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): August 26, 2002
New York (governing law of 333-56242-11 N/A
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
of Incorporation)
Pending
IRS EIN
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 August 26, 2002 a distribution was made to holders of Irwin Home
Equity Loan Trust 2002-1, Home Equity Loan-Backed Notes, Series 2002-1.
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 2002-1
relating to the August 26,
2002 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 2002-1
Home Equity Loan-Backed Notes, Series 2002-1.
By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 8/05/02
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Home Equity Loan-Backed Notes, Series 2002-1,
relating to the August 26, 2002 distribution.
EX-99.1
Irwin Home Equity Loan Trust 2002-1
Home Equity Loan-Backed Notes, Series 2002-1
Record Date: 7/31/02
Distribution Date: 8/26/02
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
Home Equity Loan-Backed Notes, Series 2002-1
Irwin Home Equity Loan Trust 2002-1
Master Servicer Certificate
Remittance Date: August 26, 2002
Certificate Summary
Offered Note Distribution Summary
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Offered Note Distribution Summary
Class of Beginning Note Interest Principal Aggregate Ending Note
Notes Note Rate Balance Distribution Distribution Distribution Balance
I A-1 2.10688% 124,949,716.02 234,003.61 1,678,885.32 1,912,888.93 123,270,830.70
I VFN 2.10688% - - - - -
II A-1 2.12688% 230,695,607.97 436,143.89 4,791,395.12 5,227,539.01 225,904,212.85
II VFN
II A-IO (1) 10.00000% 31,204,000.00 260,033.33 NA 260,033.33 31,204,000.00
II M-1 2.7369% 24,964,000.00 60,731.98 - 60,731.98 24,964,000.00
II M-2 3.3369% 21,063,000.00 62,475.29 - 62,475.29 21,063,000.00
II B-1 4.0869% 26,524,000.00 96,355.92 - 96,355.92 26,524,000.00
Total 428,196,323.99 1,149,744.01 6,470,280.44 7,620,024.45 421,726,043.55
(1) Class A-IO Note Balance is Notional
LIBOR 1.83688%
Interest Period Begin 07/25/2002
Interest Period End 08/25/2002
Number of Interest Accrual Days: 32
Days in Collection Period: 30
Prepayment Release of
Beginning Penalty Excess Spread Over- Aggregate
Balance Distribution Distribution Collaterlization Distribution Ending Balance
Certificates 7,219,746.94 82,112.34 630,763.75 - 712,876.09 9,621,512.10
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 1.84096804 13.20823325 15.04920129 969.80411065
I VFN - 0.00000000 0.00000000 0.00000000 0.00000000
II A-1 234,033,000.00 1.86359996 20.47316029 22.33676025 965.26649167
II VFN - 0.00000000 0.00000000 0.00000000 0.00000000
II A-IO 31,204,000.00 8.33333333 NA 8.33333333 NA
II M-1 24,964,000.00 2.43278222 0.00000000 2.43278222 1,000.00000000
II M-2 21,063,000.00 2.96611556 0.00000000 2.96611556 1,000.00000000
II B-1 26,524,000.00 3.63278222 0.00000000 3.63278222 1,000.00000000
433,693,000.00
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Pool Collections: Group I Group II Total
Aggregate Collections (HELOCs) 3,270,990.34 3,270,990.34
Aggregate Collections (HELOC125s) 2,922,195.38 2,922,195.38
Aggregate Collections (HEL125s) 3,290,330.59 3,290,330.59
Total Aggregate Collections 3,270,990.34 6,212,525.97 9,483,516.31
Interest Collections (HELOCs) 1,016,167.25 1,016,167.25
Interest Collections (HELOC125s) 1,771,622.41 1,771,622.41
Interest Collections (HEL125s) 1,843,109.88 1,843,109.88
Total Interest Collections 1,016,167.25 3,614,732.29 4,630,899.54
Principal Collections (HELOCs) 2,254,823.09 2,254,823.09
Principal Collections (HELOC125s) 1,150,572.97 1,150,572.97
Principal Collections (HEL125s) 1,447,220.71 1,447,220.71
Total Principal Collections 2,254,823.09 2,597,793.68 4,852,616.77
Additional Balances Created 600,044.15 220,189.16 820,233.31
Additional Balances Purchased 600,044.15 220,189.16 820,233.31
Additional Balance Differential - - -
Net Principal Collections 1,654,778.94 2,377,604.52 4,032,383.46
Principal Collections Distribution Amount 1,654,778.94 2,377,604.52 4,032,383.46
Prepayment Penalty Collections 40,363.96 41,748.38 82,112.34
Recoveries - - -
Mortgage Loans Repurchased - - -
Insurance Proceeds - - -
less Servicing Fee 104,125.58 258,721.15 362,846.73
Master Servicer Remittance 2,607,184.57 5,775,364.04 8,382,548.61
Payments in Order of Priority Group I Group II Total
Prepayment Penalties due to Certificateholder 40,363.96 41,748.38 82,112.34
Premium due to Enhancer 22,907.63 22,907.63
Indenture Trustee Fee 260.31 646.80 907.12
Payment to Interest Rate Cap Counterparty 25,833.33 25,833.33
Class A Interest Distribution 234,003.61 696,177.22 930,180.83
II M-1 Interest Distribution 60,731.98 60,731.98
II M-2 Interest Distribution 62,475.29 62,475.29
II B-1 Interest Distribution 96,355.92 96,355.92
Class A Principal Collection Distribution 1,654,778.94 2,377,604.52 4,032,383.46
II M-1 Principal Collection Distribution - -
II M-2 Principal Collection Distribution - -
II B-1 Principal Collection Distribution - -
Class A Liquidation Loss Distribution 24,106.38 12,025.44 36,131.82
II M-1 Liquidation Loss Distribution - -
II M-2 Liquidation Loss Distribution - -
II B-1 Liquidation Loss Distribution - -
Class A Overcollateralization Increase - 2,401,765.16 2,401,765.16
II M-1 Overcollateralization Increase - -
II M-2 Overcollateralization Increase - -
II B-1 Overcollateralization Increase - -
Other Unpaid Enhancer Expenses - - -
Other Unpaid Expenses - - -
Certificateholder Distribution 630,763.75 - 630,763.75
Total Distributions 2,607,184.57 5,775,364.04 8,382,548.61
Excess Spread 654,870.13 2,413,790.60 3,068,660.73
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Pool Summary Group I Group II Total
Beginning Pool Balance (HELOCs) 124,950,690.96 124,950,690.96
Beginning Pool Balance (HELOC125s) 160,302,464.18 160,302,464.18
Beginning Pool Balance (HEL125s) 150,162,915.79 150,162,915.79
Total Beginning Pool Balance 124,950,690.96 310,465,379.97 435,416,070.93
Ending Pool Balance (HELOCs) 123,271,805.64 123,271,805.64
Ending Pool Balance (HELOC125s) 159,372,080.37 159,372,080.37
Ending Pool Balance (HEL125s) 148,703,669.64 148,703,669.64
Total Ending Pool Balance 123,271,805.64 308,075,750.01 431,347,555.65
Beginning Loan Count (HELOCs) 2,459 2,459
Beginning Loan Count (HELOC125s) 3,741 3,741
Beginning Loan Count (HEL125s) 3,540 3,540
Total Beginning Loan Count 2,459 7,281 9,740
Ending Loan Count (HELOCs) 2,423 2,423
Ending Loan Count (HELOC125s) 3,552 3,552
Ending Loan Count (HEL125s) 3,683 3,683
Total Ending Loan Count 2,423 7,235 9,658
Loss Summary Group I Group II Total
Current Liquidation Losses (HELOCs) 24,106.38 24,106.38
Current Liquidation Losses (HELOC125s) - -
Current Liquidation Losses (HEL125s) 12,025.44 12,025.44
Total Current Liquidation Losses 24,106.38 12,025.44 36,131.82
12 Month Liquidation Losses (HELOCs) 24,106.38 24,106.38
12 Month Liquidation Losses (HELOC125s) - -
12 Month Liquidation Losses (HEL125s) 12,025.44 12,025.44
Total 12 Month Liquidation Losses 24,106.38 12,025.44 36,131.82
Aggregate Liquidation Losses (HELOCs) 24,106.38 24,106.38
Aggregate Liquidation Losses (HELOC125s) - -
Aggregate Liquidation Losses (HEL125s) 12,025.44 12,025.44
Total Aggregate Liquidation Losses 24,106.38 12,025.44 36,131.82
Annulalized Group I Loss Percentage 0.23%
Rolling 12-Month Loss Percentage 0.00%
Cumulative Liquidation Loss Percentage 0.02%
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Overcollateralization Summary Group I Group II Total
Base Overcollateralization Target 4,067,519.20 23,400,522.79 27,468,041.99
180 Days Past Due, REO & Foreclosure Loans - NA -
Total Overcollateralization Target Amount 4,067,519.20 23,400,522.79 27,468,041.99
Beginning Overcollateralization Amount 974.94 7,218,772.00 7,219,746.94
Overcollateralization Increase Amount - 2,401,765.16 2,401,765.16
Overcollateralization Release Amount - - -
Ending Overcollateralization Amount 974.94 9,620,537.16 9,621,512.10
Group I Group II
Cumulative Liquidation Loss Percentage 0.02% 0.00%
Loss Test Satisfied? Yes Yes
Loss Test Targets: Group I Group II
Collection Periods 1 to 24 1.50%
Collection Periods 25 to 48 3.35% 9.50%
Collection Periods 49 to 60 4.00% 11.25%
Collection Periods 61 to 84 4.50% 13.00%
Collection Periods 85+ 4.50% 15.00%
Senior Enhancement Percentage 25.69%
17.75% of the Senior Enhancement Percentage 3.02%
3-Mo. Rolling Average 60-Day Delinquency % 0.17%
Group II Delinquency Test Satisfied? Yes
Annualized Interest Collections Rate 9.76%
Annulalized Group I Loss Percentage 0.23%
Group I Excess Cash Rate 9.52%
Group I Initial Excess Spread Rate 5.49%
Group One Excess Cash Rate Test Satisfied? Yes
Balance of 3 Largest Group I Loans 1,945,468.07
Overcollateralization Targets
Initial Principal Balance 127,109,974.94 312,006,970.55
Initial Target (% of Initial Principal Balance) 3.20% 7.50%
Step-down Target (% of Current Balance) 6.40% 15.00%
Triggered Target (% of Initial Principal Balance) 4.80%
Step-down Date January 25, 2005 July 25, 2005
3-Mo. Rolling Average 90-Day Delinquency % 0.00%
Net Loan Rate
Rapid Amortization Event: None
Servicing Default: None
Delinquency Summary
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Group I Group II Group II Group II Grand
HELOCs HELs HEL125s Total Total
Current Loans # Balance # Balance # Balance # Balance # Balance
Bankrupt 2 59,836.40 4 150,596.25 6 172,775.21 10 323,371.46 12 383,207.86
REO - - - - - -
Foreclosure - - - - - -
Total 2 59,836.40 4 150,596.25 6 172,775.21 10 323,371.46 12 383,207.86
30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 10 424,231.49 17 765,811.49 4 124,925.66 21 890,737.15 31 1,314,968.64
Bankrupt 1 52,543.93 2 71,866.72 1 17,866.55 3 89,733.27 4 142,277.20
REO - - - -
Foreclosure - - - -
Total 11 476,775.42 19 837,678.21 5 142,792.21 24 980,470.42 35 1,457,245.84
60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 1 19,999.21 5 210,388.03 3 162,850.70 8 373,238.73 9 393,237.94
Bankrupt - - 2 91,900.00 - - 2 91,900.00 2 91,900.00
REO - - - - - - - - - -
Foreclosure - - 1 68,966.36 - - 1 68,966.36 1 68,966.36
Total 1 19,999.21 8 371,254.39 3 162,850.70 11 534,105.09 12 554,104.30
90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent - - - - - - - - - -
Bankrupt - - - - - - - - - -
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total - - - - - - - - - -
120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent - - - - - - - - - -
Bankrupt - - - - - - - - - -
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total - - - - - - - - - -
150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent - - - - - - - - - -
Bankrupt - - - - - - - - - -
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total - - - - - - - - - -
180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent - - - - - - - - - -
Bankrupt - - - - - - - - - -
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total - - - - - - - - - -
Total Bankrupt 3 112,380.33 8 314,362.97 7 190,641.76 15 505,004.73 18 617,385.06
Total REO - - - - - - - - - -
Total Foreclosure - - 1 68,966.36 - - 1 68,966.36 1 68,966.36