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): September 26, 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 September 26, 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 September 26, 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: September 30, 2005
EXHIBIT INDEX
Exhibit Description
99.1 Monthly Certificateholder Statement on
September 26, 2005
<page>
Exhibit 99.1
Monthly Certificateholder Statement on September 26, 2005
First NLC Trust 2005-1
Statement To Certificateholders
September 26, 2005
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 301,230,000.00 287,423,274.07 7,877,275.59 989,055.42 8,866,331.01 0.00 0.00 279,545,998.48
M1 40,660,000.00 38,796,369.29 1,063,273.99 136,951.18 1,200,225.17 0.00 0.00 37,733,095.30
M2 70,970,000.00 67,717,125.66 1,855,891.67 245,060.75 2,100,952.42 0.00 0.00 65,861,233.99
M3 17,740,000.00 16,926,896.00 463,907.54 61,407.02 525,314.56 0.00 0.00 16,462,988.46
M4 18,110,000.00 17,279,937.23 473,583.18 62,841.37 536,424.55 0.00 0.00 16,806,354.05
M5 38,440,000.00 36,678,121.88 1,005,220.18 136,972.41 1,142,192.59 0.00 0.00 35,672,901.70
M6 34,740,000.00 33,147,709.53 908,463.81 125,261.51 1,033,725.32 0.00 0.00 32,239,245.72
M7 18,110,000.00 17,279,937.23 473,583.18 65,913.36 539,496.54 0.00 0.00 16,806,354.05
M8 19,590,000.00 18,692,102.18 512,285.72 71,466.14 583,751.86 0.00 0.00 18,179,816.46
M9 15,520,000.00 14,808,648.59 405,853.72 64,384.71 470,238.43 0.00 0.00 14,402,794.87
M10 21,440,000.00 20,457,308.36 560,663.91 89,853.04 650,516.95 0.00 0.00 19,896,644.45
M11 13,680,000.00 13,052,984.05 357,737.04 57,563.66 415,300.70 0.00 0.00 12,695,247.01
M12 21,070,000.00 20,104,267.12 550,988.27 89,195.93 640,184.20 0.00 0.00 19,553,278.85
M13 41,770,000.00 39,855,493.01 1,092,300.90 192,767.73 1,285,068.63 0.00 0.00 38,763,192.11
M14 26,610,000.00 25,390,344.00 695,861.31 161,172.26 857,033.57 0.00 0.00 24,694,482.69
M15 17,370,000.00 16,573,854.76 454,231.91 105,207.15 559,439.06 0.00 0.00 16,119,622.85
CERT 0.00 0.00 0.00 1,738,546.94 1,738,546.94 0.00 0.00 0.00
TOTALS 717,050,000.00 684,184,372.96 18,751,121.92 4,393,620.58 23,144,742.50 0.00 0.00 665,433,251.04
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------- ---------------------------
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 954.16550168 26.15036879 3.28338950 29.43375829 928.01513289 A 3.871250 %
M1 32113JAB1 954.16550148 26.15036867 3.36820413 29.51857280 928.01513281 M1 3.971250 %
M2 32113JAC9 954.16550176 26.15036875 3.45301888 29.60338763 928.01513301 M2 4.071250 %
M3 32113JAD7 954.16550169 26.15036866 3.46150056 29.61186922 928.01513303 M3 4.081250 %
M4 32113JAE5 954.16550138 26.15036886 3.46998178 29.62035064 928.01513252 M4 4.091250 %
M5 32113JAF2 954.16550156 26.15036889 3.56327810 29.71364698 928.01513267 M5 4.201250 %
M6 32113JAG0 954.16550173 26.15036874 3.60568538 29.75605412 928.01513299 M6 4.251250 %
M7 32113JAH8 954.16550138 26.15036886 3.63961126 29.78998012 928.01513252 M7 4.291250 %
M8 32113JAJ4 954.16550179 26.15036856 3.64809290 29.79846146 928.01513323 M8 4.301250 %
M9 32113JAK1 954.16550193 26.15036856 4.14849936 30.29886791 928.01513338 M9 4.891250 %
M10 32113JAL9 954.16550187 26.15036894 4.19090672 30.34127565 928.01513293 M10 4.941250 %
M11 32113JAM7 954.16550073 26.15036842 4.20786988 30.35823830 928.01513231 M11 4.961250 %
M12 32113JAN5 954.16550166 26.15036877 4.23331419 30.38368296 928.01513289 M12 4.991250 %
M13 32113JAP0 954.16550180 26.15036869 4.61498037 30.76534905 928.01513311 M13 5.441250 %
M14 32113JAQ8 954.16550169 26.15036866 6.05683051 32.20719917 928.01513303 M14 7.141250 %
M15 32113JAR6 954.16550144 26.15036903 6.05683074 32.20719977 928.01513241 M15 7.141250 %
TOTALS 954.16550165 26.15036876 6.12735594 32.27772471 928.01513289
- ----------------------------------------------------------------------------------------------------- -------------------------
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 4,134,159.44
Sec. 7.11(iv) Principal Proceeds 18,751,121.93
Scheduled Monthly Payments 362,198.22
Curtailments 26,785.56
Prepayments in Full 18,362,138.15
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Sec. 7.11(v) Principal Payment Amount 18,751,121.93
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 7,877,275.59
M1 Class Principal Payment Amount 1,063,273.99
M2 Class Principal Payment Amount 1,855,891.67
M3 Class Principal Payment Amount 463,907.54
M4 Class Principal Payment Amount 473,583.18
M5 Class Principal Payment Amount 1,005,220.18
M6 Class Principal Payment Amount 908,463.81
M7 Class Principal Payment Amount 473,583.18
M8 Class Principal Payment Amount 512,285.72
M9 Class Principal Payment Amount 405,853.72
M10 Class Principal Payment Amount 560,663.91
M11 Class Principal Payment Amount 357,737.04
M12 Class Principal Payment Amount 550,988.27
M13 Class Principal Payment Amount 1,092,300.90
M14 Class Principal Payment Amount 695,861.31
M15 Class Principal Payment Amount 454,231.91
Sec. 7.11(vii) Class Principal Payment Amount per Class from Extra PDA
A Class Principal Payment Amount 0.00
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 7,877,275.59
M1 Class Principal Payment Amount 1,063,273.99
M2 Class Principal Payment Amount 1,855,891.67
M3 Class Principal Payment Amount 463,907.54
M4 Class Principal Payment Amount 473,583.18
M5 Class Principal Payment Amount 1,005,220.18
M6 Class Principal Payment Amount 908,463.81
M7 Class Principal Payment Amount 473,583.18
M8 Class Principal Payment Amount 512,285.72
M9 Class Principal Payment Amount 405,853.72
M10 Class Principal Payment Amount 560,663.91
M11 Class Principal Payment Amount 357,737.04
M12 Class Principal Payment Amount 550,988.27
M13 Class Principal Payment Amount 1,092,300.90
M14 Class Principal Payment Amount 695,861.31
M15 Class Principal Payment Amount 454,231.91
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 153,044.89
Master Servicing Fee 2,943.17
Custodial Fee 1,471.59
Securities Administration Fee 2,943.17
SubServicing Fee 141,225.81
Extra Ordinary Fees 0.00
Owner Trustee Fee 0.00
Sec. 7.11(xii) Mortgage Information
Number of Loans Outstanding 4,123.00
Aggregate Scheduled Balance of Loans 687,609,890.98
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 106 17,279,133.94 2.51 %
2 Month 54 7,820,657.77 1.14 %
3 Month 15 1,569,080.09 0.23 %
Total 175 26,668,871.80 3.88 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 106 17,279,133.94 2.51 %
2 Month 54 7,820,657.77 1.14 %
3 Month 15 1,569,080.09 0.23 %
Total 175 26,668,871.80 3.88 %
Sec. 7.11(xiii)(E) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
30 4,998,891.99 0.73 %
Sec. 7.11(xiii)(F) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
16 2,323,139.76 0.34 %
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 4,908,260.68
Sec. 7.11(vvii) Overcollateralization
Monthly Excess Cashflow 1,341,333.47
Total Overcollateralization Amount 22,176,639.95
Total Required Overcollateralization Amount 22,176,639.95
Overcollateralization Build Amount 0.00
Extra Principal Distribution amount 0.00
Sec. 7.11 Stepdown Date Has Not Occurred
Sec. 7.11(xviii) 1-Month LIBOR for Current Distribution Date 3.64125 %
Sec. 7.11 Prepayment Penalties 419,863.97
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 13,704.63
Class M14 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M15 Basis Risk Shortfall Paid 8,945.86
Class M15 Basis Risk Shortfall Remaining 0.00
Available Funds Rate 6.534023 %
Copyright 2005 J.P. Morgan Chase & Co. All rights reserved.