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 15, 1998
Irwin Revolving Home Equity Loan Trust 1998-01
Home Equity Loan-Backed Term and Variable Funding Notes
New York (governing law of 333-49015 Pending
Indenture) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
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 15, 1998 a distribution was made to holders of Irwin Revolving Home
Equity Loan Trust 1998-01, Home Equity Loan-Backed Term and Variable Funding
Notes.
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 Term and Variable Funding Notes,
relating to the August 15, 1998 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 Revolving Home Equity Loan Trust 1998-01
Home Equity Loan-Backed Term and Variable Funding Notes
By: Norwest Bank Minnesota, N.A., as Indenture Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/4/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity
Loan-Backed Term and Variable Funding Notes,
relating to the August 15, 1998 distribution.
Irwin Revolving Home Equity Loan Trust 1998-1
Servicing Certificate for August 15, 1998 Payment Date
<TABLE>
<CAPTION>
Collections Received on the Mortgage Loans
<S> <C>
Interest $1,256,737.82
Principal 2,061,700.78
Less Additional Balances Purchased 547,778.09
Net Principal Collections 1,513,922.69
Less Principal Collections Deposited
into Funding Account 1,513,922.69
Principal Distribution Amount 0.00
Term Notes
LIBOR 5.65625%
Note Rate (LIBOR + 0.16%) 5.81625%
Interest Distributable $751,265.63
Principal Distributable 0.00
Total Payment Distributable 751,265.63
Interest Carry-Forward Amount 0.00
Interest Carry-Forward Amount
per $1,000 of Term Notes 0.00
Beginning Balance $150,000,000.00
Ending Balance 150,000,000.00
Ending Balance Factor 100.00000%
Percentage of Aggregate Security Balance
for Related Interest Period 100.00000%
Variable Funding Notes
Interest Distributable $ 0.00
Principal Distributable 0.00
Total Payment Distributable 0.00
Interest Carry-Forward Amount 0.00
Interest Carry-Forward Amount
per $1,000 of Variable Funding Notes 0.00
Beginning Balance 0.00
Ending Balance 0.00
Percentage of Aggregate Security Balance
for Related Interest Period 0.00000%
Fees
Servicing Fee $ 63,859.55
Distributions to the Enhancer 43,125.00
Indenture Trustee Fee 309.00
Accrued and Unpaid Servicing fees
for Previous Collection Periods
(per $1000 of Notes) 0.00
Losses
Liquidation Loss Amount $0.00
Liquidation Loss Distribution Amount 0.00
Policy Draw Amount 0.00
Certificates
Excess Spread $671,433.89
Certificateholder Distribution Amount 671,433.89
Beginning Certificate Balance 0.00
Ending Certificate Balance 0.00
Mortgage Pool
Beginning Number of Mortgage Loans 1757
Ending Number of Mortgage Loans 3012
Weighted Average Mortgage Interest Rate 12.250%
Beginning Pool Balance $ 74,159,479.52
Ending Pool Balance $124,309,604.34
</TABLE>
<TABLE>
<CAPTION>
Delinquency Data
(Days Past Due/REO) 30-59 60-89 90+ REO
<S> <C> <C> <C> <C>
Number of Mortgage Loans 6 0 0 0
Percentage of Ending Number 0.20% 0.00% 0.00% 0.00%
of Loans in Mortgage Pool
Principal Balances of
Mortgage Loans $186,470.61 0.00 0.00 0.00
Percentage of Ending
Pool Balance 0.15% 0.00% 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Liquidation Loss Amount $0.00
Cumulative Liquidation Loss Amount 0.00
Prefunding Account
Beginning Prefunding Balance $75,184,010.28
Prefunding Account Reinvestment 272,170.34
Master Servicer Advance 0.00
Less Prefunding Account withdrawals
(transferred to Capitalized
Interest Account) 272,170.34
Less Reimbursement for Prior Month's
Master Servicer Advance 184,063.62
Less Principal Balances of
Subsequent Mortgage Loans Purchased 50,823,549.04
Ending Prefunding Account Balance 24,176,397.62
Funding Account
Beginning Funding Account Balance $ 840,573.82
Funding Account Reinvestment 573.43
Principal Collections Deposited
into Funding Account 1,513,922.69
Less Principal Balances of
Subsequent Mortgage Loans Purchased 840,498.47
Ending Funding Account Balance 1,514,571.47
Next Payment Date,
Expected Subsequent Transfer Date (Yes, No)? Yes
Estimate of Principal Balances of
Intended Subsequent Mortgage Loans $1,514,571.47
Capitalized Interest Account
Beginning Capitalized Interest Account Balance $0.00
Capitalized Interest Account Reinvestment 547.97
Deposits into Capitalized Interest Account 272,170.34
Less Capitalized Interest Account Withdrawals
(Transferred to Trustee Collection Account) 272,718.31
Ending Capitalized Interest Account Balance 0.00
Reserve Fund
Beginning Reserve Account Cash Balance $125,000.00
Beginning Reserve Account
Letter of Credit Balance 4,600,000.00
Reserve Account Reinvestment 536.93
Less Amount Released from Reserve Fund
Due to Excess(Transferred to
Trustee Collection Account) 536.93
Less Amount Released from Reserve Fund
Due to shortfall 0.00
Ending Reserve Account Balance 4,725,000.00
Reserve Account Target 4,725,000.00
Other
Managaed Amortization Event Occurred (Yes/No)? No
Rapid Amortization Event Occurred (Yes/No)? No
Specific Rapid Amortization Event N/A
Servicing Default Occurred (Yes/No)? No
Specific Servicing Default N/A
Number of Mortgage Loans Removed from the Trust $0.00
Prinicpal balances of Mortgage Loans
Removed from the Trust 0.00
Account Withdrawal Summary
Amounts to be Withdrawn from
the Prefunding Account $272,170.34
Amounts to be Withdrawn from
the Funding Account 840,498.47
Amounts to be Withdrawn from
the Trustee Collection Account 1,466,133.51
Amount to be Swept from
Collection Account to Trustee
Interest $1,256,737.82
Principal 2,061,700.78
Master Servicer Advance 0.00
Less Additional Balances Purchased 547,778.09
Less Servicing Fee 63,859.55
Amount of Sweep 2,706,800.96
</TABLE>
