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, 1999
IRWIN HOME EQUITY TRUST
Asset Backed Certificates, Series 1999-1
New York (governing law of 333-02180 52-2154825
Pooling and Servicing Agreement) (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, 1999 a distribution was made to holders of IRWIN HOME
EQUITY TRUST, Asset Backed Certificates, Series 1999-1.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Irwin Home Equity Asset Backed Certificates,
Series 1999-1, relating to the July 15,
1999 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 HOME EQUITY TRUST
Asset Backed Certificates, Series 1999-1
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 07/27/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Irwin Home Equity Asset
Backed Certificates, Series 1999-1, relating to the July 15,
1999 distribution.
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<CAPTION>
Irwin Home Equity Trust
Asset Backed Certificates
Record Date: 06/30/1999
Distribution Date: 07/15/1999
IRWIN Series: 1999-1
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
Certificateholder Distribution Summary
Beginning Ending
Pass-Through Certificate Interest Principal Total Certificate
Class Rate Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 5.28750% $ 53,657,820.02 $ 236,429.77 $ 2,173,814.61 $ 2,410,244.38 $ 51,484,005.40
A-2 5.97000% 22.600.000.00 112,435.00 0.00 112,435.00 22,600,000.00
A-3 6.27000% 21,400,000.00 111,815.00 0.00 111,815.00 21,400,000.00
A-4 6.57000% 19,000,000.00 104,025.00 0.00 104,025.00 19,000,000.00
A-5 6.21000% 23,193,971.99 120,028.81 261,871.75 381,900.56 22,932,100.24
R na 0.00 32,455.66 0.00 32,455.66 na
Totals $ 139,851,792.01 $ 717,189.23 $ 2,435,686.36 $ 3,152,875.60 $ 137,416,105.65
LIBOR 4.98750%
Actual Number of Inerest Accrual Days: 30
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Certificateholder Distribution Summary
Beginning Scheduled Unscheduled Net Total Ending
Certificate Principal Principal Liquidation Principal Certificates
Class Balance Distribution Distribution Proceeds Distribution Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 $53,657,820.02 $ 139,353.47 $ 2,034,461.14 $ 0.00 $ 2,173,814.61 $ 51,484,005.40
A-2 22,600,000.00 0.00 0.00 0.00 0.00 22,600,000.00
A-3 21,400,000.00 0.00 0.00 0.00 0.00 21,400,000.00
A-4 19,000,000.00 0.00 0.00 0.00 0.00 19,000,000.00
A-5 23,193,971.99 27,630.30 234,241.45 0.00 261,871.75 22,932,100.24
Total 139,851,792.01 $ 166,983.77 $ 2,268,702.59 $ 0.00 $ 2,435,686.36 $137,416,105.65
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Certificateholder Distribution Factors Summary (Per $1,000 Original Principal Amount)
Original Scheduled Unscheduled Ending
Certificate Principal Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Distribution Factor
<S> <C> <C> <C> <C> <C> <C>
A-1 $ 62,000,000.00 $ 2.2476367 $ 32.8138894 $ 3.8133834 $ 38.8749094 $ 830.3871839
A-2 22,600,000.00 0.0000000 0.00 4.9750000 4.9750000 1,000.0000000
A-3 21,400,000.00 0.0000000 0.00 5.2250000 5.2250000 1,000.0000000
A-4 19,000,000.00 0.0000000 0.00 5.4750000 5.4750000 1,000.0000000
A-5 25,000,000.00 1.1052121 9.3696580 4.8011522 15.2760222 917.2840097
Total $150,000,000.00
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GROUP I GROUP II TOTAL
<S> <C> <C> <C>
COLLECTIONS SUMMARY
Principal Collections $ 1,779,550.01 $ 198,503.67 $ 1,978,053.68
Interest Collections 1,054,863.73 212,672.35 1,267,536.08
Prepayment Penalties Collected 28,019.01 4,436.65 32,455.66
Net REO Proceeds 0.00 0.00 0.00
Net Liquidation Proceeds 0.00 0.00 0.00
Loan Repurchase Price Amounts 0.00 0.00 0.00
Periodic Servicer Advance 165,428.53 30,587.43 196,015.96
Insured Payment 0.00 0.00 0.00
Subordination Deficit 0.00 0.00 0.00
Substitution Adjustments 0.00 0.00 0.00
less Previous Advance Reimbursement 163,119.26 40,391.09 203,510.35
less Servicing Fee 78,274.58 15,509.50 93,784.08
Master Servicer Remittance Amount 2,786,467.44 390,299.51 3,176,766.95
FEE SUMMARY
Certificate Insurance Premium Amount 19,442.97 3,865.66 23,308.63
Trustee Fee 486.07 96.64 582.72
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 4,375,000.00 875,000.00 5,250,000.00
Beginning Overcollateralization Amount 1,650,156.12 296,309.27 1,946,465.39
Beginning Overcollat. Deficiency Amount 2,724,843.88 578,690.73 3,303,534.61
Overcollateralization Increase Amount 394,264.60 63,368.08 457,632.68
Ending Overcollateralization Amount 2,044,420.72 359,677.35 2,404,098.07
Ending Overcollat. Deficiency Amount 2,330,579.28 515,322.65 2,845,901.93
CERTIFICATE DISTRIBUTIONS SUMMARY
Class A Certificate Interest 564,704.77 120,028.81 684,733.57
Class A Certificate Principal 2,173,814.61 261,871.75 2,435,686.36
Class R Prepayment Penalty Amount 28,019.01 4,436.65 32,455.66
Class R Excess Interest Amount 0.00 0.00 0.00
Class R Distribution Amount 28,019.01 4,436.65 32,455.66
Liquidation Loan Losses 0.00 0.00 0.00
GROUP I GROUP II TOTAL
<C> <C> <C>
POOL BALANCE SUMMARY
Beginning Pool Balance $ 118,307,976.13 $ 23,490,281.26 $ 141,798,257.39
First Mortgages 48,756,952.31 9,757,761.42 58,514,713.73
Second Mortgages 69,551,023.82 13,732,519.84 83,283,543.66
Ending Pool Balance 116,528,426.12 23,291,777.59 139,820,203.71
First Mortgages 48,756,952.31 9,757,761.42 58,514,713.73
Second Mortgages 69,551,023.82 13,732,519.84 83,283,543.66
Beginning # of Loans 2,216 458 2,674
Ending # of Loans 2,172 453 2,625
Weighted Average Mortgage Interest Rate 10.451% 10.441% 10.449%
Weighted Average Remaining Term 243.72 243.71 243.72
DELINGQUENCY SUMMARY
Delinquencies Based on Number of Loans
30 Days 19 4 23
60 Days 8 1 9
90+ Days 5 1 6
Totals 32 6 38
Foreclosure (included above) 8 2 10
REO (included above) 0 0 0
% DELINQUENT BASED ON NUMBER OF LOANS
30 Days 0.87% 0.88% 0.88%
60 Days 0.37% 0.22% 0.34%
90+ Days 0.23% 0.22% 0.23%
Totals 1.47% 1.32% 1.45%
Foreclosure (included above) 0.37% 0.44% 0.38%
REO (included above) 0.00% 0.00% 0.00%
DELINQUENCIES BASED ON PRINCIPAL BALANCE
30 Days $ 542,737.80 $ 111,947.53 $ 654,685.33
60 Days 471,103.35 17,675.42 488,778.77
90+ Days 120,181.23 54,245.24 174,426.47
Totals 1,134,022.38 183,868.19 1,317,890.57
Foreclosure (included above) 271,096.28 71,920.66 343,016.94
REO (included above) 0.00 0.00 0.00
% DELINQUENT BASED ON PRINCIPAL BALANCE
30 Days 0.47% 0.48% 0.47%
60 Days 0.40% 0.08% 0.35%
90+ Days 0.10% 0.23% 0.12%
Totals 0.97% 0.79% 0.94%
Foreclosure (included above) 0.23% 0.31% 0.25%
REO (included above) 0.00% 0.00% 0.00%
Book Value of REO Property $ 0.00 $ 0.00 0.00
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