8-K 1 nvs01001.txt AUGUST 8-K 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): August 27, 2001 NOVASTAR MORTGAGE FUNDING TRUST Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-50290-01 Pooling and Servicing Agreement) (Commission 52-2289292 (State or other File Number) 52-2289293 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, MD 21044 (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) ITEM 5. Other Events On August 27, 2001 a distribution was made to holders of NOVASTAR MORTGAGE FUNDING TRUST, Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust, relating to the August 27, 2001 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. NOVASTAR MORTGAGE FUNDING TRUST Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Certificate Administrator By: /s/ Beth Belfield, Officer By: Beth Belfield, Officer Date: 8/31/01 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust, relating to the August 27, 2001 distribution. EX-99.1

NOVASTAR MORTGAGE FUNDING TRUST Mortgage Pass-Through Certificates Record Date: 67/3031/01 Distribution Date: 78/2527/01 NVS Series: 2001-1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 66987XAK1 SEN 4.~~08500~~07250% ~~379~~377,~~941~~121,~~418~~977.1179 1,~~293~~407,~~383~~843.9148 23,~~819~~122,~~440~~374.3282 M-1 66987XAL9 MEZ 4.~~45500~~44250% 8,300,000.00 3033,~~813~~800.7502 0.00 M-2 66987XAM7 MEZ 5.~~15500~~14250% 8,300,000.00 3539,~~655~~125.4285 0.00 M-3 66987XAN5 MEZ 6.~~10500~~09250% 6,225,000.00 3134,~~669~~765.6933 0.00 A-IO 66987XAP0 IO 43.~~62637~~83546% 0.00 1,~~587~~442,~~587~~656.0360 0.00 O 66987XAQ8 OC 0.00000% 6,225,000.00 0.00 0.00 RL NVS0101RL RL 0.00000% 0.00 0.00 0.00 RU NVS0101RU RU 0.00000% 0.00 0.00 0.00 P 66987XAR6 P 0.00000% 0.00 3336,~~357~~893.6865 0.00 Totals ~~408~~406,~~991~~171,~~418~~977.1179 32,~~012~~995,~~467~~084.4893 23,~~819~~122,~~440~~374.3282

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~377~~373,~~121~~999,~~977~~602.7997 4,~~112~~530,~~824~~218.2330 0.00 M-1 0.00 8,300,000.00 3033,~~813~~800.7502 0.00 M-2 0.00 8,300,000.00 3539,~~655~~125.4285 0.00 M-3 0.00 6,225,000.00 3134,~~669~~765.6933 0.00 A-IO 0.00 0.00 1,~~587~~442,~~587~~656.0360 0.00 O 0.00 6,225,000.00 0.00 0.00 RL 0.00 0.00 0.00 0.00 RU 0.00 0.00 0.00 0.00 P 0.00 0.00 3336,~~357~~893.6865 0.00 Totals 0.00 ~~406~~403,~~171~~049,~~977~~602.7997 56,~~831~~117,~~907~~459.8075 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 385,950,000.00 ~~379~~377,~~941~~121,~~418~~977.1179 0.00 23,~~819~~122,~~440~~374.3282 0.00 0.00 M-1 8,300,000.00 8,300,000.00 0.00 0.00 0.00 0.00 M-2 8,300,000.00 8,300,000.00 0.00 0.00 0.00 0.00 M-3 6,225,000.00 6,225,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 O 6,225,000.00 6,225,000.00 0.00 0.00 0.00 0.00 RL 0.00 0.00 0.00 0.00 0.00 0.00 RU 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 415,000,000.00 ~~408~~406,~~991~~171,~~418~~977.1179 0.00 23,~~819~~122,~~440~~374.3282 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 23,~~819~~122,~~440~~374.3282 ~~377~~373,~~121~~999,~~977~~602.7997 0.~~97712651~~96903641 23,~~819~~122,~~440~~374.3282 M-1 0.00 8,300,000.00 1.00000000 0.00 M-2 0.00 8,300,000.00 1.00000000 0.00 M-3 0.00 6,225,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 O 0.00 6,225,000.00 1.00000000 0.00 RL 0.00 0.00 0.00000000 0.00 RU 0.00 0.00 0.00000000 0.00 P 0.00 0.00 0.00000000 0.00 Totals 23,~~819~~122,~~440~~374.3282 ~~406~~403,~~171~~049,~~977~~602.7997 0.~~97872766~~97120386 23,~~819~~122,~~440~~374.3282

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 385,950,000.00 ~~984~~977.~~43170906~~12651325 0.00000000 78.~~30519580~~09010188 0.00000000 M-1 8,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 8,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 6,225,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 O 6,225,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 RL 0.00 0.00000000 0.00000000 0.00000000 0.00000000 RU 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 78.~~30519580~~09010188 ~~977~~969.~~12651325~~03641137 0.~~97712651~~96903641 78.~~30519580~~09010188 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 RL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 RU 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 385,950,000.00 4.~~08500~~07250% ~~379~~377,~~941~~121,~~418~~977.1179 1,~~293~~407,~~383~~843.9148 0.00 0.00 M-1 8,300,000.00 4.~~45500~~44250% 8,300,000.00 3033,~~813~~800.7502 0.00 0.00 M-2 8,300,000.00 5.~~15500~~14250% 8,300,000.00 3539,~~655~~125.4285 0.00 0.00 M-3 6,225,000.00 6.~~10500~~09250% 6,225,000.00 3134,~~669~~765.6933 0.00 0.00 A-IO 0.00 43.~~62637~~83546% ~~408~~406,~~991~~171,~~418~~977.1179 1,~~587~~442,~~587~~656.0360 0.00 0.00 O 6,225,000.00 0.00000% 6,225,000.00 0.00 0.00 0.00 RL 0.00 0.00000% 0.00 0.00 0.00 0.00 RU 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 415,000,000.00 2,~~979~~958,~~109~~191.8028 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 1,~~293~~407,~~383~~843.9148 0.00 ~~377~~373,~~121~~999,~~977~~602.7997 M-1 0.00 0.00 3033,~~813~~800.7502 0.00 8,300,000.00 M-2 0.00 0.00 3539,~~655~~125.4285 0.00 8,300,000.00 M-3 0.00 0.00 3134,~~669~~765.6933 0.00 6,225,000.00 A-IO 0.00 0.00 1,~~587~~442,~~587~~656.0360 0.00 ~~406~~403,~~171~~049,~~977~~602.7997 O 0.00 0.00 0.00 0.00 6,225,000.00 RL 0.00 0.00 0.00 0.00 0.00 RU 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 3336,~~357~~893.6865 0.00 0.00 Totals 0.00 0.00 32,~~012~~995,~~467~~084.4893 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 385,950,000.00 4.~~08500~~07250% ~~984~~977.~~43170906~~12651325 3.~~35116961~~64773541 0.00000000 0.00000000 M-1 8,300,000.00 4.~~45500~~44250% 1000.00000000 34.~~71250000~~07229157 0.00000000 0.00000000 M-2 8,300,000.00 5.~~15500~~14250% 1000.00000000 4.~~29583373~~71395783 0.00000000 0.00000000 M-3 6,225,000.00 6.~~10500~~09250% 1000.00000000 5.~~08750040~~58479197 0.00000000 0.00000000 A-IO 0.00 43.~~62637~~83546% ~~985~~978.~~52148942~~72765733 3.~~82551092~~47628096 0.00000000 0.00000000 O 6,225,000.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 RL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 RU 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 3.~~35116961~~64773541 0.00000000 ~~977~~969.~~12651325~~03641137 M-1 0.00000000 0.00000000 34.~~71250000~~07229157 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.~~29583373~~71395783 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 5.~~08750040~~58479197 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 3.~~82551092~~47628096 0.00000000 ~~978~~971.~~72765733~~20386258 O 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 RL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 RU 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 6,~~383~~665,~~717~~862.0761 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Total Deposits 6,~~383~~665,~~717~~862.0761 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~551~~548,~~809~~402.2786 Payment of Interest and Principal 56,~~831~~117,~~907~~459.8075 Total Withdrawals (Pool Distribution Amount) 6,~~383~~665,~~717~~862.0761 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~170~~169,~~413~~238.0932 Wells Fargo bank 2,~~215~~200.2911 MI Premiums ~~379~~376,~~180~~964.8943 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~551~~548,~~809~~402.2786

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 1744 0 0 0 1744 15,~~779~~511,~~347~~095.9533 0.00 0.00 0.00 15,~~779~~511,~~347~~095.9533 60 Days 149 0 0 0 149 1,~~365~~327,~~359~~096.2831 0.00 0.00 0.00 1,~~365~~327,~~359~~096.2831 90 Days 3 0 0 015 31 ~~636,717.47~~16 0.00 0.00 01,603,603.0087 ~~636~~90,~~717~~017.4796 1,693,621.83 120 Days 20 0 0 0 20 ~~133,775~~0.2600 0.00 0.00 0.00 ~~133,775~~0.2600 150 Days 10 0 0 0 10 ~~85,500~~0.00 0.00 0.00 0.00 ~~85,500~~0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3753 0 015 01 3769 46,~~000~~838,~~699~~191.9664 0.00 01,603,603.0087 090,017.0096 48,~~000~~531,~~699~~813.9647 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 01.~~515620~~342282% 0.000000% 0.000000% 0.000000% 01.~~515620~~342282% 01.~~437859~~366638% 0.000000% 0.000000% 0.000000% 01.~~437859~~366638% 60 Days 0.~~424628~~274558% 0.000000% 0.000000% 0.000000% 0.~~424628~~274558% 0.~~335986~~329092% 0.000000% 0.000000% 0.000000% 0.~~335986~~329092% 90 Days 0.~~090992~~000000% 0.000000% 0.~~000000~~457596% 0.~~000000~~030506% 0.~~090992~~488103% 0.~~156683~~000000% 0.000000% 0.~~000000~~397661% 0.~~000000~~022323% 0.~~156683~~419983% 120 Days 0.~~060661~~000000% 0.000000% 0.000000% 0.000000% 0.~~060661~~000000% 0.~~032919~~000000% 0.000000% 0.000000% 0.000000% 0.~~032919~~000000% 150 Days 0.~~030331~~000000% 0.000000% 0.000000% 0.000000% 0.~~030331~~000000% 0.~~021040~~000000% 0.000000% 0.000000% 0.000000% 0.~~021040~~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.~~122232~~616840% 0.000000% 0.~~000000~~457596% 0.~~000000~~030506% 12.~~122232~~104942% 01.~~984487~~695730% 0.000000% 0.~~000000~~397661% 0.~~000000~~022323% 02.~~984487~~115714%

DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 12 0 0 0 12 1,311,119.21 0.00 0.00 0.00 1,311,119.21 60 Days 10 0 0 0 10 948,608.90 0.00 0.00 0.00 948,608.90 90 Days 3 0 0 0 3 636,717.47 0.00 0.00 0.00 636,717.47 120 Days 1 0 0 0 1 74,800.00 0.00 0.00 0.00 74,800.00 150 Days 1 0 0 0 1 85,500.00 0.00 0.00 0.00 85,500.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 27 0 0 0 27 3,056,745.58 0.00 0.00 0.00 3,056,745.58 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.475624% 0.000000% 0.000000% 0.000000% 0.475624% 0.403528% 0.000000% 0.000000% 0.000000% 0.403528% 60 Days 0.396354% 0.000000% 0.000000% 0.000000% 0.396354% 0.291957% 0.000000% 0.000000% 0.000000% 0.291957% 90 Days 0.118906% 0.000000% 0.000000% 0.000000% 0.118906% 0.195965% 0.000000% 0.000000% 0.000000% 0.195965% 120 Days 0.039635% 0.000000% 0.000000% 0.000000% 0.039635% 0.023021% 0.000000% 0.000000% 0.000000% 0.023021% 150 Days 0.039635% 0.000000% 0.000000% 0.000000% 0.039635% 0.026315% 0.000000% 0.000000% 0.000000% 0.026315% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.070155% 0.000000% 0.000000% 0.000000% 1.070155% 0.940786% 0.000000% 0.000000% 0.000000% 0.940786% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 5 0 0 0 5 468,228.74 0.00 0.00 0.00 468,228.74 60 Days 4 0 0 0 4 416,750.38 0.00 0.00 0.00 416,750.38 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 1 0 0 0 1 58,975.26 0.00 0.00 0.00 58,975.26 150 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 10 0 0 0 10 943,954.38 0.00 0.00 0.00 943,954.38 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.645995% 0.000000% 0.000000% 0.000000% 0.645995% 0.574794% 0.000000% 0.000000% 0.000000% 0.574794% 60 Days 0.516796% 0.000000% 0.000000% 0.000000% 0.516796% 0.511599% 0.000000% 0.000000% 0.000000% 0.511599% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.129199% 0.000000% 0.000000% 0.000000% 0.129199% 0.072398% 0.000000% 0.000000% 0.000000% 0.072398% 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 1.291990% 0.000000% 0.000000% 0.000000% 1.291990% 1.158791% 0.000000% 0.000000% 0.000000% 1.158791%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 10.~~359883~~359930% Weighted Average Net Coupon 8.~~838721~~812027% Weighted Average Pass-Through Rate 8.~~832220~~739720% Weighted Average Maturity(Stepdown Calculation ) ~~355~~354 Beginning Scheduled Collateral Loan Count 3,~~317~~297 Number Of Loans Paid In Full 2019 Ending Scheduled Collateral Loan Count 3,~~297~~278 Beginning Scheduled Collateral Balance ~~408~~406,~~991~~171,~~418~~977.1179 Ending Scheduled Collateral Balance ~~406~~403,~~171~~049,~~977~~602.7997 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2001 ~~406~~403,~~374~~259,~~263~~368.1156 Monthly P &I Constant 3,~~720~~696,~~298~~601.3061 Ending Scheduled Balance for Premium Loans ~~406~~403,~~171~~049,~~977~~602.7997 Scheduled Principal ~~189~~190,~~379~~007.0235 Unscheduled Principal 2,~~630~~932,~~061~~367.3047

Credit Enhancement Percent 7.1015%

Filing Compare · NOVASTAR MORTGAGE FUNDING TRUST SERIES 2001-1