FORM 10-K

Securities and Exchange Commission
Washington, D. C. 20549

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


For Year Ended	Commission File Numbers:
December 31, 2001	2-97573; 33-12626;
	and 33-19023

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


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

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

Registrant's telephone number, including area code:

(804) 775-7904

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

NONE

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

NONE

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

Yes

Aggregate market value of voting stock held by non-affiliates of the registrant as of March 1, 2001:

NONE

Number of shares of common stock outstanding as of March 1, 2002:


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

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PART I

Item 1. Business

National Mortgage Acceptance Corporation ("NMAC"), was incorporated under the laws of the Commonwealth of Virginia on October 19, 1984, as a limited purpose finance corporation under the name "Thrift Financing Corporation". NMAC adopted its present name in 1989. NMAC maintains its principal executive offices at 909 East Main Street, Richmond, Virginia 23219, and its telephone number is (804) 775-7904.

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

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

With respect to any one or more series of its Bonds, NMAC may cause an election to be filed under the Internal Revenue Code of 1986, as amended (the "Code"), to have the segregated asset pool comprising the trust estate for such series of Bonds treated as a real estate mortgage investment conduit ("REMIC") as defined in the Code (each such series, a "REMIC Series"). If a REMIC election is to be made with respect to the trust estate for a series of NMAC's Bonds, the Bonds of such REMIC Series will be treated as "regular interests" in a REMIC, as such term is defined in the Code. In connection with one or more REMIC Series, NMAC expects that it will sell all or substantially all of the "residual interest," as such term is defined in the Code, in such REMIC Series to entities engaged, directly or through their owners or affiliates, in mortgage funding, financing or origination activities.

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Each series of NMAC's Bonds is to be secured by separate collateral that does not serve as security for any other series of NMAC's Bonds. The collateral pledged to the trustee securing a series of NMAC's Bonds is projected to produce cash flow sufficient, together with reinvestment income thereon at an assumed annual rate and assuming timely payment to the trustee of distributions on the Mortgage Collateral for such series, to make principal and interest payments required to be made on the outstanding Bonds of that series. With respect to any REMIC Series of NMAC's Bonds, the sale by NMAC of the "residual interest" in the trust estate for such REMIC Series will constitute a sale by NMAC of the economic benefit of the amounts remaining in the trust estate for such REMIC Series after payments of the Bonds of the related REMIC Series. Such amounts will be paid to the purchasers of the residual interest of such REMIC Series, and will not be available to creditors of NMAC or available to pay other liabilities or obligations of NMAC.

On July 1, 2001, NMAC caused all of its issued and outstanding Thrift Industry Mortgage Collateralized Obligation (TIMCO) Bonds, Series 1985-A (FHLMC 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" formally Craigie Incorporated, an affiliated company). Sale of the Funding Agreements securing the Series 1985-A Bonds in connection with the July 1, 2001 redemption resulted in NMAC not receiving any interest payments on the loans evidenced by the Funding Agreements. Offsetting this reduction in revenues for the period ending December 31, 2001, is an elimination of the costs to NMAC represented by the interest on the Series 1985-A Bonds.

On September 17, 1999, NMAC offered to subscribe to 1,000 shares of the Common Stock ("Stock") of National Mortgage Securities Corporation ("NMSC") and agreed, in consideration therefor, to transfer cash in the amount of $10,000 to NMSC. NMAC also represented that the Stock would be held for investment and not for the purpose of distribution or resale. NMAC transferred cash in December 1999 and recorded an investment in subsidiary on its books. This investment along with certain costs incurred in the formation of NMSC, are included in "Other Assets" on the Balance Sheet for December 31, 2001. 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. Shelf Registration fees and organization costs are being amortized over 10 years and 15 years, respectively.

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

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Information as of December 31, 2001 with respect to NMAC's outstanding Bonds is included in Notes 4 and 5 of NMAC's Financial Statements included herein.

Item 2. Properties

NMAC has no material physical properties.

Item 3. Legal Proceedings

None.

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

On March 26, 2002, a meeting of the Shareholders was held and the following persons were elected to NMAC's Board of Directors: John B. Jung, Jr., Merlin T. Grim and William E. Hardy. Also, a change of Independent Public Accountants to PricewaterhouseCoopers LLP for the fiscal year ending December 31, 2002.

PART II

There is no market for NMAC common stock. All outstanding common stock of NMAC is owned by S&S and by the service corporation subsidiaries of what were originally nine savings and loan associations and savings banks. As of December 31, 2001, four of the nine savings and loan associations and savings banks are believed to be under the management of federal banking regulators. There has been no transfer of common stock ownership and no dividends were paid with respect to NMAC common stock in 2000 or 2001.

Item 6. Selected Financial Data

The following data are for the years ended December 31, 2001, 2000, 1999, 1998, and 1997.

Statement of Operations Data
	Year Ended December 31,

	2001		2000		1999		1998	1997


Revenues	383,975		$ 840,242		$ 1,107,885		$ 1,411,916	$ 1,742,471

Net Income (Loss)	(13,047	)	(26,605	)	(1,502	)	3,641	6,473

Earnings (Loss) Per Share	(5.45	)	(11.11	)	(0.63	)	1.52	2.70

Balance Sheet

Total Assets	234,145		$ 7,111,657		$ 9,236,904		$12,057,732	$14,998,274

Receivables Pursuant to	0		6,477,570		8,484,012		11,104,810	13,894,203
Funding Agreements

Bonds Payable*	0		6,477,570		8,484,012		11,104,810	13,894,203

*Does not include the Series D Bonds which are REMIC Series of NMAC's Bonds. As of December 31, 2001, the outstanding Series D aggregated $10,234,660. Series A Bonds were retired July 1, 2001 See part II, Item 7, of this Report on Form 10-K.

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

NMAC was organized to facilitate the financing of long-term mortgage loans through issuance of its collateralized mortgage obligations. Such financing is facilitated by NMAC entering into funding agreements secured by Mortgage Collateral with participating borrowers and/or by NMAC acquiring Mortgage Collateral and pledging the mortgage collateralized funding agreements, directly owned Mortgage Collateral and/or a combination thereof to secure its Bonds. NMAC does not have, and is not expected to have, any significant assets other than assets pledged to secure a specific series of its Bonds. Furthermore, to the extent NMAC sells the "residual interest" in a REMIC Series of its Bonds, NMAC will have sold, and will have no further interest in, the economic benefit of the difference between the payments received on the collateral (i.e., trust estate) for such REMIC Series of its Bonds, including reinvestment earnings thereon, and the debt service on such REMIC Series of its Bonds.

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Revenues for 2001, 2000, 1999, 1998, and 1997 consist primarily of (i) interest on loans receivable under funding agreements between NMAC and participating borrowers for the registrant's Series 1985-A Bonds, and (ii) administrative fees paid to NMAC with respect to its outstanding Series 1985-A, B, C, and D Bonds. The Series B Bonds and the Series C Bonds were retired in 1996 and 1995, respectively. Series A Bonds were retired July 1, 2001. Future revenues are expected to be provided from administrative fees relating to REMIC Series of NMAC's Bonds (Series D). NMSC did not realize any revenue in 2001 from dealing in securities.

Costs and expenses incurred by NMAC during each period result primarily from interest payable on its Bonds, expenses with respect to developing financing programs, and expenses incurred in connection with administering outstanding Series of its Bonds. Such costs and expenses incurred in any period, including those for any future period, depend primarily upon the amount of NMAC's Bonds issued and outstanding during any such period and the interest rate payable on such Bonds. NMAC receives, from the residual interest holders with respect to its Series D Bonds, administration payments and fees which have been equal to, less than or in excess of the costs incurred by NMAC in administering such outstanding series of Bonds. Such fees and payments received by NMAC are expected to continue to adequately provide for the costs incurred by NMAC in administering such Bonds on a current basis, thereby not impacting upon NMAC's need for liquidity in the short or long term. NMSC's amortization expense of approximately $11,000 in 2001 represents the majority of its expenses.

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

Interest on NMAC's outstanding Series 1985-A was the major source of cost and expenses for the years ending December 31, 2001, 2000, 1999. Cash flow from the Mortgage Collateral for NMAC's Series D Bonds is anticipated to continue to provide cash sufficient to make required payments thereon. Consequently, NMAC anticipates that it will have no additional cash requirements with respect to any of its outstanding Bonds. Future net income of NMAC is expected to vary in direct relation to the issuance of one or more series of its Bonds in a given year.

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

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

On November 12, 1996 S&S purchased from the Federal Deposit Insurance Corporation ("FDIC") the stock of three of the affiliates who participated in the Series 1985-A Bonds. The affiliates were Atlantic Financing Corporation, Security Federal Financing Corporation and Mountain Financial Corporation. Effective June 30, 1998, Atlantic Financing and Security Federal were merged into Mountain Financial Corporation. In addition, the parent company of S&S, BB&T Corporation, purchased Life Savings Bank on March 1, 1998, which owned a fourth affiliate of NMAC named Life Capital Corporation. Life Capital was purchased by S&S and subsequently merged into Mountain Financial Corporation effective September 30, 1998. Mountain Financial was dissolved in 2001 following redemption of the Series 1985-A Bonds and the concurrent liquidation of the funding agreements.

As of December 31, 2001, NMAC's consolidated assets were $234,145, including $114,069 in unrestricted cash and marketable securities. This balance, plus interest earnings from the investment thereof, is available to pay NMAC's annual operating expenses, and, if and to the extent necessary, amounts in connection with the outstanding Bonds of NMAC.

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Market Risk Disclosure

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

Item 8. Financial Statements and Supplementary Data

The response to this item is submitted in Appendix A.

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

At the March 26, 2002 shareholders meeting, a change in the Certified Public Accountant to PricewaterhouseCoopers LLP was ratified. There were no disagreements with the prior auditors of Arthur Andersen LLP.

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PART III

Item 10. Directors and Executive Officers of the Registrant

The persons set forth below are the directors and executive officers of NMAC as of December 31, 2001:


	Current
Name	Age	Title

John B. Jung, Jr	43	President, Chairman of the Board and Director

Merlin T. Grim	46	Director

William E. Hardy	44	Vice President and Director

Jon W. Markiewicz	41	Vice President

Randall B. Saufley	40	Secretary and Treasurer

John B. Jung, Jr. 43, Senior Vice President and Head of Planning and Administration for BB&T Capital Markets Division of S&S.

Merlin T. Grim, 46, Senior Vice President, Treasurer and Risk Management Officer of S&S and Chief Financial Officer of BB&T Capital Markets Division of S&S.

William E. Hardy, 44, Senior Vice President and managing Director in the Structured Finance Group of S&S.

Jon W. Markiewicz, 41, Vice President and Director in the Structured Finance Group of S&S.

Randall B. Saufley, 40, Senior Vice President & Controller of S&S.

All of the foregoing directors, except for John Thomas West, IV, of NMAC, were reelected at the annual meeting of the shareholders and officers at the Board of Directors meeting, held as of March 28, 2001 to serve until their successors are elected and shall qualify. John B. Jung, Jr was elected as Chairman of the Board.

Item 11. Executive Compensation

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

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Item 12. Security Ownership of Certain Beneficial Owners and Management

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

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

	Class of Stock,
	Amount of				Name and Address
Name and Address	Beneficial Ownership				of Affiliated
of Beneficial Owner	and Percent of Class				Financial Institution

	Class A	%	Class B	%
Scott & Stringfellow, Inc.	370	50.5	333	20.0	--
Richmond, Virginia

Colonial Service Corp.	40	5.5	148	8.9	Atlantic Permanent
Norfolk, Virginia					Federal Savings Bank,
					F.S.B.
					Norfolk, Virginia
					(See Note (1))

Jefferson Funding	40	5.5	148	8.9	Jefferson Savings and
Corporation					Loan Association
Warrenton, Virginia					Warrenton, Virginia
					(See Note (3))

Investors Service Corporation	40	5.5	148	8.9	Investors Savings Bank
Richmond, Virginia					Richmond, Virginia
					(See Note (1))

Pioneer Financial Services, Inc.	40	5.5	148	8.9	Pioneer Federal
Richmond, Virginia					Savings and Loan
					Association
					Hopewell, Virginia

Roanoke Valley Service	40	5.5	148	8.9	CorEast Federal
Corporation					Savings Bank, F.S.B.
Roanoke, Virginia					Roanoke, Virginia
					(See Note (1))

Security Financial Service	40	5.5	148	8.9	Security Federal
Corporation					Savings and Loan
Richmond, Virginia					Association
					Richmond,Virginia
					(See Note (1))

Southern Service Corporation	40	5.5	148	8.9	Virginia Federal
Richmond, Virginia					Savings and Loan
					Association
					Richmond, Virginia
					(See Note (2))

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	Class of Stock,
	Amount of				Name and Address
Name and Address	Beneficial Ownership				of Affiliated
of Beneficial Owner	and Percent of Class				Financial Institution

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

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

NOTES:

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

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

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

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During the year ended December 31, 2001, NMAC incurred general and administrative expenses in connection with the management agreements described in Item 1 with Scott & Stringfellow, Inc. amounting to approximately $10,000. Directors, William E. Hardy, John B. Jung, Jr. and Merlin T. Grim of NMAC are officers of the BB&T Capital Markets division of S&S.

PART IV

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

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

(3) See Exhibit Index immediately preceding Exhibits.

(b) No reports on Form 8-K were filed during the last quarter of the fiscal year ended December 31, 2001.

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

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

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SIGNATURES

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


	NATIONAL MORTGAGE ACCEPTANCE
	CORPORATION


	By: _____________________________
	John B. Jung, Jr. , Chairman of the
	Board of Directors

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

Date:


March 26, 2002	By: _____________________________
	John B. Jung, Jr.
	President and Chairman of the Board


March 26, 2002	By: _____________________________
	William E. Hardy
	Vice President and Director


March 26, 2002	By: _____________________________
	Merlin T. Grim, Director


March 26, 2002	By: _____________________________
	Randall B. Saufley
	Secretary and Treasurer


March 26, 2002

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APPENDIX A

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

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

(1) Financial Statements:

Report of Arthur Andersen LLP, Independent Public Accountants

Balance Sheets at December 31, 2001 and 2000

Statements of Operations and Retained Earnings for the years ended December 31, 2001, 2000 and 1999

Statements of Cash Flows for the years ended December 31, 2001, 2000 and 1999.

Notes to Financial Statements

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

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National Mortgage Acceptance Corporation and Subsidiary

Consolidated Financial Statements

As of December 31, 2001 and 2000
Together with Report of Independent Public Accountants

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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To National Mortgage Acceptance Corporation:

We have audited the accompanying consolidated balance sheets of National Mortgage Acceptance Corporation and Subsidiary (the Company) as of December 31, 2001 and 2000, and the related consolidated statements of operations and retained earnings and cash flows for each of the three years in the period ended December 31, 2001. 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 consolidated financial position of National Mortgage Acceptance Corporation and Subsidiary as of December 31, 2001 and 2000, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States.

Charlotte, North Carolina
March 22, 2001

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National Mortgage Acceptance Corporation and Subsidiary

Consolidated Balance Sheets -- as of December 31, 2001 and 2000

	2001		2000

Assets:

Cash	$	26,670	$	49,388
Trading securities, at fair value		87,399		82,220

Loans receivable from affiliates, estimated fair value of $6,572,834		0		6,477,570
in 2000 (Note 3)
Accrued interest receivable from affiliates		0		364,363
Other assets		120,076		138,116

	$	234,145	$	7,111,657



Liabilities and Shareholders' Equity:
Liabilities:
Bonds payable, estimated fair value of $6,572,834 in 2000 (Note 4)	$	0	$	6,477,570

Accrued interest payable		0		364,363
Other liabilities, principally to affiliates		36,845		59,377

Total liabilities		36,845		6,901,310

Shareholders' equity:
Common stock; $1 par value-
Class A (without right to dividend) - Authorized 7,500 shares,		730		730
issued and outstanding 730 shares
Class B (nonvoting) - Authorized 7,500 shares, issued and		1,665		1,665
outstanding 1,665 shares
Paid-in capital		182,565		182,565
Retained earnings		12,340		25,387

Total shareholders' equity		197,300		210,347

	$	234,145	$	7,111,657

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

National Mortgage Acceptance Corporation and Subsidiary

Consolidated Statements Of Operations And Retained Earnings
For The Years Ended December 31, 2001, 2000 And 1999

	2001			2000			1999

Revenues:
Interest income on loans to affiliates	$	322,143		$	781,178		$	1,032,062
Other interest income		4,698			2,072			11,472
Management fees from affiliates		56,461			60,300			60,913
Net trading securities gains/(losses)		673			(3,308	)		3,438

Total revenues		383,975			840,242			1,107,885

Expenses:
Interest on bonds		322,143			781,178			1,032,062
Management fees		56,461			60,300			60,913
Other		20,758			32,059			16,782

Total expenses		399,362			873,537			1,109,757

Loss before income taxes		(15,387	)		(33,295	)		(1,872	)
Income tax benefit		(2,340	)		(6,690	)		(370	)

Net loss		(13,047	)		(26,605	)		(1,502	)
Retained earnings, beginning of year		25,387			51,992			53,494

Retained earnings, end of year	$	12,340		$	25,387		$	51,992

Loss per share - Basic and diluted	$	(5.45	)	$	(11.11	)	$	(0.63	)

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

National Mortgage Acceptance Corporation and Subsidiary

Consolidated Statements Of Cash Flows
For The Years Ended December 31, 2001, 2000 And 1999

	2001			2000			1999

Cash flows for operating activities:
Net loss	$	(13,047	)	$	(26,605	)	$	(1,502	)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities-
(Increase) decrease in trading securities		(5,179	)		69,425			89,240
Decrease in restricted cash and investments		0			0			59,046
- Working capital reserve
Decrease in accrued interest receivable		364,363			112,863			147,420
from affiliates
Decrease (increase) in other assets		18,040			(33,403	)		(87,657	)
Decrease in accrued interest payable		(364,363	)		(112,863	)		(147,420	)
(Decrease) increase in other liabilities,		(22,532	)		20,663			(51,108	)
principally to affiliates

Net cash (used in) provided by operating		(22,718	)		30,080			8,019
activities
Cash flows provided by investing activities -		6,477,570			2,006,442			2,620,798

Payments received on loans to affiliates
Cash flows used in financing activities - Payments on		(6,477,570	)		(2,006,442	)		(2,620,798	)
bonds payable

Net (decrease) increase in cash		(22,718	)		30,080			8,019
Cash, beginning of year		49,388			19,308			11,289

Cash, end of year	$	26,670		$	49,388		$	19,308


Supplemental disclosures of cash flow information:
Cash paid during the year for interest	$	686,506		$	894,041		$	1,179,482
Cash paid for income taxes		0			243			0

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

National Mortgage Acceptance Corporation

Notes to Consolidated Financial Statements
December 31, 2001 And 2000

1. Organization:

National Mortgage Acceptance Corporation (NMAC or the Company), formerly Thrift Financing Corporation, is a limited purpose finance subsidiary of Scott & Stringfellow, Inc. (Scott & Stringfellow), which owns 51% of the Class A common stock and 20% of the Class B common stock. The remaining Class A and Class B common stock is owned primarily by subsidiaries of institutions involved in the financial services industry. NMAC was organized on October 19, 1984, for the purpose of providing access to certain capital markets for qualified financial institutions and their affiliates. NMAC acts as a conduit for such institutions by the issuance of its bonds (Bonds). The issues are structured so that collection of principal and interest from loans receivable from affiliates, including the effects of prepayments thereon, equal the amount of principal and interest due on the related bonds. NMAC generally obtains bond offering fees at the bond issuance date and administrative fees, as defined, for each offering over the period the Bonds remain outstanding. In 1999, National Mortgage Securities Corporation (NMSC), a wholly owned subsidiary of NMAC, was formed by NMAC for the purpose of dealing with mortgage assets (including but not limited to mortgage loans), mortgage backed securities, asset-backed securities, mortgage collateralized obligations and other interests in real estate. There has been no activity for NMSC since its inception.

Collateralized Mortgage Obligation (CMO) Issuances

When issued as a CMO, each series of Bonds is secured by the mortgage collateral and related funding agreements or promissory notes entered into by the participating thrift institutions or their finance subsidiaries. Each series of Bonds is specifically collateralized by mortgage-backed securities. Such collateral was initially pledged to NMAC, which in turn pledged the collateral to an independent trustee. As principal and interest are received by the trustee, the bonds payable and the funding agreements/notes receivable are concurrently reduced, as defined, within each individual series supplement to the bond indenture and funding agreement, respectively. Principal and interest are payable semiannually or quarterly.

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

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. Sale of the Funding Agreements securing the Series 1985-A Bonds in connection with the July 1, 2001, redemption resulted in NMAC not receiving any additional interest payments on the loans evidenced by the Funding Agreements after July 1, 2001. Offsetting this reduction in revenues for the period ending December 31, 2001, is an elimination of the costs to NMAC represented by the interest on the Series 1985-A Bonds after July 1, 2001.

NMAC issued collateralized mortgage obligations, lending the proceeds therefrom to finance subsidiaries of entities that are affiliated with certain shareholders of NMAC and Scott & Stringfellow. Series 1985-A Bonds were the sole issue outstanding at December 31, 2000, and was called during 2001.

Real Estate Mortgage Investment Conduit (REMIC) Issuance

For Bonds issued after January 1, 1987, and for which an election was made for "real estate mortgage investment conduit" status under the Internal Revenue Code of 1986, as amended, NMAC simultaneously issued a series of its Bonds and purchased mortgage collateral. The Collateral is segregated into an asset pool comprising the trust estate for that series of Bonds. The Bonds of such series are considered "regular interests" in such a REMIC. The trust assets serve as the sole collateral for the repayment of such series of Bonds. The REMIC also issues residual interest certificates, whereby the holder's cash investment entitles it to receive excess cash flow from the trust estate for such series of Bonds, defined as the excess of the payments of principal and interest on the collateral for that series of Bonds, and reinvestment earnings thereon, over bond principal and interest costs and related expenses. As of December 31, 2001, NMAC had outstanding only one series of Bonds (Series D) under the REMIC structure.

2. Summary of Significant Accounting Policies:

Recent Accounting Pronouncements

In June 1998, the Financial Accounting Standards Board (FASB) issued SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, which establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) be recorded in the balance sheet as either an asset or liability measured at fair value. The statement, as amended, requires that changes in a derivative's fair value be recognized currently in earnings unless specific hedge accounting criteria are met. Special accounting for qualifying hedges allows derivatives' gains or losses to offset related results on the hedged item in the income statement or other comprehensive income, and requires that a company must formally document, designate and assess the effectiveness of transactions that receive hedge accounting. The Company adopted SFAS No. 133 on January 1, 2001. The adoption of SFAS No. 133, as amended, did not impact the Company's financial position or results of operations.

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

In September 2000, the FASB issued SFAS No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. This statement provides consistent accounting and reporting standards for distinguishing transfers of financial assets that are sales from transfers that are secured borrowings. SFAS No. 140 did not have a material effect on the Company's consolidated financial statements.

In July 2001, the FASB issued SFAS No. 141, Business Combinations and SFAS No. 142, Goodwill and Other Intangible Assets. SFAS No. 141 eliminates pooling-of-interests 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.

Investment Securities

The Company classifies all of its investment securities as trading securities. Trading securities are bought and held principally for the purpose of selling them in the near term.

Trading securities are recorded at fair value based on quoted market prices. Gains and losses on trading securities are included in earnings. Realized gains and losses are determined using the specific-identification method.

Loans Receivable and Bonds Payable

The issuance of Bonds is treated as a financing unless the transaction qualifies as a sale of assets under accounting principles generally accepted in the United States. To date, the Bonds issued under the CMO structure have been accounted for as financings, while the Bonds issued as a REMIC structure have qualified for sale treatment. No gain or loss, exclusive of bond offering fees in excess of related expenses, resulted from the sales. Due to the reduction of the loans receivable and bonds payable as a function of payments of the underlying collateral, the ultimate timing of the maturities of the respective loans and Bonds is not readily determinable. The estimated fair value of loans receivable is determined based on quoted market prices for the underlying collateral. The estimated fair value of bonds payable is determined based on quoted market prices for the Bonds.

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

Interest Income and Expense

Interest income, net of rebates (see Note 3) and interest expense are recorded as accrued.

Bond Issuance Costs

Costs related to the issuance of specific series of Bonds are charged to the entities participating in the offering. Ongoing costs related to registration statements and related prospectus material, prepared in anticipation of future offerings, are expensed as incurred. No such costs were incurred from 1999 through 2001.

Loss Per Share

Basic and diluted loss per share is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock (2,395 shares for 2001, 2000 and 1999) outstanding during the period. There were no common stock equivalents for any of the periods presented.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. As of December 31, 2001 and 2000, there were $9,030 and $6,690 of deferred tax assets, respectively.

3. Loans Receivable:

Loan agreements for loans receivable on the Series 1985-A Bonds provided for interest to be paid at a rate equal to the lesser of the highest bond interest rate or the weighted bond interest rate plus 20 basis points per annum. The resulting effective rates of interest on the loans (equal to the lesser of 11.25% or the weighted average rate on the debt plus 20 basis points) was 11.25% in 2001 and 2000. The 1985-A Bonds were called July 1, 2001.

The funding agreements for Series 1985-A Bonds were collateralized by mortgage-backed securities and by certain debt service funds owned by the participating financial institution subsidiaries. Those funds and the collections on the mortgage-backed securities were held by the bond trustee until the respective semiannual payment dates, at which time they were distributed as payments on the Bonds. Excess funds (rebates) on the Series 1985-A Bonds, if any, are available for return to the participating thrift institution subsidiaries. Certain debt service funds on the Series 1985-A Bonds were distributed to the participating financial institution subsidiaries at the time of liquidation.

Loans receivable of $5,663,145 at December 31, 2000, were from Mountain Financial Corporation, a wholly owned, limited-purpose finance subsidiary of Scott & Stringfellow (the Finance Subsidiary). The Finance Subsidiary was formed to facilitate the issuance of the Series 1985-A Bonds through the Company. In conjunction with the redemption of the Series 1985-A Bonds, the Finance Subsidiary liquidated its assets and liabilities and subsequently was dissolved as a corporation.

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

4. Bonds Payable:

Series 1985-A Bonds payable had aggregate effective rates of interest of approximately 11.25% during 2001, 2000 and 1999. The Series 1985-A Bonds are collateralized by the respective loans receivable (together with collateral thereon) and consist of the following as of December 31, 2001 and 2000:

			Principal Balance,
	Interest	Stated	December 31
Class	Rate	Maturity Date	2001	2000

Series 1985-A - A-4	11.25%	January 1, 2016	$ 0	$6,477,570

The Series 1985-A Bonds required the payment of interest semiannually.

The stated principal value of the collateral (Federal Home Loan Mortgage Corporation participation certificates) plus the cash and investments in the various debt service funds for the Series 1985-A aggregate $0 and $7,592,055 as of December 31, 2001 and 2000, respectively. These assets are held by the trustee and, although not assets of NMAC, were pledged, together with interest income thereon, as collateral for the Bonds. The Bonds were callable on or after the July 1, 2001, payment date if the principal amount outstanding was less than $14,150,000. The Bonds were called on July 1, 2001, for an aggregate redemption price of $5,726,990.

5. REMIC Issuances:

NMAC issued REMIC Series D Bonds, aggregating $300,500,000 at issuance. Concurrent with the issuance of these bonds, NMAC sold the entire residual interest in the respective segregated asset pool comprising the trust estate.

As of December 31, 2001 and 2000, the following REMIC Series Bonds, which are not recorded as liabilities of NMAC, were outstanding:

			Principal Balance,
	Interest	Stated	December 31
Class	Rate	Maturity Date	2001	2000

Series D, D-6	9.75%	November 1, 2017	$10,234,660	$13,133,280

The stated principal value of the collateral for Series D (Government National Mortgage Association certificates) aggregates approximately $10,428,482 and $13,359,835 as of December 31, 2001 and 2000, respectively. Such collateral, together with interest income thereon, is only available to repay the specific bond series.

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

6. Other Assets:

The components of other assets as of December 31, 2001 and 2000, were as follows:

	December 31,

	2001	2000

Bond issuance costs	$ 63,156	$ 71,052
Organization costs	40,402	43,510
Other	16,518	23,554

	$120,076	$138,116

7. Income Taxes:

The components of income tax benefit for 2001, 2000 and 1999, were as follows:

	December 31

	2001			2000			1999

Current-
Federal	$	(1,650	)	$	(4,690	)	$	(260	)
State		(690	)		(2,000	)		(110	)

Income tax benefit	$	(2,340	)	$	(6,690	)	$	(370	)

The actual income tax benefit for 2001, 2000 and 1999 differs from the "expected" income tax benefit (computed by applying the statutory U.S. federal corporate income tax rate of 35% to loss before income taxes) as follows:

	Years Ended December 31

	2001			2000			1999

Income tax benefit at statutory rate	$	(5,385	)	$	(11,653	)	$	(655	)
Effect of graduated income tax rates		3,086			6,659			374
State tax benefit, net of federal benefit		(41	)		(1,696	)		(89	)

Actual income tax benefit	$	(2,340	)	$	(6,690	)	$	(370	)

8. Related-party Transactions:

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. Sale of the Funding Agreements securing the Series 1985-A Bonds in connection with the July 1, 2001, redemption resulted in NMAC not receiving any interest payments on the loans evidenced by the Funding Agreements. Offsetting this reduction in revenues for the period ending December 31, 2001, is an elimination of the costs to NMAC represented by the interest on the Series 1985-A Bonds.

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

Under the terms of its management contract, Scott & Stringfellow provides office space and equipment and certain managerial, administrative, financial and other services to NMAC. Management fees are charged to NMAC and ultimately to the borrowers as an ongoing cost determined at the date of the bond offering. Management fees are computed as a percentage of the outstanding bonds. Management fee expense related to Scott & Stringfellow services were $10,000, $13,262 and $14,592 during 2001, 2000 and 1999, respectively.

Scott & Stringfellow acts as co-managing underwriter for all of the bond offerings and is the counterparty to all securities transactions entered into by the Company.

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2001			2000			1999			1998		1997
Earnings:
Income (Loss) before
income taxes	$	(15,387	)		(33,295	)		(1,872	)	$	4,551	$	6,878
Fixed charges		322,143			781,178			1,032,062			1,328,456		1,656,833

	$	306,756			747,883			1,030,190		$	1,333,007	$	1,663,711


Fixed charges:
Interest expense	$	322,143			781,178			1,032,062		$	1,328,456	$	1,656,833

Ratio of earnings to fixed
charges		0.952			0.957			0.998			1.003		1.004

The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.

NATIONAL MORTGAGE ACCEPTANCE CORP 10-K/A