8-K 1 irw0101.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 26, 2001 IRWIN HOME EQUITY LOAN TRUST 2001-1 Home Equity Loan-Backed Term Notes, 2001-1 New York (governing law of 333-43278 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction c/o Wells Fargo 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 November 26, 2001 a distribution was made to holders of IRWIN HOME EQUITY LOAN TRUST 2001-1, Home Equity Loan-Backed Term Notes, 2001-1 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 Loan-Backed Term Notes, Series 2001-1, relating to the November 26, 2001 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 2001-1 Home Equity Loan-Backed Term Notes, Series 2001-1 By: Wells Fargo Bank Minnesota, N.A., as Indenture Trustee By: /s/ Beth Belfield, Officer By: Beth Belfield, Officer Date: 12/07/2001 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Irwin Home Equity Loan- Backed Term Notes, Series 2001-1, relating to the November 26, 2001 distribution.

Irwin Home Equity Loan-Backed Term Notes Series 2001-1 Master Servicer Certificate Remittance Date: 1011/2526/2001 Certificate Summary Noteholder Distribution Summary Beginning Interest Principal Aggregate Ending Note Note Distribution Distribution Distribution Note Class of Notes Rate Balance Amount Amount Amount Balance A-1 Term Notes 6.40000% 69$ 67,~~541~~575,~~611~~104.4309 ~~370~~$ 360,~~888~~400.5956 12,~~966~~137,~~507~~086.3443 $ 2,~~337~~497,~~395~~486.9398 67$ 65,~~575~~438,~~104~~017.0966 A-2 Term Notes 2.~~84125~~60000% 3532,~~244~~227,~~995~~939.1598 8374,~~449~~482.8735 3$ 4,~~017~~465,~~055~~019.1725 34,~~100~~539,~~505~~501.0460 3227,~~227~~762,~~939~~920.9872 A-3 Term Notes 5.95000% 35,251,000.00 174,786.21 0.00 174,786.21 35,251,000.00 A-4 Term Notes 6.45000% 25,397,000.00 136,508.88 0.00 136,508.88 25,397,000.00 A-5 Term Notes 6.74000% 12,020,000.00 67,512.33 0.00 67,512.33 12,020,000.00 A-6 Term Notes 7.10000% 39,724,000.00 235,033.67 0.00 235,033.67 39,724,000.00 A-7 Term Notes 6.42000% 9089,~~667~~439,~~849~~399.9727 ~~485~~478,~~073~~500.0079 12,~~228~~208,~~450~~130.6960 12,~~713~~686,~~523~~631.6939 8987,~~439~~231,~~399~~268.2767 A-8 Term Notes 2.~~92125~~68000% 49,~~167~~081,~~336~~263.6933 ~~119~~116,~~691~~922.7448 86827,~~073~~923.3687 ~~205~~944,~~765~~846.1035 4948,~~081~~253,~~263~~339.3346 Variable Funding Notes 2.~~92125~~68000% 0.00 0.00 0.00 0.00 0.00 A-9 IO Term Notes (1) 8.00000% 26,980,000.00 179,866.67 NA 179,866.67 26,980,000.00 ~~357~~$ 350,~~013~~715,~~793~~706.2367 1,~~852~~824,~~810~~013.9592 6$ 9,~~298~~638,~~086~~160.5615 8$ 11,~~150~~462,~~897~~174.5107 ~~350~~$ 341,~~715~~077,~~706~~546.6752 (1) Class A-9 IO Term Note Balances are Notional

Interest Period Interest Period Number of Interest LIBOR Begin End Accrual Days ~~Class A-2, A-8 and Variable Funding Notes 2.42000% 10/25/01 11/25/01 32~~

Subordinate Notes Beginning Note Prepayment Penalty Excess Spread Release of Aggregate Ending Note Balance Distribution Distribution Overcollateralization Distribution Balance Group I Subordinate Notes $ 2,282,341.63 $ 70,423.81 0.00 0.00 $ 70,423.81 $ 2,619,659.93 Group II Subordinate Notes 4,568,258.27 91,294.07 0.00 0.00 91,294.07 5,412,493.30 Group III Subordinate Notes 3,285,903.30 51,887.12 0.00 0.00 51,887.12 3,653,964.80 Group IV Subordinate Notes 6,399,516.14 17,187.08 0.00 0.00 17,187.08 6,750,198.45 $ 16,536,019.34 $ 230,792.08 0.00 0.00 $ 230,792.08 $18,436,316.47

Noteholder Distribution Factors Summary (Per $1000 Original Principal Amount) Original Interest Principal Aggregate Ending Note Distribution Distribution Distribution Note Class Balance Amount Amount Amount Factor A-1 $ 74,000,000.00 54.~~01200803~~87027777 2628.~~57442347~~87954629 3133.~~58643150~~74982406 ~~913~~884.~~17708229~~29753600 A-2 57,358,000.00 1.~~45489502~~29855208 5277.~~60042492~~84475144 5479.~~05531994~~14330352 ~~561~~484.~~87349587~~02874443 A-3 35,251,000.00 4.95833333 0.00000000 4.95833333 1,000.00000000 A-4 25,397,000.00 5.37500000 0.00000000 5.37500000 1,000.00000000 A-5 12,020,000.00 5.61666667 0.00000000 5.61666667 1,000.00000000 A-6 39,724,000.00 5.91666667 0.00000000 5.91666667 1,000.00000000 A-7 100,000,000.00 4.~~85072997~~78500786 1222.~~28450695~~08130603 1726.~~13523692~~86631389 ~~894~~872.~~39399272~~31268669 A-8 54,000,000.00 2.~~21651362~~16523104 115.~~59395111~~33192352 317.~~81046473~~49715456 ~~908~~893.~~91228392~~58036041 Total$ 397,750,000.00

Collateral Collections Summary Aggregate Collections: Group I Group II Home Equity Mortgage Loans - HELs $ 2,546,524.57 $ 2,277,424.54 High LTV Mortgage Loans - HEL125 NA 3,100,268.42 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Collections $ 2,546,524.57 $ 5,377,692.96 Interest Collections Home Equity Mortgage Loans - HELs $ 746,756.44 $ 429,005.03 High LTV Mortgage Loans - HEL125 NA 1,327,903.70 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Interest Collections $ 746,756.44 $ 1,756,908.73 Principal Collections Home Equity Mortgage Loans - HELs $ 1,799,768.13 $ 1,848,419.51 High LTV Mortgage Loans - HEL125 NA 1,772,364.72 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Principal Collections $ 1,799,768.13 $ 3,620,784.23 Additional Balances Created (Group IV HELOCs) Additional Balances Created (Group IV HELOC 125s) Net Principal Collections for Group IV Additional Balances Purchased Additional Balance Differential Prepayment Penalties Collected $ 70,423.81 $ 91,294.07 Purchase/Repurchase Price of any Mortgage Loans Purchased (Principal) 0.00 0.00 Purchase/Repurchase Price of any Mortgage Loans Purchased (Interest) 0.00 0.00 Liquidation Proceeds 0.00 0.00 Insurance Proceeds 0.00 0.00 Substitution Adjustment Amounts 0.00 0.00 less Servicing Fee 36,353.92 79,244.81 Transfer from the Collection Acct. to the Trustee Collection Acct. $ 2,580,594.46 $ 5,389,742.22 Prepayment Interest Shortfall $ 8,762.35 $ 17,105.90

Collateral Collections Summary continued Aggregate Collections: Group III Group IV Total Home Equity Mortgage Loans - HELs NA NA $ 4,823,949.11 High LTV Mortgage Loans - HEL125 $ 2,829,158.27 NA 5,929,426.69 Home Equity Line of Credit- HELOC NA $ 919,090.69 919,090.69 High LTV Home Equity Line of Credit - HELOC125s NA 629,714.64 629,714.64 Total Collections $ 2,829,158.27 $1,548,805.33 $ 12,302,181.13 Interest Collections Home Equity Mortgage Loans - HELs NA NA $ 1,175,761.47 High LTV Mortgage Loans - HEL125 $ 1,173,914.90 NA 2,501,818.60 Home Equity Line of Credit- HELOC NA $ 221,664.12 221,664.12 High LTV Home Equity Line of Credit - HELOC125s NA 325,703.12 325,703.12 Total Interest Collections $ 1,173,914.90 $ 547,367.24 $ 4,224,947.31 Principal Collections Home Equity Mortgage Loans - HELs NA NA $ 3,648,187.64 High LTV Mortgage Loans - HEL125 $ 1,655,243.37 NA 3,427,608.09 Home Equity Line of Credit- HELOC NA $ 697,426.57 697,426.57 High LTV Home Equity Line of Credit - HELOC125s NA 304,011.52 304,011.52 Total Principal Collections $ 1,655,243.37 $ 1,001,438.09 $ 8,077,233.82 Additional Balances Created (Group IV HELOCs) 175,135.83 Additional Balances Created (Group IV HELOC 125s) 33,678.39 Net Principal Collections for Group IV $ 792,623.87 Additional Balances Purchased 208,814.22 Additional Balance Differential 0.00 Prepayment Penalties Collected $ 51,887.12 $ 17,187.08 $ 230,792.08 Purchase/Repurchase Price of any Mortgage Loans Purchased (Principal) 0.00 0.00 0.00 Purchase/Repurchase Price of any Mortgage Loans Purchased (Interest) 0.00 0.00 0.00 Liquidation Proceeds 0.00 0.00 0.00 Insurance Proceeds 0.00 0.00 0.00 Substitution Adjustment Amounts 0.00 0.00 0.00 less Servicing Fee 49,402.32 $ 32,284.05 197,285.10 Transfer from the Collection Acct. to the Trustee Collection Acct. $ 2,831,643.07 $1,324,894.14 $ 12,126,873.89 Prepayment Interest Shortfall $ 10,482.77 $ 3,387.15 $ 39,738.18

Distribution Summary Origin of Funds Summary Group I Group II Group III Transfer from the Collection Acct. to the Trustee Collection Acct. $ 2,580,594.46 $ 5,389,742.22 $ 2,831,643.07 Transfer from the Reserve Account to the Trustee Collection Account 0.00 0.00 0.00 Transfers from the Funding Account to Trustee Collection Account 4.15 0.00 0.00 Total Amount Transferred to the Trustee Collection Account $ 2,580,598.61 $ 5,389,742.22 $ 2,831,643.07 Policy Draw Amount 0.00 0.00 0.00 Grand Total $ 2,580,598.61 $ 5,389,742.22 $ 2,831,643.07 Payments in Order of Priority (Section 3.05 of the Indenture) Group I Group II Group III Prepayment Penalties (due to the Subordinate Noteholders) $ 70,423.81 $ 91,294.07 $ 51,887.12 Premium for the Policy (due to the Enhancer) 12,542.29 33,870.77 23,988.60 Indenture Trustee Fee (due to the Indenture Trustee) 145.54 310.81 193.18 Class A-1 through A-8 Term Notes Interest Distribution 360,400.56 688,323.43 478,500.79 Class A-9 IO Term Note Interest Distribution NA 110,923.88 68,942.79 Senior Note Principal Distribution Amount 1,799,772.28 3,620,784.23 1,840,069.10 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 0.00 Note Payments to Reduce Overcollateralization Deficiency Amount 337,314.15 844,235.02 368,061.50 Transfer of Excess Spread to the Reserve Account 0.00 0.00 0.00 Payments of Shortfalls and Losses from the Reserve Account 0.00 0.00 0.00 Payment of any other amount owed to the Enhancer 0.00 0.00 0.00 Payment of any other amount owed to the Indenture Trustee 0.00 0.00 0.00 Payment of Interest Carry-Forward Amounts to the A-8 & Variable Notes NA NA NA Payments from Collections to the Subordinatae Noteholders 0.00 0.00 0.00 Payments of Reserve Releases to the Subordinate Noteholders 0.00 0.00 0.00 Total Distributions from Trustee Collection Account $ 2,580,598.61 $ 5,389,742.22 $ 2,831,643.07 Excess Spread 337,314.15 844,235.02 368,061.50 Distributions by Recipient Total Payment to the Enhancer 12,542.29 33,870.77 23,988.60 Total Payment to the Indenture Trustee 145.54 310.81 193.18 Total Senior Noteholder Distribution Amount $ 2,497,486.98 $ 5,264,266.57 $ 2,755,754.18 Total Subordinate Noteholder Distribution Amount 70,423.81 91,294.07 51,887.12 Total Transfer to the Reserve Account 0.00 0.00 0.00 Grand Total Distributions $ 2,580,598.61 $ 5,389,742.22 $ 2,831,643.07

Origin of Funds Summary Group IV Total Transfer from the Collection Acct. to the Trustee Collection Acct. $ 1,324,894.14 $ 12,126,873.89 Transfer from the Reserve Account to the Trustee Collection Account 0.00 0.00 Transfers from the Funding Account to Trustee Collection Account 0.00 4.15 Total Amount Transferred to the Trustee Collection Account $ 1,324,894.14 $ 12,126,878.04 Policy Draw Amount 0.00 0.00 Grand Total $ 1,324,894.14 $ 12,126,878.04 Payments in Order of Priority (Section 3.05 of the Indenture) Group IV Total Prepayment Penaties (due to the Subordinate Noteholders) $ 17,187.08 $ 230,792.08 Premium for the Policy (due to the Enhancer) 12,063.33 82,464.99 Indenture Trustee Fee (due to the Indenture Trustee) 115.07 764.59 Class A-1 through A-8 Term Notes Interest Distribution 116,922.48 1,644,147.25 Class A-9 IO Term Note Interest Distribution NA 179,866.67 Senior Note Principal Distribution Amount 827,923.87 8,088,549.48 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 Note Payments to Reduce Overcollateralization Deficiency Amount 0.00 1,549,610.67 Transfer of Excess Spread to the Reserve Account 350,682.31 350,682.31 Payments of Shortfalls and Losses from the Reserve Account 0.00 0.00 Payment of any other amount owed to the Enhancer 0.00 0.00 Payment of any other amount owed to the Indenture Trustee 0.00 0.00 Payment of Interest Carry-Forward Amounts to the A-8 & Variable Notes 0.00 0.00 Payments from Collections to the Subordinatae Noteholders 0.00 0.00 Payments of Reserve Releases to the Subordinate Noteholders 0.00 0.00 Total Distributions from Trustee Collection Account $ 1,324,894.14 $12,126,878.04 Excess Spread 350,682.31 1,900,292.98 Distributions by Recipient Total Payment to the Enhancer $ 12,063.33 $ 82,464.99 Total Payment to the Indenture Trustee 115.07 764.59 Total Senior Noteholder Distribution Amount 944,846.35 11,462,174.07 Total Subordinate Noteholder Distribution Amount 17,187.08 230,792.08 Total Transfer to the Reserve Account 350,682.31 350,682.31 Grand Total Distributions $ 1,324,894.14 $ 12,126,878.04

Account Summary The Pre-funding Account and the Capitalized Interest Account have been closed with the end of the Pre-funding Period Funding Account Summary Group I Group IV Total Beginning Account Balance 0.00 Principal Collections Deposited 0.00 Excess Spread Deposited 0.00 Reinvestment Earnings 4.15 4.15 less Subsequent Mortgage Loans Purchased 0.00 less Transfers to the Trustee Collection Account (4.15) (4.15) Ending Account Balance (as of 11/26/01) 0.00 Next Payment Date a Subsequent Transfer Date? No Associated Expected Subsequent Transfer Balance 0.00 Reserve Account Summary Group I Group II Group III Group IV Total Beginning Account Balance - - - $ 247,947.91 247,947.71 Reinvestment Earnings - - - - - Deposit Excess Spread into Reserve Amount - - - 350,682.31 350,682.31 Transfers In - - - - - less Reserve Release Amount transferred to the Trustee Collection Acct.- - - - - less Shortfalls transferred to the Trustee Collection Account - - - - - Ending Account Balance - - - 598,630.22 598,630.02 Crosscollaterlization Commitment Amount $ 2,691,864.25 Current Crosscollateralization Commitment Percentage (set forth in a notice from 0.75% the Enhancer to the Indenture Trustee and the Master Servicer)

POOL SUMMARY Beginning Pool Balance Home Equity Mortgage Loans - HELs $ 69,857,445.72 $ 42,287,199.85 High LTV Mortgage Loans - HEL125s NA 106,900,998.40 Home Equity Line of Credit - HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Grand Total $ 69,857,445.72 $ 149,188,198.25 Ending Pool Balance Home Equity Mortgage Loans - HELs $ 68,057,677.59 $ 40,438,780.34 High LTV Mortgage Loans - HEL125s NA 105,128,633.68 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Grand Total $ 68,057,677.59 $ 145,567,414.02 Beginning # of Mortgage Loans Group I Group II Home Equity Mortgage Loans - HELs 1,829 653 High LTV Mortgage Loans - HEL125s NA 2,447 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Total 1,829 3,100 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs 1,784 630 High LTV Mortgage Loans - HEL125s NA 2,408 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Total 1,784 3,038 Weighted Average Mortgage Interest Rate 12.716% 13.763%

Pool Summary continued Beginning Pool Balance Home Equity Mortgage Loans - HELs NA NA $ 112,144,645.57 High LTV Mortgage Loans - HEL125s $ 92,725,302.57 NA 199,626,300.97 Home Equity Line of Credit- HELOCs NA $ 26,006,090.27 26,006,090.27 High LTV Home Equity Line of Credit- HELOC125s NA 29,226,741.29 29,226,741.29 Grand Total $ 92,725,302.57 $ 55,232,831.56 $ 367,003,778.10 Ending Pool Balance Home Equity Mortgage Loans - HELs NA NA $ 108,496,457.93 High LTV Mortgage Loans - HEL125s $ 90,885,233,47 NA 196,013,867.15 Home Equity Line of Credit- HELOCs NA $ NA 25,483,799.53 High LTV Home Equity Line of Credit- HELOC125s NA 25,483,799.53 28,921,108.16 Grand Total $ 90,885,233.47 $ 28,921,108.16 $ 358,915,232.77 Beginning # of Mortgage Loans Group III Group IV Total Home Equity Mortgage Loans - HELs NA NA 2,482 High LTV Mortgage Loans - HEL125s 2,854 NA 5,301 Home Equity Line of Credit- HELOCs NA 446 446 High LTV Home Equity Line of Credit- HELOC125s NA 710 710 Total 2,854 1,156 8,939 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs NA NA 2,414 High LTV Mortgage Loans - HEL125s 2,797 NA 5,205 Home Equity Line of Credit- HELOCs NA 432 432 High LTV Home Equity Line of Credit- HELOC125s NA 704 704 Total 2,797 1,136 8,755 Weighted Average Mortgage Interest Rate 15.483% 11.672% 13.683%

Loans Removed from the Trust Group I Group II Group III Group IV Total Number of Loans (Current Period) 0 0 0 0 0 Principal Balance (Current Period) 0.00 0.00 0.00 0.00 0.00 Number of Loans (Cumulative) 0 0 2 0 2 Principal Balance (Cumulative) 0.00 0.00 43,487.32 0.00 43,487.32

Liquidation Loss and Overcollateralization Summary Liquidation Loss Amount for Collection Period Group I Group II Group III Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 0.00 184,825.73 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 0.00 184,825.73 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 73,215.47 280,098.63 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 73,215.47 280,098.63 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 73,215.47 280,098.63 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 73,215.47 280,098.63 Liquidation Loss Amount for Collection Period Group IV Total Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 184,825.73 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 35,300.00 35,300.00 Total 35,300.00 220,125.73 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 353,314.10 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 177,750.00 177,750.00 Total 177,750.00 531,064.10 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 353,314.10 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 177,750.00 177,750.00 Total 177,750.00 531,064.10 Overcollateralization Summary Group I Group II Group III Overcollateralization Target Amount $ 3,390,672.95 $ 9,526,834.18 $ 6,499,023.27 Beginning Overcollateralization Amount 2,282,341.63 4,568,258.27 3,285,903.30 Beginning Overcollateralization Deficiency Amount 1,108,331.32 4,958,575.91 3,213,119.97 Increase in Overcollateralization 337,318.30 844,235.02 368,061.50 Ending Overcollateralization Amount 2,619,659.93 5,412,493.30 3,653,964.80 Ending Overcollateralization Deficiency Amount $ 771,013.03 $ 4,114,340.88 $ 2,845,058.47 Overcollateralization Trigger Events Group I Group II Group III 12-Month Loss Rate (% of Balance at start of 12 month period) 0.0% 0.0% 0.0% 12-Month Loss Rate Trigger Event Level 0.750% 2.000% 2.750% Aggregate Loss Rate (% of Cut-off Date Balances) 0.0% 0.043% 0.280% Aggregate Loss Rate Trigger Event Level 3.750% 8.420% 11.250% Overcollateralization Summary Group IV Total Overcollateralization Target Amount $ 6,151,568.23 $ 25,568,098.64 Beginning Overcollateralization Amount 6,399,516.14 16,536,019.34 Beginning Overcollateralization Deficiency Amount 9,280,027.20 Increase in Overcollateralization 350,682.31 1,900,297.13 Ending Overcollateralization Amount $ 6,750,198.45 18,436,316.47 Ending Overcollateralization Deficiency Amount 0.00 $ 7,730,412.38 Overcollateralization Trigger Events Group IV 12-Month Loss Rate (% of Balance at start of 12 month period) 0.0% 12-Month Loss Rate Trigger Event Level 1.900% Aggregate Loss Rate (% of Cut-off Date Balances) 0.304% Aggregate Loss Rate Trigger Event Level 9.480% Master Servicer Termination Trigger Events Current Level Trigger Level 6-Month Average Delinquency Rate (60+ Days Past Due) 0.968% 9.500% Rolling 12-Month Loss Rate (Average of last 12 One Month Loss Rates) NA 3.500% Aggregate Loss Rate (% of Cut-off Date Balances) 0.132% 12.500% Rapid Ammortization Event None Servicing Default None

Delinquency Summary Group I Home Equity Mortgage Loans - HELs Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 26 841,567 1.24% 3 85,238 0.13% 5 112,422 0% 1 19,967 0% Bankrupt 7 293,807 0% 1 30,365 0% 2 57,684 0% 1 58,789 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA 0% 1 11,957 0% - - 0% Total 7 293,807 0% 27 871,932 1.28% 5 142,922 0.21% 7 183,168 0% 1 19,967 0% Group I Home Equity Mortgage Loans - HELs 150+ Days 180+ Days # Balance % # Balance % Staus Quo 0% 3 121,216 0% Bankrupt - - 0% 1 59,979 0% REO - - 0% - - 0% Foreclosure 0% - - 0% Total 0% 4 181,194 0% Group II Home Equity Mortgage Loans - HELs Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 3 96,504 0.24% 1 40,151 0.10% 2 113,340 0% - - 0% Bankrupt - - 0.00% - - 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total - - 0.00% 3 96,504 0.24% 1 40,151 0.10% 2 113,340 0% - - 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% High LTV Mortgage Loans - HEL125s Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 23 1,064,839 1.01% 5 226,991 0.22% 4 146,115 0% 5 157,235 0% Bankrupt 26 1,129,334 1.07% 3 181,082 0% 2 60,261 0.06% 4 189,828 0% 2 57,473 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 0% 1 64,947 0% Total 26 1,129,334 1.07% 26 1,245,921 1.19% 7 287,252 0.27% 8 335,944 0% 8 279,655 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo 4 173,498 0% 10 469,174 0% Bankrupt 0% 1 33,972 0% REO - - 0% - - 0% Foreclosure 0% 1 70,578 0% Total 4 173,498 0% 12 573,724 1% Group II Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 26 1,161,344 0.80% 6 267,142 0.18% 6 259,456 0% 5 157,235 0% Bankrupt 26 1,129,334 0.78% 3 181,082 0% 2 60,261 0.04% 4 189,828 0% 2 57,473 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 0% 1 64,947 0% Total 26 1,129,334 0.78% 29 1,342,425 0.92% 8 327,403 0.22% 10 449,284 0% 8 279,655 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo 4 173,498 0% 10 469,174 0% Bankrupt 0% 1 33,972 0% REO - - 0% - - 0% Foreclosure 0% 1 70,578 0% Total 4 173,498 0% 12 573,724 0% Group III High LTV Mortgage Loans - HEL125s Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 57 1,608,324 1.77% 19 609,179 0.67% 8 210,322 0.23% 10 274,880 0% Bankrupt 23 744,830 0.82% 5 151,216 0% 3 64,532 0.07% 8 238,043 0% 6 157,205 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% 1 0% Total 23 744,830 0.82% 62 1,759,540 1.94% 22 673,710 0.74% 16 448,366 0.49% 17 470,314 1% Group III High LTV Mortgage Loans - HEL125s 150+ Days 180+ Days # Balance % # Balance % Staus Quo 2 43,406 0% 13 432,058 0% Bankrupt 4 128,732 0% 5 198,501 0% REO - - 0% - - 0% Foreclosure 1 74,975 0% 2 126,148 0% Total 7 247,113 0% 20 756,707 0% Group IV Home Equity Line of Credit- HELOCs Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 3 128,765 1% 1 90,300 0% - - 0% - - 0% Bankrupt - - 0% - - 0% - - 0% 1 39,984 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total - - 0% 3 128,765 1% 1 90,300 0% 1 39,984 0% - - 0% Group IV Home Equity Line of Credit- HELOCs 150+ Days 180+ Days # Balance % # Balance % Staus Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% High LTV Home Equity Line of Credit - HELOC125s Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 19 741,384 2.56% 1 36,400 0.13% 3 105,012 0.36% 5 128,935 0% Bankrupt 8 259,798 0.90% 1 86,598 0% 3 99,368 0% 1 66,000 0% 1 24,957 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 1 100,000 0% - - 0% Total 8 259,798 0.90% 20 827,982 2.86% 4 135,768 0.47% 5 271,012 0.94% 6 153,893 1% High LTV Home Equity Line of Credit - HELOC125s 150+ Days 180+ Days # Balance % # Balance % Staus Quo 3 92,475 0% 2 74,000 0% Bankrupt 3 173,692 1% 4 127,950 0% REO - - 0% - - 0% Foreclosure - - 0% 1 67,000 0% Total 6 266,167 1% 7 268,950 1% Group IV Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 22 870,150 1.60% 2 126,700 0.23% 3 105,012 0.19% 5 128,935 0% Bankrupt 8 259,798 0.48% 1 86,598 0% 3 99,368 0% 2 105,984 0% 1 24,957 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 1 100,000 0% - - 0% Total 8 259,798 0.48% 23 956,748 1.76% 5 226,068 0.42% 6 310,996 0.57% 6 153,893 0% Group IV Total 150+ Days 180+ Days # Balance % # Balance % Staus Quo 3 92,475 0% 2 74,000 0% Bankrupt 3 173,692 0% 4 127,950 0% REO - - 0% - - 0% Foreclosure - - 0% 1 67,000 0% Total 6 266,167 0% 7 268,950 0% Grand Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 131 4,481,384 1.25% 30 1,088,259 0.30% 22 687,212 0.19% 21 581,017 0% Bankrupt 64 2,427,769 0.68% 10 449,261 0% 10 281,844 0.08% 15 592,644 0% 9 239,635 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA 0% 2 111,957 0% 2 103,177 0% Total 64 2,427,769 0.68% 141 4,930,645 1.37% 40 1,370,104 0.38% 39 1,391,814 0.39% 32 923,829 0% Grand Total 150+ Days 180+ Days # Balance % # Balance % Staus Quo 9 309,380 0% 28 1,096,448 0% Bankrupt 7 302,424 0% 11 420,402 0% REO - - 0% - - 0% Foreclosure 1 74,975 0% 4 263,726 0% Total 17 686,778 0% 43 1,780,575 0%

Filing Compare · IRWIN HOME EQUITY LN TR HM EQ LN-BK TERM NT SER 2001-1