<PAGE> 1
NOVASTAR MORTGAGE FUNDING TRUST
NovaStar Home Equity Loan Asset-Backed Notes
Series 2000-1
STATEMENT TO BONDHOLDER
<TABLE>
<CAPTION>
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DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 216,200,000.00 204,917,972.43 1,189,804.98 2,634,453.30 3,824,258.28 0.00 0.00 202,283,519.13
M-1 4,600,000.00 4,600,000.00 27,858.75 0.00 27,858.75 0.00 0.00 4,600,000.00
M-2 2,760,000.00 2,760,000.00 18,210.25 0.00 18,210.25 0.00 0.00 2,760,000.00
M-3 2,760,000.00 2,760,000.00 21,430.25 0.00 21,430.25 0.00 0.00 2,760,000.00
A-IO 229,958,462.70 218,717,972.50 369,230.76 0.00 369,230.76 0.00 0.00 216,083,519.20
O 3,680,000.00 3,680,000.00 0.00 0.00 0.00 0.00 0.00 3,680,000.00
P 100.00 100.00 44,268.20 0.00 44,268.20 0.00 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 459,958,562.70 215,037,972.43 1,670,803.19 2,634,453.30 4,305,256.49 0.00 0.00 212,403,519.13
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</TABLE>
<TABLE>
<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 66987WAG2 947.816709 5.503261 12.185260 17.688521 935.631448 6.967500% 6.997500%
M-1 66987WAH0 1,000.000000 6.056250 0.000000 6.056250 1,000.000000 7.267500% 7.297500%
M-2 66987WAJ6 1,000.000000 6.597917 0.000000 6.597917 1,000.000000 7.917500% 7.947500%
M-3 66987WAK3 1,000.000000 7.764583 0.000000 7.764583 1,000.000000 9.317500% 9.347500%
A-IO 66987WAL1 951.119476 1.605641 0.000000 1.605641 939.663262 2.025791% -
O N/A 1,000.000000 0.000000 0.000000 0.000000 1,000.000000 0.000000% -
P N/A - - - - - - -
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Seller: NovaStar Financial, Inc.
Servicer: NovaStar Mortgage Corporation
Record Date: November 30, 2000
Distribution Date: December 26, 2000
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Page 1 of 2
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<PAGE> 2
NOVASTAR MORTGAGE FUNDING TRUST
NovaStar Home Equity Loan Asset-Backed Notes
Series 2000-1
STATEMENT TO BONDHOLDER
<TABLE>
<S> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------------
Distribution Date: December 26, 2000
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AGGREGATE COLLECTIONS FROM THE MORTGAGE LOANS
-------------------------------------------------------------------------------------------
Available Funds 4,307,534.80
Total Servicer Advances 0.00
Total Compensating Interest 0.00
-------------------------------------------------------------------------------------------
AGGREGATE BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOANS 218,717,972.50
AGGREGATE ENDING PRINCIPAL BALANCE OF MORTGAGE LOANS 216,083,519.20
AVAILABLE FUNDS CAP CARRYFORWARD AMOUNT 0.00
CREDIT ENHANCEMENT PERCENTAGE 6.38642%
CUMULATIVE REALIZED LOSSES 0.00
CURRENT REALIZED LOSSES 0.00
LOAN COUNT 2,003
PREPAYMENT INTEREST SHORTFALLS 0.00
PRINCIPAL PREPAYMENTS 2,506,133.60
REQUIRED SUBORDINATION 3,680,000.00
SUBORDINATION AMOUNT 3,679,999.96
SUBORDINATION DECREASE 0.00
SUBORDINATION INCREASE 0.04
SUPPLEMENTAL INTEREST PAYMENT 0.00
UNPAID INTEREST SHORTFALL AMOUNT 0.00
WEIGHTED AVERAGE MORTGAGE RATE 9.71455%
60-DAY DELINQUENCY PERCENTAGE 2.68721%
90-DAY DELINQUENCY PERCENTAGE 1.83506%
ROLLING 60-DAY DELINQUENCY PERCENTAGE 2.10699%
ROLLING 90-DAY DELINQUENCY PERCENTAGE 1.55761%
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DELINQUENCY REO
INFORMATION 30-59 DAYS 60-89 DAYS 90 + DAYS FORECLOSURE PROPERTY
-----------------------------------------------------------------------------------------------------------
DELINQUENT BALANCE 4,043,447.15 1,841,363.27 459,596.40 2,267,180.01 1,238,477.57
NUMBER OF LOANS 33 16 5 20 11
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SUBSEQUENT CURRENT
MORTGAGE LOANS PERIOD
-----------------------------------------
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
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Page 2 of 2
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