-----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, TnrH00dW22+brFcbN4tTgoxPwPvQzPM4UOiAalWkiIB7PXJh0pkR5/AvuvN+Ciww FQ11mh93woY/5scQPS6nng== 0001056404-03-001625.txt : 20030908 0001056404-03-001625.hdr.sgml : 20030908 20030908161819 ACCESSION NUMBER: 0001056404-03-001625 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030825 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IRWIN HOME EQUITY LOAN BACK CERTS SERIES 2003 1 CENTRAL INDEX KEY: 0001222682 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-91334-01 FILM NUMBER: 03886234 BUSINESS ADDRESS: STREET 1: WELLS FARGO BANK MINNESOTA, N.A. STREET 2: 9062 OLD ANNAPOLIS ROAD CITY: COLUMBIA STATE: MD ZIP: 21045 BUSINESS PHONE: 410-884-2000 MAIL ADDRESS: STREET 1: WELLS FARGO BANK MINNESOTA, N.A. STREET 2: 9062 OLD ANNAPOLIS ROAD CITY: COLUMBIA STATE: MD ZIP: 21045 FORMER COMPANY: FORMER CONFORMED NAME: BEAR STEARNS ASSET BACK SEC INC HM EQ LN BACK NTS SER 2003-1 DATE OF NAME CHANGE: 20030312 8-K 1 irw03001.txt AUGUST 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): August 25, 2003 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Notes, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-01 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 August 25, 2003 a distribution was made to holders of Irwin Home Equity Loan Trust 2003-1, Home Equity Loan-Backed Notes, Series 2003-1. 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 2003-1 relating to the August 25, 2003 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 Home Equity Loan-Backed Notes, Series 2003-1. By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 8/25/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2003-1, relating to the August 25, 2003 distribution.
Home Equity Loan-Backed Notes, Series Irwin Home Equity Loan Trust 2003-1 Master Servicer Certificate Payment Date: August 25, 2003 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 1.60000% 53,038,266.46 73,074.94 2,720,447.83 2,793,522.77 50,317,818.63 I A-2 1.79000% 13,259,566.61 20,438.15 680,111.96 700,550.11 12,579,454.66 I VFN 1.79000% - - - - - II A-1 1.60000% 113,750,786.77 156,723.31 3,829,440.66 3,986,163.97 109,921,346.11 II A-2 1.80000% 28,437,696.69 44,078.43 957,360.16 1,001,438.59 27,480,336.53 II VFN 1.80000% - - - - - A-IO (1) 10.00000% 30,500,000.00 254,166.67 NA 254,166.67 30,500,000.00 M-1 2.1000% 22,875,000.00 41,365.63 - 41,365.63 22,875,000.00 M-2 3.1000% 19,825,000.00 52,921.74 - 52,921.74 19,825,000.00 B-1 4.5000% 19,063,000.00 73,869.13 - 73,869.13 19,063,000.00 B-2 5.6000% 6,862,000.00 33,090.09 - 33,090.09 6,862,000.00 Total 277,111,316.53 749,728.09 8,187,360.61 8,937,088.70 268,923,955.92 (1) Class A-IO Note Balance is Notional LIBOR 1.10000% Interest Period Begin 7/25/2003 Interest Period End 8/24/2003 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 10,551,278.25 270,797.64 - - 270,797.64 12,183,493.00 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 0.57489981 21.40247999 21.97737980 395.86353938 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 0.66966330 16.36282344 17.03248674 469.68310499 II VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-IO 31,204,000.00 8.14532336 NA 8.14532336 NA II M-1 24,964,000.00 1.65701130 0.00000000 1.65701130 916.31950008 II M-2 21,063,000.00 2.51254522 0.00000000 2.51254522 941.22394721 II B-1 26,524,000.00 1.24755278 0.00000000 1.24755278 258.70909365 433,693,000.00
Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 3,665,392.19 3,665,392.19 Aggregate Collections (HELOC125s) 4,322,858.46 4,322,858.46 Aggregate Collections (HELs) 724,505.92 724,505.92 Aggregate Collections (HEL125s) 1,045,673.46 1,045,673.46 Total Aggregate Collections 3,665,392.19 6,093,037.84 9,758,430.03 Interest Collections (HELOCs) $551,243.37 551,243.37 Interest Collections (HELOC125s) $1,353,975.48 1,353,975.48 Interest Collections (HELs) $237,835.47 237,835.47 Interest Collections (HEL125s) $487,414.56 487,414.56 Total Interest Collections 551,243.37 2,079,225.51 2,630,468.88 Principal Collections (HELOCs) 3,114,148.82 3,114,148.82 Principal Collections (HELOC125s) 2,968,882.98 2,968,882.98 Principal Collections (HELs) 486,670.45 486,670.45 Principal Collections (HEL125s) 558,258.90 558,258.90 Total Principal Collections 3,114,148.82 4,013,812.33 7,127,961.15 Additional Balances Created 391,517.38 181,297.91 572,815.29 Additional Balances Purchased 391,517.38 181,297.91 572,815.29 Additional Balance Differential - - - Net Principal Collections 2,722,631.44 3,832,514.42 6,555,145.86 Principal Collections Distribution Amount 6,555,145.86 Prepayment Penalty Collections 96,435.02 174,362.62 270,797.64 Recoveries - 382.00 382.00 Mortgage Loans Repurchased - - - less Servicing Fee 68,267.76 179,441.69 247,709.45 Master Servicer Remittance 3,302,042.07 5,907,042.86 9,209,084.93 Payments in Order of Priority Total Prepayment Penalties due to Certificateholder 270,797.64 Indenture Trustee Fee 1,198.59 Senior Note Interest Distribution 548,481.50 M-1 Interest Distribution 41,365.63 M-2 Interest Distribution 52,921.74 B-1 Interest Distribution 73,869.13 B-2 Interest Distribution 33,090.09 Senior Principal Collection Distribution 6,555,145.86 M-1 Principal Collection Distribution - M-2 Principal Collection Distribution - B-1 Principal Collection Distribution - B-2 Principal Collection Distribution - Senior Liquidation Loss Distribution - M-1 Liquidation Loss Distribution - M-2 Liquidation Loss Distribution - B-1 Liquidation Loss Distribution - B-2 Liquidation Loss Distribution - Senior Overcollateralization Increase 1,632,214.75 M-1 Overcollateralization Increase - M-2 Overcollateralization Increase - B-1 Overcollateralization Increase - B-2 Overcollateralization Increase - Certificateholder Excess Spread Distribution - Total Distributions 9,209,084.93 Excess Spread 1,632,214.75
Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 79,278,691.72 79,278,691.72 Beginning Pool Balance (HELOC125s) 130,091,635.80 130,091,635.80 Beginning Pool Balance (HELs) 29,368,389.60 29,368,389.60 Beginning Pool Balance (HEL125s) 48,923,877.66 48,923,877.66 Total Beginning Pool Balance 79,278,691.72 208,383,903.06 287,662,594.78 Ending Pool Balance (HELOCs) 76,556,060.28 76,556,060.28 Ending Pool Balance (HELOC125s) 127,304,050.73 127,304,050.73 Ending Pool Balance (HELs) 28,881,719.15 28,881,719.15 Ending Pool Balance (HEL125s) 48,365,618.76 48,365,618.76 Total Ending Pool Balance 76,556,060.28 204,551,388.64 281,107,448.92 Beginning Loan Count (HELOCs) 1,468 1,468 Beginning Loan Count (HELOC125s) 2,928 2,928 Beginning Loan Count (HELs) 609 609 Beginning Loan Count (HEL125s) 938 938 Total Beginning Loan Count 1,468 4,475 5,943 Ending Loan Count (HELOCs) 1,415 1,415 Ending Loan Count (HELOC125s) 2,865 2,865 Ending Loan Count (HELs) 595 595 Ending Loan Count (HEL125s) 929 929 Total Ending Loan Count 1,415 4,389 5,804 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) - - Current Liquidation Losses (HELs) - - Current Liquidation Losses (HEL125s) - - Total Current Liquidation Losses - - - 12 Month Liquidation Losses (HELOCs) - - 12 Month Liquidation Losses (HELOC125s) 33,059.80 33,059.80 12 Month Liquidation Losses (HELs) - 12 Month Liquidation Losses (HEL125s) - - Total 12 Month Liquidation Losses - 33,059.80 33,059.80 Aggregate Liquidation Losses (HELOCs) - - Aggregate Liquidation Losses (HELOC125s) 33,059.80 33,059.80 Aggregate Liquidation Losses (HELs) - Aggregate Liquidation Losses (HEL125s) - - Total Aggregate Liquidation Losses - 33,059.80 33,059.80 Cumulative Liquidation Loss Percentage 0.00% 0.01%
Overcollateralization Target 21,807,524.83 Beginning Overcollateralization Amount 10,551,278.25 Overcollateralization Increase Amount 1,632,214.75 Overcollateralization Release Amount - Ending Overcollateralization Amount 12,183,493.00 Overcollateralization Deficiency 9,624,031.83 Cumulative Liquidation Loss Percentage 0.00% Loss Test Satisfied? Yes Loss Test Targets: Collection Periods 36 to 48 9.50% Collection Periods 49 to 60 11.25% Collection Periods 61 to 84 13.00% Collection Periods 85+ 15.00% Senior Enhancement Percentage 28.75% 17.75% of the Senior Enhancement Percentage 5.10% 3-Mo. Rolling Average 60-Day Delinquency % 0.36% Delinquency Test Satisfied Yes Overcollarterization Targets Initial Principal Balance 305,000,347.33 Initial Target (% of Initial Principal Balance) 7.15% Step-down Target (% of Current Balance) 14.30% Minimum Overcollateralization Target 1,525,000.00 Net Loan Rate 7.058% Rapid Amortization Event: None Servicing Default: None
Delinquency Summary Group I Group II Group II Group II Group II Grand HELOCs HELOC125s HELs HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance # Balance Bankrupt 3 106,312 7 302,731 - - 2 66,017 9 368,747 12 475,059 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 3 106,312 7 302,731 - - 2 66,017 9 368,747 12 475,059 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 5 225,326 21 849,219 1 29,603 1 29,603 ## 908,425 28 1,133,751 Bankrupt - - 5 211,614 - - - - 5 211,614 5 211,614 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 5 225,326 26 1,060,833 1 29,603 1 29,603 ## 1,120,039 33 1,345,365 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 2 104,232 8 381,000 - - 1 45,735 9 426,735 11 530,967 Bankrupt - - 2 143,000 - - - - 2 143,000 2 143,000 REO - - - - - - - - - - - - Foreclosure 1 57,080 - - - - - - - - 1 57,080 Total 3 161,312 10 524,000 - - 1 45,735 ## 569,735 14 731,047 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - 4 205,800 1 39,875 - - 5 245,675 5 245,675 Bankrupt 2 179,078 1 30,781 - - - - 1 30,781 3 209,859 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 2 179,078 5 236,581 1 39,875 - - 6 276,457 8 455,535 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - 5 198,536 - - 1 116,700 6 315,236 6 315,236 Bankrupt 1 57,100 2 60,072 - - - - 2 60,072 3 117,172 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 1 57,100 7 258,609 - - 1 116,700 8 375,309 9 432,408 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - 2 91,238 - - - - 2 91,238 2 91,238 Bankrupt - - 1 20,000 - - - - 1 20,000 1 20,000 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - 3 111,238 - - - - 3 111,238 3 111,238 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - - - Bankrupt - - - - - - - - - - - - REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - - - - - - - - - - - Total Bankrupt 6 342,489 18 768,198 - - 2 66,017 ## 834,215 26 1,176,704 Total REO - - - - - - - - - - - - Total Foreclosure 1 57,080 - - - - - - - - 1 57,080
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