UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K/A

Amendment No. 1

(Mark one)

/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2002

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

Commission File Number: 333-56242-11

Irwin Home Equity Loan Trust
Home Equity Loan-Backed Variable Funding Notes
Series 2002-1

(Exact name of registrant as specified in its charter)

New York N/A
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

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

Securities registered pursuant to Section 12(b) of the Act:

NONE.

Securities registered pursuant to Section 12(g) of the Act:

NONE.

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes X No ___

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K.

Not applicable.

State the aggregate market value of the voting and non-voting common
equity held by non-affiliates of the registrant. The aggregate market
value shall be computed by reference to the price at which the common
equity was sold, or the average bid and asked prices of such common
equity, as of a specified date within 60 days prior to the date of
filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.)

Not applicable.

Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.

Not applicable.

List hereunder the following documents if incorporated by reference and
the Part of the Form 10-K (e.g. Part I, Part II, etc..) into which the
document is incorporated: (1)Any annual report to security holders; (2)
Any proxy or information statement; and (3)Any prospectus filed pursuant
to Rule 424(b) or (c) under the Securities Act of 1933. The listed
documents should be clearly described for identification purposes (e.g.
annual report to security holders for fiscal year ended December 24, 1980).

Not applicable.

PART I

Item 1. Business.

Omitted.

Item 2. Properties.

See Item 14(a), Exhibits 99.1, 99.2, and 99.3, for information
provided in lieu of information required by Item 102 of
Regulation S-K.

Item 3. Legal Proceedings.

The registrant knows of no material pending legal proceedings
involving the trusts created under the Pooling and Servicing
Agreement (the Trusts), the Trustee, the Servicer or the
registrant with respect to the Trusts other than routine
litigation incidental to the duties of the respective parties.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

PART II

Item 5. Market for registrant's Common Equity and Related Stockholder
Matters.

No established public trading market for the Certificates exists.

Records provided to the Trust by the DTC and the Trustee
indicate that as of December 31, 2002, the number of holders of
record for each class of Certificate were as follows:

Class CERT 1
Class IA1 1
Class IIA1 2
Class IIAIO 2
Class IIB1 4
Class IIM1 8
Class IIM2 4

Total: 22

Item 6. Selected Financial Data.

Omitted.

Item 7. Managements Discussion and Analysis of Financial Condition
and Results of Operation.

Omitted.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable.

Item 8. Financial Statements and Supplementary Data.

See Item 14(a), Exhibits 99.1, 99.2, 99.3, for information
provided in lieu of information required by Item 302 of
Regulation S-K.

Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

None.

PART III

Item 10. Directors and Executive Officers of the Registrant.

Not applicable.

Item 11. Executive Compensation.

Not applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

Not applicable.

Item 13. Certain Relationships and Related Transactions.

Not applicable.

Item 14. Controls and Procedures.

Not applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

(a) Exhibits

(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 2002.

<s> <c>
a) Irwin Union Bank and Trust Company, as Servicer <F1>

(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2002.

<s> <c>
a) Irwin Union Bank and Trust Company, as Servicer <F1>

(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2002.

<s> <c>
a) Irwin Union Bank and Trust Company, as Servicer <F1>

(99.4) Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.

(b) On November 12, 2002, December 10, 2002, and January 10, 2003
reports on Form 8-K were filed by the Company in order to provide
the statements for the monthly distributions to holders of the
Certificates. No other reports on Form 8-K have been filed during
the last quarter of the period covered by this report.

(d) Omitted.

<F1> Filed Herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized:

Irwin Home Equity Loan Trust 2002-1
Home Equity Loan-Backed Notes
Series 2002-1
(Registrant)

Signed: Irwin Union Bank and Trust Company, as Servicer

By: Edwin K. Corbin as Vice President

By: /s/ Edwin K. Corbin

Dated: July 11, 2003

Sarbanes-Oxley Certification

I, Edwin K. Corbin, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Irwin Home
Equity Loan Trust 2002-1 Home Equity Loan-Backed Notes Series 2002-1;

2. Based on my knowledge, the information in these reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of
the last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information required
to be provided to the trustee by the servicer under the pooling and
servicing, or similar, agreement, for inclusion in these reports is
included in these reports;

4. I am responsible for reviewing the activities performed by the servicer
under the pooling and servicing, or similar, agreement and based
upon my knowledge and the annual compliance review required under that
agreement, and except as disclosed in the reports, the servicer has
fulfilled its obligations under that agreement; and

5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a
review in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar procedure, as set forth in the pooling and
servicing, or similar, agreement, that is included in these reports.

In giving the certifications above, I have reasonably relied on
information provided to me by the following unaffiliated parties: Irwin
Union Bank and Trust Company, as Servicer.

Date: July 11, 2003

/s/ Edwin K. Corbin
Signature

Vice President
Title

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

(a)(i) No annual report is provided to the Certificateholders other than
with respect to aggregate principal and interest distributions.

(a)(ii) No proxy statement, form of proxy or other proxy soliciting
material has been sent to any Certificateholder with respect to any
annual or other meeting of Certificateholders.

Ex-99.1 (a)

PricewaterhouseCoopers (logo)

PricewaterhouseCoopers LLP
Suite 1300
650 Third Avenue South
Minneapolis MN 55402-4333
Telephone (612) 596 6000
Facsimile (612) 373 7160

Report Of Independent Accountants

To the Board of Directors and Stockholders
of Irwin Home Equity:

We have examined management's assertion about Irwin Financial Corporation and
its subsidiaries, including Irwin Home Equity (the "Company") compliance with
the minimum servicing standards identified in the Mortgage Bankers Association
of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP")
as of and for the year ended December 31, 2002 included in the accompanying
management assertion (see Exhibit I). Management is responsible for the
Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.

Our examination was made in accordance with attestation standards established
by the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide
a legal determination on the Company's compliance with the minimum servicing
standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 2002 is fairly stated, in all material respects.

/s/ PricewaterhouseCoopers LLP

February 21, 2003

Ex-99.2 (a)

Irwin Home Equity
12677 Alcosta Blvd.
Suite 500
San Ramon, CA 94583-4427
925.277.2001
925.277.2009 Fax

Irwin
Home Equity (logo)

Management's Assertion Concerning Compliance with USAP Minimum Servicing
Standards

As of and for the year ended December 31, 2002, Irwin Home Equity, a majority
owned subsidiary of Irwin Union Bank and Trust Company have complied in all
material respects with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP").

As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amounts of $21,000,000 and $20,000,000
respectively.

/s/ Octavio Ricart
Octavio Ricart
Corporate Controller

/s/ Edwin Corbin
Edwin Corbin
Chief Financial Officer

/s/ Jocelyn Martin-Leano
Jocelyn Martin-Leano
Senior Vice President - Loan Servicing

an Irwin Financial Company

Ex-99.3 (a)

OFFICER'S CERTIFICATE OF THE MASTER SERVICER
RE: ANNUAL STATEMENT AS TO COMPLIANCE

The undersigned, each a duly authorized representative of Irwin Union
Bank and Trust Company as Master Servicer ("Master Servicer") pursuant to the
Sale and Servicing Agreement dated as of May 31, 2002, by and among Bear Stearns
Asset Backed Securities, Inc. as Depositor, Irwin Union Bank and Trust Company
as Seller and Master Servicer, Irwin Home Equity Loan Trust 2002-1 as Issuer,
and Wells Fargo Bank Minnesota, National Association as Indenture Trustee
(as such agreement may be amended, supplemented or otherwise modified from time
to time, the "Sale and Servicing Agreement"), do hereby certify as follows:

A. Capitalized terms used in this Certificate have their respective meanings set
forth in the Sale and Servicing Agreement. References herein to certain
Sections and Subsections are references to the respective Sections and
Subsections of the Sale and Servicing Agreement.

B. This Certificate is being delivered pursuant to Section 3.14 of the Sale and
Servicing Agreement.

C. The Master Servicer is the Master Servicer under the Sale and Servicing
Agreement.

D. The undersigned are duly authorized Officers of the Master Servicer.

E. A review of the activities of the Master Servicer during the 2002 fiscal year
and of its performance under the Sale and Servicing Agreement has been made
under our supervision.

F. To the best of our knowledge, based on the above mentioned review, the Master
Servicer has fulfilled all of their obligations under the Sale and Servicing
Agreement and any applicable Supplements throughout the 2002 fiscal year.

IN WITNESS WHEREOF, the Master Servicer has caused this Certificate to be
executed and delivered on its behalf by its duly authorized officers on this
27th day of June, 2003.

IRWIN UNION BANK AND TRUST COMPANY

Attest: /s/ Gary A. Iorfido By: /s/ Edwin K. Corbin
Gary A Iorfido Edwin K. Corbin
Assistant Secretary Vice President-Business
Development, Home Equity Lending

Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to
Certificateholders

Class Interest Principal Losses Ending Balance
<s> <c> <c> <c> <c>
IA1 1,256,012.49 16,188,933.74 0.00 110,920,066.26
IVFN - - - -
IIA1 2,326,378.68 31,956,436.52 0.00 202,076,563.48
IIVFN - - - -
IIAIO 1,560,199.98 NA 0.00 31,204,000.00
IIM1 338,264.04 NA 0.00 24,964,000.00
IIM2 349,998.41 NA 0.00 21,063,000.00
IIB1 542,417.75 NA 0.00 26,524,000.00