8-K 1 irw03001_jan.txt JANUARY 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): January 26, 2004 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 January 26, 2004 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 January 26, 2004 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: 01/26/04 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 January 26, 2004 distribution.

Home Equity Loan-Backed Notes, Series Irwin Home Equity Loan Trust 2003-1 Master Servicer Certificate Payment Date: ~~December~~January 26, ~~2003~~2004 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.~~61875~~64125% 4139,~~621~~480,~~074~~615.2914 5855,~~016~~797.6090 23,~~140~~730,~~459~~148.1556 23,~~198~~785,~~475~~946.7546 3935,~~480~~750,~~615~~466.1458 I A-2 1.~~80875~~83125% 109,~~405~~870,~~268~~153.5779 1615,~~206~~564.5734 ~~535~~932,~~114~~537.7914 ~~551~~948,~~321~~101.3648 98,~~870~~937,~~153~~616.7964 I VFN 1.~~80875~~83125% - - - - - II A-1 1.~~61875~~64125% 9489,~~018~~218,~~517~~791.8410 ~~131~~126,~~054~~092.6379 4,~~799~~449,~~726~~158.7501 4,~~930~~575,~~781~~250.3880 8984,~~218~~769,~~791~~633.1008 II A-2 1.~~81875~~84125% 2322,~~504~~304,~~629~~697.4677 3635,~~811~~364.6856 1,~~199~~112,~~931~~289.6950 1,~~236~~147,~~743~~654.3706 2221,~~304~~192,~~697~~408.7727 II VFN 1.~~81875~~84125% - - - - - A-IO (1) 10.00000% 30,500,000.00 254,166.67 NA 254,166.67 30,500,000.00 M-1 2.~~1188~~14125% 22,875,000.00 4142,~~734~~178.9616 - 4142,~~734~~178.9616 22,875,000.00 M-2 3.~~1188~~14125% 19,825,000.00 53,~~241~~625.8394 - 53,~~241~~625.8394 19,825,000.00 B-1 4.~~5188~~54125% 19,063,000.00 74,~~176~~546.9126 - 74,~~176~~546.9126 19,063,000.00 B-2 5.~~6188~~64125% 6,862,000.00 33,~~200~~333.8883 - 33,~~200~~333.8883 6,862,000.00 Total ~~238~~229,~~174~~499,~~490~~257.1780 ~~698~~690,~~610~~670.7345 810,~~675~~224,~~232~~133.3722 910,~~373~~914,~~843~~803.1067 ~~229~~219,~~499~~275,~~257~~124.8058 (1) Class A-IO Note Balance is Notional LIBOR 1.~~11875~~14125% Interest Period Begin 1112/2526/2003 Interest Period End 121/25/~~2003~~2004 Number of Interest Accrual Days: 31 Days in Collection Period: 3031 Prepayment Beginning Penalty Excess Spread Release of Over Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 1516,~~624~~260,~~535~~866.2347 ~~334~~370,~~936~~604.2333 - - ~~334~~370,~~936~~604.2333 16,~~260~~709,~~866~~862.4787 Noteholder Distribution Factors Summary (Per $1,000 Original Principal Amount) Original Note Interest Principal Aggregate Ending Note Original Note Interest Principal Aggregate Ending Note Class of Notes Balance Distribution Distribution Distribution Factor I A-1 60,288,000.00 0.~~96232418~~92552249 3561.~~50390042~~87215639 3662.~~46622459~~79767888 ~~654~~592.~~86689132~~99473493 I A-2 15,072,000.00 1.~~07527667~~03266587 3561.~~50390042~~87215639 3662.~~57917709~~90482226 ~~654~~592.~~86689132~~99473493 II A-1 125,152,000.00 1.~~04716369~~00751718 3835.~~35117895~~55003525 3936.~~39834264~~55755243 ~~712~~677.~~88346248~~33342723 II A-2 31,288,000.00 1.~~17654308~~13029149 3835.~~35117895~~55003525 3936.~~52772203~~68032674 ~~712~~677.~~88346248~~33342723 II A-IO 30,500,000.00 8.33333344 NA 8.33333344 NA M-1 22,875,000.00 1.~~82447913~~84385399 0.00000000 1.~~82447913~~84385399 1,000.00000000 M-2 19,825,000.00 2.~~68559042~~70496545 0.00000000 2.~~68559042~~70496545 1,000.00000000 B-1 19,063,000.00 3.~~89114567~~91052090 0.00000000 3.~~89114567~~91052090 1,000.00000000 B-2 6,862,000.00 4.~~83836782~~85774264 0.00000000 4.~~83836782~~85774264 1,000.00000000 300,425,000.00 Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 24,~~852~~681,~~776~~153.2681 24,~~852~~681,~~776~~153.2681 Aggregate Collections (HELOC125s) 4,~~533~~508,~~711~~598.1744 4,~~533~~508,~~711~~598.1744 Aggregate Collections (HELs) 1,~~382~~248,~~515~~224.7920 1,~~382~~248,~~515~~224.7920 Aggregate Collections (HEL125s) 1991,~~060,536~~183.5785 1991,~~060,536~~183.5785 Total Aggregate Collections 24,~~852~~681,~~776~~153.2681 6,~~976~~748,~~763~~006.5349 911,~~829~~429,~~539~~160.7930 Interest Collections (HELOCs) ~~402~~449,~~633~~146.8531 ~~402~~449,~~633~~146.8531 Interest Collections (HELOC125s) 1,~~078~~130,~~739~~207.2177 1,~~078~~130,~~739~~207.2177 Interest Collections (HELs) ~~158~~193,~~706~~750.4320 ~~158~~193,~~706~~750.4320 Interest Collections (HEL125s) ~~395~~471,~~999~~882.6559 ~~395~~471,~~999~~882.6559 Total Interest Collections ~~402~~449,~~633~~146.8531 1,~~633~~795,~~445~~840.2956 2,~~036~~244,~~079~~986.1487 Principal Collections (HELOCs) 24,~~450~~232,~~142~~007.4150 24,~~450~~232,~~142~~007.4150 Principal Collections (HELOC125s) 3,~~454~~378,~~971~~390.9667 3,~~454~~378,~~971~~390.9667 Principal Collections (HELs) 1,~~223~~054,~~809~~474.3600 1,~~223~~054,~~809~~474.3600 Principal Collections (HEL125s) ~~664~~519,~~536~~301.9226 ~~664~~519,~~536~~301.9226 Total Principal Collections 24,~~450~~232,~~142~~007.4150 54,~~343~~952,~~318~~165.2493 79,~~793~~184,~~460~~173.6543 Additional Balances Created ~~123~~181,~~168~~816.6007 ~~125~~121,~~354~~274.4079 ~~248~~303,~~523~~090.0086 Additional Balances Purchased ~~123~~181,~~168~~816.6007 ~~125~~121,~~354~~274.4079 ~~248~~303,~~523~~090.0086 Additional Balance Differential - - - Net Principal Collections 24,~~326~~050,~~973~~191.8143 54,~~217~~830,~~963~~891.8414 78,~~544~~881,~~937~~082.6557 Principal Collections Distribution Amount 78,~~544~~881,~~937~~082.6557 Prepayment Penalty Collections 85135,~~695~~683.1615 ~~249~~234,~~241~~921.0718 ~~334~~370,~~936~~604.2333 Recoveries ~~872.00~~- 41,~~511~~385.00 51,~~383~~385.00 Mortgage Loans Repurchased - - - less Servicing Fee 55,~~890~~710.6331 155,~~608~~916.5646 211,~~499~~626.1977 Master Servicer Remittance 24,~~760~~579,~~284~~310.1958 6,~~949~~707,~~552~~121.6442 911,~~709~~286,~~836~~432.8300 Payments in Order of Priority Total Prepayment Penalties due to Certificateholder ~~334~~370,~~936~~604.2333 Indenture Trustee Fee 1,~~057~~024.5000 Senior Note Interest Distribution ~~496~~486,~~256~~986.1526 M-1 Interest Distribution 4142,~~734~~178.9616 M-2 Interest Distribution 53,~~241~~625.8394 B-1 Interest Distribution 74,~~176~~546.9126 B-2 Interest Distribution 33,~~200~~333.8883 Senior Principal Collection Distribution 78,~~544~~881,~~937~~082.6557 M-1 Principal Collection Distribution - M-2 Principal Collection Distribution - B-1 Principal Collection Distribution - B-2 Principal Collection Distribution - Senior Liquidation Loss Distribution ~~493~~894,~~963~~054.4825 M-1 Liquidation Loss Distribution - M-2 Liquidation Loss Distribution - B-1 Liquidation Loss Distribution - B-2 Liquidation Loss Distribution - Senior Overcollateralization Increase ~~636~~448,~~331~~996.2440 M-1 Overcollateralization Increase - M-2 Overcollateralization Increase - B-1 Overcollateralization Increase - B-2 Overcollateralization Increase - Certificateholder Excess Spread Distribution - Total Distributions 911,~~709~~286,~~836~~432.8300 Excess Spread 1,~~130~~343,~~294~~050.7265 Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 6764,~~068~~695,~~753~~847.3013 6764,~~068~~695,~~753~~847.3013 Beginning Pool Balance (HELOC125s) ~~116~~112,~~747~~970,~~681~~033.6800 ~~116~~112,~~747~~970,~~681~~033.6800 Beginning Pool Balance (HELs) 2322,~~906~~682,~~761~~952.7337 2322,~~906~~682,~~761~~952.7337 Beginning Pool Balance (HEL125s) 4645,~~075~~411,~~828~~291.6977 4645,~~075~~411,~~828~~291.6977 Total Beginning Pool Balance 6764,~~068~~695,~~753~~847.3013 ~~186~~181,~~730~~064,~~272~~277.1014 ~~253~~245,~~799~~760,~~025~~124.4027 Ending Pool Balance (HELOCs) 6460,~~695~~512,~~847~~037.1300 6460,~~695~~512,~~847~~037.1300 Ending Pool Balance (HELOC125s) ~~112~~108,~~970~~992,~~033~~357.0001 ~~112~~108,~~970~~992,~~033~~357.0001 Ending Pool Balance (HELs) 2221,~~682~~588,~~952~~602.3793 2221,~~682~~588,~~952~~602.3793 Ending Pool Balance (HEL125s) 4544,~~411~~891,~~291~~990.7751 4544,~~411~~891,~~291~~990.7751 Total Ending Pool Balance 6460,~~695~~512,~~847~~037.1300 ~~181~~175,~~064~~472,~~277~~950.1445 ~~245~~235,~~760~~984,~~124~~987.2745 Beginning Loan Count (HELOCs) 1,~~223~~173 1,~~223~~173 Beginning Loan Count (HELOC125s) 2,~~638~~564 2,~~638~~564 Beginning Loan Count (HELs) ~~508~~482 ~~508~~482 Beginning Loan Count (HEL125s) ~~890~~879 ~~890~~879 Total Beginning Loan Count 1,~~223~~173 43,~~036~~925 5,~~259~~098 Ending Loan Count (HELOCs) 1,~~173~~099 1,~~173~~099 Ending Loan Count (HELOC125s) 2,~~564~~479 2,~~564~~479 Ending Loan Count (HELs) ~~482~~462 ~~482~~462 Ending Loan Count (HEL125s) ~~879~~871 ~~879~~871 Total Ending Loan Count 1,~~173~~099 3,~~925~~812 54,~~098~~911 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) 45133,~~932~~618.3670 45133,~~932~~618.3670 Current Liquidation Losses (HELOC125s) ~~448~~720,~~031~~560.1211 ~~448~~720,~~031~~560.1211 Current Liquidation Losses (HELs) -39,875.44 -39,875.44 Current Liquidation Losses (HEL125s) - - Total Current Liquidation Losses 45133,~~932~~618.3670 ~~448~~760,~~031~~435.1255 ~~493~~894,~~963~~054.4825 12 Month Liquidation Losses (HELOCs) ~~193~~327,~~382~~000.0676 ~~193~~327,~~382~~000.0676 12 Month Liquidation Losses (HELOC125s) 1,~~043~~764,~~973~~533.2536 1,~~043~~764,~~973~~533.2536 12 Month Liquidation Losses (HELs) -39,875.44 12 Month Liquidation Losses (HEL125s) 176,530.55 176,530.55 Total 12 Month Liquidation Losses ~~193~~327,~~382~~000.0676 1,~~220~~980,~~503~~939.8035 12,~~413~~268,~~885~~064.8667 Aggregate Liquidation Losses (HELOCs) ~~193~~327,~~382~~000.0676 ~~193~~327,~~382~~000.0676 Aggregate Liquidation Losses (HELOC125s) 1,~~043~~764,~~973~~533.2536 1,~~043~~764,~~973~~533.2536 Aggregate Liquidation Losses (HELs) -39,875.44 Aggregate Liquidation Losses (HEL125s) 176,530.55 176,530.55 Total Aggregate Liquidation Losses ~~193~~327,~~382~~000.0676 1,~~220~~980,~~503~~939.8035 12,~~413~~268,~~885~~064.8667 Cumulative Liquidation Loss Percentage 0.4674% Overcollateralization Summary Overcollateralization Target Amount 21,807,524.83 Beginning Overcollateralization Amount 1516,~~624~~260,~~535~~866.2347 Change in Overcollateralization Amount ~~636~~448,~~331~~996.2440 Overcollateralization Release Amount - Ending Overcollateralization Amount 16,~~260~~709,~~866~~862.4787 ~~Ending~~Beginning Overcollateralization Deficiency Amount 5,546,658.36 Ending Overcollateralization Deficiency Amount 5,097,661.96 Cumulative Liquidation Loss Percentage 0.4674% Current Collection Period 910 Loss Test Satisfied? Yes Loss Test Targets: Payment Date Collection Periods 36 to 48 9.50% March-07 Collection Periods 49 to 60 11.25% March-08 Collection Periods 61 to 84 13.00% March-10 Collection Periods 85+ 15.00% April-10 Senior Enhancement Percentage 3436.5416% 17.75% of the Senior Enhancement Percentage 6.1342% 3-Mo. Rolling Average 60-Day Delinquency % 1.1216% Delinquency Test Satisfied? Yes Overcollateralization Targets Initial Principal Balance 305,000,347.33 Initial Target (% of Initial Principal Balance) 7.15% Step-down Date Apr-06 ~~Is next payment date the~~ Step-down ~~Date? No Step-down~~ Target (% of Current Balance) 14.30% MAP End Date Mar-08 Minimum Overcollateralization Target 1,525,000.00 Net Loan Rate 9.~~512~~505% Rapid Amortization Event: None Servicing Default: None Delinquency Summary Current Loans Group I Group II Group II Group II Group II Grand Bankrupt HELOCs HELOC125s HELs HEL125s Total Total ~~Current~~Foreclosure ~~Loans~~ # Balance # Balance # Balance # Balance # Balance # Balance ~~Bankrupt~~REO 35 86199,~~826~~804 1824 ~~833~~997,~~612~~269 53 ~~227~~174,~~911~~139 1 31,~~094~~078 2428 1,~~092~~202,~~617~~486 2733 1,~~179~~402,~~443~~289 ~~Foreclosure~~Total - - - - - - - - - - - - ~~REO~~- - - - - - - - - - - - 30 - ~~Total~~59 3Days 86Past Due 5 199,~~826~~804 1824 ~~833~~997,~~612~~269 53 ~~227~~174,~~911~~139 1 31,~~094~~078 2428 1,~~092~~202,~~617~~486 2733 1,~~179~~402,~~443~~289 30Bankrupt -Foreclosure ~~59 Days Past Due~~ # Balance # Balance # Balance # Balance # Balance # Balance ~~Bankrupt~~REO - - 24 61146,~~233~~014 1 27,309 - - 15 44173,~~322~~324 35 ~~105~~173,~~554~~324 3Delinquent ~~105,554 Foreclosure~~ - - - - - - - - - - - - ~~REO~~Total - - - - - - - - - - - - ~~Delinquent~~11 ~~14 540~~568,~~006~~874 441 1,~~589~~658,~~829~~975 12 2165,~~763~~007 23 84169,~~930~~427 46 1,~~696~~893,~~522~~409 6057 2,~~236~~462,~~528~~283 ~~Total~~60 14- ~~540~~89 Days Past Due 11 568,~~006~~874 45 1,~~651~~804,~~062~~990 13 2192,~~763~~317 3 ~~129~~169,~~251~~427 4951 12,~~802~~066,~~076~~733 6362 2,~~342~~635,~~082~~607 60Bankrupt -Foreclosure ~~89 Days Past Due~~ # Balance # Balance # Balance # Balance # Balance # Balance ~~Bankrupt~~REO - - 5 ~~280~~159,~~692~~125 - - 12 4180,~~618~~500 67 ~~322~~239,~~310~~625 67 ~~322~~239,~~310~~625 ~~Foreclosure~~Delinquent 1- ~~122,000~~- - - - - - - - - 1- ~~122,000~~- ~~REO~~Total - - - - - - - - - - - - ~~Delinquent~~4 ~~3 95~~163,~~191~~430 1310 ~~498~~352,~~312~~893 - - 12 2284,~~740~~930 1412 ~~521~~437,~~052~~822 1716 ~~616~~601,~~243~~252 ~~Total~~90 - 119 Days Past Due 4 ~~217~~163,~~191~~430 1815 ~~779~~512,~~004~~017 - - 24 64165,~~358~~430 2019 ~~843~~677,~~362~~447 2423 1840,~~060,553~~877 90Bankrupt -Foreclosure ~~119 Days Past Due~~ # Balance # Balance # Balance # Balance # Balance # Balance ~~Bankrupt~~REO - - -5 -277,596 - - 1 3641,~~292~~618 16 36319,~~292~~214 16 36319,~~292~~214 ~~Foreclosure~~Delinquent ~~1 74,940~~ - - -1 -28,580 - - -1 -22,740 12 7451,~~940~~320 ~~REO~~2 51,320 Total - - - - - - - - - - - - ~~Delinquent~~2 ~~4 192~~68,~~153~~171 410 ~~169~~438,~~528~~783 - - 2- ~~113,342~~- 610 ~~282~~438,~~870~~783 1012 ~~475~~506,~~023~~954 ~~Total~~120 5- ~~267~~149 Days Past Due 2 68,~~094~~171 416 ~~169~~744,~~528~~959 - - 32 ~~149~~64,~~635~~358 718 ~~319~~809,~~162~~317 1220 ~~586~~877,~~256~~488 ~~120~~Bankrupt -Foreclosure ~~149 Days Past Due~~ # Balance # Balance # Balance # Balance # Balance # Balance ~~Bankrupt~~REO - - 2- ~~92,941~~- - - - - 2- ~~92,941~~- 2- 92- Delinquent 1 74,~~941~~940 ~~Foreclosure~~- - - - - 1- ~~39,979~~ - - 1 3974,~~979~~940 1Total ~~39,979 REO~~ - - - - - - - - - - - - ~~Delinquent~~2 ~~- - 4 147~~108,~~273~~197 12 4965,~~852~~835 - - 52 ~~197~~113,~~125~~342 54 ~~197~~179,~~125~~178 ~~Total~~6 -287,375 150 - 6179 ~~240~~Days Past Due 3 183,~~214~~138 2 8965,~~830~~835 - - 82 ~~330~~113,~~044~~342 84 ~~330~~179,~~044~~178 ~~150~~7 -362,315 ~~179~~Bankrupt ~~Days~~Foreclosure ~~Past Due~~ # Balance # Balance # Balance # Balance # Balance # Balance ~~Bankrupt~~REO - - 82 ~~372~~104,~~933~~414 - - - - 82 ~~372~~104,~~933~~414 ~~8 372,933 Foreclosure~~ 2 77104,~~080~~414 1Delinquent ~~42,493~~- - - - 1 39,979 - - 1 4239,~~493~~979 31 ~~119~~39,~~572~~979 ~~REO~~Total - - - - - - - - - - - - ~~Delinquent~~- 1- 344 135,~~000~~800 71 ~~285~~49,~~359~~852 - - -5 ~~- 7 285~~185,~~359~~651 85 ~~319~~185,~~359~~651 ~~Total~~180 3or ~~111,080~~More 16Days ~~700,786~~Past -Due - - -6 ~~16 700~~240,~~786~~214 192 ~~811~~89,~~865~~830 ~~180~~- or- ~~More~~8 ~~Days~~330,044 ~~Past~~8 ~~Due~~330,044 Bankrupt Foreclosure # Balance # Balance # Balance # Balance # Balance # Balance ~~Bankrupt~~REO - - - - - - - - - - - - ~~Foreclosure~~Delinquent 2 77,080 - - - - 1- ~~39,875~~- - - 12 3977,~~875~~080 1Total ~~39,875 REO~~ 1 149,100 - - - - - - - - 1 149,100 ~~Delinquent~~- 1- ~~58,300~~- - - - - - - - - 1- ~~58,300~~ Total 2Bankrupt ~~207~~3 226,~~400~~180 - - 1- ~~39,875~~- - - 1- ~~39,875~~- 3 ~~247~~226,~~275~~180 Total ~~Bankrupt~~REO 3Total 86Foreclosure 5 199,~~826~~804 3540 1,~~641~~684,~~411~~418 54 ~~227~~201,~~911~~449 4 153,~~326~~196 4448 2,~~022~~039,~~648~~063 4753 2,~~109~~238,~~474~~867 ~~Total REO~~ 1 149,100 - - - - - - - - 1 149,100 ~~Total~~3 ~~Foreclosure 4 274~~152,020 1 4228,~~493~~580 21 7939,~~854~~979 -1 -22,740 3 ~~122~~91,~~347~~298 76 ~~396~~243,~~367~~318

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