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): December 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 December 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 December 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: 01/10/2002
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 December 26,
2001 distribution.
Irwin Home Equity Loan-Backed Term Notes Series 2001-2
Master Servicer Certificate
Remittance Date: 12/26/2001
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 2.32000% $ 60,990,238.47 $ 117,914.46 $ 3,034,764.96 $ 3,152,679.42 $ 57,955,473.51
I A-2 5.45000% 115,000,000.00 522,291.67 - 522,291.67 115,000,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
II A-1 2.32000% 69,827,388.66 134,999.62 2,903,618.66 3,038,618.27 66,923,770.01
II A-2 4.35000% 26,949,000.00 97,690.13 - 97,690.13 26,949,000.00
II A-3 4.85000% 50,846,000.00 205,502.58 - 205,502.58 50,846,000.00
II A-4 5.68000% 31,104,000.00 147,225.60 - 147,225.60 31,104,000.00
II A-5 6.52000% 41,796,000.00 227,091.60 - 227,091.60 41,796,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
III A-1 2.45000% 125,416,528.89 256,058.75 2,955,155.07 3,211,213.82 122,461,373.82
Variable Funding Notes 2.45000% - - - - -
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
A-IO Term Notes (1) 10.00000% 54,112,000.00 450,933.33 NA 450,933.33 54,112,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
M-1 2.97500% 53,022,000.00 131,450.38 - 131,450.38 53,022,000.00
M-2 3.35000% 43,904,000.00 122,565.33 - 122,565.33 43,904,000.00
B 4.10000% 43,904,000.00 150,005.33 - 150,005.33 43,904,000.00
====================================================================================================================================
$ 662,759,156.02 $ 2,563,728.78 $ 8,893,538.69 $ 11,457,267.46 $ 653,865,617.33
<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>
2.10000% 11/26/01 12/25/01 30
Beginning Prepayment Penalty Excess Spread Release of Aggregate Ending
Balance Distribution Distribution Overcollateralization Distribution Balance
<s> <c> <c> <c> <c> <c> <c>
Certificates $ 5,480,394.32 132,898.55 0.00 0.00 $ 132,898.55 8,555,733.69
Noteholder Distribution Factors Summary (Per $1000 Original Principal Amount)
Class Original Interest Principal Aggregate Ending
of Note Distribution Distribution Distribution Note
Notes Balance Factor
<s> <c> <c> <c> <c> <c>
I A-1 $ 64,930,000.00 1.81602435 46.73902601 48.55505036 892.58391359
I A-2 115,000,000.00 4.54166667 0.00000000 4.54166667 1,000.00000000
II A-1 72,972,000.00 1.85001943 39.79086027 41.64087970 917.11574312
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 1.96968267 22.73196210 24.70164477 942.01056781
Variable Funding - 0.00000000 0.00000000 0.00000000 0.00000000
A-IO 54,112,000.00 8.33333333 NA 8.33333333 NA
M-1 53,022,000.00 2.47916667 0.00000000 2.47916667 1,000.00000000
M-2 43,904,000.00 2.79166667 0.00000000 2.79166667 1,000.00000000
B 43,904,000.00 3.41666667 0.00000000 3.41666667 1,000.00000000
- --------------------------------------------------------------------------------------------------------------
$ 674,427,000.00
<Table>
Collateral Collections Summary
<s> <c> <c> <c> <c>
Group I Group II Group III Total
Aggregate Collections: $ 3,453,728.32 $ 5,119,807.54 $ 3,893,243.76 $ 12,466,779.62
Interest Collections 1,468,364.76 3,220,240.77 1,212,196.75 5,900,802.28
Principal Collections 1,985,363.56 1,899,566.77 2,681,047.01 6,565,977.34
Additional Balances Created (Group III) 747,764.77
Additional Balances Purchased 747,764.77
Additional Balance Differential 0.00
Net Principal Collections 1,985,363.56 1,899,566.77 1,933,282.24 5,818,212.57
Net Principal Collections quotient by group 0.341232558 0.326486313 0.332281129
Principal Collections Distribution Amount 5,818,212.57
Prepayment Penalties Collected 132,898.55
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 467,770.32
Transfer from the Collection Acct. to the Trustee Collection Acct. $11,384,143.08
Transfer from the Capitalized Interest Acct. to the Trustee Coll. Acct. 334,922.93
Total Available $11,719,066.01
Prepayment Interest Shortfall $20,979.56
Payments in Order of Priority (Section 3.05 of the Indenture)
Prepayment Penalties (due to the Certificate holders) $132,898.55
Payment to the Interests Rate Cap Counter Party 128,900.00
Class A and Class A-IO Note Interest Distribution 2,159,707.73
Class M-1 Note Interest Distribution 131,450.38
Class M-2 Note Interest Distribution 122,565.33
Class B Note Interest Distribution 150,005.33
Class A Note Principal Collection Distribution Amount 5,818,212.57
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 3,075,326.12
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 $11,719,066.01
Excess Spread $ 3,075,326.12
POOL SUMMARY
<s> <c> <c> <c> <c>
Group I Group II Group III Total
Beginning Pool Balance $ 173,725,794.40 $ 281,295,944.18 $ 131,478,110.22 $ 586,499,848.80
Original Beginning Pool Balance $ 143,564,003.40 $ 239,063,766.49 $ 125,075,338.01 $ 507,703,107.90
Balance Added Due to Prefunding Delivery $ 30,161,791.00 $ 42,232,177.69 $ 6,402,772.21 $ 78,796,740.90
Ending Pool Balance $ 171,740,430.84 $ 279,396,377.41 $ 129,544,827.98 $ 580,681,636.23
Beginning # of Mortgage Loans 3,929 6,638 3,241 13,808
Original Beginning # of Mortgage Loans 3,260 5,647 3,022 11,929
# of Loans Added Due to Prefunding Delivery 669 991 219 1,879
Ending # of Mortgage Loans 3,884 6,599 3,180 13,663
1,985,364 1,899,567 1,933,282
Net Mortgage Interest Rate 10.172% 13.731% 10.490% 12.405%
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 5,480,394.32 Collection Period 61 - 84 11.75%
Overcollateralization Increase Amount 3,075,326.12 Collection Period 85+ 12.25%
Increase due to Subsequent Delivery 13.25
Overcollateralization Release Amount 8,555,733.69
Ending Overcollateralization Amount Loss Test Satisfied? Yes
Rapid Amortization Event: None Senior Enhancement Percentage 21.89%
Servicing Default: None 17.75% of the Senior Enhancement Percentage 2.57%
3-Month Rolling Average 60-Day Delinquency Percentage 0.06%
Delinquency Test Stratified? Yes
Pre-funding Account Summary Group I Group II Group III Total
Beginning Account Balance $ 51,597,548.08 $ 30,142,153.46 $ 0.00 $ 81,739,701.54
Reinvestment Earnings (11/26/01 to 12/21/01) 69,083.69 40,357.17 0.00 109,440.87
less Subsequent Mortgage Loans Purchased (19,889,538.15) (30,142,166.71) 0.00 (50,031,704.86)
less Transfers to the Trustee Collection Acct. 0.00 0.00 0.00 0.00
less Transfers to the Capitalized Interest Acct. ( 69,083.69) ( 40,343.92) ( 0.00) (109,427.62)
Ending Account Balance (as of 12/26/01) $ 31,708,009.93 $ 0.00 $ 0.00 $ 31,708,009.93
Next Payment Date a Subsequent Transfer Date? Yes
Expected Subsequent Transfer Balance $ 19,889,538.15 $ 30,142,166.71 $ 0.00 $ 50,031,704.86
Capitalized Interest Account Summary
Beginning Account Balance $ 703,990.15
Reinvestment Earnings 854.58
Transfers from the Pre-funding Account 109,427.62
less Capitalized Interest Requirement (334,922.93)
Subtotal $ 479,349.41
less Overfunded Capitalized Interest Amount to be
wired to the Transferror by the Indenture Trustee (287,760.16)
Ending Account Balance $ 191,589.25
Funding Account Summary
Beginning Account Balance 0.00
Advances Deposited $ 747,764.77
less Advances Purchased $ (747,764.77)
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 17 468,052 0.27% 0.00% 1 55,157 0% 1 55,157 0%
Bankrupt 1 61,723 0% 2 102,875 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 61,723 0% 19 570,926 0.33% 0.00% 1 55,157 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 40 1,798,040 0.64% 5 209,924 0.08% 3 113,403 0% 8 323,327 0%
Bankrupt 4 164,336 0.06% 1 34,275 0% - - 0% - - 0% - - 0%
REO NA NA NA NA NA NA - - 0% - - 0% - - 0%
Foreclosure NA NA NA NA NA NA 0% 1 60,000 0% 1 60,000 0%
Total 4 164,336 0.06% 41 1,832,315 0.66% 5 209,924 0.08% 4 173,403 0% 9 383,327 0%
Group III
Current 30+ Days 60+ Days 90+ Days Total over 60 Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 27 901,793 0.70% 6 281,599 0.22% 3 127,100 0.10% 9 408,699 0%
Bankrupt 7 304,471 0.24% 1 13,976 0% 1 52,590 0.04% 1 48,014 0% 2 100,605 0%
REO NA NA NA NA NA NA - - 0% - - 0% - - 0%
Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0%
Total 7 304,471 0.24% 28 915,769 0.71% 7 334,190 0.26% 4 175,114 0.14% 11 509,304 0%
Total
Current 30+ Days 60+ Days 90+ Days Total over 60 Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 84 3,167,885 0.55% 11 491,523 0.08% 7 295,660 0.05% 18 787,184 0%
Bankrupt 12 530,531 0.09% 4 151,126 0% 1 52,590 0.01% 1 48,014 0% 2 100,605 0%
REO NA NA NA NA NA NA - - 0% - - 0% - - 0%
Foreclosure NA NA NA NA NA NA 0% 1 60,000 0% 1 60,000 0%
Total 12 530,531 0.09% 88 3,319,011 0.57% 12 544,114 0.09% 9 403,675 0.07% 21 947,788 0%
HLTV
Current 30+ Days 60+ Days 90+ Days 120+ Days
# Balance % # Balance % # Balance % # Balance % # Balance %
Delinquent NA NA NA 47 2,031,972 0.59% 11 491,523 0.14% 4 161,903 0% 0 0 0%
Bankrupt 4 164,336 0.05% 1 34,275 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 0% 1 60,000 0% 0 0 0%
Total 4 164,336 0.00% 48 2,066,247 0.60% 11 491,523 0.14% 5 221,903 0% - - 0%
150+ Days 180+ Days
# Balance % # Balance %
Delinquent 0% 0%
Bankrupt 0% 0%
REO 0% 0%
Foreclosure 0% 0%
Total - - 0% - - 0%