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 333-105322-07

                               CHEC FUNDING, LLC
             on behalf of itself and the Trust described below with
                      respect to which it is the depositor
             (Exact name of registrant as specified in its charter)


         Delaware                                       76-2851805
 State or other jurisdiction of               (IRS Employer Identification No.)
 incorporation or organization

      2728 North Harwood
        Dallas, Texas                                     75201
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code :  (214) 981-5000

        Centex Home Equity Loan Asset-Backed Certificates, Series 2005-B
                 issued by Centex Home Equity Loan Trust 2005-B
           (Title of each class of securities covered by this Form)


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 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  itself,  the  Servicer  or the  Trustee,  as related to the
         Trust.

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

         None.
PART II

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

         There is currently no established public trading market for the
         certificates issued by the Trust.

         There are less than 300 participants in the DTC System.
         As of December 31, 2005 the total number of such DTC participants
         with respect to each class of certificates is set forth below:

         Class  AF1   18
         Class  AF2   2
         Class  AF3   6
         Class  AF4   14
         Class  AF5   7
         Class  AF6   3
         Class  AV1   4
         Class  AV2   12
         Class  AV3   17
         Class  AV4   1
         Class  M1    6
         Class  M2    7
         Class  M3    3
         Class  M4    4
         Class  M5    3
         Class  M6    5
         Class  M7    2
         Class  B     5

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operations.

         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.

         None.

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.

         The  certificates   are  represented  by  one  or  more   certificates
         registered  in the name of Cede & Co.,  the nominee of The  Depository
         Trust Company.  A beneficial  owner of certificates is not entitled to
         receive  a  definitive  certificate  representing  such  certificates,
         except in limited circumstances.  Accordingly,  Cede & Co. is the sole
         holder of certificates,  which it holds on behalf of brokers, dealers,
         banks and other participants in the DTC system.  Such participants may
         hold  certificates for their own accounts or for the accounts of their
         customers.

         The address of Cede & Co. is:
         Cede & Co.
         c/o The Depository Trust Company
         Seven Hanover Square
         New York, New York  10004

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 Exhibit 31.1 hereto.

         Annual Summary Statement filed as Exhibit 99.1 hereto.

         Annual Independent Accountants' Servicing Report with Management
         Assertion, filed as Exhibit 99.2 hereto.

         Annual Servicer's Statement as to Compliance, filed as Exhibit 99.3
         hereto.

(b) Exhibits to this report 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 Servicer of the Trust has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.


                        Centex Home Equity Company, LLC, as Servicer of the
                        Centex Home Equity Loan Trust 2005-B

                   By:  /s/ Jesse K. Bray
                        --------------------------------------
                   Name:    Jesse K. Bray
                   Title:   Executive Vice President/Chief Financial 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       Annual Summary Statement
 99.2       Annual Independent Accountant's Servicing Report
            with Management Assertion
 99.3       Annual Statement as to Compliance


                                      -6-
<PAGE>


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

                          SARBANES-OXLEY CERTIFICATION


I, Jesse K. Bray, 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 Centex Home Equity Loan
Trust 2005-B;

     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. I am responsible for reviewing the activities  performed by the servicer
under the  pooling  and  servicing,  or  similar,  agreement  and based  upon my
knowledge and the annual  compliance  review required under that agreement,  and
except as disclosed in the reports,  the servicer has fulfilled its  obligations
under that 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: JPMorgan Chase Bank, N.A.,
as Trustee.

                   By:
                        /s/ Jesse K. Bray
                        --------------------------------------
                 Name:  Jesse K. Bray
              Company:  Centex Home Equity Company, LLC as Servicer
                Title:  Executive Vice President/Chief Financial Officer

                 Date:  March 30, 2006

                                      -7-
<PAGE>


                                  EXHIBIT 99.1
                            Annual Summary Statement
                            As of December 31, 2005

<table>

       <c>       <c>

-----------------------------------------------------------------------------------------------------------------------------------
CLASS    CUSIP       ORIGINAL              PAID               PAID           TOTAL PAID          ENDING PRIN      CERT POOL FACTOR
                     PRINCIPAL            PRINCIPAL           INTEREST                              BALANCE          (Per 1000)
-----------------------------------------------------------------------------------------------------------------------------------
AF1    152314MR8   $  67,500,000.00   $ 39,170,172.62    $ 1,776,794.46  $ 40,946,967.08      $  28,329,827.38       419.70114637
AF2    152314MS6      16,000,000.00                 -        565,333.30       565,333.30         16,000,000.00     1,000.00000000
AF3    152314MT4      16,550,000.00                 -        608,902.10       608,902.10         16,550,000.00     1,000.00000000
AF4    152314MU1      37,500,000.00                 -      1,529,062.50     1,529,062.50         37,500,000.00     1,000.00000000
AF5    152314MV9      20,370,000.00                 -        901,372.50       901,372.50         20,370,000.00     1,000.00000000
AF6    152314MW7      16,000,000.00                 -        648,666.70       648,666.70         16,000,000.00     1,000.00000000
AV1    152314MX5      73,000,000.00     26,694,437.67      1,999,226.61    28,693,664.28         46,305,562.33       634.32277164
AV2    152314MY3     338,000,000.00    233,512,733.59      7,466,739.69   240,979,473.28        104,487,266.41       309.13392429
AV3    152314MZ0     232,500,000.00                 -      7,426,301.16     7,426,301.16        232,500,000.00     1,000.00000000
AV4    152314NA4       9,080,000.00                 -        300,091.20       300,091.20          9,080,000.00     1,000.00000000
M1     152314NB2      35,000,000.00                 -      1,186,586.42     1,186,586.42         35,000,000.00     1,000.00000000
M2     152314NC0      33,000,000.00                 -      1,127,223.97     1,127,223.97         33,000,000.00     1,000.00000000
M3     152314ND8      20,500,000.00                 -        705,489.79       705,489.79         20,500,000.00     1,000.00000000
M4     152314NE6      18,500,000.00                 -        665,059.01       665,059.01         18,500,000.00     1,000.00000000
M5     152314NF3      16,000,000.00                 -        580,643.95       580,643.95         16,000,000.00     1,000.00000000
M6     152314NG1      18,000,000.00                 -        663,969.45       663,969.45         18,000,000.00     1,000.00000000
M7     152314NH9      15,000,000.00                 -        610,870.38       610,870.38         15,000,000.00     1,000.00000000
B      152314NJ5      17,500,000.00                 -        735,067.51       735,067.51         17,500,000.00     1,000.00000000
-----------------------------------------------------------------------------------------------------------------------------------

</TABLE>
                                      -8-


<page>

                                  EXHIBIT 99.2
                Annual Independent Accountant's Servicing Report
                            with Management Assertion
                                ----------------



Ernst & Young LLP                    Ernst & Young LLP     Phone: (214) 969-8000
                                     Suite 1500            Fax:   (214) 969-8587
                                     2100 Ross Avenue      Telex: 6710375
                                     Dallas, Texas


                 Report on Management's Assertion on Compliance
               With Minimum Servicing Standards Set Forth in the
            Uniform Single Attestation Program for Mortgage Bankers

                       Report of Independent Accountants

The Members of Centex Home Equity Company, LLC
and Subsidiaries and CTX Mortgage Funding, LLC

We have examined  management's  assertion,  included in the accompanying  report
titled  Report  of  Management,   that  Centex  Home  Equity  Company,  LLC  and
Subsidiaries  and  CTX  Mortgage  Funding,  LLC  (collectively,  the  Companies)
complied with the minimum  servicing  standards as stated in Attachment A, which
were derived from the Mortgage Bankers  Association of America's  Uniform Single
Attestation  Program for Mortgage  Bankers (USAP) during the twelve month period
ended December 31, 2005. Management is responsible for the Companies' compliance
with  those  requirements.  Our  responsibility  is to  express  an  opinion  on
management's   assertions   about  the  Companies'   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 the Companies'  compliance
with those  requirements  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 Companies' compliance with specified requirements.

In our opinion,  management's  assertion  that the  Companies  complied with the
aforementioned  requirements  during the twelve month period ended  December 31,
2005 is fairly stated, in all material respects.



/s/ Ernst & Young LLP
---------------------
March 10, 2006


CENTEX HOME EQUITY


           Management's Assertion on Compliance with Minimum Servicing
   Standards Set Forth in the Uniform Single Attestation Program for Mortgage
                                    Bankers


                              Report of Management


We, as members of management of Centex Home Equity Company, LLC and Subsidiaries
and CTX Mortgage Funding, LLC (collectively, the Companies), are responsible for
complying  with the minimum  servicing  standards in  Attachment A ("the minimum
servicing  standards")  as set  forth in the  Mortgage  Bankers  Association  of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP). We are
also  responsible for establishing  and maintaining  effective  internal control
over  compliance  with these  standards.  We have performed an evaluation of the
Companies'  compliance with the minimum servicing  standards as set forth in the
USAP as of December 31, 2005 and for the twelve  month period then ended.  Based
on this evaluation, we assert that during the twelve month period ended December
31, 2005, the Companies  complied,  in all material  respects,  with the minimum
servicing standards set forth in the USAP.

As of and for this same  period,  the  Companies  had in effect a fidelity  bond
(crime) policy in the amount of  $25,000,000 and an errors  and omissions policy
in the amount of $6,000,000.


                        By: /s/  Jay Bray
                            ------------------------
                            Jay Bray
                            Executive Vice President - Chief Financial Officer

                        By: /s/  Jerry Berrens
                            ------------------------
                            Jerry Berrens
                            Vice President - Controller




March 10, 2006

                                      -9-

<page>

                                  EXHIBIT 99.3
                        Annual Statement as to Compliance
                                ----------------


                        ANNUAL STATEMENT AS TO COMPLIANCE


     As of and for the  calendar  year ended  December  31,  2005,  pursuant  to
Section 8.16 of the Pooling and Servicing  Agreement,  the undersigned on behalf
of Centex Home Equity  Company,  LLC has performed the reviews of the activities
of the Servicer  during such calendar year and of performance  under the Pooling
and  Servicing  Agreement,  for Centex Home Equity  Loan Trust  2005-B  under my
supervision.

     To the  best of my  knowledge,  based  on such  review,  the  Servicer  has
fulfilled  all  obligations  under the Pooling and  Servicing  Agreement for the
calendar  year above referenced.

                                            By: /s/ Robert Frye
                                                -----------------------
                                                Robert Frye
                                                Executive Vice President

                                      -10-