8-K 1 irw03001.txt JULY 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): July 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 July 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 July 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: 7/25/03 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 July 25, 2003 distribution.

Home Equity Loan-Backed Notes, Series Irwin Home Equity Loan Trust 2003-1 Master Servicer Certificate Payment Date: ~~June~~July 25, 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~~53500% 5755,~~103~~082,~~855~~746.4034 8370,~~720~~460.6001 2,~~021~~044,~~109~~479.0689 2,~~104~~114,~~829~~939.6690 5553,~~082~~038,~~746~~266.3446 I A-2 21.~~01000~~72500% 1413,~~275~~770,~~963~~686.8559 2319,~~115~~795.1636 ~~505~~511,~~277~~119.2697 ~~528~~530,~~392~~915.4233 13,~~770~~259,~~686~~566.5961 I VFN 21.~~01000~~72500% - - - - - II A-1 1.~~82000~~53500% ~~120~~117,~~520~~322,~~533~~120.0946 ~~176~~150,~~696~~074.4955 3,~~198~~571,~~412~~333.6270 3,~~375~~721,~~109~~408.1125 ~~117~~113,~~322~~750,~~120~~786.4677 II A-2 21.~~02000~~73500% 3029,~~130~~330,~~133~~530.2712 4942,~~028~~407.4206 ~~799~~892,~~603~~833.1642 ~~848~~935,~~631~~240.5848 2928,~~330~~437,~~530~~696.1269 II VFN 21.~~02000~~73500% - - - - - A-IO (1) 10.00000% 30,500,000.00 254,166.67 NA 254,166.67 30,500,000.00 M-1 2.~~3200~~0350% 22,875,000.00 4238,~~750~~792.8319 - 4238,~~750~~792.8319 22,875,000.00 M-2 3.~~3200~~0350% 19,825,000.00 5350,~~020~~140.8673 - 5350,~~020~~140.8673 19,825,000.00 B-1 4.~~7200~~4350% 19,063,000.00 7270,~~481~~453.7667 - 7270,~~481~~453.7667 19,063,000.00 B-2 5.~~8200~~5350% 6,862,000.00 3231,~~171~~650.3498 - 3231,~~171~~650.3498 6,862,000.00 Total ~~290~~284,~~655~~131,~~485~~083.6151 ~~787~~727,~~152~~941.1322 67,~~524~~019,~~402~~766.1098 7,~~311~~747,~~554~~708.2320 ~~284~~277,~~131~~111,~~083~~316.5153 (1) Class A-IO Note Balance is Notional LIBOR 1.~~32000~~035000% Interest Period Begin 56/2725/2003 Interest Period End 67/24/2003 Number of Interest Accrual Days: 2930 Days in Collection Period: 3130 Prepayment Beginning Penalty Excess Spread Release of Over Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 78,~~423~~884,~~354~~833.3618 ~~193~~223,~~456~~355.0042 - - ~~193~~223,~~456~~355.0042 810,~~884~~551,~~833~~278.1825 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.~~65865202~~55432747 1516.~~90059757~~08446206 16.~~55924959~~63878953 ~~433~~417.~~35048143~~26601937 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 0.~~75500673~~64125380 1315.~~66650269~~25995776 1415.~~42150942~~90121156 ~~501~~486.~~30588619~~04592843 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.~~71249920~~55392525 0.00000000 1.~~71249920~~55392525 916.31950008 II M-2 21,063,000.00 2.~~51725110~~38051227 0.00000000 2.~~51725110~~38051227 941.22394721 II B-1 26,524,000.00 1.~~21291434~~19329588 0.00000000 1.~~21291434~~19329588 258.70909365 433,693,000.00

Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 2,~~948~~908,~~862~~828.9403 2,~~948~~908,~~862~~828.9403 Aggregate Collections (HELOC125s) 34,~~768~~014,~~281~~515.3681 34,~~768~~014,~~281~~515.3681 Aggregate Collections (HELs) ~~725~~749,~~957~~800.8398 ~~725~~749,~~957~~800.8398 Aggregate Collections (HEL125s) ~~849~~828,~~532~~499.8269 ~~849~~828,~~532~~499.8269 Total Aggregate Collections 2,~~948~~908,~~862~~828.9403 5,~~343~~592,~~772~~816.0148 8,~~292~~501,~~634~~664.9551 Interest Collections (HELOCs) ~~537~~571,~~018~~772.2477 ~~537~~571,~~018~~772.2477 Interest Collections (HELOC125s) 1,~~289~~380,~~392~~433.4156 1,~~289~~380,~~392~~433.4156 Interest Collections (HELs) ~~235~~225,~~662~~141.6732 ~~235~~225,~~662~~141.6732 Interest Collections (HEL125s) ~~469~~468,~~922~~434.2088 ~~469~~468,~~922~~434.2088 Total Interest Collections ~~537~~571,~~018~~772.2477 12,~~994~~074,~~977~~009.2876 2,~~531~~645,~~995~~782.5253 Principal Collections (HELOCs) 2,~~411~~337,~~844~~055.7026 2,~~411~~337,~~844~~055.7026 Principal Collections (HELOC125s) 2,~~478~~634,~~888~~082.9525 2,~~478~~634,~~888~~082.9525 Principal Collections (HELs) ~~490~~524,~~295~~659.1666 ~~490~~524,~~295~~659.1666 Principal Collections (HEL125s) ~~379~~360,~~610~~064.6281 ~~379~~360,~~610~~064.6281 Total Principal Collections 2,~~411~~337,~~844~~055.7026 3,~~348~~518,~~794~~806.7372 5,~~760~~855,~~639~~861.4398 Additional Balances Created ~~461~~390,~~226~~910.1422 ~~261~~119,~~933~~246.5808 ~~723~~510,~~159~~156.7230 Additional Balances Purchased ~~461~~390,~~226~~910.1422 ~~261~~119,~~933~~246.5808 ~~723~~510,~~159~~156.7230 Additional Balance Differential - - - Net Principal Collections 1,~~950~~946,~~618~~145.5604 3,~~086~~399,~~861~~560.1564 5,~~037~~345,~~479~~705.7168 Principal Collections Distribution Amount 5,~~037~~345,~~479~~705.7168 Prepayment Penalty Collections 77,~~307~~878.8722 ~~116~~145,~~148~~477.1320 ~~193~~223,~~456~~355.0042 Recoveries - -1,620.82 -1,620.82 Mortgage Loans Repurchased - - - less Servicing Fee 7167,~~623~~687.3136 ~~185~~176,~~055~~492.6957 ~~256~~244,~~679~~179.0093 Master Servicer Remittance 2,~~493~~528,~~321~~108.3667 5,~~012~~444,~~930~~175.8785 7,~~506~~972,~~252~~284.2352 Payments in Order of Priority Total Prepayment Penalties due to Certificateholder ~~193~~223,~~456~~355.0042 Indenture Trustee Fee 1,~~242~~220.0090 Senior Note Interest Distribution ~~586~~536,~~727~~903.3465 M-1 Interest Distribution 4238,~~750~~792.8319 M-2 Interest Distribution 5350,~~020~~140.8673 B-1 Interest Distribution 7270,~~481~~453.7667 B-2 Interest Distribution 3231,~~171~~650.3498 Senior Principal Collection Distribution 5,~~037~~345,~~479~~705.7168 M-1 Principal Collection Distribution - M-2 Principal Collection Distribution - B-1 Principal Collection Distribution - B-2 Principal Collection Distribution - Senior Liquidation Loss Distribution 257,~~443~~616.5723 M-1 Liquidation Loss Distribution - M-2 Liquidation Loss Distribution - B-1 Liquidation Loss Distribution - B-2 Liquidation Loss Distribution - Senior Overcollateralization Increase 1,~~461~~666,~~478~~445.8207 M-1 Overcollateralization Increase - M-2 Overcollateralization Increase - B-1 Overcollateralization Increase - B-2 Overcollateralization Increase - Certificateholder Excess Spread Distribution - Total Distributions 7,~~506~~972,~~252~~284.2352 Excess Spread 1,~~486~~674,~~922~~061.3930

Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 8381,~~175~~224,~~455~~836.3276 8381,~~175~~224,~~455~~836.3276 Beginning Pool Balance (HELOC125s) ~~134~~132,~~856~~614,~~487~~088.1420 ~~134~~132,~~856~~614,~~487~~088.1420 Beginning Pool Balance (HELs) 3029,~~383~~893,~~344~~049.4226 3029,~~383~~893,~~344~~049.4226 Beginning Pool Balance (HEL125s) 49,~~663~~283,~~553~~942.0947 49,~~663~~283,~~553~~942.0947 Total Beginning Pool Balance 8381,~~175~~224,~~455~~836.3276 ~~214~~211,~~903~~791,~~384~~079.6593 298,~~078~~015,~~839~~916.9769 Ending Pool Balance (HELOCs) 8179,~~224~~278,~~836~~691.7672 8179,~~224~~278,~~836~~691.7672 Ending Pool Balance (HELOC125s) ~~132~~130,~~614~~091,~~088~~635.2080 ~~132~~130,~~614~~091,~~088~~635.2080 Ending Pool Balance (HELs) 29,~~893~~368,~~049~~389.2660 29,~~893~~368,~~049~~389.2660 Ending Pool Balance (HEL125s) 4948,~~283~~923,~~942~~877.4766 4948,~~283~~923,~~942~~877.4766 Total Ending Pool Balance 8179,~~224~~278,~~836~~691.7672 ~~211~~208,~~791~~383,~~079~~903.9306 ~~293~~287,~~015~~662,~~916~~594.6978 Beginning Loan Count (HELOCs) 1,~~543~~509 1,~~543~~509 Beginning Loan Count (HELOC125s) 32,~~040~~988 32,~~040~~988 Beginning Loan Count (HELs) ~~629~~620 ~~629~~620 Beginning Loan Count (HEL125s) ~~949~~944 ~~949~~944 Total Beginning Loan Count 1,~~543~~509 4,~~618~~552 6,~~161~~061 Ending Loan Count (HELOCs) 1,~~509~~468 1,~~509~~468 Ending Loan Count (HELOC125s) 2,~~988~~928 2,~~988~~928 Ending Loan Count (HELs) ~~620~~609 ~~620~~609 Ending Loan Count (HEL125s) ~~944~~938 ~~944~~938 Total Ending Loan Count 1,~~509~~468 4,~~552~~475 65,~~061~~943 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) 257,~~443~~616.5723 257,~~443~~616.5723 Current Liquidation Losses (HELs) - - Current Liquidation Losses (HEL125s) - - Total Current Liquidation Losses - 257,~~443~~616.5723 257,~~443~~616.5723 12 Month Liquidation Losses (HELOCs) - - 12 Month Liquidation Losses (HELOC125s) 2533,~~443~~059.5780 2533,~~443~~059.5780 12 Month Liquidation Losses (HELs) - 12 Month Liquidation Losses (HEL125s) - - Total 12 Month Liquidation Losses - 2533,~~443~~059.5780 2533,~~443~~059.5780 Aggregate Liquidation Losses (HELOCs) - - Aggregate Liquidation Losses (HELOC125s) 2533,~~443~~059.5780 2533,~~443~~059.5780 Aggregate Liquidation Losses (HELs) - Aggregate Liquidation Losses (HEL125s) - - Total Aggregate Liquidation Losses - 2533,~~443~~059.5780 2533,~~443~~059.5780 Cumulative Liquidation Loss Percentage 0.00%

Overcollateralization Target 21,807,524.83 Beginning Overcollateralization Amount 78,~~423~~884,~~354~~833.3618 Overcollateralization Increase Amount 1,~~461~~166,~~478~~445.8207 Overcollateralization Release Amount - Ending Overcollateralization Amount 810,~~884~~551,~~833~~278.1825 Overcollateralization Deficiency 1211,~~922~~256,~~691~~246.6558 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 2627.4552% 17.75% of the Senior Enhancement Percentage 4.7089% 3-Mo. Rolling Average 60-Day Delinquency % 0.0917% 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~~679% 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 13 28106,~~492~~312 45 ~~237~~275,~~029~~919 ~~1 77,595~~ - - 51 ~~314~~30,~~624~~213 6 ~~343~~306,~~116~~132 9 412,444 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 13 28106,~~492~~312 45 ~~237~~275,~~029~~919 ~~1 77,595~~ - - 51 ~~314~~30,~~624~~213 6 ~~343~~306,~~116~~132 9 412,444 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 72 ~~450~~104,~~878~~232 1417 ~~539~~796,~~758~~367 21 6940,~~639~~223 -2 -40,223 # ~~609~~876,~~397~~814 2322 1981,~~060,275~~047 Bankrupt - - -1 -103,000 - - - - -1 -103,000 -1 -103,000 REO - - - - - - - - - - - - Foreclosure -1 -57,080 - - - - - - - - -1 -57,080 Total 73 ~~450~~161,~~878~~312 1418 ~~539~~899,~~758~~367 21 6940,~~639~~223 -2 -40,223 # ~~609~~979,~~397~~814 2324 1,~~060~~141,~~275~~126 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 2 7795,~~200~~040 75 ~~317~~236,~~311~~581 2 69,639 - - 27 ~~162~~306,~~450~~220 9 ~~479~~401,~~761~~260 11Bankrupt ~~556~~2 179,~~961~~078 ~~Bankrupt~~- - - 1- ~~40,298~~ - - - - 12 40179,~~298~~078 ~~1 40,298~~ REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 24 77274,~~200~~118 85 ~~357~~236,~~609~~581 2 69,639 - - 27 ~~162~~306,~~450~~220 #11 ~~520~~580,~~059~~338 ~~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 15 28285,~~492~~390 86 ~~388~~378,~~564~~919 ~~1 77,595~~ - - 91 ~~466~~30,~~159~~123 107 ~~494~~409,~~651~~132 12 694,522 Total REO - - - - - - - - - - - - Total Foreclosure -1 -57,080 - - - - - - - - -1 -57,080

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