SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment 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, 1998 or
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 333-49015-04
Irwin Revolving Home Equity Loan Trust
Home Eq. Loan-Bckd Term & Var Fund Notes
Series 1998-1
(Exact name of registrant as specified in its charter)
New York Pending
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code:
(410) 884-2000
Securities to be registered pursuant to Section 12(b)
of the Act:
NONE
Securities to be 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 ___
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 25, 1999, on behalf of
Irwin Revolving Home Equity Loan Trust Home Eq. Loan-Bckd Term & Var Fund Notes
Series 1998-1 established pursuant to a Indenture Agreement among Irwin
Revolving Home Equity Loan Trust 1998-1 as Issuer, and Norwest Bank Minnesota,
National Association, as Indenture Trustee, pursuant to which the Irwin
Revolving Home Equity Loan Trust Home Eq. Loan-Bckd Term & Var Fund Notes Series
1998-1 registered under the Securities Act of 1933 (the "Certificates") were
issued.
Item 14 of the Original Form 10-K is amended to read in its entirety as follows:
Item 14. 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, 1998.
a) Irwin <F1>
(99.2) Report of Management as to Compliance with
Minimum Servicing Standards for the year
ended December 31, 1998.
a) Irwin <F1>
(99.3) Annual Statements of Compliance under the
Pooling and Servicing Agreements for the
year ended December 31, 1998.
a) Irwin <F1>
(99.4) Aggregate Statement of Principal and
Interest Distributions to Certificate
Holders. <F2>
(b) On November 04, 1998, December 08, 1998, and December 31, 1998
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.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
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 Revolving Home Equity Loan Trust
Home Eq. Loan-Bckd Term & Var Fund Notes
Series 1998-1 Trust
Signed: Norwest Bank Minnesota, N.A., as Indenture Trustee
By: Sherri J. Sharps, Vice president
By: /s/ Sherri J. Sharps, Vice president
Dated: December 15, 1999
Exhibit Index
Exhibit No. 1
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1998.
a) Irwin <F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards
for the year ended December 31, 1998.
a) Irwin <F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 1998.
a) Irwin <F1>
99.4 Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.<F2>
<F1> Filed herewith.
<F2> Previously filed.
(logo)
March 24, 1999
Report of Independent Accountants
PricewaterhouseCoopers LLP
Suite 1300
650 Third Ave. S.
Minneapolis MN 55402
Telephone (612) 370-9300
Facsimile (612) 373 7178
Direct phone 612.596.6401
Direct fax 612.373.7161
To the Board of Directors of Irwin Home Equity
We have examined management's assertion about Irwin Home Equity's (a
majority-owned subsidiary of Irwin Financial Corporation), compliance with the
applicable minimum servicing standards identified in the Mortgage Banker's
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP) as of and for the year ended December 31, 1998 included in the
accompanying management assertion. Management is responsible for Irwin Home
Equity's compliance with those minimum servicing standards. Our responsibility
is to express an opinion on management's assertion about Irwin Home Equity's
compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Irwin Home Equity'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 Irwin Home Equity's compliance with the minimum servicing
standards.
In our opinion, management's assertion that Irwin Home Equity complied with thc
aforementioned minimum servicing standards as of and for the year ended December
31, 1998 is fairly stated, in all material respects.
PricewaterhouseCoopers LLP
Management's Assertion Regarding Compliance With Minimum
Servicing Standards
As of and for the year ended December 31, 1998, Irwin Home Equity, a majority
owned subsidiary of Irwin Financial Corporation, has 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. As of and for this same period, the parent corporation, Irwin Financial
Corporation, had in effect a fidelity bond and errors and omissions policy in
the amount of $18,000,000.
Edwin Corbin
Vice President - Finance
Elena Delgado
President
OFFICER'S CERTIFICATE OF THE 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, 1998, by and among Bear
Stearms Asset Backed Securities, Inc., as Depositor, Irwin Funding Corp.,
as Seller, Irwin Union Bank and Trust Company, as Master Servicer, The Irwin
Revolving Home Equity Loan Trust 1998-1, as Issuer, and Norwest Bank Minnesota,
National Association, as Indenture Trustee (as such agreement may be
amended, supplemented or other wise 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 1998
fiscal year and of its performance under the 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 1998 fiscal year.
IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed and
delivered on its behalf by its duly authorized officers on this 28th day of
May, 1999.
IRWIN UNION BANK AND TRUST COMPANY
Attest:
Fern P. Prosnitz
Assistant Secretary
By:
Elena Delgado
Senior Vice President
Home Equity Lending
