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): July 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 July 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 July 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 July 15, 1998 distribution.
Irwin Revolving Home Equity Loan Trust 1998-1
Servicing Certificate for July 15, 1998 Payment Date
<TABLE>
<CAPTION>
Collections Received on the Mortgage Loans
<S> <C>
Interest $ 628,516.22
Principal 1,202,924.12
Less Additional Balances Purchased 362,350.30
Net Principal Collections 840,573.82
Less Principal Collections Deposited
into Funding Account 840,573.82
Principal Distribution Amount 0.00
Term Notes
LIBOR 5.65625%
Note Rate (LIBOR + 0.16%) 5.81625%
Interest Distributable $727,031.25
Principal Distributable 0.00
Total Payment Distributable 727,031.25
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 $ 62,500.04
Distributions to the Enhancer 0.00
Indenture Trustee Fee 312.50
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 $ 22,996.82
Certificateholder Distribution Amount 22,996.82
Beginning Certificate Balance 0.00
Ending Certificate Balance 0.00
Mortgage Pool
Beginning Number of Mortgage Loans 1765
Ending Number of Mortgage Loans 1757
Weighted Average Mortgage Interest Rate 12.233%
Beginning Pool Balance $ 75,000,053.34
Ending Pool Balance $ 74,159,479.52
</TABLE>
<TABLE>
<CAPTION>
Delinquency Data
(Days Past Due/REO) 30-59 60-89 90+ REO
<S> <C> <C> <C> <C>
Number of Mortgage Loans 9 0 0 0
Percentage of Ending Number 0.51% 0.00% 0.00% 0.00%
of Loans in Mortgage Pool
Principal Balances of
Mortgage Loans $ 534,949.08 0.00 0.00 0.00
Percentage of Ending
Pool Balance 0.72% 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 $74,999,946.66
Prefunding Account Reinvestment 184,063.62
Master Servicer Advance 184,063.62
Less Prefunding Account withdrawals
(transferred to Capitalized
Interest Account) 184,063.62
Ending Prefunding Account Balance 75,184,010.28
Funding Account
Beginning Funding Account Balance $ 0.00
Funding Account Reinvestment 0.00
Principal Collections Deposited
into Funding Account 840,573.82
Less Principal Balances of
Subsequent Mortgage Loans Purchased 0.00
Ending Funding Account Balance 840,573.82
Next Payment Date,
Expected Subsequent Transfer Date (Yes, No)? Yes
Estimate of Principal Balances of
Intended Subsequent Mortgage Loans $ 840,573.82
Capitalized Interest Account
Beginning Capitalized Interest Account Balance $0.00
Deposits into Capitalized Interest Account 184,063.62
Less Capitalized Interest Account Withdrawals
(Transferred to Trustee Collection Account) 184,063.62
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 260.77
Less Amount Released from Reserve Fund
Due to Excess(Transferred to
Trustee Collection Account) 260.77
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
Managed 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 $184,063.62
Amounts to be Withdrawn from
the Funding Account 0.00
Amounts to be Withdrawn from
the Trustee Collection Account 750,340.57
Amount to be Swept from
Collection Account to Trustee
Interest $ 628,516.22
Principal 1,202,924.12
Master Servicer Advance 184,063.62
Less Additional Balances Purchased 362,350.30
Less Servicing Fee 62,500.04
Amount of Sweep 1,590,653.62
</TABLE>
