<PAGE>







                         UNITED STATES
                SECURITIES & EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549
                            FORM 10-K405

           ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                 THE SECURITIES EXCHANGE ACT OF 1934

  For the year ended December 31, 1999       Commission File No. 33-76642

                    RAY ELLISON MORTGAGE ACCEPTANCE CORP.
                    -------------------------------------
          (Exact name of registrant as specified in its charter)

 Incorporated in Texas                               74-2337351
 ----------------------------             ------------------------------
 State or other jurisdiction of           (I.R.S. Employer Identification
 incorporation or organization)            Number)

               70 N.E. Loop 410, Suite 545  San Antonio, Texas 78216
        -------------------------------------------------------------
           (Address of principal executive offices)  (Zip Code)

     Registrant's telephone number, including area code:  (210) 342-1085
                                                           --------------

      Securities registered pursuant to Section 12(b) of the Act:
                                  None

        Securities registered pursuant to Section 12(g) of the Act:
                                 None

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

                            Yes  X   No
                                ---     ----

  Aggregate  market  value  of  voting  stock  held  by  non-affiliates  of  the
  registrant at March 19, 2000:
                                 None

   Number of shares of Common Stock outstanding at March 20, 2000:
                             10,000 shares

<PAGE>



Item 1. Business


        Ray Ellison Mortgage Acceptance Corp. ("REMAC") was incorporated in
     the State of Texas on October 1, 1984 and is a wholly-owned subsidiary
     of Ray Ellison Mortgage Investment Corp. ("REMIC"). Ray Ellison
     Industries, Inc. is the parent company of REMIC and the ultimate
     corporate parent of REMAC. REMAC's principal office is located at 70 NE
     Loop 410, Suite 545, San Antonio, Texas  78216.  Its telephone number
     is (210)342-1085.

        REMAC was  organized  for the purpose of  facilitating  the financing of
     long-term  residential  mortgage loans and does not intend to engage in any
     business  or   investment   activities   other  than  issuing  and  selling
     GNMA-Collateralized  Bonds and  acquiring,  owning,  holding,  pledging and
     dealing with GNMA  securities to be pledged as  collateral  for such Bonds,
     together with any activities incidental to the foregoing. Substantially all
     of the  assets of REMAC  consist of the GNMA  securities  pledged to secure
     specific series of its GNMA-Collateralized Bonds. REMAC's term of existence
     is not limited under its Articles of Incorporation.

        Article Three of REMAC's Articles of Incorporation  limits the nature of
     the  business  to be  conducted  by REMAC to (a)  issuing  and  selling its
     GNMA-Collateralized  Bonds,  notes  or  other  obligations  which  a  Texas
     corporation  is  authorized  to  issue,  which  Bonds  shall  be rated by a
     nationally  recognized  investment  rating  agency and given that  agency's
     highest bond rating, (b) buying, selling, holding, transferring,  pledging,
     assigning,  refinancing or otherwise  dealing in GNMA  securities,  and (c)
     doing  anything else required or suitable and  convenient to accomplish the
     foregoing.


Item 2. Properties

        The Company neither owns nor leases any buildings or real estate.


Item 3. Legal Proceedings

     The Company is not involved in any pending  litigation,  nor is the Company
aware of any proceedings contemplated by governmental authorities.

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

        Not Applicable.


Item 5. Market for the Registrant's Common Stock and Related Security
Holder Matters

     All of REMAC's  outstanding  common stock is owned by Ray Ellison  Mortgage
Investment Corp. Accordingly, there is no market for its common stock.

     REMAC did not pay any  dividends in 1996 or 1997. On May 31, 1999 and March
2, 1998, the Company declared and paid a dividends of $5,000,000.

<TABLE>
Item 6.  Selected Financial Data
<CAPTION>

                                 In Thousands of Dollars
                    ---------------------------------------------------
                      1999       1998       1997       1996       1995
<S>                 <C>        <C>        <C>        <C>        <C>
Interest Income     $ 5,728    $17,657    $29,785    $30,701    $35,245

Interest Expense      5,340     17,510     29,250     30,186     34,757

Total Assets         68,859    114,910    390,153    434,009    459,002

Bonds Payable        66,816    101,907    365,130    418,427    429,652

</TABLE>

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

                     Year ended December 31, 1999

     As of  December  31,  1999,  the  Company  has  completed  the  issuance of
ninety-one Series of its GNMA-Collateralized Bonds (Bonds). Each Series of Bonds
has been  assigned  a bond  rating of AAA by  Standard  & Poors  Ratings  Group.
Proceeds  from the sale of each Series of Bonds have been used by the Company to
purchase  GNMA  (Government  National  Mortgage  Association)   securities  from
affiliated  companies.  The GNMA securities  purchased are pledged as collateral
for one or more Series of the Company's Bonds.


     From time to time, the Company has substituted or deposited additional GNMA
securities to below-market  Bond Series in accordance with the Indentures  under
which the Bonds are issued.  Management  anticipates  that such  substitution or
deposit  of  additional   GNMA  securities  in  these  Bond  Series  will  defer
redemptions in the Bond series affected.

     Additionally,  from time to time the Company has  substituted  or withdrawn
GNMA securities securing above-market Bond Series to the extent permitted by the
Indentures.  Management  anticipates  that such  substitutions or withdrawals of
GNMA securities will accelerate redemptions in the Bond Series affected.

     As of December 31, 1999, the Company has exercised its option to redeem all
Series issued previous to 1993 as well as Series 1993A,  1995C and 1994C through
1994M. These calls produced  significant gains for the Company.  The Company has
exercised  its option to redeem  GMNA-Collateralized  Bond Series  whenever  the
Series were  callable and the interest  rate on the series was above the current
market interest rate.  Management  anticipates calling any above-market interest
rate Bond Series at the earliest date permitted under the respective  prospectus
supplement for such Bond Series.

     The Company  anticipates  that receipts from the GNMA  securities  securing
each outstanding  series of Bonds together with reinvestment  income thereon and
funds  available in any expense funds which may be established  for such series,
will  be  adequate  to  meet  the  Company's  cash  flow   requirements  to  pay
administrative  expenses  and the  principal  of and  interest on each series of
Bonds as they become due. The Company does not have, nor does management  expect
that the  Company  will  have,  any  significant  source of cash flow other than
capital  contributions  from its parent and/or  advances from its affiliates and
receipts on  collateral  securing  Bonds which have been or may be issued by the
Company.

     Because  each  series of  outstanding  Bonds is secured by GNMA  securities
paying  interest and  principal at specified  rates backed by existing  pools of
mortgage loans,  and because payment on outstanding  Bonds issued by the Company
are at fixed interest rates, management does not expect that changes in economic
factors will significantly  affect the Company's ability to meet its obligations
as they come due.

     All GNMA securities are classified as  available-for-sale  as of January 1,
1994.  Accordingly,  GNMA securities are reflected on the  accompanying  balance
sheet at fair value,  with the unrealized gains and losses,  net of tax reported
in a separate category of shareholders'  equity. The Company wishes to emphasize
that  due  to the  nature  of its  business,  the  GNMA  securities  carried  as
available-for-sale  collateralize  GNMA-collateralized bonds, and the securities
are not salable before the bonds are callable, at some future date. In addition,
the market value of GNMA securities  fluctuates  significantly as interest rates
change;  therefore,  the market  values of the GNMA  securities as of the future
redemption  dates  may  vary  significantly  from  the  current  date,  and  the
realization of the unrealized gains is not assured. When market is such that the
value of GNMA  securities  is less than  amortized  cost,  the  Company  has the
expectation  that they would be held to maturity as  collateral  for the related
GNMA-collateralized  Bonds, or until the market value rose, whichever is sooner,
and the Company would not realize any unrealized losses.

     As widely reported, many computer systems process dates based on two digits
for the year of a  transaction  and are unable to process dates in the year 2000
and  beyond.  In  connection  with its  ongoing  information  system  management
efforts, REMAC has previously replaced or modified its key financial information
and operational systems that were not year 2000 compliant.  The financial impact
of making the required system changes for year 2000 compliance were not material
to REMAC's financial statements,  and the Company has not experienced any impact
from year 2000 on its financial or imformation systems.

     REMAC  paid a dividend  of  $5,000,000  to it's  stockholder,  Ray  Ellison
Mortgage  Investment  Corp.  on May 31, 1999.

     The Company may from time to time make  forward-looking  statements (within
the  meaning  of the  Private  Securities  Litigation  Reform  Act of 1995) with
respect to expected Year 2000 compliance  program,  Company objectives and other
financial  and  business  matters.  The Company  cautions  the reader that these
forward-  looking  statements  are  subject to numerous  assumptions,  risks and
uncertainties,  including economic  conditions;  regulatory actions and reforms;
competition;  as well as other  reasons,  all of which change over time.  Actual
results may differ materially from forward-looking statements.

<PAGE>
Item 8.  Financial Statements and Supplementary Data:

        See Next Page
<PAGE>
Ray Ellison Mortgage Acceptance Corp.

Financial Statements


Years Ended December 31, 1999, 1998, and 1997




Contents

Report of Independent Auditors ........................................1


Financial Statements

Balance Sheets ........................................................2
Statements of Income ..................................................3
Statements of Changes in Stockholder's Equity .........................4
Statements of Cash Flows ..............................................5
Notes to Financial Statements .........................................6


<PAGE>

Report of Independent Auditors



Board of Directors
Ray Ellison Mortgage Acceptance Corp.

We  have  audited  the  accompanying  balance  sheets  of Ray  Ellison  Mortgage
Acceptance  Corp., a wholly owned subsidiary of Ray Ellison Mortgage  Investment
Corp.,  as of December 31, 1999 and 1998, and the related  statements of income,
changes in stockholder's  equity,  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 auditing standards generally accepted
in the United States. 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 financial position of Ray Ellison Mortgage Acceptance
Corp. at December 31, 1999 and 1998,  and the results of its  operations and its
cash flows for each of the three years in the period ended  December 31, 1999 in
conformity with accounting principles generally accepted in the United States.


San Antonio, Texas
March 1, 2000



<PAGE>

<TABLE>
Ray Ellison Mortgage Acceptance Corp.

Balance Sheets
<CAPTION>
                                                               December 31
                                                         1999               1998
                                                  -------------------------------
<S>                                               <C>               <C>

Assets
Cash                                              $       1,202     $     20,679
Accrued interest receivable                             363,904          575,004
Underwriting fees and bond issuance expenses          2,266,477        3,574,777
Requisite funds on deposit                               58,734          128,276
Note receivable from affiliate                        2,790,799        7,479,550
Investment in GNMA securities                        67,238,870      102,678,159
   Plus (less):
     Fair value adjustment                           (2,108,030)       4,422,045
     Unamortized discount                            (2,469,287)      (3,968,055)
                                                  -------------------------------
                                                     62,661,553      103,132,149
                                                  -------------------------------
Deferred tax asset                                      716,730                -

Total assets                                      $  68,859,399     $114,910,435
                                                  ===============================


Liabilities and Stockholder's Equity
Liabilities:
   Accounts payable                               $      30,000     $     30,000
   Accrued interest                                     362,030          571,956
   Bonds payable                                     66,816,000      101,907,000
   Deferred tax liability                                     -        1,481,858
                                                  -------------------------------
Total liabilities                                    67,208,030      103,990,814

Stockholder's equity:
   Common stock, $1.00 par value, 10,000 shares
     authorized, issued and outstanding                  10,000           10,000
   Contributed capital                                3,032,669        4,256,119
   Accumulated other comprehensive income
     (loss), net of tax                              (1,391,300)       2,918,550
   Retained earnings                                          -        3,734,952
                                                  -------------------------------
Total stockholder's equity                            1,651,369       10,919,621
                                                  -------------------------------
Total liabilities and stockholder's equity        $  68,859,399     $114,910,435
                                                  ===============================


See accompanying notes.
</TABLE>
<PAGE>
<TABLE>

Ray Ellison Mortgage Acceptance Corp.

Statements of Income
<CAPTION>


                                        Year Ended December 31
                                   1999           1998           1997
                                -----------------------------------------
<S>                             <C>          <C>             <C>
Income:
   Interest income              $5,728,036   $17,657,263     $29,784,733
   Amortization of discount        635,302     1,745,220       1,903,889
   Gain on sales of GNMA
     securities                  1,160,134    14,081,320       1,350,942
                                -----------------------------------------
                                 7,523,472    33,483,803      33,039,564

Expense:
   Interest expense              5,340,957    17,510,900      29,249,560
   Amortization of underwriting
     fees and bond issuance
     expenses                    1,308,301     9,097,778       2,802,082
   General and administrative
                                   810,980       237,790         293,416
                                -----------------------------------------
                                 7,460,238    26,846,468      32,345,058
                                -----------------------------------------
Income before taxes                 63,234     6,637,335         694,506

Income tax expense
   Current taxes                    (7,349)    1,938,500         194,938
   Deferred taxes                   21,636       199,600          30,896
                                -----------------------------------------
                                    14,287     2,138,100         225,834
                                -----------------------------------------

Net income                      $   48,947   $ 4,499,235     $   468,672
                                =========================================

See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
Ray Ellison Mortgage Acceptance Corp.

Statements of Changes in Stockholder's Equity
<CAPTION>
                                                                           Accumulated
                                                                              Other
                                     Common Stock                         Comprehensive                          Total
                               -------------------------  Contributed      Income (Loss)       Retained          Equity
                                  Shares     Dollars        Capital         Net of Tax         Earnings         (Deficit)
                               ------------------------------------------------------------------------------------------------
<S>                               <C>        <C>          <C>             <C>              <C>               <C>

Balance December 31, 1996         10,000     $ 10,000     $  2,122,681    $   4,886,757    $   3,767,045     $  10,786,483
   Net income                          -            -                -                -          468,672           468,672
   Change in unrealized gains
     and (losses) on available
     for sale securities, net
     of taxes and
     reclassification
     adjustment                        -            -                -        5,990,413                -         5,990,413
                               ----------------------------------------------------------------------------------------------
   Total comprehensive
     income                            -            -                -                -                -         6,459,085
   Contribution of capital             -            -          194,938                -                -           194,938
                               ----------------------------------------------------------------------------------------------
Balance December 31, 1997         10,000       10,000        2,317,619       10,877,170        4,235,717        17,440,506
   Net income                          -            -                -                -        4,499,235         4,499,235
   Change in unrealized gains
     and (losses) on available
     for sale securities, net
     of taxes and
     reclassification
     adjustment                        -            -                -       (7,958,620)               -        (7,958,620)
                               ----------------------------------------------------------------------------------------------
   Total comprehensive (loss)          -            -                -                -                -        (3,459,385)
   Contribution of capital             -            -        1,938,500                -                -         1,938,500
   Dividend                            -            -                -                -       (5,000,000)       (5,000,000)
                               ----------------------------------------------------------------------------------------------
Balance December 31, 1998         10,000       10,000        4,256,119        2,918,550        3,734,952        10,919,621
   Net income
                                       -            -                -                -           48,947            48,947
   Change in unrealized gains
     and (losses) on available
     for sale securities, net
     of taxes and
     reclassification
     adjustment                        -            -                -       (4,309,850)               -        (4,309,850)
                               ----------------------------------------------------------------------------------------------
   Total comprehensive (loss)          -            -                -                -                -        (4,260,903)
   Distribution of capital             -            -           (7,349)               -                -            (7,349)
   Dividend                            -            -       (1,216,101)               -       (3,783,899)       (5,000,000)
                               ----------------------------------------------------------------------------------------------

Balance December 31, 1999         10,000     $ 10,000     $  3,032,669    $  (1,391,300)   $           0     $   1,651,369
                               ==============================================================================================

See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
Ray Ellison Mortgage Acceptance Corp.

Statements of Cash Flows

<CAPTION>

                                                                 Year Ended December 31
                                                         1999             1998              1997
                                                  ---------------------------------------------------
<S>                                                 <C>              <C>               <C>

Operating Activities
Net income                                          $     48,947     $   4,499,235     $    468,672
Adjustments to reconcile net income to net
   cash (used in) provided by operating
   activities:
     Income tax                                           14,287         2,138,100          225,834
     Amortization of discount                           (635,302)       (1,745,220)      (1,903,889)
     Amortization of underwriting fees and
       bond issuance expenses                          1,308,301         9,097,778        2,802,082
     Gain on sale of GNMA securities                  (1,160,134)      (14,081,320)      (1,350,942)
     Changes in operating assets and
       liabilities:
       Accrued interest receivable                       211,100         1,626,241          328,835
       Accounts payable                                        -            (1,713)           1,713
       Accrued interest payable                         (209,926)       (1,597,536)        (331,060)
                                                  ---------------------------------------------------
Net cash (used in) provided by operating
   activities                                           (422,727)          (64,435)         241,245

Investing Activities
Net decrease (increase) in note receivable
   from affiliate                                      4,688,751        (2,658,898)      (1,306,846)
Principal payments received on GNMA securities
                                                      14,724,867        46,497,187       39,397,934
Purchase of GNMA securities                                    -                 -      (12,091,679)
Proceeds from sale of GNMA securities                 21,011,090       224,318,322       27,617,384
                                                  ---------------------------------------------------
Net cash provided by investing activities             40,424,708       268,156,611       53,616,793

Financing Activities
Cash dividend to parent                               (5,000,000)       (5,000,000)               -
Net (increase) decrease in requisite funds
   on deposit                                             69,542            60,038          (54,517)
Increase in underwriting fees and bond
   issuance expenses                                           -                 -         (466,936)
Proceeds from sales of bonds                                   -                 -       12,500,000
Redemption of bonds payable                          (35,091,000)     (263,223,000)     (65,797,000)
                                                  ---------------------------------------------------
Net cash used in financing activities                (40,021,458)     (268,162,962)     (53,818,453)
                                                  ---------------------------------------------------

Change in cash                                           (19,477)          (70,786)          39,585

Cash at beginning of year                                 20,679            91,465           51,880
                                                  ---------------------------------------------------
 Cash at end of year                                $      1,202     $      20,679     $     91,465
                                                  ===================================================

See accompanying notes.
</TABLE>
<PAGE>

                     Ray Ellison Mortgage Acceptance Corp.

                         Notes to Financial Statements

                       December 31, 1999, 1998, and 1997


1.  Significant Accounting Policies

Nature of Business

Ray Ellison Mortgage Acceptance Corp. (Company) is in the business of purchasing
GNMA securities for investment  financed by the issuance of bonds to the public.
Based on the nature of the  business,  the  Company  operates  in one segment as
defined  in  Statement  of  Financial   Accounting  Standards  (SFAS)  No.  131,
"Disclosure About Segments of an Enterprise and Related  Information."

Basis of Presentation

The Company was  incorporated  in the state of Texas on October 1, 1984 and is a
wholly owned subsidiary of Ray Ellison Mortgage Investment Corp. (REMIC).


Underwriting Fees, Bond Issuance Expenses, and Unamortized Discount

The Company  amortizes the underwriting  fees and bond issuance  expenses (fees)
and the discount on GNMA (Government National Mortgage  Association)  securities
by the level  yield  method.  Underwriting  fees and bond  issuance  expenses at
December  31, 1999 and 1998 are  reported  net of  accumulated  amortization  of
$2,872,347 and $16,433,694,  respectively. Any unamortized underwriting fees and
bond issuance expenses remaining upon redemption of the bonds are expensed.

Fair Values of Financial Instruments

The fair values of the Company's GNMA securities and bonds payable are estimated
based on quoted  market  prices.  The  carrying  values  of all other  financial
instruments reported in the balance sheets approximate fair values.
<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


1.  Significant Accounting Policies (continued)

GNMA Securities

The Company's GNMA securities are categorized as available for sale  securities,
as defined by SFAS No.  115,  "Accounting  for Certain  Investments  in Debt and
Equity  Securities."  Unrealized  holding  gains and losses are  reflected  as a
separate component of stockholders'  equity,  net of taxes, until realized.  The
amortized cost of the specific  security sold is used to compute gain or loss on
the sale of  securities.  Declines in value other than  temporary  declines  are
adjusted against the security with a change to the results of operations.

Comprehensive Income (Loss)

In June 1997, the Financial  Accounting  Standards  Board (FASB) issued SFAS No.
130,  "Reporting  Comprehensive  Income." The statement  provides that all items
that are required to be recognized under  accounting  standards as comprehensive
income be reported  in a financial  statement  that is  displayed  with the same
prominence as other  financial  statements.  Comprehensive  income  includes net
income as well as certain  items that are  reported  directly  within a separate
component  of  stockholder's  equity,  such as  unrealized  gains and  losses on
available for sale securities, and bypass net income. The provisions of SFAS No.
130 are  effective for 1998,  and prior years'  financial  statements  have been
restated to reflect the required provisions. The cost of securities sold and the
amount reclassified out of accumulated other comprehensive income was determined
using the specific identification method

The components of other comprehensive income are:
<TABLE>
<CAPTION>

                                                                Year Ended December 31
                                                         1999                1998               1997
                                            ---------------------------------------------------------
<S>                                          <C>                  <C>                 <C>

Unrealized gains (losses) on available for
   sale securities (before income tax)       $    (5,464,503)     $      925,918      $   9,445,145
Income tax (expense) benefit on unrealized
   gains and losses                                1,857,931            (314,812)        (3,211,349)
                                            ---------------------------------------------------------
Unrealized gains (losses) on available for
   sale securities net of tax                $   (3,606,572)      $      611,106      $   6,233,796

</TABLE>
<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


1.  Significant Accounting Policies (continued)
<TABLE>
<CAPTION>
                                                                Year Ended December 31
                                                 1999              1998               1997
                                            ---------------------------------------------------
<S>                                             <C>           <C>                  <C>

Reclassification adjustment for realized
   gains on available for sale securities
   (before income tax)                       $(1,065,572)     $(12,984,433)        $ (368,762)
Income tax benefit on realized gains and
   losses                                        362,294         4,414,707            125,379
                                            ---------------------------------------------------
Reclassification adjustment for realized
   gains on available for sale securities
   net of tax                                  (703,278)        (8,569,726)          (243,383)
                                            ---------------------------------------------------

Other comprehensive income (loss),  net of
   tax                                       $(4,309,850)     $ (7,958,620)        $5,990,413
                                            ===================================================
</TABLE>

Use of Estimates

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 could differ from those estimates.

2.  Requisite Funds on Deposit

The Company is required to deposit certain  requisite funds with the Trustee for
each series of bonds under the terms of the Indenture. The Company's obligations
to establish such requisite  funds may be satisfied by either cash or letters of
credit.

As of December  31, 1999 and 1998,  cash in the amount of $58,734 and  $128,276,
respectively,  had been  deposited  with the  Trustee to satisfy  the  Company's
obligations relative to such requisite funds.



<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


3.  Assets Subject to Lien

Substantially  all of the assets of the Company are pledged as security  for the
long-term bonds payable.

4.  Bonds Payable

The Company has filed six shelf  registrations  authorizing a total  issuance of
$1,600,000,000  in long-term  bonds.  The long-term bonds payable of the Company
are issued in series as follows:
<TABLE>
<CAPTION>

                              Face                                            Bonds Outstanding
                            of Bonds        Interest     Maturity                December 31
  Series     Issued         at Issue          Rate         Date            1999               1998
----------------------------------------------------------------------------------------------------------

 <S>        <C>          <C>                 <C>        <C>            <C>                <C>

 1985A      02/27/85     $     11,559,000    11.500%    03/28/2015     $            -     $            -
 1985B      03/28/85           10,337,000    12.000     04/28/2015                  -                  -
 1985C      04/24/85           10,343,000    11.850     12/28/2015                  -                  -
 1985D      05/20/85           13,714,000    11.450     07/28/2016                  -                  -
 1985E      06/26/85           12,784,000    10.750     08/28/2016                  -                  -
 1985F      07/25/85           10,004,000    10.625     09/28/2016                  -                  -
 1985G      08/28/85            9,223,000    10.750     10/28/2016                  -                  -
 1985H      09/26/85            9,106,000    10.500     11/28/2016                  -                  -
 1985I      10/24/85           11,753,000    10.875     12/28/2016                  -                  -
 1985J      11/26/85            8,720,000    10.400     01/28/2017                  -                  -
 1985K      12/26/85            8,923,000    10.250     02/28/2017                  -                  -
 1986A      01/28/86            9,380,000     9.750     03/28/2017                  -                  -
 1986B      02/27/86           19,512,000     9.750     04/28/2017                  -                  -
 1986C      03/26/86            9,204,000     9.375     05/28/2017                  -                  -
 1986D      04/23/86            9,989,000     8.500     06/28/2017                  -                  -
 1986E      06/26/86           10,650,000     9.250     08/28/2017                  -                  -
 1986F      07/24/86           20,600,000     9.000     09/28/2017                  -                  -
 1986G      08/28/86           20,990,000     9.000     10/28/2017                  -                  -
 1986H      09/25/86           14,153,000     8.625     11/28/2017                  -                  -
 1986I      11/25/86           10,002,000     8.625     01/28/2018                  -                  -
 1986J      12/30/86            9,390,000     8.250     02/28/2018                  -                  -
 1987A      07/30/87           17,500,000     9.000     09/28/2018                  -                  -
 1987B      08/27/87           18,000,000     9.000     10/28/2018                  -                  -


<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


4.  Bonds Payable (continued)

                              Face                                            Bonds Outstanding
                            of Bonds        Interest     Maturity                December 31
  Series     Issued         at Issue          Rate         Date            1999               1998
----------------------------------------------------------------------------------------------------------

 1987C      09/30/87     $     10,000,000     9.500%    11/28/2018     $            -     $            -
 1987D      10/29/87           15,000,000     9.750     12/31/2018                  -                  -
 1987E      11/25/87           16,000,000    10.000     01/31/2019                  -                  -
 1987F      11/25/87           16,655,000     9.500     01/31/2019                  -                  -
 1988A      01/27/88           15,000,000     9.500     03/31/2019                  -                  -
 1988B      02/25/88           13,925,000     9.000     04/30/2019                  -                  -
 1988C      02/25/88           10,000,000     8.500     04/30/2019                  -                  -
 1988D      03/30/88           14,950,000     8.750     05/31/2019                  -                  -
 1988E      05/26/88           18,000,000     9.125     07/31/2019                  -                  -
 1988F      06/23/88           33,000,000     9.375     08/31/2019                  -                  -
 1988G      06/23/88           14,000,000     9.450     08/31/2019                  -                  -
 1988H      07/28/88           15,000,000     9.125     09/30/2019                  -                  -
 1988I      08/25/88           25,000,000     9.375     10/31/2019                  -                  -
 1988J      08/25/88           22,000,000     9.200     10/31/2019                  -                  -
 1988K      09/29/88           17,000,000     9.150     11/30/2019                  -                  -
 1988L      10/27/88           20,000,000     9.100     12/31/2019                  -                  -
 1988M      11/23/88           30,000,000     9.000     01/31/2020                  -                  -
 1989A      01/25/89           22,000,000     9.500     03/31/2020                  -                  -
 1989B      01/25/89           17,000,000     9.600     03/31/2020                  -                  -
 1990A      05/24/90            5,000,000     9.500     05/31/2021                  -                  -
 1990B      08/30/90           15,150,000     9.000     08/31/2021                  -                  -
 1990C      09/27/90           10,000,000     9.100     09/30/2021                  -                  -
 1990D      09/27/90           10,000,000     9.000     09/30/2021                  -                  -
 1990E      10/25/90           10,000,000     9.150     10/31/2021                  -                  -
 1990F      10/25/90           14,500,000     9.050     10/31/2021                  -                  -
 1990G      11/21/90           15,000,000     9.000     11/30/2021                  -                  -
 1990H      12/27/90            8,000,000     8.500     12/31/2021                  -                  -
 1991A      02/21/91            9,000,000     8.100     02/28/2022                  -                  -
 1991B      03/28/91            5,000,000     8.100     03/31/2022                  -                  -
 1991C      04/25/91            6,000,000     8.150     04/30/2022                  -                  -
 1991D      05/30/91           12,650,000     8.150     05/31/2022                  -                  -
 1991E      06/27/91           28,500,000     8.500     06/30/2022                  -                  -
 1991F      07/25/91           18,000,000     8.450     07/31/2022                  -                  -
 1991G      08/29/91           18,000,000     8.000%    08/31/2022                  -                  -
 1991H      09/26/91           14,000,000     7.875     09/30/2022                  -                  -


<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


4.  Bonds Payable (continued)

                              Face                                            Bonds Outstanding
                            of Bonds        Interest     Maturity                December 31
  Series     Issued         at Issue          Rate         Date            1999               1998
----------------------------------------------------------------------------------------------------------

 1991I      11/27/91     $     13,000,000     7.500%    11/30/2022     $            -     $            -
 1991J      12/23/91            7,000,000     7.500     12/31/2022                  -                  -
 1992A      03/26/92           21,000,000     7.250     03/31/2023                  -                  -
 1992B      04/23/92            6,500,000     7.400     04/30/2023                  -                  -
 1992C      05/28/92           17,500,000     7.600     05/31/2023                  -                  -
 1992D      06/25/92           24,000,000     7.400     06/30/2023                  -                  -
 1992E      07/30/92           19,000,000     7.150     07/31/2023                  -                  -
 1992F      08/27/92            8,000,000     6.600     08/31/2023                  -                  -
 1992G      11/25/92           47,250,000     7.000     11/30/2023                  -                  -
 1992H      12/23/92           23,600,000     7.100     12/31/2023                  -                  -
 1992I      12/23/92           14,300,000     7.050     12/31/2023                  -                  -
 1993A      01/28/93           24,000,000     7.000     01/31/2024                  -                  -
 1993B      12/22/93           21,000,000     6.000     12/31/2024         15,326,000         16,914,000
 1994A      01/27/94           15,000,000     6.000     01/31/2025          9,786,000         11,522,000
 1994B      02/24/94           13,000,000     6.000     02/28/2025          8,770,000          9,624,000
 1994C      03/24/94           10,000,000     6.500     03/31/2025                  -                  -
 1994D      05/26/94           19,500,000     7.400     05/31/2025                  -                  -
 1994E      05/26/94           13,950,000     7.500     05/31/2025                  -                  -
 1994F      06/23/94           16,000,000     7.300     06/30/2025                  -                  -
 1994G      07/28/94           16,500,000     7.125     07/31/2025                  -                  -
 1994H      07/28/94           24,150,000     7.500     07/31/2025                  -                  -
 1994I      08/25/94           16,050,000     7.500     08/31/2025                  -                  -
 1994J      09/29/94           18,600,000     7.500     09/30/2025                  -                  -
 1994K      11/23/94           15,000,000     8.000     11/30/2025                  -                  -
 1994L      12/28/94           15,000,000     8.100     12/31/2025                  -                  -
 1994M      12/28/94           16,500,000     8.000     12/31/2025                  -                  -
 1995A      02/23/95            8,000,000     8.000     02/28/2026                  -          3,508,000
 1995B      03/30/95           21,000,000     7.500     03/31/2026                  -         12,194,000
 1995C      05/25/95            9,225,000     7.100     05/31/2026                  -          6,971,000
 1996A      04/25/96           12,500,000     7.000     04/30/2027          8,041,000         10,344,000
 1996B      05/30/96           15,500,000     7.000     05/31/2027         10,387,000         12,697,000
 1996C      09/26/96            9,000,000     7.100     09/30/2027          6,056,000          7,556,000
 1997A      04/24/97           12,500,000     7.000     04/30/2028          8,450,000         10,577,000
                      ----------------------                        --------------------------------------

                         $  1,372,291,000                              $   66,816,000     $  101,907,000
                      ======================                        ======================================
</TABLE>
<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


4.  Bonds Payable (continued)

The remaining bonds may be redeemed at the option of the Company, in whole or in
part,  at any time after the fourth  anniversary  of their  issuance.  To ensure
sufficient funds to meet debt service  requirements,  the Indenture provides for
redemption if the payments to be made on the GNMA  securities  will be less than
the debt service requirements. The amounts of bonds to be redeemed are dependent
on a number  of  factors  such as: 1)  prepayments  on the GNMA  securities,  2)
interest earned on requisite  funds, 3) deposit or substitution of collateral in
lieu of bond redemption,  and 4) requests for redemption by bondholders.  In all
redemptions  described above, the redemption price will be 100% of the principal
amount  of the  bonds  to be  redeemed  plus  interest  accrued  to the  date of
redemption.

Cash paid for interest was  $5,550,883,  $19,108,436,  and  $29,580,620  for the
years ended December 31, 1999, 1998, and 1997, respectively.

5.  Related Party Transactions

The Company was  organized to  facilitate  the  financing of long-term  mortgage
loans  through the issuance  and sale of  GNMA-collateralized  bonds.  The bonds
issued represent obligations solely of the Company and are not guaranteed by any
of its affiliates.

The Company entered into a revolving note receivable with an affiliated  company
on October 31, 1992 for $20,000,000.  The note is due on demand, or if no demand
is made,  on December 31, 2000.  Interest is due monthly at the prime rate.  The
balance  outstanding  relating  to this note at  December  31, 1999 and 1998 was
$2,790,799 and $7,479,550, respectively.

Notes and advances to affiliated  companies  bear interest at the current market
rates. Net interest income earned from affiliates for advances totaled $392,470,
$350,506, and $333,322 in 1999, 1998, and 1997, respectively.

GNMA  securities are purchased and sold through an affiliated  company at a cost
which approximates market.



<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


5.  Related Party Transactions (continued)

None of the  directors or executive  officers of the Company  receive any direct
remuneration  from the  Company;  however,  certain of the  Company's  executive
officers  participate in an employment  agreement with the Company's  parent and
other affiliated companies.  The agreement provides that such executive officers
are  entitled  to  a  percentage  of  corporate   distributions   based  on  the
accumulation of certain cash and cash equivalents of the Company over an imputed
base return to the stockholder.

General and administrative services for the Company including accounting, legal,
and other administrative  functions are provided by affiliated  companies.  Fees
for general and administrative services were $737,985,  $96,000, and $112,124 in
1999, 1998, and 1997, respectively.

6.  Stockholder's Equity

The Company  declared  and paid  $5,000,000  in dividends on May 31, 1999 and on
March 2, 1998. No dividends were paid in 1997.

7.  Federal Income Taxes

The  Company  files a  consolidated  federal  income tax return with its parent.
Under its  intercompany tax sharing  agreement with its parent,  current federal
income tax paid by the  Company is based on the  relationship  of the  Company's
taxable  income to the total  taxable  income of all  profitable  members of the
consolidated  group.   Current  federal  income  tax  expense  is  allocated  to
profitable  members of the consolidated group only if the consolidated group has
a current  federal income tax expense.  Any taxes allocated to the Company under
this agreement are payable to the parent.

FAS 109 requires the recognition of income taxes among members of a consolidated
group as if each member had filed a separate  return.  The Company's  income tax
expense under its intercompany tax sharing agreement varies from that recognized
under FAS 109. Charges and credits to contributed  capital or retained  earnings
result from applying the provisions of FAS 109 when cash payments or receipts of
taxes are not required to be
<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


7.  Federal Income Taxes (continued)

made to or from the parent under the intercompany tax sharing agreement.  During
the year ended December 31, 1999, a charge to contributed  capital of $7,349 was
recorded to reflect the income tax benefit  that must be recorded  under FAS 109
but will not be received  from the parent under the Company's  intercompany  tax
sharing  agreement.  During  the  years  ended  December  31,  1998,  and  1997,
contribution of capital of $1,938,500, and $194,938,  respectively, was recorded
to reflect the income tax benefit  that must be recorded  under FAS 109 but will
not be  paid  to  the  parent  under  the  Company's  intercompany  tax  sharing
agreement.

Deferred  income  taxes  reflect  the net tax effects of  temporary  differences
between the carrying  amounts of assets and liabilities for financial  reporting
purposes  and the amounts  used for income tax  purposes.  The only  significant
components  of the  Company's  deferred tax assets and  liabilities  relate to a
deductible temporary difference of $0 and $84,851 at December 31, 1999 and 1998,
respectively, resulting from an excess of tax basis on GNMA securities over that
recorded for financial reporting purposes and a book gain (loss) of $(2,108,030)
and $4,422,045 at December 31, 1999 and 1998,  respectively,  resulting from the
adjustment to fair value of the Company's investment in GNMAs.

The reconciliation of income tax attributable to continuing  operations computed
at the U.S. federal statutory tax rate of 34% to income tax expense is:
<TABLE>
<CAPTION>

                                                 1999         1998        1997
                                            --------------------------------------
     <S>                                     <C>         <C>           <C>

     Tax expense at U.S. statutory rate      $  21,499   $ 2,256,694   $ 236,132
     Increase (decrease) in deferred tax
       asset valuation allowance                (7,212)     (118,594)    (10,298)
                                            --------------------------------------

                                             $  14,287   $ 2,138,100   $ 225,834
                                            ======================================

</TABLE>
<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


8.  Fair Values of Financial Instruments

The carrying amounts and fair values of the Company's  financial  instruments at
December 31, 1999 and 1998 are as follows:

<TABLE>
<CAPTION>

                             December 31, 1999            December 31, 1998
                        --------------------------------------------------------
                          Carrying      Estimated      Carrying      Estimated
                           Amount      Fair Value       Amount       Fair Value
                        --------------------------------------------------------
     <S>                <C>            <C>           <C>            <C>

     Cash               $     1,202    $     1,202   $     20,679   $     20,679
     Note receivable
       from affiliate     2,790,799      2,790,799      7,479,550      7,479,550
     GNMA securities
                         64,769,583     62,661,553     98,710,104    103,132,149
     Bonds payable       66,816,000     62,644,210    101,907,000    100,414,430
</TABLE>

The Company is in the business of  purchasing  GNMA  securities  for  investment
financed by the issuance of bonds to the public.  All  securities are pledged as
collateral  for the  bonds  payable.  As  discussed  in Note 4, the bonds can be
redeemed  at the  option of the  Company  after the  fourth  anniversary  of the
particular Bond Series. All bond redemptions are at par; therefore,  the Company
will not  realize  a gain or loss on the  disposition  of the  bonds  under  its
optional call  provisions.  The fair values of the GNMA  securities  (see Note 1
Fair Values of Financial Instruments) fluctuate  significantly as interest rates
change;  therefore,  fair  values  as of the  future  redemption  dates may vary
significantly from those stated above. When the market is such that the value of
GNMA  securities  is less than par,  the Company has the  expectation  that they
would be held to maturity  as  collateral  for the  related  GNMA-collateralized
Bonds,  or until the market  value rose,  whichever  is sooner,  and the Company
would not realize  any  unrealized  losses.  All GNMA  securities  contractually
mature after December 31, 2010. Expected maturities will differ from contractual
maturities  because the issuers of the  securities  may have the right to prepay
obligations without prepayment penalties.

<PAGE>


                      Ray Ellison Mortgage Acceptance Corp.

                    Notes to Financial Statements (continued)

                        December 31, 1999, 1998, and 1997


9.  GNMA Securities

The amortized cost,  estimated  market values,  and gross  unrealized  gains and
losses for GNMA Securities at December 31, 1999 and 1998 are as follows:

                                              December 31
                                        1999               1998
                                    -------------------------------

     GNMA securities:
       Amortized cost               $64,769,583       $ 98,710,104
       Gross unrealized gains                 -          4,422,045
       Gross unrealized (losses)     (2,108,030)                 -
                                    -------------------------------

     Estimated market value         $62,661,553       $103,132,149
                                    ===============================
<PAGE>
Item 9.  Disagreements on Accounting and Financial Disclosure.

             None.

Item 10.  Directors and Executive Officers.


     The following is a list of REMAC's directors and executive officers. All of
such directors and executive officers have served in their respective capacities
since the dates described below.
<TABLE>

     <S>                       <C>         <C>
     Name                       Age         Position
     -----------               ----        ---------------------
     Jack Biegler               56         President, Secretary
                                                and Director

     Goodhue W. Smith, III      50         Director

     Locksley Simmons           41         Director, Vice President,
                                           Treasurer, and
                                           Assistant Secretary
</TABLE>

     Jack Biegler is President of Ray Ellison Industries,  Inc. He has, for more
than five  years  prior to the date of this 10-K,  served in  various  executive
financial capacities for affiliates of the Company. Mr. Biegler is the President
of Ray Ellison Mortgage Investment Corp., the parent corporation of the Company.

     Goodhue W. Smith,  III is Secretary and Treasurer of  Duncan-Smith  Co., an
investment  banking  firm,  and has served in that  capacity  for more than five
years prior to the date of this 10-K.

     Locksley Simmons is Vice President of Ray Ellison  Industries,  Inc and has
served in various  financial  positions  for  affiliates of the Company for more
than five years prior to the date of this 10-K.

     Mr.  Biegler was initially  elected as an officer of the Company on October
1, 1984,  and was most recently  reelected on December 31, 1999. Ms. Simmons was
initially elected as Vice President,  Treasurer,  and Assistant Secretary of the
Company on April 11, 1988 and was reelected  December 31, 1999;  Ms. Simmons was
initially  appointed as a Director  for the Company on December  31,  1996;  Mr.
Smith was initially  elected to his position with the Company on March 30, 1990,
and was reelected December 31, 1999, in each case to hold office during the term
for which they are elected and until their successors are elected and qualify in
accordance with the terms of REMAC's Articles of  Incorporation  and the laws of
the State of Texas.

     There are no family  relationships  among or  between  such  directors  and
ex-executive officers.

Item 11. Executive Compensation

     None of the  directors  and  executive  officers of the  Company  presently
receive any direct  remuneration  (other than  reimbursement  of expenses)  from
REMAC.  It is  currently  anticipated  that the  officers  and  directors of the
Company will continue to devote  substantially all of their time to their duties
related to their respective positions with Ray Ellison Industries,  Inc. and its
affiliates.  The officers and directors of the Company will devote such of their
time as may be  necessary  to ensure that REMAC  fulfills  its duties  under the
respective  Indentures governing the Bonds and such other duties as the officers
and directors shall deem necessary to protect the interest of the Bondholders or
which may be  required  by law.  Certain  of the  Company's  executive  officers
participate  in an  employment  agreement  with the  Company's  parent and other
affiliated  companies.  The agreement  provides that such executive officers are
entitled to a percentage of corporate distributions based on the accumulation of
certain cash and cash  equivalents of the Company over an imputed base return to
the shareholder.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

     The  authorized  capital stock of the Company  consists of 10,000 shares of
common stock, par value $1.00 per share,  (the "Common  Stock").  As of the date
hereof, 10,000 shares of Common Stock were issued and outstanding and were owned
by Ray Ellison Mortgage Investment Corp. Such shares may be pledged from time to
time to secure  indebtedness of Ray Ellison Mortgage Investment Corp. and/or its
affiliates.

     Set forth below is certain  information as to the  beneficial  ownership of
each class of equity  securities of Ray Ellison Mortgage  Investment  Corp., the
parent corporation of the Issuer, as of March 15, 2000
<TABLE>
<CAPTION>
                                          Amount and       Percent
                      Name of              Beneficial         of
Title of Class      Beneficial Owner       Ownership (1)    Class
-------------------------------------------------------------------------
<S>                 <C>                   <C>                <C>

Common Stock         Ray Ellison          10,000 Shares      100%
                    Grandchildren
                      Trust (1)
</TABLE>

     (1) The Ray Ellison  Grandchildren  Trust dated March 3, 1992  beneficially
owns 100% of the outstanding stock of Ray Ellison Mortgage  Investment Corp. and
its wholly-owned subsidiary, Ray Ellison Mortgage Acceptance Corp.



Item 13.  Certain Relationships and Related Transactions.

        Not Applicable.

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

(a)(1) Financial Statements

       The following financial statements are included in Part II,

       Item 8:
               Report of Independent Auditors
               Balance Sheets - December 31, 1999 and  1998
               Statements of Income and Comprehensive Income
                        -Years ended December 31, 1999, 1998 and 1997
               Statements of Changes in Stockholder's Equity
                        -Years ended December 31, 1999, 1998, and 1997
               Statements of Cash Flows
                        -Years ended December 31, 1999, 1998, and 1997
               Notes to financial statements



(a)(2) Financial Statement Schedules

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

(a)(3) Exhibits

 Exhibit Number

    Ex-1        -- Form  of  Underwriting  Agreement  including  form  of  Terms
                Agreement (4).
    Ex-3(i)  -- Articles of Incorporation of the Registrant as originally
                filed. (1)
    Ex-3(ii) -- Bylaws of the  Registrant as currently in  effect.(5)  Ex-4.1 --
    Form of Indenture between the Registrant and Trustee
                (containing Form of Bond).(4)
    Ex-4.2   -- Form of Series Supplement. (2)
             -- Form of Guaranty Agreement (level payment and graduated
                payment) for GNMA I Program ("Summary of Guaranty
                Agreement"). (3)
    Ex-4.3   -- Form of Guaranty Agreement for GNMA II Program ("Schedule
                of Subscribers and GNMA II Contractual Agreement"). (4)
    *Ex-23   -- Consent of experts
    *Ex-27   -- Financial Data Schedule
-----------------------------------

 *   Filed herewith



     1.    Previously   filed  with  the   Commission   as  an  exhibit  to  the
           Registrant's Form S-11 Registration  Statement (File No. 2- 93624) on
           October 4, 1984, and incorporated by reference herein.

     2.    Previously   filed  with  the   Commission   as  an  exhibit  to  the
           Post-Effective   Amendment  No.  1  to  the  Registrant's  Form  S-11
           Registration  Statement  (File No. 2-93624) on February 14, 1985, and
           incorporated by reference herein.

     3.    Previously filed with the Commission as an exhibit to Amendment
           No. 1 to the Registrant's Form S-11 Registration Statement (File
           No. 2-93624) on January 11, 1985, and incorporated by reference
           herein.

     4.    Previously   filed  with  the   Commission   as  an  exhibit  to  the
           Registrant's Form S-11 Registration Statement (File No. 33- 48368) on
           June 4, 1992, and incorporated by reference herein.

     5.    Previously filed with the Commission as an exhibit to the Registrants
           Form 10-Q for the quarter ended June 30, 1995,  and  incorporated  by
           reference herein.

 (b) Reports on Form 8-K

          None

<PAGE>



SIGNATURES

    Pursuant  to the  requirements  of  Section  13 or 15 (d) of the  Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed by
the undersigned, thereunto duly authorized.

                                             Ray Ellison Mortgage
                                             Acceptance Corp.
                                             (Registrant)

March 24, 2000                           By       /s/Jack Biegler
                                           -----------------------------
                                           Jack Biegler
                                           President, (Principal Executive
                                           Officer) Director, and Secretary


March 24, 2000                           By       /s/Locksley Simmons
                                           ------------------------------
                                           Locksley Simmons, Director
                                           Vice President, Treasurer,
                                           (Chief Financial Officer and
                                           Principal Accounting Officer)
                                           and Assistant Secretary


    Pursuant to the  requirement  of the Securities  Exchange Act of 1934,  this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities indicated on March 24, 2000.

 SIGNATURE                                           CAPACITY
------------                                         ---------

/s/ Jack Biegler                                     Director
----------------
Jack Biegler


/s/Locksley Simmons                                  Director
-------------------
Locksley Simmons


/s/ Goodhue W. Smith, III                            Director
-------------------------
Goodhue W. Smith, III



    Supplemental information to be 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.
    ---------------------------------------------

No annual report or proxy  material has been sent to  Bondholders of Ray Ellison
Mortgage Acceptance Corp. GNMA-Collateralized Bonds, issued in Series.

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