-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QJYWcgXDWhXQgPYLFS6mi92dTwBx/7Xv5skYWotngdG817ILvDi0sVBTPZJVFR2p OGdhZ770dQgyMoQ1c5yjwA== 0001056404-99-000533.txt : 19990927 0001056404-99-000533.hdr.sgml : 19990927 ACCESSION NUMBER: 0001056404-99-000533 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990915 ITEM INFORMATION: FILED AS OF DATE: 19990924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IRWIN HOME EQUITY TRUST ASSET BACKED CERTIFICATES SER 1999-1 CENTRAL INDEX KEY: 0001086292 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 522154825 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-02180-02 FILM NUMBER: 99716943 BUSINESS ADDRESS: STREET 1: 11000 BROKEN LAND PKWY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842000 MAIL ADDRESS: STREET 1: 11000 BROKEN LAND PKWY CITY: COLUMBIA STATE: MD ZIP: 21044 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 15, 1999 IRWIN HOME EQUITY TRUST Asset Backed Certificates, Series 1999-1 New York (governing law of 333-02180-02 52-2154825 Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction c/o Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway 21044 Columbia, Maryland (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On September 15, 1999 a distribution was made to holders of IRWIN HOME EQUITY TRUST, Asset Backed Certificates, Series 1999-1. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description Monthly report distributed to holders of EX-99.1 Irwin Home Equity Asset Backed Certificates, Series 1999-1, relating to the September 15, 1999 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IRWIN HOME EQUITY TRUST Asset Backed Certificates, Series 1999-1 By: Norwest Bank Minnesota, N.A., as Trustee By: /s/ Sherri J. Sharps, Vice President By: Sherri J. Sharps, Vice President Date: 09/20/1999 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Irwin Home Equity Asset Backed Certificates, Series 1999-1, relating to the September 15, 1999 distribution. EX-99.1 2
Irwin Home Equity Asset Backed Certificates Remittance Date: 09/15/1999 Series: 1999-1 Certificateholder Distribution Summary Beginning Ending Pass-Through Certificate Interest Principal Total Certificate Class Rate Balance Distribution Distribution Distribution Balance A-1 5.56875% $ 49,444,426.22 $ 229,453.04 $ 2,700,434.60 $ 2,929,887.65 $ 46,743,991.62 A-2 5.97000% 22.600.000.00 112,435.00 0.00 112,435.00 22,600,000.00 A-3 6.27000% 21,400,000.00 111,815.00 0.00 111,815.00 21,400,000.00 A-4 6.57000% 19,000,000.00 104,025.00 0.00 104,025.00 19,000,000.00 A-5 6.21000% 22,469,902.91 116,281.75 550,871.75 667,153.18 21,919,031.48 R na 0.00 39,788.43 0.00 39,788.43 na Totals $ 134,914,329.14 $ 713,798.22 $ 3,251,306.04 $ 3,965,104.25 $ 131,663,023.10 LIBOR 5.26875% Actual Number of Interest Accrual Days: 30
Certificateholder Distribution Summary Beginning Scheduled Unscheduled Net Total Ending Certificate Principal Principal Liquidation Principal Certificates Class Balance Distribution Distribution Proceeds Distribution Balance A-1 $49,444,426.22 $ 137,158.34 $ 2,563,276.26 $ 0.00 $ 2,700,434.60 $ 46,743,991.62 A-2 22,600,000.00 0.00 0.00 0.00 0.00 22,600,000.00 A-3 21,400,000.00 0.00 0.00 0.00 0.00 21,400,000.00 A-4 19,000,000.00 0.00 0.00 0.00 0.00 19,000,000.00 A-5 22,469,902.91 27,447.58 523,423.86 0.00 550,871.43 21,919,031.48 Total 134,914,329.14 $ 164,605.92 $ 3,086,700.12 $ 0.00 $ 3,251,306.04 $131,663,023.10
Certificateholder Distribution Factors Summary (Per $1,000 Original Principal Amount) Original Scheduled Unscheduled Ending Certificate Principal Principal Interest Total Certificate Class Balance Distribution Distribution Distribution Distribution Factor A-1 $ 62,000,000.00 $ 2.2122314 $ 41.3431655 $ 3.7008555 $ 47.2562523 $ 753.9353487 A-2 22,600,000.00 0.0000000 0.00 4.9750000 4.9750000 1,000.0000000 A-3 21,400,000.00 0.0000000 0.00 5.2250000 5.2250000 1,000.0000000 A-4 19,000,000.00 0.0000000 0.00 5.4750000 5.4750000 1,000.0000000 A-5 25,000,000.00 1.0979030 20.9369543 4.6512699 26.6861272 876.7612593 Total $150,000,000.00
GROUP I GROUP II TOTAL COLLECTIONS SUMMARY Principal Collections $ 2,386,151.82 $ 488,103.12 $ 2,874,254.94 Interest Collections 975,007.91 200,545.49 1,175,553.40 Prepayment Penalties Collected 33,018.39 6,770.04 39,788.43 Net REO Proceeds 0.00 0.00 0.00 Net Liquidation Proceeds 0.00 0.00 0.00 Loan Repurchase Price Amounts 0.00 0.00 0.00 Periodic Servicer Advance 129,480.80 31,012.36 160,493.16 Insured Payment 0.00 0.00 0.00 Subordination Deficit 0.00 0.00 0.00 Substitution Adjustments 0.00 0.00 0.00 less Previous Advance Reimbursement 135,269.81 33,062.48 168,332.29 less Servicing Fee 77,998.82 15,606.70 93,605.52 Master Servicer Remittance Amount 3,310,390.29 677,761.83 3,988,152.12 FEE SUMMARY Certificate Insurance Premium Amount 18,740.74 3,744.98 22,485.72 Trustee Fee 468.52 93.62 562.14 OVERCOLLATERALIZATION SUMMARY Overcollateralization Target Amount 4,375,000.00 875,000.00 5,250,000.00 Beginning Overcollateralization Amount 2,261,421.02 417,930.53 2,679,351.55 Beginning Overcollat. Deficiency Amount 2,113,578.98 457,069.47 2,570,648.45 Overcollateralization Increase Amount 314,282.78 62,768.31 377,051.10 Ending Overcollateralization Amount 2,575,703.80 480,698.84 3,056,402.65 Ending Overcollat. Deficiency Amount 1,799,296.20 394,301.16 2,193,597.35 CERTIFICATE DISTRIBUTIONS SUMMARY Class A Certificate Interest 557,728.04 116,281.75 674,009.79 Class A Certificate Principal 2,700,434.60 550,871.43 3,251,306.04 Class R Prepayment Penalty Amount 33,018.39 6,770.04 39,788.43 Class R Excess Interest Amount 0.00 0.00 0.00 Class R Distribution Amount 33,018.39 6,770.04 39,788.43 Liquidation Loan Losses 0.00 0.00 0.00 GROUP I GROUP II TOTAL POOL BALANCE SUMMARY Beginning Pool Balance $ 114,705,847.24 $ 22,887,833.44 $ 137,593,680.68 First Mortgages 48,253,147.83 9,527,842.10 57,780,989.93 Second Mortgages 66,452,699.41 13,359,991.34 79,812,690.75 Ending Pool Balance 112,319,695.42 22,399,730.32 134,719,425.74 First Mortgages 47,645,565.05 9,520,173.90 57,165,738.95 Second Mortgages 64,674,130.37 12,879,556.42 77,553,686.79 Beginning # of Loans 2,135 446 2,581 Ending # of Loans 2,084 435 2,519 Weighted Average Mortgage Interest Rate 10.407% 10.406% 10.407% Weighted Average Remaining Term 243.71 243.14 243.37 DELINQUENCY SUMMARY Delinquencies Based on Number of Loans (Does not include foreclosures) 30 Days 32 6 38 60 Days 5 0 5 90+ Days 0 0 0 Totals 37 6 43 Foreclosure 10 2 12 REO 0 0 0 % DELINQUENT BASED ON NUMBER OF LOANS (Does not include foreclosures) 30 Days 1.54% 1.38% 1.51% 60 Days 0.24% 0.00% 0.20% 90+ Days 0.00% 0.00% 0.00% Totals 1.78% 1.38% 1.71% Foreclosure 0.48% 0.46% 0.48% REO 0.00% 0.00% 0.00% DELINQUENCIES BASED ON PRINCIPAL BALANCE (Does not include foreclosures) 30 Days $ 2,141,131.05 $ 99,676.78 $ 2,240,807.83 60 Days 523,305.57 0.00 523,305.57 90+ Days 0.00 0.00 0.00 Totals 2,664,436.62 99,676.78 2,764,113.40 Foreclosure 321,463.02 50,824.42 372,287.44 REO 0.00 0.00 0.00 % DELINQUENT BASED ON PRINCIPAL BALANCE (Does not include foreclosures) 30 Days 1.91% 0.44% 1.66% 60 Days 0.47% 0.00% 0.39% 90+ Days 0.00% 0.00% 0.00% Totals 2.37% 0.44% 2.05% Foreclosure 0.29% 0.23% 0.28% REO 0.00% 0.00% 0.00% Book Value of REO Property $ 0.00 $ 0.00 0.00
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