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): September 15, 1999
IRWIN HOME EQUITY TRUST
Asset Backed Certificates, Series 1999-1
New York (governing law of 333-02180-02 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 September 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 September 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: 09/20/1999
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 September 15,
1999 distribution.
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Irwin Home Equity
Asset Backed Certificates
Remittance Date: 09/15/1999
Series: 1999-1
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 5.56875% $ 49,444,426.22 $ 229,453.04 $ 2,700,434.60 $ 2,929,887.65 $ 46,743,991.62
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% 22,469,902.91 116,281.75 550,871.75 667,153.18 21,919,031.48
R na 0.00 39,788.43 0.00 39,788.43 na
Totals $ 134,914,329.14 $ 713,798.22 $ 3,251,306.04 $ 3,965,104.25 $ 131,663,023.10
LIBOR 5.26875%
Actual Number of Interest 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 $49,444,426.22 $ 137,158.34 $ 2,563,276.26 $ 0.00 $ 2,700,434.60 $ 46,743,991.62
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 22,469,902.91 27,447.58 523,423.86 0.00 550,871.43 21,919,031.48
Total 134,914,329.14 $ 164,605.92 $ 3,086,700.12 $ 0.00 $ 3,251,306.04 $131,663,023.10
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<CAPTION>
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 $ 2.2122314 $ 41.3431655 $ 3.7008555 $ 47.2562523 $ 753.9353487
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 1.0979030 20.9369543 4.6512699 26.6861272 876.7612593
Total $150,000,000.00
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GROUP I GROUP II TOTAL
<S> <C> <C> <C>
COLLECTIONS SUMMARY
Principal Collections $ 2,386,151.82 $ 488,103.12 $ 2,874,254.94
Interest Collections 975,007.91 200,545.49 1,175,553.40
Prepayment Penalties Collected 33,018.39 6,770.04 39,788.43
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 129,480.80 31,012.36 160,493.16
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 135,269.81 33,062.48 168,332.29
less Servicing Fee 77,998.82 15,606.70 93,605.52
Master Servicer Remittance Amount 3,310,390.29 677,761.83 3,988,152.12
FEE SUMMARY
Certificate Insurance Premium Amount 18,740.74 3,744.98 22,485.72
Trustee Fee 468.52 93.62 562.14
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 4,375,000.00 875,000.00 5,250,000.00
Beginning Overcollateralization Amount 2,261,421.02 417,930.53 2,679,351.55
Beginning Overcollat. Deficiency Amount 2,113,578.98 457,069.47 2,570,648.45
Overcollateralization Increase Amount 314,282.78 62,768.31 377,051.10
Ending Overcollateralization Amount 2,575,703.80 480,698.84 3,056,402.65
Ending Overcollat. Deficiency Amount 1,799,296.20 394,301.16 2,193,597.35
CERTIFICATE DISTRIBUTIONS SUMMARY
Class A Certificate Interest 557,728.04 116,281.75 674,009.79
Class A Certificate Principal 2,700,434.60 550,871.43 3,251,306.04
Class R Prepayment Penalty Amount 33,018.39 6,770.04 39,788.43
Class R Excess Interest Amount 0.00 0.00 0.00
Class R Distribution Amount 33,018.39 6,770.04 39,788.43
Liquidation Loan Losses 0.00 0.00 0.00
GROUP I GROUP II TOTAL
<C> <C> <C>
POOL BALANCE SUMMARY
Beginning Pool Balance $ 114,705,847.24 $ 22,887,833.44 $ 137,593,680.68
First Mortgages 48,253,147.83 9,527,842.10 57,780,989.93
Second Mortgages 66,452,699.41 13,359,991.34 79,812,690.75
Ending Pool Balance 112,319,695.42 22,399,730.32 134,719,425.74
First Mortgages 47,645,565.05 9,520,173.90 57,165,738.95
Second Mortgages 64,674,130.37 12,879,556.42 77,553,686.79
Beginning # of Loans 2,135 446 2,581
Ending # of Loans 2,084 435 2,519
Weighted Average Mortgage Interest Rate 10.407% 10.406% 10.407%
Weighted Average Remaining Term 243.71 243.14 243.37
DELINQUENCY SUMMARY
Delinquencies Based on Number of Loans (Does not include foreclosures)
30 Days 32 6 38
60 Days 5 0 5
90+ Days 0 0 0
Totals 37 6 43
Foreclosure 10 2 12
REO 0 0 0
% DELINQUENT BASED ON NUMBER OF LOANS (Does not include foreclosures)
30 Days 1.54% 1.38% 1.51%
60 Days 0.24% 0.00% 0.20%
90+ Days 0.00% 0.00% 0.00%
Totals 1.78% 1.38% 1.71%
Foreclosure 0.48% 0.46% 0.48%
REO 0.00% 0.00% 0.00%
DELINQUENCIES BASED ON PRINCIPAL BALANCE (Does not include foreclosures)
30 Days $ 2,141,131.05 $ 99,676.78 $ 2,240,807.83
60 Days 523,305.57 0.00 523,305.57
90+ Days 0.00 0.00 0.00
Totals 2,664,436.62 99,676.78 2,764,113.40
Foreclosure 321,463.02 50,824.42 372,287.44
REO 0.00 0.00 0.00
% DELINQUENT BASED ON PRINCIPAL BALANCE (Does not include foreclosures)
30 Days 1.91% 0.44% 1.66%
60 Days 0.47% 0.00% 0.39%
90+ Days 0.00% 0.00% 0.00%
Totals 2.37% 0.44% 2.05%
Foreclosure 0.29% 0.23% 0.28%
REO 0.00% 0.00% 0.00%
Book Value of REO Property $ 0.00 $ 0.00 0.00
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