UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange   Act  of  1934  for the  fiscal year ended December 31, 2005

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                                           Commission File Number 333-122578-01

                            FBR SECURITIZATION, INC.
            (as Depositor under the Transfer and Servicing Agreement,
               dated April 1, 2005, providing for the issuance of
                            First NLC Trust 2005-1)
             (Exact name of registrant as specified in its charter)

         Delaware                                             20-2028732
State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization                            Identification No.)

1001 Nineteenth Street North, Arlington, VA                     22209
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(212) 312-9500


Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes [ ]  No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes [  ]   No [X]

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of  Regulation S-K (229.405 of this chapter) is  not contained  herein, and will
not be contained, to the best of registrant's  knowledge,  in  definitive  proxy
or information  statements  incorporated  by reference  in Part III of this Form
10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes  No [X]

Indicate by check mark whether the registrant is a shell company (as
defined in Exchange Act Rule 12b-2). Yes  No [X]

State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter.    Not Applicable.

Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.  Not Applicable.

Documents incorporated by reference:  None



<PAGE>


PART I

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         None.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

         The Registrant is not aware of any material legal proceeding with
         respect to the Registrant, the Servicers, or the Trustees, in each case
         if applicable, as related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders.

         No matter was submitted to a vote or consent of Holders of the Offered
         Certificates during the fiscal year covered by this report.


PART II

Item 5.  Market for Registrant's Common Equity,  Related Stockholder Matters and
         Issuer Purchases of Equity Securities.

         Currently,   there   is  no  established   secondary   market  for  the
         Certificates  known to  the  Registrant.  As of December 31, 2005,  the
         number of holders of  each class of offered  certificates  was 63 based
         on records provided by DTC.

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

         There was no change of accountants or disagreement with accountants
         on any matter of accounting principles or practices or financial
         disclosure.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         Not Applicable.

                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stockholder Matters.

         Not Applicable.

Item 13. Certain Relationships and Related Transactions.

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1)  Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

         Rule 13a-14(a)/15d-14(a) Certification, filed as 31.1 hereto.

         JPMorgan Chase Bank N.A., as Master Servicer
          Annual Independent Accountant's Servicing Report with Management
          Assertion and Annual Servicer's Statement as to Compliance filed as
          Exhibit 99.1 hereto.

         Ocwen Federal Bank FSB, as Subservicer
          Annual Independent Accountant's Servicing Report with Management
          Assertion and Annual Servicer's Statement as to Compliance filed as
          Exhibit 99.2 hereto.

(b) Exhibits to this report required by Item 609 of Regulation S-K (229.601) are
    listed in Item (15)(a)(3)above.

(c) Not Applicable.


                                      -3-
<PAGE>

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) 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.

                                FBR SECURITIZATION, INC.

                            By: /s/ Richard J. Hendrix
                                -----------------------------
                          Name: Richard J Hendrix
                         Title: President and Chief Operating Officer
                          Date: March 30, 2006




                                      -4-
<PAGE>

SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>



                                 EXHIBIT INDEX

Exhibit     Description

31.1    Rule 13a-14(a)/15d-14(a) Certification

99.1    JPMorgan Chase Bank, N.A., as Master Servicer
           Annual Independent Accountant's Servicing Report with Management
           Assertion and Annual Servicer's Statement as to Compliance

99.2    Ocwen Federal Bank FSB, as Subservicer
           Annual Independent Accountant's Servicing Report with Management
           Assertion and Annual Servicer's Statement as to Compliance

                                      -6-

<PAGE>
                                  EXHIBIT 31.1
                 Annual Rule 13a-14(a)/15d-14(a) Certification
                                  ------------

I, Richard J. Hendrix, certify that:

1.   I have reviewed  this annual  report on Form 10-K,  and all reports on Form
     8-K  containing  distribution  or  servicing  reports  filed in  respect of
     periods  included  in the year  covered by this  annual  report, of
     First NLC Trust 2005-1;

2.   Based on my knowledge,  the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material  fact  necessary  to make  the  statements  made,  in light of the
     circumstances  under which such  statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge,  the distribution or servicing  information required
     to be  provided  to the  trustee  by the  servicer  under the  pooling  and
     servicing,  or  similar,  agreement,  for  inclusion  in these  reports  is
     included in these reports;

4.   Based on my knowledge and upon the annual compliance  statement included in
     the report and required to be delivered to the trustee in  accordance  with
     the terms of the pooling and servicing agreement, or similar agreement, and
     except  as  disclosed  in the  reports,  the  servicer  has  fulfilled  its
     obligations under the servicing agreement; and

5.   The  reports  disclose  all  significant   deficiencies   relating  to  the
     servicer's  compliance with the minimum servicing  standards based upon the
     report provided by an independent  public  accountant,  after  conducting a
     review in  compliance  with the  Uniform  Single  Attestation  Program  for
     Mortgage  Bankers or similar  procedure,  as set forth in the  pooling  and
     servicing or similar agreement that is included in these reports.

In giving the  certifications  above,  I have  reasonably  relied on information
provided to me by the  following  unaffiliated  parties:  each  Servicer and the
Trustee.

                                FBR SECURITIZATION, INC.

                            By: /s/ Richard J. Hendrix
                                -----------------------------
                          Name: Richard J. Hendrix
                         Title: President and Chief Operating Officer
                          Date: March 30, 2006


                                       -7-
<PAGE>
                                  EXHIBIT 99.1
                  JPMorgan Chase Bank N.A., as Master Servicer
   Annual Independent Accountant's Servicing Report with Management Assertion
                  Annual Servicer's Statement as to Compliance
                              --------------------

PricewaterhouseCoopers LLP
PricewaterhouseCoopers Center
300 Madison Avenue
New York NY 10017
Telephone (646) 471 3000
Facsimile (813) 286 6000


                         Report of Independent Auditors


To the Board of Directors of
JPMorgan Chase Bank, N.A.:

We have examined  management's  assertion about JPMorgan Chase Bank, N.A.'s (the
"Company")  compliance with the minimum servicing  standards as set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage  Bankers  ("USAP") as of and for the year ended  December 31, 2005. The
Company  has  interpreted  USAP  and  determined  that  USAP  minimum  servicing
standards I.1, I.2, I.3, III.1,  III.5, IV.1, and VII.1 are applicable to master
servicers and are included in the accompanying management assertion (see Exhibit
I).  Management is responsible  for the Company's  compliance with these minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion,  as it relates to the Company's  compliance  with the  aforementioned
minimum  servicing  standards,  based  on  our  examination.   The  Company  has
interpreted USAP and determined that USAP minimum servicing standards I.4, II.1,
II.2, II.3, II.4, III.2,  III.3,  III.4,  III.6, V.1, V.2, V.3, V.4 and VI.1 are
not applicable to master servicers. The Company uses a subservicing organization
to perform the servicing  obligations  subject to servicing standards I.4, II.1,
II.2, II.3, II.4, III.2, III.3, III.4, III.6, V.1, V.2, V.3, V.4 and VI.1 of the
USAP. We did not examine the Company's  compliance with the servicing  standards
referred to in the previous sentence and accordingly,  do not express an opinion
thereon.

Our examination was made in accordance with attestation standards established by
the  American  Institute  of  Certified  Public  Accountants  and,  accordingly,
included  examining,  on a test basis,  evidence about the Company's  compliance
with the minimum servicing  standards and performing such other procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on the  Company's  compliance  with the minimum  servicing
standards.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned  minimum  servicing  standards solely as they relate to standards
I.1,  I.2,  I.3,  III.1,  III.5,  IV.1,  and VII.1 as of and for the year  ended
December 31, 2005 is fairly stated, in all material respects.

/s/ PricewaterhouseCoopers LLP
------------------------------
March 29, 2006


                                      -8-
<page>

                                                                      EXHIBIT I

             Management's Assertion Concerning Compliance with USAP
                          Minimum Servicing Standards

March 29, 2006

As of and for the year ended December 31, 2005,  JPMorgan Chase Bank,  N.A. (the
"Company")  has complied in all  material  respects  with the minimum  servicing
standards set forth in the Mortgage  Bankers  Association  of America's  Uniform
Single Attestation Program for Mortgage Bankers ("USAP") that we have determined
are applicable to master servicers. We have interpreted USAP and determined that
minimum servicing  standards I.1, I.2, I.3, III.1, III.5, IV.1, and VII.1 as set
forth in USAP are applicable to master servicers.  We have also interpreted that
USAP minimum  servicing  standards I.4, II.1, II.2, II.3,  II.4,  III.2,  III.3,
III.4,  III.6,  V.1,  V.2,  V.3,  V.4 and  VI.1  as set  forth  in USAP  are not
applicable  to master  servicers;  for these  minimum  servicing  standards  the
Company relies on the performance of its  subservicers.  This assertion  relates
specifically to the Company's Master Servicing Portfolio.

It is  the  Company's  policy  to  obtain  and  review  USAP  reports  from  the
independent  auditors of its  subservicers on an annual basis.  Not all of these
USAP reports for the year ended  December 31, 2005 are available as of March 29,
2006. As of March 29, 2006, the Company has obtained USAP reports for 36% of its
subservicers.  These  subservicers  serviced loans  comprising 92% of the unpaid
principal balance of the Company's Master Servicing Portfolio as of December 31,
2005.  Instances of  non-compliance  noted in the USAP reports received from the
subservicers as of March 29, 2006, have been included in Exhibit II hereto.

As of and for this same  period,  the  Company had in effect  fidelity  bond and
errors and omissions  policies in the amounts of $250,000,000  and  $25,000,000,
respectively.


/s/ William Jenkins
-------------------------
William Jenkins
Vice President
JPMorgan Chase Bank, N.A.


/s/ Kelly A. Mathieson
-------------------------
Kelly A. Mathieson
Managing Director
JPMorgan Chase Bank, N.A.

                                      -9-
<page>

                                                                     Exhibit II

                           JPMorgan Chase Bank, N.A.
                      Subservicers' USAP Report Exceptions


It is the policy of JPMorgan Chase Bank,  N.A. (the "Company") to obtain Uniform
Single  Attestation  Program for  Mortgage  Bankers  ("USAP")  reports  from the
independent  auditors of its  subservicers as of and for the year ended December
31,  2005.  As of March 29, 2006,  the Company has  obtained  and reviewed  USAP
reports  for  36%  of  its  subservicers.   These  subservicers  serviced  loans
comprising 92% of the unpaid principal balance of the Company's Master Servicing
Portfolio as of December 31, 2005. The Company noted instances of  noncompliance
included in the USAP reports received as of March 29, 2006, which are summarized
below.

        Servicer                               Exception
       ----------                             -----------

Ocwen Loan Servicing, LLC        The Company did not comply with the requirement
                                 to  prepare  custodial  bank  account
                                 reconciliations  and  to  resolve  reconciling
                                 items  within  90  calendar  days  of  their
                                 original  identification  as specified by their
                                 minimum servicing standards.

                                 Certain ARM loans serviced by the Company were
                                 transferred  in  with  an  incorrect look back
                                 date due to errors in prior  servicer  records.
                                 These  certain  loans  had  ARM  adjustments
                                 shortly  after servicing transfer, but prior to
                                 the  Company  receiving  the  related  mortgage
                                 documents  from  the  prior  servicer. When the
                                 Company  received  the  mortgage  documents and
                                 these errors  were  identified, the Company did
                                 not adjust the principal and  interest  payment
                                 amount.  The  Company  has  subsequently  made
                                 adjustments  to  their  procedures  when  they
                                 identify  an error  in  prior  servicer data to
                                 analyze  the  effect  on the customer's account
                                 and make the appropriate adjustment.

North Fork Bancorporation, Inc.  The Company did not comply with the requirement
                                 to  prepare custodial bank account
                                 reconciliations  within  45 calendar days after
                                 the cutoff date and  the requirement to resolve
                                 reconciling  items  within  90 calendar days of
                                 their original identification as  specified  by
                                 their  minimum  servicing  standards.  For  the
                                 month  ended  December 31, 2005,  all custodial
                                 bank  reconciliations  had  been  completed and
                                 reviewed on a timely basis.

PHH Mortgage Corporation         The Company completed all custodial bank
                                 account  reconciliations  within 60 days of the
                                 cutoff  date,  however  did  not  complete  all
                                 reconciliations within 45 days of the cutoff as
                                 specified by the minimum  servicing  standards.
                                 As such, the Company has determined that it was
                                 materially  non-compliant  with the requirement
                                 to  prepare  custodial  bank  account
                                 reconciliations within 45 days after the cutoff
                                 date.

                                 During  the  year ended December  31, 2005, the
                                 Company  determined  it  was  materially
                                 non-compliant with the requirement to resolve
                                 reconciling items resulting from custodial bank
                                 account reconciliations within 90 calendar days
                                 as  specified  by  the  minimum  servicing
                                 standards.

                                      -10-
<page>

FRB Securitization, Inc.
1001 Nineteenth Street North
Arlington, Virginia  22202
Attention: Michael Warden

Friedman, Billings, Ramsey & Co., Inc.
1001 Nineteenth Street North
Arlington, Virginia  22202
Attention: FBR Chief Legal Counsel

First NLC Trust 2005-1

(i)  a review of the  activities  of the Master  Servicer  during the  preceding
     fiscal year and of its performance under this Agreement has been made under
     such officer's supervision, and

(ii) to the best of such officer's  knowledge,  based on such review, the Master
     Servicer  has  fulfilled  all  of  its  obligations  under  this  Agreement
     throughout  such  fiscal  year,  or,  if there  has been a  default  in the
     fulfillment of any such  obligation,  specifying each such default known to
     such  officer and the nature and status  thereof and the action being taken
     by the Master Servicer to cure such default.

JPMorgan Chase Bank, N.A.

By:     /s/ William Jenkins     March 15, 2006
        -------------------
        William Jenkins
        Vice President

                                      -11-

<page>
                                  EXHIBIT 99.2
                     Ocwen Federal Bank FSB, as Subservicer
   Annual Independent Accountant's Servicing Report with Management Assertion
                  Annual Servicer's Statement as to Compliance
                              --------------------


                                                PricewaterhouseCoopers LLP
                                                222 Lakeview Avenue
                                                Suite 360
                                                West Palm Beach, FL 33401
                                                Telephone (561) 832-0038
                                                Facsimile (561) 805-8181


               Report of Independent Certified Public Accountants


To the Board of Directors of
Ocwen Loan Servicing, LLC

We have examined management's assertion that Ocwen Loan Servicing,  LLC ("OLS"),
as  successor  to Ocwen  Federal Bank FSB (the "Bank"),  has complied  with the
minimum servicing  standards  identified in the Mortgage Bankers  Association of
America's  ("MBA's")  Uniform Single  Attestation  Program for Mortgage  Bankers
("USAP")  as of and for  the  year  ended  December  31,  2005  included  in the
accompanying  Management  Assertion  on  Compliance  with  USAP.  Management  is
responsible for OLS's  compliance with those minimum  servicing  standards.  Our
responsibility  is to express an opinion on  management's  assertion about OLS's
compliance based on our examination.

Our examination was made in accordance with attestation standards established by
the  American  Institute  of  Certified  Public  Accountants  and,  accordingly,
included  examining,  on a test basis,  evidence about OLS's compliance with the
minimum  servicing   standards  and  performing  such  other  procedures  as  we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal determination on OLS's compliance with the minimum servicing standards.

Our examination disclosed noncompliance with minimum servicing standards related
to  custodial  account   reconciliations  and  adjustments  on  adjustable  rate
mortgages  applicable  to OLS during the year ended  December  31, 2005 which is
described in the accompanying Management Assertion on Compliance with USAP.

In our opinion, management's assertion that OLS complied with the aforementioned
minimum  servicing  standards,  except for  noncompliance  as  described  in the
accompanying  Management  Assertion on  Compliance  with USAP, as of and for the
year ended December 31, 2005 is fairly stated, in all material respects.


/s/ PricewaterhouseCoopers LLP
------------------------------
February 27, 2006



                                     OCWEN
                  MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP

February 27, 2006

As of and for the year  ended  December  31,  2005,  Ocwen Loan  Servicing,  LLC
("OLS"),  as  successor  to  Ocwen  Federal  Bank FSB (the  "Bank"),  except  as
specifically noted below, has complied in all material respects with the minimum
servicing  standards set forth in the Mortgage Bankers  Association of America's
("MBA's") Uniform Single Attestation Program for Mortgage Bankers ("USAP").

   .      Standard: Reconciliations shall be prepared on a monthly basis for all
          custodial bank  accounts and  related  bank  clearing  accounts. These
          reconciliations shall be mathematically accurate, be  prepared  within
          forty five  (45) calendar  days of  the cutoff date;  be reviewed  and
          approved   by   someone  other   than  the  person  who  prepared  the
          reconciliation; and document explanations for reconciling items. These
          reconciling items  shall be resolved  within ninety (90) calendar days
          of their original identification.

We have complied with all aspects of this standard with the exception of certain
reconciling  items which arose during the year ended  December 31, 2005 were not
cleared within 90 days of their original  identification.  All items  identified
were  subsequently  cleared within 6 months.  As of December 31, 2005, there was
exactly 1 reconciling  item totaling $431.07 that had not cleared within 90 days
of identification.

   .      Standard:  Adjustments  on ARM  loans  shall be  computed based on the
          related mortgage note and any ARM rider.

Certain ARM loans  serviced by OLS were  transferred  in with an incorrect  look
back date due to errors in prior servicer  records.  These certain loans had ARM
adjustments  shortly after  servicing  transfer,  but prior to OLS receiving the
related  mortgage  documents  from the prior  servicer.  When OLS  received  the
mortgage  documents  and these  errors were  identified,  OLS did not adjust the
principal and interest payment amount.  OLS has subsequently made adjustments to
their  procedures  when they identify an error in prior servicer data to analyze
the affect on the customer's account and make the appropriate adjustment.

As of and for this same period,  OLS had in effect a fidelity bond in the amount
of $20,000,000 and an errors and omissions policy in the amount of $5,000,000.


By: /s/ Ronald M. Faris                    By: /s/ Scott W. Anderson
--------------------------                 -------------------------
Ronald M. Faris                            Scott W. Anderson
President                                  Senior Vice President of
                                           Residential Assets


By: /s/ Brian J. LaForest                  By: /s/ Thomas Vickers
--------------------------                 -------------------------
Brian J. LaForest                          Thomas Vickers
Director of Investor Reporting             Director and Servicing Controller


                                      -12-
<page>


                                     OCWEN

                           Ocwen Loan Servicing, LLC
                            successor in interest to
                             Ocwen Federal Bank FSB
             Compliance Certification Year Ended December 31, 2005
                                First NLC 2005-1



The undersigned  Officer of Ocwen Loan  Servicing,  LLC successor in interest to
Ocwen Federal Bank FSB (the "Servicer") confirms that a review of the activities
of the  Subservicer  during the preceding  fiscal year and of the performance of
the Subservicer under the Transfer and Servicing  Agreement dated as of April 1,
2005 for First NLC Trust 2005-1 (the "Servicing  Agreement") has been made under
his supervision.  To the best of the undersigned  Officer's knowledge,  based on
such review,  the  Subservicer has fulfilled all of its obligations as set forth
in the Servicing Agreement throughout such fiscal year.

By: /s/ Scott W. Anderson                      Dated: March 15, 2006
---------------------------------------
Scott W. Anderson, Senior Vice President


                            Ocwen Loan Servicing LLC
                        1661 Worthington Road Suite 100
                                Centrepark West
                           West Palm Beach, FL 33409

                                      -13-