-----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, EmrNUFTDQZmpy0ZeIq4BQGbiub6CkgA4n5GukySKLo1rvPiak7Wg0EdfXJHLB1ZB QzHcrYhoILX8S7ThCrHcRg== 0001056404-02-000963.txt : 20020807 0001056404-02-000963.hdr.sgml : 20020807 20020807112101 ACCESSION NUMBER: 0001056404-02-000963 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020725 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEAR STEARNS ASSET BACKED SEC INC IR WH LN HM EQ TR 2002-A CENTRAL INDEX KEY: 0001176391 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: 333-56242-12 FILM NUMBER: 02721344 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 8-K 1 irw02a.txt JULY 8-K 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): July 25, 2002 New York (governing law of 333-56242-12 Pooling and Servicing Agreement) (Commission (State or other File Number) jurisdiction of Incorporation) Pending IRS EIN 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 July 25, 2002 a distribution was made to holders of Irwin Whole Loan Home Equity Trust 2002-A, Home Equity Loan-Backed Notes, Series 2002-A. 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-A relating to the July 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 Whole Loan Home Equity Trust 2002-A Home Equity Loan-Backed Notes, Series 2002-A. By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 8/05/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2002-A, relating to the July 25, 2002 distribution. EX-99.1 Irwin Whole Loan Home Equity Trust 2002-A Home Equity Loan-Backed Notes, Series 2002-A Record Date: 6/30/02 Distribution Date: 7/25/02 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660
Home Equity Loan-Backed Notes, Series 2002-A Irwin Whole Loan Home Equity Trust 2002-A Master Servicer Certificate Remittance Date: July 25, 2002 Certificate Summary Offered Note Distribution 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 2.10875% 49,230,000.00 100,930.05 618,997.71 719,927.76 48,611,002.29 VFN 2.10875% - - - - - II A-1 1.98875% 32,029,000.00 61,928.29 1,936,918.85 1,998,847.14 30,092,081.15 II A-2 4.84000% 29,248,000.00 117,966.93 - 117,966.93 29,248,000.00 II A-3 6.45000% 15,783,000.00 84,833.63 - 84,833.63 15,783,000.00 II A-IO (1) 10.00000% 9,879,000.00 82,325.00 NA 82,325.00 9,879,000.00 II M-1 6.50000% 8,645,000.00 46,827.08 - 46,827.08 8,645,000.00 II M-2 7.10000% 5,928,000.00 35,074.00 - 35,074.00 5,928,000.00 II B-1 7.50000% 7,162,000.00 44,762.50 - 44,762.50 7,162,000.00 Total 148,025,000.00 574,647.48 2,555,916.56 3,130,564.04 145,469,083.44 Non-Offered Subordinate Note Distribution Summary Class of Beginning Note Interest Principal Aggregate Ending Note Notes Note Rate Balance Distribution Distribution Distribution Balance X-1 NA 2,750,000.00 NA 730,053.14 730,053.14 2,019,946.86 X-2A NA - - - - - X-2B NA - - - - - II X-IO (1) 0.25000% 97,659,484.75 23,736.68 NA 23,736.68 96,858,081.15 Total 2,750,000.00 23,736.68 730,053.14 753,789.82 2,019,946.86 (1) Class A-IO and Class II X-IO Note Balances are Notional LIBOR 1.83875% Interest Period Begin 06/20/2002 Interest Period End 07/24/2002 Number of Interest Accrual Days: 35 Days in Collection Period: 30 Noteholder Distribution Factors Summary (Per $1,000 Original Principal Amount) Class of Original Note Interest Principal Aggregate Ending Note Notes Balance Distribution Distribution Distribution Factor I A-1 49,230,000.00 2.05017361 12.57358745 14.62376106 987.42641255 VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 32,029,000.00 1.93350694 60.47390958 62.40741653 939.52609042 II A-2 29,248,000.00 4.03333333 0.00000000 4.03333333 1,000.00000000 II A-3 15,783,000.00 5.37500000 0.00000000 5.37500000 1,000.00000000 II A-IO 9,879,000.00 8.33333333 NA 8.33333333 NA II M-1 8,645,000.00 5.41666667 0.00000000 5.41666667 1,000.00000000 II M-2 5,928,000.00 5.91666667 0.00000000 5.91666667 1,000.00000000 II B-1 7,162,000.00 6.25000000 0.00000000 6.25000000 1,000.00000000 148,025,000.00
Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 953,604.59 953,604.59 Aggregate Collections (HELs) 346,797.15 346,797.15 Aggregate Collections (HEL125s) 1,592,763.06 1,592,763.06 Total Aggregate Collections 953,604.59 1,939,560.21 2,893,164.80 Interest Collections (HELOCs) 324,917.04 324,917.04 Interest Collections (HELs) 211,265.89 211,265.89 Interest Collections (HEL125s) 926,890.72 926,890.72 Total Interest Collections 324,917.04 1,138,156.61 1,463,073.65 Principal Collections (HELOCs) 628,687.55 628,687.55 Principal Collections (HELs) 135,531.26 135,531.26 Principal Collections (HEL125s) 665,872.34 665,872.34 Total Principal Collections 628,687.55 801,403.60 1,430,091.15 Additional Balances Created 460,215.00 460,215.00 Additional Balances Purchased 460,215.00 460,215.00 Additional Balance Differential - - Net Principal Collections 168,472.55 801,403.60 969,876.15 Principal Collections Distribution Amount 168,472.55 801,403.60 969,876.15 Recoveries - - - Mortgage Loans Repurchased - - - Insurance Proceeds - - - less Servicing Fee 40,649.56 81,382.90 122,032.47 Master Servicer Remittance 452,740.03 1,858,177.31 2,310,917.33 Funds Remitted by the Depositor (Principal) 450,525.16 1,135,515.25 1,586,040.41 Payments in Order of Priority Group I Group II Total Premium due to Enhancer 8,942.90 8,942.90 Depositor Administrative Services Fee 1,219.49 2,441.49 3,660.97 Class A Interest Distribution 100,930.05 347,053.85 447,983.90 II M-1 Interest Distribution 46,827.08 46,827.08 II M-2 Interest Distribution 35,074.00 35,074.00 II B-1 Interest Distribution 44,762.50 44,762.50 Class A Principal Collection Distribution 168,472.55 801,403.60 969,876.15 II M-1 Principal Collection Distribution - - II M-2 Principal Collection Distribution - - II B-1 Principal Collection Distribution - - Class A Distribution of Depositor Funds 450,525.16 1,135,515.25 1,586,040.41 Class A Liquidation Loss Distribution - - - II M-1 Liquidation Loss Distribution - - II M-2 Liquidation Loss Distribution - - II B-1 Liquidation Loss Distribution - - II X-IO Interest Distribution 23,736.68 23,736.68 Class A Overcollateralization Increase - - - II M-1 Overcollateralization Increase - - II M-2 Overcollateralization Increase - - II B-1 Overcollateralization Increase - - Other Unpaid Enhancer Expenses - - - Other Unpaid Expenses - - - X-1 Principal Distribution 173,175.04 556,878.10 730,053.14 X-2A Distribution - - - X-2B Distribution - - - Total Distributions 903,265.19 2,993,692.56 3,896,957.74 Excess Spread 173,175.04 580,614.78 753,789.82
Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 48,779,474.84 48,779,474.84 Beginning Pool Balance (HELs) 22,013,948.99 22,013,948.99 Beginning Pool Balance (HEL125s) 75,645,535.76 75,645,535.76 Total Beginning Pool Balance 48,779,474.84 97,659,484.75 146,438,959.59 Ending Pool Balance (HELOCs) 48,611,002.29 48,611,002.29 Ending Pool Balance (HELs) 21,878,417.73 21,878,417.73 Ending Pool Balance (HEL125s) 74,979,663.42 74,979,663.42 Total Ending Pool Balance 48,611,002.29 96,858,081.15 145,469,083.44 Beginning Loan Count (HELOCs) 1,086 1,086 Beginning Loan Count (HELs) 490 490 Beginning Loan Count (HEL125s) 1,778 1,778 Total Beginning Loan Count 1,086 2,268 3,354 Ending Loan Count (HELOCs) 1,066 1,066 Ending Loan Count (HELs) 486 486 Ending Loan Count (HEL125s) 1,761 1,761 Total Ending Loan Count 1,066 2,247 3,313 Loans Removed from the Trust Group I Group II Total Number of Loans - - - Principal Balance - - - Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELs) - - Current Liquidation Losses (HEL125s) - - Total Current Liquidation Losses - - - 12 Month Liquidation Losses (HELOCs) - - 12 Month Liquidation Losses (HELs) - - 12 Month Liquidation Losses (HEL125s) - - Total 12 Month Liquidation Losses - - - Aggregate Liquidation Losses (HELOCs) - - Aggregate Liquidation Losses (HELs) - - Aggregate Liquidation Losses (HEL125s) - - Total Aggregate Liquidation Losses - - - Annulalized Group I Loss Percentage 0.00% Rolling 12-Month Loss Percentage 0.00% Cumulative Liquidation Loss Percentage 0.00% 0.00%
Overcollateralization Summary Group I Group II Total Base Overcollateralization Target 1,575,360.00 5,433,725.00 7,009,085.00 180 Days Past Due, REO & Foreclosure Loans 121,243.89 NA 121,243.89 Total Overcollateralization Target Amount 1,696,603.89 5,433,725.00 7,130,328.89 Beginning Overcollateralization Amount 0.00 - 0.00 Overcollateralization Increase Amount (0.00) - (0.00) Overcollateralization Release Amount - - - Ending Overcollateralization Amount - - - Group I Group II Cumulative Liquidation Loss Percentage 0.00% 0.00% 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% 11.75% Collection Periods 85+ 4.50% 12.25% Senior Enhancement Percentage 21.09% 17.75% of the Senior Enhancement Percentage 2.48% 3-Mo. Rolling Average 60-Day Delinquency % 0.10% Group II Delinquency Test Satisfied? Yes Annualized Interest Collections Rate 7.993% Annulalized Group I Loss Percentage 0.000% Group I Excess Cash Rate 7.993% Group I Initial Excess Spread Rate 5.462% Group I Excess Cash Rate Test Satisfied? Yes Balance of 3 Largest Group I Loans 1,086,282.47 Overcollateralization Targets Group I Group II Total Initial Principal Balance 49,230,000.00 98,795,000.00 148,025,000.00 Initial Target (% of Initial Principal Balance) 3.20% 5.50% Step-down Target (% of Current Balance) 6.40% 11.00% Triggered Target (% of Initial Principal Balance) 4.80% Step-down Date January 25, 2005 July 25, 2005 3-Mo. Rolling Average 90-Day Delinquency % 0.25% Net Loan Rate 7.355% Rapid Amortization Event: None Servicing Default: None
Delinquency Summary Group I Group II Group II Group II Grand HELOCs HELs HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance Bankrupt 1 42,932.18 - - 2 88,389.95 2 88,389.95 3 131,322.13 REO - - - - - - - - - - Foreclosure 1 100,000.00 - - - - - - 1 100,000.00 Total 2 142,932.18 - - 2 88,389.95 2 88,389.95 4 231,322.13 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 2 40,566.63 1 44,655.95 12 383,157.03 13 427,812.98 15 468,379.61 Bankrupt - - - - 3 103,577.90 3 103,577.90 3 103,577.90 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 2 40,566.63 1 44,655.95 15 486,734.93 16 531,390.88 18 571,957.51 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 1 62,000.00 1 20,209.25 2 72,272.64 3 92,481.89 4 154,481.89 Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure 1 21,243.89 - - - - - - 1 21,243.89 Total 2 83,243.89 1 20,209.25 2 72,272.64 3 92,481.89 5 175,725.78 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - Total Bankrupt 1 42,932.18 - - 5 191,967.85 5 191,967.85 6 234,900.03 Total REO - - - - - - - - - - Total Foreclosure 2 121,243.89 - - - - - - 2 121,243.89
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