UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~Washington~~WASHINGTON, D.C. 20549

~~Form~~FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

~~Securities~~SECURITIES ~~Exchange~~EXCHANGE ~~Act~~ACT ofOF 1934

~~Date~~DATE ofOF ~~Report~~REPORT (~~Date~~DATE ofOF ~~earliest~~EARLIEST ~~event~~EVENT ~~reported~~REPORTED): ~~October~~OCTOBER 16, 2006

OPTION ONE MORTGAGE ACCEPTANCE CORPORATION

(as depositor under the Pooling and Servicing Agreement,

dated as of October 1, 2006, providing for the issuance of

Asset Backed Certificates, Series 2006-3)

Option One Mortgage Acceptance Corporation

Delaware	333-130870-02	33-0727357
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)
3 Ada Irvine, California		92618
(Address of Principal Executive Offices		(Zip Code)

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

Registrant's telephone number, including area code: (914) 790-8100

Delaware	333-130870-02	33-0727357
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

3 Ada Irvine, California		92618
(Address of Principal Executive Offices)		(Zip Code)


Registrant's telephone number, including area code: (949) 790-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General ~~Instruction~~(Instructions A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~SECTION~~Section 2 - Completion of ~~Acquisition~~Financial ~~or Disposition of Assets~~Information

Item 2.01 Acquisition or Disposition of Assets

~~Description~~On December 28, 2006, a single series of ~~the~~certificates, entitled Option One Mortgage Loan Trust 2006-3, Asset-Backed Certificates, Series 2006-3 (the “Certificates”), were issued pursuant to a pooling and servicing agreement, dated as of October 1, 2006 (the “Agreement”), among Option One Mortgage Acceptance ~~Pool~~Corporation as depositor (the “Depositor”), Option One Mortgage Corporation (“Option One”) as servicer (in such capacity, the “Servicer”) and Wells Fargo Bank, N.A. as trustee (the “Trustee”).

On ~~October~~December 2728, 2006, afollowing ~~single~~the ~~series~~closing of ~~certificates, entitled Option One Mortgage Loan Trust 2006-3, Asset-Backed Certificates, Series 2006-3 (~~the ~~“Certificates”),~~ ~~were~~initial ~~issued~~issuance ~~pursuant to a pooling and servicing agreement, dated as~~ of ~~October 1, 2006 (~~the ~~“Agreement”), attached hereto as Exhibit 4.1,~~ ~~among Option Mortgage Acceptance Corporation as depositor (the “Depositor”)~~Certificates, ~~Option~~ ~~One Mortgage Corporation (“Option One”) as servicer (~~the ~~“Servicer”)~~Trustee ~~and Wells~~purchased ~~Fargo~~from ~~Bank, N.A. as trustee (~~the ~~“Trustee”).~~Depositor ~~The~~certain ~~Certificates consist of~~Subsequent ~~twenty~~Mortgage ~~classes of certificates (collectively~~Loans, ~~the “Certificates”), designated~~ as ~~the~~ ~~“Class~~defined I-A-1 Certificates”, “Class II-A-1 Certificates”, “Class II-A-2 Certificates”, “Class II-A-3 Certificates”, “Class II-A-4 Certificates”, “Class M-1 Certificates”, “Class M-2 Certificates”, “Class M-3 Certificates”, “Class M-4 Certificates”, “Class M-5 Certificates”, “Class M-6 Certificates”, “Class M-7 Certificates”, “Class M-8 Certificates”, “Class M-9 Certificates”, “Class M-10 Certificates”, “Class M-11 Certificates”, “Class C Certificates”, “Class P Certificates”, “Class R Certificates” and “Class R-X Certificates”. The Certificates evidence in the ~~aggregate~~Agreement ~~the~~with entire beneficial ownership interest in a trust fund (the “Trust Fund”), consisting of a pool of mortgage loans (the “Mortgage Pool”) of conventional, one- to four- family, adjustable rate and fixed rate, first lien and second lien mortgage loans having original terms to maturity up to 30 years (the “Mortgage Loans”). The Mortgage Pool consists of Mortgage Loans having an aggregate principal balance ~~of $We have acted as~~ ~~counsel~~equal to ~~Option~~approximately ~~One Mortgage Corporation (“Option One”) as a seller~~$400, ~~as originator (the “Originator”)~~000,132.08 aswith ~~sponsor~~funds ~~(the~~on ~~“Sponsor”)~~deposit ~~and~~in ~~as servicer (~~the ~~“Servicer”),~~ ~~Option~~Group ~~One Owner Trust 2001-1A, Option One Owner Trust 2001-2,~~I ~~Option One Owner Trust 2002~~Pre-3,Funding ~~Option~~Account ~~One Owner Trust 2003-4, Option One Owner Trust 2003-5, Option One Owner Trust 2005-6, Option One Owner Trust 2005-7, Option One Owner Trust 2005-8 and Option One Owner Trust 2005-9~~ (~~each, a “Trust Seller”; collectively with Option One,~~ the “~~Sellers”),~~Group ~~and~~I ~~Option~~Pre-Funding ~~One Mortgage Acceptance Corporation (the “Depositor~~Account”) ~~in connection with (i) the Mortgage Loan Purchase Agreement, dated October 19, 2006 (the “Seller Sale Agreement”), among the Sellers~~ and the ~~Depositor,~~Group ~~(ii) the Pooling and Servicing Agreement,~~II ~~dated~~Pre-Funding asAccount ~~of October 1, 2006~~ (the “~~Pooling~~Group ~~and~~II ~~Servicing~~Pre-Funding ~~Agreement”)~~Account,” ~~among~~together ~~the Depositor,~~with the ~~Servicer and Wells Fargo Bank, N.A. (the “Trustee”), and the~~Group ~~certificates~~I ~~issued pursuant thereto designated as Asset~~Pre-~~Backed~~Funding ~~Certificates~~Account, ~~Series~~ ~~2006-3 (collectively,~~ the “~~Certificates”),~~Pre-Funding ~~(iii) the Underwriting Agreement, dated October 19, 2006 (the “Underwriting Agreement~~Accounts”), ~~among~~both ~~the Depositor,~~established ~~Option~~pursuant ~~One and Greenwich Capital Markets, Inc., Banc of America~~to ~~Securities LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc. and H&R Block Financial Advisors Inc. (collectively,~~ the ~~“Underwriters”), (iv) the Purchase~~ Agreement, ~~dated~~at ~~October 27,~~a ~~2006~~purchase ~~among~~price ~~the~~equal ~~Depositor~~to ~~and Greenwich Capital Markets, Inc. and Banc of America Securities LLC (together,~~ the ~~“Initial~~principal ~~Purchasers”),~~balance ~~(v) the Swap Administration Agreement~~thereof, ~~dated October 27, 2006 among Option One, the Trustee,~~which ~~Wells~~Subsequent ~~Fargo~~Mortgage ~~Bank,~~Loans ~~N.A.~~were ~~(the~~conveyed ~~“Swap~~to ~~Administrator”) and Wells Fargo Bank, N.A. as supplemental (~~the ~~“Supplemental Trust~~ Trustee~~”),~~ ~~(vi)~~pursuant ~~the~~to ~~Free Writing Prospectus (including~~ the ~~Base Prospectus, as defined below), dated October~~ ~~18, 2006~~Subsequent ~~(the~~Transfer ~~“Free Writing Prospectus”)~~Instrument, ~~as used on and before October 19, 2006 (the "Pricing Date"), (vii) the Prospectus Supplement,~~ dated ~~October~~December 1928, 2006 ~~(the “Prospectus Supplement”)~~, ~~and~~between the ~~Prospectus to which it relates, dated~~Depositor ~~April 3, 2006 (the “Base Prospectus”; together with the Prospectus Supplement, the “Prospectus”)~~ and ~~(viii)~~ the ~~Private~~Trustee ~~Placement Memorandum, dated October 27, 2006~~ (the “~~Private Placement Memorandum~~Instrument”). ~~The~~Attached ~~Seller~~to ~~Sale Agreement,~~ the ~~Pooling~~ ~~and~~Instrument ~~Servicing Agreement, the Swap Administration Agreement, the Underwriting Agreement and the Purchase Agreement~~ are ~~collectively referred~~additional ~~to herein as the “Agreements.” Capitalized~~ terms ~~not~~of ~~defined herein have~~ the ~~meanings~~ ~~assigned~~sale ~~to them in the Agreements. as~~ of ~~October 1, 2006 (~~the ~~“Cut-off Date”). The~~ Mortgage Loans ~~were~~that ~~purchased~~are ~~pursuant to~~ the ~~Mortgage~~subject Loan Purchase Agreement, dated October 19, 2006, among Option One, One Mortgage Capital Corporation, Option One Owner Trust 2001-1A, Option One Owner Trust 2001-2, Option One Owner Trust 2002-3, Option One Owner Trust 2003-4, Option One Owner Trust 2003-5, Option One Owner Trust 2005-6, Option One Owner Trust 2005-7, Option One Owner Trust 2005-8 and Option One Owner Trust 2005-9. The “Class I-A-1 Certificates”, “Class II-A-1 Certificates”, “Class II-A-2 Certificates”, “Class II-A-3 Certificates”, “Class II-A-4 Certificates”, “Class M-1 Certificates”, “Class M-2 Certificates”, “Class M-3 Certificates”, “Class M-4 Certificates”, “Class M-5 Certificates”, “Class M-6 Certificates”, “Class M-7 Certificates”, “Class M-8 Certificates” and “Class M-9 Certificates” were sold by the Depositor to Greenwich Capital Markets, Inc., Banc of ~~America Securities~~such ~~LLC, Barclays Capital Inc~~Instrument., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc. and H&R Block Financial Advisors Inc., (the “Underwriters) pursuant to an Underwriting Agreement, dated October 19, 2006 (the “Underwriting Agreement”) among the Depositor, Option One and the Underwriters.

~~The~~Section ~~Class M-10~~8 ~~and Class M~~-11 ~~Certificates~~Other were sold to Greenwich Capital Markets, Inc. and Banc of America Securities LLC on October 27, 2006, in a transaction exempt from registration under the Securities Act of 1933, as amended pursuant to Section 4(2) of that Act. The net proceeds from the sale of those certificate were applied by the Depositor towards the purchase of the Mortgage Loans constituting the pool assets.Events

~~The~~Item ~~Class~~8.01 Other ~~C, Class P, Class R and Class R-X Certificates were delivered by the Depositor to the Sellers as partial consideration for the Mortgage Loans constituting the pool assets.~~Events

~~The~~Description ~~Certificates~~of ~~have~~ the ~~following~~Mortgage ~~initial Certificate Balances and Pass-Through Rates:~~Pool

Class	Initial Certificate Principal Balance or Notional Amount		Pass-Through Rate
I-A-1	$	539,019,000		Variable
II-A-1	$	278,254,000		Variable
II-A-2	$	163,427,000		Variable
II-A-3	$	121,682,000		Variable
II-A-4	$	60,868,000		Variable
M-1	$	76,500,000		Variable
M-2	$	73,500,000		Variable
M-3	$	25,500,000		Variable
M-4	$	27,000,000		Variable
M-5	$	24,750,000		Variable
M-6	$	18,000,000		Variable
M-7	$	18,750,000		Variable
M-8	$	12,000,000		Variable
M-9	$	17,250,000		Variable
M-10	$	18,750,000		Variable
M-11	$	15,000,000		Variable
C	$	9,749,900		N/A
P	$	100.00		N/A
R		N/A		N/A
R-X		N/A		N/A

The Certificates, issued pursuant to the Agreement, evidence in the aggregate the entire beneficial ownership interest in a trust fund (the “Trust Fund”), consisting primarily of a segregated pool (the “Mortgage Pool”) of conventional, one- to four- family, first and second lien adjustable-rate and fixed-rate mortgage loans having original terms to maturity of not greater than 30 years (the “Mortgage Loans”). As of the end of the Funding Period, the Trust Fund primarily consisted of the Mortgage Pool, which consisted of Group I Mortgage Loans having an aggregate principal balance of approximately $185,365,596.40 and of Group II Mortgage Loans having an aggregate principal balance of approximately $214,634,535.68.

~~The~~As Certificates, other than the , “Class M-10 Certificates”, “Class M-11 Certificates”, “Class C Certificates”, “Class P Certificates”, “Class R Certificates” and “Class R-X Certificates”, and the Mortgage Loans are more ~~particularly~~fully described ~~in the Prospectus~~above, ~~dated~~on ~~April~~December 328, 2006 ~~and the Prospectus Supplement~~, ~~dated October 19, 2006 as previously filed with~~ the Securities and Exchange Commission pursuant to Rule 424(b). The “Class M-10 Certificates”, “Class M-11 Certificates”, “Class C Certificates”, “Class P Certificates”, “Class R Certificates” and “Class R-X Certificates” have not been and will not be publicly offered by the Depositor. ~~Capitalized~~purchased ~~terms used but not otherwise~~the ~~defined~~Subsequent ~~herein~~Mortgage ~~shall~~Loans ~~have~~with the ~~meanings~~funds ~~assigned~~on todeposit ~~them~~ in the ~~Prospectus~~Pre-Funding ~~Supplement~~Accounts.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(a) Not applicable ~~(b) Not applicable (c) Exhibits~~

Exhibit No.		Description
1.1		Underwriting Agreement, dated as of October 19, 2006, by and among the Depositor, Option One Mortgage Corporation, Greenwich Capital Markets, Inc., Banc of America Securities LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc. and H&R Block Financial Advisors Inc., relating to the Series 2006-3 Certificates.
4.1		Pooling and Servicing Agreement, dated as of October 1, 2006, by and among Option One Mortgage Acceptance Corporation as Depositor, Option One Mortgage Corporation as Servicer and Wells Fargo Bank, N.A. as Trustee, relating to the Series 2006-3 Certificates.

(b) Not applicable

Exhibit No.	Item 601(a) of Regulation SK Exhibit No.	Description

1	4.2	Subsequent Transfer Instrument, dated as of December 28, 2006, between Option One Mortgage Acceptance Corporation as seller and Wells Fargo Bank, N.A., as trustee.

2	99.1	Characteristics of the Mortgage Pool relating to Option One Mortgage Loan Trust 2006-3, Asset Backed Certificates, Series 2006-3.

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.

Dated: ~~November~~ December 1329, 2006


	OPTION ONE MORTGAGE ACCEPTANCE CORPORATION

	By:	/s/ Philip Laren
		Name: Philip Laren
		Title: Vice President

Index to Exhibits

Exhibit No.	Description	~~Description~~Sequentially Numbered Page
1.1		Underwriting Agreement, dated as of October 19, 2006, by and among the Depositor, Option One Mortgage Corporation, Greenwich Capital Markets, Inc., Banc of America Securities LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc. and H&R Block Financial Advisors Inc., relating to the Series 2006-3 Certificates.
4.2	Subsequent Transfer Instrument, dated as December 28, 2006, between Option One Mortgage Acceptance Corporation as seller and Wells Fargo Bank, N.A., as trustee.
4.1		Pooling and Servicing Agreement, dated as of October 1, 2006, by and among Option One Mortgage Acceptance Corporation as Depositor, Option One Mortgage Corporation as Servicer and Wells Fargo Bank, N.A. as Trustee, relating to the Series 2006-3 Certificates.
99.1	Characteristics of the Mortgage Pool relating to Option One Mortgage Acceptance Corporation, Option One Mortgage Loan Trust 2006-3, Asset-Backed Certificates, Series 2006-3.

Filing Compare · Option One Mortgage Loan Trust 2006-3