-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L0ds7ZKTpDoCABH+FuneVPpuz3Fu9Cz+w4bNSbYJ7jTA4AKgCtp5Ln8CXFrgGbbL R3MElsJ3NXthiRiMaXbhow== 0001025953-06-000124.txt : 20060612 0001025953-06-000124.hdr.sgml : 20060612 20060612170521 ACCESSION NUMBER: 0001025953-06-000124 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060612 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060612 DATE AS OF CHANGE: 20060612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVASTAR FINANCIAL INC CENTRAL INDEX KEY: 0001025953 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 742830661 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13533 FILM NUMBER: 06900431 BUSINESS ADDRESS: STREET 1: 8140 WARD PARKWAY STREET 2: STE 300 CITY: KANSAS CITY STATE: MO ZIP: 64114 BUSINESS PHONE: 8162377000 MAIL ADDRESS: STREET 1: 8140 WARD PARKWAY STREET 2: STE 300 CITY: KANSAS CITY STATE: MO ZIP: 64114 8-K 1 form8k.htm FORM 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

 

June 12, 2006

Date of Report (Date of earliest event reported)

 

NOVASTAR FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 

Maryland

 

001-13533

 

74-2830661

(State or other jurisdiction of incorporation or organization)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

8140 Ward Parkway, Suite 300, Kansas City, MO 64114

(Address of principal executive offices)

(Zip Code)

 

(816) 237-7000

(Registrant’s telephone number, including area code)

 

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 (see General Instruction A.2. below):

 

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

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

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


 

 

INFORMATION TO BE INCLUDED IN THE REPORT

 

Item 7.01 – Regulation FD Disclosure

 

On June 12, 2006, NovaStar Financial, Inc. reported its Monthly Loan Origination Data and Selected Non-Conforming Loan Origination Data for the month of May on its website (www.novastarmortgage.com). The presentation of this data is included as Exhibit 99 and is incorporated herein by reference.

 

References to the registrant’s website do not incorporate by reference the information on the registrant’s website into this Current Report and the registrant disclaims any such incorporation by reference.

 

Item 9.01 – Financial Statements and Exhibits

 

(c)

Exhibits

 

 

99

Monthly Loan Origination Data and Selected Non-Conforming Loan Origination Data.

 

 

 


 

 

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 thereunto duly authorized.

 

 

 

 

NOVASTAR FINANCIAL, INC.

 

 

 

DATE: June 12, 2006

 

/s/ Gregory S. Metz

 

 

Gregory S. Metz

 

 

Chief Financial Officer

 

 

 


 

 

Exhibit Index

 

Exhibit

Number

99

Monthly Loan Origination Data and Selected Non-Conforming Loan Origination Data.

 

 

 

 

 

 

 

 

 EX-99 2 ex99.htm MONTHLY PRODUCTION REPORT

Exhibit 99

NOVASTAR FINANCIAL, INC.

MONTHLY LOAN ORIGINATION DATA

(dollars in thousands)

(unaudited)

 

 

For the Month Ended May 31,

 

For the Five Months Ended May 31,

 

 

 

As a %

 

 

 

As a %

 

 

 

As a %

 

 

 

As a %

 

2006

 

of Total

 

2005

 

of Total

 

2006 (B)

 

of Total

 

2005

 

of Total

Non-conforming production volume

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-conforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale (A)

$ 853,284

 

86%

 

$ 602,357

 

77%

 

$ 2,894,722

 

81%

 

$ 2,628,183

 

78%

Correspondent/Bulk

41,006

 

4%

 

42,832

 

5%

 

280,856

 

8%

 

208,528

 

6%

Retail (C)

93,134

 

10%

 

139,239

 

18%

 

414,618

 

11%

 

546,652

 

16%

Total non-conforming production volume

$ 987,424

 

100%

 

$ 784,428

 

100%

 

$ 3,590,196

 

100%

 

$ 3,383,363

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of funding days in the month

22

 

 

 

21

 

 

 

104

 

 

 

104

 

 

Average originations per funding day

$ 44,883

 

 

 

$ 37,354

 

 

 

$ 34,521

 

 

 

$ 32,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail production volume (C)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-conforming

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sold to non-affiliates

$ 10,958

 

9%

 

$ 56,149

 

23%

 

$ 73,629

 

12%

 

$ 393,993

 

30%

Retained by NMI

93,134

 

81%

 

139,239

 

56%

 

414,618

 

71%

 

546,652

 

42%

Total non-conforming

104,092

 

90%

 

195,388

 

79%

 

488,247

 

83%

 

940,645

 

72%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conforming/Government

10,985

 

10%

 

50,872

 

21%

 

98,680

 

17%

 

355,726

 

28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total retail production volume

$ 115,077

 

100%

 

$ 246,260

 

100%

 

$ 586,927

 

100%

 

$ 1,296,371

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)

Starting in April of 2006 correspondent loans purchased on a flow basis are being included in the wholesale channel. Prior periods have been reclassified to reflect this change.

 

(B)

Does not include approximately $987 million in bulk purchased MTA loans during the period.

 

(C)

Branch production volumes are considered a part of our retail operations and are included within the retail production volumes shown above.

 

 

 

 

 

NOVASTAR FINANCIAL, INC.

SELECTED NON-CONFORMING LOAN ORIGINATION DATA

(dollars in thousands)

(unaudited)

 

 

 

For the Month Ended 5/31/2006

 

For the Month Ended 4/30/2006

 

For the Month Ended 3/31/2006 (A)

 

Weighted

 

Weighted

 

Weighted

 

 

 

Weighted

 

Weighted

 

Weighted

 

 

 

Weighted

 

Weighted

 

Weighted

 

 

 

Average

 

Average

 

Average

 

Percent

 

Average

 

Average

 

Average

 

Percent

 

Average

 

Average

 

Average

 

Percent

 

Coupon

 

LTV

 

FICO

 

of Total

 

Coupon

 

LTV

 

FICO

 

of Total

 

Coupon

 

LTV

 

FICO

 

of Total

Summary by Credit Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

660 and above

7.71%

 

82.8%

 

701

 

28%

 

7.65%

 

82.7%

 

699

 

29%

 

7.76%

 

82.5%

 

700

 

31%

620 to 659

8.52%

 

83.2%

 

639

 

21%

 

8.44%

 

82.6%

 

639

 

22%

 

8.47%

 

82.7%

 

639

 

23%

580 to 619

9.04%

 

83.5%

 

598

 

26%

 

8.94%

 

83.0%

 

598

 

25%

 

8.86%

 

82.8%

 

598

 

23%

540 to 579

9.43%

 

81.0%

 

559

 

16%

 

9.39%

 

80.2%

 

559

 

16%

 

9.35%

 

80.1%

 

560

 

16%

539 and below

9.83%

 

77.6%

 

527

 

9%

 

9.77%

 

76.6%

 

527

 

8%

 

9.68%

 

75.8%

 

527

 

7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.70%

 

82.3%

 

622

 

100%

 

8.59%

 

81.9%

 

625

 

100%

 

8.57%

 

81.7%

 

627

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary by Program Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-Year Fixed

9.21%

 

82.9%

 

603

 

49%

 

9.07%

 

82.5%

 

606

 

51%

 

8.91%

 

81.6%

 

608

 

56%

2-Year Fixed Interest-only

8.12%

 

81.2%

 

658

 

12%

 

8.13%

 

80.8%

 

658

 

15%

 

8.00%

 

81.4%

 

665

 

16%

3-Year Fixed

8.45%

 

75.0%

 

608

 

1%

 

8.39%

 

79.8%

 

634

 

0%

 

8.54%

 

77.0%

 

619

 

1%

3-Year Fixed Interest-only

7.94%

 

80.7%

 

648

 

0%

 

7.94%

 

80.4%

 

669

 

0%

 

7.56%

 

71.5%

 

633

 

0%

5-Year Fixed

7.71%

 

75.4%

 

653

 

0%

 

8.03%

 

72.0%

 

632

 

0%

 

7.87%

 

74.1%

 

685

 

0%

5-Year Fixed Interest-only

7.46%

 

74.0%

 

689

 

0%

 

7.92%

 

80.0%

 

640

 

0%

 

7.59%

 

76.6%

 

666

 

0%

15-Year Fixed

9.51%

 

78.8%

 

647

 

1%

 

9.27%

 

80.4%

 

639

 

1%

 

9.19%

 

82.1%

 

648

 

1%

30-Year Fixed

8.55%

 

76.6%

 

619

 

10%

 

8.49%

 

76.3%

 

622

 

11%

 

8.44%

 

77.5%

 

626

 

11%

30-Year Fixed Interest-only

8.11%

 

75.3%

 

653

 

1%

 

7.81%

 

72.1%

 

638

 

0%

 

8.00%

 

81.0%

 

680

 

0%

Other Products

9.17%

 

85.6%

 

632

 

22%

 

9.02%

 

85.8%

 

636

 

18%

 

9.56%

 

89.1%

 

648

 

12%

MTA

1.92%

 

78.2%

 

695

 

4%

 

1.96%

 

77.5%

 

699

 

4%

 

1.86%

 

76.0%

 

704

 

3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.70%

 

82.3%

 

622

 

100%

 

8.59%

 

81.9%

 

625

 

100%

 

8.57%

 

81.7%

 

627

 

100%

Weighted Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coupon Excluding MTA

8.98%

 

 

 

 

 

 

 

8.84%

 

 

 

 

 

 

 

8.78%

 

 

 

 

 

 

 

(A)

Does not include approximately $987 million in bulk purchased MTA loans during the period.

 

 

 

 

 -----END PRIVACY-ENHANCED MESSAGE-----