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 LOAN TRUST
Home Equity Loan Backed Notes, Series 1999-2
New York (governing law of 333-09532-01 PENDING
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 1999-2.
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 1999-2, 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 1999-2
By: Norwest Bank Minnesota, N.A., as Administrator
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 1999-2, relating to the September 15,
1999 distribution.
<TABLE>
<CAPTION>
Irwin Home Equity Loan Backed Notes
Series 1999-2
Remittance Date: 09/15/1999
Series: 1999-2
Noteholder Distribution Summary
Class Beginning Interest Principal Aggregateg
of Note Note Distribution Distribution Distribution Ending Note
Notes Rate Balance Amount Amount Amount Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 5.36875% $ 50,283,363.08 $ 224,965.67 $ 1,910,930.60 $ 2,135,896.27 $ 48,372,432.48
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.36000% 16,255,204.16 73,808.79 426,816.49 500,625.27 15,828,367.67
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 2,993,538.46 0.00 0.00 0.00 3,418,386.48
Totals $ 176,832,105.70 $ 910,600.29 $ 2,337,747.09 $ 3,248,347.38 $ 174,919,206.63
LIBOR 5.26875%
Actual Number of Interest Accrual Days: 30
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<TABLE>
<CAPTION>
Noteholder Distribution Factors Summary (Per $1,000 Original Principal Amount)
Original Principal Interest Aggregate
Class Note Distribution Distribution Distribution Total
of Note Balance Amount Amount Amount Factor
<S> <C> <C> <C> <C> <C>
A-1 $ 53,500,000.00 $ 35.7183290 $ 4.2049658 $ 39.9232948 $ 904.1576164
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 24.5296832 4.2418843 28.7715674 909.6774525
A-4 22,200,000.00 0.0000000 5.7416667 5.7416667 1,000.0000000
Total $178,200,000.00
</TABLE>
<TABLE>
GROUP I GROUP II TOTAL
<S> <C> <C> <C>
COLLECTIONS SUMMARY
Principal Collections $ 1,523,273.32 $ 337,805.52 $ 1,861,078.84
High LTV Mortgage Loans 640,762.42 270,967.23 911,729.65
Home Equity Mortgage Loans 557,940.39 64,763.68 622,704.07
30 Year Maturity Mortgage Loans 324,570.51 2,074.61 326,645.12
Interest Collections 1,176,072.20 312,177.89 1,488,250.09
High LTV Mortgage Loans 773,682.35 205,753.52 979,435.87
Home Equity Mortgage Loans 317,955.29 81,739.37 399,694.66
30 Year Maturity Mortgage Loans 84,434.56 24,685.00 109,119.56
Collections 2,699,345.52 649,983.41 3,349,328.93
High LTV Mortgage Loans 1,414,444.77 476,720.75 1,891,165.52
Home Equity Mortgage Loans 875,895.68 146,503.05 1,022,398.73
30 Year Maturity Mortgage Loans 409,005.07 26,759.61 435,764.68
Prepayment Penalties Collected 0.00 0.00 0.00
Purchase/Repurchase Price of any
Mortgage Loans Purchased 0.00 0.00 0.00
Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Substitution Adjustment Amounts 0.00 0.00 0.00
Prepayment Interest Shortfall 6,338.02 1,167.13 7,505.15
Periodic Advance 61,414.88 21,265.03 82,679.91
less Servicing Fees 72,073.75 20,211.61 92,285.35
less Periodic Advance Repayment 46,085.37 15,968.67 62,054.04
Amount to be Transferred to the
Trustee Collection Amount 2,648,939.30 636,235.30 3,285,174.60
FEE SUMMARY
Premium for the Policy 28,204.87 8,011.50 36,216.37
Indenture Trustee Fee 477.33 133.53 610.85
Excess Spread 335,837.06 89,010.97 424,848.03
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 2,359,547.83 633,990.62 2,993,538.45
Beginning Overcollat. Deficiency Amount 7,440,452.17 2,166,009.38 9,606,461.55
Additional Principal Distribution Amount 335,837.06 89,010.97 424,848.03
Ending Overcollateralization Amount 2,695,384.89 723,001.59 3,418,386.48
Ending Overcollat. Deficiency Amount 7,104,615.11 2,076,998.41 9,181,613.52
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 1,910,930.60 426,816.49 2,337,747.09
Base Principal Distribution Amount 1,575,093.54 337,805.52 1,912,899.06
Additional Principal Distribution Amt 335,837.06 89,010.97 424,848.03
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 709,326.50 201,273.79 910,600.29
Note Principal 1,910,930.60 426,816.49 2,337,747.09
Class R Prepayment Penalty Amount 0.00 0.00 0.00
Class R Excess Interest Amount 0.00 0.00 0.00
Class R Distribution Amount 0.00 0.00 0.00
Liquidation Loan Losses 51,820.22 0.00 51,820.22
High LTV Mortgage Loans 34,820.22 0.00 34,820.22
Home Equity Mortgage Loans 17,000.00 0.00 17,000.00
30 Year Maturity Mortgage Loans 0.00 0.00 0.00
Servicing Default Occured? No
Policy Draw Amount 0.00 0.00 0.00
GROUP I GROUP II TOTAL
<C> <C> <C>
POOL BALANCE SUMMARY
Beginning Pool Balance 114,558,237.55 32,046,128.73 146,604,366.28
High LTV Mortgage Loans 69,562,839.35 19,068,337.41 89,631,176.76
Home Equity Mortgage Loans 33,491,703.75 9,630,311.17 43,122,014.92
30 Year Maturity Mortgage Loans 11,503,694.45 3,347,480.15 14,851,174.60
Ending Pool Balance 112,983,144.01 31,708,323.21 144,691,467.22
High LTV Mortgage Loans 68,887,256.71 18,797,370.18 87,684,626.89
Home Equity Mortgage Loans 32,916,763.36 9,565,547.49 42,482,310.85
30 Year Maturity Mortgage Loans 11,179,123.94 3,345,405.54 14,524,529.48
Beginning # of Mortgage Loans 3,065 625 3,690
High LTV Mortgage Loans 1,984 446 2,430
Home Equity Mortgage Loans 994 168 1,162
30 Year Maturity Mortgage Loans 87 11 98
Ending # of Mortgage Loans 3,032 619 3,651
High LTV Mortgage Loans 1,972 441 2,413
Home Equity Mortgage Loans 975 167 1,142
30 Year Maturity Mortgage Loans 85 11 96
Weighted Average Mortgage Interest Rate 12.327% 11.970% 12.249%
PREFUNDING ACCOUNT SUMMARY
Beginning Account Balance 23,184,673.36 7,043,066.05 30,227,739.41
Reinvestment Earnings 97,006.31 29,468.69 126,475.00
Less:
Subsequent Mortage Loans Purchased 0.00 0.00 0.00
Transfers to the Capitalized Int Acct 97,006.31 29,468.69 126,475.00
Ending Account Balance 23,184,673.36 7,043,066.05 30,227,739.41
Next Payment Date a Subsequent Transfer Date? No
Associated Expected Subsequent Trans Bal. 0.00 0.00 0.00
CAPITALIZED INTEREST ACCOUNT SUMMARY
Beginnig Account Balance 836,111.44
Reinvestment Earnings 4,035.19
Transfers from Prefunding Account 126,475.00
Less Capitalized Interest Requirements 0.00
Ending Account Balance 966,621.63
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<TABLE>
DELINQUENCY SUMMARY
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
<S> <C> <C> <C> <C> <C>
Delinquencies Based on Number of Loans
Group I
High LTV Mortgage Loans 24 6 3 0 12
Home Equity Mortgage Loans 15 3 0 0 3
30 Year Maturity Mortgage Loans 5 1 0 0 0
Total Group I 44 10 3 0 15
Group II
High LTV Mortgage Loans 1 0 0 0 2
Home Equity Mortgage Loans 1 0 0 0 0
30 Year Maturity Mortgage Loans 1 0 0 0 0
Total Group II 3 0 0 0 2
Total Group I and Group II
High LTV Mortgage Loans 25 6 3 0 14
Home Equity Mortgage Loans 16 3 0 0 3
30 Year Maturity Mortgage Loans 6 1 0 0 0
Grand Total 47 10 3 0 17
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 710,563.45 150,782.61 110,013.10 0.00 395,066.08
Home Equity Mortgage Loans 392,973.12 130,683.02 0.00 0.00 95,355.82
30 Year Maturity Mortgage Loans 761,130.48 179,462.32 0.00 0.00 0.00
Total Group I 1,864,667.05 460,927.95 110,013.10 0.00 490,421.90
Group II
High LTV Mortgage Loans 31,246.29 0.00 0.00 0.00 71,080.75
Home Equity Mortgage Loans 75,000.00 0.00 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 330,490.82 0.00 0.00 0.00 0.00
Total Group II 436,737.11 0.00 0.00 0.00 71,080.75
Total Group I and Group II
High LTV Mortgage Loans 741 809.74 150,782.61 110,013.10 0.00 466,146.83
Home Equity Mortgage Loans 467,973.12 130,683.02 0.00 0.00 95,355.82
30 Year Maturity Mortgage Loans 1,091,621.30 179,462.32 0.00 0.00 0.00
Grand Total 2,301,404.16 460,927.95 110,013.10 0.00 561,502.65
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