Irwin Home Equity Loan Backed Notes
Series 1999-2
Remittance Date: 10/15/1999
Series: 1999-2
Noteholder Distribution Summary
Class Beginning Interest Principal Aggregate
of Note Note Distribution Distribution Distribution Ending Note
Notes Rate Balance Amount Amount Amount Balance
A-1 5.48000% $ 48,372,432.48 $ 220,900.77 $ 1,476,381.51 $ 1,697,282.28 $ 46,896,050.97
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.56000% 15,828,387.67 73,338.20 474,565.51 547,903.70 15,353,822.16
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 3,418,386.48 0.00 0.00 0.00 4,204,679.76
Totals $ 174,919,206.63 $ 906,064.80 $ 1,950,947.02 $ 2,857,011.82 $ 173,754,552.89
LIBOR 5.38000%
Actual Number of Interest Accrual Days: 30
Noteholder Distribution Factors Summary (Per $1,000 Original Principal Amount)
Original Principal Interest Aggregate Ending
Class Note Distribution Distribution Distribution Note
of Note Balance Amount Amount Amount Factor
A-1 $ 53,500,000.00 $ 27.5959160 $ 4.1289864 $ 31.7249025 $ 876.5617004
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 27.2738797 4.2148389 31.4887186 882.4035726
A-4 22,200,000.00 0.0000000 5.7416667 5.7416667 1,000.0000000
Total $178,200,000.00
GROUP I GROUP II TOTAL
COLLECTIONS SUMMARY
Principal Collections $ 832,514.61 $ 292,339.13 $ 1,124,853.74
High LTV Mortgage Loans 467,525.58 268,046.50 735,572.08
Home Equity Mortgage Loans 357,330.36 22,202.77 379,533.13
30 Year Maturity Mortgage Loans 7,658.67 2,089.86 9,748.53
Interest Collections 1,435,987.67 409,039.83 1,845,027.50
High LTV Mortgage Loans 1,013,592.81 290,864.05 1,304,456.86
Home Equity Mortgage Loans 343,305.73 93,506.03 436,811.76
30 Year Maturity Mortgage Loans 79,089.13 24,669.75 103,758.88
Collections 2,268,502.28 701,378.96 2,969,881.24
High LTV Mortgage Loans 1,481,118.39 558,910.55 2,040,028.94
Home Equity Mortgage Loans 700,636.09 115,708.80 816,344.89
30 Year Maturity Mortgage Loans 86,747.80 26,759.61 113,507.41
Prepayment Penalties Collected 0.00 0.00 0.00
Purchase/Repurchase Price of any
Mortgage Loans Purchased 0.00 0.00 0.00
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Substitution Adjustment Amounts 0.00 0.00 0.00
Prepayment Interest Shortfall 2,346.51 1,794.44 4,140.96
Periodic Advance 65,548.97 17,033.45 82,582.42
less Servicing Fees 67,720.77 18,884.96 86,605.73
less Periodic Advance Repayment 59,291.06 17,916.20 77,207.26
Amount to be Transferred to the
Trustee Collection Amount 2,209,385.93 683,405.69 2,892,791.63
FEE SUMMARY
Premium for the Policy 27,806.76 7,922.58 35,729.34
Indenture Trustee Fee 470.76 132.12 602.88
Excess Spread 603,532.20 182,208.67 785,740.87
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 2,695,384.89 723,001.59 3,418,386.48
Beginning Overcollat. Deficiency Amount 7,104,615.11 2,076,998.41 9,181,613.52
Additional Principal Distribution Amount 604,066.90 182,226.38 786,293.28
Ending Overcollateralization Amount 3,299,451.79 905,227.97 4,204,679.76
Ending Overcollat. Deficiency Amount 6,500,548.21 1,894,772.03 8,395,320.24
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 1,476,381.51 474,565.51 1,950,947.02
Base Principal Distribution Amount 872,314.61 292,339.13 1,164,653.74
Additional Principal Distribution Amt 604,066.90 182,226.38 786,293.28
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 705,261.61 200,803.20 906,064.80
Note Principal 1,476,381.51 474,565.51 1,950,947.02
Class R Prepayment Penalty Amount 0.00 0.00 0.00
Class R Excess Interest Amount 0.00 0.00 0.00
Class R Distribution Amount 0.00 0.00 0.00
Liquidation Loan Losses 39,800.00 0.00 39,800.00
High LTV Mortgage Loans 39,800.00 0.00 39,800.00
Home Equity Mortgage Loans 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 0.00 0.00 0.00
Servicing Default Occured? No
Policy Draw Amount 0.00 0.00 0.00
GROUP I GROUP II TOTAL
POOL BALANCE SUMMARY
Beginning Pool Balance 136,167,282.67 38,751,371.55 174,918,654.22
High LTV Mortgage Loans 91,257,363.70 25,840,418.52 117,097,782.22
Home Equity Mortgage Loans 33,730,795.03 9,565,547.49 43,296,342.52
30 Year Maturity Mortgage Loans 11,179,123.94 3,345,405.54 14,524,529.48
Ending Pool Balance 135,294,968.06 38,459,032.42 173,754,000.48
High LTV Mortgage Loans 90,750,038.12 25,572,372.02 116,322,410.14
Home Equity Mortgage Loans 33,373,464.67 9,543,344.72 42,916,809.39
30 Year Maturity Mortgage Loans 11,171,465.27 3,343,315.68 14,514,780.95
Beginning # of Mortgage Loans 3,821 820 4,641
High LTV Mortgage Loans 2,743 642 3,385
Home Equity Mortgage Loans 993 167 1,160
30 Year Maturity Mortgage Loans 85 11 96
Ending # of Mortgage Loans 3,805 816 4,621
High LTV Mortgage Loans 2,734 638 3,372
Home Equity Mortgage Loans 986 167 1,153
30 Year Maturity Mortgage Loans 85 11 96
Weighted Average Mortgage Interest Rate 12.803% 12.466% 12.729%
PREFUNDING ACCOUNT SUMMARY
Beginning Account Balance 23,184,673.36 7,043,066.05 30,227,739.41
Reinvestment Earnings 107,713.33 32,721.27 140,434.60
Less:
Subsequent Mortage Loans Purchased 23,184,138.66 7,043,048.34 30,227,187.00
Transfers to the Trustee Collect.Acct 534.70 17.71 552.41
Transfers to the Capitalized Int. Acct 107,713.33 32,721.27 140,434.60
Ending Account Balance 0.00 0.00 0.00
Next Payment Date a Subsequent Transfer Date? No
Associated Expected Subsequent Trans Bal. 0.00 0.00 0.00
CAPITALIZED INTEREST ACCOUNT SUMMARY
Beginning Account Balance 966,621.63
Reinvestment Earnings 4,480.78
Transfers from Prefunding Account 140,434.60
Less Transfers to Transferor 1,111,537.01
Less Capitalized Interest Requirements 0.00
Ending Account Balance 0.00
DELINQUENCY SUMMARY
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
Delinquencies Based on Number of Loans
Group I
High LTV Mortgage Loans 48 6 6 0 18
Home Equity Mortgage Loans 9 1 1 0 7
30 Year Maturity Mortgage Loans 4 0 0 0 0
Total Group I 61 7 7 0 25
Group II
High LTV Mortgage Loans 4 0 0 0 1
Home Equity Mortgage Loans 2 0 0 0 0
30 Year Maturity Mortgage Loans 1 0 0 0 0
Total Group II 7 0 0 0 1
Total Group I and Group II
High LTV Mortgage Loans 52 6 6 0 19
Home Equity Mortgage Loans 11 1 1 0 7
30 Year Maturity Mortgage Loans 5 0 0 0 0
Grand Total 68 7 7 0 26
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 957,087.88 142,924.16 199,845.91 0.00 586,415.26
Home Equity Mortgage Loans 249,799.74 60,294.65 25,300.00 0.00 191,055.95
30 Year Maturity Mortgage Loans 638,755.97 0.00 0.00 0.00 0.00
Total Group I 1,845,643.59 203,218.81 225,145.91 0.00 777,471.21
Group II
High LTV Mortgage Loans 107,100.71 0.00 0.00 0.00 33,000.00
Home Equity Mortgage Loans 105,819.20 0.00 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 330,271.32 0.00 0.00 0.00 0.00
Total Group II 543,191.23 0.00 0.00 0.00 33,000.00
Total Group I and Group II
High LTV Mortgage Loans 1,064 188.59 142,924.16 199,845.91 0.00 619,415.26
Home Equity Mortgage Loans 355,618.94 60,294.65 25,300.00 0.00 191,055.95
30 Year Maturity Mortgage Loans 969,027.29 0.00 0.00 0.00 0.00
Grand Total 2,388,834.82 203,218.81 225,145.91 0.00 810,471.21