8-K 1 irw02001.txt OCTOBER 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): October 25, 2002 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Variable Funding Notes, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-11 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 October 25, 2002 a distribution was made to holders of Irwin Home Equity Loan Trust 2002-1, Home Equity Loan-Backed Notes, Series 2002-1. 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 2002-1 relating to the October 25, 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 Home Equity Loan Trust 2002-1 Home Equity Loan-Backed Notes, Series 2002-1. By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 11/08/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2002-1, relating to the October 25, 2002 distribution.

Home Equity Loan-Backed Notes, Series 2002-1 Irwin Home Equity Loan Trust 2002-1 Master Servicer Certificate ~~Remittance~~Payment Date: ~~September~~October 25, 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 2.~~08000~~08375% ~~123~~120,~~270~~811,~~830~~392.7083 ~~213~~209,~~669~~783.4495 23,~~459~~113,~~437~~760.8769 23,~~673~~323,~~107~~544.3164 ~~120~~117,~~811~~697,~~392~~632.8314 I VFN 2.~~08000~~08375% - - - - - II A-1 2.~~10000~~10375% ~~225~~220,~~904~~627,~~212~~129.8597 ~~395~~386,~~332~~786.3794 5,~~277~~252,~~082~~385.8845 5,~~672~~639,~~415~~172.2538 ~~220~~215,~~627~~374,~~129~~744.9752 II VFN II A-IO (1) 10.00000% 31,204,000.00 260,033.33 NA 260,033.33 31,204,000.00 II M-1 2.~~7100~~7138% 24,964,000.00 56,~~377~~455.0305 - 56,~~377~~455.0305 24,964,000.00 II M-2 3.~~3100~~3138% 21,063,000.00 58,~~098~~164.7860 - 58,~~098~~164.7860 21,063,000.00 II B-1 4.~~0600~~0638% 26,524,000.00 89,~~739~~822.5342 - 89,~~739~~822.5342 26,524,000.00 Total ~~421~~413,~~726~~989,~~043~~522.5580 1,~~073~~061,~~250~~046.4928 78,~~736~~366,~~520~~146.7513 89,~~809~~427,~~771~~192.2342 ~~413~~405,~~989~~623,~~522~~376.8067 (1) Class A-IO Note Balance is Notional LIBOR 1.~~81000~~81375% Interest Period Begin 0809/2625/2002 Interest Period End 0910/24/2002 Number of Interest Accrual Days: 30 Days in Collection Period: 3130 Prepayment Release of Beginning Penalty Excess Spread Over- Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 911,~~621~~939,~~512~~004.1032 ~~157~~205,~~796~~890.3317 ~~259~~297,~~469~~829.0773 - ~~417~~503,~~265~~719.4090 1114,~~939~~414,~~004~~041.3284 Noteholder Distribution Factors Summary (~~per~~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 1.~~68099379~~65042562 1924.~~34904586~~49677590 2126.~~03003966~~14720152 ~~950~~925.~~45506478~~95828888 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 1.~~68921636~~65270256 22.~~54845631~~44292662 24.~~23767267~~09562918 ~~942~~920.~~71803538~~27510874 II VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-IO 31,204,000.00 8.33333333 NA 8.33333333 NA II M-1 24,964,000.00 2.~~25833333~~26145833 0.00000000 2.~~25833333~~26145833 1,000.00000000 II M-2 21,063,000.00 2.~~75833333~~76145833 0.00000000 2.~~75833333~~76145833 1,000.00000000 II B-1 26,524,000.00 3.~~38333333~~38645833 0.00000000 3.~~38333333~~38645833 1,000.00000000 433,693,000.00

Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 34,~~681~~231,~~724~~141.6008 34,~~681~~231,~~724~~141.6008 Aggregate Collections (HELOC125s) 3,~~252~~778,~~992~~712.7674 3,~~252~~778,~~992~~712.7674 Aggregate Collections (HEL125s) 32,~~381~~817,~~075~~909.4506 32,~~381~~817,~~075~~909.4506 Total Aggregate Collections 34,~~681~~231,~~724~~141.6008 6,~~634~~596,~~068~~621.2180 10,~~315~~827,~~792~~762.8188 Interest Collections (HELOCs) ~~861~~928,~~306~~477.9534 ~~861~~928,~~306~~477.9534 Interest Collections (HELOC125s) 1,~~509~~627,~~264~~348.9327 1,~~509~~627,~~264~~348.9327 Interest Collections (HEL125s) 1,~~747~~690,~~053~~764.8713 1,~~747~~690,~~053~~764.8713 Total Interest Collections ~~861~~928,~~306~~477.9534 3,~~256,~~318,112.8040 4,~~117~~246,~~625~~589.7574 Principal Collections (HELOCs) 23,~~820~~302,~~417~~663.6574 23,~~820~~302,~~417~~663.6574 Principal Collections (HELOC125s) 12,~~743~~151,~~727~~364.8347 12,~~743~~151,~~727~~364.8347 Principal Collections (HEL125s) 1,~~634~~127,~~021~~144.5893 1,~~634~~127,~~021~~144.5893 Total Principal Collections 23,~~820~~302,~~417~~663.6574 3,~~377~~278,~~749~~509.4140 6,~~198~~581,~~167~~173.0614 Additional Balances Created ~~620~~486,~~448~~732.8578 ~~205~~213,~~641~~436.6872 ~~826~~700,~~090~~169.5350 Additional Balances Purchased ~~620~~486,~~448~~732.8578 ~~205~~213,~~641~~436.6872 ~~826~~700,~~090~~169.5350 Additional Balance Differential - - - Net Principal Collections 2,~~199~~815,~~968~~930.8096 3,~~172~~065,~~107~~072.7368 5,~~372~~881,~~076~~003.5364 Principal Collections Distribution Amount 2,~~199~~815,~~968~~930.8096 3,~~172~~065,~~107~~072.7368 5,~~372~~881,~~076~~003.5364 Prepayment Penalty Collections 6776,~~797~~478.9269 89129,~~998~~411.4148 ~~157~~205,~~796~~890.3317 Recoveries 308.00 -978.39 ~~308~~1,286.0039 Mortgage Loans Repurchased - - - Insurance Proceeds - - - less Servicing Fee ~~106~~100,~~150~~893.7220 ~~265~~254,~~287~~047.4524 ~~371~~354,~~438~~940.1744 Master Servicer Remittance 3,~~023~~720,~~230~~301.9579 6,~~253~~259,~~137~~527.4971 9,~~276~~979,~~368~~829.4450 Payments in Order of Priority Group I Group II Total Prepayment Penalties due to Certificateholder 6776,~~797~~478.9269 89129,~~998~~411.4148 ~~157~~205,~~796~~890.3317 Premium due to Enhancer 22,~~599~~196.8350 22,~~599~~196.8350 Indenture Trustee Fee ~~256~~252.8223 ~~641~~635.8212 ~~898~~887.6435 Payment to Interest Rate Cap Counterparty 25,833.33 25,833.33 Class A Interest Distribution ~~213~~209,~~669~~783.4495 ~~655~~646,~~365~~820.7127 ~~869~~856,~~035~~604.1522 II M-1 Interest Distribution 56,~~377~~455.0305 56,~~377~~455.0305 II M-2 Interest Distribution 58,~~098~~164.7860 58,~~098~~164.7860 II B-1 Interest Distribution 89,~~739~~822.5342 89,~~739~~822.5342 Class A Principal Collection Distribution 2,~~199~~815,~~968~~930.8096 3,~~172~~065,~~107~~072.7368 5,~~372~~881,~~076~~003.5364 II M-1 Principal Collection Distribution - - II M-2 Principal Collection Distribution - - II B-1 Principal Collection Distribution - - Class A Liquidation Loss Distribution - 4610,~~952~~104.0097 4610,~~952~~104.0097 II M-1 Liquidation Loss Distribution - - II M-2 Liquidation Loss Distribution - - II B-1 Liquidation Loss Distribution - - Class A Overcollateralization Increase ~~259~~297,~~469~~829.0773 2,~~058~~177,~~023~~207.1580 2,~~317~~475,~~492~~037.2252 II M-1 Overcollateralization Increase - - II M-2 Overcollateralization Increase - - II B-1 Overcollateralization Increase - - Other Unpaid Enhancer Expenses - - - Other Unpaid Expenses - - - Certificateholder Distribution ~~259~~297,~~469~~829.0773 - ~~259~~297,~~469~~829.0773 Total Distributions 3,~~023~~720,~~230~~301.9579 6,~~253~~259,~~137~~527.4971 9,~~276~~979,~~368~~829.4450 Excess Spread ~~518~~595,~~938~~659.1446 2,~~104~~187,~~975~~312.1577 2,~~623~~782,~~913~~972.2922

Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) ~~123~~121,~~271~~071,~~805~~836.6484 ~~123~~121,~~271~~071,~~805~~836.6484 Beginning Pool Balance (HELOC125s) ~~159~~157,~~372~~833,~~080~~994.3722 ~~159~~157,~~372~~833,~~080~~994.3722 Beginning Pool Balance (HEL125s) ~~148~~147,~~703~~022,~~669~~696.6406 ~~148~~147,~~703~~022,~~669~~696.6406 Total Beginning Pool Balance ~~123~~121,~~271~~071,~~805~~836.6484 ~~308~~304,~~075~~856,~~750~~690.0128 ~~431~~425,~~347~~928,~~555~~527.6512 Ending Pool Balance (HELOCs) ~~121~~118,~~071~~255,~~836~~905.8488 ~~121~~118,~~071~~255,~~836~~905.8488 Ending Pool Balance (HELOC125s) ~~157~~155,~~833~~896,~~994~~066.2247 ~~157~~155,~~833~~896,~~994~~066.2247 Ending Pool Balance (HEL125s) ~~147~~145,~~022~~885,~~696~~446.0616 ~~147~~145,~~022~~885,~~696~~446.0616 Total Ending Pool Balance ~~121~~118,~~071~~255,~~836~~905.8488 ~~304~~301,~~856~~781,~~690~~512.2863 ~~425~~420,~~928~~037,~~527~~418.1251 Beginning Loan Count (HELOCs) 2,~~423~~373 2,~~423~~373 Beginning Loan Count (HELOC125s) 3,~~552~~693 3,~~552~~693 Beginning Loan Count (HEL125s) 3,~~683~~478 3,~~683~~478 Total Beginning Loan Count 2,~~423~~373 7,~~235~~171 9,~~658~~544 Ending Loan Count (HELOCs) 2,~~373~~323 2,~~373~~323 Ending Loan Count (HELOC125s) 3,~~693~~608 3,~~693~~608 Ending Loan Count (HEL125s) 3,~~478~~452 3,~~478~~452 Total Ending Loan Count 2,~~373~~323 7,~~171~~060 9,~~544~~383 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) - - Current Liquidation Losses (HEL125s) 4610,~~952~~104.0097 4610,~~952~~104.0097 Total Current Liquidation Losses - 4610,~~952~~104.0097 4610,~~952~~104.0097 12 Month Liquidation Losses (HELOCs) 24,106.38 24,106.38 12 Month Liquidation Losses (HELOC125s) - - 12 Month Liquidation Losses (HEL125s) 5869,~~977~~082.4441 5869,~~977~~082.4441 Total 12 Month Liquidation Losses 24,106.38 5869,~~977~~082.4441 8393,~~083~~188.8279 Aggregate Liquidation Losses (HELOCs) 24,106.38 24,106.38 Aggregate Liquidation Losses (HELOC125s) - - Aggregate Liquidation Losses (HEL125s) 5869,~~977~~082.4441 5869,~~977~~082.4441 Total Aggregate Liquidation Losses 24,106.38 5869,~~977~~082.4441 8393,~~083~~188.8279 Annulalized Group I Loss Percentage 0.00% Rolling 12-Month Loss Percentage 0.00% Cumulative Liquidation Loss Percentage 0.02%

Overcollateralization Summary Group I Group II Total Base Overcollateralization Target 4,067,519.20 23,400,522.79 27,468,041.99 180 Days Past Due, REO & Foreclosure Loans - NA - Total Overcollateralization Target Amount 4,067,519.20 23,400,522.79 27,468,041.99 Beginning Overcollateralization Amount ~~974~~260,444.9401 911,~~620~~678,~~537~~560.1631 911,~~621~~939,~~512~~004.32 Overcollateralization Increase Amount ~~259~~297,~~469~~829.0773 2,~~058~~177,~~023~~207.1580 2,~~317~~475,~~492~~037.52 Overcollateralization Release Amount - - - Ending Overcollateralization Amount ~~260~~558,~~444~~273.0174 1113,~~678~~855,~~560~~768.31 11 14,~~939~~414,~~004~~041.84 Group I Group II Cumulative Liquidation Loss Percentage 0.02% 0.02% 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% 13.00% Collection Periods 85+ 4.50% 15.00% Senior Enhancement Percentage 2627.6763% 17.75% of the Senior Enhancement Percentage 3.1325% 3-Mo. Rolling Average 60-Day Delinquency % 0.3265% Group II Delinquency Test Satisfied? Yes Annualized Interest Collections Rate 89.3820% Annulalized Group I Loss Percentage 0.00% Group I Excess Cash Rate 89.3820% Group I Initial Excess Spread Rate 5.49% Group I Excess Cash Rate Test Satisfied? Yes Balance of 3 Largest Group I Loans 1,945,468.07 Overcollateralization Targets Initial Principal Balance 127,109,974.94 312,006,970.55 Initial Target (% of Initial Principal Balance) 3.20% 7.50% Step-down Target (% of Current Balance) 6.40% 15.00% Triggered Target (% of Initial Principal Balance) 4.80% Step-down Date January 25, 2005 July 25, 2005 3-Mo. Rolling Average 90-Day Delinquency % 0.0215% Net Loan Rate 7.~~576~~565% 12.~~180~~179% Rapid Amortization Event: None Servicing Default: None

Delinquency Summary Group I Group II Group II Group II Grand HELOCs HELOC125s HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance Bankrupt 2 5962,~~836~~359.4022 1013 ~~365~~521,~~549~~519.2748 1113 ~~377~~411,~~444~~000.9217 2126 ~~742~~932,~~994~~519.1965 2328 ~~802~~994,~~830~~878.5987 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 2 5962,~~836~~359.4022 1013 ~~365~~521,~~549~~519.2748 1113 ~~377~~411,~~444~~000.9217 2126 ~~742~~932,~~994~~519.1965 2328 ~~802~~994,~~830~~878.5987 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 1816 ~~992~~623,~~119~~461.2747 2520 ~~957~~764,~~427~~575.3705 1015 ~~465~~610,~~020~~429.6983 35 1,~~422~~375,~~448~~004.0688 5351 21,~~414~~998,~~567~~466.3335 Bankrupt 1 49,929.73 - - 21 8737,~~558~~008.2484 31 9637,~~340~~008.0284 52 ~~183~~86,~~898~~938.2657 ~~5 183,898.26~~ REO - - - - - - - - - - Foreclosure - - -1 -46,800.00 - - -1 -46,800.00 -1 -46,800.00 Total 1817 ~~992~~673,~~119~~391.2720 2721 1811,~~044,985~~375.6105 1316 ~~561~~647,~~360~~438.7167 4037 1,~~606~~458,~~346~~813.3272 5854 2,~~598~~132,~~465~~204.5992 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 24 ~~103~~189,~~263~~780.4051 814 ~~453~~639,~~839~~441.1668 24 47201,~~928~~814.7459 1018 ~~501~~841,~~767~~256.9027 1222 ~~605~~1,031,036.3078 Bankrupt 1 52390,~~543~~000.9300 2 7176,~~866~~123.7236 13 1796,~~866~~340.5502 35 89172,~~733~~463.2738 46 ~~142~~562,~~277~~463.2038 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 35 ~~155~~579,~~807~~780.3351 1016 ~~525~~715,~~705~~565.8804 37 65298,~~795~~154.2961 1323 ~~591~~1,~~501~~013,719.1765 1628 ~~747~~1,~~308~~593,500.5016 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 12 19103,~~999~~263.2140 26 88374,~~961~~189.0186 21 7828,~~317~~000.8700 47 ~~167~~402,~~278~~189.8886 59 ~~187~~505,~~278~~453.0926 Bankrupt -1 -52,543.93 3 ~~138~~102,~~900~~616.0002 -1 -17,866.55 34 ~~138~~120,~~900~~482.0057 35 ~~138~~173,~~900~~026.0050 REO - - - - - - - - - - Foreclosure - - 1- ~~68,966.36~~- - - 1- ~~68,966.36~~- 1- ~~68,966.36~~- Total 13 19155,~~999~~807.2133 69 ~~296~~476,~~827~~805.3788 2 7845,~~317~~866.8755 811 ~~375~~522,~~145~~672.2443 914 ~~395~~678,~~144~~479.4576 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent -1 -19,999.21 -2 -88,961.01 -1 -59,897.17 -3 -148,858.18 -4 -168,857.39 Bankrupt - - -3 -138,900.00 -1 -18,420.70 -4 -157,320.70 -4 -157,320.70 REO - - - - - - - - - - Foreclosure - - -1 -68,966.36 - - -1 -68,966.36 -1 -68,966.36 Total -1 -19,999.21 -6 -296,827.37 -2 -78,317.87 -8 -375,145.24 -9 -395,144.45 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - Total Bankrupt 35 ~~112~~554,~~380~~832.3388 1721 ~~663~~839,~~874~~158.2386 1519 ~~491~~580,~~651~~636.4928 3240 1,~~155~~419,~~525~~795.7214 3545 1,~~267~~974,~~906~~628.0502 Total REO - - - - - - - - - - Total Foreclosure - - 12 68115,~~966~~766.36 - - 12 68115,~~966~~766.36 12 68115,~~966~~766.36

Filing Compare · BEAR STEARNS ASSET BACKED SEC IRWIN HM EQ LN TR 2002-1