8-K 1 irw03001.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 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-01 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 2003-1, Home Equity Loan-Backed Notes, Series 2003-1. 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 2003-1 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 2003-1. By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 6/25/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2003-1, relating to the June 25, 2003 distribution.

Home Equity Loan-Backed Notes, Series Irwin Home Equity Loan Trust 2003-1 Master Servicer Certificate Payment Date: ~~May~~June 2725, 2003 Certificate 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 1.82000% 5857,~~932~~103,~~064~~855.7440 9583,~~338~~720.9860 12,~~828~~021,~~209~~109.3406 12,~~923~~104,~~548~~829.3266 5755,~~103~~082,~~855~~746.4034 I A-2 2.01000% 14,~~733~~275,~~016~~963.1985 2623,~~322~~115.9916 ~~457~~505,~~052~~277.3426 ~~483~~528,~~375~~392.3342 1413,~~275~~770,~~963~~686.8559 I VFN 2.01000% - - - - - II A-1 1.82000% ~~123~~120,~~028~~520,~~256~~533.5109 ~~199~~176,~~032~~696.3849 23,~~507~~198,~~723~~412.4362 23,~~706~~375,~~755~~109.8111 ~~120~~117,~~520~~322,~~533~~120.0946 II A-2 2.02000% 30,~~757~~130,~~064~~133.1327 5549,~~226~~028.0242 ~~626~~799,~~930~~603.8616 ~~682~~848,~~156~~631.8858 3029,~~130~~330,~~133~~530.2712 II VFN 2.02000% - - - - - A-IO (1) 10.00000% 30,500,000.00 254,166.67 NA 254,166.67 30,500,000.00 M-1 2.3200% 22,875,000.00 4742,~~173~~750.3383 - 4742,~~173~~750.3383 22,875,000.00 M-2 3.3200% 19,825,000.00 5853,~~505~~020.7886 - 5853,~~505~~020.7886 19,825,000.00 B-1 4.7200% 19,063,000.00 7972,~~979~~481.8876 - 7972,~~979~~481.8876 19,063,000.00 B-2 5.8200% 6,862,000.00 3532,~~499~~171.4134 - 3532,~~499~~171.4134 6,862,000.00 Total ~~296~~290,~~075~~655,~~401~~485.5761 ~~851~~787,~~245~~152.4413 56,~~419~~524,~~915~~402.9610 67,~~271~~311,~~161~~554.4023 ~~290~~284,~~655~~131,~~485~~083.6151 (1) Class A-IO Note Balance is Notional LIBOR 1.32000% Interest Period Begin 45/2527/2003 Interest Period End 56/2624/2003 Number of Interest Accrual Days: 3229 Days in Collection Period: 3031 Prepayment Beginning Penalty Excess Spread Release of Over Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 57,~~995~~423,~~279~~354.2336 ~~125~~193,~~298~~456.4500 - - ~~125~~193,~~298~~456.4500 78,~~423~~884,~~354~~833.3618 Noteholder Distribution Factors Summary (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 0.~~75005688~~65865202 1415.~~38300468~~90059757 1516.~~13306157~~55924959 ~~449~~433.~~25107900~~35048143 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 0.~~85044579~~75500673 1013.~~71525565~~66650269 1114.~~56570144~~42150942 ~~514~~501.~~97238888~~30588619 II VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-IO 31,204,000.00 8.14532336 NA 8.14532336 NA II M-1 24,964,000.00 1.~~88965430~~71249920 0.00000000 1.~~88965430~~71249920 916.31950008 II M-2 21,063,000.00 2.~~77765655~~51725110 0.00000000 2.~~77765655~~51725110 941.22394721 II B-1 26,524,000.00 1.~~33838825~~21291434 0.00000000 1.~~33838825~~21291434 258.70909365 433,693,000.00

Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 2,~~893~~948,~~385~~862.8794 2,~~893~~948,~~385~~862.8794 Aggregate Collections (HELOC125s) 3,~~389~~768,~~643~~281.3836 3,~~389~~768,~~643~~281.3836 Aggregate Collections (HELs) ~~551~~725,~~636~~957.1283 ~~551~~725,~~636~~957.1283 Aggregate Collections (HEL125s) ~~659~~849,~~063~~532.9682 ~~659~~849,~~063~~532.9682 Total Aggregate Collections 2,~~893~~948,~~385~~862.8794 45,~~600,~~343,772.4601 78,~~493~~292,~~729~~634.3395 Interest Collections (HELOCs) ~~546~~537,~~153~~018.3424 ~~546~~537,~~153~~018.3424 Interest Collections (HELOC125s) 1,~~281~~289,~~265~~392.6441 1,~~281~~289,~~265~~392.6441 Interest Collections (HELs) ~~237~~235,~~022~~662.3767 ~~237~~235,~~022~~662.3767 Interest Collections (HEL125s) ~~467~~469,~~863~~922.4120 ~~467~~469,~~863~~922.4120 Total Interest Collections ~~546~~537,~~153~~018.3424 1,~~986~~994,~~151~~977.4228 2,~~532~~531,~~304~~995.7652 Principal Collections (HELOCs) 2,~~347~~411,~~232~~844.5370 2,~~347~~411,~~232~~844.5370 Principal Collections (HELOC125s) 2,~~108~~478,~~377~~888.7495 2,~~108~~478,~~377~~888.7495 Principal Collections (HELs) ~~314~~490,~~613~~295.7516 ~~314~~490,~~613~~295.7516 Principal Collections (HEL125s) ~~191~~379,~~200~~610.5562 ~~191~~379,~~200~~610.5562 Total Principal Collections 2,~~347~~411,~~232~~844.5370 23,~~614~~348,~~192~~794.0473 45,~~961~~760,~~424~~639.5743 Additional Balances Created ~~664~~461,~~106~~226.6414 ~~305~~261,~~477~~933.1058 ~~969~~723,~~583~~159.7472 Additional Balances Purchased ~~664~~461,~~106~~226.6414 ~~305~~261,~~477~~933.1058 ~~969~~723,~~583~~159.7472 Additional Balance Differential - - - Net Principal Collections 1,~~683~~950,~~125~~618.8956 23,~~308~~086,~~714~~861.9415 35,~~991~~037,~~840~~479.8371 Principal Collections Distribution Amount 35,~~991~~037,~~840~~479.8371 Prepayment Penalty Collections 4777,~~002~~307.7587 78116,~~295~~148.7013 ~~125~~193,~~298~~456.4500 Recoveries - - - Mortgage Loans Repurchased - - - less Servicing Fee 7071,~~715~~623.4831 ~~181~~185,~~010~~055.0869 ~~251~~256,~~725~~679.5600 Master Servicer Remittance 2,~~205~~493,~~566~~321.5036 45,~~192~~012,~~151~~930.9887 67,~~397~~506,~~718~~252.4823 Payments in Order of Priority Total Prepayment Penalties due to Certificateholder ~~125~~193,~~298~~456.4500 Indenture Trustee Fee 1,~~258~~242.6300 Senior Note Interest Distribution ~~630~~586,~~087~~727.0434 M-1 Interest Distribution 4742,~~173~~750.3383 M-2 Interest Distribution 5853,~~505~~020.7886 B-1 Interest Distribution 7972,~~979~~481.8876 B-2 Interest Distribution 3532,~~499~~171.4134 Senior Principal Collection Distribution 35,~~991~~037,~~840~~479.8371 M-1 Principal Collection Distribution - M-2 Principal Collection Distribution - B-1 Principal Collection Distribution - B-2 Principal Collection Distribution - Senior Liquidation Loss Distribution -25,443.57 M-1 Liquidation Loss Distribution - M-2 Liquidation Loss Distribution - B-1 Liquidation Loss Distribution - B-2 Liquidation Loss Distribution - Senior Overcollateralization Increase 1,~~428~~461,~~075~~478.1382 M-1 Overcollateralization Increase - M-2 Overcollateralization Increase - B-1 Overcollateralization Increase - B-2 Overcollateralization Increase - Certificateholder Excess Spread Distribution - Total Distributions 67,~~397~~506,~~718~~252.4823 Excess Spread 1,~~428~~486,~~075~~922.1339

Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 8483,~~858~~175,~~581~~455.2132 8483,~~858~~175,~~581~~455.2132 Beginning Pool Balance (HELOC125s) ~~136~~134,~~659~~856,~~387~~487.7814 ~~136~~134,~~659~~856,~~387~~487.7814 Beginning Pool Balance (HELs) 30,~~697~~383,~~958~~344.1742 30,~~697~~383,~~958~~344.1742 Beginning Pool Balance (HEL125s) 49,~~854~~663,~~753~~553.6409 49,~~854~~663,~~753~~553.6409 Total Beginning Pool Balance 8483,~~585~~175,~~581~~455.2132 ~~217~~214,~~212~~903,~~099~~384.5965 ~~302~~298,~~070~~078,~~680~~839.8097 Ending Pool Balance (HELOCs) 8381,~~175~~224,~~455~~836.3276 8381,~~175~~224,~~455~~836.3276 Ending Pool Balance (HELOC125s) ~~134~~132,~~856~~614,~~487~~088.1420 ~~134~~132,~~856~~614,~~487~~088.1420 Ending Pool Balance (HELs) 3029,~~383~~893,~~344~~049.4226 3029,~~383~~893,~~344~~049.4226 Ending Pool Balance (HEL125s) 49,~~663~~283,~~553~~942.0947 49,~~663~~283,~~553~~942.0947 Total Ending Pool Balance 8981,~~175~~224,~~455~~836.3276 ~~214~~211,~~903~~791,~~384~~079.6593 ~~298~~293,~~078~~015,~~839~~916.9769 Beginning Loan Count (HELOCs) 1,~~571~~543 1,~~571~~543 Beginning Loan Count (HELOC125s) 3,~~074~~040 3,~~074~~040 Beginning Loan Count (HELs) ~~635~~629 ~~635~~629 Beginning Loan Count (HEL125s) ~~953~~949 ~~953~~949 Total Beginning Loan Count 1,~~571~~543 4,~~661~~618 6,~~232~~161 Ending Loan Count (HELOCs) 1,~~543~~509 1,~~543~~509 Ending Loan Count (HELOC125s) 32,~~040~~988 32,~~040~~988 Ending Loan Count (HELs) ~~629~~620 ~~629~~620 Ending Loan Count (HEL125s) ~~949~~944 ~~949~~944 Total Ending Loan Count 1,~~543~~509 4,~~618~~552 6,~~161~~061 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) -25,443.57 -25,443.57 Current Liquidation Losses (HELs) - - Current Liquidation Losses (HEL125s) - - Total Current Liquidation Losses - -25,443.57 -25,443.57 12 Month Liquidation Losses (HELOCs) - - 12 Month Liquidation Losses (HELOC125s) -25,443.57 -25,443.57 12 Month Liquidation Losses (HELs) - 12 Month Liquidation Losses (HEL125s) - - Total 12 Month Liquidation Losses - -25,443.57 -25,443.57 Aggregate Liquidation Losses (HELOCs) - - Aggregate Liquidation Losses (HELOC125s) -25,443.57 -25,443.57 Aggregate Liquidation Losses (HELs) - Aggregate Liquidation Losses (HEL125s) - - Total Aggregate Liquidation Losses - -25,443.57 -25,443.57 Cumulative Liquidation Loss Percentage 0.00%

Overcollateralization Target 21,807,524.83 Beginning Overcollateralization Amount 57,~~995~~423,~~279~~354.2336 Overcollateralization Increase Amount 1,~~428~~461,~~075~~478.1382 Overcollateralization Release Amount - Ending Overcollateralization Amount 78,~~423~~884,~~354~~833.3618 Overcollateralization Deficiency 1412,~~384~~922,~~170~~691.4765 Cumulative Liquidation Loss Percentage 0.00% Loss Test Satisfied? Yes Loss Test Targets: Collection Periods 36 to 48 9.50% Collection Periods 49 to 60 11.25% Collection Periods 61 to 84 13.00% Collection Periods 85+ 15.00% Senior Enhancement Percentage 2526.5145% 17.75% of the Senior Enhancement Percentage 4.5370% 3-Mo. Rolling Average 60-Day Delinquency % 0.0209% Delinquency Test Satisfied? Yes Overcollarterization Targets Initial Principal Balance 305,000,347.33 Initial Target (% of Initial Principal Balance) 7.15% Step-down Target (% of Current Balance) 14.30% Minimum Overcollateralization Target 1,525,000.00 Net Loan Rate 9.684% Rapid Amortization Event: None Servicing Default: None

Delinquency Summary Group I Group II Group II Group II Group II Grand HELOCs HELOC125s HELs HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance # Balance Bankrupt 1 28,492 24 ~~107~~237,~~273~~029 1 77,~~774~~595 - - 35 ~~185~~314,~~046~~624 46 ~~213~~343,~~538~~116 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 1 28,492 24 ~~107~~237,~~273~~029 1 77,~~774~~595 - - 35 ~~185~~314,~~046~~624 46 ~~213~~343,~~538~~116 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 37 78450,~~428~~878 1114 ~~584~~539,~~318~~758 12 4069,~~000~~639 3- ~~202,302~~- # ~~826~~609,~~620~~397 1823 ~~905~~1,~~047~~060,275 Bankrupt - - 1- ~~40,298~~- - - - - 1- ~~40,298~~- 1- ~~40,298~~- REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 37 78450,~~428~~878 1214 ~~624~~539,~~616~~758 12 4069,~~000~~639 3- ~~202,302~~- 1# ~~866~~609,~~917~~397 1923 ~~945~~1,~~345~~060,275 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent -2 -77,200 17 20317,~~000~~311 - - -2 -162,450 19 20479,~~000~~761 111 20556,~~000~~961 Bankrupt - - 21 9140,~~238~~298 - - - - -1 9140,~~238~~298 21 9140,~~238~~298 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total -2 -77,200 38 ~~111~~357,~~238~~609 - - -2 -162,450 3# ~~111~~520,~~238~~059 -12 -597,258 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - - - Bankrupt - - -3 -111,238 - - - - -3 -111,238 -3 -111,238 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - -3 -111,238 - - - - -3 -111,238 -3 -111,238 120 - 149 Days Past Due# Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - - - Bankrupt - - - - - - - - - - - - REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - - - - - - - - - - - 150 - 179 Days Past Due# Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - - - Bankrupt - - - - - - - - - - - - REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - - - - - - - - - - - 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - - - Bankrupt - - - - - - - - - - - - REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - - - - - - - - - - - Total Bankrupt 1 28,492 58 ~~238~~388,~~808~~564 1 77,~~774~~595 - - 69 ~~316~~466,~~582~~159 710 ~~345~~494,~~074~~651 Total REO - - - - - - - - - - - - Total Foreclosure - - - - - - - - - - - -

Filing Compare · IRWIN HOME EQUITY LOAN BACK CERTS SERIES 2003 1