8-K 1 irw03001_sep.txt SEPTEMBER 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): September 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 September 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 September 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: 9/25/03 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 September 25, 2003 distribution.

Home Equity Loan-Backed Notes, Series Irwin Home Equity Loan Trust 2003-1 Master Servicer Certificate Payment Date: ~~August~~September 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.~~60000~~61000% 5350,~~038~~317,~~266~~818.4663 7369,~~074~~760.9406 2,~~720~~965,~~447~~275.8370 23,~~793~~035,~~522~~035.7776 5047,~~317~~352,~~818~~542.6393 I A-2 1.~~79000~~80000% 1312,~~259~~579,~~566~~454.6166 2019,~~438~~498.15 ~~680~~741,~~111~~318.9692 ~~700~~760,~~550~~817.1107 1211,~~579~~838,~~454~~135.6673 I VFN 1.~~79000~~80000% - - - - - II A-1 1.~~60000~~61000% ~~113~~109,~~750~~921,~~786~~346.7711 ~~156~~152,~~723~~393.3173 34,~~829~~811,~~440~~595.6608 34,~~986~~963,~~163~~988.9781 105,109,~~921,346~~751.1103 II A-2 1.~~80000~~81000% 2827,~~437~~480,~~696~~336.6953 4442,~~078~~831.4316 ~~957~~1,~~360~~202,898.1677 1,~~001~~245,~~438~~729.5993 2726,~~480~~277,~~336~~437.5376 II VFN 1.~~80000~~81000% - - - - - A-IO (1) 10.00000% 30,500,000.00 254,166.67 NA 254,166.67 30,500,000.00 M-1 2.~~1000~~1100% 22,875,000.00 41,~~365~~562.6360 - 41,~~365~~562.6360 22,875,000.00 M-2 3.~~1000~~1100% 19,825,000.00 5253,~~921~~092.7445 - 5253,~~921~~092.7445 19,825,000.00 B-1 4.~~5000~~5100% 19,063,000.00 7374,~~869~~033.1328 - 7374,~~869~~033.1328 19,063,000.00 B-2 5.~~6000~~6100% 6,862,000.00 33,~~090~~149.0918 - 33,~~090~~149.0918 6,862,000.00 Total ~~277~~268,~~111~~923,~~316~~955.5392 ~~749~~740,~~728~~487.0928 89,~~187~~721,~~360~~088.6147 810,~~937~~461,~~088~~575.7075 ~~268~~259,~~923~~202,~~955~~867.9245 (1) Class A-IO Note Balance is Notional LIBOR 1.~~10000~~11000% Interest Period Begin 78/25/2003 Interest Period End 89/24/2003 Number of Interest Accrual Days: 31 Days in Collection Period: 31 Prepayment Beginning Penalty Excess Spread Release of Over Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 1012,~~551~~183,~~278~~493.2500 ~~270~~302,~~797~~431.6451 - - ~~270~~302,~~797~~431.6451 1213,~~183~~339,~~493~~151.0002 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.~~57489981~~54882078 2123.~~40247999~~32860534 2123.~~97737980~~87742612 ~~395~~372.~~86353938~~53493404 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 0.~~66966330~~65116343 1620.~~36282344~~55947272 1721.~~03248674~~21063615 ~~469~~449.~~68310499~~12363226 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.~~65701130~~66490146 0.00000000 1.~~65701130~~66490146 916.31950008 II M-2 21,063,000.00 2.~~51254522~~52064995 0.00000000 2.~~51254522~~52064995 941.22394721 II B-1 26,524,000.00 1.~~24755278~~24978058 0.00000000 1.~~24755278~~24978058 258.70909365 433,693,000.00

Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 3,~~665~~986,~~392~~691.1984 3,~~665~~986,~~392~~691.1984 Aggregate Collections (HELOC125s) 43,~~322~~897,~~858~~035.4607 43,~~322~~897,~~858~~035.4607 Aggregate Collections (HELs) ~~724~~1,~~505~~823,244.9216 ~~724~~1,~~505~~823,244.9216 Aggregate Collections (HEL125s) 1,~~045~~394,~~673~~724.4669 1,~~045~~394,~~673~~724.4669 Total Aggregate Collections 3,~~665~~986,~~392~~691.1984 67,~~093~~115,~~037~~003.8492 911,~~758~~101,~~430~~695.0376 Interest Collections (HELOCs) $~~551~~484,~~243~~305.3795 ~~551~~484,~~243~~305.3795 Interest Collections (HELOC125s) $1,~~353~~163,~~975~~932.4883 1,~~353~~163,~~975~~932.4883 Interest Collections (HELs) $~~237~~232,~~835~~365.4752 ~~237~~232,~~835~~365.4752 Interest Collections (HEL125s) $~~487~~454,~~414~~802.5662 ~~487~~454,~~414~~802.5662 Total Interest Collections ~~551~~484,~~243~~305.3795 21,~~079~~851,~~225~~100.5197 2,~~630~~335,~~468~~406.8892 Principal Collections (HELOCs) 3,~~114~~502,~~148~~385.8289 3,~~114~~502,~~148~~385.8289 Principal Collections (HELOC125s) 2,~~968~~733,~~882~~102.9824 2,~~968~~733,~~882~~102.9824 Principal Collections (HELs) ~~486~~1,~~670~~590,878.4564 ~~486~~1,~~670~~590,878.4564 Principal Collections (HEL125s) ~~558~~939,~~258~~922.9007 ~~558~~939,~~258~~922.9007 Total Principal Collections 3,~~114~~502,~~148~~385.8289 45,~~013~~263,~~812~~902.3395 78,~~127~~766,~~961~~288.1584 Additional Balances Created ~~391~~311,~~517~~180.3839 ~~181~~85,~~297~~703.9160 ~~572~~396,~~815~~883.2999 Additional Balances Purchased ~~391~~311,~~517~~180.3839 ~~181~~85,~~297~~703.9160 ~~572~~396,~~815~~883.2999 Additional Balance Differential - - - Net Principal Collections 23,~~722~~191,~~631~~205.4450 35,~~832~~178,~~514~~199.4235 68,~~555~~369,~~145~~404.8685 Principal Collections Distribution Amount 68,~~555~~369,~~145~~404.8685 Prepayment Penalty Collections 96109,~~435~~423.0241 ~~174~~193,~~362~~008.6210 ~~270~~302,~~797~~431.6451 Recoveries - ~~382.00~~- ~~382.00~~- Mortgage Loans Repurchased - - - less Servicing Fee 6865,~~267~~923.7627 ~~179~~176,~~441~~141.6947 ~~247~~242,~~709~~064.4574 Master Servicer Remittance 3,~~302~~719,~~042~~011.0759 57,~~907~~046,~~042~~166.8695 910,~~209~~765,~~084~~178.9354 Payments in Order of Priority Total Prepayment Penalties due to Certificateholder ~~270~~302,~~797~~431.6451 Indenture Trustee Fee 1,~~198~~171.5928 Senior Note Interest Distribution ~~548~~538,~~481~~649.5077 M-1 Interest Distribution 41,~~365~~562.6360 M-2 Interest Distribution 5253,~~921~~092.7445 B-1 Interest Distribution 7374,~~869~~033.1328 B-2 Interest Distribution 33,~~090~~149.0918 Senior Principal Collection Distribution 68,~~555~~369,~~145~~404.8685 M-1 Principal Collection Distribution - M-2 Principal Collection Distribution - B-1 Principal Collection Distribution - B-2 Principal Collection Distribution - Senior Liquidation Loss Distribution -196,025.60 M-1 Liquidation Loss Distribution - M-2 Liquidation Loss Distribution - B-1 Liquidation Loss Distribution - B-2 Liquidation Loss Distribution - Senior Overcollateralization Increase 1,~~632~~155,~~214~~658.7502 M-1 Overcollateralization Increase - M-2 Overcollateralization Increase - B-1 Overcollateralization Increase - B-2 Overcollateralization Increase - Certificateholder Excess Spread Distribution - Total Distributions 910,~~209~~765,~~084~~178.9354 Excess Spread 1,~~632~~351,~~214~~683.7562

Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 7976,~~278~~556,~~691~~060.7228 7976,~~278~~556,~~691~~060.7228 Beginning Pool Balance (HELOC125s) ~~130~~127,~~091~~304,~~635~~050.8073 ~~130~~127,~~091~~304,~~635~~050.8073 Beginning Pool Balance (HELs) 2928,~~368~~881,~~389~~719.6015 2928,~~368~~881,~~389~~719.6015 Beginning Pool Balance (HEL125s) 48,~~923~~365,~~877~~618.6676 48,~~923~~365,~~877~~618.6676 Total Beginning Pool Balance 7976,~~278~~556,~~691~~060.7228 ~~208~~204,~~383~~551,~~903~~388.0664 ~~287~~281,~~662~~107,~~594~~448.7892 Ending Pool Balance (HELOCs) 7673,~~556~~364,~~060~~854.2878 7673,~~556~~364,~~060~~854.2878 Ending Pool Balance (HELOC125s) ~~127~~124,~~304~~520,~~050~~457.7304 ~~127~~124,~~304~~520,~~050~~457.7304 Ending Pool Balance (HELs) 2827,~~881~~290,~~719~~840.1551 2827,~~881~~290,~~719~~840.1551 Ending Pool Balance (HEL125s) 4847,365,~~618~~866.7614 4847,365,~~618~~866.7614 Total Ending Pool Balance 7673,~~556~~364,~~060~~854.2878 ~~204~~199,~~551~~177,~~388~~163.6469 ~~281~~272,~~107~~542,~~448~~018.9247 Beginning Loan Count (HELOCs) 1,~~468~~415 1,~~468~~415 Beginning Loan Count (HELOC125s) 2,~~928~~865 2,~~928~~865 Beginning Loan Count (HELs) ~~609~~595 ~~609~~595 Beginning Loan Count (HEL125s) ~~938~~929 ~~938~~929 Total Beginning Loan Count 1,~~468~~415 4,~~475~~389 5,~~943~~804 Ending Loan Count (HELOCs) 1,~~415~~347 1,~~415~~347 Ending Loan Count (HELOC125s) 2,~~865~~807 2,~~865~~807 Ending Loan Count (HELs) ~~595~~571 ~~595~~571 Ending Loan Count (HEL125s) ~~929~~915 ~~929~~915 Total Ending Loan Count 1,~~415~~347 4,~~389~~293 5,~~804~~640 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) -136,195.05 -136,195.05 Current Liquidation Losses (HELs) - - Current Liquidation Losses (HEL125s) -59,830.55 -59,830.55 Total Current Liquidation Losses - -196,025.60 -196,025.60 12 Month Liquidation Losses (HELOCs) - - 12 Month Liquidation Losses (HELOC125s) 33169,~~059~~254.8085 33169,~~059~~254.8085 12 Month Liquidation Losses (HELs) - 12 Month Liquidation Losses (HEL125s) -59,830.55 -59,830.55 Total 12 Month Liquidation Losses - 33229,~~059~~085.8040 33229,~~059~~085.8040 Aggregate Liquidation Losses (HELOCs) - - Aggregate Liquidation Losses (HELOC125s) 33169,~~059~~254.8085 33169,~~059~~254.8085 Aggregate Liquidation Losses (HELs) - Aggregate Liquidation Losses (HEL125s) -59,830.55 -59,830.55 Total Aggregate Liquidation Losses - 33229,~~059~~085.8040 33229,~~059~~085.8040 Cumulative Liquidation Loss Percentage 0.00% 0.0108%

Overcollateralization Summary Overcollateralization Target 21,807,524.83 Beginning Overcollateralization Amount 1012,~~551~~183,~~278~~493.2500 Overcollateralization Increase Amount 1,~~632~~155,~~214~~658.7502 Overcollateralization Release Amount - Ending Overcollateralization Amount 1213,~~183~~339,~~493~~151.0002 Overcollateralization Deficiency 98,~~624~~468,~~031~~373.8381 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 2830.7507% 17.75% of the Senior Enhancement Percentage 5.1034% 3-Mo. Rolling Average 60-Day Delinquency % 0.3658% Delinquency Test Satisfied? Yes ~~Overcollarterization~~Overcollateralization 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 79.~~058~~682% 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 34 ~~106~~133,~~312~~242 78 ~~302~~307,~~731~~195 -2 -55,765 2 6665,~~017~~844 9## ~~368~~428,~~747~~804 1216 ~~475~~562,~~059~~046 REO - - - - - - - - - - - - Foreclosure -1 -49,997 - - - - - - - - -1 -49,997 Total 35 ~~106~~183,~~312~~239 78 ~~302~~307,~~731~~195 -2 -55,765 2 6665,~~017~~844 9## ~~368~~428,~~747~~804 1217 ~~475~~612,~~059~~043 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 56 ~~225~~346,~~326~~717 2115 ~~849~~547,~~219~~438 13 29110,~~603~~189 1- ~~29,603~~- ## ~~908~~657,~~425~~627 2824 1,~~133~~004,~~751~~344 Bankrupt - - 51 ~~211~~48,~~614~~493 - - - - 51 ~~211~~48,~~614~~493 51 ~~211~~48,~~614~~493 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 56 ~~225~~346,~~326~~717 2616 1595,~~060,833~~931 13 29110,~~603~~189 1- ~~29,603~~- ## 1706,120~~,039~~ 3325 1,~~345~~052,~~365~~837 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 2 ~~104~~54,~~232~~000 814 ~~381~~632,~~000~~397 - - 1- ~~45,735~~- 9## ~~426~~632,~~735~~397 1116 ~~530~~686,~~967~~397 Bankrupt - - 26 ~~143~~261,~~000~~364 - - - - 26 ~~143~~261,~~000~~364 26 ~~143~~261,~~000~~364 REO - - - - - - - - - - - - Foreclosure 1 57,080 - - - - - - - - 1 57,080 Total 3 ~~161~~111,~~312~~080 1020 ~~524~~893,~~000~~761 - - 1- ~~45,735~~- ## ~~569~~893,~~735~~761 1423 ~~731~~1,~~047~~004,840 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent -1 -45,932 46 ~~205~~277,~~800~~320 1- ~~39,875~~- - - 56 ~~245~~277,~~675~~320 57 ~~245~~323,~~675~~253 Bankrupt 21 ~~179~~58,~~078~~300 14 30246,~~781~~679 - - - - 14 30246,~~781~~679 35 ~~209~~304,~~859~~979 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 2 ~~179~~104,~~078~~232 510 ~~236~~524,~~581~~000 1- ~~39,875~~- - - 6## ~~276~~524,~~457~~000 812 ~~455~~628,~~535~~232 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - 53 ~~198~~106,~~536~~783 1 39,875 - - 14 ~~116~~146,~~700~~658 64 ~~315~~146,~~236~~658 ~~6 315,236~~ Bankrupt 12 57179,~~100~~078 21 6030,~~072~~781 - - - - 21 6030,~~072~~781 3 ~~117~~209,~~172~~859 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 12 57179,~~100~~078 74 ~~258~~137,~~609~~564 1 39,875 - - 15 ~~116~~177,~~700~~440 87 ~~375~~356,~~309~~518 ~~9 432,408~~ 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - 25 91204,~~238~~334 - - -1 -116,700 26 91321,~~238~~034 26 91321,~~238~~034 Bankrupt -1 -57,100 1 2019,~~000~~775 - - - - 1 2019,~~000~~775 12 2076,~~000~~874 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total -1 -57,100 36 ~~111~~224,~~238~~109 - - -1 -116,700 37 ~~111~~340,~~238~~809 38 ~~111~~397,~~238~~908 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - - - Bankrupt - - - - - - - - - - - - REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - - - - - - - - - - - Total Bankrupt 68 ~~342~~427,~~489~~719 1821 ~~768~~914,~~198~~287 -2 -55,765 2 6665,~~017~~844 ## ~~834~~1,~~215~~035,896 2633 1,~~176~~463,~~704~~615 Total REO - - - - - - - - - - - - Total Foreclosure 12 57107,~~080~~077 - - - - - - - - 12 57107,~~080~~077

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