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): September 25, 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)
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 September 25, 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 September 25,
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 September 25, 2002 distribution.
EX-99.1
Irwin Home Equity Loan Trust 2002-1
Home Equity Loan-Backed Notes, Series 2002-1
Home Equity Loan-Backed Notes, Series 2002-1
Irwin Home Equity Loan Trust 2002-1
Master Servicer Certificate
Remittance Date: September 25, 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 2.08000% 123,270,830.70 213,669.44 2,459,437.87 2,673,107.31 120,811,392.83
I VFN 2.08000% - - - - -
II A-1 2.10000% 225,904,212.85 395,332.37 5,277,082.88 5,672,415.25 220,627,129.97
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 2.7100% 24,964,000.00 56,377.03 - 56,377.03 24,964,000.00
II M-2 3.3100% 21,063,000.00 58,098.78 - 58,098.78 21,063,000.00
II B-1 4.0600% 26,524,000.00 89,739.53 - 89,739.53 26,524,000.00
Total 421,726,043.55 1,073,250.49 7,736,520.75 8,809,771.23 413,989,522.80
(1) Class A-IO Note Balance is Notional
LIBOR 1.81000%
Interest Period Begin 08/26/2002
Interest Period End 09/24/2002
Number of Interest Accrual Days: 30
Days in Collection Period: 31
Prepayment Release of
Beginning Penalty Excess Spread Over- Aggregate
Balance Distribution Distribution Collaterlization Distribution Ending Balance
Certificates 9,621,512.10 157,796.33 259,469.07 - 417,265.40 11,939,004.32
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 1.68099379 19.34904586 21.03003966 950.45506478
I VFN - 0.00000000 0.00000000 0.00000000 0.00000000
II A-1 234,033,000.00 1.68921636 22.54845631 24.23767267 942.71803538
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 2.25833333 0.00000000 2.25833333 1,000.00000000
II M-2 21,063,000.00 2.75833333 0.00000000 2.75833333 1,000.00000000
II B-1 26,524,000.00 3.38333333 0.00000000 3.38333333 1,000.00000000
433,693,000.00
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Pool Collections: Group I Group II Total
Aggregate Collections (HELOCs) 3,681,724.60 3,681,724.60
Aggregate Collections (HELOC125s) 3,252,992.76 3,252,992.76
Aggregate Collections (HEL125s) 3,381,075.45 3,381,075.45
Total Aggregate Collections 3,681,724.60 6,634,068.21 10,315,792.81
Interest Collections (HELOCs) 861,306.95 861,306.95
Interest Collections (HELOC125s) 1,509,264.93 1,509,264.93
Interest Collections (HEL125s) 1,747,053.87 1,747,053.87
Total Interest Collections 861,306.95 3,256,318.80 4,117,625.75
Principal Collections (HELOCs) 2,820,417.65 2,820,417.65
Principal Collections (HELOC125s) 1,743,727.83 1,743,727.83
Principal Collections (HEL125s) 1,634,021.58 1,634,021.58
Total Principal Collections 2,820,417.65 3,377,749.41 6,198,167.06
Additional Balances Created 620,448.85 205,641.68 826,090.53
Additional Balances Purchased 620,448.85 205,641.68 826,090.53
Additional Balance Differential - - -
Net Principal Collections 2,199,968.80 3,172,107.73 5,372,076.53
Principal Collections Distribution Amount 2,199,968.80 3,172,107.73 5,372,076.53
Prepayment Penalty Collections 67,797.92 89,998.41 157,796.33
Recoveries 308.00 - 308.00
Mortgage Loans Repurchased - - -
Insurance Proceeds - - -
less Servicing Fee 106,150.72 265,287.45 371,438.17
Master Servicer Remittance 3,023,230.95 6,253,137.49 9,276,368.44
Payments in Order of Priority Group I Group II Total
Prepayment Penalties due to Certificateholder 67,797.92 89,998.41 157,796.33
Premium due to Enhancer 22,599.83 22,599.83
Indenture Trustee Fee 256.82 641.82 898.64
Payment to Interest Rate Cap Counterparty 25,833.33 25,833.33
Class A Interest Distribution 213,669.44 655,365.71 869,035.15
II M-1 Interest Distribution 56,377.03 56,377.03
II M-2 Interest Distribution 58,098.78 58,098.78
II B-1 Interest Distribution 89,739.53 89,739.53
Class A Principal Collection Distribution 2,199,968.80 3,172,107.73 5,372,076.53
II M-1 Principal Collection Distribution - -
II M-2 Principal Collection Distribution - -
II B-1 Principal Collection Distribution - -
Class A Liquidation Loss Distribution - 46,952.00 46,952.00
II M-1 Liquidation Loss Distribution - -
II M-2 Liquidation Loss Distribution - -
II B-1 Liquidation Loss Distribution - -
Class A Overcollateralization Increase 259,469.07 2,058,023.15 2,317,492.22
II M-1 Overcollateralization Increase - -
II M-2 Overcollateralization Increase - -
II B-1 Overcollateralization Increase - -
Other Unpaid Enhancer Expenses - - -
Other Unpaid Expenses - - -
Certificateholder Distribution 259,469.07 - 259,469.07
Total Distributions 3,023,230.95 6,253,137.49 9,276,368.44
Excess Spread 518,938.14 2,104,975.15 2,623,913.29
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Pool Summary Group I Group II Total
Beginning Pool Balance (HELOCs) 123,271,805.64 123,271,805.64
Beginning Pool Balance (HELOC125s) 159,372,080.37 159,372,080.37
Beginning Pool Balance (HEL125s) 148,703,669.64 148,703,669.64
Total Beginning Pool Balance 123,271,805.64 308,075,750.01 431,347,555.65
Ending Pool Balance (HELOCs) 121,071,836.84 121,071,836.84
Ending Pool Balance (HELOC125s) 157,833,994.22 157,833,994.22
Ending Pool Balance (HEL125s) 147,022,696.06 147,022,696.06
Total Ending Pool Balance 121,071,836.84 304,856,690.28 425,928,527.12
Beginning Loan Count (HELOCs) 2,423 2,423
Beginning Loan Count (HELOC125s) 3,552 3,552
Beginning Loan Count (HEL125s) 3,683 3,683
Total Beginning Loan Count 2,423 7,235 9,658
Ending Loan Count (HELOCs) 2,373 2,373
Ending Loan Count (HELOC125s) 3,693 3,693
Ending Loan Count (HEL125s) 3,478 3,478
Total Ending Loan Count 2,373 7,171 9,544
Loss Summary Group I Group II Total
Current Liquidation Losses (HELOCs) - -
Current Liquidation Losses (HELOC125s) - -
Current Liquidation Losses (HEL125s) 46,952.00 46,952.00
Total Current Liquidation Losses - 46,952.00 46,952.00
12 Month Liquidation Losses (HELOCs) 24,106.38 24,106.38
12 Month Liquidation Losses (HELOC125s) - -
12 Month Liquidation Losses (HEL125s) 58,977.44 58,977.44
Total 12 Month Liquidation Losses 24,106.38 58,977.44 83,083.82
Aggregate Liquidation Losses (HELOCs) 24,106.38 24,106.38
Aggregate Liquidation Losses (HELOC125s) - -
Aggregate Liquidation Losses (HEL125s) 58,977.44 58,977.44
Total Aggregate Liquidation Losses 24,106.38 58,977.44 83,083.82
Annulalized Group I Loss Percentage 0.00%
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
180 Days Past Due, REO & Foreclosure Loans - NA
Total Overcollateralization Target Amount 4,067,519.20 23,400,522.79 27,468,041
Beginning Overcollateralization Amount 974.94 9,620,537.16 9,621,512
Overcollateralization Increase Amount 259,469.07 2,058,023.15 2,317,492
Overcollateralization Release Amount - -
Ending Overcollateralization Amount 260,444.01 11,678,560.31 11,939,004
Group I Group II
Cumulative Liquidation Loss Percentage 0.02% 0.02%
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 26.67%
17.75% of the Senior Enhancement Percentage 3.13%
3-Mo. Rolling Average 60-Day Delinquency % 0.32%
Group II Delinquency Test Satisfied? Yes
Annualized Interest Collections Rate 8.38%
Annulalized Group I Loss Percentage 0.00%
Group I Excess Cash Rate 8.38%
Group I Initial Excess Spread Rate 5.49%
Group I 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 % 0.02%
Net Loan Rate 7.576% 12.180%
Rapid Amortization Event: None
Servicing Default: None
Delinquency Summary
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Group I Group II Group II Group II Grand
HELOCs HELOC125s HEL125s Total Total
Current Loans # Balance # Balance # Balance # Balance # Balance
Bankrupt 2 59,836.40 10 365,549.27 11 377,444.92 21 742,994.19 23 802,830.59
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total 2 59,836.40 10 365,549.27 11 377,444.92 21 742,994.19 23 802,830.59
30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 18 992,119.27 25 957,427.37 10 465,020.69 35 1,422,448.06 53 2,414,567.33
Bankrupt - - 2 87,558.24 3 96,340.02 5 183,898.26 5 183,898.26
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total 18 992,119.27 27 1,044,985.61 13 561,360.71 40 1,606,346.32 58 2,598,465.59
60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 2 103,263.40 8 453,839.16 2 47,928.74 10 501,767.90 12 605,031.30
Bankrupt 1 52,543.93 2 71,866.72 1 17,866.55 3 89,733.27 4 142,277.20
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total 3 155,807.33 10 525,705.88 3 65,795.29 13 591,501.17 16 747,308.50
90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 1 19,999.21 2 88,961.01 2 78,317.87 4 167,278.88 5 187,278.09
Bankrupt - - 3 138,900.00 - - 3 138,900.00 3 138,900.00
REO - - - - - - - - - -
Foreclosure - - 1 68,966.36 - - 1 68,966.36 1 68,966.36
Total 1 19,999.21 6 296,827.37 2 78,317.87 8 375,145.24 9 395,144.45
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 17 663,874.23 15 491,651.49 32 1,155,525.72 35 1,267,906.05
Total REO - - - - - - - - - -
Total Foreclosure - - 1 68,966.36 - - 1 68,966.36 1 68,966.36