-----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, CyfcGl8u6Wmq86E3e9cr61eEkBP9bV+ihCfK142Cz6yfxKsD+is2oqheiTjHf2J/ 7lY2F/5PPI5ldkkCSqZO/w== 0001144204-07-054954.txt : 20071018 0001144204-07-054954.hdr.sgml : 20071018 20071018150223 ACCESSION NUMBER: 0001144204-07-054954 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20071012 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20071018 DATE AS OF CHANGE: 20071018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVASTAR MORTGAGE FUNDING CORP CENTRAL INDEX KEY: 0001052549 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 481195807 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-102282 FILM NUMBER: 071178678 BUSINESS ADDRESS: STREET 1: 1901 W 47TH PLACE STREET 2: STE 105 CITY: WESTWOOD STATE: KS ZIP: 66205 BUSINESS PHONE: 9135143500 MAIL ADDRESS: STREET 1: 1901 W 47TH PLACE STREET 2: STE 105 CITY: WESTWOOD STATE: KS ZIP: 66205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NovaStar Certificates Financing CORP CENTRAL INDEX KEY: 0001359075 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 481194616 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-131111-02 FILM NUMBER: 071178679 BUSINESS ADDRESS: STREET 1: 8140 WARD PARKWAY, SUITE 300 CITY: KANSAS CITY STATE: MO ZIP: 64114 BUSINESS PHONE: 816-237-7000 MAIL ADDRESS: STREET 1: 8140 WARD PARKWAY, SUITE 300 CITY: KANSAS CITY STATE: MO ZIP: 64114 8-K 1 v090624_8k.htm
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) October 12, 2007
 
NOVASTAR MORTGAGE FUNDING TRUST, SERIES 2007-2
(Issuing Entity with respect to Certificates)

 
NOVASTAR MORTGAGE FUNDING CORPORATION
(Exact name of depositor and registrant as specified in its charter)
 
Delaware
  
333-134461
  
 48-1195807
(State or Other Jurisdiction of
Incorporation)
  
(Commission File
Number)
  
(I.R.S. Employer
Identification No.)
 
         
8140 Ward Parkway, Suite 300
Kansas City, Missouri
      
64114
(Address of Principal Executive Offices)
      
(Zip Code)
         
 
NOVASTAR CERTIFICATES FINANCING CORPORATION
(Exact name of co-registrant as specified in its charter)
 
Delaware
  
 333-134461-01
  
48-1194616
(State or Other Jurisdiction of I
ncorporation)
  
(Commission File
Number)
  
(I.R.S. Employer
Identification No.)
 
 
Registrant's telephone number, including area code
(816) 237-7000
 
 No Change
 (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))
 
Item 1.01. Entry into a Material Definitive Agreement.

NovaStar Mortgage Funding Trust, Series 2007-2, issued on June 1, 2007, $1,340,500,000 in aggregate principal amount of its Home Equity Loan Asset-Backed Certificates, Series 2007-2, Class A-1A, Class A-2A, Class A-2B, Class A-2C, Class A-2D, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates (the "Offered Certificates"). Also issued, but not offered by NovaStar Mortgage Funding Trust, Series 2007-2 were its Home Equity Loan Asset-Backed Certificates, Series 2007-2, Class M-10, Class C, Class I and Class R Certificates (and collectively with the Offered Certificates, the “Certificates”).
 
The Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of May 1, 2007 among NovaStar Mortgage Funding Corporation, NovaStar Mortgage, Inc., as servicer and as sponsor, U.S. Bank National Association, as custodian, and Deutsche National Trust Company, as trustee, which Pooling and Servicing Agreement was the subject of, and exhibit to a Form 8-K filed with the United States Securities and Exchange Commission on June 8, 2007.
 
NovaStar Mortgage, Inc. is the servicer under the Pooling and Servicing Agreement and on October 12, 2007, NovaStar Mortgage, Inc. entered into the Servicing Rights Transfer Agreement, dated as of October 12, 2007, between NovaStar Mortgage, Inc. and Saxon Mortgage Services, Inc., to sell all of its mortgage servicing rights and servicing advances relating to its securitizations to Saxon Mortgage Services, Inc., a Fort Worth, Texas, based servicer of mortgage loans, for approximately $175 million in cash subject to certain adjustments at closing. The agreement is expected to close on November 1, 2007, subject to the satisfaction of various closing conditions, including the receipt of certain third party consents.
 
The sale of the mortgage servicing rights to Saxon means that collection, customer service and loss mitigation activities on the mortgage loans serviced by NovaStar Mortgage, Inc., backing the NovaStar Mortgage Funding Trust, Series 2007-2 Certificates will transition to the Saxon organization and Saxon will assume responsibility for servicing each mortgage loan in accordance with the terms of the Pooling and Servicing Agreement upon closing of the sale or soon after closing.
 
 
 
 
 
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.
 
Dated: October 17, 2007
 
     
 
NOVASTAR MORTGAGE FUNDING
CORPORATION
 
 		  
 		  
 
  By:   /s/ Matt Kaltenrieder
 
Matt Kaltenrieder
Vice President
   

 



 

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