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FORM 10-Q

Securities and Exchange Commission
                                                        Washington, D. C. 20549

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

For Quarter Ended: March 31, 2002
                                        Commission File Numbers: 2-97573, 33-12626 and 33-19023

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

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

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

23218
                                                              (Zip Code)

(804) 775-7904
                                         (Registrant's telephone number, including area code)

Indicate by  checkmark  whether the  registrant  (1) has filed all reports  required to be filed by Section 13 or 15(d) of the
Securities  Exchange Act of 1934 during the preceding 12 months (or for such shorter  period of time 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 | 
|--- | - | -- | 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

|Class A Common Stock: | 730 shares  
|--------------------- | ------------
|Class B Common Stock: | 1,665 shares

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# Part I:
FINANCIAL INFORMATION

March 31, 2002
Item 1.  Financial Statements

| | Attached
as Appendix A.
| | -----------------------

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

| | Attached
as Appendix B.
| | -----------------------

# Part II:
OTHER INFORMATION

|Item 1. | Legal Proceedings - None
|------- | ------------------------

|Item 2. | Changes in Securities - None
|------- | ----------------------------

|Item 3. | Defaults on Senior Securities - None
|------- | ------------------------------------

|Item 4. | Submission of Matters to Vote of Security Holders - Information regarding election of
directors by the registrant's voting shareholders previously reported in registrant's
report on Form 10-K for its year ending December 31, 2001, as filed April 2, 2002. There
were no other matters submitted to a vote of security holders during the quarter.
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Item 5. | Other Information- None
|------- | -----------------------

|Item 6. | Exhibits and Reports on Form 8-K- There was a reporting on Form 8-K filed during
the quarter. Exhibits - See index to exhibits.
|------- | -------------------------------------------------------------------------------------------------------------------------------

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.

| |                                          | 
| | ---------------------------------------- | 
| | NATIONAL MORTGAGE ACCEPTANCE CORPORATION | 
| | (Registrant)                             | 

| |     |                                                        
| | --- | -------------------------------------------------------
| |     |                                                        
| |    
| |    
| |    
| | By: | ______________________________________________         
| |     | Randall B. Saufley                                     
| |     | Secretary/Treasurer                                    
| |     | Principal financial officer and duly authorized officer

Date:    April 26, 2002

2

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EXHIBIT INDEX

|2. | Not
Applicable.
|-- | ---------------

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

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

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

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

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

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

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

|4.8 | NMAC's
Form 8-K filed April 8, 2002 and incorporated by reference.
|--- | ------------------------------------------------------------------

|11. | Not
applicable. Information in Appendix A.
|--- | ------------------------------------------

|15. | Not
applicable.
|--- | ---------------

|18. | Not
applicable.
|--- | ---------------

|19. | Not
applicable.
|--- | ---------------

|20. | Not
applicable.
|--- | ---------------

|23. | Not
applicable.
|--- | ---------------

|24. | Not
applicable.
|--- | ---------------

|25. | Not
applicable.
|--- | ---------------

|26. | Not
applicable.
|--- | ---------------

3

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APPENDIX A (1/4)

Consolidated    Statements    of    Financial
Condition

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

|                                             | March 31, 2002 | December 31, 2001
|-------------------------------------------- | -------------- | -----------------
|                                            
|(unaudited)                                 
|
|Cash                                         | $              | 22,991           
|Trading securities, at fair value            |                | 87,277           
|Loans receivable from affiliates             |                | 0                
|Accrued interest receivable                  |               
|from affiliates                              |                | 0                
|Other assets                                 |                | 119,825          
|                                            
|TOTAL ASSETS                                 | $              | 230,093          
|                                            
|                                             |                |                  
|LIABILITIES AND SHAREHOLDERS' EQUITY         |                |                  
|LIABILITIES                                  |                |                  
|Bonds payable                                | $              | 0                
|Accrued interest payable                     |                | 0                
|Other liabilities, principally to affiliates |                | 38,145           
|                                            
|TOTAL LIABILITIES                            | $              | 38,145           
|                                            
|                                             |                |                  
|                                             |                |                  
|SHAREHOLDERS' EQUITY                         |                |                  
|Common stock; $1 par value:                  |                |                  
|Class A (without right to dividend)--        |                |                  
|Authorized 7,500 shares, issued and          |                |                  
|outstanding 730 shares                       |                | 730              
|Class B (non-voting)-- authorized            |                |                  
|7,500 shares, issued and outstanding         |                |                  
|1,665 shares                                 |                | 1,665            
|Paid-in capital                              |                | 182,565          
|Retained earnings                            |                | 6,988            
|                                            
|SHAREHOLDERS' EQUITY                         |                | 191,948          
|                                            
|                                             |                |                  
|TOTAL LIABILITIES AND                        |                |                  
|SHAREHOLDERS' EQUITY                         | $              | 230,093          
|                                            

The   accompanying   notes  are  an  integral  part  of  these  financial
statements.

4

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Consolidated Statements of Operations and Retained Earnings

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

|                                       
|---------------------------------------
|March 31,                              
|2002                                   
|                                       
|(unaudited)                            
|
|Interest on loans                      
|Other interest                         
|Management fees                        
|Net unrealized securities trading gains
|                                       
|                                       
|                                       
|COSTS AND EXPENSES                     
|Interest on bonds                      
|Management fees                        
|Other                                  
|                                       
|                                       
|                                       
|NET LOSS                               
|BEFORE INCOME TAXES                    
|INCOME TAX BENEFIT                     
|NET LOSS                               
|                                       
|RETAINED EARNINGS AT                   
|BEGINNING OF PERIOD                    
|                                       
|RETAINED EARNINGS AT                   
|END OF PERIOD                          
|                                       
|LOSS PER SHARE                         
|                                       

The accompanying notes are an integral part of these financial statements.

5

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APPENDIX A (3/4)

Consolidated Statements of Cash Flows

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

|                                          |               
|----------------------------------------- | --------------
|March 31, 2002                            | March 31, 2001
|                                         
|(unaudited)                               | (unaudited)   
|
|Net loss                                  |               
|Adjustments to reconcile net              |               
|income to net cash provided by (used for) |               
|operating activities:                     |               
|Trading securities                        |               
|Cash and related investments              |               
|restricted - Series 1985-A                |               
|Decrease in accrued interest receivable   |               
|from affiliates                           |               
|Decrease in accrued interest payable      |               
|Other assets                              |               
|Other liabilities, principally            |               
|to affiliates                             |               
|                                         
|Total adjustments                         |               
|                                         
|Net cash used for                         |               
|operating activities                      |               
|                                         
|Cash flows from investing activities:     |               
|Payments received on loans to             |               
|Affiliates                                |               
|                                         
|Cash flows from financing activities:     |               
|Payments on bonds payable                 |               
|                                         
|Net decrease in cash                      |               
|Cash at beginning of period               |               
|Cash at beginning of period               |               
|                                         
|Cash at end of period                     |               
|                                         

The accompanying notes are an integral part of these
                 financial statements.

6

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APPENDIX A (4/4)

# NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS

# NATIONAL
MORTGAGE ACCEPTANCE CORPORATION

March 31, 2002

# NOTE A
(Unaudited)

These  financial  statements  should be read in  conjunction  with the  financial  statements  and notes  thereto in  National
Mortgage  Acceptance  Corporation's  ("NMAC")  Annual Report for the year ended  December 31, 2001.  The financial  statements  for the
three months ended March 31, 2002,  include all adjustments  necessary for a fair presentation of the results of operations,  financial
position,  and cash flows for the  interim  periods.  These  amounts are not  necessarily  indicative  of results for a full year.  The
Board of Directors of NMAC  authorized  and directed to cause the  outstanding Series 1985-A  Bonds to be redeemed in whole,  but not in part, on the
July 1, 2001 Bond Payment Date, all as provided and permitted under the Indenture dated as of July 1, 1985 and as amended.

# NOTE B (New
Accounting Pronouncements)

In July of 2001, the FASB issued Statements of Financial  Accounting  Standards No. 141, "Business  Combinations"  (SFAS 141),
and No. 142,  "Goodwill and Other Intangible  Assets" (SFAS 142). SFAS 141 eliminates  pooling-of-interest  accounting and requires all
business  combinations  initiated  after June 30, 2001,  to be accounted for using the purchase  method.  SFAS No. 142  eliminates  the
amortization of goodwill and other  nonseparable  intangible  assets and requires that goodwill be evaluated for impairment by applying
a fair  value-based  test.  The Company  adopted  SFAS No. 142 as of January 1, 2002.  The adoption of this  statement  will not have a
material effect on the Company's consolidated financial statements or disclosures.

7

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APPENDIX   B
                                                        TO FORM 10-Q

# Management's
Discussion and Analysis of Financial Condition and Results of Operations

# NATIONAL
MORTGAGE ACCEPTANCE CORPORATION

March 31, 2002

During the quarter ended March 31, 2002,  National Mortgage  Acceptance  Corporation  ("NMAC") did not issue any new series of
its TIMCO (Thrift Industry Mortgage Collateralized Obligation) or Mortgage Collateralized Obligation Bonds.

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

During the three (3) month period ending,  March 31, 2002, NMAC revenues were $11,149 which consisted  primarily of Management
Fees received for the on-going administration of one outstanding Bond Series: Series D Bonds (GNMA Certificates).

NMAC has caused an election to be made under the Internal  Revenue Code of 1986,  as amended (the  "Code"),  to have the Trust
Estate for the Series D Bonds taxed as a separate  real estate  mortgage  investment  conduit (a "REMIC"),  in which the Series D Bonds
are "regular  interests," as defined in the Code,  with respect to the REMIC.  Other than its on-going fees for  administration  of the
Series D Bond REMIC,  NMAC has no future  economic  benefit in the  segregated  asset pool  comprising of the Series D Bond REMIC.  The
"residual  interest"  in the Series D Bond  REMICs  was sold by NMAC for cash in 1987.  Accordingly,  neither  the  collateral  for the
Series D Bonds nor the  Series D Bonds are  recorded  as assets or  liabilities,  respectively,  of NMAC.  The  interest  income on the
collateral  for,  and the  related  interest  expense  on, the Series D Bonds will be  recorded  only  within the Series D Bond  REMIC.
Neither the interest income nor the related interest expense on REMIC will have an impact on NMAC's financial statements.

NMAC  has no  salaried  employees  and has  entered  into  management  and  administrative  service  agreements  with  Scott &
Stringfellow,  Inc. (formerly Craigie Incorporated),  an affiliate of NMAC and a wholly-owned subsidiary of BB&T Corporation,  pursuant
to which S&S, Inc. provides NMAC with administrative,  accounting and clerical services, office space and
the use of the service  mark  "TIMCO" for the  registrant's  Bonds.  Under  these  agreements,  S&S,  Inc.  receives  fees from NMAC in
connection  with each  funding  agreement  executed  between  NMAC and the  participating  borrowers  and with  respect to the residual
interests with respect to the registrant's  Series D Bonds.  Fees paid to NMAC by the holders of the residual  interest with respect to
its  Series D Bonds are  expected  by NMAC to be  sufficient  to  provide  for all  on-going  costs and  expenses  with  respect to the
outstanding  Series of its Bonds.  NMAC  therefore  anticipates  that it will have no additional  cash or liquidity  requirements  with
respect to its  obligations  under any  outstanding  Series of its Bonds.  Payments under the management  and  administrative  services
agreements  between  NMAC and S&S,  Inc.  are not  expected  to exceed  the  amount  received  by NMAC as  on-going  fees paid to it by
participating  borrowers  under their funding  agreements  and/or  holders of the residual  interest with respect to the Series D REMIC
Bonds.

8

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With respect to certain of its  administration  duties for the Series D REMIC, NMAC has contracted with Asset Investors,  Inc.
(formerly  Financial  Asset  Management  Corporation  and M.D.C.  Consulting,  Inc.).  Amounts due Asset  Investors,  Inc. for services
rendered are paid from amounts received by NMAC for  administrative  services from holders of the Series D REMIC residual  interest and
are less than the gross amount payable by such holders to NMAC.

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

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

As of March 31, 2002, NMAC's assets were $230,093  including $110,268 in unrestricted cash and trading  securities.  This cash
and security balance, plus interest earnings from the investment thereof, is available to pay NMAC's annual operating expenses.

9

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