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): December 27, 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 December 27, 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 December 27, 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: December 30, 2005
EXHIBIT INDEX
Exhibit Description
99.1 Monthly Certificateholder Statement on
December 27, 2005
<page>
Exhibit 99.1
Monthly Certificateholder Statement on December 27, 2005
First NLC Trust 2005-1
Statement To Certificateholders
December 27, 2005
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A 301,230,000.00 263,370,176.14 9,197,592.89 1,035,630.06 10,233,222.95 0.00 0.00 254,172,583.25
M1 40,660,000.00 35,549,684.17 1,241,490.31 142,949.23 1,384,439.54 0.00 0.00 34,308,193.86
M2 70,970,000.00 62,050,198.86 2,166,959.36 255,026.32 2,421,985.68 0.00 0.00 59,883,239.50
M3 17,740,000.00 15,510,363.93 541,663.51 63,885.47 605,548.98 0.00 0.00 14,968,700.42
M4 18,110,000.00 15,833,860.80 552,960.88 65,358.66 618,319.54 0.00 0.00 15,280,899.92
M5 38,440,000.00 33,608,702.87 1,173,706.04 142,015.44 1,315,721.48 0.00 0.00 32,434,996.83
M6 34,740,000.00 30,373,734.09 1,060,732.25 129,695.84 1,190,428.09 0.00 0.00 29,313,001.84
M7 18,110,000.00 15,833,860.80 552,960.88 68,173.57 621,134.45 0.00 0.00 15,280,899.92
M8 19,590,000.00 17,127,848.33 598,150.40 73,897.15 672,047.55 0.00 0.00 16,529,697.93
M9 15,520,000.00 13,569,382.65 473,879.23 65,660.73 539,539.96 0.00 0.00 13,095,503.42
M10 21,440,000.00 18,745,332.72 654,637.29 91,539.71 746,177.00 0.00 0.00 18,090,695.43
M11 13,680,000.00 11,960,641.39 417,697.67 58,620.43 476,318.10 0.00 0.00 11,542,943.72
M12 21,070,000.00 18,421,835.85 643,339.91 90,778.71 734,118.62 0.00 0.00 17,778,495.94
M13 41,770,000.00 36,520,174.81 1,275,382.45 194,571.38 1,469,953.83 0.00 0.00 35,244,792.36
M14 26,610,000.00 23,265,545.89 812,495.26 159,110.48 971,605.74 0.00 0.00 22,453,050.63
M15 17,370,000.00 15,186,867.04 530,366.13 103,861.30 634,227.43 0.00 0.00 14,656,500.91
CERT 0.00 0.00 0.00 1,519,571.55 1,519,571.55 0.00 0.00 0.00
TOTALS 717,050,000.00 626,928,210.34 21,894,014.46 4,260,346.03 26,154,360.49 0.00 0.00 605,034,195.88
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
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 874.31589198 30.53345580 3.43800438 33.97146018 843.78243618 A 4.423750 %
M1 32113JAB1 874.31589203 30.53345573 3.51572135 34.04917708 843.78243630 M1 4.523750 %
M2 32113JAC9 874.31589207 30.53345583 3.59343835 34.12689418 843.78243624 M2 4.623750 %
M3 32113JAD7 874.31589233 30.53345603 3.60121026 34.13466629 843.78243630 M3 4.633750 %
M4 32113JAE5 874.31589177 30.53345555 3.60898178 34.14243733 843.78243622 M4 4.643750 %
M5 32113JAF2 874.31589152 30.53345578 3.69447034 34.22792612 843.78243574 M5 4.753750 %
M6 32113JAG0 874.31589206 30.53345567 3.73332873 34.26678440 843.78243638 M6 4.803750 %
M7 32113JAH8 874.31589177 30.53345555 3.76441579 34.29787134 843.78243622 M7 4.843750 %
M8 32113JAJ4 874.31589229 30.53345584 3.77218734 34.30564319 843.78243645 M8 4.853750 %
M9 32113JAK1 874.31589240 30.53345554 4.23071714 34.76417268 843.78243686 M9 5.443750 %
M10 32113JAL9 874.31589179 30.53345569 4.26957603 34.80303172 843.78243610 M10 5.493750 %
M11 32113JAM7 874.31589108 30.53345541 4.28511915 34.81857456 843.78243567 M11 5.513750 %
M12 32113JAN5 874.31589226 30.53345562 4.30843427 34.84188989 843.78243664 M12 5.543750 %
M13 32113JAP0 874.31589203 30.53345583 4.65816088 35.19161671 843.78243620 M13 5.993750 %
M14 32113JAQ8 874.31589215 30.53345584 5.97934912 36.51280496 843.78243630 M14 7.693750 %
M15 32113JAR6 874.31589177 30.53345596 5.97934945 36.51280541 843.78243581 M15 7.693750 %
TOTALS 874.31589197 30.53345577 5.94149087 36.47494664 843.78243620
- ------------------------------------------------------------------------------------------------------- --------------------------
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 3,789,392.11
Sec. 7.11(iv) Principal Proceeds 21,894,014.46
Scheduled Monthly Payments 335,656.14
Curtailments 34,246.21
Prepayments in Full 21,524,112.11
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Sec. 7.11(v) Principal Payment Amount 21,894,014.47
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 9,197,592.88
M1 Class Principal Payment Amount 1,241,490.31
M2 Class Principal Payment Amount 2,166,959.36
M3 Class Principal Payment Amount 541,663.51
M4 Class Principal Payment Amount 552,960.88
M5 Class Principal Payment Amount 1,173,706.04
M6 Class Principal Payment Amount 1,060,732.25
M7 Class Principal Payment Amount 552,960.88
M8 Class Principal Payment Amount 598,150.40
M9 Class Principal Payment Amount 473,879.23
M10 Class Principal Payment Amount 654,637.29
M11 Class Principal Payment Amount 417,697.67
M12 Class Principal Payment Amount 643,339.91
M13 Class Principal Payment Amount 1,275,382.45
M14 Class Principal Payment Amount 812,495.26
M15 Class Principal Payment Amount 530,366.13
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 9,197,592.89
M1 Class Principal Payment Amount 1,241,490.31
M2 Class Principal Payment Amount 2,166,959.36
M3 Class Principal Payment Amount 541,663.51
M4 Class Principal Payment Amount 552,960.88
M5 Class Principal Payment Amount 1,173,706.04
M6 Class Principal Payment Amount 1,060,732.25
M7 Class Principal Payment Amount 552,960.88
M8 Class Principal Payment Amount 598,150.40
M9 Class Principal Payment Amount 473,879.23
M10 Class Principal Payment Amount 654,637.29
M11 Class Principal Payment Amount 417,697.67
M12 Class Principal Payment Amount 643,339.91
M13 Class Principal Payment Amount 1,275,382.45
M14 Class Principal Payment Amount 812,495.26
M15 Class Principal Payment Amount 530,366.13
Sec. 7.11(ix) Current Realized Losses 0.00
Cummulative Losses since Cut-Off 47,200.84
Cummulative Losses Percentage since Cut-Off 0.007272%
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 140,639.38
Master Servicing Fee 2,704.60
Custodial Fee 1,352.30
Securities Administration Fee 2,704.60
SubServicing Fee 129,608.84
Extra Ordinary Fees 0.00
Owner Trustee Fee 0.00
Sec. 7.11(xii) Mortgage Information
Number of Loans Outstanding 3,808.00
Aggregate Scheduled Balance of Loans 627,210,835.82
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 161 25,102,097.48 4.00 %
2 Month 63 8,270,651.18 1.32 %
3 Month 68 8,484,322.03 1.35 %
Total 292 41,857,070.69 6.67 %
Delinquency Totals
Group Totals
Category Number Principal Balance Percentage
1 Month 161 25,102,097.48 4.00 %
2 Month 63 8,270,651.18 1.32 %
3 Month 68 8,484,322.03 1.35 %
Total 292 41,857,070.69 6.67 %
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 68 11,519,750.10 1.84%
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 33 4,012,056.43 0.64%
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 1 81,290.31 0.01%
Sec. 7.11(xvi) Monthly Advances 5,544,039.68
Sec. 7.11(vvii) Overcollateralization
Monthly Excess Cashflow 940,808.32
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 4.19375%
Sec. 7.11 Prepayment Penalties 618,354.82
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 23,954.79
Class M14 Basis Risk Shortfall Remaining 0.00
Section 7.11 Class M15 Basis Risk Shortfall Paid 15,636.78
Class M15 Basis Risk Shortfall Remaining 0.00
Available Funds Rate 6.535422%
Copyright 2005 J.P. Morgan Chase & Co. All rights reserved.