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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: September 30, 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

1

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Part I:     FINANCIAL INFORMATION

September 30, 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 - None
|------- |  | ---------------------------------------

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:  November 11, 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.
|--- |  | ------------------------------------------------------------------

|4.9 |  | Certification Pursuant
to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 attached as exhibits 4.9a and 4.9b.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

|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

|                                             | September 30, 2002 | December 31, 2001
|-------------------------------------------- | ------------------ | -----------------
|                                            
|
|ASSETS                                       |                    |                  
|Cash                                         |                    |                  
|Trading securities, at fair value            |                    |                  
|Other assets                                 |                    |                  
|                                            
|TOTAL ASSETS                                 |                    |                  
|                                            
|LIABILITIES AND SHAREHOLDERS' EQUITY         |                    |                  
|LIABILITIES                                  |                    |                  
|Other liabilities, principally to affiliates |                    |                  
|                                            
|TOTAL LIABILITIES                            |                    |                  
|                                            
|SHAREHOLDERS' EQUITY                         |                    |                  
|Common stock; $1 par value:                  |                    |                  
|Class A (without right to dividend)--        |                    |                  
|Authorized 7,500 shares, issued and          |                    |                  
|Outstanding 730 shares                       |                    |                  
|Class B (non-voting)-- authorized            |                    |                  
|7,500 shares, issued and outstanding         |                    |                  
|1,665 shares                                 |                    |                  
|Paid-in capital                              |                    |                  
|Retained earnings                            |                    |                  
|                                            
|SHAREHOLDERS' EQUITY                         |                    |                  
|                                            
|TOTAL LIABILITIES AND                        |                    |                  
|SHAREHOLDERS' EQUITY                         |                    |                  
|                                            

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

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Consolidated Statements of Operations and Retained Earnings

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

|                                        | Three Months Ended | Nine Months Ended
|--------------------------------------- | ------------------ | -----------------
|
|
|                                       
|
|REVENUES                                |                    |                  
|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.

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APPENDIX A (3/4)

Consolidated Statements of Cash Flows

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

|                                          |  |  |  | 
|----------------------------------------- |  |  |  | 
|
|
|                                         
|
|Cash flows from operating activities:     |  |  |  | 
|Net loss                                  |  |  |  | 
|Adjustments to reconcile net              |  |  |  | 
|income to net cash provided by (used for) |  |  |  | 
|operating activities:                     |  |  |  | 
|Trading securities                        |  |  |  | 
|                                          |  |  |  | 
|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 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

September 30, 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 and nine months ended September 30, 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.

7

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# APPENDIX
BTO  FORM 10-Q

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

# NATIONAL
MORTGAGE ACCEPTANCE CORPORATION

September 30, 2002

During
the quarter ended September 30, 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 nine month period ending September 30, 2002, NMAC revenues were $13,536
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.

8

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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 Scott & Stringfellow, Inc. (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.

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.

9

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As
of September 30, 2002, NMACs assets were $221,031 including $109,207 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.

10

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Exhibit 4.9a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

I, John B Jung Jr., state and attest that:

(1)           I am
the Chairman and Chief Executive Officer of National Mortgage Acceptance Corporation (the
"issuer").

(2)           Accompanying this certification is National Mortgage Acceptance Corporations
Quarterly Report on Form 10-Q for the period ended September 30, 2002, a periodic report (the
periodic report) filed by the issuer with the Securities Exchange Commission
pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934 (the Exchange
Act), which contains financial statements.

(3)           I
hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that

|· |  | the periodic report containing the financial
statements fully complies with the requirements of Section 13(a) or 15(d) of the Exchange
Act, and
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------

|· |  | the information contained in the periodic report fairly presents, in all
          material respects, the financial condition and results of operations of the
          issuer for the periods presented.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

/s/ John B. Jung, Jr.

John B. Jung, Jr.
Chairman and Chief Executive Officer
November 13, 2002

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Exhibit 4.9b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

I, Randall B. Saufley, state and attest that:

(1)           I am
the Treasurer and Principal Financial Officer of National Mortgage Acceptance Corporation
(the "issuer").

(2)          
Accompanying this certification is National Mortgage Acceptance Corporations
Quarterly Report on Form 10-Q for the period ended September 30, 2002, a periodic report (the
periodic report) filed by the issuer with the Securities and Exchange
Commission pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the
Exchange Act), which contains financial statements.

(3)           I
hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that

|· |  | the
periodic report containing the financial statements fully complies with the requirements
of Section 13(a) or 15(d) of the Exchange Act, and
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------

|· |  | the
information contained in the periodic report fairly presents, in all material respects,
the financial condition and results of operations of the issuer for the periods
presented.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

/s/ Randall B. Saufley

Randall B. SaufleyTreasurer/SecretaryNovember 13, 2002

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