-----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, OF5T+4Q1EZSE0RKebV/YAMt6aCLvCNkHxyAtHJvWq/sriU1AbRm2+JdYWM9cCmMZ XMRhSwZGpO3NROHhqzN2LA== 0001056404-02-001608.txt : 20021210 0001056404-02-001608.hdr.sgml : 20021210 20021210115818 ACCESSION NUMBER: 0001056404-02-001608 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021125 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAR STEARNS ASSET BACKED SEC IRWIN HM EQ LN TR 2002-1 CENTRAL INDEX KEY: 0001176329 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-56242-11 FILM NUMBER: 02853160 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 8-K 1 irw02001.txt NOVEMBER 8K 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): November 25, 2002 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Variable Funding Notes, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-11 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) 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 November 25, 2002 a distribution was made to holders of Irwin Home Equity Loan Trust 2002-1, Home Equity Loan-Backed Notes, Series 2002-1. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan- Backed Notes, Series 2002-1 relating to the November 25, 2002 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 Loan Trust 2002-1 Home Equity Loan-Backed Notes, Series 2002-1. By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 12/09/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2002-1, relating to the November 25, 2002 distribution.
Home Equity Loan-Backed Notes, Series 2002-1 Irwin Home Equity Loan Trust 2002-1 Master Servicer Certificate Payment Date: November 25, 2002 Certificate Summary Offered Note Distribution Summary Class of Beginning Note Interest Principal Aggregate Ending Note Notes Note Rate Balance Distribution Distribution Distribution Balance I A-1 2.10000% 117,697,632.14 212,836.55 3,525,934.25 3,738,770.80 114,171,697.89 I VFN 2.10000% - - - - - II A-1 2.12000% 215,374,744.52 393,178.56 7,087,702.47 7,480,881.03 208,287,042.05 II VFN 2.12000% - - - - - II A-IO (1) 10.00000% 31,204,000.00 260,033.33 NA 260,033.33 31,204,000.00 II M-1 2.7300% 24,964,000.00 58,686.20 - 58,686.20 24,964,000.00 II M-2 3.3300% 21,063,000.00 60,398.15 - 60,398.15 21,063,000.00 II B-1 4.0800% 26,524,000.00 93,187.65 - 93,187.65 26,524,000.00 Total 405,623,376.66 1,078,320.44 10,613,636.72 11,691,957.16 395,009,739.94 (1) Class A-IO Note Balance is Notional LIBOR 1.83000% Interest Period Begin 10/25/2002 Interest Period End 11/24/2002 Number of Interest Accrual Days: 31 Days in Collection Period: 31 Prepayment Beginning Penalty Excess Spread Release of Over Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 14,414,041.85 297,781.28 282,451.91 - 580,233.19 16,923,457.06 Noteholder Distribution Factors Summary (Per $1,000 Original Principal Amount) Original Note Interest Principal Aggregate Ending Note Class of Notes Balance Distribution Distribution Distribution Factor I A-1 127,109,000.00 1.67444123 27.73945393 29.41389516 898.21883494 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 1.68001333 30.28505583 31.96506916 889.99005290 II VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-IO 31,204,000.00 8.33333323 NA 8.33333323 NA II M-1 24,964,000.00 2.35083320 0.00000000 2.35083320 1,000.00000000 II M-2 21,063,000.00 2.86749988 0.00000000 2.86749988 1,000.00000000 II B-1 26,524,000.00 3.51333321 0.00000000 3.51333321 1,000.00000000 433,693,000.00
Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 4,791,638.28 4,791,638.28 Aggregate Collections (HELOC125s) 4,467,264.78 4,467,264.78 Aggregate Collections (HEL125s) 3,978,507.14 3,978,507.14 Total Aggregate Collections 4,791,638.28 8,445,771.92 13,237,410.20 Interest Collections (HELOCs) 901,498.47 901,498.47 Interest Collections (HELOC125s) 1,575,431.83 1,575,431.83 Interest Collections (HEL125s) 1,802,366.41 1,802,366.41 Total Interest Collections 901,498.47 3,377,798.24 4,279,296.71 Principal Collections (HELOCs) 3,890,139.81 3,890,139.81 Principal Collections (HELOC125s) 2,891,832.95 2,891,832.95 Principal Collections (HEL125s) 2,176,140.73 2,176,140.73 Total Principal Collections 3,890,139.81 5,067,973.68 8,958,113.49 Additional Balances Created 646,657.48 207,234.50 853,891.98 Additional Balances Purchased 646,657.48 207,234.50 853,891.98 Additional Balance Differential - - - Net Principal Collections 3,243,482.33 4,860,739.18 8,104,221.51 Principal Collections Distribution Amount 3,243,482.33 4,860,739.18 8,104,221.51 Prepayment Penalty Collections 102,353.89 195,427.39 297,781.28 Recoveries - 978.39 978.39 Mortgage Loans Repurchased - - - Insurance Proceeds - - - less Servicing Fee 101,831.47 259,867.41 361,698.88 Master Servicer Remittance 4,145,503.22 8,175,075.79 12,320,579.01 Payments in Order of Priority Group I Group II Total Prepayment Penalties due to Certificateholder 102,353.89 195,427.39 297,781.28 Premium due to Enhancer 21,680.25 21,680.25 Indenture Trustee Fee 246.37 628.71 875.08 Payment to Interest Rate Cap Counterparty 25,833.33 25,833.33 Class A Interest Distribution 212,836.55 653,211.89 866,048.44 II M-1 Interest Distribution 58,686.20 58,686.20 II M-2 Interest Distribution 60,398.15 60,398.15 II B-1 Interest Distribution 93,187.65 93,187.65 Class A Principal Collection Distribution 3,243,482.33 4,860,739.18 8,104,221.51 II M-1 Principal Collection Distribution - - II M-2 Principal Collection Distribution - - II B-1 Principal Collection Distribution - - Class A Liquidation Loss Distribution - - - II M-1 Liquidation Loss Distribution - - II M-2 Liquidation Loss Distribution - - II B-1 Liquidation Loss Distribution - - Class A Overcollateralization Increase 282,451.92 2,226,963.29 2,509,415.21 II M-1 Overcollateralization Increase - - II M-2 Overcollateralization Increase - - II B-1 Overcollateralization Increase - - Other Unpaid Enhancer Expenses - - - Other Unpaid Expenses - - - Certificateholder Distribution 282,451.91 - 282,451.91 Total Distributions 4,145,503.22 8,175,075.79 12,320,579.01 Excess Spread 564,903.83 2,226,963.29 2,791,867.12
Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 118,255,905.88 118,255,905.88 Beginning Pool Balance (HELOC125s) 155,896,066.47 155,896,066.47 Beginning Pool Balance (HEL125s) 145,885,446.16 145,885,446.16 Total Beginning Pool Balance 118,255,905.88 301,781,512.63 420,037,418.51 Ending Pool Balance (HELOCs) 115,012,423.55 115,012,423.55 Ending Pool Balance (HELOC125s) 153,211,468.02 153,211,468.02 Ending Pool Balance (HEL125s) 143,709,305.43 143,709,305.43 Total Ending Pool Balance 115,012,423.55 296,920,773.45 411,933,197.00 Beginning Loan Count (HELOCs) 2,323 2,323 Beginning Loan Count (HELOC125s) 3,608 3,608 Beginning Loan Count (HEL125s) 3,452 3,452 Total Beginning Loan Count 2,323 7,060 9,383 Ending Loan Count (HELOCs) 2,248 2,248 Ending Loan Count (HELOC125s) 3,589 3,589 Ending Loan Count (HEL125s) 3,410 3,410 Total Ending Loan Count 2,248 6,999 9,247 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) - - Current Liquidation Losses (HEL125s) - - Total Current Liquidation Losses - - - 12 Month Liquidation Losses (HELOCs) 24,106.38 24,106.38 12 Month Liquidation Losses (HELOC125s) - - 12 Month Liquidation Losses (HEL125s) 69,082.41 69,082.41 Total 12 Month Liquidation Losses 24,106.38 69,082.41 93,188.79 Aggregate Liquidation Losses (HELOCs) 24,106.38 24,106.38 Aggregate Liquidation Losses (HELOC125s) - - Aggregate Liquidation Losses (HEL125s) 69,082.41 69,082.41 Total Aggregate Liquidation Losses 24,106.38 69,082.41 93,188.79 Annulalized Group I Loss Percentage 0.00% Rolling 12-Month Loss Percentage 0.00% Cumulative Liquidation Loss Percentage 0.02%
Overcollateralization Summary Group I Group II Total Base Overcollateralization Target 4,067,519.20 23,400,522.79 27,468,041.99 180 Days Past Due, REO & Foreclosure Loans 58,300.00 NA 58,300.00 Total Overcollateralization Target Amount 4,125,819.20 23,400,522.79 27,526,341.99 Beginning Overcollateralization Amount 558,273.74 13,855,768.11 14,414,041.85 Overcollateralization Increase Amount 282,451.92 2,226,963.29 2,509,415.21 Overcollateralization Release Amount - - - Ending Overcollateralization Amount 840,725.66 16,082,731.40 16,923,457.06 Group I Group II Cumulative Liquidation Loss Percentage 0.02% 0.02% Loss Test Satisfied? Yes Yes Loss Test Targets: Group I Group II Collection Periods 1 to 24 1.50% Collection Periods 25 to 48 3.35% 9.50% Collection Periods 49 to 60 4.00% 11.25% Collection Periods 61 to 84 4.50% 13.00% Collection Periods 85+ 4.50% 15.00% Senior Enhancement Percentage 28.63% 17.75% of the Senior Enhancement Percentage 3.36% 3-Mo. Rolling Average 60-Day Delinquency % 0.82% Group II Delinquency Test Satisfied? Yes Annualized Interest Collections Rate 9.15% Annulalized Group I Loss Percentage 0.00% Group I Excess Cash Rate 9.15% Group I Initial Excess Spread Rate 5.49% Group I Excess Cash Rate Test Satisfied? Yes Balance of 3 Largest Group I Loans 1,945,468.07 Overcollateralization Targets Initial Principal Balance 127,109,974.94 312,006,970.55 Initial Target (% of Initial Principal Balance) 3.20% 7.50% Step-down Target (% of Current Balance) 6.40% 15.00% Triggered Target (% of Initial Principal Balance) 4.80% Step-down Date January 25, 2005 July 25, 2005 3-Mo. Rolling Average 90-Day Delinquency % 0.66% Net Loan Rate 7.561% 12.184% Rapid Amortization Event: None Servicing Default: None 2002-1 (Copy to Trust_Final).xls
Delinquency Summary Group I Group II Group II Group II Grand HELOCs HELOC125s HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance Bankrupt 3 94,534.92 19 799,440.83 17 573,752.63 36 1,373,193.46 39 1,467,728.38 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 3 94,534.92 19 799,440.83 17 573,752.63 36 1,373,193.46 39 1,467,728.38 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 8 265,913.39 30 1,137,066.69 23 931,562.43 53 2,068,629.12 61 2,334,542.51 Bankrupt - - 1 50,999.44 2 63,552.47 3 114,551.91 3 114,551.91 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 8 265,913.39 31 1,188,066.13 25 995,114.90 56 2,183,181.03 64 2,449,094.42 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 5 217,747.05 9 312,005.63 7 286,157.58 16 598,163.21 21 815,910.26 Bankrupt 1 49,929.73 3 146,759.93 2 80,773.66 5 227,533.59 6 277,463.32 REO - - - - - - - - - - Foreclosure - - 1 46,800.00 - - 1 46,800.00 1 46,800.00 Total 6 267,676.78 13 505,565.56 9 366,931.24 22 872,496.80 28 1,140,173.58 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 3 143,380.51 11 511,480.87 2 64,497.64 13 575,978.51 16 719,359.02 Bankrupt 2 436,400.00 1 33,263.43 3 96,340.02 4 129,603.45 6 566,003.45 REO - - - - - - - - - - Foreclosure - - 1 80,200.00 1 69,694.38 2 149,894.38 2 149,894.38 Total 5 579,780.51 13 624,944.30 6 230,532.04 19 855,476.34 24 1,435,256.85 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 1 44,963.40 3 123,949.30 3 123,949.30 4 168,912.70 Bankrupt 1 52,543.93 5 248,766.72 2 45,866.55 7 294,633.27 8 347,177.20 REO - - - - - - Foreclosure 1 58,300.00 - - - - 1 58,300.00 Total 3 155,807.33 8 372,716.02 2 45,866.55 10 418,582.57 13 574,389.90 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 1 19,999.21 2 88,961.01 - - 2 88,961.01 3 108,960.22 Bankrupt - - 2 105,000.00 1 18,420.70 3 123,420.70 3 123,420.70 REO - - - - - - - - - - Foreclosure - - 1 68,966.36 - - 1 68,966.36 1 68,966.36 Total 1 19,999.21 5 262,927.37 1 18,420.70 6 281,348.07 7 301,347.28 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - Total Bankrupt 7 633,408.58 31 1,384,230.35 27 878,706.03 58 2,262,936.38 65 2,896,344.96 Total REO - - - - - - - - - - Total Foreclosure 1 58,300.00 3 195,966.36 1 69,694.38 4 265,660.74 5 323,960.74
-----END PRIVACY-ENHANCED MESSAGE-----