. 33-9191, filed September 30, 1986).

       99.31    Fifth Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated February 1, 1987 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Registration Statement No. 33-18098, filed October 23, 1987).

       99.32    Sixth Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated March 1, 1987 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Registration Statement No. 33-18098, filed October 23, 1987).

       99.33    Seventh Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated July 1, 1987 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Registration Statement No. 33-18098, filed October 23, 1987).

       99.34    Eighth Supplement to Standard Provisions to Servicing 
                Agreement, January 1986 Edition, dated September 1, 1987 
                (Incorporated herein by reference to Exhibit to Registrant's 
                Registration Statement No. 33-18098, filed October 23, 1987).

       99.35    First Supplement to Standard Terms to Master Servicing 
                Agreement, dated October 1, 1987 (Incorporated herein by 
                reference to Exhibit to Registrant's Registration Statement 
                No. 33-18860, filed December 3, 1987).

       99.36    Selected Provisions of the RAC Mortgage Investment Corporation 
                Seller/Servicer Guide (Incorporated herein by reference to 
                Exhibit to Registrant's Report on Form 8-K (File No. 0-13199) 
                dated and filed July 6, 1988).

       99.37    Form of Master Servicing Agreement among the Registrant, RAC 
                Mortgage Investment Corporation, and Ryland Mortgage Company 
                and Form of Standard Terms thereto (Incorporated herein by 
                reference to Exhibit to Registrant's Report on Form 8-K (File 
                No. 0-13199) dated and filed July 6, 1988).

       99.38    Form of Primary Mortgage Insurance Policy issued by PMI 
                Mortgage Insurance Company (Incorporated herein by reference 
                to Exhibit to Registrant's Registration Statement No. 33-
                39357, filed March 1, 1991).



<PAGE>
       99.39    Form of Primary Mortgage Insurance Company Policy issued by 
                General Electric Mortgage Insurance Company (Incorporated 
                herein by reference to Exhibit to Registrant's Registration 
                Statement No. 33-39357, filed March 1, 1991).

       99.40    Form of Primary Mortgage Insurance Policy issued by United 
                Guaranty Residential Insurance Company (Incorporated herein by 
                reference to Exhibit to Registrant's Registration Statement 
                No. 33-39357, filed March 1, 1991).

       99.41    Form of Pool Insurance Policy issued by PMI Mortgage Insurance 
                Company (Incorporated herein by reference to Exhibit to 
                Registrant's Registration Statement No. 33-39357, filed March 
                1, 1991).

       99.42    Form of Pool Insurance Policy issued by General Electric 
                Mortgage Insurance Company (Incorporated herein by reference 
                to Exhibit to Registrant's Registration Statement No. 33-
                39357, filed March 1, 1991).

       99.43    Form of Pool Insurance Policy issued by United Guaranty 
                Residential Insurance Company (Incorporated herein by 
                reference to Exhibit to Registrant's Registration Statement 
                No. 33-39357, filed March 1, 1991).

       99.44    Standard Provisions to Servicing Agreement (February 1989 
                Edition) (Incorporated herein by reference to Exhibit to 
                Ryland Mortgage Securities Corporation's Registration 
                Statement on Form S-11 (No. 33-27345).

       99.45    Standard Provisions of the Saxon Mortgage Funding Corporation 
                Seller/Servicer Guide (December 1992 Edition) (Incorporated 
                herein by reference to Exhibit to Saxon Mortgage Securities 
                Corporation's Registration Statement on Form S-11 (No. 33-
                57204).

       (b)      Reports on Form 8-K:
                None



























<PAGE>
SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

        
RYLAND ACCEPTANCE CORPORATION FOUR


                              By:   /s/ Michael C. Brown    
                                    ------------------------------------
                                    Michael C. Brown, Director

                                    Dated:  March 30, 1996


Pursuant to the requirements of the Securities Exchange Act of 1934, this 
report has been signed below by the following persons on behalf of the 
registrant and in the capacities and on the dates indicated.



                                    /s/ Michael C. Brown
                                    ------------------------------------
                                    Michael C. Brown, 
                                    Director

                                    Dated:  March 30, 1996

                                    /s/ Patricia S. Gloth
                                    ------------------------------------
                                    Patricia S. Gloth,
                                    Vice-President, Financial Operations

                                    Dated:  March 30, 1996


A Majority of the Board of Directors:

                             By:   /s/ Michael C. Brown
                                   ------------------------------------
                                   For Himself Michael C. Brown, and as      
                                   Attorney-in-Fact

                                   Dated:  March 30, 1996

















<PAGE>

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO 
SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OF REGISTRANTS WHICH HAVE 
NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT:




Pursuant to the Registrant's Trust Indenture, the Registrant must furnish all 
Holders of bonds of a series an Annual Report within 120 days of the 
Registrant's year end.  The Annual Report to bondholders for the year ended 
December 31, 1995 will be furnished to the bondholders subsequent to the 
filing of this Annual report on Form 10-K.  The Registrant does not provide 
its security holders with proxy statements or other proxy soliciting material.



















































<PAGE>
INDEX OF EXHIBITS:

                                                                PAGE OF
                                                              SEQUENTIALLY
                                                             NUMBERED PAGES
                     
24.1     Consent of Ernst & Young LLP, Independent Auditors         60
                  
25.1     Power of Attorney of Directors of registrant               61
                  
27.1     Financial Data Schedule                                    62
                  





















































<PAGE>

EXHIBIT 24.1

CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS



We consent to the incorporation by reference in the Registration Statement 
(Form S-3 No. 33-39357) of Ryland Acceptance Corporation Four and in the 
related Prospectus of our report dated February 5, 1996, with respect to the 
consolidated financial statements of Ryland Acceptance Corporation Four 
included in this Annual Report (Form 10-K) for the year ended December 31, 
1995.


                                       /s/ Ernst & Young LLP
                                       ---------------------



Baltimore, Maryland
March 27, 1996











































<PAGE>
EXHIBIT 25.1

RYLAND ACCEPTANCE CORPORATION FOUR

Power of Attorney

KNOW ALL MEN BY THESE PRESENTS that the undersigned directors and officers of 
Ryland Acceptance Corporation Four, a Maryland corporation, constitute and 
appoint Michael C. Brown as the true and lawful agent and attorney-in-fact of 
the undersigned with full power and authority in said agent and attorney-in-
fact to sign for the undersigned in their respective names as directors and 
officers of Ryland Acceptance Corporation Four, the Annual Report on Form 10-K 
of Ryland Acceptance Corporation Four, for the fiscal year ended December 31, 
1995, to be filed with the Securities and Exchange Commission under the 
Securities Exchange Act of 1934.  We hereby confirm all acts taken be such 
agent and attorney-in-fact as herein authorized.


Dated:  March 30, 1996

By:    
      ------------------------------------
Title:    Michael C. Brown, Director