New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

External Parties

Table of Contents

Page

Seller

New Century Credit Corp.

1. Certificate Payment Report

2. Collection Account Report

Servicer(s)

3. Credit Enhancement Report

New Century Mortgage Corporation

4. Collateral Report

5. Delinquency Report

Underwriter(s)

6. REO Report

Goldman Sachs & Co.

7. Foreclosure Report

8. Prepayment Report

Swap Counterparty

9. Prepayment Detail Report

Bear Stearns Fin. Products.Inc

10. Realized Loss Report

11. Realized Loss Detail Report

12. Triggers and Adj. Cert. Report

13. Additional Certificate Report

Total Number of Pages

Dates

Contacts

Cut-Off Date:

February 01, 2006

Radha Nilakantan

Close Date:

February 27, 2006

Administrator

First Distribution Date:

March 27, 2006

(714) 247-6319

Radha.Nilakantan@db.com

Address:

Distribution Date:

May 25, 2006

1761 East St. Andrew Place, Santa Ana, CA 92705

Record Date:

April 28, 2006

Factor Information:

(800) 735-7777

May 24, 2006

Main Phone Number:

(714) 247-6000

Determination Date:

May 16, 2006

https://www.tss.db.com/invr

Page 1 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Certificate Payment Report
Current Period Distribution - REMIC I
				Prior						Current
	Class		Original	Principal			Total	Realized	Deferred	Principal

Class	Type	Cur	Face Value	Balance	Interest	Principal	Distribution	Loss	Interest	Balance

				(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

A-1	SR	$	90,000,000.00	87,755,491.33	375,109.39	1,940,134.32	2,315,243.71	0.00	0.00	85,815,357.01

A-2a	SR	$	77,281,000.00	74,527,686.16	314,219.90	2,379,941.21	2,694,161.11	0.00	0.00	72,147,744.95
A-2b	SR	$	33,121,000.00	33,121,000.00	142,403.19	0.00	142,403.19	0.00	0.00	33,121,000.00
M-1	MEZ, FLT	$	37,048,000.00	37,048,000.00	166,079.39	0.00	166,079.39	0.00	0.00	37,048,000.00
M-2	MEZ, FLT	$	22,510,000.00	22,510,000.00	104,284.70	0.00	104,284.70	0.00	0.00	22,510,000.00
M-3	MEZ, FLT	$	5,784,000.00	5,784,000.00	27,278.21	0.00	27,278.21	0.00	0.00	5,784,000.00
M-4	MEZ, FLT	$	6,253,000.00	6,253,000.00	32,460.26	0.00	32,460.26	0.00	0.00	6,253,000.00
M-5	MEZ, FLT	$	5,628,000.00	5,628,000.00	30,059.99	0.00	30,059.99	0.00	0.00	5,628,000.00
M-6	MEZ, FLT	$	4,220,000.00	4,220,000.00	26,232.15	0.00	26,232.15	0.00	0.00	4,220,000.00
M-7	MEZ	$	5,628,000.00	5,628,000.00	30,485.00	0.00	30,485.00	0.00	0.00	5,628,000.00
M-8	MEZ	$	4,064,000.00	4,064,000.00	22,013.33	0.00	22,013.33	0.00	0.00	4,064,000.00
TRUST	RES	$	0.00	0.00	1,487,700.64	0.00	1,487,700.64	0.00	0.00	0.00



Total			291,537,000.00	286,539,177.49	2,758,326.15	4,320,075.53	7,078,401.68	0.00	0.00	282,219,101.96





Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
						Orig. Principal	Prior				Current

	Period		Period			(with Notional)	Principal			Total	Principal
Class	Starting		Ending	Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance

						(1)	(1)	(2)	(3)	(4)=(2)+(3)	(5)

A-1	04/25/06		05/24/06	A-Act/360	64352VQC8	90,000,000.00	975.061015	4.167882	21.557048	25.724930	953.503967

A-2a	04/25/06		05/24/06	A-Act/360	64352VQM6	77,281,000.00	964.372694	4.065940	30.795942	34.861882	933.576752
A-2b	04/25/06		05/24/06	A-Act/360	64352VQN4	33,121,000.00	1,000.000000	4.299483	0.000000	4.299483	1,000.000000
M-1	04/25/06		05/24/06	A-Act/360	64352VQD6	37,048,000.00	1,000.000000	4.482817	0.000000	4.482817	1,000.000000
M-2	04/25/06		05/24/06	A-Act/360	64352VQE4	22,510,000.00	1,000.000000	4.632817	0.000000	4.632817	1,000.000000
M-3	04/25/06		05/24/06	A-Act/360	64352VQF1	5,784,000.00	1,000.000000	4.716150	0.000000	4.716150	1,000.000000
M-4	04/25/06		05/24/06	A-Act/360	64352VQG9	6,253,000.00	1,000.000000	5.191150	0.000000	5.191150	1,000.000000
M-5	04/25/06		05/24/06	A-Act/360	64352VQH7	5,628,000.00	1,000.000000	5.341150	0.000000	5.341150	1,000.000000
M-6	04/25/06		05/24/06	A-Act/360	64352VQJ3	4,220,000.00	1,000.000000	6.216149	0.000000	6.216149	1,000.000000
M-7	04/01/06		04/30/06	F-30/360	64352VQK0	5,628,000.00	1,000.000000	5.416667	0.000000	5.416667	1,000.000000
M-8	04/01/06		04/30/06	F-30/360	64352VQL8	4,064,000.00	1,000.000000	5.416666	0.000000	5.416666	1,000.000000
TRUST	04/01/06		04/30/06	A-30/360	NC06S1101	0.00	0.000000	0.000000	0.000000	0.000000	0.000000





Page 2 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates

May 25, 2006 Distribution


Distribution to Date - REMIC I
									Current


	Original		Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal

Class	Face Value	Interest	Principal	Principal	Principal	Distribution	Loss	Interest	Balance
	(1)	(2)	(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	90,000,000.00	1,065,413.35	4,026,840.68	157,802.31	4,184,642.99	5,250,056.34	0.00	0.00	85,815,357.01
A-2a	77,281,000.00	897,042.32	4,939,680.70	193,574.35	5,133,255.05	6,030,297.37	0.00	0.00	72,147,744.95
A-2b	33,121,000.00	399,443.69	0.00	0.00	0.00	399,443.69	0.00	0.00	33,121,000.00
M-1	37,048,000.00	466,501.02	0.00	0.00	0.00	466,501.02	0.00	0.00	37,048,000.00
M-2	22,510,000.00	293,233.27	0.00	0.00	0.00	293,233.27	0.00	0.00	22,510,000.00
M-3	5,784,000.00	76,744.81	0.00	0.00	0.00	76,744.81	0.00	0.00	5,784,000.00
M-4	6,253,000.00	91,581.23	0.00	0.00	0.00	91,581.23	0.00	0.00	6,253,000.00
M-5	5,628,000.00	84,875.68	0.00	0.00	0.00	84,875.68	0.00	0.00	5,628,000.00
M-6	4,220,000.00	74,349.93	0.00	0.00	0.00	74,349.93	0.00	0.00	4,220,000.00
M-7	5,628,000.00	91,455.00	0.00	0.00	0.00	91,455.00	0.00	0.00	5,628,000.00
M-8	4,064,000.00	66,039.99	0.00	0.00	0.00	66,039.99	0.00	0.00	4,064,000.00
TRUST	0.00	4,521,072.70	0.00	0.00	0.00	4,521,072.70	0.00	0.00	0.00



Total	291,537,000.00	8,127,752.99	8,966,521.38	351,376.66	9,317,898.04	17,445,651.03	0.00	0.00	282,219,101.96


Interest Detail - REMIC I
	Pass	Prior Principal		Non-	Prior	Unscheduled		Paid or	Current


	Through	(with Notional)	Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid

Class	Rate	Balance	Interest	Interest SF	Interest	Adjustment	Interest	Interest	Interest
			(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	5.12938%	87,755,491.33	375,109.39	0.00	0.00	0.00	375,109.39	375,109.39	0.00
A-2a	5.05938%	74,527,686.16	314,219.90	0.00	0.00	0.00	314,219.90	314,219.90	0.00
A-2b	5.15938%	33,121,000.00	142,403.19	0.00	0.00	0.00	142,403.19	142,403.19	0.00
M-1	5.37938%	37,048,000.00	166,079.39	0.00	0.00	0.00	166,079.39	166,079.39	0.00
M-2	5.55938%	22,510,000.00	104,284.70	0.00	0.00	0.00	104,284.70	104,284.70	0.00
M-3	5.65938%	5,784,000.00	27,278.21	0.00	0.00	0.00	27,278.21	27,278.21	0.00
M-4	6.22938%	6,253,000.00	32,460.26	0.00	0.00	0.00	32,460.26	32,460.26	0.00
M-5	6.40938%	5,628,000.00	30,059.99	0.00	0.00	0.00	30,059.99	30,059.99	0.00
M-6	7.45938%	4,220,000.00	26,232.15	0.00	0.00	0.00	26,232.15	26,232.15	0.00
M-7	6.50000%	5,628,000.00	30,485.00	0.00	0.00	0.00	30,485.00	30,485.00	0.00
M-8	6.50000%	4,064,000.00	22,013.33	0.00	0.00	0.00	22,013.33	22,013.33	0.00
TRUST	0.00000%	0.00	0.00	0.00	0.00	0.00	0.00	1,487,700.64	0.00



Total		286,539,177.49	1,270,625.51	0.00	0.00	0.00	1,270,625.51	2,758,326.15	0.00



Page 3 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Collection Account Report

SUMMARY

Total

Principal Collections

4,320,075.53

Principal Withdrawals

0.00

Principal Other Accounts

0.00

TOTAL NET PRINCIPAL

4,320,075.53

Interest Collections

2,742,506.78

Interest Withdrawals

-0.00

Interest Fees

-20,094.02

Interest Other Accounts

35,913.39

TOTAL NET INTEREST

2,758,326.15

TOTAL AVAILABLE FUNDS FOR DISTRIBUTION

7,078,401.68

PRINCIPAL - COLLECTIONS

Total

Scheduled Principal Received

117,139.13

Curtailments

15,073.74

Prepayments In Full

4,187,862.66

Repurchased/Substitutions

0.00

Liquidations

0.00

Insurance Principal

0.00

Other Additional Principal

0.00

Delinquent Principal

-101,238.27

Realized Losses

-0.00

Advanced Principal

101,238.27

TOTAL PRINCIPAL COLLECTED

4,320,075.53

PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK

PRINCIPAL - OTHER ACCOUNTS

Total

TOTAL PRINCIPAL OTHER ACCOUNTS

0.00

Page 4 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
May 25, 2006 Distribution


INTEREST - COLLECTIONS

														Total
Scheduled Interest														2,852,853.15
Repurchased/Substitution Interest														0.00
Liquidation Interest														0.00
Insurance Interest														0.00
Other Additional Interest														0.00
Prepayment Interest Shortfalls														-21,348.86
Delinquent Interest														-2,461,948.03
Compensating Interest														21,348.86
Civil Relief Act Shortfalls														-0.00
Interest Realized Loss														0.00
Interest Advanced														2,351,601.66
TOTAL INTEREST COLLECTED														2,742,506.78




INTEREST - WITHDRAWALS

														Total
Non Recoverable Advances														0.00
Extraordinary Trust Fund Expenses														0.00
TOTAL INTEREST WITHDRAWALS														0.00




INTEREST - OTHER ACCOUNTS

														Total
Prepayment Charges														45,919.59

Net Swap Payment														(10,006.20)
. a) Floating Amount														1,221,677.23
. b) Fixed Amount														1,231,683.43
Swap Termination Payment														0.00
TOTAL INTEREST OTHER ACCOUNTS														35,913.39




INTEREST - FEES

														Total
Current Servicing Fees														17,837.98
Trustee Fees														2,256.04
Owner Trustee Fee														0.00
TOTAL INTEREST FEES														20,094.02



Page 5 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Credit Enhancement Report

ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK

INSURANCE

SPACE INTENTIONALLY LEFT BLANK

STRUCTURAL FEATURES

Total

Overcollateralization Target Amount

21,103,259.99

Overcollateralized Amount (Begining)

21,103,259.99

Overcollateralization Deficiency Amount

0.00

Overcollateralization Release Amount

0.00

Overcollateralized Amount - Ending

21,103,259.99

Overcollateralization Deficiency(Ending)

0.00

Overcollateralization Excess Amount

0.00

Net Monthly Excess Cashflow

1,487,700.64

Page 6 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Collateral Report

COLLATERAL

Total

Loan Count:

Original

5,213

Prior

5,147

Prefunding

Scheduled Paid Offs

-0

Full Voluntary Prepayments

-57

Repurchases

-0

Liquidations

-0

Current

5,090

Principal Balance:

Original

312,640,888.74

Prior

307,642,437.48

Prefunding

0.00

Scheduled Principal

-117,139.13

Partial Prepayments

-15,073.74

Full Voluntary Prepayments

-4,187,862.66

Repurchases

-0.00

Liquidations

-0.00

Current

303,322,361.95

PREFUNDING

SPACE INTENTIONALLY LEFT BLANK

Page 7 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
May 25, 2006 Distribution


CHARACTERISTICS
CHARACTERISTICS

														Total
Weighted Average Coupon Original														11.13579%
Weighted Average Coupon Prior														11.13154%
Weighted Average Coupon Current														11.12793%
Weighted Average Months to Maturity Original														356
Weighted Average Months to Maturity Prior														354
Weighted Average Months to Maturity Current														353
Weighted Avg Remaining Amortization Term Original														356
Weighted Avg Remaining Amortization Term Prior														354
Weighted Avg Remaining Amortization Term Current														353
Weighted Average Seasoning Original														2.37
Weighted Average Seasoning Prior														3.37
Weighted Average Seasoning Current														4.37

Page 8 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
May 25, 2006 Distribution


ARM CHARACTERISTICS
ARM CHARACTERISTICS

				Total
	Weighted Average Margin Original			0.00000%
	Weighted Average Margin Prior			0.00000%
	Weighted Average Margin Current			0.00000%
	Weighted Average Max Rate Original			0.00000%
	Weighted Average Max Rate Prior			0.00000%
	Weighted Average Max Rate Current			0.00000%
	Weighted Average Min Rate Original			0.00000%
	Weighted Average Min Rate Prior			0.00000%
	Weighted Average Min Rate Current			0.00000%
	Weighted Average Cap Up Original			0.00000%
	Weighted Average Cap Up Prior			0.00000%
	Weighted Average Cap Up Current			0.00000%
	Weighted Average Cap Down Original			0.00000%
	Weighted Average Cap Down Prior			0.00000%
	Weighted Average Cap Down Current			0.00000%




SERVICING FEES & ADVANCES
SERVICING FEES & ADVANCES

				Total




Current Servicing Fees			17,837.98
Delinquent Servicing Fees			110,346.37
TOTAL SERVICING FEES			128,184.36


Total Servicing Fees			128,184.36
Compensating Interest			-21,348.86
Delinquent Servicing Fees			-110,346.37
COLLECTED SERVICING FEES			-3,510.87


Total Advanced Interest			2,351,601.66
Total Advanced Principal			101,238.27






ADDITIONAL COLLATERAL INFORMATION
ADDITIONAL COLLATERAL INFORMATION
					Total
		Prepayment Interest Shortfall (PPIS)			21,348.86
		Compensating Interest			(21,348.86)
		Net Prepayment Interest Shortfall (PPIS)			0.00


		Ending Pool Stated Principal Balance			303,322,361.95





Page 9 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Delinquency Report

	TOTAL
			< 1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
	DELINQUENT	Balance		4,826,094.31	3,514,231.19	1,761,460.70	10,101,786.20
		% Balance		1.59%	1.16%	0.58%	3.33%
		# Loans		68	43	26	137
		% # Loans		1.34%	0.84%	0.51%	2.69%
	FORECLOSURE	Balance	0.00	0.00	0.00	0.00	0.00
		% Balance	0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans	0	0	0	0	0
		% # Loans	0.00%	0.00%	0.00%	0.00%	0.00%
	BANKRUPTCY	Balance	34,506.68	0.00	0.00	0.00	34,506.68
		% Balance	0.01%	0.00%	0.00%	0.00%	0.01%
		# Loans	1	0	0	0	1
		% # Loans	0.02%	0.00%	0.00%	0.00%	0.02%
	REO	Balance	0.00	0.00	0.00	0.00	0.00
		% Balance	0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans	0	0	0	0	0
		% # Loans	0.00%	0.00%	0.00%	0.00%	0.00%
	TOTAL	Balance	34,506.68	4,826,094.31	3,514,231.19	1,761,460.70	10,136,292.88
		% Balance	0.01%	1.59%	1.16%	0.58%	3.34%
		# Loans	1	68	43	26	138
		% # Loans	0.02%	1.34%	0.84%	0.51%	2.71%

Page 10 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
May 25, 2006 Distribution


ADDITIONAL DELINQUENCY REPORTING


	# of Accounts		Principal Balance	% of Total

30-59 Days Delinquent		68	$4,826,094.31		1.59%

60-89 Days Delinquent		43	$3,514,231.19		1.16%

90 or more Days Delinquent		26	$1,761,460.70		0.58%

Aggregate		137	$10,101,786.20		3.33%

The above statistics include Mortgage Loans in foreclosure but exclude REO properties


	# of Accounts		Principal Balance	% of Total

Loans in foreclosure proceedings	0		$0.00		0.00%

Loans in bankruptcy proceedings		1	$34,506.68		0.01%

REO Properties	0		$0.00		0.00%


Delinquency

Category	Loan Count		Stated Balance	% of Total

0	4,953		$293,220,575.75		96.67%

30	68		$4,826,094.31		1.59%

60	43		$3,514,231.19		1.16%

90	26
90	26		$1,761,460.70		0.58%

FC	0		$0.00		0.00%

REO	0		$0.00		0.00%

Total	5,090		$303,322,361.95		100.00%

*The above amounts include Bankruptcies. Total Bankruptcies for the period were:

BK		1	$34,506.68		0.01%



Page 11 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

REO Report

Loan Number

Original

Stated

Current

State &

First

Principal

Paid to

Note

LTV at

Original

Payment

Loan Group

Balance

Date

Rate

Origination

Term

Date

Page 12 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Foreclosure Report

Loan Number

Original

Stated

Current

State &

First

Principal

Paid to

Note

LTV at

Original

Payment

Loan Group

Balance

Date

Rate

Origination

Term

Date

Page 13 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Prepayment Report

VOLUNTARY PREPAYMENTS

Total

Current

Number of Paid in Full Loans

Number of Repurchased Loans

Total Number of Loans Prepaid in Full

Curtailments Amount

15,073.74

Paid in Full Balance

4,187,862.66

Repurchased Loans Balance

0.00

Total Prepayment Amount

4,202,936.40

Cumulative

Number of Paid in Full Loans

120

Number of Repurchased Loans

Total Number of Loans Prepaid in Full

123

Paid in Full Balance

8,595,412.89

Repurchased Loans Balance

296,271.42

Curtailments Amount

75,465.82

Total Prepayment Amount

8,967,150.13

Page 14 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
May 25, 2006 Distribution


VOLUNTARY PREPAYMENTS RATES



		Total





SMM	1.37%
3 Months Avg SMM	0.97%
12 Months Avg SMM	0.97%
Avg SMM Since Cut-off	0.97%



CPR	15.22%
3 Months Avg CPR	11.00%
12 Months Avg CPR	11.00%
Avg CPR Since Cut-off	11.00%



PSA	1,742.42%
3 Months Avg PSA Approximation	1,631.44%
12 Months Avg PSA Approximation	1,631.44%
Avg PSA Since Cut-off Approximation	1,631.44%

Page 15 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidation Balance)/(Beg Principal Balance - Sched Principal)

Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)

PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))

Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)*(1-SMMn+1)*...*(1-SMMm)]^(1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))

Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)

Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.

Dates correspond to distribution dates.

Page 16 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Prepayment Detail Report

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution


Loan Number		Original			Current	State &		Type Prepayment		First

&	Loan	Principal	Prepayment	Prepayment		Note	LTV at		&		Payment
Loan Group	Status	Balance	Amount	Date		Rate	Origination		Original Term		Date

1003524895 1		73,600.00	73,518.17	11-Apr-2006		12.224%		CA - 100.00%		Paid Off - 360		01-Jan-2006

1003594783 1		67,000.00	66,871.26	12-Apr-2006		11.600%		NJ - 100.00%		Paid Off - 360		01-Nov-2005
1003634133 1		49,380.00	49,324.58	14-Apr-2006		12.250%		FL - 100.00%		Paid Off - 360		01-Jan-2006
1003748662 1		86,450.00	86,378.29	20-Apr-2006		12.200%		CA - 100.00%		Paid Off - 360		01-Feb-2006
1003792248 1		40,612.00	40,561.00	21-Apr-2006		11.650%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004087963 1		36,400.00	36,343.25	17-Apr-2006		11.700%		KS - 100.00%		Paid Off - 360		01-Dec-2005
1004097186 1		132,000.00	131,738.73	07-Apr-2006		10.600%		AZ - 100.00%		Paid Off - 360		01-Dec-2005
1004113006 1		51,000.00	50,695.32	28-Apr-2006		11.450%		NJ - 100.00%		Paid Off - 360		01-Jan-2006
1004131200 1		135,680.00	135,405.64	03-Apr-2006		10.500%		NY - 100.00%		Paid Off - 360		01-Dec-2005
1004143965 1		121,000.00	120,815.29	27-Apr-2006		10.750%		NJ - 100.00%		Paid Off - 360		01-Jan-2006
1004145133 1		40,064.00	40,018.48	06-Apr-2006		12.100%		FL - 100.00%		Paid Off - 360		01-Jan-2006
1004367722 1		150,253.00	149,994.97	13-Apr-2006		10.200%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004387390 1		80,000.00	79,888.03	10-Apr-2006		11.150%		NY - 100.00%		Paid Off - 360		01-Jan-2006
1004451042 1		83,028.00	82,935.68	19-Apr-2006		12.200%		FL - 95.00%		Paid Off - 360		01-Jan-2006
1004454325 1		56,600.00	56,486.63	17-Apr-2006		10.550%		NJ - 100.00%		Paid Off - 360		01-Dec-2005
1004539048 1		57,932.00	57,807.80	10-Apr-2006		11.300%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004577283 1		39,000.00	38,958.79	17-Apr-2006		11.100%		CO - 100.00%		Paid Off - 360		01-Feb-2006
1004673197 1		106,200.00	106,091.99	13-Apr-2006		12.600%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004730312 1		71,500.00	71,408.17	28-Apr-2006		11.700%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004737725 1		18,800.00	18,772.51	27-Apr-2006		10.950%		OR - 100.00%		Paid Off - 360		01-Jan-2006
1004781196 1		87,600.00	87,495.95	04-Apr-2006		11.900%		IL - 100.00%		Paid Off - 360		01-Jan-2006
1004821116 1		129,000.00	128,853.41	05-Apr-2006		12.100%		HI - 100.00%		Paid Off - 360		01-Jan-2006
1004829706 1		58,000.00	57,923.11	05-Apr-2006		11.400%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004836324 1		119,800.00	119,665.36	21-Apr-2006		12.150%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004839018 1		23,985.00	23,968.74	28-Apr-2006		14.400%		AZ - 95.00%		Paid Off - 360		01-Jan-2006
1004844510 1		52,400.00	52,334.24	12-Apr-2006		11.650%		IL - 100.00%		Paid Off - 360		01-Jan-2006
1004896679 1		99,000.00	98,894.74	05-Apr-2006		12.400%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1004934897 1		97,100.00	96,878.67	12-Apr-2006		9.891%		MN - 99.74%		Paid Off - 360		01-Jan-2006
1005006389 1		84,800.00	84,711.81	21-Apr-2006		12.500%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1005039148 1		18,000.00	17,985.06	13-Apr-2006		12.200%		WI - 100.00%		Paid Off - 360		01-Feb-2006
1005056119 1		98,000.00	97,800.92	11-Apr-2006		11.100%		NY - 100.00%		Paid Off - 360		01-Jan-2006
1005129238 1		116,000.00	115,868.17	24-Apr-2006		12.100%		CA - 100.00%		Paid Off - 360		01-Jan-2006
1005193649 1		140,551.00	140,431.80	03-Apr-2006		12.100%		CA - 100.00%		Paid Off - 360		01-Feb-2006
1005195326 1		82,000.00	81,915.22	25-Apr-2006		11.200%		FL - 100.00%		Paid Off - 360		01-Feb-2006
1005352860 1		61,980.00	61,781.04	24-Apr-2006		11.650%		NJ - 100.00%		Paid Off - 240		01-Feb-2006
1005353949 1		102,825.00	102,764.84	29-Apr-2006		13.750%		VA - 100.00%		Paid Off - 360		01-Feb-2006
1005357892 1		48,125.00	48,060.44	04-Apr-2006		9.990%		NV - 100.00%		Paid Off - 360		01-Feb-2006
1005363466 1		61,200.00	61,145.61	11-Apr-2006		10.000%		GA - 100.00%		Paid Off - 360		01-Mar-2006
1005403262 1		78,000.00	77,936.72	05-Apr-2006		12.300%		CA - 100.00%		Paid Off - 360		01-Feb-2006
1005465301 1		85,600.00	85,535.07	04-Apr-2006		12.600%		CA - 100.00%		Paid Off - 360		01-Feb-2006


Page 17 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates

May 25, 2006 Distribution


Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution


Loan Number		Original			Current	State &		Type Prepayment		First

&	Loan	Principal	Prepayment	Prepayment		Note	LTV at		&		Payment
Loan Group	Status	Balance	Amount	Date		Rate	Origination		Original Term		Date

1005467489 1		15,626.00	15,613.44	28-Apr-2006		12.350%		AZ - 95.00%		Paid Off - 360		01-Feb-2006

1005476683 1		17,700.00	17,682.67	24-Apr-2006		11.450%		GA - 100.00%		Paid Off - 360		01-Feb-2006
1005504705 1		40,000.00	39,970.29	05-Apr-2006		12.700%		IN - 100.00%		Paid Off - 360		01-Feb-2006
1005541292 1		66,000.00	65,923.97	10-Apr-2006		10.700%		FL - 100.00%		Paid Off - 360		01-Feb-2006
1005542521 1		49,500.00	49,460.29	05-Apr-2006		12.350%		FL - 100.00%		Paid Off - 360		01-Feb-2006
1005583335 1		48,872.00	48,834.05	10-Apr-2006		12.500%		AZ - 100.00%		Paid Off - 360		01-Feb-2006
1005595448 1		74,000.00	73,941.28	24-Apr-2006		12.400%		HI - 100.00%		Paid Off - 360		01-Feb-2006
1005619413 1		65,846.60	65,788.85	18-Apr-2006		11.950%		FL - 100.00%		Paid Off - 360		01-Feb-2006
1005678340 1		53,000.00	52,952.48	25-Apr-2006		11.850%		RI - 100.00%		Paid Off - 360		01-Feb-2006
1005681666 1		30,600.00	30,580.77	11-Apr-2006		11.600%		SC - 100.00%		Paid Off - 360		01-Mar-2006
1005742440 1		64,800.00	64,743.67	05-Apr-2006		11.990%		CA - 100.00%		Paid Off - 360		01-Feb-2006
1005767510 1		110,000.00	109,937.43	27-Apr-2006		12.050%		NJ - 100.00%		Paid Off - 360		01-Mar-2006
1005804819 1		46,139.00	46,089.07	03-Apr-2006		10.990%		AZ - 100.00%		Paid Off - 360		01-Feb-2006
1005836517 1		106,600.00	106,450.93	04-Apr-2006		9.800%		TX - 100.00%		Paid Off - 360		01-Feb-2006
1005848096 1		134,640.00	134,557.24	19-Apr-2006		11.700%		HI - 100.00%		Paid Off - 360		01-Mar-2006
1006010853 1		72,887.00	72,802.21	25-Apr-2006		11.300%		UT - 100.00%		Paid Off - 360		01-Mar-2006
1006043435 1		56,600.00	56,568.52	24-Apr-2006		12.150%		FL - 100.00%		Paid Off - 360		01-Mar-2006


TOTAL		4,193,275.60	4,187,862.66

Page 18 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Realized Loss Report

COLLATERAL REALIZED LOSSES

Total

Current

Subsequent Recoveries

0.00

Number of Loans Liquidated

Collateral Principal Realized Loss/(Gain) Amount

0.00

Collateral Interest Realized Loss/(Gain) Amount

0.00

Net Liquidation Proceeds

0.00

Cumulative

Number of Loans Liquidated

Collateral Realized Loss/(Gain) Amount

0.00

Net Liquidation Proceeds

0.00

Cumulative Subsequent Recoveries

0.00

Page 19 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
May 25, 2006 Distribution


DEFAULT SPEEDS

															Total



MDR															0.00%
3 Months Avg MDR															0.00%
12 Months Avg MDR															0.00%
Avg MDR Since Cut-off															0.00%


CDR															0.00%
3 Months Avg CDR															0.00%
12 Months Avg CDR															0.00%
Avg CDR Since Cut-off															0.00%


SDA															0.00%
3 Months Avg SDA Approximation															0.00%
12 Months Avg SDA Approximation															0.00%
Avg SDA Since Cut-off Approximation															0.00%


Loss Severity Approximation for Current Period															0.00%
3 Months Avg Loss Severity Approximation															0.00%
12 Months Avg Loss Severity Approximation															0.00%
Avg Loss Severity Approximation Since Cut-off															0.00%

Page 20 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY

Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)

Conditional Default Rate (CDR): 1-((1-MDR)^12)

SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))

Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)*(1-MDRn+1)*...*(1-MDRm)]^(1/months in period n,m)

Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

Average SDA Approximation over period between the nth month and mth month:

AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)

Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.

Dates correspond to distribution dates.

Page 21 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Realized Loss Detail Report

Loan Number

Current

State &

Prior

Realized

Cumulative

Loan

Note

LTV at

Original

Principal

Loss/(Gain)

Realized

Loan Group

Status

Rate

Origination

Term

Balance

Revision

Loss/(Gain)

TOTAL

Page 22 of 24

New Century Home Equity Loan Trust 2006-S1

Mortgage Pass-Through Certificates

May 25, 2006 Distribution

Triggers and Adj. Cert. Report

TRIGGER EVENTS

Total

Stepdown Date Occurred?

Credit Enhancement Percentage (For Stepdown Date)

37.0030%

Applicable % (On and After Stepdown Date)

71.8000%

Trigger Event In Effect?

Rolling 3-Mon. Delinquency Percentage

0.7949%

Prior Credit Enhancement Percentage

36.4833%

Applicable %

11.2500%

Applicable % of prior Credit Enhancement Percentage

4.1044%

Aggregate Amount of Realized Losses

0.00

Stated Principal Balance as of Cutoff Date

312,640,888.74

Realized Loss Percentage

0.0000%

Servicer Termination Test?

Swap Provider Trigger Event?

ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK

ADDITIONAL INFORMATION

Total

Current LIBOR Rate

4.959380%

Libor Rate Determination Date

04/21/2006

Next LIBOR Rate

5.081250%

Next Libor Rate Determination Date

05/23/2006

Significance Percentage

0.181040%

Page 23 of 24

New Century Home Equity Loan Trust 2006-S1



Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
May 25, 2006 Distribution

Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

		Next PTR	CarryOver Amts Unpaid	CarryOver Amts Paid
CLASS

	A-1	5.251%	0.00	0.00
		5.251%	0.00	0.00
	A-2a	5.181%	0.00	0.00
		5.181%	0.00	0.00
	A-2b	5.281%	0.00	0.00
		5.281%	0.00	0.00
	M-1	5.501%	0.00	0.00
		5.501%	0.00	0.00
	M-2	5.681%	0.00	0.00
		5.681%	0.00	0.00
	M-3	5.781%	0.00	0.00
		5.781%	0.00	0.00
	M-4	6.351%	0.00	0.00
		6.351%	0.00	0.00
	M-5	6.531%	0.00	0.00
		6.531%		0.00
	M-6	7.581%	0.00	0.00
		7.581%	0.00	0.00
	M-7	6.500%	0.00	0.00
		6.500%	0.00	0.00
	M-8	6.500%	0.00	0.00
		6.500%	0.00	0.00
	TRUST	0.000%	0.00	0.00
		0.000%	0.00	0.00






Page 24 of 24

New Century Home Equity Loan Trust 2006-S1 10-D