8-K 1 irw0300c.txt OCTOBER 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): October 27, 2003 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Notes, Series 2003-C Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-07 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 27, 2003 a distribution was made to holders of IRWIN HOME EQUITY LOAN TRUST, Home Equity Loan-Backed Notes, Series 2003-C 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-C Trust, relating to the October 27, 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-C 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: 11/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2003-C Trust, relating to the October 27, 2003 distribution. EX-99.1

IRWIN ~~WHOLE LOAN HOME EQUITY TRUST~~ Home Equity Loan-Backed Notes Record Date: 89/3130/03 Distribution Date: 910/2527/03 IRWIN Series: 2003-C 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 464187AZ6 SEN 7.75000% 0.00 91161,~~493~~458.0633 0.00 IA 464187AX1 SEN 1.~~59000~~60000% 39,~~801~~273,~~000~~517.0094 7255,~~072~~855.9867 ~~527~~776,~~482~~191.0616 IIA 464187AY9 SEN 1.~~63000~~64000% ~~108~~107,~~511~~484,~~000~~626.0011 ~~201~~156,~~438~~688.6169 12,~~026~~986,~~373~~077.8911 VFN IRV03CVFN SUB 1.~~48500~~49500% 0.00 0.00 0.00 M1 464187BA0 MEZ 2.~~11000~~12000% 15,415,000.00 3729,~~043~~048.1071 0.00 M2 464187BB8 MEZ 3.~~11000~~12000% 12,926,000.00 4535,~~783~~848.1711 0.00 B1 464187BC6 SUB 5.~~11000~~12000% 10,532,000.00 6147,~~293~~932.3130 0.00 B2 464187BD4 SUB 5.~~11000~~12000% 2,872,000.00 1613,~~714~~070.2479 0.00 X1 IR0300CX1 SUB 0.00000% 5,000,000.00 0.00 08,615.0054 CERT IR03CCERT SUB 0.00000% 0.00 0.00 0.00 Totals ~~195~~193,~~057~~503,~~000~~144.0005 ~~525~~499,~~838~~902.4760 13,~~553~~770,~~855~~883.9581

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses AIO 0.00 0.00 91161,~~493~~458.0633 0.00 IA 0.00 3938,~~273~~497,~~517~~326.9477 ~~599~~832,~~555~~046.0483 0.00 IIA 0.00 ~~107~~104,~~484~~498,~~626~~549.1101 13,~~227~~142,~~812~~765.5080 0.00 VFN 0.00 0.00 0.00 0.00 M1 0.00 15,415,000.00 3729,~~043~~048.1071 0.00 M2 0.00 12,926,000.00 4535,~~783~~848.1711 0.00 B1 0.00 10,532,000.00 6147,~~293~~932.3130 0.00 B2 0.00 2,872,000.00 1613,~~714~~070.2479 0.00 X1 0.00 54,~~000~~991,~~000~~384.0046 08,615.0054 0.00 CERT 0.00 0.00 0.00 0.00 Totals 0.00 ~~193~~189,~~503~~732,~~144~~260.0524 24,~~079~~270,~~694~~786.4241 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 39,801,000.00 39,~~801~~273,~~000~~517.0094 0.00 ~~527~~776,~~482~~191.0616 0.00 0.00 IIA 108,511,000.00 ~~108~~107,~~511~~484,~~000~~626.0011 0.00 12,~~026~~986,~~373~~077.8911 0.00 0.00 VFN 0.00 0.00 0.00 0.00 0.00 0.00 M1 15,415,000.00 15,415,000.00 0.00 0.00 0.00 0.00 M2 12,926,000.00 12,926,000.00 0.00 0.00 0.00 0.00 B1 10,532,000.00 10,532,000.00 0.00 0.00 0.00 0.00 B2 2,872,000.00 2,872,000.00 0.00 0.00 0.00 0.00 X1 5,000,000.00 5,000,000.00 0.00 08,615.0154 0.00 0.00 CERT 0.00 0.00 0.00 0.00 0.00 0.00 Totals 195,057,000.00 ~~195~~193,~~057~~503,~~000~~144.0005 0.00 13,~~553~~770,~~855~~883.9681 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 ~~527~~776,~~482~~191.0616 3938,~~273~~497,~~517~~326.9477 0.~~98674701~~96724521 ~~527~~776,~~482~~191.0616 IIA 12,~~026~~986,~~373~~077.8911 ~~107~~104,~~484~~498,~~626~~549.1101 0.~~99054129~~96302263 12,~~026~~986,~~373~~077.8911 VFN 0.00 0.00 0.00000000 0.00 M1 0.00 15,415,000.00 1.00000000 0.00 M2 0.00 12,926,000.00 1.00000000 0.00 B1 0.00 10,532,000.00 1.00000000 0.00 B2 0.00 2,872,000.00 1.00000000 0.00 X1 08,615.0054 54,~~000~~991,~~000~~384.0046 10.~~00000000~~99827689 08,615.0054 CERT 0.00 0.00 0.00000000 0.00 Totals 13,~~553~~770,~~855~~883.9581 ~~193~~189,~~503~~732,~~144~~260.0524 0.~~99203384~~97270162 13,~~553~~770,~~855~~883.9581

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 39,801,000.00 ~~1000~~986.~~00000000~~74701490 0.00000000 1319.~~25298510~~50180046 0.00000000 IIA 108,511,000.00 ~~1000~~990.~~00000000~~54129176 0.00000000 927.~~45870824~~51865811 0.00000000 VFN 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 15,415,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 12,926,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 10,532,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 2,872,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X1 5,000,000.00 1000.00000000 0.00000000 01.~~00000200~~72310800 0.00000000 CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000

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 1319.~~25298510~~50180046 ~~986~~967.~~74701490~~24521419 0.~~98674701~~96724521 1319.~~25298510~~50180046 IIA 0.00000000 927.~~45870824~~51865811 ~~990~~963.~~54129176~~02263374 0.~~99054129~~96302263 927.~~45870824~~51865811 VFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X1 0.00000000 ~~0.00000000~~ 1~~,000~~.~~00000000~~72310800 1998.~~00000000~~27689200 0.~~00000000~~99827689 1.72310800 CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 7.75000% 25,000,000.00 91161,~~493~~458.0633 0.00 0.00 IA 39,801,000.00 1.~~59000~~60000% 39,~~801~~273,~~000~~517.0094 7255,~~072~~855.9867 0.00 0.00 IIA 108,511,000.00 1.~~63000~~64000% ~~108~~107,~~511~~484,~~000~~626.0011 ~~201~~156,~~438~~688.6170 0.00 0.00 VFN 0.00 1.~~48500~~49500% 0.00 0.00 0.00 0.00 M1 15,415,000.00 2.~~11000~~12000% 15,415,000.00 3729,~~043~~048.1071 0.00 0.00 M2 12,926,000.00 3.~~11000~~12000% 12,926,000.00 4535,~~783~~848.1711 0.00 0.00 B1 10,532,000.00 5.~~11000~~12000% 10,532,000.00 6147,~~293~~932.3130 0.00 0.00 B2 2,872,000.00 5.~~11000~~12000% 2,872,000.00 1613,~~714~~070.2479 0.00 0.00 X1 5,000,000.00 0.00000% 5,000,000.00 0.00 0.00 0.00 CERT 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 195,057,000.00 ~~525~~499,~~838~~902.4761 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 91161,~~493~~458.0633 0.00 25,000,000.00 IA 0.00 0.00 7255,~~072~~855.9867 0.00 3938,~~273~~497,~~517~~326.9477 IIA 0.00 0.00 ~~201~~156,~~438~~688.6169 0.00 ~~107~~104,~~484~~498,~~626~~549.1101 VFN 0.00 0.00 0.00 0.00 0.00 M1 0.00 0.00 3729,~~043~~048.1071 0.00 15,415,000.00 M2 0.00 0.00 4535,~~783~~848.1711 0.00 12,926,000.00 B1 0.00 0.00 6147,~~293~~932.3130 0.00 10,532,000.00 B2 0.00 0.00 1613,~~714~~070.2479 0.00 2,872,000.00 X1 0.00 0.00 0.00 0.00 54,~~000~~991,~~000~~384.0046 CERT 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~525~~499,~~838~~902.4760 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 7.75000% 1000.00000000 36.~~65972240~~45833320 0.00000000 0.00000000 IA 39,801,000.00 1.~~59000~~60000% ~~1000~~986.~~00000000~~74701490 1.~~81083340~~40337353 0.00000000 0.00000000 IIA 108,511,000.00 1.~~63000~~64000% ~~1000~~990.~~00000000~~54129176 1.~~85638885~~44398909 0.00000000 0.00000000 VFN 0.00 1.~~48500~~49500% 0.00000000 0.00000000 0.00000000 0.00000000 M1 15,415,000.00 2.~~11000~~12000% 1000.00000000 21.~~40305547~~88444437 0.00000000 0.00000000 M2 12,926,000.00 3.~~11000~~12000% 1000.00000000 32.~~54194414~~77333359 0.00000000 0.00000000 B1 10,532,000.00 5.~~11000~~12000% 1000.00000000 54.~~81972180~~55111090 0.00000000 0.00000000 B2 2,872,000.00 5.~~11000~~12000% 1000.00000000 54.~~81972145~~55111072 0.00000000 0.00000000 X1 5,000,000.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CERT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 36.~~65972240~~45833320 0.00000000 1000.00000000 IA 0.00000000 0.00000000 1.~~81083340~~40337353 0.00000000 ~~986~~967.~~74701490~~24521419 IIA 0.00000000 0.00000000 1.~~85638885~~44398900 0.00000000 ~~990~~963.~~54129176~~02263374 VFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 21.~~40305547~~88444437 0.00000000 1000.00000000 M2 0.00000000 0.00000000 32.~~54194414~~77333359 0.00000000 1000.00000000 B1 0.00000000 0.00000000 54.~~81972180~~55111090 0.00000000 1000.00000000 B2 0.00000000 0.00000000 54.~~81972145~~55111072 0.00000000 1000.00000000 X1 0.00000000 0.00000000 0.00000000 0.00000000 ~~1000~~998.~~00000000~~27689200 CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 24,~~171~~430,~~202~~498.2272 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 24,~~171~~430,~~202~~498.2272 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 91159,~~507~~712.8031 Payment of Interest and Principal 24,~~079~~270,~~694~~786.4241 Total Withdrawals (Pool Distribution Amount) 24,~~171~~430,~~202~~498.2272 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 90158,~~319~~534.9417 Indentured Trustee Fee 1,~~187~~178.8614 Special Servicing Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 91159,~~507~~712.8031

~~COLLATERAL~~LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT ~~Collateral~~DELINQUENCY ~~Description~~STATUS ~~Mixed~~DELINQUENT ~~Fixed~~BANKRUPTCY &FORECLOSURE ~~Arm~~REO ~~Weighted~~Total ~~Average~~No ~~Gross~~of ~~Coupon~~Loans ~~5.760146%~~No ~~Weighted~~of ~~Average~~Loans ~~Net~~No ~~Coupon~~of ~~5.193479%~~Loans ~~Weighted~~No ~~Average~~of ~~Pass-Through~~Loans ~~Rate~~No ~~5.186027%~~of ~~Weighted~~Loans ~~Average~~Principal ~~Maturity(Stepdown~~Balance ~~Calculation~~Principal )Balance ~~240~~Principal ~~Beginning~~Balance ~~Scheduled~~Principal ~~Collateral~~Balance ~~Loan~~Principal ~~Count~~Balance 0-29 ~~Number~~Days Of3 ~~Loans~~0 ~~Paid~~0 In3 ~~Full~~126,840.59 150.00 ~~Ending~~0.00 ~~Scheduled~~126,840.59 ~~Collateral~~30 ~~Loan~~Days ~~Count~~8 ~~3,560~~0 ~~Beginning~~0 ~~Scheduled~~0 ~~Collateral~~8 ~~Balance~~474,618.60 ~~196~~0.00 0.00 0.00 474,~~494,102~~618.3960 ~~Ending~~60 ~~Scheduled~~Days ~~Collateral~~0 ~~Balance~~0 ~~190,240,998~~0 0 0 0.4100 ~~Ending~~0.00 ~~Actual~~0.00 ~~Collateral~~0.00 ~~Balance~~0.00 at90 ~~31-Aug-2003~~Days ~~190,240,998~~0 0 0 0 0 0.4100 ~~Monthly~~0.00 P0.00 &I0.00 ~~Constant~~0.00 120 Days 0 0 0 0 0 0.00 ~~Special~~0.00 ~~Servicing~~0.00 ~~Fee~~0.00 0.00 ~~Prepayment~~150 ~~Penalties~~Days 0 0 0 0 0 0.00 ~~Realized~~0.00 ~~Loss~~0.00 ~~Amount~~0.00 0.00 ~~Cumulative~~180+ ~~Realized~~Days ~~Loss~~0 0 0 0 0 0.00 ~~Scheduled~~0.00 ~~Principal~~0.00 ~~16,786~~0.7900 ~~Unscheduled~~0.00 ~~Principal~~Totals 18 3 0 0 11 474,~~112~~618.60 126,~~522~~840.2359 0.00 0.00 601,459.19 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 0.085592% 0.000000% 0.000000% 0.085592% 0.067688% 0.000000% 0.000000% 0.067688% 30 Days 0.228245% 0.000000% 0.000000% 0.000000% 0.228245% 0.253278% 0.000000% 0.000000% 0.000000% 0.253278% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.228245% 0.085592% 0.000000% 0.000000% 0.313837% 0.253278% 0.067688% 0.000000% 0.000000% 0.320966%

Filing Compare · BEAR STEARNS ASSET BACK SEC IRWIN WHOLE HOME SER 2003-C