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, 2002
IRWIN HOME EQUITY LOAN TRUST
Home Equity Loan-Backed Variable Funding Notes, Series 2002-1 Trust
(Exact name of registrant as specified in its charter)
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 December 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 December 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: 1/09/03
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 December 26, 2002 distribution.
Home Equity Loan-Backed Notes, Series 2002-1
Irwin Home Equity Loan Trust 2002-1
Master Servicer Certificate
Payment Date: December 26, 2002
Certificate Summary
Offered Note Distribution Summary
<s> <c> <c> <c> <c> <c> <c>
Class of Beginning Note Interest Principal Aggregate Ending Note
Notes Note Rate Balance Distribution Distribution Distribution Balance
I A-1 1.65000% 114,171,697.89 162,218.95 3,251,631.63 3,413,850.58 110,920,066.26
I VFN 1.65000% - - - - -
II A-1 1.67000% 208,287,042.05 299,528.34 6,210,478.57 6,510,006.91 202,076,563.48
II VFN 1.67000% - - - - -
II A-IO (1) 10.00000% 31,204,000.00 260,033.33 NA 260,033.33 31,204,000.00
II M-1 2.2800% 24,964,000.00 49,012.65 - 49,012.65 24,964,000.00
II M-2 2.8800% 21,063,000.00 52,236.24 - 52,236.24 21,063,000.00
II B-1 3.6300% 26,524,000.00 82,909.60 - 82,909.60 26,524,000.00
Total 395,009,739.94 905,939.11 9,462,110.20 10,368,049.31 385,547,629.74
(1) Class A-IO Note Balance is Notional
LIBOR 1.38000%
Interest Period Begin 11/25/2002
Interest Period End 12/25/2002
Number of Interest Accrual Days: 31
Days in Collection Period: 30
Prepayment
Beginning Penalty Excess Spread Release of Over Aggregate
Balance Distribution Distribution Collaterlization Distribution Ending Balance
Certificates 16,923,457.06 275,149.48 237,437.67 - 512,587.15 19,034,380.03
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 1.27621923 25.58144293 26.85766216 872.63739200
I VFN - 0.00000000 0.00000000 0.00000000 0.00000000
II A-1 234,033,000.00 1.27985515 26.53676435 27.81661949 863.45328855
II VFN - 0.00000000 0.00000000 0.00000000 0.00000000
II A-IO 31,204,000.00 8.33333323 NA 8.33333323 NA
II M-1 24,964,000.00 1.96333320 0.00000000 1.96333320 1,000.00000000
II M-2 21,063,000.00 2.48000000 0.00000000 2.48000000 1,000.00000000
II B-1 26,524,000.00 3.12583321 0.00000000 3.12583321 1,000.00000000
433,693,000.00
<s> <c> <c> <c>
Pool Collections: Group I Group II Total
Aggregate Collections (HELOCs) 4,176,660.53 4,176,660.53
Aggregate Collections (HELOC125s) 3,817,558.97 3,817,558.97
Aggregate Collections (HEL125s) 3,614,941.86 3,614,941.86
Total Aggregate Collections 4,176,660.53 7,432,500.83 11,609,161.36
Interest Collections (HELOCs) 751,890.60 751,890.60
Interest Collections (HELOC125s) 1,342,395.65 1,342,395.65
Interest Collections (HEL125s) 1,564,637.60 1,564,637.60
Total Interest Collections 751,890.60 2,907,033.25 3,658,923.85
Principal Collections (HELOCs) 3,424,769.93 3,424,769.93
Principal Collections (HELOC125s) 2,475,163.32 2,475,163.32
Principal Collections (HEL125s) 2,050,304.26 2,050,304.26
Total Principal Collections 3,424,769.93 4,525,467.58 7,950,237.51
Additional Balances Created 410,575.98 205,394.60 615,970.58
Additional Balances Purchased 410,575.98 205,394.60 615,970.58
Additional Balance Differential - - -
Net Principal Collections 3,014,193.95 4,320,072.98 7,334,266.93
Principal Collections Distribution Amount 3,014,193.95 4,320,072.98 7,334,266.93
Prepayment Penalty Collections 93,513.75 181,635.73 275,149.48
Recoveries 308.00 978.39 1,286.39
Mortgage Loans Repurchased - - -
Insurance Proceeds - - -
less Servicing Fee 95,843.69 247,433.98 343,277.67
Master Servicer Remittance 3,764,062.61 7,162,286.37 10,926,348.98
Payments in Order of Priority Group I Group II Total
Prepayment Penalties due to Certificateholder 93,513.75 181,635.73 275,149.48
Premium due to Enhancer 19,021.00 19,021.00
Indenture Trustee Fee 239.61 618.58 858.19
Payment to Interest Rate Cap Counterparty 25,833.33 25,833.33
Class A Interest Distribution 162,218.95 559,561.67 721,780.62
II M-1 Interest Distribution 49,012.65 49,012.65
II M-2 Interest Distribution 52,236.24 52,236.24
II B-1 Interest Distribution 82,909.60 82,909.60
Class A Principal Collection Distribution 3,014,193.95 4,320,072.98 7,334,266.93
II M-1 Principal Collection Distribution - -
II M-2 Principal Collection Distribution - -
II B-1 Principal Collection Distribution - -
Class A Liquidation Loss Distribution - 16,920.30 16,920.30
II M-1 Liquidation Loss Distribution - -
II M-2 Liquidation Loss Distribution - -
II B-1 Liquidation Loss Distribution - -
Class A Overcollateralization Increase 237,437.68 1,873,485.29 2,110,922.97
II M-1 Overcollateralization Increase - -
II M-2 Overcollateralization Increase - -
II B-1 Overcollateralization Increase - -
Other Unpaid Enhancer Expenses - - -
Other Unpaid Expenses - - -
Certificateholder Distribution 237,437.67 - 237,437.67
Total Distributions 3,764,062.61 7,162,286.37 10,926,348.98
Excess Spread 474,875.35 1,890,405.59 2,365,280.94
<s> <c> <c> <c>
Pool Summary Group I Group II Total
Beginning Pool Balance (HELOCs) 115,012,423.55 115,012,423.55
Beginning Pool Balance (HELOC125s) 153,211,468.02 153,211,468.02
Beginning Pool Balance (HEL125s) 143,709,305.43 143,709,305.43
Total Beginning Pool Balance 115,012,423.55 296,920,773.45 411,933,197.00
Ending Pool Balance (HELOCs) 111,998,229.60 111,998,229.60
Ending Pool Balance (HELOC125s) 150,941,699.30 150,941,699.30
Ending Pool Balance (HEL125s) 141,642,080.87 141,642,080.87
Total Ending Pool Balance 111,998,229.60 292,583,780.17 404,582,009.77
Beginning Loan Count (HELOCs) 2,248 2,248
Beginning Loan Count (HELOC125s) 3,589 3,589
Beginning Loan Count (HEL125s) 3,410 3,410
Total Beginning Loan Count 2,248 6,999 9,247
Ending Loan Count (HELOCs) 2,185 2,185
Ending Loan Count (HELOC125s) 3,545 3,545
Ending Loan Count (HEL125s) 3,362 3,362
Total Ending Loan Count 2,185 6,907 9,092
Loss Summary Group I Group II Total
Current Liquidation Losses (HELOCs) - -
Current Liquidation Losses (HELOC125s) - -
Current Liquidation Losses (HEL125s) 16,920.30 16,920.30
Total Current Liquidation Losses - 16,920.30 16,920.30
12 Month Liquidation Losses (HELOCs) 24,106.38 24,106.38
12 Month Liquidation Losses (HELOC125s) - -
12 Month Liquidation Losses (HEL125s) 86,002.71 86,002.71
Total 12 Month Liquidation Losses 24,106.38 86,002.71 110,109.09
Aggregate Liquidation Losses (HELOCs) 24,106.38 24,106.38
Aggregate Liquidation Losses (HELOC125s) - -
Aggregate Liquidation Losses (HEL125s) 86,002.71 86,002.71
Total Aggregate Liquidation Losses 24,106.38 86,002.71 110,109.09
Annulalized Group I Loss Percentage 0.00%
Rolling 12-Month Loss Percentage 0.00%
Cumulative Liquidation Loss Percentage 0.02%
<s> <c> <c> <c>
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 468,299.21 NA 468,299.21
Total Overcollateralization Target Amount 4,535,818.41 23,400,522.79 27,936,341.20
Beginning Overcollateralization Amount 840,725.66 16,082,731.40 16,923,457.06
Overcollateralization Increase Amount 237,437.68 1,873,485.29 2,110,922.97
Overcollateralization Release Amount - - -
Ending Overcollateralization Amount 1,078,163.34 17,956,216.69 19,034,380.03
Group I Group II
Cumulative Liquidation Loss Percentage 0.02% 0.03%
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 29.85%
17.75% of the Senior Enhancement Percentage 3.51%
3-Mo. Rolling Average 60-Day Delinquency % 1.06%
Group II Delinquency Test Satisfied? Yes
Annualized Interest Collections Rate 7.84%
Annulalized Group I Loss Percentage 0.00%
Group I Excess Cash Rate 7.84%
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 % 0.70%
Net Loan Rate 7.561% 12.184%
Rapid Amortization Event: None
Servicing Default: None
Delinquency Summary
<s> <c> <c> <c> <c> <c>
Group I Group II Group II Group II Grand
HELOCs HELOC125s HEL125s Total Total
Current Loans # Balance # Balance # Balance # Balance # Balance
Bankrupt 7 269,542.33 16 652,230.85 19 606,194.15 35 1,258,425.00 42 1,527,967.33
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total 7 269,542.33 16 652,230.85 19 606,194.15 35 1,258,425.00 42 1,527,967.33
30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 18 968,638.78 47 1,899,034.07 22 969,207.78 69 2,868,241.85 87 3,836,880.63
Bankrupt - - 2 72,615.81 2 99,496.43 4 172,112.24 4 172,112.24
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total 18 968,638.78 49 1,971,649.88 24 1,068,704.21 73 3,040,354.09 91 4,008,992.87
60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 2 60,760.38 8 376,552.26 7 238,837.39 15 615,389.65 17 676,150.03
Bankrupt - - 2 110,999.44 6 190,155.46 8 301,154.90 8 301,154.90
REO - - - - - - - - - -
Foreclosure - - - - - - - - - -
Total 2 60,760.38 10 487,551.70 13 428,992.85 23 916,544.55 25 977,304.93
90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 1 29,549.43 6 196,710.82 3 185,893.58 9 382,604.40 10 412,153.83
Bankrupt 1 49,929.73 3 146,759.93 3 84,688.44 6 231,448.37 7 281,378.10
REO - - - - - - - - - -
Foreclosure - - 1 46,800.00 - - 1 46,800.00 1 46,800.00
Total 2 79,479.16 10 390,270.75 6 270,582.02 16 660,852.77 18 740,331.93
120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 3 143,380.51 9 440,780.87 4 130,214.12 13 570,994.99 16 714,375.50
Bankrupt 1 46,400.00 3 107,863.43 1 30,623.54 4 138,486.97 5 184,886.97
REO - - - - - -
Foreclosure 1 390,000.00 1 80,200.00 1 69,694.38 2 149,894.38 3 539,894.38
Total 5 579,780.51 13 628,844.30 6 230,532.04 19 859,376.34 24 1,439,156.85
150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 1 44,963.40 4 164,916.02 4 164,916.02 5 209,879.42
Bankrupt - - 3 173,900.00 2 45,866.55 5 219,766.55 5 219,766.55
REO - - - - - -
Foreclosure 1 58,300.00 - - 1 58,300.00
Total 2 103,263.40 7 338,816.02 2 45,866.55 9 384,682.57 11 487,945.97
180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance
Delinquent 1 19,999.21 3 153,990.01 - - 3 153,990.01 4 173,989.22
Bankrupt - - 1 39,971.00 1 18,420.70 2 58,391.70 2 58,391.70
REO - - - - - - - - - -
Foreclosure - - 1 68,966.36 - - 1 68,966.36 1 68,966.36
Total 1 19,999.21 5 262,927.37 1 18,420.70 6 281,348.07 7 301,347.28
Total Bankrupt 9 365,872.06 30 1,304,340.46 34 1,075,445.27 64 2,379,785.73 73 2,745,657.79
Total REO - - - - - - - - - -
Total Foreclosure 2 448,300.00 3 195,966.36 1 69,694.38 4 265,660.74 6 713,960.74