SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 25, 2001
NSF
(Depositor)
(Issuer in respect of New South Home Equity Trust 2001-1, Asset-Backed
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Item 5. Other Events
NSF
New South Home Equity Trust 2001-1
Asset-Backed Certificates, Series 2001-1
On November 25, 2001, The Bank of New York, as Trustee for NSF, New South Home
Equity Trust 2001-1 Asset-Backed Certificates, Series 2001-1, made a monthly
distribution to Certificate holders of principal and/or interest pursuant to the
Pooling and Servicing Agreement, dated as of March 1, 2001, among NSF as
Depositor, New South Federal Savings Bank, Seller and Master Servicer and The
Bank of New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of NSF, New South Home Equity Trust 2001-1
Asset-Backed Certificates, Series 2001-1 relating to the
distribution date of November 25, 2001 prepared by The Bank
of New York, as Trustee under the Pooling and Servicing
Agreement dated as of March 1, 2001.
SIGNATURES
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 thereunto duly authorized.
Dated: November 25, 2001
NSF
By: /s/ Trish O'Neill-Manella, MBS Unit
------------------------------
Name: Trish O'Neill-Manella, MBS Unit
Assistant Vice President
The Bank of New York,
as Trustee
EXHIBIT INDEX
Exhibit
Payment Date: 11/25/01
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New South Federal Savings Bank
New South Home Equity Trust 2001-1, Asset-Backed Certificates, Series 2001-1
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Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
Senior A1 199,059,351.41 6.179000% 5,021,675.90 1,024,989.78 6,046,665.68 0.00 0.00
A2 18,668,560.43 6.491000% 281,899.08 100,981.35 382,880.43 0.00 0.00
S1 23,110,000.00 5.490000% 0.00 105,728.25 105,728.25 0.00 0.00
C1 3,157,219.17 0.000000% 0.00 0.00 0.00 0.00 0.00
C2 363,776.41 0.000000% 0.00 0.00 0.00 0.00 0.00
Residual R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 217,727,911.84 - 5,303,574.98 1,231,699.38 6,535,274.36 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 194,037,675.51 0.00
A2 18,386,661.35 0.00
S1 23,110,000.00 0.00
C1 3,659,025.85 0.00
C2 417,907.60 0.00
Residual R 0.00 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 212,424,336.86 -
- --------------------------------------------------------------------------------
Payment Date: 11/25/01
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New South Federal Savings Bank
New South Home Equity Trust 2001-1, Asset-Backed Certificates, Series 2001-1
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Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Senior A1 199,059,351.41 6.179000% 64880MAQ5 21.729356 4.435246 839.622829
A2 18,668,560.43 6.491000% 64880MAR3 12.243174 4.385727 798.552068
S1 23,110,000.00 5.490000% 64880MAS1 0.000000 4.575000 1,000.000000
C1 3,157,219.17 0.000000% 0.000000 0.000000 13,435,506.546494
C2 363,776.41 0.000000% 0.000000 0.000000 836,685.343381
Residual R 0.00 0.000000% 0.000000 0.000000 0.000000
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 217,727,911.84 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
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New South Federal Savings Bank
New South Home Equity Trust 2001-1, Asset-Backed Certificates, Series 2001-1
------------------------------------------------------------
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COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Prin balance 197,696,701.36 18,804,568.95 216,501,270.31
Loan count 3733 261 3994
Avg loan rate 10.418835% 10.486114% 10.42
Prepay amount 4,187,237.71 192,987.18 4,380,224.89
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FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Master serv fees 84,256.90 7,930.14 92,187.04
Sub servicer fees 0.00 0.00 0.00
Trustee fees 1,685.14 158.60 1,843.74
Agg advances N/A N/A N/A
Adv this period 0.00 0.00 0.00
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LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Realized losses 4,074.27 0.00 4,074.27
Cumulative losses 88,557.36 13,940.67 102,498.03
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 0.00 0.00 0.00
Special Hazard 0.00 0.00 0.00
Aggregate Certificate Information
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Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 100.000000% 100.000000% 217,727,911.84
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Junior 0.000000% 0.000000% 0.00
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DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 51 2,856,567.74
60 to 89 days 5 193,222.91
90 or more 2 62,496.35
Foreclosure 67 4,230,606.12
Totals: 125 7,342,893.12
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REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 354,881.80
Current Total Outstanding Number of Loans: 7
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OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 6,535,274.36 6,535,274.36
Principal remittance amount 5,303,574.98 5,303,574.98
Interest remittance amount 1,231,699.38 1,231,699.38