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): August 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 August 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 August 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: 08/27/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Irwin Home Equity Asset
Backed Certificates, Series 1999-2, relating to the August 15,
1999 distribution.
<TABLE>
<CAPTION>
Irwin Home Equity Loan Backed Notes
Series 1999-2
Remittance Date: 08/15/1999
IRWIN 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 5.28000% $ 51,493,138.07 $ 241,674.46 $ 1,209,775.00 $ 1,451,449.46 $ 50,283,363.08
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.36000% 16,648,801.72 79,322.29 393,597.56 472,919.85 16,255,204.16
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 2,625,460.86 0.00 0.00 0.00 2,993,538.46
Totals $ 178,067,400.65 $ 932,822.59 $ 1,603,372.56 $ 2,536,195.14 $ 176,832,105.69
LIBOR 5.18000%
Actual Number of Inerest Accrual Days: 32
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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 $ 22.6126167 $ 4.5172797 $ 27.1298964 $ 939.8759454
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 22.6205495 4.5587523 27.1793019 934.2071355
A-4 22,200,000.00 0.0000000 5.7416667 5.7416667 1,000.0000000
Total $178,200,000.00
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<TABLE>
GROUP I GROUP II TOTAL
<S> <C> <C> <C>
COLLECTIONS SUMMARY
Principal Collections $ 832,516.31 $ 296,406.22 $ 1,128,922.53
High LTV Mortgage Loans 511,490.44 98,138.43 609,628.87
Home Equity Mortgage Loans 310,480.25 196,363.71 506,843.96
30 Year Maturity Mortgage Loans 10,545.62 1,904.08 12,449.70
Interest Collections 1,203,381.89 334,183.56 1,537,565.45
High LTV Mortgage Loans 776,625.85 212,775.55 989,401.40
Home Equity Mortgage Loans 332,048.13 98,510.90 430,559.03
30 Year Maturity Mortgage Loans 94,707.91 22,897.11 117,605.02
Collections 2,035,898.20 630,589.78 2,666,487.98
High LTV Mortgage Loans 1,288,116.29 310,913.98 1,599,030.27
Home Equity Mortgage Loans 642,528.38 294,874.61 937,402.99
30 Year Maturity Mortgage Loans 105,253.53 24,801.19 130,054.72
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 3,047.51 1,584.06 4,631.57
Periodic Advance 43,961.55 12,619.84 56,581.39
less Servicing Fees 72,073.75 20,211.61 92,285.36
less Periodic Advance Repayment 46,085.37 15,968.67 62,054.04
Amount to be Transferred to the
Trustee Collection Amount 1,964,748.14 608,613.40 2,573,361.54
FEE SUMMARY
Premium for the Policy 28,456.90 8,093.50 36,550.40
Indenture Trustee Fee 480.95 135.05 616.00
Excess Spread 340,205.48 27,872.12 368,077.60
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 2,019,342.36 606,118.50 2,625,460.86
Beginning Overcollat. Deficiency Amount 7,780,657.64 2,193,881.50 9,974,539.14
Additional Principal Distribution Amount 340,205.48 27,872.12 368,077.60
Ending Overcollateralization Amount 2,359,547.83 633,990.62 2,993,538.46
Ending Overcollat. Deficiency Amount 7,440,452.17 2,166,009.38 9,606,461.54
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 1,209,775.00 393,597.56 1,603,372.56
Base Principal Distribution Amount 869,569.52 365,725.44 1,235,294.96
Additional Principal Distribution Amt 340,205.48 27,872.12 368,077.60
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 726,035.29 206,787.29 932,822.59
Note Principal 1,209,775.00 393,597.56 1,603,372.56
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 37,053.21 69,319.22 106,372.43
High LTV Mortgage Loans 37,053.21 69,319.22 106,372.43
Home Equity Mortgage Loans 0.00 0.00 0.00
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 115,427,807.07 32,411,854.17 147,839,661.24
High LTV Mortgage Loans 70,136,383.00 19,235,795.06 89,372,178.06
Home Equity Mortgage Loans 33,802,184.00 9,826,674.88 43,628,858.88
30 Year Maturity Mortgage Loans 11,489,240.07 3,349,384.23 14,838,624.30
Ending Pool Balance 114,558,237.55 32,046,128.73 146,604,366.28
High LTV Mortgage Loans 69,587,839.35 19,068,337.41 88,656,176.76
Home Equity Mortgage Loans 33,491,703.75 9,630,311.17 43,122,014.92
30 Year Maturity Mortgage Loans 11,478,694.45 3,347,480.15 14,826,174.60
Beginning # of Mortgage Loans 3,082 633 3,715
High LTV Mortgage Loans 1,994 450 2,444
Home Equity Mortgage Loans 1,001 172 1,173
30 Year Maturity Mortgage Loans 87 11 98
Ending # 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
Weighted Average Mortgage Interest Rate 12.326% 12.000% 12.255%
PREFUNDING ACCOUNT SUMMARY
Beginning Account Balance 23,184,673.36 7,043,066.05 30,227,739.41
Reinvestment Earnings 98,038.72 29,782.31 127,821.03
Less:
Subsequent Mortage Loans Purchased 0.00 0.00 0.00
Transfers to the Capitalized Int Acct 98,038.72 29,782.31 127,821.03
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 706,051.97
Reinvestment Earnings 2,238.44
Transfers from Prefunding Account 127,821.03
Less Capitalized Interest Requirements 0.00
Ending Account Balance 836,111.44
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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 32 3 0 0 7
Home Equity Mortgage Loans 11 1 1 0 1
30 Year Maturity Mortgage Loans 2 0 0 0 0
Total Group I 45 4 1 0 8
Group II
High LTV Mortgage Loans 2 1 0 0 0
Home Equity Mortgage Loans 0 0 0 0 0
30 Year Maturity Mortgage Loans 1 0 0 0 0
Total Group II 3 1 0 0 0
Total Group I and Group II
High LTV Mortgage Loans 34 4 0 0 7
Home Equity Mortgage Loans 11 1 1 0 1
30 Year Maturity Mortgage Loans 3 0 0 0 0
Grand Total 48 5 1 0 8
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 1,099,812.32 120,895.80 0.00 0.00 216,778.60
Home Equity Mortgage Loans 294,706.02 122.71 17,000.00 0.00 42,236.56
30 Year Maturity Mortgage Loans 299,030.77 0.00 0.00 0.00 0.00
Total Group I 1,693,549.11 121,018.51 17,000.00 0.00 259,015.16
Group II
High LTV Mortgage Loans 37,181.02 33,000.00 0.00 0.00 0.00
Home Equity Mortgage Loans 0.00 0.00 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 330,708.78 0.00 0.00 0.00 0.00
Total Group II 367,889.80 33,000.00 0.00 0.00 0.00
Total Group I and Group II
High LTV Mortgage Loans 1,136,993.34 153,895.80 0.00 0.00 216,778.60
Home Equity Mortgage Loans 294,706.02 122.71 17,000.00 0.00 42,236.56
30 Year Maturity Mortgage Loans 629,739.55 0.00 0.00 0.00 0.00
Grand Total 2,061,438.91 154,018.51 17,000.00 0.00 259,015.16
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