10-K/A

                     SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C.  20549


                                   FORM 10-K/A
                                   Amendment 1

(Mark One)

/ x / ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
      THE SECURITIES EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 1998 or

/   / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934


      Commission File No.:   333-49015-04

               Irwin Revolving Home Equity Loan Trust
              Home Eq. Loan-Bckd Term & Var Fund Notes
                           Series  1998-1
        (Exact name of registrant as specified in its charter)



New York                          Pending
(State or other jurisdiction     (I.R.S. Employer
 of incorporation or              Identification  No.)
 organization)

c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland                            21044
(Address of principal executive offices)     (ZIP Code)


Registrant's telephone number, including area code:
     (410) 884-2000

Securities to be registered pursuant to Section 12(b)
of the Act:

     NONE

Securities to be registered pursuant to Section 12(g)
of the Act:

     NONE

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 ___


This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the  "Original  Form 10-K") filed on March 25, 1999,  on behalf of
Irwin Revolving Home Equity Loan Trust Home Eq.  Loan-Bckd Term & Var Fund Notes
Series  1998-1  established  pursuant  to  a  Indenture  Agreement  among  Irwin
Revolving Home Equity Loan Trust 1998-1 as Issuer,  and Norwest Bank  Minnesota,
National  Association,  as  Indenture  Trustee,  pursuant  to  which  the  Irwin
Revolving Home Equity Loan Trust Home Eq. Loan-Bckd Term & Var Fund Notes Series
1998-1  registered  under the Securities Act of 1933 (the  "Certificates")  were
issued.

Item 14 of the Original Form 10-K is amended to read in its entirety as follows:


Item 14.  Exhibits, Financial Statement Schedules, and Reports
          on Form 8-K.

          (a) Exhibits

              (99.1) Annual Independent Accountants' Servicing
                     Reports concerning servicing activities for
                     the year ended December 31, 1998.

                     a)   Irwin 


              (99.2) Report of Management as to Compliance with
                     Minimum Servicing Standards for the year
                     ended December 31, 1998.

                     a)   Irwin 

              (99.3) Annual Statements of Compliance under the
                     Pooling and Servicing Agreements for the
                     year ended December 31, 1998.

                     a)   Irwin 


              (99.4) Aggregate Statement of Principal and
                     Interest Distributions to Certificate
                     Holders. 

            (b)  On  November 04, 1998, December 08, 1998, and December 31, 1998
                 reports on Form 8-K were filed  by the Company in order to
                 provide the statements for the monthly distributions to
                 holders of the Certificates.  No other reports on
                 Form 8-K have been filed during the last quarter
                 of the period covered by this report.

            (c)  Not applicable.

            (d)  Omitted.

  Filed herewith.
  Previously filed.

                           SIGNATURES

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:

Irwin Revolving Home Equity Loan Trust
Home Eq. Loan-Bckd Term & Var Fund Notes
Series  1998-1  Trust

Signed:   Norwest Bank Minnesota, N.A., as Indenture Trustee

By:   Sherri J. Sharps, Vice president
By:  /s/  Sherri J. Sharps, Vice president

Dated:  December 15, 1999


Exhibit Index

Exhibit No. 1

99.1      Annual Independent Accountants' Servicing Reports concerning servicing
          activities for the year ended December 31, 1998.

                     a)   Irwin 

99.2      Report of Management as to Compliance with Minimum Servicing Standards
          for the year ended December 31, 1998.

                     a)   Irwin 

99.3      Annual Statements of Compliance under the Pooling and Servicing
          Agreements for the year ended December 31, 1998.

                     a)   Irwin 

99.4      Aggregate Statement of Principal and Interest Distributions to
          Certificate Holders.


  Filed herewith.
  Previously filed.

EX-99.1(A)

(logo)
March 24, 1999
Report of Independent Accountants

PricewaterhouseCoopers LLP
Suite 1300
650 Third Ave. S.
Minneapolis MN 55402
Telephone (612) 370-9300
Facsimile (612) 373 7178
Direct phone 612.596.6401
Direct fax 612.373.7161

To the Board of Directors of Irwin Home Equity

We  have  examined   management's   assertion   about  Irwin  Home  Equity's  (a
majority-owned  subsidiary of Irwin Financial Corporation),  compliance with the
applicable  minimum  servicing  standards  identified  in the Mortgage  Banker's
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP)  as of  and  for  the  year  ended  December  31,  1998  included  in the
accompanying  management  assertion.  Management is  responsible  for Irwin Home
Equity's compliance with those minimum servicing  standards.  Our responsibility
is to express an opinion on  management's  assertion  about Irwin Home  Equity's
compliance based on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about Irwin Home Equity'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 Irwin Home Equity's compliance with the minimum servicing
standards.

In our opinion,  management's assertion that Irwin Home Equity complied with thc
aforementioned minimum servicing standards as of and for the year ended December
31, 1998 is fairly stated, in all material respects.

PricewaterhouseCoopers LLP

EX-99.2(A)

            Management's Assertion Regarding Compliance With Minimum
                              Servicing Standards

As of and for the year ended  December 31, 1998,  Irwin Home Equity,  a majority
owned  subsidiary of Irwin Financial  Corporation,  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. As of and for this same period, the parent corporation, Irwin Financial
Corporation,  had in effect a fidelity bond and errors and  omissions  policy in
the amount of $18,000,000.


Edwin Corbin
Vice President - Finance


Elena Delgado
President

EX-99.3(A)

                  OFFICER'S CERTIFICATE OF THE SERVICER
                  RE: ANNUAL STATEMENT AS TO COMPLIANCE

The  undersigned,  each a duly authorized  representative  of Irwin Union Bank
 and Trust Company as Master Servicer  ("Master  Servicer")  pursuant to the
Sale and Servicing  Agreement dated as of May 31, 1998, by and among Bear
Stearms Asset Backed Securities,  Inc., as Depositor,  Irwin Funding Corp.,
as Seller, Irwin Union Bank and Trust Company,  as Master Servicer,  The Irwin
Revolving Home Equity Loan Trust 1998-1, as Issuer, and Norwest Bank Minnesota,
National Association,  as Indenture Trustee (as such agreement may be
amended,  supplemented or other wise modified from time to time, the "Sale and
Servicing  Agreement"), do hereby certify as follows:

A.
Capitalized  terms used in this Certificate have their respective  meanings set
forth in the Sale and Servicing  Agreement.  References  herein to certain
Sections and subsections are references to the respective Sections and
subsections of the Sale and Servicing Agreement.

B.
This Certificate is being delivered pursuant to Section 3.14 of the Sale and
Servicing Agreement.

C.
The Master Servicer is the Master Servicer under the Sale and Servicing
Agreement.

D.
The undersigned are duly authorized Officers of the Master Servicer.

E.
A  review  of  the  activities  of  the  Master  Servicer  during  the  1998
fiscal  year  and of its performance under the Servicing Agreement has been made
under our supervision.

F.
To the best of our knowledge,  based on the above-mentioned  review, the Master
Servicer has fulfilled all of their  obligations  under the Sale and Servicing
Agreement and any applicable  Supplements  throughout the 1998 fiscal year.

IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed and
delivered on its behalf by its duly authorized officers on this 28th day of
May, 1999.

IRWIN UNION BANK AND TRUST COMPANY

Attest:

Fern P. Prosnitz
Assistant Secretary

By:
Elena Delgado
Senior Vice President
Home Equity Lending