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): November 25, 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 November 25, 2005,
a revision was made to the FIRST NLC TRUST Callable Mortgage-Backed
Notes, Series 2005-3 which was not included in the original 8-K filed.
The 8-K is being amended to reflect a restatement of delinquencies due to
incorrect action codes provided at issuance. The revised data has been and will
continue to be available on the Wells Fargo Bank, N.A. 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 November 25, 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: 3/24/2006
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 November 25, 2005 distribution.
EX-99.1
FIRST NLC
Callable Mortgage-Backed Notes
Record Date: 10/31/2005
Distribution Date: 11/25/2005
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 4.23125% 131,406,000.00 139,002.91
AV-2 32113JBR5 4.35125% 120,761,000.00 131,365.33
AV-3 32113JBS3 4.41125% 14,443,000.00 15,927.92
AV-4 32113JBT1 4.47125% 32,243,000.00 36,041.63
M-1 32113JBU8 4.59125% 31,468,000.00 36,119.36
M-2 32113JBV6 4.80125% 26,056,000.00 31,275.34
M-3 32113JBW4 4.85125% 6,414,000.00 7,778.98
M-4 32113JBX2 5.72125% 6,414,000.00 9,174.02
M-5 32113JBY0 5.82125% 4,810,000.00 7,000.05
M-6 32113JBZ7 6.32125% 5,812,000.00 9,184.78
M-7 32113JCA1 6.37125% 8,418,000.00 13,408.30
OT NLC0503OT 0.00000% 0.00 0.00
N 32113JCB9 5.00000% 11,600,000.00 14,500.00
Totals 399,845,000.00 450,778.62
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 4,369,774.34 0.00 127,036,225.66 4,508,777.25 0.00
AV-2 0.00 0.00 120,761,000.00 131,365.33 0.00
AV-3 0.00 0.00 14,443,000.00 15,927.92 0.00
AV-4 0.00 0.00 32,243,000.00 36,041.63 0.00
M-1 0.00 0.00 31,468,000.00 36,119.36 0.00
M-2 0.00 0.00 26,056,000.00 31,275.34 0.00
M-3 0.00 0.00 6,414,000.00 7,778.98 0.00
M-4 0.00 0.00 6,414,000.00 9,174.02 0.00
M-5 0.00 0.00 4,810,000.00 7,000.05 0.00
M-6 0.00 0.00 5,812,000.00 9,184.78 0.00
M-7 0.00 0.00 8,418,000.00 13,408.30 0.00
OT 0.00 0.00 0.00 0.00 0.00
N 1,860,432.97 0.00 9,739,567.03 1,874,932.97 0.00
Totals 6,230,207.31 0.00 393,614,792.69 6,680,985.93 0.00
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-1 131,406,000.00 131,406,000.00 0.00 4,369,774.34 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 11,600,000.00 0.00 0.00 0.00 0.00
Totals 399,845,000.00 399,845,000.00 0.00 4,369,774.34 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 4,369,774.34 127,036,225.66 0.96674601 4,369,774.34
AV-2 0.00 120,761,000.00 1.00000000 0.00
AV-3 0.00 14,443,000.00 1.00000000 0.00
AV-4 0.00 32,243,000.00 1.00000000 0.00
M-1 0.00 31,468,000.00 1.00000000 0.00
M-2 0.00 26,056,000.00 1.00000000 0.00
M-3 0.00 6,414,000.00 1.00000000 0.00
M-4 0.00 6,414,000.00 1.00000000 0.00
M-5 0.00 4,810,000.00 1.00000000 0.00
M-6 0.00 5,812,000.00 1.00000000 0.00
M-7 0.00 8,418,000.00 1.00000000 0.00
OT 0.00 0.00 0.00000000 0.00
N 1,860,432.97 9,739,567.03 0.83961785 1,860,432.97
Totals 6,230,207.31 393,614,792.69 0.98441844 6,230,207.31
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 1000.00000000 0.00000000 33.25399403 0.00000000
AV-2 120,761,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
AV-3 14,443,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
AV-4 32,243,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 31,468,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 26,056,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 6,414,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 6,414,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 4,810,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 5,812,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 8,418,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
OT 0.00 0.00000000 0.00000000 0.00000000 0.00000000
N 11,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
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 0.00000000 33.25399403 966.74600597 0.96674601 33.25399403
AV-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
AV-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
AV-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-7 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
N 0.00000000 160.38215259 839.61784741 0.83961785 160.38215259
<FN>
NOTE: 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 Interest Shortfall (1)
Balance
<s> <c> <c> <c> <c> <c> <c>
AV-1 ** ** 4.23125% 131,406,000.00 139,002.91 0.00
AV-2 ** ** 4.35125% 120,761,000.00 131,365.33 0.00
AV-3 ** ** 4.41125% 14,443,000.00 15,927.92 0.00
AV-4 ** ** 4.47125% 32,243,000.00 36,041.63 0.00
M-1 ** ** 4.59125% 31,468,000.00 36,119.36 0.00
M-2 ** ** 4.80125% 26,056,000.00 31,275.34 0.00
M-3 ** ** 4.85125% 6,414,000.00 7,778.98 0.00
M-4 ** ** 5.72125% 6,414,000.00 9,174.02 0.00
M-5 ** ** 5.82125% 4,810,000.00 7,000.05 0.00
M-6 ** ** 6.32125% 5,812,000.00 9,184.78 0.00
M-7 ** ** 6.37125% 8,418,000.00 13,408.30 0.00
OT ** ** 0.00000% 0.00 0.00 0.00
N ** ** 5.00000% 11,600,000.00 14,500.00 0.00
Totals 450,778.62 0.00
Interest Distribution Statement (continued)
Class Current Non-Supported Total Remaining Ending
Interest Interest Interest Unpaid Interest Certificate/
Shortfall(1) Shortfall Distribution Shortfall(1) Notional
Balance
<s> <c> <c> <c> <c> <c>
AV-1 0.00 0.00 139,002.91 0.00 127,036,225.66
AV-2 0.00 0.00 131,365.33 0.00 120,761,000.00
AV-3 0.00 0.00 15,927.92 0.00 14,443,000.00
AV-4 0.00 0.00 36,041.63 0.00 32,243,000.00
M-1 0.00 0.00 36,119.36 0.00 31,468,000.00
M-2 0.00 0.00 31,275.34 0.00 26,056,000.00
M-3 0.00 0.00 7,778.98 0.00 6,414,000.00
M-4 0.00 0.00 9,174.02 0.00 6,414,000.00
M-5 0.00 0.00 7,000.05 0.00 4,810,000.00
M-6 0.00 0.00 9,184.78 0.00 5,812,000.00
M-7 0.00 0.00 13,408.30 0.00 8,418,000.00
OT 0.00 0.00 0.00 0.00 0.00
N 0.00 0.00 14,500.00 0.00 9,739,567.03
Totals 0.00 0.00 450,778.62 0.00
<FN>
(1) Amount also includes Coupon Cap or Basis Risk Shortfalls,if applicable.
** For distribution dates prior to December 1, 2005 this information was not available for
reporting purposes.
</FN>
Interest Distribution Factors Statement
Class Original Current Beginning Current Payment of
Face Certificate Certificate/ Accrued Unpaid Interest
Amount Rate Notional Interest Shortfall (1)
Balance
<s> <c> <c> <c> <c> <c>
AV-1 131,406,000.00 4.23125% 1000.00000000 1.05781250 0.00000000
AV-2 120,761,000.00 4.35125% 1000.00000000 1.08781254 0.00000000
AV-3 14,443,000.00 4.41125% 1000.00000000 1.10281244 0.00000000
AV-4 32,243,000.00 4.47125% 1000.00000000 1.11781255 0.00000000
M-1 31,468,000.00 4.59125% 1000.00000000 1.14781238 0.00000000
M-2 26,056,000.00 4.80125% 1000.00000000 1.20031240 0.00000000
M-3 6,414,000.00 4.85125% 1000.00000000 1.21281260 0.00000000
M-4 6,414,000.00 5.72125% 1000.00000000 1.43031182 0.00000000
M-5 4,810,000.00 5.82125% 1000.00000000 1.45531185 0.00000000
M-6 5,812,000.00 6.32125% 1000.00000000 1.58031315 0.00000000
M-7 8,418,000.00 6.37125% 1000.00000000 1.59281302 0.00000000
OT 0.00 0.00000% 0.00000000 0.00000000 0.00000000
N 11,600,000.00 5.00000% 1000.00000000 1.25000000 0.00000000
Interest Distribution Factors Statement (continued)
Class Current Non-Supported Total Remaining Unpaid Ending
Interest Interest Interest Interest Certificate/
Shortfall(1) Shortfall Distribution Shortfall(1) Notional
Balance
<s> <c> <c> <c> <c> <c>
AV-1 0.00000000 0.00000000 1.05781250 0.00000000 966.74600597
AV-2 0.00000000 0.00000000 1.08781254 0.00000000 1000.00000000
AV-3 0.00000000 0.00000000 1.10281244 0.00000000 1000.00000000
AV-4 0.00000000 0.00000000 1.11781255 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.14781238 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.20031240 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 1.21281260 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 1.43031182 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 1.45531185 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 1.58031315 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 1.59281302 0.00000000 1000.00000000
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
N 0.00000000 0.00000000 1.25000000 0.00000000 839.61784741
<FN>
(1) Amount also includes Coupon Cap or Basis Risk Shortfalls,if applicable.
NOTE: All Classes Per $1000 Denominations
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 6,534,925.88
Reserve Funds and Credit Enhancements 0.00
Proceeds from Repurchased Loans 0.00
Servicer Advances 251,469.87
Gains & Subsequent Recoveries (Realized Losses) 0.00
Prepayment Penalties 71,301.87
Total Deposits 6,857,697.62
Withdrawals
Reserve Funds and Credit Enhancements 0.00
Reimbursement for Servicer Advances 0.00
Total Administration Fees 176,711.69
Payment of Interest and Principal 6,680,985.93
Total Withdrawals (Pool Distribution Amount) 6,857,697.62
Ending Balance 0.00
<FN>
Servicer Advances are calculated as delinquent scheduled principal and interest.
NOTE: 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* 166,689.78
Credit Risk Manager Fee - Murrayhill Co. 4,175.79
Master Servicing Fee - Wells Fargo Bank, NA 5,846.12
Supported Prepayment/Curtailment Interest Shortfall 0.00
Total Administration Fees 176,711.69
<FN>
*Servicer Payees include: OCWEN FINANCIAL SRVCS INC
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.222298%
Weighted Average Net Coupon 6.737350%
Weighted Average Pass-Through Rate 6.693322%
Weighted Average Remaining Term 355
Beginning Scheduled Collateral Loan Count 1,980
Number Of Loans Paid In Full 29
Ending Scheduled Collateral Loan Count 1,951
Beginning Scheduled Collateral Balance 412,472,610.50
Ending Scheduled Collateral Balance 396,502,836.16
Ending Actual Collateral Balance at 31-Oct-2005 396,681,176.83
Monthly P&I Constant 2,607,638.93
Special Servicing Fee 0.00
Prepayment Penalty Waived Amount 0.00
Prepayment Penalty Waived Count 0
Prepayment Penalty Paid Amount 71,301.87
Prepayment Penalty Paid Count Not Available
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 4,692,112.12
Scheduled Principal 194,930.86
Unscheduled Principal 4,178,756.76
Group Level Collateral Statement
<s> <c> <c>
Group 1 2
Collateral Description Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 8.137470 7.002618
Weighted Average Net Rate 7.637975 6.503767
Pass-Through Rate 7.607975 6.473767
Weighted Average Remaining Term 341 358
Record Date 10/31/2005 10/31/2005
Principal And Interest Constant 589,031.85 2,018,607.08
Beginning Loan Count 656 1,324
Loans Paid in Full 6 23
Ending Loan Count 650 1,301
Beginning Scheduled Balance 77,599,993.51 323,276,530.27
Ending Scheduled Balance 77,006,133.52 319,496,702.64
Scheduled Principal 62,808.81 132,122.05
Unscheduled Principal 531,051.18 3,647,705.58
Scheduled Interest 526,223.04 1,886,485.03
Servicing Fees 32,300.68 134,389.10
Master Servicing Fees 1,131.67 4,714.45
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 808.33 3,367.46
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 491,982.36 1,744,014.02
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalty Waived Amount 0.00 0.00
Prepayment Penalty Waived Count 0 0
Prepayment Penalty Paid Amount Not Available Not Available
Prepayment Penalty Paid Count Not Available Not Available
Special Servicing Fee 0.00 0.00
Group Level Collateral Statement
<s> <c> <c>
Group Total
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.222298
Weighted Average Net Rate 6.737350
Pass-Through Rate 6.693322
Weighted Average Remaining Term 355
Record Date 10/31/2005
Principal And Interest Constant 2,607,638.93
Beginning Loan Count 1,980
Loans Paid in Full 29
Ending Loan Count 1,951
Beginning Scheduled Balance 400,876,523.78
Ending Scheduled Balance 396,502,836.16
Scheduled Principal 194,930.86
Unscheduled Principal 4,178,756.76
Scheduled Interest 2,412,708.07
Servicing Fees 166,689.78
Master Servicing Fees 5,846.12
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 4,175.79
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 2,235,996.38
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Prepayment Penalty Waived Amount 0.00
Prepayment Penalty Waived Count 0
Prepayment Penalty Paid Amount 71,301.87
Prepayment Penalty Paid Count Not Available
Special Servicing Fee 0.00
Additional Reporting - Deal Level
Cash Reporting
<s> <c>
Cap Payment 0.00
Excess Cash Amount 1,799,717.82
Extra Principal Amount 0.00
Miscellaneous Reporting
<s> <c>
Current Libor Rate Used 4.12125%
Next Month's Libor Rate 4.19375%
MIsc. Adj 0.00
Soldier/Sailor 0.00
Structural Reporting
<s> <c>
OC Deficiency Amount 0.00
OC Amount 12,627,610.50
OC Release Amount 3,913.28
OC Target Amount 12,627,610.50
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 2 0 0 2
178,914.81 0.00 0.00 178,914.81
30 Days 25 1 0 0 26
5,580,969.83 259,896.12 0.00 0.00 5,840,865.95
60 Days 6 0 0 0 6
965,133.95 0.00 0.00 0.00 965,133.95
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 31 3 0 0 34
6,546,103.78 438,810.93 0.00 0.00 6,984,914.71
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 0.102512% 0.000000% 0.000000% 0.102512%
0.045103% 0.000000% 0.000000% 0.045103%
30 Days 1.281394% 0.051256% 0.000000% 0.000000% 1.332650%
1.406916% 0.065518% 0.000000% 0.000000% 1.472433%
60 Days 0.307535% 0.000000% 0.000000% 0.000000% 0.307535%
0.243302% 0.000000% 0.000000% 0.000000% 0.243302%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 1.588929% 0.153767% 0.000000% 0.000000% 1.742696%
1.650218% 0.110621% 0.000000% 0.000000% 1.760838%
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 251,469.87
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 1 0 0 1
35,726.34 0.00 0.00 35,726.34
30 Days 9 0 0 0 9
975,029.22 0.00 0.00 0.00 975,029.22
60 Days 3 0 0 0 3
293,236.85 0.00 0.00 0.00 293,236.85
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 12 1 0 0 13
1,268,266.07 35,726.34 0.00 0.00 1,303,992.41
0-29 Days 0.153846% 0.000000% 0.000000% 0.153846%
0.046362% 0.000000% 0.000000% 0.046362%
30 Days 1.384615% 0.000000% 0.000000% 0.000000% 1.384615%
1.265281% 0.000000% 0.000000% 0.000000% 1.265281%
60 Days 0.461538% 0.000000% 0.000000% 0.000000% 0.461538%
0.380529% 0.000000% 0.000000% 0.000000% 0.380529%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 1.846154% 0.153846% 0.000000% 0.000000% 2.000000%
1.645811% 0.046362% 0.000000% 0.000000% 1.692172%
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 1 0 0 1
143,188.47 0.00 0.00 143,188.47
30 Days 16 1 0 0 17
4,605,940.61 259,896.12 0.00 0.00 4,865,836.73
60 Days 3 0 0 0 3
671,897.10 0.00 0.00 0.00 671,897.10
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 19 2 0 0 21
5,277,837.71 403,084.59 0.00 0.00 5,680,922.30
0-29 Days 0.076864% 0.000000% 0.000000% 0.076864%
0.044799% 0.000000% 0.000000% 0.044799%
30 Days 1.229823% 0.076864% 0.000000% 0.000000% 1.306687%
1.441064% 0.081314% 0.000000% 0.000000% 1.522377%
60 Days 0.230592% 0.000000% 0.000000% 0.000000% 0.230592%
0.210217% 0.000000% 0.000000% 0.000000% 0.210217%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 1.460415% 0.153728% 0.000000% 0.000000% 1.614143%
1.651281% 0.126113% 0.000000% 0.000000% 1.777394%
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% 99,131,567.03 25.00147741% 74.270144% 0.000000%
Class M-1 69,524,000.00 16.85542221% 67,663,567.03 17.06509030% 7.936387% 35.202255%
Class M-2 43,468,000.00 10.53839671% 41,607,567.03 10.49363667% 6.571454% 29.148022%
Class M-3 37,054,000.00 8.98338436% 35,193,567.03 8.87599377% 1.617643% 7.175139%
Class M-4 30,640,000.00 7.42837202% 28,779,567.03 7.25835086% 1.617643% 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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current REO Total Apr-05 0.000%
Loans in REO 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current REO Total Apr-05 0.000%
Loans in REO 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current REO Total Apr-05 0.000%
Loans in REO 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Foreclosure Total Apr-05 0.000%
Loans in Foreclosure 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Foreclosure Total Apr-05 0.000%
Loans in Foreclosure 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Foreclosure Total Apr-05 0.000%
Loans in Foreclosure 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Bankruptcy Total Apr-05 0.000%
Loans in Bankruptcy 3 May-05 0.000%
Original Principal Balance 439,000.00 Jun-05 0.000%
Current Principal Balance 438,810.93 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.111%
*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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Bankruptcy Total Apr-05 0.000%
Loans in Bankruptcy 1 May-05 0.000%
Original Principal Balance 35,800.00 Jun-05 0.000%
Current Principal Balance 35,726.34 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.046%
*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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current Bankruptcy Total Apr-05 0.000%
Loans in Bankruptcy 2 May-05 0.000%
Original Principal Balance 403,200.00 Jun-05 0.000%
Current Principal Balance 403,084.59 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-05 0.126%
*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>
1 4410501807 Nov-2005 01-Sep-2005 MI 20.00 35,800.00
2 4410501549 Nov-2005 01-Aug-2005 UT 80.00 260,000.00
2 4410501805 Nov-2005 01-Sep-2005 MI 80.00 143,200.00
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>
1 4410501807 35,726.34 01-Nov-2005 (1) 8.990% 252.99
2 4410501549 259,896.12 01-Aug-2005 1 7.400% 1,494.40
2 4410501805 143,188.47 01-Nov-2005 (1) 6.250% 686.15
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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.
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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.
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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.
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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:
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 6 526,160.00 524,547.64 0 0.00 0.00
2 23 5,517,338.00 3,641,332.51 0 0.00 0.00
Total 29 6,043,498.00 4,165,880.15 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 6,917.43
2 0 0.00 0.00 0 0.00 0.00 9,994.02
Total 0 0.00 0.00 0 0.00 0.00 16,911.45
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 4410500038 NJ 20.00 01-May-2005 48,760.00 48,359.90
1 4410500353 CA 19.57 01-May-2005 184,000.00 183,526.93
1 4410500634 FL 20.00 01-Aug-2005 44,000.00 43,589.13
1 4410500933 CA 20.00 01-Jul-2005 59,000.00 58,886.95
1 4410501065 WA 20.00 01-Aug-2005 50,400.00 50,302.27
1 4410501644 FL 80.00 09-Jul-2005 140,000.00 139,468.57
2 4410500023 NY 73.87 01-Jun-2005 277,000.00 274,463.07
2 4410500027 NJ 80.00 01-Jun-2005 195,040.00 194,157.83
2 4410500268 NJ 80.00 01-Jun-2005 271,200.00 271,200.00
2 4410500277 NC 95.00 01-Jul-2005 149,150.00 148,735.64
2 4410500285 CA 69.87 01-Jul-2005 276,000.00 274,768.93
2 4410500764 OR 80.00 01-Aug-2005 223,200.00 55,714.80
2 4410500773 CA 80.00 01-Aug-2005 131,989.00 32,963.33
2 4410500781 OR 80.00 01-Aug-2005 108,000.00 26,971.64
2 4410500783 CA 80.00 01-Aug-2005 200,000.00 49,910.73
2 4410500803 CA 80.00 01-Aug-2005 391,172.00 97,627.30
2 4410500815 FL 80.00 01-Jul-2005 237,600.00 43,068.90
2 4410500822 CO 80.00 01-Jul-2005 252,000.00 251,076.38
2 4410500846 ID 80.00 01-Aug-2005 96,000.00 23,488.33
2 4410500852 CA 80.00 01-Aug-2005 408,000.00 76,425.96
2 4410500857 CA 80.00 01-Aug-2005 356,000.00 88,867.63
2 4410500873 NV 80.00 01-Aug-2005 284,937.00 71,064.09
2 4410501043 CA 76.71 01-Jul-2005 280,000.00 280,000.00
2 4410501060 WA 80.00 01-Aug-2005 201,600.00 201,600.00
2 4410501212 CA 82.48 01-Aug-2005 269,700.00 269,700.00
2 4410501545 CA 75.00 01-Aug-2005 360,000.00 358,528.03
2 4410501760 CA 75.00 01-Sep-2005 210,000.00 209,339.26
2 4410501796 CA 80.00 01-Sep-2005 156,000.00 155,641.71
2 4410502454 CA 85.00 01-Sep-2005 182,750.00 182,398.00
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 4410500038 Loan Paid in Full 0 11.100% 240 6
1 4410500353 Loan Paid in Full 0 10.990% 360 6
1 4410500634 Loan Paid in Full 0 10.500% 180 3
1 4410500933 Loan Paid in Full 0 10.750% 360 4
1 4410501065 Loan Paid in Full 0 9.625% 360 3
1 4410501644 Loan Paid in Full 0 6.290% 360 4
2 4410500023 Loan Paid in Full 0 6.500% 360 5
2 4410500027 Loan Paid in Full 0 7.500% 360 5
2 4410500268 Loan Paid in Full 0 8.500% 360 5
2 4410500277 Loan Paid in Full 0 8.990% 360 4
2 4410500285 Loan Paid in Full 0 6.625% 360 4
2 4410500764 Loan Paid in Full 0 6.500% 360 3
2 4410500773 Loan Paid in Full 0 6.875% 360 3
2 4410500781 Loan Paid in Full 0 7.125% 360 3
2 4410500783 Loan Paid in Full 0 6.000% 360 3
2 4410500803 Loan Paid in Full 0 6.500% 360 3
2 4410500815 Loan Paid in Full 0 7.750% 360 4
2 4410500822 Loan Paid in Full 0 7.625% 360 4
2 4410500846 Loan Paid in Full 0 6.500% 360 3
2 4410500852 Loan Paid in Full 0 6.125% 360 3
2 4410500857 Loan Paid in Full 0 6.500% 360 3
2 4410500873 Loan Paid in Full 0 7.250% 360 3
2 4410501043 Loan Paid in Full 0 6.125% 360 4
2 4410501060 Loan Paid in Full 0 5.750% 360 3
2 4410501212 Loan Paid in Full 0 6.750% 360 3
2 4410501545 Loan Paid in Full 0 5.900% 360 3
2 4410501760 Loan Paid in Full 0 6.625% 360 2
2 4410501796 Loan Paid in Full 0 7.375% 360 2
2 4410502454 Loan Paid in Full 0 8.250% 360 2
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.043% Current Month 11.821% Current Month 2,366.534%
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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 0.685% Current Month 7.916% Current Month 1,582.932%
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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 1.129% Current Month 12.736% Current Month 2,550.244%
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>
Dec-2004 N/A N/A Dec-2004 N/A N/A
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
*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