SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 25, 2005
FBR SECURITIZATION, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-122578-01 20-2028732
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1001 Nineteenth Street North, Arlington, VA 22209
(Address of principal executive offices)
Registrant's telephone number, including area code : (703) 312-9500
N/A
(Former name or former address, if changed since last report.)
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:
[] 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))
<page>
Item 8.01 Other Events.
This current report on Form 8-K relates to the monthly distribution
reported to the holders of First NLC Trust 2005-1 pursuant to the terms of the
Transfer and Servicing Agreement, dated as of April 1, 2005 among FIRST NLC
TRUST 2005-1, a Delaware statutory trust, as issuer (the "Issuer"), FBR
SECURITIZATION, INC., a Delaware corporation, as depositor (the "Depositor"),
FBR Trust Investments, LLC, a Delaware limited liability company, as servicing
rights owner (the "Servicing Rights Owner"), FIRST NLC FINANCIAL SERVICES, LLC,
a Florida limited liability company, as originator (the "Originator"), NLC
FUNDING I, LLC and NLC FINANCE I, LLC, each a Delaware limited liability
company, FIRST NLC FINANCIAL SERVICES, LLC, a Florida limited liability company,
and MHC I, INC., a Delaware corporation, as sellers (collectively, the
<"Sellers" and each, individually, a "Seller"), OCWEN FEDERAL BANK FSB, a
federally chartered savings bank, as subservicer (the "Subservicer"), JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION, a national association, as securities
administrator (the "Securities Administrator") and master servicer (the "Master
Servicer"), and HSBC Bank USA, National Association, a national banking
association, as indenture trustee (the "Indenture Trustee").
On May 25, 2005 distributions were made to the Certificateholders.
Specific information with respect to the distributions is filed as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on May 25, 2005 is filed as
Exhibit 99.1 hereto.
SIGNATURE
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 hereunto duly authorized.
FIRST NLC TRUST 2005-1
JPMORGAN CHASE BANK, N.A.
By: /s/ Thomas Venusti
--------------------------------------------
Name: Thomas Venusti
Title: Assistant Vice President
Date: June 15, 2005
EXHIBIT INDEX
Exhibit Description
99.1 Monthly Certificateholder Statement on
May 25, 2005
<page>
Exhibit 99.1
Monthly Certificateholder Statement on May 25, 2005
First NLC Trust 2005-1
Statement To Certificateholders
May 25, 2005
Revised
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 301,230,000.00 301,230,000.00 831,660.52 388,921.40 1,220,581.92 0.00 0.00 300,398,339.48
M1 40,660,000.00 40,660,000.00 112,257.47 54,077.80 166,335.27 0.00 0.00 40,547,742.53
M2 70,970,000.00 70,970,000.00 195,939.80 97,150.04 293,089.84 0.00 0.00 70,774,060.20
M3 17,740,000.00 17,740,000.00 48,978.05 24,353.08 73,331.13 0.00 0.00 17,691,021.95
M4 18,110,000.00 18,110,000.00 49,999.58 24,931.43 74,931.01 0.00 0.00 18,060,000.42
M5 38,440,000.00 38,440,000.00 106,128.31 54,563.44 160,691.75 0.00 0.00 38,333,871.69
M6 34,740,000.00 34,740,000.00 95,913.05 49,987.00 145,900.05 0.00 0.00 34,644,086.95
M7 18,110,000.00 18,110,000.00 49,999.58 26,339.99 76,339.57 0.00 0.00 18,060,000.42
M8 19,590,000.00 19,590,000.00 54,085.68 28,568.75 82,654.43 0.00 0.00 19,535,914.32
M9 15,520,000.00 15,520,000.00 42,848.89 26,194.31 69,043.20 0.00 0.00 15,477,151.11
M10 21,440,000.00 21,440,000.00 59,193.31 36,602.84 95,796.15 0.00 0.00 21,380,806.69
M11 13,680,000.00 13,680,000.00 37,768.87 23,461.20 61,230.07 0.00 0.00 13,642,231.13
M12 21,070,000.00 21,070,000.00 58,171.79 36,380.87 94,552.66 0.00 0.00 21,011,828.21
M13 41,770,000.00 41,770,000.00 115,322.05 79,432.62 194,754.67 0.00 0.00 41,654,677.95
M14 26,610,000.00 26,610,000.00 73,467.07 68,195.52 141,662.59 0.00 0.00 26,536,532.93
M15 17,370,000.00 17,370,000.00 47,956.52 44,515.45 92,471.97 0.00 0.00 17,322,043.48
CERT 0.00 0.00 0.00 3,152,438.79 3,152,438.79 0.00 0.00 0.00
TOTALS 717,050,000.00 717,050,000.00 1,979,690.54 4,216,114.53 6,195,805.07 0.00 0.00 715,070,309.46
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------- ---------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
- --------------------------------------------------------------------------------------------------- ---------------------------
Current
Beginning Ending Class Pass-thru
Class Cusip Principal Principal Interest Total Principal Rate (%)
- ----------------------------------------------------------------------------------------------------- -------------------------
A 32113JAA3 1,000.00000000 2.76088212 1.29111111 4.05199323 997.23911788 A 3.320000 %
M1 32113JAB1 1,000.00000000 2.76088219 1.33000000 4.09088219 997.23911781 M1 3.420000 %
M2 32113JAC9 1,000.00000000 2.76088206 1.36888883 4.12977089 997.23911794 M2 3.520000 %
M3 32113JAD7 1,000.00000000 2.76088219 1.37277790 4.13366009 997.23911781 M3 3.530000 %
M4 32113JAE5 1,000.00000000 2.76088239 1.37666648 4.13754887 997.23911761 M4 3.540000 %
M5 32113JAF2 1,000.00000000 2.76088215 1.41944433 4.18032648 997.23911785 M5 3.650000 %
M6 32113JAG0 1,000.00000000 2.76088227 1.43888889 4.19977116 997.23911773 M6 3.700000 %
M7 32113JAH8 1,000.00000000 2.76088239 1.45444451 4.21532689 997.23911761 M7 3.740000 %
M8 32113JAJ4 1,000.00000000 2.76088208 1.45833333 4.21921542 997.23911792 M8 3.750000 %
M9 32113JAK1 1,000.00000000 2.76088209 1.68777771 4.44865979 997.23911791 M9 4.340000 %
M10 32113JAL9 1,000.00000000 2.76088200 1.70722201 4.46810401 997.23911800 M10 4.390000 %
M11 32113JAM7 1,000.00000000 2.76088231 1.71500000 4.47588231 997.23911769 M11 4.410000 %
M12 32113JAN5 1,000.00000000 2.76088230 1.72666682 4.48754912 997.23911770 M12 4.440000 %
M13 32113JAP0 1,000.00000000 2.76088221 1.90166675 4.66254896 997.23911779 M13 4.890000 %
M14 32113JAQ8 1,000.00000000 2.76088200 2.56277790 5.32365990 997.23911800 M14 6.590000 %
M15 32113JAR6 1,000.00000000 2.76088198 2.56277778 5.32365976 997.23911802 M15 6.590000 %
TOTALS 1,000.00000000 2.76088214 5.87980549 8.64068764 997.23911786
- ----------------------------------------------------------------------------------------------------- -------------------------
IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
Thomas Venusti
JPMorgan Chase Bank, N.A. - Structured Finance Services
4 New York Plaza, 6th Floor,
New York, New York 10004
Tel: (212) 623-4525
Fax: (212) 623-5930
Email: thomas.venusti@chase.com
<page>
Sec. 7.11(iii) Interest Proceeds 4,332,394.75
Sec. 7.11(iv) Principal Proceeds 1,974,382.27
Scheduled Monthly Payments 368,868.39
Curtailments -158,333.26
Prepayments in Full 1,763,847.14
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Sec. 7.11(v) Principal Payment Amount 1,974,382.27
Overcollateralization Release Amount 0.00
Interest Support Amount 0.00
Sec. 7.11(vii) Class Principal Payment Amount per Class prior to Extra PDA
A Class Principal Payment Amount 829,430.54
M1 Class Principal Payment Amount 111,956.46
M2 Class Principal Payment Amount 195,414.42
M3 Class Principal Payment Amount 48,846.72
M4 Class Principal Payment Amount 49,865.51
M5 Class Principal Payment Amount 105,843.74
M6 Class Principal Payment Amount 95,655.87
M7 Class Principal Payment Amount 49,865.51
M8 Class Principal Payment Amount 53,940.66
M9 Class Principal Payment Amount 42,734.00
M10 Class Principal Payment Amount 59,034.59
M11 Class Principal Payment Amount 37,667.60
M12 Class Principal Payment Amount 58,015.81
Revised
M13 Class Principal Payment Amount 115,012.83
M14 Class Principal Payment Amount 73,270.08
M15 Class Principal Payment Amount 47,827.93
Sec. 7.11(vii) Class Principal Payment Amount per Class from Extra PDA
A Class Principal Payment Amount 2,229.98
M1 Class Extra PDA Amount 301.00
M2 Class Extra PDA Amount 525.38
M3 Class Extra PDA Amount 131.33
M4 Class Extra PDA Amount 134.07
M5 Class Extra PDA Amount 284.57
M6 Class Extra PDA Amount 257.18
M7 Class Extra PDA Amount 134.07
M8 Class Extra PDA Amount 145.02
M9 Class Extra PDA Amount 114.89
M10 Class Extra PDA Amount 158.72
M11 Class Extra PDA Amount 101.27
M12 Class Extra PDA Amount 155.98
M13 Class Extra PDA Amount 309.22
M14 Class Extra PDA Amount 196.99
M15 Class Extra PDA Amount 128.59
Sec. 7.11(vii) Total Class Principal Payment Amount per Class
A Class Principal Payment Amount 831,660.52
M1 Class Principal Payment Amount 112,257.47
M2 Class Principal Payment Amount 195,939.80
M3 Class Principal Payment Amount 48,978.05
M4 Class Principal Payment Amount 49,999.58
M5 Class Principal Payment Amount 106,128.31
M6 Class Principal Payment Amount 95,913.05
M7 Class Principal Payment Amount 49,999.58
M8 Class Principal Payment Amount 54,085.68
M9 Class Principal Payment Amount 42,848.89
M10 Class Principal Payment Amount 59,193.31
M11 Class Principal Payment Amount 37,768.87
M12 Class Principal Payment Amount 58,171.79
M13 Class Principal Payment Amount 115,322.05
M14 Class Principal Payment Amount 73,467.07
M15 Class Principal Payment Amount 47,956.52
Sec. 7.11(ix) Current Realized Losses 0.00
Cummulative Losses since Cut-Off 0.00
Cummulative Losses Percentage since Cut-Off 0.000000 %
Sec. 7.11(x) Class A Impairment Amount Beginning of Period 0.00
Class A Incremental Impairment Amount 0.00
Sec. 7.11(x) Class A Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M1 Impairment Amount Beginning of Period 0.00
Class M1 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M1 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M2 Impairment Amount Beginning of Period 0.00
Class M2 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M2 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M3 Impairment Amount Beginning of Period 0.00
Class M3 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M3 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M4 Impairment Amount Beginning of Period 0.00
Class M4 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M4 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M5 Impairment Amount Beginning of Period 0.00
Class M5 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M5 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M6 Impairment Amount Beginning of Period 0.00
Class M6 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M6 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M7 Impairment Amount Beginning of Period 0.00
Class M7 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M7 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M8 Impairment Amount Beginning of Period 0.00
Class M8 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M8 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M9 Impairment Amount Beginning of Period 0.00
Class M9 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M9 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M10 Impairment Amount Beginning of Period 0.00
Class M10 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M10 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M11 Impairment Amount Beginning of Period 0.00
Class M11 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M11 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M12 Impairment Amount Beginning of Period 0.00
Class M12 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M12 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M13 Impairment Amount Beginning of Period 0.00
Class M13 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M13 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M14 Impairment Amount Beginning of Period 0.00
Class M14 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M14 Impairment Amount End of Period 0.00
Sec. 7.11(x) Class M15 Impairment Amount Beginning of Period 0.00
Class M15 Incremental Impairment Amount 0.00
Sec. 7.11(x) Class M15 Impairment Amount End of Period 0.00
Sec. 7.11(xi) Fees
Servicing Rights Fee 160,164.62
Master Servicing Fee 7,700.22
SubServicing Fee 147,844.27
Extra Ordinary Fees 0.00
Owner Trustee Fee 0.00
Sec. 7.11(xii) Mortgage Information
Number of Loans Outstanding 4,369.00
Aggregate Scheduled Balance of Loans 737,246,949.42
Sec. 7.11(xiii)(A-D) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies)
Group 1
Principal
Category Number Balance Percentage
1 Month 24 3,911,637.90 0.53 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 24 3,911,637.90 0.53 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 24 3,911,637.90 0.53 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 24 3,911,637.90 0.53 %
Sec. 7.11(xiii)(E) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 7.11(xiii)(F) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
2 606,074.26 0.08 %
Group Totals
Principal
Number Balance Percentage
2 606,074.26 0.08 %
Sec. 7.11(xiii)(G) Number and Aggregate Principal Amounts of REO Loans
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 7.11(xvi) Monthly Advances 0.00
Sec. 7.11(vvii) Overcollateralization
Monthly Excess Cashflow 3,100,854.16
Total Overcollateralization Amount 22,176,639.95
Total Required Overcollateralization Amount 22,176,639.95
Overcollateralization Build Amount 0.00
Extra Principal Distribution amount 5,308.26
Sec. 7.11 Stepdown Date Has Not Occurred
Sec. 7.11(xviii) 1-Month LIBOR for Current Distribution Date 3.09000 %
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.