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): November 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 November 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 November 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: November 30, 2005
EXHIBIT INDEX
Exhibit Description
99.1 Monthly Certificateholder Statement on
November 25, 2005
<page>
Exhibit 99.1
Monthly Certificateholder Statement on November 25, 2005
First NLC Trust 2005-1
Statement To Certificateholders
November 25, 2005
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 301,230,000.00 271,880,168.88 8,509,992.74 999,102.98 9,509,095.72 0.00 0.00 263,370,176.14
M1 40,660,000.00 36,698,362.27 1,148,678.10 138,018.97 1,286,697.07 0.00 0.00 35,549,684.17
M2 70,970,000.00 64,055,159.14 2,004,960.28 246,421.09 2,251,381.37 0.00 0.00 62,050,198.86
M3 17,740,000.00 16,011,533.37 501,169.44 61,734.47 562,903.91 0.00 0.00 15,510,363.93
M4 18,110,000.00 16,345,483.04 511,622.24 63,162.81 574,785.05 0.00 0.00 15,833,860.80
M5 38,440,000.00 34,694,664.17 1,085,961.30 137,354.73 1,223,316.03 0.00 0.00 33,608,702.87
M6 34,740,000.00 31,355,167.37 981,433.28 125,483.82 1,106,917.10 0.00 0.00 30,373,734.09
M7 18,110,000.00 16,345,483.04 511,622.24 65,977.86 577,600.10 0.00 0.00 15,833,860.80
M8 19,590,000.00 17,681,281.78 553,433.45 71,522.01 624,955.46 0.00 0.00 17,127,848.33
M9 15,520,000.00 14,007,835.29 438,452.64 63,779.43 502,232.07 0.00 0.00 13,569,382.65
M10 21,440,000.00 19,351,030.18 605,697.46 88,940.83 694,638.29 0.00 0.00 18,745,332.72
M11 13,680,000.00 12,347,112.53 386,471.14 56,962.20 443,433.34 0.00 0.00 11,960,641.39
M12 21,070,000.00 19,017,080.50 595,244.65 88,224.73 683,469.38 0.00 0.00 18,421,835.85
M13 41,770,000.00 37,700,211.32 1,180,036.51 189,509.01 1,369,545.52 0.00 0.00 36,520,174.81
M14 26,610,000.00 24,017,300.05 751,754.16 155,887.29 907,641.45 0.00 0.00 23,265,545.89
M15 17,370,000.00 15,677,583.68 490,716.64 101,757.32 592,473.96 0.00 0.00 15,186,867.04
CERT 0.00 0.00 0.00 1,436,805.62 1,436,805.62 0.00 0.00 0.00
TOTALS 717,050,000.00 647,185,456.61 20,257,246.27 4,090,645.17 24,347,891.44 0.00 0.00 626,928,210.34
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
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 902.56670610 28.25081413 3.31674461 31.56755874 874.31589198 A 4.267500 %
M1 32113JAB1 902.56670610 28.25081407 3.39446557 31.64527964 874.31589203 M1 4.367500 %
M2 32113JAC9 902.56670621 28.25081415 3.47218670 31.72300085 874.31589207 M2 4.467500 %
M3 32113JAD7 902.56670631 28.25081398 3.47995885 31.73077283 874.31589233 M3 4.477500 %
M4 32113JAE5 902.56670569 28.25081391 3.48773109 31.73854500 874.31589177 M4 4.487500 %
M5 32113JAF2 902.56670578 28.25081426 3.57322399 31.82403824 874.31589152 M5 4.597500 %
M6 32113JAG0 902.56670610 28.25081405 3.61208463 31.86289868 874.31589206 M6 4.647500 %
M7 32113JAH8 902.56670569 28.25081391 3.64317283 31.89398675 874.31589177 M7 4.687500 %
M8 32113JAJ4 902.56670648 28.25081419 3.65094487 31.90175906 874.31589229 M8 4.697500 %
M9 32113JAK1 902.56670683 28.25081443 4.10949936 32.36031379 874.31589240 M9 5.287500 %
M10 32113JAL9 902.56670616 28.25081437 4.14835961 32.39917397 874.31589179 M10 5.337500 %
M11 32113JAM7 902.56670541 28.25081433 4.16390351 32.41471784 874.31589108 M11 5.357500 %
M12 32113JAN5 902.56670622 28.25081395 4.18722022 32.43803417 874.31589226 M12 5.387500 %
M13 32113JAP0 902.56670625 28.25081422 4.53696457 32.78777879 874.31589203 M13 5.837500 %
M14 32113JAQ8 902.56670613 28.25081398 5.85822210 34.10903608 874.31589215 M14 7.537500 %
M15 32113JAR6 902.56670581 28.25081405 5.85822222 34.10903627 874.31589177 M15 7.537500 %
TOTALS 902.56670610 28.25081413 5.70482556 33.95563969 874.31589197
- -----------------------------------------------------------------------------------------------------------------------------------
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 3,913,460.90
Sec. 7.11(iv) Principal Proceeds 20,210,045.44
Scheduled Monthly Payments 345,277.27
Curtailments 25,779.81
Prepayments in Full 19,886,189.20
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Sec. 7.11(v) Principal Payment Amount 20,257,246.28
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 8,490,163.85
M1 Class Principal Payment Amount 1,146,001.60
M2 Class Principal Payment Amount 2,000,288.58
M3 Class Principal Payment Amount 500,001.68
M4 Class Principal Payment Amount 510,430.13
M5 Class Principal Payment Amount 1,083,430.93
M6 Class Principal Payment Amount 979,146.47
M7 Class Principal Payment Amount 510,430.13
M8 Class Principal Payment Amount 552,143.91
M9 Class Principal Payment Amount 437,431.01
M10 Class Principal Payment Amount 604,286.14
M11 Class Principal Payment Amount 385,570.63
M12 Class Principal Payment Amount 593,857.69
M13 Class Principal Payment Amount 1,177,286.94
M14 Class Principal Payment Amount 750,002.52
M15 Class Principal Payment Amount 489,573.24
Sec. 7.11(vii) Class Principal Payment Amount per Class from Extra PDA
A Class Principal Payment Amount 19,828.90
M1 Class Extra PDA Amount 2,676.50
M2 Class Extra PDA Amount 4,671.70
M3 Class Extra PDA Amount 1,167.76
M4 Class Extra PDA Amount 1,192.12
M5 Class Extra PDA Amount 2,530.37
M6 Class Extra PDA Amount 2,286.81
M7 Class Extra PDA Amount 1,192.12
M8 Class Extra PDA Amount 1,289.54
M9 Class Extra PDA Amount 1,021.63
M10 Class Extra PDA Amount 1,411.32
M11 Class Extra PDA Amount 900.51
M12 Class Extra PDA Amount 1,386.96
M13 Class Extra PDA Amount 2,749.57
M14 Class Extra PDA Amount 1,751.64
M15 Class Extra PDA Amount 1,143.41
Sec. 7.11(vii) Total Class Principal Payment Amount per Class
A Class Principal Payment Amount 8,509,992.74
M1 Class Principal Payment Amount 1,148,678.10
M2 Class Principal Payment Amount 2,004,960.28
M3 Class Principal Payment Amount 501,169.44
M4 Class Principal Payment Amount 511,622.24
M5 Class Principal Payment Amount 1,085,961.30
M6 Class Principal Payment Amount 981,433.28
M7 Class Principal Payment Amount 511,622.24
M8 Class Principal Payment Amount 553,433.45
M9 Class Principal Payment Amount 438,452.64
M10 Class Principal Payment Amount 605,697.46
M11 Class Principal Payment Amount 386,471.14
M12 Class Principal Payment Amount 595,244.65
M13 Class Principal Payment Amount 1,180,036.51
M14 Class Principal Payment Amount 751,754.16
M15 Class Principal Payment Amount 490,716.64
Sec. 7.11(ix) Current Realized Losses 47,200.84
Cummulative Losses since Cut-Off 47,200.84
Cummulative Losses Percentage since Cut-Off 0.007052%
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 145,028.45
Master Servicing Fee 2,789.01
Custodial Fee 1,394.50
Securities Administration Fee 2,789.01
SubServicing Fee 133,743.68
Extra Ordinary Fees 0.00
Owner Trustee Fee 0.00
Sec. 7.11(xii) Mortgage Information
Number of Loans Outstanding 3,924.00
Aggregate Scheduled Balance of Loans 649,104,850.28
Sec. 7.11(xiii)(A-D) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies)
Delinquency by Group
Group 1
Category Number Principal Balance Percentage
1 Month 141 21,282,830.43 3.28 %
2 Month 54 7,402,277.55 1.14 %
3 Month 52 5,921,565.16 0.91 %
Total 247 34,606,673.14 5.33 %
Delinquency Totals
Group Totals
Category Number Principal Balance Percentage
1 Month 141 21,282,830.43 3.28 %
2 Month 54 7,402,277.55 1.14 %
3 Month 52 5,921,565.16 0.91 %
Total 247 34,606,673.14 5.33 %
Sec. 7.11(xiii)(E) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Foreclosure by Group
Group Number of Principal Balance Percentage
Number Loans
1 58 10,477,082.93 1.61%
Sec. 7.11(xiii)(F) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Bankruptcy by Group
Group Number of Principal Balance Percentage
Number Loans
1 27 3,140,024.71 0.48%
Sec. 7.11(xiii)(G) Number and Aggregate Principal Amounts of REO Loans
REO by Group
Group Number of Principal Balance Percentage
Number Loans
1 0 0.00 0.00%
Sec. 7.11(xvi) Monthly Advances 5,266,970.68
Sec. 7.11(vvii) Overcollateralization
Monthly Excess Cashflow 1,134,557.22
Total Overcollateralization Amount 22,176,639.95
Total Required Overcollateralization Amount 22,176,639.95
Overcollateralization Build Amount 0.00
Extra Principal Distribution amount 47,200.84
Sec. 7.11 Stepdown Date Has Not Occurred
Sec. 7.11(xviii) 1-Month LIBOR for Current Distribution Date 4.03750%
Sec. 7.11 Prepayment Penalties 376,386.07
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 16,298.07
Class M14 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M15 Basis Risk Shortfall Paid 10,638.76
Class M15 Basis Risk Shortfall Remaining 0.00
Available Funds Rate 6.749452%
Copyright 2005 J.P. Morgan Chase & Co. All rights reserved.