-----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, HoG2IyOUFz7b/JVYX/WUU0fz86I00uUXI8oBg13uFgiBrwfguyHj6LPEplgXsO2R BvTAt0eRMBx0XhkigFvL9A== 0001056404-03-000144.txt : 20030114 0001056404-03-000144.hdr.sgml : 20030114 20030110093438 ACCESSION NUMBER: 0001056404-03-000144 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021226 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030110 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: 03509801 BUSINESS ADDRESS: STREET 1: 245 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10167 8-K 1 irw02a.txt DECEMBER 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): December 26, 2002 IRWIN WHOLE LOAN HOME EQUITY TRUST Home Equity Loan-Backed Notes, Series 2002-A Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-12 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 December 26, 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 December 26, 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: 1/09/03 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 December 26, 2002 distribution.
Home Equity Loan-Backed Notes, Series 2002-A Irwin Whole Loan Home Equity Trust 2002-A Master Servicer Certificate Payment Date: December 26, 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 1.65000% 43,062,221.41 61,184.24 1,159,665.28 1,220,849.52 41,902,556.13 VFN 1.65000% - - - - - II A-1 1.53000% 22,468,670.83 29,602.47 2,724,923.57 2,754,526.04 19,743,747.26 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 132,296,892.24 502,575.85 3,884,588.85 4,387,164.70 128,412,303.39 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 987,080.91 NA - - 987,080.91 X-2A NA 429,679.15 - - - 550,547.07 X-2B NA 1,718,716.62 - - - 2,202,188.27 II X-IO (1) 0.25000% 90,993,595.96 19,588.90 NA 19,588.90 88,703,939.89 Total 19,588.90 (1) Class A-IO and Class II X-IO Note Balances are Notional LIBOR 1.38000% Interest Period Begin 11/25/2002 Interest Period End 12/25/2002 Number of Interest Accrual Days: 31 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 1.24282429 23.55606906 24.79889336 851.15897075 VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 32,029,000.00 0.92423960 85.07676075 86.00100034 616.43345905 II A-2 29,248,000.00 4.03333322 0.00000000 4.03333322 1,000.00000000 II A-3 15,783,000.00 5.37500032 0.00000000 5.37500032 1,000.00000000 II A-IO 9,879,000.00 8.33333333 NA 8.33333333 NA II M-1 8,645,000.00 5.41666628 0.00000000 5.41666628 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) 1,392,637.49 1,392,637.49 Aggregate Collections (HELs) 1,157,619.79 1,157,619.79 Aggregate Collections (HEL125s) 2,105,930.45 2,105,930.45 Total Aggregate Collections 1,392,637.49 3,263,550.24 4,656,187.73 Interest Collections (HELOCs) 275,518.48 275,518.48 Interest Collections (HELs) 182,525.80 182,525.80 Interest Collections (HEL125s) 811,266.65 811,266.65 Total Interest Collections 275,518.48 993,792.45 1,269,310.93 Principal Collections (HELOCs) 1,117,119.01 1,117,119.01 Principal Collections (HELs) 975,093.99 975,093.99 Principal Collections (HEL125s) 1,294,663.80 1,294,663.80 Total Principal Collections 1,117,119.01 2,269,757.79 3,386,876.80 Additional Balances Created 126,525.80 126,525.80 Additional Balances Purchased 126,525.80 126,525.80 Additional Balance Differential - - Net Principal Collections 990,593.21 2,269,757.79 3,260,351.00 Principal Collections Distribution Amount 990,593.21 2,269,757.79 3,260,351.00 Recoveries - 456.68 456.68 Mortgage Loans Repurchased - - - Insurance Proceeds - - - less Servicing Fee 36,209.74 75,828.00 112,037.74 Master Servicer Remittance 1,229,901.95 3,188,178.92 4,418,080.87 Payments in Order of Priority Group I Group II Total Premium due to Enhancer 7,966.14 7,966.14 Depositor Administrative Services Fee 1,086.29 2,274.84 3,361.13 Class A Interest Distribution 61,184.24 314,728.03 375,912.27 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 990,593.21 2,269,757.79 3,260,351.00 II M-1 Principal Collection Distribution - - II M-2 Principal Collection Distribution - - II B-1 Principal Collection Distribution - - Class A Liquidation Loss Distribution - 19,898.28 19,898.28 II M-1 Liquidation Loss Distribution - - II M-2 Liquidation Loss Distribution - - II B-1 Liquidation Loss Distribution - - II X-IO Interest Distribution 19,588.90 19,588.90 Class A Overcollateralization Increase 169,072.07 435,267.50 604,339.57 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 - - - X-2A Distribution - - - X-2B Distribution - - - Total Distributions 1,229,901.95 3,188,178.92 4,418,080.87 Excess Spread 169,072.07 474,754.68 643,826.75
Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 43,451,692.05 43,451,692.05 Beginning Pool Balance (HELs) 19,828,013.05 19,828,013.05 Beginning Pool Balance (HEL125s) 71,165,582.91 71,165,582.91 Total Beginning Pool Balance 43,451,692.05 90,993,595.96 134,445,288.01 Ending Pool Balance (HELOCs) 42,461,098.84 42,461,098.84 Ending Pool Balance (HELs) 18,852,919.06 18,852,919.06 Ending Pool Balance (HEL125s) 69,851,020.83 69,851,020.83 Total Ending Pool Balance 42,461,098.84 88,703,939.89 131,165,038.73 Beginning Loan Count (HELOCs) 943 943 Beginning Loan Count (HELs) 441 441 Beginning Loan Count (HEL125s) 1,675 1,675 Total Beginning Loan Count 943 2,116 3,059 Ending Loan Count (HELOCs) 913 913 Ending Loan Count (HELs) 425 425 Ending Loan Count (HEL125s) 1,641 1,641 Total Ending Loan Count 913 2,066 2,979 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) 19,898.28 19,898.28 Total Current Liquidation Losses - 19,898.28 19,898.28 12 Month Liquidation Losses (HELOCs) 30,940.60 30,940.60 12 Month Liquidation Losses (HELs) 17,598.48 17,598.48 12 Month Liquidation Losses (HEL125s) 53,563.35 53,563.35 Total 12 Month Liquidation Losses 30,940.60 71,161.83 102,102.43 Aggregate Liquidation Losses (HELOCs) 30,940.60 30,940.60 Aggregate Liquidation Losses (HELs) 17,598.48 17,598.48 Aggregate Liquidation Losses (HEL125s) 53,563.35 53,563.35 Total Aggregate Liquidation Losses 30,940.60 71,161.83 102,102.43 Annulalized Group I Loss Percentage 0.00% Rolling 12-Month Loss Percentage 0.00% Cumulative Liquidation Loss Percentage 0.06% 0.07%
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 156,243.89 NA 156,243.89 Total Overcollateralization Target Amount 1,731,603.89 5,433,725.00 7,165,328.89 Beginning Overcollateralization Amount 389,470.64 1,758,925.13 2,148,395.77 Overcollateralization Increase Amount 169,072.07 435,267.50 604,339.57 Overcollateralization Release Amount - - - Ending Overcollateralization Amount 558,542.71 2,194,192.63 2,752,735.34 Group I Group II Cumulative Liquidation Loss Percentage 0.06% 0.07% 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 25.82% 17.75% of the Senior Enhancement Percentage 3.03% 3-Mo. Rolling Average 60-Day Delinquency % 1.30% Group II Delinquency Test Satisfied? Yes Annualized Interest Collections Rate 7.609% Annulalized Group I Loss Percentage 0.000% Group I Excess Cash Rate 7.609% 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 % 0.37% Net Loan Rate 7.341% Rapid Amortization Event: None Servicing Default: None
Delinquency Summary Delinquency Summary Group I Group II Group II Group II Grand HELOCs HELs HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance Bankrupt 5 263,019.37 1 24,006.89 6 210,162.49 7 234,169.38 12 497,188.75 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 5 263,019.37 1 24,006.89 6 210,162.49 7 234,169.38 12 497,188.75 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 14 505,418.34 4 182,727.06 16 582,731.07 20 765,458.13 34 1,270,876.47 Bankrupt 1 49,772.57 - - 1 30,347.36 1 30,347.36 2 80,119.93 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 15 555,190.91 4 182,727.06 17 613,078.43 21 795,805.49 36 1,350,996.40 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 3 87,575.96 - - 9 329,657.31 9 $329,657.31 12 417,233.27 Bankrupt 1 15,652.16 - - 3 150,884.29 3 150,884.29 4 166,536.45 REO - - - - - - - - - - Foreclosure 1 135,000.00 - - - - - - 1 135,000.00 Total 5 238,228.12 - - 12 480,541.60 12 480,541.60 17 718,769.72 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - 5 170,697.07 5 170,697.07 5 170,697.07 Bankrupt 1 23,000.00 - - 3 122,811.24 3 122,811.24 4 145,811.24 REO - - - - - - - - - - Foreclosure - - 1 83,688.22 - - 1 83,688.22 1 83,688.22 Total 1 23,000.00 1 83,688.22 8 293,508.31 9 377,196.53 10 400,196.53 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - 1 34,607.98 1 34,607.98 1 34,607.98 Bankrupt 2 97,300.00 - - 1 34,960.94 1 34,960.94 3 132,260.94 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 2 97,300.00 - - 2 69,568.92 2 69,568.92 4 166,868.92 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - 1 16,844.81 7 231,662.00 8 248,506.81 8 248,506.81 Bankrupt - - - - 2 48,411.32 2 48,411.32 2 48,411.32 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - 1 16,844.81 9 280,073.32 10 296,918.13 10 296,918.13 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - 5 225,091.00 5 225,091.00 5 225,091.00 Bankrupt 1 21,243.89 - - 3 88,388.47 3 88,388.47 4 109,632.36 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 1 21,243.89 - - 8 313,479.47 8 313,479.47 9 334,723.36 Total Bankrupt 11 469,987.99 1 24,006.89 19 685,966.11 20 709,973.00 31 1,179,960.99 Total REO - - - - - - - - - - Total Foreclosure 1 135,000.00 1 83,688.22 - - 1 83,688.22 2 218,688.22
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