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): August 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 August 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 August 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., not in its
individual capacity but solely as as Securities
Administrator and Master Servicer
under the Agreement referred to herein
By: /s/ Thomas Venusti
--------------------------------------------
Name: Thomas Venusti
Title: Assistant Vice President
Date: August 26, 2005
EXHIBIT INDEX
Exhibit Description
99.1 Monthly Certificateholder Statement on
August 25, 2005
<page>
Exhibit 99.1
Monthly Certificateholder Statement on August 25, 2005
First NLC Trust 2005-1
Statement To Certificateholders
August 25, 2005
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 301,230,000.00 292,067,273.02 4,643,998.95 928,043.76 5,572,042.71 0.00 0.00 287,423,274.07
M1 40,660,000.00 39,423,215.88 626,846.59 128,662.05 755,508.64 0.00 0.00 38,796,369.29
M2 70,970,000.00 68,811,255.08 1,094,129.42 230,498.59 1,324,628.01 0.00 0.00 67,717,125.66
M3 17,740,000.00 17,200,389.81 273,493.81 57,764.64 331,258.45 0.00 0.00 16,926,896.00
M4 18,110,000.00 17,559,135.26 279,198.03 59,120.63 338,318.66 0.00 0.00 17,279,937.23
M5 38,440,000.00 37,270,743.20 592,621.32 129,018.89 721,640.21 0.00 0.00 36,678,121.88
M6 34,740,000.00 33,683,288.73 535,579.20 118,050.57 653,629.77 0.00 0.00 33,147,709.53
M7 18,110,000.00 17,559,135.26 279,198.03 62,144.71 341,342.74 0.00 0.00 17,279,937.23
M8 19,590,000.00 18,994,117.05 302,014.87 67,386.91 369,401.78 0.00 0.00 18,692,102.18
M9 15,520,000.00 15,047,917.13 239,268.54 61,031.84 300,300.38 0.00 0.00 14,808,648.59
M10 21,440,000.00 20,787,844.29 330,535.93 85,207.06 415,742.99 0.00 0.00 20,457,308.36
M11 13,680,000.00 13,263,885.71 210,901.66 54,595.63 265,497.29 0.00 0.00 13,052,984.05
M12 21,070,000.00 20,429,098.84 324,831.72 84,616.19 409,447.91 0.00 0.00 20,104,267.12
M13 41,770,000.00 40,499,452.23 643,959.22 183,440.02 827,399.24 0.00 0.00 39,855,493.01
M14 26,610,000.00 25,800,584.72 410,240.72 154,631.50 564,872.22 0.00 0.00 25,390,344.00
M15 17,370,000.00 16,841,644.36 267,789.60 100,937.59 368,727.19 0.00 0.00 16,573,854.76
CERT 0.00 0.00 0.00 1,720,517.01 1,720,517.01 0.00 0.00 0.00
TOTALS 717,050,000.00 695,238,980.57 11,054,607.61 4,225,667.59 15,280,275.20 0.00 0.00 684,184,372.96
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------- ---------------------------
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 969.58228935 15.41678767 3.08084772 18.49763539 954.16550168 A 3.690000 %
M1 32113JAB1 969.58228923 15.41678775 3.16433965 18.58112740 954.16550148 M1 3.790000 %
M2 32113JAC9 969.58228942 15.41678766 3.24783134 18.66461899 954.16550176 M2 3.890000 %
M3 32113JAD7 969.58228918 15.41678749 3.25618038 18.67296787 954.16550169 M3 3.900000 %
M4 32113JAE5 969.58228934 15.41678796 3.26452954 18.68131750 954.16550138 M4 3.910000 %
M5 32113JAF2 969.58228928 15.41678772 3.35637071 18.77315843 954.16550156 M5 4.020000 %
M6 32113JAG0 969.58228929 15.41678756 3.39811658 18.81490415 954.16550173 M6 4.070000 %
M7 32113JAH8 969.58228934 15.41678796 3.43151353 18.84830149 954.16550138 M7 4.110000 %
M8 32113JAJ4 969.58228943 15.41678765 3.43986269 18.85665033 954.16550179 M8 4.120000 %
M9 32113JAK1 969.58228930 15.41678737 3.93246392 19.34925129 954.16550193 M9 4.710000 %
M10 32113JAL9 969.58228965 15.41678778 3.97420989 19.39099767 954.16550187 M10 4.760000 %
M11 32113JAM7 969.58228874 15.41678801 3.99090863 19.40769664 954.16550073 M11 4.780000 %
M12 32113JAN5 969.58228951 15.41678785 4.01595586 19.43274371 954.16550166 M12 4.810000 %
M13 32113JAP0 969.58228944 15.41678765 4.39166914 19.80845679 954.16550180 M13 5.260000 %
M14 32113JAQ8 969.58228936 15.41678767 5.81102969 21.22781736 954.16550169 M14 6.960000 %
M15 32113JAR6 969.58228900 15.41678756 5.81102994 21.22781750 954.16550144 M15 6.960000 %
TOTALS 969.58228934 15.41678769 5.89312822 21.30991591 954.16550165
- ----------------------------------------------------------------------------------------------------- -------------------------
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 4,200,086.89
Sec. 7.11(iv) Principal Proceeds 11,054,607.59
Scheduled Monthly Payments 364,399.38
Curtailments 25,732.63
Prepayments in Full 10,664,475.58
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Sec. 7.11(v) Principal Payment Amount 11,054,607.59
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 4,643,998.95
M1 Class Principal Payment Amount 626,846.59
M2 Class Principal Payment Amount 1,094,129.42
M3 Class Principal Payment Amount 273,493.81
M4 Class Principal Payment Amount 279,198.02
M5 Class Principal Payment Amount 592,621.32
M6 Class Principal Payment Amount 535,579.20
M7 Class Principal Payment Amount 279,198.02
M8 Class Principal Payment Amount 302,014.87
M9 Class Principal Payment Amount 239,268.54
M10 Class Principal Payment Amount 330,535.93
M11 Class Principal Payment Amount 210,901.66
M12 Class Principal Payment Amount 324,831.72
M13 Class Principal Payment Amount 643,959.22
M14 Class Principal Payment Amount 410,240.72
M15 Class Principal Payment Amount 267,789.60
Sec. 7.11(vii) Class Principal Payment Amount per Class from Extra PDA
A Class Principal Payment Amount 0.01
M1 Class Extra PDA Amount 0.00
M2 Class Extra PDA Amount 0.00
M3 Class Extra PDA Amount 0.00
M4 Class Extra PDA Amount 0.00
M5 Class Extra PDA Amount 0.00
M6 Class Extra PDA Amount 0.00
M7 Class Extra PDA Amount 0.00
M8 Class Extra PDA Amount 0.00
M9 Class Extra PDA Amount 0.00
M10 Class Extra PDA Amount 0.00
M11 Class Extra PDA Amount 0.00
M12 Class Extra PDA Amount 0.00
M13 Class Extra PDA Amount 0.00
M14 Class Extra PDA Amount 0.00
M15 Class Extra PDA Amount 0.00
Sec. 7.11(vii) Total Class Principal Payment Amount per Class
A Class Principal Payment Amount 4,643,998.95
M1 Class Principal Payment Amount 626,846.59
M2 Class Principal Payment Amount 1,094,129.42
M3 Class Principal Payment Amount 273,493.81
M4 Class Principal Payment Amount 279,198.03
M5 Class Principal Payment Amount 592,621.32
M6 Class Principal Payment Amount 535,579.20
M7 Class Principal Payment Amount 279,198.03
M8 Class Principal Payment Amount 302,014.87
M9 Class Principal Payment Amount 239,268.54
M10 Class Principal Payment Amount 330,535.93
M11 Class Principal Payment Amount 210,901.66
M12 Class Principal Payment Amount 324,831.72
M13 Class Principal Payment Amount 643,959.22
M14 Class Principal Payment Amount 410,240.72
M15 Class Principal Payment Amount 267,789.60
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 155,440.05
Master Servicing Fee 2,989.23
Custodial Fee 1,494.62
Securities Administration Fee 2,989.23
SubServicing Fee 143,451.77
Extra Ordinary Fees 0.00
Owner Trustee Fee 0.00
Sec. 7.11(xii) Mortgage Information
Number of Loans Outstanding 4,222.00
Aggregate Scheduled Balance of Loans 706,361,012.91
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 125 20,122,945.04 2.85 %
2 Month 31 4,744,630.29 0.67 %
3 Month 5 283,799.64 0.04 %
Total 161 25,151,374.97 3.56 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 125 20,122,945.04 2.85 %
2 Month 31 4,744,630.29 0.67 %
3 Month 5 283,799.64 0.04 %
Total 161 25,151,374.97 3.56 %
Sec. 7.11(xiii)(E) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
18 3,818,827.19 0.54 %
Sec. 7.11(xiii)(F) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
17 2,276,647.36 0.32 %
Sec. 7.11(xiii)(G) Number and Aggregate Principal Amounts of REO Loans
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 7.11(xvi) Monthly Advances 4,942,288.13
Sec. 7.11(vvii) Overcollateralization
Monthly Excess Cashflow 1,539,973.69
Total Overcollateralization Amount 22,176,639.95
Total Required Overcollateralization Amount 22,176,639.95
Overcollateralization Build Amount 0.00
Extra Principal Distribution amount 0.02
Sec. 7.11 Stepdown Date Has Not Occurred
Sec. 7.11(xviii) 1-Month LIBOR for Current Distribution Date 3.46000 %
Sec. 7.11 Prepayment Penalties 188,493.85
Section 7.11 Class A Basis Risk Shortfall Paid 0.00
Class A Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M1 Basis Risk Shortfall Paid 0.00
Class M1 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M2 Basis Risk Shortfall Paid 0.00
Class M2 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M3 Basis Risk Shortfall Paid 0.00
Class M3 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M4 Basis Risk Shortfall Paid 0.00
Class M4 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M5 Basis Risk Shortfall Paid 0.00
Class M5 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M6 Basis Risk Shortfall Paid 0.00
Class M6 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M7 Basis Risk Shortfall Paid 0.00
Class M7 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M8 Basis Risk Shortfall Paid 0.00
Class M8 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M9 Basis Risk Shortfall Paid 0.00
Class M9 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M10 Basis Risk Shortfall Paid 0.00
Class M10 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M11 Basis Risk Shortfall Paid 0.00
Class M11 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M12 Basis Risk Shortfall Paid 0.00
Class M12 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M13 Basis Risk Shortfall Paid 0.00
Class M13 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M14 Basis Risk Shortfall Paid 4,810.44
Class M14 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M15 Basis Risk Shortfall Paid 3,140.07
Class M15 Basis Risk Shortfall Remaining 0.00
Available Funds Rate 6.743481 %
Copyright 2005 J.P. Morgan Chase & Co. All rights reserved.