8-K 1 nsf011_edgar0106.txt NEW SOUTH HOME EQUITY TRUST 2001-1 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): June 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 June 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 June 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: June 25, 2001 NSF By: /s/ Trish O'Neill-Manella, MBS Unit ------------------------------ Name: Trish O'Neill-Manella, MBS Unit Assistant Treasurer The Bank of New York, as Trustee EXHIBIT INDEX Exhibit 99 Monthly Remittance Statement dated June 25, 2001 ------------------------------------------------------------ New South Federal Savings Bank New South Home Equity Trust 2001-1, Asset-Backed Certificates, Series 2001-1 ------------------------------------------------------------

Payment Date: 06/25/01 ------------------------------------------------------------ New South Federal Savings Bank New South Home Equity Trust 2001-1, Asset-Backed Certificates, Series 2001-1 ------------------------------------------------------------

------------------------------------------------------------ New South Federal Savings Bank New South Home Equity Trust 2001-1, Asset-Backed Certificates, Series 2001-1 ------------------------------------------------------------ -------------------------------------------------------------------------------- COLLATERAL INFORMATION -------------------------------------------------------------------------------- Total ----- Prin balance 219,669,161.23 21,639,182.86 241,308,344.09 Loan count 4068 300 4368 Avg loan rate 10.468002% 10.681683% 10.49 Prepay amount 3,917,944.50 190,658.38 4,108,602.88 -------------------------------------------------------------------------------- FEES AND ADVANCES -------------------------------------------------------------------------------- Total ----- Master serv fees 93,384.28 9,242.93 102,627.20 Sub servicer fees 0.00 0.00 0.00 Trustee fees 1,868.49 184.86 2,053.35 Agg advances N/A N/A N/A Adv this period 0.00 0.00 0.00 -------------------------------------------------------------------------------- LOSSES & INSURANCE COVERAGES -------------------------------------------------------------------------------- Total ----- Realized losses 0.00 0.00 0.00 Cumulative losses 0.00 0.00 0.00 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 ----------------------------------------------------------------------------- Class Aggregate Aggregate Aggregate Type Percentage Prepay Pct. End Cert. Bal. ----------------------------------------------------------------------------- Senior 100.000000% 100.000000% 245,821,821.78 ----------------------------------------------------------------------------- Junior 0.000000% 0.000000% 0.00 ----------------------------------------------------------------------------- -------------------------------------------------------------------------------- DELINQUENCY INFORMATION -------------------------------------------------------------------------------- Period Loan Count Ending Stated Balance ------ ---------- --------------------- 30 to 59 days 31 1,517,102.54 60 to 89 days 11 572,925.67 90 or more 6 792,318.78 Foreclosure 24 1,244,716.58 Totals: 72 4,127,063.57 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 N/A # 0 N/A Totals: 0 N/A Current Total Outstanding Balance: 0.00 Current Total Outstanding Number of Loans: 0 -------------------------------------------------------------------------------- OTHER INFORMATION -------------------------------------------------------------------------------- Amount/Withdrawal Total/Ending Bal. ----------------- ----------------- Available remittance amount 7,133,921.35 7,133,921.35 Principal remittance amount 5,756,666.51 5,756,666.51 Interest remittance amount 1,377,254.84 1,377,254.84

FINANCIAL ASSET SEC CORP NEW SOUTH HOME EQUITY TRUST 2001-1 8-K