FORM 10-K

               Securities and Exchange Commission
                     Washington, D. C. 20549

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

   For Year Ended                      Commission File Numbers:
 December 31, 1999                        2-97573; 33-12626;
                                             and 33-19023

            NATIONAL MORTGAGE ACCEPTANCE CORPORATION
     (Exact name of registrant as specified in its charter)

      Virginia                                54-1294217
(State or other Jurisdiction               (I.R.S. Employer
 of incorporation)                      Identification number)

                      909 East Main Street
                         P. O. Box 1575
                    Richmond, Virginia  23218
      (Address of principal executive offices)  (Zip Code)

       Registrant's telephone number, including area code:

                         (804) 775-7904

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

                              NONE

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

                              NONE

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

     Yes      X                                   No

       Aggregate   market   value  of  voting   stock   held   by
non-affiliates of the registrant as of March 1, 1999:

                              NONE

      Number of shares of common stock outstanding as of March 1,
1999:

               Class A:            730 shares
               Class B:          1,665 shares
                             PART I

Item 1. Business

      National  Mortgage  Acceptance  Corporation  ("NMAC"),  was
incorporated  under the laws of the Commonwealth of  Virginia  on
October 19, 1984, as a limited purpose finance corporation  under
the name "Thrift Financing Corporation". NMAC adopted its present
name  in 1989. NMAC maintains its principal executive offices  at
909 East Main Street, Richmond, Virginia 23218, and its telephone
number is (804) 775-7904.

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

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

      With  respect to any one or more series of its Bonds,  NMAC
may cause an election to be filed under the Internal Revenue Code
of  1986,  as amended (the "Code"), to have the segregated  asset
pool comprising the trust estate for such series of Bonds treated
as a real estate mortgage investment conduit ("REMIC") as defined
in  the  Code (each such series, a "REMIC Series").  If  a  REMIC
election  is  to be made with respect to the trust estate  for  a
series  of NMAC's Bonds, the Bonds of such REMIC Series  will  be
treated  as  "regular  interests" in a REMIC,  as  such  term  is
defined in the Code. In connection with one or more REMIC Series,
NMAC  expects that it will sell all or substantially all  of  the
"residual interest," as such term is defined in the Code, in such
REMIC  Series  to  entities engaged, directly  or  through  their
owners   or   affiliates,  in  mortgage  funding,  financing   or
origination activities.
      Each  series of NMAC's Bonds is to be secured  by  separate
collateral  that does not serve as security for any other  series
of NMAC's Bonds. The collateral pledged to the trustee securing a
series  of  NMAC's  Bonds  is  projected  to  produce  cash  flow
sufficient,  together  with reinvestment  income  thereon  at  an
assumed annual rate and assuming timely payment to the trustee of
distributions on the Mortgage Collateral for such series, to make
principal  and  interest payments required  to  be  made  on  the
outstanding  Bonds  of  that series. With respect  to  any  REMIC
Series  of  NMAC's  Bonds,  the sale by  NMAC  of  the  "residual
interest"  in  the  trust  estate  for  such  REMIC  Series  will
constitute a sale by NMAC of the economic benefit of the  amounts
remaining  in  the  trust  estate for  such  REMIC  Series  after
payments  of the Bonds of the related REMIC Series. Such  amounts
will  be paid to the purchasers of the residual interest of  such
REMIC  Series, and will not be available to creditors of NMAC  or
available to pay other liabilities or obligations of NMAC.

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

NMSC  was  formed  to purchase or otherwise acquire,  own,  hold,
pledge,  finance, transfer, assign and otherwise deal in or  with
mortgage   assets  (including  mortgage  loans),  mortgage-backed
securities,   asset-backed  securities,  mortgage  collateralized
obligations, other interests in real estate, and any  combination
of  the  foregoing, including, but not limited to,  (1)  mortgage
assets  secured  by  senior or subordinate liens  on  residential
property,  (2)  participation interests in mortgage  assets,  (3)
pass-through,  mortgage-backed certificates as to  which  Federal
National  Mortgage Association guarantees the timely  payment  of
interest  at  the  pass-through rate and the  timely  payment  of
principal, and other securities as dictated in NMSC's Articles of
Incorporation.  NMSC has no salaried employees and  its  officers
and  directors also hold offices in NMAC.  There was no  business
activity in NMSC in 1999.

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

      Information as of December 31, 1999 with respect to  NMAC's
outstanding  Bonds  is  included in  Notes  5  and  6  of  NMAC's
Financial Statements included herein.

Item 2. Properties

     NMAC has no material physical properties.

Item 3. Legal Proceedings

     None.

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

      On  March 29, 2000, a meeting of the Shareholders was  held
and  the  following  persons  were elected  to  NMAC's  Board  of
Directors: John Thomas West, IV, Steve C. DeLaney, John B.  Jung,
Merlin T. Grim and William E. Hardy.

                             PART II

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

      There  is  no market for NMAC common stock. All outstanding
common  stock  of  NMAC  is  owned by  S&S  and  by  the  service
corporation subsidiaries of what were originally nine savings and
loan  associations  and savings banks. As of December  31,  1999,
four  of the nine savings and loan associations and savings banks
are  believed  to  be  under the management  of  federal  banking
regulators. There has been no transfer of common stock  ownership
and  no dividends were paid with respect to NMAC common stock  in
1998 or 1999.

Item 6. Selected Financial Data

      The  following  data are for the years ended  December  31,
1999, 1998, 1997, 1996, and 1995.

                              Year Ended December 31,
                     1999     1998      1997     1996      1995
Statement of
Operations Data
Revenues  $1,107,885 $1,411,916 $1,742,471  $2,164,745 $3,339,636
Net Income (Loss)(1,502)  3,641      6,473      (3,210)    12,404
Earnings (Loss)   (0.63)   1.52       2.70       (1.34)      5.18
Per Share
Balance Sheet
Total Assets $9,236,904 $12,057,732 $14,998,274 $18,617,696 $23,533,660

Receivables   8,484,012  11,104,810  13,894,203  17,328,606  21,242,798
Pursuant to
Funding Agreements
Bonds Payable*8,484,012  11,104,810  13,894,203  17,328,606  21,242,798


*Does not include Series B and Series D Bonds which are REMIC
Series of NMAC's Bonds. As of December 31, 1999, the outstanding
Series D aggregated $16,382,737.  Series B was retired during
1996. See part II, Item 7, of this Report on Form 10-K.

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

     NMAC  was organized to facilitate the financing of long-term
mortgage  loans  through issuance of its mortgage  collateralized
obligations. Such financing is facilitated by NMAC entering  into
funding   agreements   secured  by   Mortgage   Collateral   with
participating   borrowers  and/or  by  NMAC  acquiring   Mortgage
Collateral  and  pledging  the  mortgage  collateralized  funding
agreements,   directly  owned  Mortgage   Collateral   and/or   a
combination thereof to secure its Bonds. NMAC does not have,  and
is not expected to have, any significant assets other than assets
pledged to secure a specific series of its Bonds. Furthermore, to
the  extent NMAC sells the "residual interest"  in a REMIC Series
of  its  Bonds,  NMAC will have sold, and will  have  no  further
interest  in, the economic benefit of the difference between  the
payments received on the collateral (i.e., trust estate) for such
REMIC  Series  of  its  Bonds,  including  reinvestment  earnings
thereon, and the debt service on such REMIC Series of its Bonds.
     Revenues  for  1999,  1998, 1997,  1996,  and  1995  consist
primarily  of  (i)  interest on loans  receivable  under  funding
agreements  between  NMAC  and participating  borrowers  for  the
registrant's  Series 1985-A Bonds, and Series C Bonds,  and  (ii)
administrative fees paid to NMAC with respect to its  outstanding
Series  1985-A,  B, C, and D Bonds. The Series B  Bonds  and  the
Series  C  Bonds  were  retired in 1996 and  1995,  respectively.
Future  revenues  are  expected  to  be  provided  from  interest
payments  on funding agreements for the Series 1985-A Bonds,  and
from administrative fees relating to REMIC Series of NMAC's Bonds
(Series D).

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

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

     Interest  on NMAC's outstanding Series 1985-A and  Series  C
Bonds  was  the major source of cost and expenses for  the  years
ending  December 31, 1999, 1998, 1997, and 1996.   The  Series  C
Bonds were retired in 1995.  Cash flow from payments of the loans
receivable  securing the Series 1985-A Bonds  is  anticipated  to
continue to provide cash sufficient to make all required payments
on  the  Series  1985-A  Bonds. Similarly,  cash  flow  from  the
Mortgage  Collateral for NMAC's Series D Bonds is anticipated  to
continue  to  provide cash sufficient to make  required  payments
thereon.  Consequently, NMAC anticipates that  it  will  have  no
additional  cash  requirements  with  respect  to  any   of   its
outstanding Bonds. Future net income of NMAC is expected to  vary
in  direct relation to the issuance of one or more series of  its
Bonds in a given year.

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

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

    NMAC has established a Series 1985-A Working Capital Reserve,
which  reserve is funded by Series 1985-A participating borrowers
from  amounts otherwise distributable to them under the terms  of
their  funding  agreements. The  Series  1985-A  Working  Capital
Reserve  is  available  solely to pay any fees,  charges,  taxes,
assessments,  impositions or other expenses of NMAC,  other  than
Bond  administration  expenses of NMAC, in  connection  with  the
Series  1985-A  Bonds  or  related funding  agreements.  NMAC  is
empowered,  in its sole discretion, to expend amounts  on  behalf
of,  and  release  amounts  to, the Series  1985-A  participating
borrowers  from this working capital reserve. The  Series  1985-A
Working Capital Reserve is not available to pay expenses of  NMAC
or  claims other than with respect to the Series 1985-A Bonds, is
not  pledged  to secure the Series 1985-A Bonds and will  not  be
pledged to secure any other series of NMAC's Bonds. NMAC does not
anticipate establishing working capital reserves with respect  to
future series of its Bonds.  The remaining amounts in the working
capital  reserve  were  paid  to  its  respective  Series  1985-A
participating borrowers in the 4th quarter 1999.

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

     As  of  December 31, 1999, NMAC's consolidated  assets  were
$9,236,904,   including   $170,953  in  unrestricted   cash   and
marketable securities. This balance, plus interest earnings  from
the  investment  thereof,  is  available  to  pay  NMAC's  annual
operating expenses, and, if and to the extent necessary,  amounts
in connection with the outstanding Bonds of NMAC.

    Year 2000 Issue

     NMAC did not encounter computer or system problems from  the
transition into the Year 2000.  The anticipated Year 2000 problem
was  publicized as the possible failure or malfunction of systems
or  computer  chips  that  improperly recognized  date  sensitive
information when the year changes to 2000.  NMAC is not aware  of
Year 2000 problems encountered by major customers, suppliers,  or
hardware and software vendors.


    Market Risk Disclosure

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

     Principal  value of the collateral plus cash and investments
in the various debt service funds for the Series 1985-A aggregate
approximately  $9,310,253  and  $13,656,128  compared  the  bonds
payable of $8,484,012 and $11,104,810.

Item 8.  Financial Statements and Supplementary Data

    The response to this item is submitted in Appendix A.

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

    None.
                            PART III


Item 10.  Directors and Executive Officers of the Registrant

     The  persons set forth below are the directors and executive
officers of NMAC as of December 31, 1998:
                     Current
     Name              Age              Title

John Thomas West, IV    53        President, Chairman of the
					    Board and Director
William E. Hardy        42        Vice President
Merlin T. Grim          44        Director
Randall B. Saufley      38        Secretary and Treasurer
John W. Wright          50        Director and Vice President

     John Thomas West, IV, 53, Executive Vice President, Head  of
Fixed-Income BB&T Capital Markets, a division of S&S.

     William  E.  Hardy, 42, Senior Vice President  and  managing
Director in the Structured Finance Group of S&S.

    Merlin T. Grim, 44, Senior Vice President, Treasurer and Risk
Management Officer of S&S.

    Randall B. Saufley, 38, Senior Vice President & Controller of
S&S.
     Steven C. DeLaney, 45, Executive Vice President and Director
of Capital Markets of S&S.

     John  W.  Wright,  50, Senior Vice President,  Head  of  the
Structured Finance Group of S&S.

    All of the foregoing directors, except for John W. Wright, of
NMAC,  were  reelected at the annual meeting of the  shareholders
and  officers at the Board of Directors meeting, held as of March
29,  2000  to serve until their successors are elected and  shall
qualify.  John W. Wright resigned in 2000.

Item 11.  Executive Compensation

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

Item 12.  Security Ownership of Certain Beneficial Owners and
Management

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

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

                        Class of Stock,
                           Amount of          Name and Address
 Name and Address     Beneficial Ownership     of Affiliated
of Beneficial Owner and Percent of Class(1) Financial Institutio
n(1)
                    Class A % Class B  %
Craigie Incorporated  370  50.5   333  20.0    --
Richmond, Virginia
Colonial Service Corp. 40  5.5    148  8.9     Atlantic Permanent
Norfolk, Virginia                              Federal Savings
Bank,
                                               F.S.B.
                                               Norfolk, Virginia
                                               (See Note (2))
Jefferson Funding      40  5.5    148  8.9     Jefferson Savings
and
Corporation                                    Loan Association
Warrenton, Virginia                            Warrenton,
Virginia
                                               (See Note (4))
Investors Service Corporation      40  5.5     148     8.9
Investors Savings Bank
Richmond, Virginia                             Richmond, Virginia
                                               (See Note (2))
Pioneer Financial Services, Inc.   40  5.5     148     8.9
Pioneer Federal
Richmond, Virginia                             Savings and Loan
                                               Association
                                               Hopewell, Virginia
Roanoke Valley Service 40  5.5    148  8.9     CorEast Federal
Corporation                                    Savings Bank,
F.S.B.
Roanoke, Virginia                              Roanoke, Virginia
                                               (See Note (2))
Security Financial Service  40    5.5  148     8.9     Security
Federal
Corporation                                    Savings and Loan
Richmond, Virginia                             Association
                                               Richmond,Virginia
                                               (See Note (2))
Southern Service Corporation 40   5.5   148    8.9     Virginia
Federal
Richmond, Virginia                             Savings and Loan
                                               Association
                                               Richmond, Virginia
                                               (See Note (3))
                        Class of Stock,
                           Amount of          Name and Address
 Name and Address     Beneficial Ownership     of Affiliated
of Beneficial Owner and Percent of Class(1) Financial Institutio
n(1)

                    Class A % Class B  %

Southside Service Corporation
		    40    5.5    148     8.9    Virginia First
						Petersburg, Virginia                          Savings Bank,
F.S.B.
                                               Petersburg,
Virginia

Branch Bank & Trust     40   5.5  148   8.9    Branch Bank &
Trust
Company of Virginia                            Company of
Virginia
Norfolk, Virginia                              Norfolk, Virginia
_______________
NOTES:

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

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

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

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


Item 13.  Certain Relationships and Related Transactions

     During  the  year  ended December 31,  1999,  NMAC  incurred
general  and  administrative  expenses  in  connection  with  the
management   agreements  described  in  Item   1   with   Craigie
Incorporated amounting to approximately $10,700.  Directors  John
Thomas  West, IV, Steven C. DeLaney, William E. Harley,  John  B.
Jung, Jr. and Merlin T. Grim of NMAC are officers of S&S.
                             PART IV

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

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

              (3)  See Exhibit Index immediately preceding
Exhibits.

         (b) No reports on Form 8-K were filed during the last
         quarter of the fiscal year ended December 31, 1998.

    (c)  See Exhibits and Exhibit Index.


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

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

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

                                   NATIONAL MORTGAGE ACCEPTANCE
                                        CORPORATION


                                   By:
						_____________________________
                                     John Thomas West, IV,
						Chairman of the Board of
						Directors

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

Date:

March          29,          2000                              By:
						_____________________________
                                   John Thomas West, IV
                                      President, Chairman of  the
						Board and Director



March          29,          2000                              By:
						_____________________________
                                   William E. Hardy
                                      Vice President and Director


March          29,          2000                              By:
						_____________________________
                                   Merlin T. Grim, Director


March          29,          2000                              By:
						_____________________________
                                   Randall B. Saufley
                                   Secretary and Treasurer


March          29,          2000                              By:
						_____________________________
                                   Steven C. DeLaney, Director



                           APPENDIX A


Item 15(a) (1) and (2)

(a)  The following documents are filed as part of this report:

     (1)  Financial Statements:

          Report of Arthur Andersen LLP, Independent Auditors

          Balance Sheets at December 31, 1999 and 1998

               Statements of Operations and Retained Earnings for
          the years ended December 31, 1999, 1998 and 1997

                Statements  of  Cash Flows for  the  years  ended
          December 31, 1999, 1998 and 1997.

          Notes to Financial Statements

     All schedules are omitted because they are not applicable or
the required information is shown in the financial statements  or
the notes thereto.








National Mortgage Acceptance Corporation and Subsidiary

     Consolidated Financial Statements as of December 31,
     1999, 1998 and 1997
     Together with Report of Independent Public Accountants








Report of Independent Public Accountants


To National Mortgage Acceptance Corporation:
We have audited the accompanying consolidated balance sheets of
National Mortgage Acceptance Corporation and Subsidiary (the
Company) as of December 31, 1999 and 1998, and the related
statements of operations and retained earnings and cash flows for
each of the three years in the period ended December 31, 1999.
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 National Mortgage Acceptance Corporation
and Subsidiary as of December 31, 1999 and 1998, and the results
of their operations and their cash flows for each of the three
years in the period ended December 31, 1999, in conformity with
generally accepted accounting principles.



Charlotte, North Carolina,
 March 24, 2000.
     National Mortgage Acceptance Corporation and Subsidiary
  Consolidated Balance Sheets as of December 31, 1999 and 1998








                    Assets                       1999      1998
Cash                                             $        $
                                                19,308   11,289
Trading securities, at fair value               151,645  240,885
Restricted cash and investments - Series 1985-A
working capital reserve, at fair value (Note    0        59,046
4)
Loans receivable from affiliates, estimated fair
value of $8,840,659 in 1999 and $12,243,053
in							  8,484,012 11,104,810

1998 (Note 3Accrued interest receivable from affiliates
							      477,226  624,646
Other assets                                     104,713  17,056
                                         $9,236,904  $12,057,732

     Liabilities and Shareholders' Equity Liabilities:

Bonds payable, estimated fair value of
$8,840,659 in 1999 and $12,243,053 in 1998 $8,484,012 $11,104,810
(Note 5)
Accrued interest payable (Note 5)            477,226    624,646
Other liabilities, principally to affiliates  38,714     89,603
(Note 3)
Total liabilities                          8,999,952 11,819,278

Shareholders' equity:
Common stock; $1 par value-
Class A (without right to dividend) - Authorized
7,500 shares, issued and outstanding 730          730      730
shares
Class B (nonvoting) - Authorized 7,500 shares,
issued and outstanding 1,665 shares              1,665    1,665
Paid-in capital                                182,565  182,565
Retained earnings                               51,992   53,494
Total shareholders' equity                     236,952  238,454
                                         $9,236,904 $12,057,732

     National Mortgage Acceptance Corporation and Subsidiary
   Consolidated Statements of Operations and Retained Earnings
      For the Years Ended December 31, 1999, 1998 and 1997











                                          1999     1998    1997
Revenues:
Interest income on loans to affiliates
					  $1,032,062  $1,328,456 $1,656,833

Other interest income                     11,472   17,987  12,172
Management fees from affiliates           60,913   62,840  66,185
Net trading securities gains               3,438    2,633   7,281
Total revenues                   1,107,885   1,411,985  1,742,471

Expenses:
Interest on bonds                1,032,062  1 ,328,462  1,656,833

Management fees                           60,913   62,840  66,185
Other                                     16,782   16,069  12,575
Total expenses                   1,109,757  1,407,357   1,735,593

(Loss) income before income taxes        (1,872)    4,551   6,878
Income tax expense (benefit)               (370)      910     405
Net (loss) income                        (1,502)    3,641   6,473
Retained earnings, beginning of year      53,494   49,853  43,380
Retained earnings, end of year                  $        $       $
                                          51,992   53,494  49,853
(Loss) income per share - Basic and       $       $        $
diluted                                  (0.63)  1.52     2.70
     National Mortgage Acceptance Corporation and Subsidiary
              Consolidated Statements of Cash Flows
      For the Years Ended December 31, 1999, 1998 and 1997





                                         1999     1998     1997
Cash flows for operating activities:
Net (loss) income                       $        $        $
                                       (1,502)  3,641    6,473
Adjustments to reconcile net (loss)
income to net cash provided by (used
in) operating activities-
Decrease (increase) in trading          89,240   4,679    (8,853)
securities
Decrease (increase) in restricted cash
and investments - Working capital      59,046   (2,589)  (2,792)
reserve
Decrease in accrued interest receivable
from affiliates                        147,420  156,903  193,185
(Increase) decrease in other assets    (87,657)   2,190    1,505

Decrease in accrued interest payable
					    (147,420)  (156,903)  (193,185)

Increase (decrease) in other
liabilities, principally to affiliates
					     (51,108)     2,299      1,288

Net cash provided by (used in) operating
activities                              8,019    10,034   (1,974)
Cash flows provided by investing
activities - Payments received on
					    2,620,798 2,789,393  3,434,403
loans to affiliates
Cash flows used in financing activities
- Payments on bonds payable     (2,620,798)(2,789,393)(3,434,403)

Net increase (decrease) in cash         8,019    10,034   (1,974)
Cash, beginning of year                11,289     1,255    3,229
Cash, end of year                     $19,308   $11,289 $  1,255

Supplemental disclosures of cash flow
information:
Cash paid during the year for interest
					  $1,179,482 $1,485,359 $1,850,018

Cash paid for income taxes              0        1,096    0

            National Mortgage Acceptance Corporation
           Notes to Consolidated Financial Statements
                   December 31, 1999 and 1998


1.  Organization:
National Mortgage Acceptance Corporation (NMAC or the Company),
formerly Thrift Financing Corporation, is a limited purpose
finance subsidiary of Scott & Stringfellow, Inc. (Scott &
Stringfellow) which owns 51% of the Class A common stock and 20%
of the Class B common stock.  The remaining Class A and Class B
common stock is owned primarily by subsidiaries of institutions
involved in the financial services industry.  NMAC was organized
on October 19, 1984, for the purpose of providing access to
certain capital markets for qualified financial institutions and
their affiliates.  NMAC acts as a conduit for such institutions
by the issuance of its Thrift Industry Mortgage Collateralized
Obligation Bonds and other series of bonds (Bonds).  The issues
are structured so that collection of principal and interest from
loans receivable from affiliates, including the effects of
prepayments thereon, equal the amount of principal and interest
due on the related bonds.  NMAC generally obtains bond offering
fees at the bond issuance date and administrative fees, as
defined, for each offering over the period the Bonds remain
outstanding.  In 1999, National Mortgage Securities Corporation
(NMSC), a wholly owned subsidiary of NMAC, was formed by NMAC for
the purpose of dealing with mortgage assets (including but not
limited to mortgage loans), mortgage backed securities, asset-
backed securities, mortgage collateralized obligations and other
interests in real estate.  NMSC had no business activity in 1999.
Collateralized Mortgage Obligation (CMO) Issuances
When issued as a CMO, each series of Bonds is secured by the
mortgage collateral and related funding agreements or promissory
notes entered into by the participating thrift institutions or
their finance subsidiaries.  Each series of Bonds is specifically
collateralized by mortgage-backed securities.  Such collateral
was initially pledged to NMAC, which in turn pledged the
collateral to an independent trustee.  As principal and interest
are received by the trustee, the bonds payable and the funding
agreements/notes receivable are concurrently reduced, as defined
within each individual series supplement to the bond indenture
and funding agreement, respectively.  Principal and interest are
payable semiannually or quarterly.
As of December 31, 1999 and 1998, NMAC had issued collateralized
mortgage obligations (Series 1985-A and Series C), lending the
proceeds therefrom to finance subsidiaries of entities that are
affiliated with certain shareholders of NMAC and Scott &
Stringfellow.  Only Series 1985-A was outstanding at December 31,
1999 and 1998.
Real Estate Mortgage Investment Conduit (REMIC) Issuance
For Bonds issued after January 1, 1987, and for which an election
was made for "real estate mortgage investment conduit" status
under the Internal Revenue Code of 1986, as amended, NMAC
simultaneously issued a series of its Bonds and purchased
mortgage collateral.  The Collateral is segregated into an asset
pool comprising the trust estate for that series of Bonds.  The
Bonds of such series are considered "regular interests" in such a
REMIC.  The trust assets serve as the sole collateral for the
repayment of such series of Bonds.  The REMIC also issues
residual interest certificates, whereby the holder's cash
investment entitles it to receive excess cash flow from the trust
estate for such series of Bonds, defined as the excess of the
payments of principal and interest on the collateral for that
series of Bonds, and reinvestment earnings thereon, over bond
principal and interest costs and related expenses.
As of December 31, 1999 and 1998, NMAC had issued one series of
Bonds (Series D) under the REMIC structure.

2.  Summary of Significant Accounting Policies:
New Accounting Pronouncements
During 1998, the FASB issued SFAS No. 133, Accounting for
Derivative Instruments and Hedging Activities.  This statement
replaces existing pronouncements and practices with a single,
integrated accounting framework for derivatives and hedging
activities requiring companies to formally document, designate,
and assess the effectiveness of transactions that receive hedge
accounting.  During 1999, the FASB issued SFAS No. 137, which
deferred the effective date of SFAS No. 133 to fiscal years
beginning after June 15, 2000.  Management believes there will be
no material effect on the financial statements from the adoption
of the pronouncement.
Investment Securities
The Company classifies all of its investment securities and
restricted cash and investments in the Series 1985-A working
capital reserve (working capital reserve securities) as trading
securities.  Trading securities are bought and held principally
for the purpose of selling them in the near term.
Trading securities and working capital reserve securities are
recorded at fair value based on quoted market prices.  Gains and
losses on trading securities are included in earnings.  Realized
and unrealized gains and losses on working capital reserve
securities are recorded as an adjustment to interest rebates
payable (see Notes 3 and 4).
Realized gains and losses are determined using the
specific-identification method.
Loans Receivable and Bonds Payable
The issuance of Bonds is treated as a financing unless the
transaction qualifies as a sale of assets under generally
accepted accounting principles.  To date, the Bonds issued under
the CMO structure have been accounted for as financings, while
the Bonds issued as a REMIC structure have qualified for sale
treatment.  No gain or loss, exclusive of bond offering fees in
excess of related expenses, resulted from the sales.  Due to the
reduction of the loans receivable and bonds payable as a function
of payments of the underlying collateral, the ultimate timing of
the maturities of the respective loans and Bonds is not readily
determinable.  The estimated fair value of loans receivable is
determined based on quoted market prices for the underlying
collateral.  The estimated fair value of bonds payable is
determined based on quoted market prices for the Bonds.
Interest Income and Expense
Interest income, net of rebates (see Note 3) and interest expense
are recorded as accrued.
Bond Issuance Costs
Costs related to the issuance of specific series of Bonds are
charged to the entities participating in the offering.  Ongoing
costs related to registration statements and related prospectus
material, prepared in anticipation of future offerings, are
expensed as incurred.  No such costs were incurred from 1997
through 1999.
Earnings Per Share
During 1997, the Company adopted the provisions of Statement of
Financial Accounting Standards No. 128.  Basic and diluted
earnings per share are computed by dividing net income or loss by
the weighted average number of shares of Class A and Class B
common stock (2,395 for 1999, 1998 and 1997) outstanding during
the period.  There were no common stock equivalents for any of
the periods presented.
Income Taxes
Effective January 1, 1993, the Company adopted Statement of
Financial Accounting Standards No. 109, "Accounting for Income
Taxes."  Under the asset and liability method of Statement No.
109, deferred tax assets and liabilities are recognized for the
future tax consequences attributable to differences between the
financial statement carrying amounts of existing assets and
liabilities and their respective tax bases and operating loss and
tax credit carryforwards.
Reclassifications
Certain amounts in 1998 financial statements have been
reclassified to conform with 1999 presentation.

3.  Loans Receivable:
Loans receivable on the Series 1985-A Bonds are expected to
mature in varying amounts prior to the year 2016.  The loan
agreements, as amended, generally provide for interest to be paid
at a rate equal to the lesser of the highest bond interest rate
or the weighted bond interest rate plus 20 basis points per
annum.  The resulting effective rates of interest on the loans
(equal to the lesser of 11.25% or the weighted average rate on
the debt plus 20 basis points) were 11.25% in 1999, 1998
and 1997.  Interest rebates payable and accumulated earnings from
restricted cash and investments are included in other liabilities
and aggregated $0 and $59,046 as of December 31, 1999 and 1998,
respectively.  The timing of payment of such rebates is at the
discretion of the management of NMAC.
The funding agreements for Series 1985-A Bonds are collateralized
by mortgage-backed securities and by certain debt service funds
owned by the participating financial institution subsidiaries.
Those funds and the collections on the mortgage-backed securities
are held by the bond trustee until the respective semiannual
payment dates, at which time they are distributed as payments on
the Bonds.  Excess funds (rebates) on the Series 1985-A Bonds, if
any, are available for return to the participating thrift
institution subsidiaries.
Loans receivable of $7,410,044 at December 31, 1999, are from
Mountain Financial Corporation, a wholly owned, limited-purpose
finance subsidiary of Scott & Stringfellow (the Finance
Subsidiary).  The Finance Subsidiary and four other entities were
formed by certain depository institutions to facilitate the
issuance of the Series 1985-A Bond through the Company.
Subsequently, Scott & Stringfellow acquired 100% ownership of
these entities through a purchase.  During 1998, Scott &
Stringfellow merged three other wholly owned finance subsidiaries
into the Finance Subsidiary (two mergers effective June 30, 1998,
and the third effective September 30, 1998.)

4.  Restricted Cash and Investments:
Restricted cash and investments represent interest rebates which
have been invested in U.S. Government agency obligations,
corporate obligations, cash and cash equivalents and are
restricted to repaying the interest rebates payable and the
income earned on these funds.

5.  Bonds Payable:
Series 1985-A Bonds payable had aggregate effective rates of
interest of approximately 11.25% during 1999, 1998 and 1997.  The
Series 1985-A Bonds are collateralized by the respective loans
receivable (together with collateral thereon) and consist of the
following as of December 31, 1999 and 1998:
                                         Principal
                  Inter    Stated        Balance,
                   est                  December 31
      Class        Rate   Maturity     1999     1998
                            Date
Series 1985-A - A-411.25%
	      	January 1,2016   $8,484,012 $11,104,810

The Series 1985-A Bonds require the payment of interest
semiannually.
The stated principal value of the collateral (FHLMC participation
certificates) plus the cash and investments in the various debt
service funds for the Series 1985-A aggregate approximately
$9,310,253 and $13,656,128 as of December 31, 1999 and 1998,
respectively.  These assets are held by the trustee and, although
not assets of NMAC, are pledged, together with interest income
thereon, as collateral for the Bonds.

6.  REMIC Issuances:
NMAC has issued two REMIC series, aggregating $333,067,000
(Series B Bonds) and $300,500,000 (Series D Bonds) at issuance.
Concurrent with the issuance of these bonds, NMAC sold the entire
residual interest in the respective segregated asset pool
comprising the trust estate.  A portion of the Series B residual
interest was purchased by affiliates of certain shareholders.
The Series B Bonds were retired during 1996.
As of December 31, 1999 and 1998, the following REMIC Series
Bonds, which are not recorded as liabilities of NMAC, were
outstanding:
                                             Principal
               Interest      Stated          Balance,
 							   December 31
      Class        Rate  Maturity Date     1999     1998
Series D-
D-2                6.712  May 1, 2016     $        $
                  5%                      0        0
D-4                7.125  May 1, 2016     0        0
D-5                6.962  May 1, 2016     0        0
                  5
D-6          9.75   November 1,2017  16,382,737   24,461,901

                                    $16,382,737  $24,641,901

The offering consisted of Class D-4, which were retired during
1996, D-6 Bonds (Standard Bonds) and Class D-2 and D-5 Bonds (the
Floating Rate Bonds), which were also retired during 1996.  The
floating interest rates were based on the London interbank
offered quotations for three-month Eurodollar deposits.
The stated principal value of the collateral for Series D (GNMA
certificates), aggregates approximately $17,363,487 and
$24,860,376 as of December 31, 1999 and 1998, respectively.  Such
collateral, together with interest income thereon, is only
available to repay the specific bond series.



7.  Income Taxes:
The components of income tax expense for 1999, 1998 and 1997 were
as follows:
                                   December 31
                                 1999  1998 1997
Current-
Federal                          $(260)  $640 $285

State                             (110)   270  120

Income tax expense (benefit)     $(370)  $910 $405

The actual income tax expense for 1999, 1998 and 1997 differs
from the "expected" income tax expense (benefit) (computed by
applying the statutory U.S. federal corporate income tax rate of
35% to income (loss) before income taxes) as follows:
                               Years Ended
                               December 31
                            1999     1998     1997
Income tax expense (benefit)
at statutory rate          $(655)   $1,593   $2,407

Effect of graduated income   374      (910)  (1,376)
tax rates
State tax expense (benefit),
net of federal expense       (89)	     227      349
(benefit)
Change in valuation allowance 0          0     (975)

Actual income tax expense  $(370)     $910    $ 405
(benefit)
There were no deferred taxes for the years ended December 31,
1999 and 1998.  As of December 31, 1998, there were income taxes
payable of $219 which is included in other liabilities.

8.  Related-party Transactions:
Under the terms of its management contract, Scott & Stringfellow
provides office space and equipment and certain managerial,
administrative, financial and other services to NMAC.  Management
fees are charged to NMAC and ultimately to the borrowers as an
ongoing cost determined at the date of the bond offering.
Management fees are computed as a percentage of the outstanding
bonds.  Management fees paid to Scott & Stringfellow were
approximately $10,709, $12,600 and $24,600 during 1999, 1998 and
1997, respectively.
Scott & Stringfellow acts as co-managing underwriter for all of
the bond offerings and is the counterparty to all securities
transactions entered into by the Company.



                          EXHIBIT INDEX

3.1  Restated  Articles  of  Incorporation  of  Thrift  Financing
     Corporation  ("TFC") (since June 2, 1989  National  Mortgage
     Acceptance  Corporation  and  hereinafter  referred  to   as
     "NMAC"),   previously  filed  as  Exhibit  3.1  to   NMAC's,
     Registration  Statement  on  Form  S-11,  Registration   No.
     2-97573, and incorporated by reference.

3.2  Articles  of  Amendment  to  NMAC's  Restated  Articles   of
     Incorporation,  previously filed as Exhibit  3.2  to  NMAC's
     Registration  Statement  on  Form  S-11,  Registration   No.
     2-97573, and incorporated by reference.

3.3  Bylaws  of  NMAC, previously filed as Exhibit 3.4 to  NMAC's
     Registration  Statement on Form S-11,  Registration  No.  2-
     97573, and incorporated by reference.

3.4  Articles  of  Amendment  dated  June  1,  1989  to  Restated
     Articles of Incorporation previously filed as Exhibit 3.5 to
     NMAC's  Post-Effective Amendment No. 1 on Form S-3  to  S-11
     Registration No. 33-19023 and incorporated by reference.

4.1  Indenture dated as of May 1, 1985 ("Indenture") between NMAC
     and  Texas  Commerce  Bank National Association  as  trustee
     ("Trustee"),  previously filed as Exhibit 4.1  to  Amendment
     No.  1  to  NMAC's  Registration  Statement  on  Form  S-11,
     Registration No. 2-97573 and incorporated by reference.

4.2  General Supplement relating to Subsequent Series dated as of
     January 1, 1987, previously filed as Exhibit to NMAC's  Form
     8-K  filed  on  February  10,  1985,  and  incorporated   by
     reference.

4.3  Series  Supplement to the Indenture, dated  as  of  July  1,
     1985,  relating to Series 1985-A Bonds, previously filed  as
     Exhibit  4  to NMAC's Form 8-K filed on July 23,  1985,  and
     incorporated by reference.

4.4  Series Supplement to the Indenture, dated as of January  20,
     1987,  relating  to  Series  B Bonds,  previously  filed  as
     Exhibit  4.3 to NMAC's Form 8-K filed on February 10,  1987,
     and incorporated by reference.

4.5  Series  Supplement to the Indenture, dated as of  March  20,
     1987,  relating  to  Series  C Bonds,  previously  filed  as
     Exhibit  4.3 to NMAC's Form 8-K filed on April 8, 1987,  and
     incorporated by reference.

4.6  Series Supplement to the Indenture, dated as of October  30,
     1987,  relating  to  Series  D Bonds,  previously  filed  as
     Exhibit  4.3 to NMAC's form 8-K filed on November 12,  1987,
     and incorporated by reference.

4.7  Form  of Second General Supplement to Indenture relating  to
     Subsequent Series previously filed as Exhibit 4.4 to  NMAC's
     Post-Effective  Amendment  No.  1  on  Form  S-3   to   S-11
     Registration No. 33-19023 and incorporated by reference.

11.1 See Appendix A.

12.1 Statement re computation of ratios.

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

     					 Year Ended December 31,

                   1999       1998       1997       1996       1995
Earnings:
Income(Loss) before
Income taxes     (1,872)     4,551      6,878     (3,210)     12,404

Fixed charges 1,032,062  1,328,456  1,656,833  2,071,214   3,217,819
   charges

              1,030,190  1,333,007  1,663,711  2,068,004   3,230,223

Fixed charges:
Interest expense
              1,032,062  1,328,456  1,656,833  2,071,214   3,217,819


Ration of earnings to fixed
   charges        0.998     1.003      1.004      0.998     1.004