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

                                 FORM 10-Q


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

For the quarterly period ended  September 30, 1996
                               ---------------
                  or

[ ]   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 of                      (I.R.S. Employer
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
                                                             ---------------

                                     None
------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last 
report)

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  X   No    
                                                        ----    ---- 

As of November 14, 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 H(1)(a) 
and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced 
disclosure format.


<PAGE>

              RYLAND ACCEPTANCE CORPORATION FOUR & SUBSIDIARIES
                                 FORM 10-Q
                                   INDEX



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

PART I. FINANCIAL INFORMATION

        Item 1. Financial Statements

                Consolidated Balance Sheets at September 30,
                1996 and December 31, 1995 (unaudited)                    3

                Consolidated Statements of Earnings for the 
                   three and nine months ended September 30, 1996
                   and 1995 (unaudited)                                   4

                Consolidated Statements of Retained Earnings 
                  for the three and nine months ended September 30, 1996 
                  and 1995 (unaudited)                                    5

                Consolidated Statements of Cash Flows for 
                  the nine months ended September 30, 1996
                  and 1995 (unaudited)                                    6

                Notes to Unaudited Consolidated Financial Statements      7

        Item 2. Management's Discussion and Analysis of 
                  Financial Condition and Results of Operations        8-10

PART II. OTHER INFORMATION

        Item 1.  Legal Proceedings                                       11

        Item 5.  Other Information                                       11

        Item 6.  Exhibits and Reports on Form 8-K                     12-27

SIGNATURES                                                               28









<PAGE>
Part I  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in thousands)

<TABLE>

           	                                September 30,          December 31,
ASSETS                                          1996                1995
                                           ---------------------------------
<S>                                          <C>                  <C>
Collateral for bonds payable:
   Mortgage-backed securities 
     held-to-maturity, less discounts
     of $1,411 and $1,263                    $   95,344           $  110,007
   Mortgage-backed securities 
     available-for-sale                          39,335               47,846
   Mortgage loans receivable, 
     less discounts of $1,595 and $1,929         53,489               66,685
   Notes receivable, less discounts
     of $3,843 and $4,904                       134,996              199,102
   Funds held by trustee                         17,680               26,231
                                             ----------           ----------
                                                340,844              449,871

Cash                                                286                   11
Other assets                                      3,258                4,318
                                             ----------           ----------
                                             $  344,388           $  454,200
                                             ==========           ==========

<S>                                          <C>                  <C>
LIABILITIES AND STOCKHOLDER'S EQUITY

Bonds payable, less discounts
  of $4,996 and $6,662                       $  331,626           $  437,376
Due to affiliate                                  2,696                3,209
Other liabilities                                 9,801               12,385
                                             ----------           ----------
                                                343,323              452,970
                                             ----------           ----------

STOCKHOLDER'S EQUITY
Common stock, $1.00 par value;
  10,000 shares authorized,
  issued and outstanding                             10                   10
Retained earnings                                     7                    7
Net unrealized gain on mortgage-backed
  securities available-for-sale
  (net of taxes of $699 and $809)                 1,048                1,213
                                             ----------           ----------
                                                  1,065                1,230
                                             ----------           ----------
                                             $  344,388           $  454,200
                                             ==========           ==========
</TABLE>


See notes to unaudited consolidated financial statements

<PAGE>
RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) 

(dollars in thousands)

<TABLE>

                            Three Months Ended             Nine Months Ended
                               September 30,                 September 30,
                      --------------------------------------------------------
                           1996             1995          1996          1995
                      --------------------------------------------------------
<S>                   <C>              <C>           <C>           <C>
Revenues

Interest               $   8,478        $  	10,976     $  27,628     $  34,031
Other                        246              (9)           298           (57)
                       ---------        ---------     ---------     ---------
                           8,724           10,967        27,926        33,974
                       ---------        ---------     ---------     ---------

Expenses

Interest                   8,666           10,930        27,699        33,878
Other                         58               34           227            85
                        --------         --------     ---------      --------
                           8,724           10,964        27,926        33,963
                        --------         --------     ---------      --------

Earnings before taxes          0                3             0            11

Income taxes                   0                1             0             4
                        --------         --------     ----------     --------

Net Earnings            $      0         $      2     $       0      $      7
                        ========         ========     =========      ========

</TABLE>
























See notes to unaudited consolidated financial statements

<PAGE>
RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (unaudited)

(dollars in thousands)

<TABLE>
                               Three months ended         Nine months ended
                                  September 30,              September 30,
                             -----------------------------------------------
                               1996        1995             1996       1995
                             -----------------------------------------------
<S>                          <C>          <C>              <C>        <C>
Retained earnings,
  beginning of period        $    7       $    5           $    7     $    -

Net earnings                      0            2                0          7
                             ------       ------           ------     ------
Retained earnings,
  end of period              $    7       $    7           $    7     $    7
                             ======       ======           ======     ======
</TABLE>









































See notes to unaudited consolidated financial statements
<PAGE>
RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) 

Nine Months Ended September 30 (dollars in thousands)

<TABLE>

                                                 1996                 1995
                                            --------------------------------
<S>                                           <C>                   <C>
Cash flows from operating activities:
   Net earnings                               $       0             $       7
   Adjustments to reconcile net earnings
     to net cash used for operating
     activities:
   Amortization:
      Deferred financing costs                      166                    70
      Discounts on bonds payable                  1,666                   770
      Discounts on collateral for
         bonds payable                           (1,497)                 (808)
   Net decrease in other assets,
      other liabilities and amounts
      due to affiliate                           (3,330)               (1,973)
                                              ----------            ----------
Net cash used for operating activities           (2,995)               (1,934)
                                              ----------            ----------
Cash flows from investing activities:
   Principal reduction on mortgage-backed
      securities - available-for-sale            20,467                     -
   Principal reduction on mortgage-backed
      securities - held-to-maturity              15,306                17,524
   Principal reduction on other
      collateral for bonds payable               66,362                36,705
   (Increase)decrease in funds held by trustee    8,551                 3,162
                                              ----------            ----------
Net cash provided by investing activities       110,686                57,391
                                              ----------            ----------
<S>                                           <C>                   <C>

Cash flows from financing activities:
   Reduction of bonds payable                  (114,030)              (64,050)
   Principal accretion on bonds payable           6,614                 8,581
                                              ----------            ----------
Net cash used for financing activities         (107,416)              (55,469)
                                              ----------            ----------

Net increase in cash                                275                   (12)
Cash at beginning of year                            11                    36
                                              ----------            ----------
CASH AT END OF PERIOD                         $     286             $      24
                                              ==========            ==========

Supplemental disclosures:
   Cash paid during the period
      for interest                            $  28,020             $  33,997
                                              ==========            ==========
</TABLE>







See notes to unaudited consolidated financial statements
<PAGE>
RYLAND ACCEPTANCE CORPORATION FOUR AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 1996


NOTE A--CONDENSED FINANCIAL STATEMENTS
  
Ryland Acceptance Corporation Four (the "Company") is a wholly owned 
subsidiary of LPS Holdings Corporation 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, a wholly owned subsidiary of Ryland, and other 
entities through the issuance and sale of mortgage-backed bonds.

Certain amounts previously reported have been reclassified to conform with 
the 1996 presentation.

The consolidated financial statements for the periods ended September 30, 
1996 and 1995, have been prepared by the Company without audit.  In the 
opinion of management, all adjustments (which include only normal recurring 
adjustments) necessary to present fairly the financial position, results of 
operations and cash flows for the periods presented, have been made.

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.

The consolidated balance sheet at December 31, 1995 has been taken from the 
audited consolidated financial statements as of that date.

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

Certain information and footnote disclosures normally included in 
consolidated financial statements prepared in accordance with generally 
accepted accounting principles have been condensed or omitted.  It is 
suggested that the condensed consolidated financial statements be read in 
conjunction with the consolidated financial statements and notes thereto 
included in the Company's December 31, 1995 Annual Report on Form 10-K.

The results of operations for the nine months ended September 30, 1996 are 
not necessarily indicative of the operating results for the full year.












<PAGE>
Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
RESULTS OF OPERATIONS:  


GENERAL

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 which 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 
September 30, 1996, 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 September 30, 1996, 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. The Company did not issue any bonds 
during the nine months ended September 30, 1996 and 1995.

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 period 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 
nine months ended September 30, 1996, certain classes within 17 series 
totaling $206.4 million were redeemed.  During the nine months ended September 
30, 1995, certain classes within 5 series totaling $50.5 million were 
redeemed.










<PAGE>
RESULTS OF OPERATIONS

For the nine months ended September 30, 1996 and 1995, revenues consisted 
primarily of interest on mortgage collateral subject to the bond indebtedness 
and amortization of deferred items, and totalled $27,926 and $33,974, 
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>
                                                 1996               1995
                                             -----------         -----------
<S>                                          <C>                 <C>

Average net investment in
  mortgage collateral                        $  373,218          $  477,740

Average effective interest rate                   9.71%               9.35%

</TABLE>

Expenses for the nine months ended September 30, 1996 and 1995 consisted 
primarily of interest on the Company's outstanding bonds and amortization of 
deferred costs, and totalled $27,926 and $33,963, 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>
                                                 1996               1995
                                             -----------         -----------
<S>                                          <C>                 <C>
Average debt outstanding                     $  387,103          $  486,062

Average cost of borrowings                        9.46%               9.20%

</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 September 30, 1996 and 1995, cash deposits of $178 thousand 
and $187 thousand 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>
PART II - OTHER INFORMATION

ITEM 1.       LEGAL PROCEEDINGS:

              None

ITEM 5.       OTHER INFORMATION:

              None
























































<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.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K:
        (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
                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    (Reserved)

        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,
                1996).

        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    (Reserved)

        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    (Reserved)

        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    (Reserved)

        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).










<[PAGE>
        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    (Reserved)

       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    (Reserved)

       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).

       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).








<PAGE>
       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.

        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).


<PAGE>
        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).

       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).

<PAGE>
       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).

       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).



<PAGE>
       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).

       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).
<PAGE>
       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 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
                                        (Authorized Officer of Registrant)



                                        /s/ Patricia S. Gloth
                                        --------------------------------------
                                        Patricia S. Gloth
                                        Vice President, Financial Operations
                                        (Principal Accounting Officer)





Dated: November 14, 1996


































<PAGE>
SIGNATURES

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

                       RYLAND ACCEPTANCE CORPORATION FOUR


                               By:      /s/ Michael C. Brown
                                        -------------------------------------
                                        Michael C. Brown, Director
                                        (Authorized Officer of Registrant)



                                        /s/ Patricia S. Gloth
                                        --------------------------------------
                                        Patricia S. Gloth
                                        Vice President, Financial Operations
                                        (Principal Accounting Officer)





Dated: November 14, 1996