8-K 1 centex2005b_apr05.txt UNITED STATES 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) : April 25, 2005 CHEC FUNDING LLC, (as depositor under the Pooling and Servicing Agreement, dated March 1, 2005 providing for the issuance of Centex Home Equity Loan Asset-Backed Certificates, Series 2005-B) CHEC FUNDING, LLC on behalf of itself and the Trust described below with respect to which it is the depositor (Exact name of registrant as specified in its charter) Delaware 333-105322-07 75-2851805 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 2728 North Harwood Dallas, Texas 75201 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (214) 981-5000 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of Centex Home Equity Loan Trust 2005-B pursuant to the terms of the Pooling and Servicing Agreement, dated as of March 1, 2005, among CHEC Funding, LLC, as Depositor, Centex Home Equity Company, LLC, as Seller, Harwood Street Funding II LLC, as Conduit Seller, Centex Home Equity Company, LLC, as Servicer, and JPMorgan Chase Bank, N.A., as Trustee. On April 25, 2005 distributions were made to the Certificateholders. Specific information with respect to these distributions is filed as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on April 25, 2005 as Exhibit 99.1. CHEC FUNDING,LLC Centex Home Equity Loan Asset-Backed Certificates, Series 2005-B ------------------------------------------------------------------------------- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. JPMORGAN CHASE BANK, N.A., not in its individual capacity, but solely as Trustee under the Agreement referred to herein Date: April 27, 2005 By: /s/ Mark W. McDermott -------------------------------------------- Name: Mark W. McDermott Title: Vice President INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Statement to Certificateholders April 25, 2005 Exhibit 99.1 Statement to Certificateholders April 25, 2005 Centex Home Equity Loan Trust 2005-B STATEMENT TO CERTIFICATEHOLDERS April 25, 2005 ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ---------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- AF1 67,500,000.00 67,500,000.00 1,476,019.92 227,812.50 1,703,832.42 0.00 0.00 66,023,980.08 AF2 16,000,000.00 16,000,000.00 0.00 56,533.33 56,533.33 0.00 0.00 16,000,000.00 AF3 16,550,000.00 16,550,000.00 0.00 60,890.21 60,890.21 0.00 0.00 16,550,000.00 AF4 37,500,000.00 37,500,000.00 0.00 152,906.25 152,906.25 0.00 0.00 37,500,000.00 AF5 20,370,000.00 20,370,000.00 0.00 90,137.25 90,137.25 0.00 0.00 20,370,000.00 AF6 16,000,000.00 16,000,000.00 0.00 64,866.67 64,866.67 0.00 0.00 16,000,000.00 AV1 73,000,000.00 73,000,000.00 1,042,479.65 194,991.11 1,237,470.76 0.00 0.00 71,957,520.35 AV2 338,000,000.00 338,000,000.00 10,755,852.91 877,297.78 11,633,150.69 0.00 0.00 327,244,147.09 AV3 232,500,000.00 232,500,000.00 0.00 624,133.33 624,133.33 0.00 0.00 232,500,000.00 AV4 9,080,000.00 9,080,000.00 0.00 25,424.00 25,424.00 0.00 0.00 9,080,000.00 M1 35,000,000.00 35,000,000.00 0.00 101,111.11 101,111.11 0.00 0.00 35,000,000.00 M2 33,000,000.00 33,000,000.00 0.00 96,213.33 96,213.33 0.00 0.00 33,000,000.00 M3 20,500,000.00 20,500,000.00 0.00 60,315.56 60,315.56 0.00 0.00 20,500,000.00 M4 18,500,000.00 18,500,000.00 0.00 57,391.11 57,391.11 0.00 0.00 18,500,000.00 M5 16,000,000.00 16,000,000.00 0.00 50,204.44 50,204.44 0.00 0.00 16,000,000.00 M6 18,000,000.00 18,000,000.00 0.00 57,600.00 57,600.00 0.00 0.00 18,000,000.00 M7 15,000,000.00 15,000,000.00 0.00 54,000.00 54,000.00 0.00 0.00 15,000,000.00 B 17,500,000.00 17,500,000.00 0.00 65,333.33 65,333.33 0.00 0.00 17,500,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 1,000,000,000.00 1,000,000,000.00 13,274,352.48 2,917,161.31 16,191,513.79 0.00 0.00 986,725,647.52 XIO 1,000,159,487.76 1,000,159,487.76 0.00 5.66 5.66 0.00 0.00 989,806,023.42 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES ---------------------------------------------------------------------------------------------------------------------------------- CURRENT BEGINNING ENDING PASS-THRU CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE ---------------------------------------------------------------------------------------------------------------------------------- AF1 152314MR8 1,000.00000000 21.86696178 3.37500000 25.24196178 978.13303822 AF1 4.050000 % AF2 152314MS6 1,000.00000000 0.00000000 3.53333313 3.53333313 1,000.00000000 AF2 4.240000 % AF3 152314MT4 1,000.00000000 0.00000000 3.67916677 3.67916677 1,000.00000000 AF3 4.415000 % AF4 152314MU1 1,000.00000000 0.00000000 4.07750000 4.07750000 1,000.00000000 AF4 4.893000 % AF5 152314MV9 1,000.00000000 0.00000000 4.42500000 4.42500000 1,000.00000000 AF5 5.310000 % AF6 152314MW7 1,000.00000000 0.00000000 4.05416688 4.05416688 1,000.00000000 AF6 4.865000 % AV1 152314MX5 1,000.00000000 14.28054315 2.67111110 16.95165425 985.71945685 AV1 3.005000 % AV2 152314MY3 1,000.00000000 31.82205003 2.59555556 34.41760559 968.17794997 AV2 2.920000 % AV3 152314MZ0 1,000.00000000 0.00000000 2.68444443 2.68444443 1,000.00000000 AV3 3.020000 % AV4 152314NA4 1,000.00000000 0.00000000 2.80000000 2.80000000 1,000.00000000 AV4 3.150000 % M1 152314NB2 1,000.00000000 0.00000000 2.88888886 2.88888886 1,000.00000000 M1 3.250000 % M2 152314NC0 1,000.00000000 0.00000000 2.91555545 2.91555545 1,000.00000000 M2 3.280000 % M3 152314ND8 1,000.00000000 0.00000000 2.94222244 2.94222244 1,000.00000000 M3 3.310000 % M4 152314NE6 1,000.00000000 0.00000000 3.10222216 3.10222216 1,000.00000000 M4 3.490000 % M5 152314NF3 1,000.00000000 0.00000000 3.13777750 3.13777750 1,000.00000000 M5 3.530000 % M6 152314NG1 1,000.00000000 0.00000000 3.20000000 3.20000000 1,000.00000000 M6 3.600000 % M7 152314NH9 1,000.00000000 0.00000000 3.60000000 3.60000000 1,000.00000000 M7 4.050000 % B 152314NJ5 1,000.00000000 0.00000000 3.73333314 3.73333314 1,000.00000000 B 4.200000 % TOTALS 1,000.00000000 13.27435248 2.91716131 16.19151379 986.72564752 XIO N/A 1,000.00000000 0.00000000 0.00000566 0.00000566 989.64818665 XIO 0.000000 % ---------------------------------------------------------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: -------------------------------------------------- RYAN VAUGHN JPMorgan Chase Bank, N.A. - Structured Finance Services NY 4 NEW YORK PLAZA FLR 6, New York, New York 10004 Tel: (212) 623-4484 Fax: (212) 623-5930 Email: Ryan.M.Vaughn@JPMorgan.com -------------------------------------------------- Sec. 7.09(ii) Distributions Allocable to Principal Group I Scheduled Monthly Payments 192,314.97 Curtailments 24,914.94 Prepayments in Full 934,006.63 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Group II Scheduled Monthly Payments 71,991.05 Curtailments 2,829.92 Prepayments in Full 738,271.49 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Group III Scheduled Monthly Payments 466,401.20 Curtailments -12,429.86 Prepayments in Full 7,935,164.00 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Group I Subordination Increase Amount 2,920,888.14 Group I Excess Overcollateralization Amount 0.00 Sec. 7.09(iv) Class Interest Carryover Shortfall Class AF1 0.00 Class AF2 0.00 Class AF3 0.00 Class AF4 0.00 Class AF5 0.00 Class AF6 0.00 Class AV1 0.00 Class AV2 0.00 Class AV3 0.00 Class AV4 0.00 Class M1 0.00 Class M2 0.00 Class M3 0.00 Class M4 0.00 Class M5 0.00 Class M6 0.00 Class M7 0.00 Class B 0.00 Sec. 7.09(v) Class Principal Carryover Shortfall Group I Subordinate Certificates Class M1 0.00 Class M2 0.00 Class M3 0.00 Class M4 0.00 Class M5 0.00 Class M6 0.00 Class M7 0.00 Class B 0.00 Sec. 7.09(vi) Aggregate Loan Balance of Each Group Group I Beginning Aggregate Loan Balance 174,056,605.00 Group I Ending Aggregate Loan Balance 172,905,368.46 Group II Beginning Aggregate Loan Balance 92,409,475.55 Group II Ending Aggregate Loan Balance 91,596,383.09 Group III Beginning Aggregate Loan Balance 733,693,407.21 Group III Ending Aggregate Loan Balance 725,304,271.87 Sec. 7.09(vii) Overcollateralization Total Overcollateralization Amount 3,080,375.90 Total Required Overcollateralization Amount 34,505,502.33 Sec. 7.09(viii) Internal Revenue Code Section 6049(d)(7)(C) Market Discount Information Sec. 7.09(ix) Substitution Amounts Group I 0.00 Group II 0.00 Group III 0.00 Sec. 7.09(ix) Loan Purchase Price Amounts Group I 0.00 Group II 0.00 Group III 0.00 Sec. 7.09(x) Weighted Average Net Coupon Rate Group I 7.8447 % Group II 6.6960 % Group III 6.8441 % Sec. 7.09(xii) Monthly Remittance Amount Group I 2,289,423.79 Group II 1,329,068.98 Group III 12,574,021.02 Sec. 7.09(xiii) Weighted Average Gross Margin Group II Loans 6.3520 % Group III Loans 6.5233 % Sec. 7.09(xiv) Largest Loan Balance Group I 898,160.50 Group II 356,750.56 Group III 758,210.61 Sec. 7.09(xv) Basic Principal Amount Group I 1,151,236.54 Group II 813,092.46 Group III 8,389,135.34 Sec. 7.09(xvi) Net Wac Cap Carryover Paid Group I 0.00 Group II 0.00 Group III 0.00 Subordinate 0.00 Sec. 7.09(xvi) Remaining Net Wac Cap Carryover Group I 0.00 Group II 0.00 Group III 0.00 Group Subordinate 0.00 Sec. 7.09(xviii) Net Wac Cap Group I Net WAC Cap 7.84 % Group II Net WAC Cap 6.28 % Group III Net WAC Cap 6.42 % Subordinate Net WAC Cap 6.40 % Sec. 7.09(xix) Applied Realized Loss Amounts Subordinate Certificates Class M1 0.00 Class M2 0.00 Class M3 0.00 Class M4 0.00 Class M5 0.00 Class M6 0.00 Class M7 0.00 Class B 0.00 Sec. 7.09(xx) Stepdown Date Has Not Occurred Sec. 7.09(b)(i) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies) Group 1 Principal Category Number Balance Percentage 1 Month 7 526,513.12 0.30 % 2 Month 1 89,400.00 0.05 % 3 Month 0 0.00 0.00 % Total 8 615,913.12 0.35 % Group 2 Principal Category Number Balance Percentage 1 Month 8 729,461.41 0.80 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 8 729,461.41 0.80 % Group 3 Principal Category Number Balance Percentage 1 Month 56 7,987,110.50 1.10 % 2 Month 4 364,709.54 0.05 % 3 Month 0 0.00 0.00 % Total 60 8,351,820.04 1.15 % Group Totals Principal Category Number Balance Percentage 1 Month 71 9,243,085.03 0.93 % 2 Month 5 454,109.54 0.05 % 3 Month 0 0.00 0.00 % Total 76 9,697,194.57 0.98 % Sec. 7.09(b)(ii) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Sec. 7.09(b)(iii) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 % Group 3 Principal Number Balance Percentage 1 73,056.46 0.01 % Group Totals Principal Number Balance Percentage 1 73,056.46 0.01 % Sec. 7.09(b)(iii) Balloon Loans Number of Balloon Loans 12.00 Balance of Balloon Loans 882,933.97 Sec. 7.09(b)(iv) Number and Aggregate Principal Amounts of REO Loans Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Sec. 7.09(b)(v) Book Value of REO Loans Group I 0.00 Group II 0.00 Group III 0.00 Sec. 7.09(b)(vi) Realized Losses Group I: Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Group II: Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Group III: Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Sec. 7.09(b)(vii) Net Liquidation Proceeds Group I 0.00 Group II 0.00 Group III 0.00 Sec. 7.09(b)(ix) Cumulative Loss Percentage 0.00 % Cumulative Realized Losses Since Cut-Off Date 0.00 Aggregate Loan Balance as of the Cut-Off Date 1,000,159,487.76 Sec. 7.09(b)(x) Has a Trigger Event Occurred? NO 1-Month LIBOR for Current Distribution Date 2.85000 % Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

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): April 8, 2005

Centex Home Equity Loan Trust 2005-B, Centex Home Loan Asset-Backed Certificates, Series 2005-B

CHEC FUNDING, LLC
(Exact name of registrant as specified in its charter)
Delaware	333-105322	75-2851805
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
2728 North Harwood Street Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (214) 981-5000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⁯

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⁯

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⁯

Pre-commencement communications pursuant to Rule 14d-2(d) 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.

CHEC Funding, LLC, as depositor (the “Depositor”) registered issuance of Asset-Backed Certificates and Asset-Backed Notes on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (Registration File No. 333-105322) (as amended, the “Registration Statement”). Pursuant to the Registration Statement, the Depositor caused Centex Home Equity Loan Trust 2005-B to issue $1,000,000,000 principal amount of Home Equity Loan Asset-Backed Certificates, Series 2005-B (the “Certificates”), on March 24, 2005 (the “Closing Date”).

The Certificates were issued pursuant to a pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of March 1, 2005 among the Depositor, Centex Home Equity Corporation, as a seller and servicer, Harwood Street Funding II, LLC as conduit seller and JPMorgan Chase Bank, as trustee.

Capitalized terms not defined herein have the meanings assigned in the Pooling and Servicing Agreement attached hereto as Exhibit 4.1.

Item 9.01. Financial Statements and Exhibits.

(c)

Exhibits:

4.1

Pooling and Servicing Agreement

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 hereunto duly authorized.

CHEC FUNDING, LLC

By: /s/ Jeffrey B. Upperman

Name: Jeffrey B. Upperman

Title: Vice President

Date:

April 8, 2005

Exhibit Index

Exhibit

4.1

Pooling and Servicing Agreement

EXHIBIT 4.1

MCKEE NELSON LLP 5 Times Square, 35th Floor New York, New York 10036 Telephone: (212) 777-4200 Facsimile: (212) 777-4299

April 8, 2005

BY MODEM

Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549

Re:

Centex Home Equity Loan Trust 2005-B Centex Home Loan Asset-Backed Certificates, Series 2005-B

Ladies and Gentlemen:

On behalf of CHEC Funding, LLC (the “Company”), we enclose herewith for filing, pursuant to the Securities and Exchange Act of 1934, as amended, the Company’s Current Report on Form 8-K, for filing of the Pooling and Servicing Agreement in connection with the above-referenced transaction.

Very truly yours,

/s/ Paul Cuccurullo

Paul Cuccurullo

Enclosure

Filing Compare · Centex Home Equity Loan Trust 2005-B