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): November 26, 2001
IRWIN HOME EQUITY LOAN TRUST 2001-2
Home Equity Loan-Backed Term Notes, 2001-2
New York (governing law of 333-43091-10 N/A
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
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 November 26, 2001 a distribution was made to holders of IRWIN HOME
EQUITY LOAN TRUST 2001-2, Home Equity Loan-Backed Term Notes, 2001-2
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Irwin Home Equity Loan-Backed Term Notes,
Series 2001-2, relating to the November 26,
2001 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 2001-2
Home Equity Loan-Backed Notes, Series 2001-2
By: Wells Fargo Bank Minnesota, N.A., as Indenture Trustee
By: /s/ Beth Belfield, Officer
By: Beth Belfield, Officer
Date: 12/06/2001
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Irwin Home Equity Loan-
Backed Term Notes, Series 2001-2, relating to the November 26,
2001 distribution.
Irwin Home Equity Loan-Backed Term Notes Series 2001-2
Master Servicer Certificate
Remittance Date: 11/26/2001
Certificate Summary
Noteholder Distribution Summary
Beginning Interest Principal Aggregate Ending
Note Note Distribution Distribution Distribution Note
Class of Notes Rate Balance Amount Amount Amount Balance
<s> <c> <c> <c> <c> <c> <c>
I A-1 Term Notes 2.64000% $ 63,708,583.04 $ 149,502.81 $ 2,718,344.58 $ 2,867,847.38 $ 60,990,238.47
I A-2 Term Notes 5.45000% 115,000,000.00 522,291.67 0.00 522,291.67 115,000,000.00
II A-1 Term Notes 2.64000% 71,728,275.44 168,322.35 1,900,886.78 2,069,209.13 69,827,388.66
II A-2 Term Notes 4.35000% 26,949,000.00 97,690.13 0.00 97,690.13 26,949,000.00
II A-3 Term Notes 4.85000% 50,846,000.00 205,502.58 0.00 205,502.58 50,846,000.00
II A-4 Term Notes 5.68000% 31,104,000.00 147,225.60 0.00 147,225.60 31,104,000.00
II A-5 Term Notes 6.52000% 41,796,000.00 227,091.60 0.00 227,091.60 41,796,000.00
III A-1 Term Notes 2.77000% 128,583,599.28 316,601.40 3,167,070.40 3,483,671.79 125,416,528.89
Variable Funding Notes 2.77000% 0.00 0.00 0.00 0.00 0.00
A-IO Term Notes (1) 10.00000% 54,112,000.00 450,933.33 NA 450,933.33 54,112,000.00
M-1 3.29500% 53,022,000.00 155,295.55 0.00 155,295.55 53,022,000.00
M-2 3.67000% 43,904,000.00 143,224.60 0.00 143,224.60 43,904,000.00
B 4.42000% 43,904,000.00 172,493.94 0.00 172,493.94 43,904,000.00
$ 670,545,457.77 $ 2,756,175.55 $ 7,786,301.75 $ 10,542,477.31 $ 662,759,156.01
<FN>
(1) Class A-IO Term Note Balance is Notional
</FN>
Interest Period Interest Period Number of Interest
LIBOR Begin End Accrual Days
<s> <c> <c> <c> <c>
2.42000% 10/25/01 11/25/01 32
Beginning Note Prepayment Penalty Excess Spread Release of Aggregate Ending Note
Balance Distribution Distribution Overcollateralization Distribution Balance
<s> <c> <c> <c> <c> <c> <c>
Certificates $ 2,645,408.97 67,694.42 0.00 0.00 $ 67,694.42 5,480,394.33
Noteholder Distribution Factors Summary (Per $1000 Original Principal Amount)
Class $ Original Interest Principal Aggregate Ending
of Note Distribution Distribution Distribution Note
Notes Balance Amount Amount Amount Factor
<s> <c> <c> <c> <c> <c>
I A-1 64,930,000.00 2.30252284 41.86577201 44.16829485 939.32293957
I A-2 115,000,000.00 4.54166667 0.00000000 4.54166667 1,000.00000000
II A-1 72,972,000.00 2.30667041 26.04953652 28.35620693 956.90660337
II A-2 26,949,000.00 3.62500000 0.00000000 3.62500000 1,000.00000000
II A-3 50,846,000.00 4.04166667 0.00000000 4.04166667 1,000.00000000
II A-4 31,104,000.00 4.73333333 0.00000000 4.73333333 1,000.00000000
II A-5 41,796,000.00 5.43333333 0.00000000 5.43333333 1,000.00000000
III A-1 130,000,000.00 2.43539535 24.36207998 26.79747533 964.74252990
Variable Funding 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-IO 54,112,000.00 8.33333333 N/A 8.33333333 N/A
M-1 53,022,000.00 2.92888889 0.00000000 2.92888889 1,000.0000000
M-2 43,904,000.00 3.26222222 0.00000000 3.26222222 1,000.0000000
B 43,904,000.00 3.92888889 0.00000000 3.92888889 1,000.0000000
Total $ 674,427,000.00
<Table>
Collateral Collections Summary
<s> <c> <c> <c> <c>
Group I Group II Group III Total
Aggregate Collections: $ 3,028,260.78 $ 4,154,636.66 $ 3,893,267.75 $ 11,076,165.19
Interest Collections 1,299,655.10 2,945,855.51 1,212,241.10 5,457,751.71
Principal Collections 1,728,605.68 1,208,781.15 2,681,026.65 5,618,413.48
Additional Balances Created (Group III) 667,074.51
Additional Balances Purchased 667,074.51
Additional Balance Differential 0.00
Net Principal Collections 1,728,605.68 1,208,781.15 2,013,952.14 4,951,338.97
Net Principal Collections quotient by group 0.349118832 0.244132175 0.406748993
Principal Collections Distribution Amount 4,951,338.97
Prepayment Penalties Collected 67,694.42
Purchase/Repurchase Price of any Mortgage Loans Purchased 0.00
Liquidation Proceeds 0.00
Insurance Proceeds 0.00
Substitution Adjustment Amounts 0.00
less Servicing Fee 417,822.65
Transfer from the Collection Acct. to the Trustee Collection Acct. $10,058,962.45
Transfer from the Capitalized Interest Acct. to the Trustee Coll. Acct. 680,109.27
Total Available $10,739,071.73
Prepayment Interest Shortfall $23,629.79
Payments in Order of Priority (Section 3.05 of the Indenture)
Prepayment Penalties (due to the Certificate holders) $67,694,42
Payment to the Interests Rate Cap Counter Party 128,900.00
Class A and Class A-IO Note Interest Distribution 2,285,161.47
Class M-1 Note Interest Distribution 155,295.55
Class M-2 Note Interest Distribution 143,224.60
Class B Note Interest Distribution 172,493.94
Class A Note Principal Collection Distribution Amount 4,951,338.97
Class M-1 Note Principal Collection Distribution Amount 0.00
Class M-2 Note Principal Collection Distribution Amount 0.00
Class B Note Principal Collection Distribution Amount 0.00
Class A Note Liquidation Loss Distribution Amount 0.00
Class M-1 Note Liquidation Loss Distribution Amount 0.00
Class M-2 Note Liquidation Loss Distribution Amount 0.00
Class B Note Liquidation Loss Distribution Amount 0.00
Class A Note Overcollateralization Increase Amount 2,834,962.78
Class M-1 Note Overcollateralization Increase Amount 0.00
Class M-2 Note Overcollateralization Increase Amount 0.00
Class B Note Overcollateralization Increase Amount 0.00
Payments to the Indenture Trustee and the Administrator of any unpaid expenses 0.00
Class A Note Interest Carry-Forward Amounts (with interest thereon) 0.00
Class M-1 Note Interest Carry-Forward Amounts (with interest thereon) 0.00
Class M-2 Note Interest Carry-Forward Amounts (with interest thereon) 0.00
Class B Note Interest Carry-Forward Amounts (with interest thereon) 0.00
Payments of any remaining amounts to the Certificate holders 0.00
Total Distributions from Trustee Collection Account $10,739,071.73
Excess Spread $ 2,834,962.78
POOL SUMMARY
<s> <c> <c> <c> <c>
Group I Group II Group III Total
Beginning Pool Balance $ 145,292,609.08 $ 240,272,547.64 $ 127,089,290.15 $ 512,654,446.87
Original Beginning Pool Balance $ 124,164,749.39 $ 211,380,685.63 $ 111,066,873.31 $ 446,612,308.33
Balance Added Due to Prefunding Delivery $ 21,127,859.69 $ 28,891,862.01 $ 16,022,416.84 $ 66,042,138.54
Ending Pool Balance $ 143,564,003.40 $ 239,063,766.49 $ 125,075,338.01 $ 507,703,107.90
Beginning # of Mortgage Loans 3,285 5,668 3,072 12,025
Original Beginning # of Mortgage Loans 2,807 5,000 2,750 10,557
# of Loans Added Due to Prefunding Delivery 478 668 322 1,468
Ending # of Mortgage Loans 3,260 5,647 3,022 11,929
1,728,606 1,208,781 2,013,952
Net Mortgage Interest Rate 10.137% 13.695% 10.805% 12.533%
Loans Removed from the Trust
Number of loans 0.00
Principal Balance 0.00 0.00 0.00 0.00
Current Period Liquidation Loss Amount 0.00 0.00 0.00 0.00
Aggregate Liquidation Loss Amount 0.00 0.00 0.00 0.00
Cumulative Liquidation Loss Percentage (Loss Test) 0.00%
Overcollateralization Summary Loss Test Targets:
Overcollateralization Target Amount 30,394,798.91 Collection Period 36 - 48 9.50%
Collection Period 49 - 60 11.25%
Beginning Overcollateralization Amount 2,645,408.97 Collection Period 61 - 84 11.75%
Overcollateralization Increase Amount 2,834,962.78 Collection Period 85+ 12.25%
Overcollateralization Release Amount 0.00
Ending Overcollateralization Amount 5,480,394.33 Loss Test Satisfied? Yes
Rapid Amortization Event: None Senior Enhancement Percentage 21.31%
Servicing Default: None 17.75% of the Senior Enhancement Percentage 2.50%
3-Month Rolling Average 60-Day Delinquency Percentage 0.03%
Delinquency Test Stratified? Yes
Pre-funding Account Summary Group I Group II Group III Total
Beginning Account Balance $ 81,759,339.08 $ 72,374,331.15 $ 6,402,749.64 $ 160,536,419.87
Reinvestment Earnings (10/25/01 to 11/25/01) 156,210.36 138,279.26 12,233.17 306,722.79
less Subsequent Mortgage Loans Purchased (30,161,791.00) (42,232,177.69) (6,402,772.21) (78,796,740.90)
less Transfers to the Trustee Collection Acct. 0.00 0.00 0.00 0.00
less Transfers to the Capitalized Interest Acct. (156,210.36) (138,279.26) (12,210.60) (306,700.22)
Ending Account Balance (as of 11/25/01) $ 51,597,548.08 $ 30,142,153.46 $ 0.00 $ 81,739,701.54
Next Payment Date a Subsequent Transfer Date? Yes
Expected Subsequent Transfer Balance $ 30,161,791.00 $ 42,232,177.69 $ 6,402,772.21 $ 78,796,740.90
Capitalized Interest Account Summary
Beginning Account Balance $ 1,818,937.61
Reinvestment Earnings 4,329.88
Transfers from the Pre-funding Account 306,700.22
less Capitalized Interest Requirement (680,109.27)
Subtotal $ 1,449,858.44
less Overfunded Capitalized Interest Amount to be
wired to the Transferror by the Indenture Trustee (745,868.29)
Ending Account Balance $ 703,990.15
Funding Account Summary
Beginning Account Balance 0.00
Advances Deposited $ 667,074.51
less Advances Purchased $ (667,074.51)
Ending Account Balance 0.00
Delinquency Summary
<s> <c> <c> <c> <c> <c> <c>
Group I
Current 30+ Days 60+ Days 90+ Days Total over 60 Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 8 228,677 0.16% 1 55,157 0.04% - - 0% 1 55,157 0%
Bankrupt 1 56,838 0% 0 0 0% - - 0% - - 0% - - 0%
REO NA NA NA NA NA NA - - 0% - - 0% - - 0%
Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0%
Total 1 56,838 0% 8 228,677 0.16% 1 55,157 0.04% - - 0% 1 55,157 0%
Group II
Current 30+ Days 60+ Days 90+ Days Total over 60 Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 15 777,478 0.33% 3 113,403 0.05% - - 0% 3 113,403 0%
Bankrupt 2 66,165 0.03% - - 0% - - 0% - - 0% - - 0%
REO NA NA NA NA NA NA - - 0% - - 0% - - 0%
Foreclosure NA NA NA NA NA NA 1 60,000 0% - - 0% 1 60,000 0%
Total 2 66,165 0.03% 15 777,478 0.33% 4 173,403 0.07% - - 0% 4 173,403 0%
Group III
Current 30+ Days 60+ Days 90+ Days Total over 60 Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 21 753,039 0.60% 3 141,114 0.11% 1 34,000 0.03% 4 175,114 0%
Bankrupt 6 268,969 0.22% 1 52,590 0% - - 0.00% - - 0% - - 0%
REO NA NA NA NA NA NA - - 0% - - 0% - - 0%
Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0%
Total 6 268,969 0.22% 22 805,629 0.64% 3 141,114 0.11% 1 34,000 0.03% 4 175,114 0%
Total
Current 30+ Days 60+ Days 90+ Days Total over 60 Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 44 1,759,194 0.35% 7 309,675 0.06% 1 34,000 0.01% 8 343,675 0%
Bankrupt 9 391,972 0.08% 1 52,590 0% - - 0% - - 0% - - 0%
REO NA NA NA NA NA NA - - 0% - - 0% - - 0%
Foreclosure NA NA NA NA NA NA 1 60,000 0% - - 0% 1 60,000 0%
Total 9 391,972 0.08% 45 1,811,784 0.36% 8 369,675 0.07% 1 34,000 0.01% 9 403,675 0%
HLTV
Current 30+ Days 60+ Days 90+ Days 120+ Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 24 1,127,577 0.37% 4 161,903 0.05% - - 0% 0 0 0%
Bankrupt 2 66,165 0.02% - - 0% - - 0% - - 0% 0 0 0%
REO NA NA NA NA NA NA - - 0% - - 0% 0 0 0%
Foreclosure NA NA NA NA NA NA 1 60,000 0% - 0% 0 0 0%
Total 2 66,165 0.00% 24 1,127,577 0.37% 5 221,903 0.07% - - 0% - - 0%
150+ Days 180+ Days
# Balance % # Balance %
Delinquent 0% 0%
Bankrupt 0% 0%
REO 0% 0%
Foreclosure 0% 0%
Total - - 0% - - 0%