UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
FORM 8-K/A
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
FIRST NLC TRUST
Callable Mortgage-Backed Notes, Series 2005-3
(Exact name of registrant as specified in its charter)
New York (governing law of 333-127901-03
Pooling and Servicing Agreement) (Commission N/A
(State or other File Number) IRS EIN
jurisdiction
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(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 (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] 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))
ITEM 8.01 Other Events
Subsequent to filing the 8-K relating to the payment date on December 27, 2005,
a revision was made to holders of FIRST NLC TRUST, Callable Mortgage-Backed
Notes, Series 2005-3 Trust which was not included in the original 8-K filed.
The 8-K is being amended because an incorrect Target OC was entered. This
revision was not previously disclosed in a 1934 Act filing. The revised data
has been and will continue to be available on the Wells Fargo Bank, website at
www.ctslink.com.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Amended monthly report distributed to holders of
Callable Mortgage-Backed Notes, Series 2005-3
Trust, relating to the December 27, 2005
distribution.
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
Callable Mortgage-Backed Notes, Series 2005-3 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 1/16/2006
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Amended monthly report distributed to holders of Callable
Mortgage-Backed Notes, Series 2005-3 Trust, relating to
the December 27, 2005 distribution.
EX-99.1
FIRST NLC
Callable Mortgage-Backed Notes
Record Date: 11/30/2005
Distribution Date: 12/27/2005
FIRST NLC
Callable Mortgage-Backed Notes
Series 2005-3
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Class CUSIP Certificate Beginning Interest
Pass-Through Certificate Distribution
Rate Balance
<s> <c> <c> <c> <c>
AV-1 32113JBQ7 4.30375% 127,036,225.66 485,984.14
AV-2 32113JBR5 4.42375% 120,761,000.00 474,859.09
AV-3 32113JBS3 4.48375% 14,443,000.00 57,563.38
AV-4 32113JBT1 4.54375% 32,243,000.00 130,225.89
M-1 32113JBU8 4.66375% 31,468,000.00 130,452.34
M-2 32113JBV6 4.87375% 26,056,000.00 112,880.38
M-3 32113JBW4 4.92375% 6,414,000.00 28,071.94
M-4 32113JBX2 5.79375% 6,414,000.00 33,032.10
M-5 32113JBY0 5.89375% 4,810,000.00 25,199.06
M-6 32113JBZ7 6.39375% 5,812,000.00 33,031.53
M-7 32113JCA1 6.44375% 8,418,000.00 48,216.43
OT NLC0503OT 0.00000% 0.00 0.00
N 32113JCB9 5.00000% 9,739,567.03 40,581.53
Totals 393,614,792.69 1,600,097.81
Certificateholder Distribution Summary (continued)
Class Principal Current Ending Total Cummulative
Distribution Realized Certificate Distribution Realized
Loss Balance Losses
<s> <c> <c> <c> <c> <c>
AV-1 4,583,430.57 0.00 122,452,795.09 5,069,414.71 0.00
AV-2 0.00 0.00 120,761,000.00 474,859.09 0.00
AV-3 0.00 0.00 14,443,000.00 57,563.38 0.00
AV-4 0.00 0.00 32,243,000.00 130,225.89 0.00
M-1 0.00 0.00 31,468,000.00 130,452.34 0.00
M-2 0.00 0.00 26,056,000.00 112,880.38 0.00
M-3 0.00 0.00 6,414,000.00 28,071.94 0.00
M-4 0.00 0.00 6,414,000.00 33,032.10 0.00
M-5 0.00 0.00 4,810,000.00 25,199.06 0.00
M-6 0.00 0.00 5,812,000.00 33,031.53 0.00
M-7 0.00 0.00 8,418,000.00 48,216.43 0.00
OT 0.00 0.00 0.00 0.00 0.00
N 680,941.53 0.00 9,058,625.50 721,523.06 0.00
Totals 5,264,372.10 0.00 388,350,420.59 6,864,469.91 0.00
<FN>
This report has been compiled from information provided to Wells Fargo Bank, N.A., by various
third parties, which may include the Servicer, Master Servicer, Special Servicer and others.
Wells Fargo Bank, N.A., has not independently confirmed the accuracy of information received
from these third parties and assumes no duty to do so.Wells Fargo Bank, N.A., expressly
disclaims any responsibility for the accuracy or completeness of information furnished by
third parties.
</FN>
Principal Distribution Statement
Class Original Beginning Scheduled UnScheduled Accretion Realized
Face Certificate Principal Principal Loss
Amount Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
AV-1 131,406,000.00 127,036,225.66 0.00 4,583,430.57 0.00 0.00
AV-2 120,761,000.00 120,761,000.00 0.00 0.00 0.00 0.00
AV-3 14,443,000.00 14,443,000.00 0.00 0.00 0.00 0.00
AV-4 32,243,000.00 32,243,000.00 0.00 0.00 0.00 0.00
M-1 31,468,000.00 31,468,000.00 0.00 0.00 0.00 0.00
M-2 26,056,000.00 26,056,000.00 0.00 0.00 0.00 0.00
M-3 6,414,000.00 6,414,000.00 0.00 0.00 0.00 0.00
M-4 6,414,000.00 6,414,000.00 0.00 0.00 0.00 0.00
M-5 4,810,000.00 4,810,000.00 0.00 0.00 0.00 0.00
M-6 5,812,000.00 5,812,000.00 0.00 0.00 0.00 0.00
M-7 8,418,000.00 8,418,000.00 0.00 0.00 0.00 0.00
OT 0.00 0.00 0.00 0.00 0.00 0.00
N 11,600,000.00 9,739,567.03 0.00 0.00 0.00 0.00
Totals 399,845,000.00 393,614,792.69 0.00 4,583,430.57 0.00 0.00
Principal Distribution Statement (continued)
Class Total Ending Ending Total
Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
AV-1 4,583,430.57 122,452,795.09 0.931866 4,583,430.57
AV-2 0.00 120,761,000.00 1.000000 0.00
AV-3 0.00 14,443,000.00 1.000000 0.00
AV-4 0.00 32,243,000.00 1.000000 0.00
M-1 0.00 31,468,000.00 1.000000 0.00
M-2 0.00 26,056,000.00 1.000000 0.00
M-3 0.00 6,414,000.00 1.000000 0.00
M-4 0.00 6,414,000.00 1.000000 0.00
M-5 0.00 4,810,000.00 1.000000 0.00
M-6 0.00 5,812,000.00 1.000000 0.00
M-7 0.00 8,418,000.00 1.000000 0.00
OT 0.00 0.00 0.000000 0.00
N 680,941.53 9,058,625.50 0.780916 680,941.53
Totals 5,264,372.10 388,350,420.59 0.971252 5,264,372.10
Principal Distribution Factors Statement
Class Original Beginning Scheduled UnScheduled Accretion
Face Certificate Principal Principal
Amount Balance Distribution Distribution
<s> <c> <c> <c> <c> <c>
AV-1 131,406,000.00 966.746006 0.000000 34.879918 0.000000
AV-2 120,761,000.00 1000.000000 0.000000 0.000000 0.000000
AV-3 14,443,000.00 1000.000000 0.000000 0.000000 0.000000
AV-4 32,243,000.00 1000.000000 0.000000 0.000000 0.000000
M-1 31,468,000.00 1000.000000 0.000000 0.000000 0.000000
M-2 26,056,000.00 1000.000000 0.000000 0.000000 0.000000
M-3 6,414,000.00 1000.000000 0.000000 0.000000 0.000000
M-4 6,414,000.00 1000.000000 0.000000 0.000000 0.000000
M-5 4,810,000.00 1000.000000 0.000000 0.000000 0.000000
M-6 5,812,000.00 1000.000000 0.000000 0.000000 0.000000
M-7 8,418,000.00 1000.000000 0.000000 0.000000 0.000000
OT 0.00 0.000000 0.000000 0.000000 0.000000
N 11,600,000.00 839.617847 0.000000 0.000000 0.000000
Principal Distribution Factors Statement (continued)
Class Realized Total Ending Ending Total
Loss Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
AV-1 0.000000 34.879918 931.866087 0.931866 34.879918
AV-2 0.000000 0.000000 1,000.000000 1.000000 0.000000
AV-3 0.000000 0.000000 1,000.000000 1.000000 0.000000
AV-4 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-1 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-2 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-3 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-4 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-5 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-6 0.000000 0.000000 1,000.000000 1.000000 0.000000
M-7 0.000000 0.000000 1,000.000000 1.000000 0.000000
OT 0.000000 0.000000 0.000000 0.000000 0.000000
N 0.000000 58.701856 780.915991 0.780916 58.701856
<FN>
All Classes Per $1000 Denominations
</FN>
Interest Distribution Statement
Class Accrual Accrual Current Beginning Current Payment of
Dates Days Certificate Certificate/ Accrued Unpaid Interest
Rate Notional Balance Interest Shortfall
<s> <c> <c> <c> <c> <c> <c>
AV-1 11/25/05 - 12/26/05 32 4.30375% 127,036,225.66 485,984.14 0.00
AV-2 11/25/05 - 12/26/05 32 4.42375% 120,761,000.00 474,859.09 0.00
AV-3 11/25/05 - 12/26/05 32 4.48375% 14,443,000.00 57,563.38 0.00
AV-4 11/25/05 - 12/26/05 32 4.54375% 32,243,000.00 130,225.89 0.00
M-1 11/25/05 - 12/26/05 32 4.66375% 31,468,000.00 130,452.34 0.00
M-2 11/25/05 - 12/26/05 32 4.87375% 26,056,000.00 112,880.38 0.00
M-3 11/25/05 - 12/26/05 32 4.92375% 6,414,000.00 28,071.94 0.00
M-4 11/25/05 - 12/26/05 32 5.79375% 6,414,000.00 33,032.10 0.00
M-5 11/25/05 - 12/26/05 32 5.89375% 4,810,000.00 25,199.06 0.00
M-6 11/25/05 - 12/26/05 32 6.39375% 5,812,000.00 33,031.53 0.00
M-7 11/25/05 - 12/26/05 32 6.44375% 8,418,000.00 48,216.43 0.00
OT N/A N/A 0.00000% 0.00 0.00 0.00
N 11/25/05 - 12/24/05 30 5.00000% 9,739,567.03 40,581.53 0.00
Totals 1,600,097.81 0.00
Interest Distribution Statement (continued)
Class Current Non-Supported Total Remaining Ending
Interest Interest Interest Unpaid Interest Certificate/Notional
Shortfall(1) Shortfall Distribution Shortfall(2) Balance
<s> <c> <c> <c> <c> <c>
AV-1 0.00 0.00 485,984.14 0.00 122,452,795.09
AV-2 0.00 0.00 474,859.09 0.00 120,761,000.00
AV-3 0.00 0.00 57,563.38 0.00 14,443,000.00
AV-4 0.00 0.00 130,225.89 0.00 32,243,000.00
M-1 0.00 0.00 130,452.34 0.00 31,468,000.00
M-2 0.00 0.00 112,880.38 0.00 26,056,000.00
M-3 0.00 0.00 28,071.94 0.00 6,414,000.00
M-4 0.00 0.00 33,032.10 0.00 6,414,000.00
M-5 0.00 0.00 25,199.06 0.00 4,810,000.00
M-6 0.00 0.00 33,031.53 0.00 5,812,000.00
M-7 0.00 0.00 48,216.43 0.00 8,418,000.00
OT 0.00 0.00 0.00 0.00 0.00
N 0.00 0.00 40,581.53 0.00 9,058,625.50
Totals 0.00 0.00 1,600,097.81 0.00
<FN>
(1,2) Amount also includes coupon cap or basis risk shortfalls,if applicable
</FN>
Interest Distribution Factors Statement
Class Accrual Original Current Beginning Current Payment of
Dates Face Certificate Certificate/Notional Accrued Unpaid Interest
Amount Rate Balance Interest Shortfall
<s> <c> <c> <c> <c> <c> <c>
AV-1 11/25/05 - 12/26/05 131,406,000.00 4.30375% 966.746006 3.698341 0.000000
AV-2 11/25/05 - 12/26/05 120,761,000.00 4.42375% 1000.000000 3.932222 0.000000
AV-3 11/25/05 - 12/26/05 14,443,000.00 4.48375% 1000.000000 3.985556 0.000000
AV-4 11/25/05 - 12/26/05 32,243,000.00 4.54375% 1000.000000 4.038889 0.000000
M-1 11/25/05 - 12/26/05 31,468,000.00 4.66375% 1000.000000 4.145555 0.000000
M-2 11/25/05 - 12/26/05 26,056,000.00 4.87375% 1000.000000 4.332222 0.000000
M-3 11/25/05 - 12/26/05 6,414,000.00 4.92375% 1000.000000 4.376667 0.000000
M-4 11/25/05 - 12/26/05 6,414,000.00 5.79375% 1000.000000 5.150000 0.000000
M-5 11/25/05 - 12/26/05 4,810,000.00 5.89375% 1000.000000 5.238890 0.000000
M-6 11/25/05 - 12/26/05 5,812,000.00 6.39375% 1000.000000 5.683333 0.000000
M-7 11/25/05 - 12/26/05 8,418,000.00 6.44375% 1000.000000 5.727777 0.000000
OT N/A 0.00 0.00000% 0.000000 0.000000 0.000000
N 11/25/05 - 12/24/05 11,600,000.00 5.00000% 839.617847 3.498408 0.000000
Interest Distribution Factors Statement (continued)
Class Current Non-Supported Total Remaining Unpaid Ending
Interest Interest Interest Interest Certificate/
Shortfall(1) Shortfall Distribution Shortfall(2) Notional Balance
<s> <c> <c> <c> <c> <c>
AV-1 0.000000 0.000000 3.698341 0.000000 931.866087
AV-2 0.000000 0.000000 3.932222 0.000000 1000.000000
AV-3 0.000000 0.000000 3.985556 0.000000 1000.000000
AV-4 0.000000 0.000000 4.038889 0.000000 1000.000000
M-1 0.000000 0.000000 4.145555 0.000000 1000.000000
M-2 0.000000 0.000000 4.332222 0.000000 1000.000000
M-3 0.000000 0.000000 4.376667 0.000000 1000.000000
M-4 0.000000 0.000000 5.150000 0.000000 1000.000000
M-5 0.000000 0.000000 5.238890 0.000000 1000.000000
M-6 0.000000 0.000000 5.683333 0.000000 1000.000000
M-7 0.000000 0.000000 5.727777 0.000000 1000.000000
OT 0.000000 0.000000 0.000000 0.000000 0.000000
N 0.000000 0.000000 3.498408 0.000000 780.915991
<FN>
(1,2) Amount also includes coupon cap or basis risk shortfalls,if applicable.
All Classes Per $1000 Denominations
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 6,655,421.97
Reserve Funds and Credit Enhancements 0.00
Proceeds from Repurchased Loans 0.00
Servicer Advances 340,013.32
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 44,156.72
Swap/Cap Payments 0.00
Total Deposits 7,039,592.01
Withdrawals
Swap Payments 0.00
Reserve Funds and Credit Enhancements 0.00
Reimbursement for Servicer Advances 0.00
Total Administration Fees 175,122.10
Payment of Interest and Principal 6,864,469.91
Total Withdrawals (Pool Distribution Amount) 7,039,592.01
Ending Balance 0.00
<FN>
Please see Additional Reporting Page for information related to SWAP and CAP payments.
</FN>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
ADMINISTRATION FEES
<s> <c>
Gross Servicing Fee* 165,209.52
Credit Risk Manager Fee - Murrayhill Co. 4,130.24
Master Servicing Fee - Wells Fargo Bank, NA 5,782.34
Supported Prepayment/Curtailment Interest Shortfall 0.00
Total Administration Fees 175,122.10
<FN>
*Servicer Payees include: OCWEN FINANCIAL SRVCS INC
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.235111%
Weighted Average Net Coupon 6.735111%
Weighted Average Pass-Through Rate 6.705111%
Weighted Average Remaining Term 354
Beginning Scheduled Collateral Loan Count 1,951
Number Of Loans Paid In Full 26
Ending Scheduled Collateral Loan Count 1,925
Beginning Scheduled Collateral Balance 396,502,836.16
Ending Scheduled Collateral Balance 391,919,405.59
Ending Actual Collateral Balance at 30-Nov-2005 392,125,225.86
Monthly P&I Constant 2,583,534.40
Special Servicing Fee 0.00
Prepayment Penalty Waived Amount 0.00
Prepayment Penalty Waived Count 0
Prepayment Penalty Paid Amount 44,156.72
Prepayment Penalty Paid Count Not Available
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 5,732,063.07
Scheduled Principal 192,915.89
Unscheduled Principal 4,390,514.68
Group Level Collateral Statement
<s> <c> <c>
Group 1 2 Total
Collateral Description Mixed Fixed Mixed ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 8.136209 7.017926 7.235111
Weighted Average Net Rate 7.636209 6.517926 6.735111
Weighted Average Remaining Term 340 357 354
Beginning Loan Count 650 1,301 1,951
Loans Paid In Full 2 24 26
Ending Loan Count 648 1,277 1,925
Beginning Scheduled Balance 77,006,133.52 319,496,702.64 396,502,836.16
Ending Scheduled Balance 76,651,980.24 315,267,425.35 391,919,405.59
Record Date 11/30/2005 11/30/2005 11/30/2005
Principal And Interest Constant 585,016.52 1,998,517.88 2,583,534.40
Scheduled Principal 62,901.50 130,014.39 192,915.89
Unscheduled Principal 291,251.78 4,099,262.90 4,390,514.68
Scheduled Interest 522,115.02 1,868,503.49 2,390,618.51
Servicing Fee 32,085.89 133,123.63 165,209.52
Master Servicing Fee 1,123.01 4,659.33 5,782.34
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 802.15 3,328.09 4,130.24
Pool Insurance Fee 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00
Net Interest 488,103.97 1,727,392.44 2,215,496.41
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalty Waived Amount 0.00 0.00 0.00
Prepayment Penalty Waived Count 0 0 0
Prepayment Penalty Paid Amount Not Available Not Available 44156.72
Prepayment Penalty Paid Count Not Available Not Available Not Available
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.606209 6.487926 6.705111
<FN>
</FN>
Additional Reporting - Deal Level
Cash Reporting
<s> <c>
Cap Payment 21,386.78
Excess Cash Amount 657,717.01
Extra Principal Amount 0.00
Miscellaneous Reporting
<s> <c>
Current Libor Rate Used 4.19375%
Next Month's Libor Rate 4.37875%
MIsc. Adj 0.00
Soldier/Sailor 0.00
Structural Reporting
<s> <c>
OC Deficiency Amount 0.00
OC Amount 12,327,610.50
OC Release Amount 0.00
OC Target Amount 12,327,610.50
OC Increase Amount 0.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 45 0 0 0 45
10,670,648.02 0.00 0.00 0.00 10,670,648.02
60 Days 20 0 0 0 20
3,997,617.54 0.00 0.00 0.00 3,997,617.54
90 Days 3 0 0 0 3
625,102.99 0.00 0.00 0.00 625,102.99
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 68 0 0 0 68
15,293,368.55 0.00 0.00 0.00 15,293,368.55
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.337662% 0.000000% 0.000000% 0.000000% 2.337662%
2.721235% 0.000000% 0.000000% 0.000000% 2.721235%
60 Days 1.038961% 0.000000% 0.000000% 0.000000% 1.038961%
1.019475% 0.000000% 0.000000% 0.000000% 1.019475%
90 Days 0.155844% 0.000000% 0.000000% 0.000000% 0.155844%
0.159414% 0.000000% 0.000000% 0.000000% 0.159414%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.532468% 0.000000% 0.000000% 0.000000% 3.532468%
3.900124% 0.000000% 0.000000% 0.000000% 3.900124%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 340,013.32
Delinquency Status By Group
DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL
<s> <c> <c> <c> <c> <c>
1
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 13 0 0 0 13
2,134,342.13 0.00 0.00 0.00 2,134,342.13
60 Days 9 0 0 0 9
1,006,757.56 0.00 0.00 0.00 1,006,757.56
90 Days 2 0 0 0 2
171,455.89 0.00 0.00 0.00 171,455.89
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 24 0 0 0 24
3,312,555.58 0.00 0.00 0.00 3,312,555.58
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.006173% 0.000000% 0.000000% 0.000000% 2.006173%
2.782157% 0.000000% 0.000000% 0.000000% 2.782157%
60 Days 1.388889% 0.000000% 0.000000% 0.000000% 1.388889%
1.312329% 0.000000% 0.000000% 0.000000% 1.312329%
90 Days 0.308642% 0.000000% 0.000000% 0.000000% 0.308642%
0.223496% 0.000000% 0.000000% 0.000000% 0.223496%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.703704% 0.000000% 0.000000% 0.000000% 3.703704%
4.317982% 0.000000% 0.000000% 0.000000% 4.317982%
DELINQUENT BANKRUPTCY FORECLOSURE REO TOTAL
<s> <c> <c> <c> <c> <c>
2
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 32 0 0 0 32
8,536,305.89 0.00 0.00 0.00 8,536,305.89
60 Days 11 0 0 0 11
2,990,859.98 0.00 0.00 0.00 2,990,859.98
90 Days 1 0 0 0 1
453,647.10 0.00 0.00 0.00 453,647.10
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 44 0 0 0 44
11,980,812.97 0.00 0.00 0.00 11,980,812.97
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.505873% 0.000000% 0.000000% 0.000000% 2.505873%
2.706417% 0.000000% 0.000000% 0.000000% 2.706417%
60 Days 0.861394% 0.000000% 0.000000% 0.000000% 0.861394%
0.948246% 0.000000% 0.000000% 0.000000% 0.948246%
90 Days 0.078309% 0.000000% 0.000000% 0.000000% 0.078309%
0.143828% 0.000000% 0.000000% 0.000000% 0.143828%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.445576% 0.000000% 0.000000% 0.000000% 3.445576%
3.798490% 0.000000% 0.000000% 0.000000% 3.798490%
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current
Original $ Original % Current $ Current % Class% Prepayment%
<s> <c> <c> <c> <c> <c> <c>
Class A 100,992,000.00 24.48453483% 98,450,625.50 25.12012013% 73.969237% 0.000000%
Class M-1 69,524,000.00 16.85542221% 66,982,625.50 17.09091832% 8.029202% 35.202255%
Class M-2 43,468,000.00 10.53839671% 40,926,625.50 10.44261267% 6.648306% 29.148022%
Class M-3 37,054,000.00 8.98338436% 34,512,625.50 8.80605171% 1.636561% 7.175139%
Class M-4 30,640,000.00 7.42837202% 28,098,625.50 7.16949074% 1.636561% 7.175139%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure.
</FN>
REO Detail - All Mortgage Loans in REO during Current Period
Summary 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current REO Total May-05 0.000%
Loans in REO 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
1 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current REO Total May-05 0.000%
Loans in REO 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
2 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current REO Total May-05 0.000%
Loans in REO 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
REO Loan Detail - All Mortgage Loans in REO during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number REO Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
No REO loans this period.
REO Loan Detail - All Mortgage Loans in REO during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
No REO loans this period.
Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period
Summary 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current Foreclosure Total May-05 0.000%
Loans in Foreclosure 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
1 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current Foreclosure Total May-05 0.000%
Loans in Foreclosure 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
2 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current Foreclosure Total May-05 0.000%
Loans in Foreclosure 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number FC Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
No Foreclosure loans this period.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
No Foreclosure loans this period.
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period
Summary 12 Month Bankruptcy History*
New Bankruptcy Loans Month Bankruptcy Percentage
<s> <c> <s> <c>
Loans in Bankruptcy 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current Bankruptcy Total May-05 0.000%
Loans in Bankruptcy 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
1 12 Month Bankruptcy History*
New Bankruptcy Loans Month Bankruptcy Percentage
<s> <c> <s> <c>
Loans in Bankruptcy 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current Bankruptcy Total May-05 0.000%
Loans in Bankruptcy 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
2 12 Month Bankruptcy History*
New Bankruptcy Loans Month Bankruptcy Percentage
<s> <c> <s> <c>
Loans in Bankruptcy 0 Jan-05 0.000%
Original Principal Balance 0.00 Feb-05 0.000%
Current Principal Balance 0.00 Mar-05 0.000%
Apr-05 0.000%
Current Bankruptcy Total May-05 0.000%
Loans in Bankruptcy 0 Jun-05 0.000%
Original Principal Balance 0.00 Jul-05 0.000%
Current Principal Balance 0.00 Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.000%
Dec-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period
Group Loan Month Loan First State LTV at Original
Number Entered Payment Origination Principal
Bankruptcy Date Balance
<s> <c> <c> <c> <c> <c> <c>
No Bankruptcy Loans this Period
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period (continued)
Group Loan Current Paid To Months Current Approximate
Number Principal Date Delinquent Loan Rate Delinquent
Balance Interest
<s> <c> <c> <c> <c> <c> <c>
No Bankruptcy Loans this Period
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
1 0 0.00 0.00 0.000%
2 0 0.00 0.00 0.000%
Total 0 0.00 0.00 0.000%
Realized Loss Loan Detail Report - Loans With Losses during Current Period
Original Current
Loan Principal Note LTV at Original
Group Number Balance Rate State Origination Term
<s> <c> <c> <c> <c> <c> <c>
No losses this period.
Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued)
Prior Cumulative
Loan Principal Realized Realized
Group Number Balance Loss/(Gain) Loss/(Gain)
<s> <c> <c> <c> <c>
No losses this period.
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.000% N/A Dec-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.000% N/A Dec-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
1
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.000% N/A Dec-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.000% N/A Dec-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
2
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.000% N/A Dec-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 0.000% N/A Nov-2005 0.000% N/A
Dec-2005 0.000% N/A Dec-2005 0.000% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at www. monthly bond remittance report can be viewed online at
ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance).
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and
less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 -
((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
</FN>
Prepayment Detail - Prepayments during Current Period
Summary
Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
1 2 288,000.00 287,277.87 0 0.00 0.00
2 24 6,149,173.00 4,089,440.06 0 0.00 0.00
Total 26 6,437,173.00 4,376,717.93 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary
Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
1 0 0.00 0.00 0 0.00 0.00 4,192.07
2 0 0.00 0.00 0 0.00 0.00 11,871.47
Total 0 0.00 0.00 0 0.00 0.00 16,063.54
Prepayment Loan Detail - Prepayments during Current Period
First Original
Loan LTV at Payment Principal Prepayment
Group Number State Origination Date Balance Amount
<s> <c> <c> <c> <c> <c> <c>
1 4410500650 NY 20.00 01-Aug-2005 110,000.00 109,262.57
1 4412500053 WI 100.00 01-Oct-2005 178,000.00 177,797.14
2 4410500097 NJ 88.31 01-Jun-2005 136,000.00 135,467.05
2 4410500118 NJ 64.58 01-Jul-2005 155,000.00 154,359.08
2 4410500418 WA 80.00 01-Jul-2005 285,600.00 36,471.35
2 4410500647 NY 80.00 01-Aug-2005 440,000.00 437,477.78
2 4410500730 CO 80.00 01-Jul-2005 208,000.00 51,874.69
2 4410500738 WA 80.00 01-Aug-2005 178,400.00 44,540.56
2 4410500745 UT 80.00 01-Aug-2005 204,000.00 50,932.04
2 4410500751 AZ 80.00 01-Aug-2005 272,000.00 67,909.37
2 4410500776 ID 80.00 01-Aug-2005 163,102.00 40,720.56
2 4410500785 CO 95.00 01-Jun-2005 412,300.00 410,274.29
2 4410500800 CA 80.00 01-Aug-2005 466,400.00 116,408.13
2 4410500833 FL 88.65 01-Jul-2005 492,000.00 92,031.11
2 4410500843 ID 80.00 01-Aug-2005 227,760.00 42,626.43
2 4410500850 NV 80.00 01-Aug-2005 130,000.00 32,452.98
2 4410500923 CA 80.00 01-Jul-2005 491,200.00 491,200.00
2 4410500980 NJ 66.07 01-Aug-2005 185,000.00 184,304.87
2 4410501394 CA 53.98 01-Aug-2005 251,000.00 249,957.20
2 4410501459 WA 80.00 01-Aug-2005 52,000.00 51,855.86
2 4410501513 MD 80.00 01-Aug-2005 260,000.00 258,800.47
2 4410501567 WA 80.00 01-Aug-2005 146,000.00 146,000.00
2 4410501626 FL 90.00 01-Sep-2005 534,600.00 534,600.00
2 4410501631 NC 80.00 01-Jul-2005 159,920.00 158,975.44
2 4410502303 CA 22.22 01-Sep-2005 100,000.00 99,685.11
2 4412500112 FL 90.00 01-Oct-2005 198,891.00 198,467.06
Prepayment Loan Detail - Prepayments during Current Period (continued)
Current
Loan PIF Months Loan Original
Group Number Type Delinquent Rate Term Seasoning
<s> <c> <c> <c> <c> <c> <c>
1 4410500650 Loan Paid in Full 0 9.990% 240 4
1 4412500053 Loan Paid in Full 0 10.750% 360 2
2 4410500097 Loan Paid in Full 0 8.990% 360 6
2 4410500118 Loan Paid in Full 0 7.950% 360 5
2 4410500418 Loan Paid in Full 0 11.250% 360 5
2 4410500647 Loan Paid in Full 0 5.300% 360 4
2 4410500730 Loan Paid in Full 0 10.875% 360 5
2 4410500738 Loan Paid in Full 0 11.375% 360 4
2 4410500745 Loan Paid in Full 0 11.375% 360 4
2 4410500751 Loan Paid in Full 0 11.375% 360 4
2 4410500776 Loan Paid in Full 0 11.375% 360 4
2 4410500785 Loan Paid in Full 0 7.875% 360 6
2 4410500800 Loan Paid in Full 0 10.400% 360 4
2 4410500833 Loan Paid in Full 0 10.625% 360 5
2 4410500843 Loan Paid in Full 0 9.875% 360 4
2 4410500850 Loan Paid in Full (1) 11.000% 360 4
2 4410500923 Loan Paid in Full 0 6.875% 360 5
2 4410500980 Loan Paid in Full (1) 7.500% 360 4
2 4410501394 Loan Paid in Full 0 6.990% 360 4
2 4410501459 Loan Paid in Full 0 9.000% 360 4
2 4410501513 Loan Paid in Full 0 6.450% 360 4
2 4410501567 Loan Paid in Full 2 6.700% 360 4
2 4410501626 Loan Paid in Full 0 6.750% 360 3
2 4410501631 Loan Paid in Full 0 6.125% 360 5
2 4410502303 Loan Paid in Full 0 7.250% 360 3
2 4412500112 Loan Paid in Full 0 7.750% 360 2
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.108% Current Month 12.513% Current Month 1,792.592%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 11.821% N/A Nov-2005 2,366.534% N/A
Dec-2005 12.513% N/A Dec-2005 1,792.592% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
1
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 0.379% Current Month 4.449% Current Month 634.967%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 7.916% N/A Nov-2005 1,582.932% N/A
Dec-2005 4.449% N/A Dec-2005 634.967% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
2
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.284% Current Month 14.361% Current Month 2,059.081%
3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 N/A N/A Apr-2005 N/A N/A
May-2005 N/A N/A May-2005 N/A N/A
Jun-2005 N/A N/A Jun-2005 N/A N/A
Jul-2005 N/A N/A Jul-2005 N/A N/A
Aug-2005 N/A N/A Aug-2005 N/A N/A
Sep-2005 N/A N/A Sep-2005 N/A N/A
Oct-2005 N/A N/A Oct-2005 N/A N/A
Nov-2005 12.736% N/A Nov-2005 2,550.244% N/A
Dec-2005 14.361% N/A Dec-2005 2,059.081% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled
Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal
Balance))
</FN>
Modifications
Loan Beginning Current Prior Modified Prior Modified
Number Balance Balance Rate Rate Payment Payment
<s> <c> <c> <c> <c> <c> <c>
No Modifications this Period
Substitutions
Loans Repurchased Loans Substituted
Loan Current Current Current Loan Current Current Current
Number Balance Rate Payment Number Balance Rate Payment
<s> <c> <c> <c> <c> <c> <c> <c>
No Substitutions this Period
Repurchases
Loan Current Current Current
Number Balance Rate Payment
<s> <c> <c> <c>
No Repurchases this Period