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): October 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 October 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 October 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: October 27, 2005
EXHIBIT INDEX
Exhibit Description
99.1 Monthly Certificateholder Statement on
October 25, 2005
<page>
Exhibit 99.1
Monthly Certificateholder Statement on October 25, 2005
First NLC Trust 2005-1
Statement To Certificateholders
October 25, 2005
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 301,230,000.00 279,545,998.48 7,665,829.60 914,270.72 8,580,100.32 0.00 0.00 271,880,168.88
M1 40,660,000.00 37,733,095.30 1,034,733.03 126,447.79 1,161,180.82 0.00 0.00 36,698,362.27
M2 70,970,000.00 65,861,233.99 1,806,074.85 226,013.80 2,032,088.65 0.00 0.00 64,055,159.14
M3 17,740,000.00 16,462,988.46 451,455.09 56,628.11 508,083.20 0.00 0.00 16,011,533.37
M4 18,110,000.00 16,806,354.05 460,871.01 57,944.57 518,815.58 0.00 0.00 16,345,483.04
M5 38,440,000.00 35,672,901.70 978,237.53 126,153.25 1,104,390.78 0.00 0.00 34,694,664.17
M6 34,740,000.00 32,239,245.72 884,078.35 115,309.04 999,387.39 0.00 0.00 31,355,167.37
M7 18,110,000.00 16,806,354.05 460,871.01 60,652.26 521,523.27 0.00 0.00 16,345,483.04
M8 19,590,000.00 18,179,816.46 498,534.68 65,755.39 564,290.07 0.00 0.00 17,681,281.78
M9 15,520,000.00 14,402,794.87 394,959.58 58,939.44 453,899.02 0.00 0.00 14,007,835.29
M10 21,440,000.00 19,896,644.45 545,614.27 82,222.88 627,837.15 0.00 0.00 19,351,030.18
M11 13,680,000.00 12,695,247.01 348,134.48 52,667.64 400,802.12 0.00 0.00 12,347,112.53
M12 21,070,000.00 19,553,278.85 536,198.35 81,591.49 617,789.84 0.00 0.00 19,017,080.50
M13 41,770,000.00 38,763,192.11 1,062,980.79 175,801.84 1,238,782.63 0.00 0.00 37,700,211.32
M14 26,610,000.00 24,694,482.69 677,182.64 145,814.06 822,996.70 0.00 0.00 24,017,300.05
M15 17,370,000.00 16,119,622.85 442,039.17 95,181.90 537,221.07 0.00 0.00 15,677,583.68
CERT 0.00 0.00 0.00 1,794,659.76 1,794,659.76 0.00 0.00 0.00
TOTALS 717,050,000.00 665,433,251.04 18,247,794.43 4,236,053.94 22,483,848.37 0.00 0.00 647,185,456.61
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------- ---------------------------
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 928.01513289 25.44842678 3.03512505 28.48355184 902.56670610 A 4.060000 %
M1 32113JAB1 928.01513281 25.44842671 3.10988170 28.55830841 902.56670610 M1 4.160000 %
M2 32113JAC9 928.01513301 25.44842680 3.18463858 28.63306538 902.56670621 M2 4.260000 %
M3 32113JAD7 928.01513303 25.44842672 3.19211443 28.64054115 902.56670631 M3 4.270000 %
M4 32113JAE5 928.01513252 25.44842684 3.19958973 28.64801657 902.56670569 M4 4.280000 %
M5 32113JAF2 928.01513267 25.44842690 3.28182232 28.73024922 902.56670578 M5 4.390000 %
M6 32113JAG0 928.01513299 25.44842689 3.31920092 28.76762781 902.56670610 M6 4.440000 %
M7 32113JAH8 928.01513252 25.44842684 3.34910326 28.79753009 902.56670569 M7 4.480000 %
M8 32113JAJ4 928.01513323 25.44842675 3.35657938 28.80500613 902.56670648 M8 4.490000 %
M9 32113JAK1 928.01513338 25.44842655 3.79764433 29.24607088 902.56670683 M9 5.080000 %
M10 32113JAL9 928.01513293 25.44842677 3.83502239 29.28344916 902.56670616 M10 5.130000 %
M11 32113JAM7 928.01513231 25.44842690 3.84997368 29.29840058 902.56670541 M11 5.150000 %
M12 32113JAN5 928.01513289 25.44842667 3.87240104 29.32082772 902.56670622 M12 5.180000 %
M13 32113JAP0 928.01513311 25.44842686 4.20880632 29.65723318 902.56670625 M13 5.630000 %
M14 32113JAQ8 928.01513303 25.44842691 5.47967155 30.92809846 902.56670613 M14 7.330000 %
M15 32113JAR6 928.01513241 25.44842660 5.47967185 30.92809845 902.56670581 M15 7.330000 %
TOTALS 928.01513289 25.44842679 5.90761305 31.35603984 902.56670610
- ----------------------------------------------------------------------------------------------------- -------------------------
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 4,019,436.67
Sec. 7.11(iv) Principal Proceeds 18,247,794.42
Scheduled Monthly Payments 353,661.71
Curtailments 93,070.55
Prepayments in Full 17,801,062.16
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Sec. 7.11(v) Principal Payment Amount 18,247,794.42
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 7,665,829.60
M1 Class Principal Payment Amount 1,034,733.03
M2 Class Principal Payment Amount 1,806,074.85
M3 Class Principal Payment Amount 451,455.09
M4 Class Principal Payment Amount 460,871.01
M5 Class Principal Payment Amount 978,237.53
M6 Class Principal Payment Amount 884,078.35
M7 Class Principal Payment Amount 460,871.01
M8 Class Principal Payment Amount 498,534.68
M9 Class Principal Payment Amount 394,959.58
M10 Class Principal Payment Amount 545,614.27
M11 Class Principal Payment Amount 348,134.48
M12 Class Principal Payment Amount 536,198.35
M13 Class Principal Payment Amount 1,062,980.79
M14 Class Principal Payment Amount 677,182.64
M15 Class Principal Payment Amount 442,039.17
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 7,665,829.60
M1 Class Principal Payment Amount 1,034,733.03
M2 Class Principal Payment Amount 1,806,074.85
M3 Class Principal Payment Amount 451,455.09
M4 Class Principal Payment Amount 460,871.01
M5 Class Principal Payment Amount 978,237.53
M6 Class Principal Payment Amount 884,078.35
M7 Class Principal Payment Amount 460,871.01
M8 Class Principal Payment Amount 498,534.68
M9 Class Principal Payment Amount 394,959.58
M10 Class Principal Payment Amount 545,614.27
M11 Class Principal Payment Amount 348,134.48
M12 Class Principal Payment Amount 536,198.35
M13 Class Principal Payment Amount 1,062,980.79
M14 Class Principal Payment Amount 677,182.64
M15 Class Principal Payment Amount 442,039.17
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 148,982.14
Master Servicing Fee 2,865.04
Custodial Fee 1,432.52
Securities Administration Fee 2,865.04
SubServicing Fee 137,417.01
Extra Ordinary Fees 0.00
Owner Trustee Fee 0.00
Sec. 7.11(xii) Mortgage Information
Number of Loans Outstanding 4,032.00
Aggregate Scheduled Balance of Loans 669,362,096.56
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 115 16,994,376.57 2.54 %
2 Month 57 8,692,165.64 1.30 %
3 Month 49 6,272,985.19 0.94 %
Total 221 31,959,527.40 4.78 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 115 16,994,376.57 2.54 %
2 Month 57 8,692,165.64 1.30 %
3 Month 49 6,272,985.19 0.94 %
Total 221 31,959,527.40 4.78 %
Sec. 7.11(xiii)(E) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
33 5,154,576.79 0.77 %
Sec. 7.11(xiii)(F) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
19 2,297,577.94 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 5,140,748.33
Sec. 7.11(vvii) Overcollateralization
Monthly Excess Cashflow 1,425,940.09
Total Overcollateralization Amount 22,176,639.95
Total Required Overcollateralization Amount 22,176,639.95
Overcollateralization Build Amount 0.00
Extra Principal Distribution amount 0.01
Sec. 7.11 Stepdown Date Has Not Occurred
Sec. 7.11(xviii) 1-Month LIBOR for Current Distribution Date 3.83000 %
Sec. 7.11 Prepayment Penalties 372,762.03
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 2,445.82
Class M14 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M15 Basis Risk Shortfall Paid 1,596.54
Class M15 Basis Risk Shortfall Remaining 0.00
Available Funds Rate 7.207050 %
Copyright 2005 J.P. Morgan Chase & Co. All rights reserved.