8-K 1 irw0102.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 2001-2 Home Equity Loan-Backed Term Notes, 2001-2 New York (governing law of 333-43091-10 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 2001-2, Home Equity Loan-Backed Term Notes, 2001-2 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 2001-2, 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 2001-2 Home Equity Loan-Backed Notes, Series 2001-2 By: Wells Fargo Bank Minnesota, N.A., as Indenture Trustee By: /s/ Beth Belfield, Officer By: Beth Belfield, Officer Date: 01/10/2002 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Irwin Home Equity Loan- Backed Term Notes, Series 2001-2, relating to the December 26, 2001 distribution.

Irwin Home Equity Loan-Backed Term Notes Series 2001-2 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 I A-1 ~~Term Notes~~ 2.~~64000~~32000% $ 6360,~~708~~990,~~583~~238.0447 $ ~~149~~117,~~502~~914.8146 $ 23,~~718~~034,~~344~~764.5896 $ 23,~~867~~152,~~847~~679.3842 $ 6057,~~990~~955,~~238~~473.4751 I A-2 ~~Term Notes~~ 5.45000% 115,000,000.00 522,291.67 ~~0.00~~- 522,291.67 115,000,000.00 ------------------------------------------------------------------------------------------------------------------------------------ II A-1 ~~Term Notes~~ 2.~~64000~~32000% 7169,~~728~~827,~~275~~388.4466 ~~168~~134,~~322~~999.3562 12,~~900~~903,~~886~~618.7866 23,~~069~~038,~~209~~618.1327 6966,~~827~~923,~~388~~770.6601 II A-2 ~~Term Notes~~ 4.35000% 26,949,000.00 97,690.13 ~~0.00~~- 97,690.13 26,949,000.00 II A-3 ~~Term Notes~~ 4.85000% 50,846,000.00 205,502.58 ~~0.00~~- 205,502.58 50,846,000.00 II A-4 ~~Term Notes~~ 5.68000% 31,104,000.00 147,225.60 ~~0.00~~- 147,225.60 31,104,000.00 II A-5 ~~Term Notes~~ 6.52000% 41,796,000.00 227,091.60 ~~0.00~~- 227,091.60 41,796,000.00 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ III A-1 ~~Term Notes~~ 2.~~77000~~45000% ~~128~~125,~~583~~416,~~599~~528.2889 ~~316~~256,~~601~~058.4075 32,~~167~~955,~~070~~155.4007 3,~~483~~211,~~671~~213.7982 ~~125~~122,~~416~~461,~~528~~373.8982 Variable Funding Notes 2.~~77000~~45000% ~~0.00~~- ~~0.00~~- ~~0.00~~- ~~0.00~~- ~~0.00~~- ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ A-IO Term Notes (1) 10.00000% 54,112,000.00 450,933.33 NA 450,933.33 54,112,000.00 ------------------------------------------------------------------------------------------------------------------------------------ M-1 32.~~29500~~97500% 53,022,000.00 ~~155~~131,~~295~~450.5538 ~~0.00~~- ~~155~~131,~~295~~450.5538 53,022,000.00 M-2 3.~~67000~~35000% 43,904,000.00 ~~143~~122,~~224~~565.6033 ~~0.00~~- ~~143~~122,~~224~~565.6033 43,904,000.00 B 4.~~42000~~10000% 43,904,000.00 ~~172~~150,~~493~~005.9433 ~~0.00~~- ~~172~~150,~~493~~005.9433 43,904,000.00 ==================================================================================================================================== $ ~~670~~662,~~545~~759,~~457~~156.7702 $ 2,~~756~~563,~~175~~728.5578 $ 78,~~786~~893,~~301~~538.7569 $ 1011,~~542~~457,~~477~~267.3146 $ ~~662~~653,~~759~~865,~~156~~617.0133 (1) Class A-IO Term Note Balance is Notional

Interest Period Interest Period Number of Interest LIBOR Begin End Accrual Days ~~2.10000% 11/26/01 12/25/01 30~~

Beginning Prepayment Penalty Excess Spread Release of Aggregate Ending Balance Distribution Distribution Overcollateralization Distribution Balance ~~Certificates $ 5,480,394.32 132,898.55 0.00 0.00 $ 132,898.55 8,555,733.69~~

Noteholder Distribution Factors Summary (Per $1000 Original Principal Amount) Class $ Original Interest Principal Aggregate Ending of Note Distribution Distribution Distribution Note Notes Balance ~~Amount Amount Amount~~ Factor I A-1 $ 64,930,000.00 21.~~30252284~~81602435 4146.~~86577201~~73902601 4448.~~16829485~~55505036 ~~939~~892.~~32293957~~58391359 I A-2 115,000,000.00 4.54166667 0.00000000 4.54166667 1,000.00000000 II A-1 72,972,000.00 21.~~30667041~~85001943 2639.~~04953652~~79086027 2841.~~35620693~~64087970 ~~956~~917.~~90660337~~11574312 II A-2 26,949,000.00 3.62500000 0.00000000 3.62500000 1,000.00000000 II A-3 50,846,000.00 4.04166667 0.00000000 4.04166667 1,000.00000000 II A-4 31,104,000.00 4.73333333 0.00000000 4.73333333 1,000.00000000 II A-5 41,796,000.00 5.43333333 0.00000000 5.43333333 1,000.00000000 III A-1 130,000,000.00 21.~~43539535~~96968267 2422.~~36207998~~73196210 2624.~~79747533~~70164477 ~~964~~942.~~74252990~~01056781 Variable Funding ~~0.00~~- 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 54,112,000.00 8.33333333 ~~N/A~~NA 8.33333333 ~~N/A~~NA M-1 53,022,000.00 2.~~92888889~~47916667 0.00000000 2.~~92888889~~47916667 1,000.~~0000000~~00000000 M-2 43,904,000.00 32.~~26222222~~79166667 0.00000000 32.~~26222222~~79166667 1,000.~~0000000~~00000000 B 43,904,000.00 3.~~92888889~~41666667 0.00000000 3.~~92888889~~41666667 1,000.~~0000000~~00000000 ~~Total~~-------------------------------------------------------------------------------------------------------------- $ 674,427,000.00

Collateral Collections Summary Group I Group II Group III Total Aggregate Collections: $ 3,453,728.32 $ 5,119,807.54 $ 3,893,243.76 $ 12,466,779.62 Interest Collections 1,468,364.76 3,220,240.77 1,212,196.75 5,900,802.28 Principal Collections 1,985,363.56 1,899,566.77 2,681,047.01 6,565,977.34 Additional Balances Created (Group III) 747,764.77 Additional Balances Purchased 747,764.77 Additional Balance Differential 0.00 Net Principal Collections 1,985,363.56 1,899,566.77 1,933,282.24 5,818,212.57 Net Principal Collections quotient by group 0.341232558 0.326486313 0.332281129 Principal Collections Distribution Amount 5,818,212.57 Prepayment Penalties Collected 132,898.55 Purchase/Repurchase Price of any Mortgage Loans Purchased 0.00 Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Substitution Adjustment Amounts 0.00 less Servicing Fee 467,770.32 Transfer from the Collection Acct. to the Trustee Collection Acct. $11,384,143.08 Transfer from the Capitalized Interest Acct. to the Trustee Coll. Acct. 334,922.93 Total Available $11,719,066.01 Prepayment Interest Shortfall $20,979.56 Payments in Order of Priority (Section 3.05 of the Indenture) Prepayment Penalties (due to the Certificate holders) $132,898.55 Payment to the Interests Rate Cap Counter Party 128,900.00 Class A and Class A-IO Note Interest Distribution 2,159,707.73 Class M-1 Note Interest Distribution 131,450.38 Class M-2 Note Interest Distribution 122,565.33 Class B Note Interest Distribution 150,005.33 Class A Note Principal Collection Distribution Amount 5,818,212.57 Class M-1 Note Principal Collection Distribution Amount 0.00 Class M-2 Note Principal Collection Distribution Amount 0.00 Class B Note Principal Collection Distribution Amount 0.00 Class A Note Liquidation Loss Distribution Amount 0.00 Class M-1 Note Liquidation Loss Distribution Amount 0.00 Class M-2 Note Liquidation Loss Distribution Amount 0.00 Class B Note Liquidation Loss Distribution Amount 0.00 Class A Note Overcollateralization Increase Amount 3,075,326.12 Class M-1 Note Overcollateralization Increase Amount 0.00 Class M-2 Note Overcollateralization Increase Amount 0.00 Class B Note Overcollateralization Increase Amount 0.00 Payments to the Indenture Trustee and the Administrator of any unpaid expenses 0.00 Class A Note Interest Carry-Forward Amounts (with interest thereon) 0.00 Class M-1 Note Interest Carry-Forward Amounts (with interest thereon) 0.00 Class M-2 Note Interest Carry-Forward Amounts (with interest thereon) 0.00 Class B Note Interest Carry-Forward Amounts (with interest thereon) 0.00 Payments of any remaining amounts to the Certificate holders 0.00 Total Distributions from Trustee Collection Account $11,719,066.01 Excess Spread $ 3,075,326.12

POOL SUMMARY Group I Group II Group III Total Beginning Pool Balance $ 173,725,794.40 $ 281,295,944.18 $ 131,478,110.22 $ 586,499,848.80 Original Beginning Pool Balance $ 143,564,003.40 $ 239,063,766.49 $ 125,075,338.01 $ 507,703,107.90 Balance Added Due to Prefunding Delivery $ 30,161,791.00 $ 42,232,177.69 $ 6,402,772.21 $ 78,796,740.90 Ending Pool Balance $ 171,740,430.84 $ 279,396,377.41 $ 129,544,827.98 $ 580,681,636.23 Beginning # of Mortgage Loans 3,929 6,638 3,241 13,808 Original Beginning # of Mortgage Loans 3,260 5,647 3,022 11,929 # of Loans Added Due to Prefunding Delivery 669 991 219 1,879 Ending # of Mortgage Loans 3,884 6,599 3,180 13,663 1,985,364 1,899,567 1,933,282 Net Mortgage Interest Rate 10.172% 13.731% 10.490% 12.405% Loans Removed from the Trust Number of loans 0.00 Principal Balance 0.00 0.00 0.00 0.00 Current Period Liquidation Loss Amount 0.00 0.00 0.00 0.00 Aggregate Liquidation Loss Amount 0.00 0.00 0.00 0.00 Cumulative Liquidation Loss Percentage (Loss Test) 0.00% Overcollateralization Summary Loss Test Targets: Overcollateralization Target Amount 30,394,798.91 Collection Period 36 - 48 9.50% Collection Period 49 - 60 11.25% Beginning Overcollateralization Amount 5,480,394.32 Collection Period 61 - 84 11.75% Overcollateralization Increase Amount 3,075,326.12 Collection Period 85+ 12.25% Increase due to Subsequent Delivery 13.25 Overcollateralization Release Amount 8,555,733.69 Ending Overcollateralization Amount Loss Test Satisfied? Yes Rapid Amortization Event: None Senior Enhancement Percentage 21.89% Servicing Default: None 17.75% of the Senior Enhancement Percentage 2.57% 3-Month Rolling Average 60-Day Delinquency Percentage 0.06% Delinquency Test Stratified? Yes

Pre-funding Account Summary Group I Group II Group III Total Beginning Account Balance $ 51,597,548.08 $ 30,142,153.46 $ 0.00 $ 81,739,701.54 Reinvestment Earnings (11/26/01 to 12/21/01) 69,083.69 40,357.17 0.00 109,440.87 less Subsequent Mortgage Loans Purchased (19,889,538.15) (30,142,166.71) 0.00 (50,031,704.86) less Transfers to the Trustee Collection Acct. 0.00 0.00 0.00 0.00 less Transfers to the Capitalized Interest Acct. ( 69,083.69) ( 40,343.92) ( 0.00) (109,427.62) Ending Account Balance (as of 12/26/01) $ 31,708,009.93 $ 0.00 $ 0.00 $ 31,708,009.93 Next Payment Date a Subsequent Transfer Date? Yes Expected Subsequent Transfer Balance $ 19,889,538.15 $ 30,142,166.71 $ 0.00 $ 50,031,704.86 Capitalized Interest Account Summary Beginning Account Balance $ 703,990.15 Reinvestment Earnings 854.58 Transfers from the Pre-funding Account 109,427.62 less Capitalized Interest Requirement (334,922.93) Subtotal $ 479,349.41 less Overfunded Capitalized Interest Amount to be wired to the Transferror by the Indenture Trustee (287,760.16) Ending Account Balance $ 191,589.25 Funding Account Summary Beginning Account Balance 0.00 Advances Deposited $ 747,764.77 less Advances Purchased $ (747,764.77) Ending Account Balance 0.00

Delinquency Summary Group I Current 30+ Days 60+ Days 90+ Days Total over 60 Days # Balance % # Balance % # Balance % # Balance % # Balance % Delinquent NA NA NA 17 468,052 0.27% 0.00% 1 55,157 0% 1 55,157 0% Bankrupt 1 61,723 0% 2 102,875 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 1 61,723 0% 19 570,926 0.33% 0.00% 1 55,157 0% 1 55,157 0% Group II Current 30+ Days 60+ Days 90+ Days Total over 60 Days # Balance % # Balance % # Balance % # Balance % # Balance % Delinquent NA NA NA 40 1,798,040 0.64% 5 209,924 0.08% 3 113,403 0% 8 323,327 0% Bankrupt 4 164,336 0.06% 1 34,275 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA 0% 1 60,000 0% 1 60,000 0% Total 4 164,336 0.06% 41 1,832,315 0.66% 5 209,924 0.08% 4 173,403 0% 9 383,327 0% Group III Current 30+ Days 60+ Days 90+ Days Total over 60 Days # Balance % # Balance % # Balance % # Balance % # Balance % Delinquent NA NA NA 27 901,793 0.70% 6 281,599 0.22% 3 127,100 0.10% 9 408,699 0% Bankrupt 7 304,471 0.24% 1 13,976 0% 1 52,590 0.04% 1 48,014 0% 2 100,605 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 7 304,471 0.24% 28 915,769 0.71% 7 334,190 0.26% 4 175,114 0.14% 11 509,304 0% Total Current 30+ Days 60+ Days 90+ Days Total over 60 Days # Balance % # Balance % # Balance % # Balance % # Balance % Delinquent NA NA NA 84 3,167,885 0.55% 11 491,523 0.08% 7 295,660 0.05% 18 787,184 0% Bankrupt 12 530,531 0.09% 4 151,126 0% 1 52,590 0.01% 1 48,014 0% 2 100,605 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA 0% 1 60,000 0% 1 60,000 0% Total 12 530,531 0.09% 88 3,319,011 0.57% 12 544,114 0.09% 9 403,675 0.07% 21 947,788 0% HLTV Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Delinquent NA NA NA 47 2,031,972 0.59% 11 491,523 0.14% 4 161,903 0% 0 0 0% Bankrupt 4 164,336 0.05% 1 34,275 0% - - 0% - - 0% 0 0 0% REO NA NA NA NA NA NA - - 0% - - 0% 0 0 0% Foreclosure NA NA NA NA NA NA 1 0% 1 60,000 0% 0 0 0% Total 4 164,336 0.00% 48 2,066,247 0.60% 11 491,523 0.14% 5 221,903 0% - - 0% 150+ Days 180+ Days # Balance % # Balance % Delinquent 0% 0% Bankrupt 0% 0% REO 0% 0% Foreclosure 0% 0% Total - - 0% - - 0%

Filing Compare · BEAR STEARNS ASSET BACKED SEC INC IRWIN HOME EQ LO TR 2001-2