8-K 1 irw0101.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, 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 December 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 December 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: 12/10/2001 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 December 26, 2001 distribution.

Irwin Home Equity Loan-Backed Term Notes Series 2001-1 Master Servicer Certificate Remittance Date: 1112/26/2001 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% $ 6765,~~575~~438,~~104~~017.0966 $ ~~360~~349,~~400~~002.5676 2,~~137~~622,~~086~~683.4378 $ 2,~~497~~971,~~486~~686.9855 $ 6562,~~438~~815,~~017~~333.6688 A-2 Term Notes 2.~~60000~~28000% 3227,~~227~~762,~~939~~920.9872 7452,~~482~~749.3555 $ 4,~~465~~903,~~019~~617.2564 4,~~539~~956,~~501~~367.6019 2722,~~762~~859,~~920~~303.7208 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% 8987,~~439~~231,~~399~~268.2767 ~~478~~466,~~500~~687.7929 2,~~208~~303,~~130~~905.6003 2,~~686~~770,~~631~~592.3932 8784,~~231~~927,~~268~~363.6763 A-8 Term Notes 2.~~68000~~36000% 4948,~~081~~253,~~263~~339.3346 ~~116~~94,~~922~~898.4823 ~~827~~1,~~923~~632,743.8745 ~~944~~1,~~846~~727,641.3568 4846,~~253~~620,~~339~~596.4601 Variable Funding Notes 2.~~68000~~36000% ~~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 $ ~~350~~341,~~715~~077,~~706~~546.6752 $ 1,~~824~~757,~~013~~045.9258 $ 911,~~638~~462,~~160~~949.1591 $ 1113,~~462~~219,~~174~~995.0749 $ ~~341~~329,~~077~~614,~~546~~596.5261 (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 2.10000% 11/26/01 12/25/01 30~~

Subordinate Notes Beginning Note Prepayment Penalty Excess Spread Release of Aggregate Ending Note Balance Distribution Distribution Overcollateralization Distribution Balance Group I Subordinate Notes $ 2,619,659.93 $ 84,370.86 - - $ 84,370.86 $ 2,918,810.94 Group II Subordinate Notes 5,412,493.30 145,602.31 - - 145,602.31 5,947,778.31 Group III Subordinate Notes 3,653,964.80 44,259.42 - - 44,259.42 4,019,902.01 Group IV Subordinate Notes 6,750,198.45 50,287.67 - - 50,287.67 7,106,963.67 $ 18,436,316.47 $ 324,520.26 - - $ 324,520.26 $19,993,454.92

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 4.~~87027777~~71625353 2835.~~87954629~~44167277 3340.~~74982406~~15792629 ~~884~~848.~~29753600~~85586323 A-2 57,358,000.00 10.~~29855208~~91965461 7785.~~84475144~~49143347 7986.~~14330352~~41108808 ~~484~~398.~~02874443~~53731096 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.~~78500786~~66687287 2223.~~08130603~~03905034 2627.~~86631389~~70592322 ~~872~~849.~~31268669~~27363634 A-8 54,000,000.00 21.~~16523104~~75737471 1530.~~33192352~~23598981 1731.~~49715456~~99336452 ~~893~~863.~~58036041~~34437059 ~~Total~~$ 397,750,000.00

Collateral Collections Summary Aggregate Collections: Group I Group II Home Equity Mortgage Loans - HELs $ 3,004,427.03 $ 2,653,974.84 High LTV Mortgage Loans - HEL125 NA 3,129,169.89 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Collections $ 3,004,427.03 $ 5,783,144.73 Interest Collections Home Equity Mortgage Loans - HELs $ 683,309.12 $ 377,947.62 High LTV Mortgage Loans - HEL125 NA 1,198,840.65 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Interest Collections $ 683,309.12 $ 1,576,788.27 Principal Collections Home Equity Mortgage Loans - HELs $ 2,321,117.91 $ 2,276,027.22 High LTV Mortgage Loans - HEL125 NA 1,930,329.24 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Principal Collections $ 2,321,117.91 $ 4,206,356.46 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 $ 84,370.86 $ 145,602.31 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 Recoveries 10,000.00 650.00 less Servicing Fee 30,559.10 69,866.09 Transfer from the Collection Acct. to the Trustee Collection Acct. $ 3,068,238.79 $ 5,859,530.95 Prepayment Interest Shortfall $ 11,976.95 $ 21,113.54

Collateral Collections Summary continued Aggregate Collections: Group III Group IV Total Home Equity Mortgage Loans - HELs NA NA $ 5,658,401.87 High LTV Mortgage Loans - HEL125 $ 2,910,783.25 NA 6,039,953.14 Home Equity Line of Credit- HELOC NA $1,439,341.04 1,439,341.04 High LTV Home Equity Line of Credit - HELOC125s NA 835,720.39 835,720.39 Total Collections $ 2,910,783.25 $2,275,061.43 $ 13,973,416.44 Interest Collections Home Equity Mortgage Loans - HELs NA NA $ 1,061,256.74 High LTV Mortgage Loans - HEL125 $ 1,076,407.16 NA 2,275,247.81 Home Equity Line of Credit- HELOC NA $ 205,592.45 205,592.45 High LTV Home Equity Line of Credit - HELOC125s NA 283,499.92 283,499.92 Total Interest Collections $ 1,076,407.16 $ 489,092.37 $ 3,825,596.92 Principal Collections Home Equity Mortgage Loans - HELs NA NA $ 4,597,145.13 High LTV Mortgage Loans - HEL125 $ 1,834,376.09 NA 3,764,705.33 Home Equity Line of Credit- HELOC NA $ 1,233,748.59 1,233,748.59 High LTV Home Equity Line of Credit - HELOC125s NA 552,220.47 552,220.47 Total Principal Collections $ 1,834,376.09 $ 1,785,969.06 $ 10,147,819.52 Additional Balances Created (Group IV HELOCs) 79,285.19 Additional Balances Created (Group IV HELOC 125s) 73,940.42 Net Principal Collections for Group IV $ 1,632,743.45 Additional Balances Purchased 153,225.61 Additional Balance Differential 0.00 Prepayment Penalties Collected $ 44,259.42 $ 50,287.67 $ 324,520.26 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 Recoveries 1,113.03 1,785.72 13,548.75 less Servicing Fee 48,624.29 $ 27,446.14 176,495.63 Transfer from the Collection Acct. to the Trustee Collection Acct. $ 2,907,531.41 $2,146,463.07 $ 13,981,764.21 Prepayment Interest Shortfall $ 8,178.98 $ 6,556.92 $ 47,826.39

Distribution Summary Origin of Funds Summary Group I Group II Group III Transfer from the Collection Acct. to the Trustee Collection Acct. $ 3,068,238.79 $ 5,859,530.95 $ 2,907,531.41 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 0.01 0.00 0.00 Total Amount Transferred to the Trustee Collection Account $ 3,068,238.80 $ 5,859,530.95 $ 2,907,531.41 Policy Draw Amount 0.00 0.00 0.00 Grand Total $ 3,068,238.80 $ 5,859,530.95 $ 2,907,531.41 Payments in Order of Priority (Section 3.05 of the Indenture) Group I Group II Group III Prepayment Penalties (due to the Subordinate Noteholders) $ 84,370.86 $ 145,602.31 $ 44,259.42 Premium for the Policy (due to the Enhancer) 12,039.61 32,685.73 23,355.02 Indenture Trustee Fee (due to the Indenture Trustee) 141.79 303.27 189.34 Class A-1 through A-8 Term Notes Interest Distribution 349,002.76 666,590.63 466,687.29 Class A-9 IO Term Note Interest Distribution NA 110,731.37 69,135.30 Senior Note Principal Distribution Amount 2,323,532.78 4,368,332.63 1,937,967.83 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 0.00 Note Payments to Reduce Overcollateralization Deficiency Amount 299,151.00 535,285.01 365,937.20 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 $ 3,068,238.80 $ 5,859,530.95 $ 2,907,531.41 Excess Spread 299,151.00 535,285.01 365,937.20 Distributions by Recipient Total Payment to the Enhancer 12,039.61 32,685.73 23,355.02 Total Payment to the Indenture Trustee 141.79 303.27 189.34 Total Senior Noteholder Distribution Amount $ 2,971,686.55 $ 5,680,939.64 $ 2,839,727.62 Total Subordinate Noteholder Distribution Amount 84,370.86 145,602.31 44,259.42 Total Transfer to the Reserve Account 0.00 0.00 0.00 Grand Total Distributions $ 3,068,238.80 $ 5,859,530.95 $ 2,907,531.41

Origin of Funds Summary Group IV Total Transfer from the Collection Acct. to the Trustee Collection Acct. $ 2,146,463.07 $ 13,981,764.21 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 0.01 Total Amount Transferred to the Trustee Collection Account $ 2,146,463.07 $ 13,981,764.22 Policy Draw Amount 0.00 0.00 Grand Total $ 2,146,463.07 $ 13,981,764.22 Payments in Order of Priority (Section 3.05 of the Indenture) Group IV Total Prepayment Penaties (due to the Subordinate Noteholders) $ 50,287.67 $ 324,520.26 Premium for the Policy (due to the Enhancer) 11,655.15 79,735.51 Indenture Trustee Fee (due to the Indenture Trustee) 113.34 747.74 Class A-1 through A-8 Term Notes Interest Distribution 94,898.23 1,577,178.92 Class A-9 IO Term Note Interest Distribution NA 179,866.67 Senior Note Principal Distribution Amount 1,632,743.45 10,262,576.69 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 Note Payments to Reduce Overcollateralization Deficiency Amount 0.00 1,200,373.22 Transfer of Excess Spread to the Reserve Account 356,765.22 356,765.22 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 $ 2,146,463.07 $13,981,764.22 Excess Spread 356,765.22 1,557,138.44 Distributions by Recipient Total Payment to the Enhancer $ 11,655.15 $ 79,735.51 Total Payment to the Indenture Trustee 113.34 747.74 Total Senior Noteholder Distribution Amount 1,727,641.68 13,219,995.49 Total Subordinate Noteholder Distribution Amount 50,287.67 324,520.26 Total Transfer to the Reserve Account 356,765.22 356,765.22 Grand Total Distributions $ 2,146,463.07 $ 13,981,764.22

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 0.00 Principal Collections Deposited 0.00 0.00 Excess Spread Deposited 0.00 0.00 Reinvestment Earnings 0.01 0.01 less Subsequent Mortgage Loans Purchased 0.00 less Transfers to the Trustee Collection Account (0.01) (0.01) Ending Account Balance (as of 12/26/01) 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 - - - $ 598,630.22 598,630.22 Reinvestment Earnings - - - - - Deposit Excess Spread into Reserve Amount - - - 356,765.22 356,765.22 Transfers In - - - - - less Reserve Release Amount transferred to the Trustee Collection Acct.- - - - - less Shortfalls transferred to the Trustee Collection Account - - - - - Ending Account Balance - - - 955,395.44 955,395.44 Crosscollaterlization Commitment Amount $ 2,614,894.92 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 $ 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 Ending Pool Balance Home Equity Mortgage Loans - HELs $ 65,734,144.82 $ 38,162,753.12 High LTV Mortgage Loans - HEL125s NA 103,036,328.27 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Grand Total $ 65,734,144.82 $ 141,199,081.39 Beginning # of Mortgage Loans Group I Group II 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 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs 1,721 598 High LTV Mortgage Loans - HEL125s NA 2,364 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Total 1,721 2,962 Weighted Average Mortgage Interest Rate 12.716% 13.763%

Pool Summary continued Beginning 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 $ 25,483,799.53 25,483,799.53 High LTV Home Equity Line of Credit- HELOC125s NA 28,921,108.16 28,921,108.16 Grand Total $ 90,885,233.47 $ 54,404,907.69 $ 358,915,232.77 Ending Pool Balance Home Equity Mortgage Loans - HELs NA NA $ 103,896,897.94 High LTV Mortgage Loans - HEL125s $ 88,947,265.64 NA 191,983,593.91 Home Equity Line of Credit- HELOCs NA $ 24,329,336.13 24,329,336.13 High LTV Home Equity Line of Credit- HELOC125s NA 28,442,828.11 28,442,828.11 Grand Total $ 88,947,265.64 $ 52,772,164.24 $ 348,652,656.09 Beginning # of Mortgage Loans Group III Group IV Total 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 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs NA NA 2,319 High LTV Mortgage Loans - HEL125s 2,737 NA 5,101 Home Equity Line of Credit- HELOCs NA 409 409 High LTV Home Equity Line of Credit- HELOC125s NA 694 694 Total 2,737 1,103 8,523 Weighted Average Mortgage Interest Rate 15.483% 11.672% 13.688%

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 2,414.86 0.00 NA High LTV Mortgage Loans - HEL125 NA 161,976.17 103,591.74 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 2,414.86 161,976.17 103,591.74 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs 2,414.86 0.00 NA High LTV Mortgage Loans - HEL125 NA 235,191.64 383,690.37 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 2,414.86 235,191.64 383,690.37 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs 2,414.86 0.00 NA High LTV Mortgage Loans - HEL125 NA 235,191.64 383,690.37 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 2,414.86 235,191.64 383,690.37 Liquidation Loss Amount for Collection Period Group IV Total Home Equity Mortgage Loans - HELs NA 2,414.86 High LTV Mortgage Loans - HEL125 NA 265,567.91 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 0.00 0.00 Total 0.00 267,982.77 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs NA 2,414.86 High LTV Mortgage Loans - HEL125 NA 618,882.01 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 177,750.00 799,046.87 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs NA 2,414.86 High LTV Mortgage Loans - HEL125 NA 618,882.01 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 177,750.00 799,046.87 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 2,619,659.93 5,412,493.30 3,653,964.80 Beginning Overcollateralization Deficiency Amount 771,013.03 4,114,340.88 2,845,058.47 Increase in Overcollateralization 299,151.01 535,285.01 365,937.20 Ending Overcollateralization Amount 2,918,810.94 5,947,778.31 4,019,902.01 Ending Overcollateralization Deficiency Amount $ 471,862.01 $ 3,579,055.87 $ 2,479,121.27 Overcollateralization Trigger Events Group I Group II Group III 12-Month Loss Rate (% of Balance at start of 12 month period) Not applicable until the 12th Payment 12-Month Loss Rate Trigger Event Level 0.750% 2.000% 2.750% Aggregate Loss Rate (% of Cut-off Date Balances) 0.003% 0.138% 0.384% 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 6,750,198.45 18,436,316.47 Beginning Overcollateralization Deficiency Amount 0.00 7,730,412.38 Increase in Overcollateralization 356,765.22 1,557,138.45 Ending Overcollateralization Amount $ 7,106,963.67 19,993,454.92 Ending Overcollateralization Deficiency Amount 0.00 $ 6,530,039.15 Overcollateralization Trigger Events Group IV 12-Month Loss Rate (% of Balance at start of 12 month period) 0.000% 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) 1.169% 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) 0.198% 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 24 867,282 1.32% 11 343,640 0.52% 2 39,062 0% 4 96,602 0% Bankrupt 8 339,460 1% 4 171,574 0% 1 41,241 0% 2 42,575 0% 1 58,789 0% REO NA NA NA NA NA NA - - 0% - 59,979 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 1 - 0% 1 11,957 0% Total 8 339,460 1% 28 1,038,856 1.58% 12 384,880 0.59% 5 141,615 0% 6 167,967 0% Group I Home Equity Mortgage Loans - HELs 150+ Days 180+ Days # Balance % # Balance % Staus Quo 1 19,967 0% 3 121,216 0% Bankrupt - - 0% - - 0% REO - - 0% 1 59,979 0% Foreclosure - - 0% - - 0% Total 1 19,967 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 7 528,651 1.39% 1 16,933 0.04% 3 153,456 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% 7 528,651 1.39% 1 16,933 0.04% 3 153,456 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 1,077,192 1.05% 11 502,289 0.49% 5 226,991 0% 3 107,397 0% Bankrupt 21 923,550 0.90% 3 112,427 0% 6 332,294 0.32% 1 34,336 0% 5 228,546 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 0% - - 0% Total 26 1,129,334 0.90% 26 1,189,618 1.15% 17 834,583 0.27% 6 261,328 0% 8 335,944 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo 5 157,235 0% 12 514,668 0% Bankrupt 2 57,473 0% - - 0% REO - - 0% - - 0% Foreclosure 1 64,947 0% 1 70,578 0% Total 8 279,655 0% 13 585,246 1% Group II Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 30 1,605,843 1.14% 12 519,223 0.37% 8 380,448 0% 3 107,397 0% Bankrupt 21 923,550 0.65% 3 112,427 0% 6 332,294 0.24% 1 34,336 0% 5 228,546 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 21 923,550 0.65% 33 1,718,269 1.22% 18 815,517 0.60% 9 414,784 0% 8 335,944 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo 5 157,235 0% 12 514,668 0% Bankrupt 2 54,473 0% 0% REO - - 0% - - 0% Foreclosure 1 69,947 0% 1 70,578 0% Total 8 279,655 0% 13 585,246 0% Group III High LTV Mortgage Loans - HEL125s Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Status Quo NA NA NA 67 2,133,224 2.40% 22 665,597 0.75% 16 489,957 0.55% 8 223,130 0% Bankrupt 27 862,172 0.97% 7 193,268 0% 5 159,455 0.18% 3 64,532 0% 8 238,043 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 27 862,172 0.97% 74 2,326,493 2.62% 27 825,052 0.93% 19 554,488 0.62% 16 461,173 1% Group III High LTV Mortgage Loans - HEL125s 150+ Days 180+ Days # Balance % # Balance % Status Quo 10 284,181 0% 13 418,408 0% Bankrupt 6 158,276 0% 8 301,865 0% REO - - 0% - - 0% Foreclosure 1 38,230 0% 3 201,122 0% Total 17 480,687 1% 24 921,395 1% Group IV Home Equity Line of Credit- HELOCs Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Status Quo NA NA NA 4 209,593 1% - - 0% - - 0% - - 0% Bankrupt 1 39,083 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 1 39,083 0% 4 209,593 1% - - 0% 1 39,984 0% - - 0% Group IV Home Equity Line of Credit- HELOCs 150+ Days 180+ Days # Balance % # Balance % Status 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 % Status Quo NA NA NA 14 463,351 1.63% 7 315,392 1.11% 2 71,300 0.25% 3 89,812 0% Bankrupt 8 277,520 0.98% 2 109,434 0% 2 146,598 1% 3 99,368 0% 1 66,000 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% 1 - 0% Total 8 277,520 0.98% 16 572,785 2.01% 9 461,990 1.62% 5 170,668 0.60% 5 255,812 1% High LTV Home Equity Line of Credit - HELOC125s 150+ Days 180+ Days # Balance % # Balance % Status Quo 3 75,435 0% 6 239,875 1% Bankrupt 1 24,957 0% 6 228,242 1% REO - - 0% - - 0% Foreclosure - - 0% 1 67,000 0% Total 4 100,393 0% 13 535,117 2% Group IV Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Status Quo NA NA NA 18 672,944 1.28% 7 315,392 0.60% 2 71,300 0.14% 3 89,812 0% Bankrupt 9 316,603 0.60% 2 109,434 0% 2 146,598 0% 4 139,352 0% 1 66,000 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% 1 100,000 0% Total 9 316,603 0.60% 20 782,378 1.48% 9 461,990 0.88% 6 210,652 0.40% 5 255,812 0% Group IV Total 150+ Days 180+ Days # Balance % # Balance % Status Quo 3 75,435 0% 6 239,875 0% Bankrupt 1 24,957 0% 6 228,242 0% REO - - 0% - - 0% Foreclosure - - 0% 1 67,000 0% Total 4 100,393 0% 13 535,117 1% Grand Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Status Quo NA NA NA 139 5,279,293 1.51% 52 1,843,851 0.53% 28 980,766 0.28% 18 516,942 0% Bankrupt 65 2,441,785 0.70% 16 586,703 0% 14 679,588 0.19% 10 280,794 0% 15 591,378 0% REO NA NA NA NA NA NA - - 0% 1 59,979 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 2 0 0% 2 111,957 0% Total 65 2,441,785 0.70% 155 5,865,996 1.68% 66 2,523,438 0.72% 39 1,321,539 0.39% 35 1,220,227 0% Grand Total 150+ Days 180+ Days # Balance % # Balance % Status Quo 19 536,818 0% 34 1,294,167 0% Bankrupt 9 240,707 0% 14 530,106 0% REO - - 0% 1 59,979 0% Foreclosure 2 103,177 0% 5 338,700 0% Total 30 880,702 0% 54 2,222,952 1%

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