8-K 1 irw0300b.txt JUNE 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): June 25, 2003 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Notes, Series 2003-B Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-02 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 June 25, 2003 a distribution was made to holders of IRWIN HOME EQUITY LOAN TRUST, Home Equity Loan-Backed Notes, Series 2003-B Trust. 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-B Trust, relating to the June 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-B Trust By: Wells Fargo Bank Minnesota, N.A., as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 7/1/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2003-B Trust, relating to the June 25, 2003 distribution.

IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Notes Record Date: 45/3031/03 Distribution Date: 56/2725/03 IRWIN Series: 2003-B Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution AIO 464187AU7 SUB 10.00000% 0.00 220,708.33 0.00 IA 464187AR4 SEN 1.69500% 7370,~~232~~678,~~496~~247.6236 ~~110~~96,~~336~~505.9626 23,~~554~~178,~~249~~818.2791 IIA1 464187AS2 SEN 1.53000% 8582,~~574~~283,~~390~~792.3729 ~~116~~101,~~381~~414.1777 3,~~290~~753,~~598~~656.0752 IIA2 464187AT0 SEN 1.92000% 65,562,000.00 ~~111~~101,~~892~~402.4856 0.00 IVFN IRW03BVFN SUB 1.59000% 0.00 0.00 0.00 M 464187AV5 MEZ 3.32000% 15,960,000.00 4742,~~099~~684.7313 0.00 B 464187AW3 SUB 5.32000% 19,285,000.00 9182,~~196~~646.6294 0.00 OC IRW03B0C SUB 0.00000% 3714,~~150~~500.5264 0.00 0.00 X1 IRW03BX1 SUB 0.00000% 43,~~157~~446,~~882~~532.3625 0.00 ~~711~~463,~~350~~042.1298 C IRW03BCRT SUB 0.00000% 0.00 0.00 0.00 Totals ~~263~~257,~~774~~930,~~919~~072.8754 ~~697~~645,~~615~~361.2999 67,~~556~~395,~~197~~518.4641

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses AIO 0.00 0.00 220,708.33 0.00 IA 0.00 7067,~~678~~499,~~247~~428.3645 23,~~664~~275,~~586~~324.2317 0.00 IIA1 0.00 8278,~~283~~530,~~792~~135.2977 3,~~406~~855,~~979~~071.2429 0.00 IIA2 0.00 65,562,000.00 ~~111~~101,~~892~~402.4856 0.00 IVFN 0.00 0.00 0.00 0.00 M 0.00 15,960,000.00 4742,~~099~~684.7313 0.00 B 0.00 19,285,000.00 9182,~~196~~646.6294 0.00 OC 0.00 ~~714~~1,~~500~~721,831.6432 0.00 0.00 X1 0.00 32,~~446~~983,~~532~~489.2527 ~~711~~463,~~350~~042.1298 0.00 C 0.00 0.00 0.00 0.00 Totals 0.00 ~~257~~251,~~930~~541,~~072~~884.5481 78,~~253~~040,~~812~~880.7540 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) AIO 0.00 0.00 0.00 0.00 0.00 0.00 IA 75,559,000.00 7370,~~232~~678,~~496~~247.6236 0.00 23,~~554~~178,~~249~~818.2791 0.00 0.00 IIA1 88,484,000.00 8582,~~574~~283,~~390~~792.3729 0.00 3,~~290~~753,~~598~~656.0752 0.00 0.00 IIA2 65,562,000.00 65,562,000.00 0.00 0.00 0.00 0.00 IVFN 0.00 0.00 0.00 0.00 0.00 0.00 M 15,960,000.00 15,960,000.00 0.00 0.00 0.00 0.00 B 19,285,000.00 19,285,000.00 0.00 0.00 0.00 0.00 OC 0.01 3714,~~150~~500.5264 0.00 0.00 0.00 0.00 X1 5,650,500.00 43,~~157~~446,~~882~~532.3625 0.00 ~~711~~463,~~350~~042.1298 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~263~~257,~~774~~930,~~919~~072.8754 0.00 67,~~556~~395,~~197~~518.4641 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution AIO 0.00 0.00 0.00000000 0.00 IA 23,~~554~~178,~~249~~818.2791 7067,~~678~~499,~~247~~428.3645 0.~~93540475~~89333406 23,~~554~~178,~~249~~818.2791 IIA1 3,~~290~~753,~~598~~656.0752 8278,~~283~~530,~~792~~135.2977 0.~~92992849~~88750662 3,~~290~~753,~~598~~656.0752 IIA2 0.00 65,562,000.00 1.00000000 0.00 IVFN 0.00 0.00 0.00000000 0.00 M 0.00 15,960,000.00 1.00000000 0.00 B 0.00 19,285,000.00 1.00000000 0.00 OC 0.00 ~~714~~1,~~500~~721,831.6432 71183,~~450,064~~132.~~00000~~00000000 0.00 X1 ~~711~~463,~~350~~042.1298 32,~~446~~983,~~532~~489.2527 0.~~60995173~~52800447 ~~711~~463,~~350~~042.1298 C 0.00 0.00 0.00000000 0.00 Totals 67,~~556~~395,~~197~~518.4641 ~~257~~251,~~930~~541,~~072~~884.5481 0.~~95352900~~92991283 67,~~556~~395,~~197~~518.4641

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 IA 75,559,000.00 ~~969~~935.~~20944719~~40474808 0.00000000 3342.~~80469924~~07068529 0.00000000 IIA1 88,484,000.00 ~~967~~929.~~11711010~~92848752 0.00000000 3742.~~18862246~~42186746 0.00000000 IIA2 65,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 IVFN 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M 15,960,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 19,285,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 OC 0.01 0.00000000 0.00000000 0.00000000 0.00000000 X1 5,650,500.00 ~~735~~609.~~84326343~~95172994 0.00000000 ~~125~~81.~~89153526~~94725776 0.00000000 C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution AIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 IA 0.00000000 3342.~~80469924~~07068529 ~~935~~893.~~40474808~~33406279 0.~~93540475~~89333406 3342.~~80469924~~07068529 IIA1 0.00000000 3742.~~18862246~~42186746 ~~929~~887.~~92848752~~50662007 0.~~92992849~~88750662 3742.~~18862246~~42186746 IIA2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 IVFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 OC 0.00000000 0.00000000 0.~~00000000 71450064~~00000000172183132.00000000 0.00000000 X1 0.00000000 ~~125~~81.~~89153526~~94725776 ~~609~~528.~~95172994~~00447217 0.~~60995173~~52800447 ~~125~~81.~~89153526~~94725776 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall AIO 0.00 10.00000% 26,485,000.00 220,708.33 0.00 0.00 IA 75,559,000.00 1.69500% 7370,~~232~~678,~~496~~247.6236 ~~110~~96,~~336~~505.9626 0.00 0.00 IIA1 88,484,000.00 1.53000% 8582,~~574~~283,~~390~~792.3729 ~~116~~101,~~381~~414.1777 0.00 0.00 IIA2 65,562,000.00 1.92000% 65,562,000.00 ~~111~~101,~~892~~402.4856 0.00 0.00 IVFN 0.00 1.59000% 0.00 0.00 0.00 0.00 M 15,960,000.00 3.32000% 15,960,000.00 4742,~~099~~684.7313 0.00 0.00 B 19,285,000.00 5.32000% 19,285,000.00 9182,~~196~~646.6294 0.00 0.00 OC 0.01 0.00000% 3714,~~150~~500.5264 0.00 0.00 0.00 X1 5,650,500.00 0.00000% 43,~~157~~446,~~882~~532.3625 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~697~~645,~~615~~361.2999 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance AIO 0.00 0.00 220,708.33 0.00 26,485,000.00 IA 0.00 0.00 ~~110~~96,~~336~~505.9626 0.00 7067,~~678~~499,~~247~~428.3645 IIA1 0.00 0.00 ~~116~~101,~~381~~414.1777 0.00 8278,~~283~~530,~~792~~135.2977 IIA2 0.00 0.00 ~~111~~101,~~892~~402.4856 0.00 65,562,000.00 IVFN 0.00 0.00 0.00 0.00 0.00 M 0.00 0.00 4742,~~099~~684.7313 0.00 15,960,000.00 B 0.00 0.00 9182,~~196~~646.6294 0.00 19,285,000.00 OC 0.00 0.00 0.00 0.00 ~~714~~1,~~500~~721,831.6432 X1 0.00 0.00 0.00 0.00 32,~~446~~983,~~532~~489.2527 C 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~697~~645,~~615~~361.2999 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall AIO 0.00 10.00000% 1000.00000000 8.33333321 0.00000000 0.00000000 IA 75,559,000.00 1.69500% ~~969~~935.~~20944719~~40474808 1.~~46027555~~27721727 0.00000000 0.00000000 IIA1 88,484,000.00 1.53000% ~~967~~929.~~11711010~~92848752 1.~~31527926~~14613682 0.00000000 0.00000000 IIA2 65,562,000.00 1.92000% 1000.00000000 1.~~70666667~~54666667 0.00000000 0.00000000 IVFN 0.00 1.59000% 0.00000000 0.00000000 0.00000000 0.00000000 M 15,960,000.00 3.32000% 1000.00000000 2.~~95111090~~67444424 0.00000000 0.00000000 B 19,285,000.00 5.32000% 1000.00000000 4.~~72888877~~28555561 0.00000000 0.00000000 OC 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X1 5,650,500.00 0.00000% ~~735~~609.~~84326343~~95172994 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance AIO 0.00000000 0.00000000 8.33333321 0.00000000 1000.00000000 IA 0.00000000 0.00000000 1.~~46027555~~27721727 0.00000000 ~~935~~893.~~40474808~~33406279 IIA1 0.00000000 0.00000000 1.~~31527926~~14613682 0.00000000 ~~929~~887.~~92848752~~50662007 IIA2 0.00000000 0.00000000 1.~~70666667~~54666667 0.00000000 1000.00000000 IVFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 2.~~95111090~~67444424 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~72888877~~28555561 0.00000000 1000.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X1 0.00000000 0.00000000 0.00000000 0.00000000 ~~609~~528.~~95172994~~00447217 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 78,~~519~~300,~~254~~810.0615 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized ~~Losses~~Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 78,~~519~~300,~~254~~810.0615 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~265~~259,~~441~~929.3175 Payment of Interest and Principal 78,~~253~~040,~~812~~880.7540 Total Withdrawals (Pool Distribution Amount) 78,~~519~~300,~~254~~810.0615 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~223~~219,~~559~~138.1260 AMBAC ASSURANCE CORP. 4140,~~882~~791.1915 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~265~~259,~~441~~929.3175

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 915 01 0 916 ~~402~~657,~~049~~257.3132 025,000.00 0.00 ~~402~~682,~~049~~257.3132 30 Days 2029 03 0 0 2032 ~~825~~1,~~895~~469,238.2308 0103,799.0061 0.00 0.00 ~~825~~1,~~895~~573,037.2369 60 Days 68 20 0 0 8 ~~216~~288,841.9270 ~~83,087~~0.9600 0.00 0.00 ~~299~~288,~~929~~841.8870 90 Days 05 02 0 0 07 0187,992.0007 083,087.0096 0.00 0.00 0271,080.0003 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2642 1120 01 0 3763 1,~~042~~946,~~737~~071.1585 ~~485~~844,~~137~~144.2789 025,000.00 0.00 12,~~527~~815,~~874~~216.4274 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~166636~~283661% 0.~~000000~~018911% 0.000000% 0.~~166636~~302572% 0.~~157986~~264428% 0.~~000000~~010058% 0.000000% 0.~~157986~~274486% 30 Days 0.~~370302~~548411% 0.~~000000~~056732% 0.000000% 0.000000% 0.~~370302~~605144% 0.~~324538~~591104% 0.~~000000~~041761% 0.000000% 0.000000% 0.~~324538~~632864% 60 Days 0.~~111091~~151286% 0.~~037030~~000000% 0.000000% 0.000000% 0.~~148121~~151286% 0.~~085209~~116207% 0.~~032650~~000000% 0.000000% 0.000000% 0.~~117858~~116207% 90 Days 0.~~000000~~094554% 0.~~000000~~037821% 0.000000% 0.000000% 0.~~000000~~132375% 0.~~000000~~075633% 0.~~000000~~033428% 0.000000% 0.000000% 0.~~000000~~109061% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~481392~~794251% 0.~~203666~~378215% 0.~~000000~~018911% 0.000000% 01.~~685058~~191377% 0.~~409746~~782944% 0.~~190636~~339616% 0.~~000000~~010058% 0.000000% 01.~~600382~~132618%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 11.~~027427~~202289% Weighted Average Net Coupon 910.~~994094~~168956% Weighted Average Pass-Through Rate 9.~~800506~~976608% Weighted Average Maturity(Stepdown Calculation ) 0 Beginning Scheduled Collateral Loan Count 5,~~503~~401 Number Of Loans Paid In Full ~~102~~113 Ending Scheduled Collateral Loan Count 5,~~401~~288 Beginning Scheduled Collateral Balance ~~259~~254,~~617~~483,~~037~~540.5129 Ending Scheduled Collateral Balance ~~254~~248,~~483~~558,~~540~~395.2954 Ending Actual Collateral Balance at 3031-~~Apr~~May-2003 ~~254~~248,~~483~~558,~~540~~395.2954 Monthly P &I Constant 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 1617,~~729~~334.6698 Unscheduled Principal 56,~~420~~124,~~211~~032.1196

Current Period Additional Balances $~~303~~216,~~443~~223.5519 Required Overcollateralization Amount $10,594,021.57 Excess Spread $1,~~422~~470,~~700~~373.0041

Filing Compare · IRWIN HOME EQUITY LOAN BACK NOTES SERIES 2003 B