RULE 424(B)(2)
                                             REGISTRATION STATEMENT No. 33-69318

PRICING SUPPLEMENT NO. 18, DATED AUGUST 15, 1996,
TO PROSPECTUS, DATED OCTOBER 13, 1993 AND
PROSPECTUS SUPPLEMENT, DATED OCTOBER 20, 1993

                       NORTH AMERICAN MORTGAGE COMPANY(R)
                           MEDIUM-TERM NOTES, SERIES A
                                  (FIXED RATE)

                 DUE FROM NINE MONTHS OR MORE FROM DATE OF ISSUE

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INTEREST PAYABLE EACH MARCH 1 AND         FORM:
SEPTEMBER 1 AND AT MATURITY               [X]  Book Entry      [ ]  Certificated
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ISSUE PRICE:  100 %                       CURRENCY OR CURRENCY UNIT:
                                            (Check one; if other than U.S. 
                                             Dollars, see attached)
AGENT'S COMMISSION:  .60 %
                                          [X]  U.S. Dollars (USD or U.S.$)
ORIGINAL ISSUE DATE:  8/20/1996           [ ]  European Currency Units (ECU)
                                          [ ]  Australian Dollars (AUD or AUS$)
INTEREST RATE PER ANNUM:  7.34%           [ ]  British Pound (GBP or UK(pound))
                                          [ ]  Canadian Dollars (CAD or CAN$)
STATED MATURITY:  8/20/2003               [ ]  German Marks (DEM or DM)
                                          [ ]  Italian Lire (ITL or Lire)
REPURCHASE PRICE                          [ ]  Japanese Yen (JPY or (Y))
  (for Discount Securities):              [ ]  Swiss Francs (CHF or SWFr)
                                          [ ]  Other
REDEMPTION INFORMATION:
                                          --------------------------------------
REPAYMENT INFORMATION:

OTHER PROVISIONS:

 
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The aggregate  principal amount of this offering is U.S.  $5,000,000  (which, if
the  securities  offered  hereby are  denominated in a currency or currency unit
other than U.S.  dollars,  is the equivalent,  in the currency or currency units
set forth herein,  of the principal amount set forth herein at the Exchange Rate
set  forth  herein)  and  relates  only  to  Pricing  Supplement  No.  18.  Debt
Securities,  including Medium-Term Notes, Series A, may be issued by the Company
in the aggregate  principal amount of up to U.S.  $250,000,000 or the equivalent
in foreign currency units. To date, including this offering, an aggregate amount
of U.S. $ 121,000,000 or the equivalent in foreign  currency or foreign currency
units of Medium-Term  Notes,  Series A, and all other Debt Securities,  has been
issued.
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TYPE OF SALE:                    IF PRINCIPAL TRANSACTION, REOFFERING AT:
  [ ]  As Agent                  [ ] varying prices related to prevailing market
  [X]  As Principal                  at the time of resale
                                 [X] fixed public offering price of 100% of 
                                     Principal Amount

     
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The  Medium-Term  Notes,  Series  A of  North  American  Mortgage  Company  (the
"Company") are being sold by  NationsBanc  Capital  Markets,  Inc. as Agent on a
basis similar to that described under "Plan of  Distribution"  in the Prospectus
Supplement  dated  October 20, 1993.  NationsBanc  Capital  Markets,  Inc. is an
affiliate  of  NationsBank  of Texas,  N.A.,  which is a lender to the  Company.
NationsBanc Capital Markets, Inc. and its affiliates engage in general financing
and  banking  transactions  with the Company  from time to time in the  ordinary
course of business.
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