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): November 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 November 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 November 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/ Barry Silvermetz, Officer
By: Barry Silvermetz, Officer
Date: 11/24/1999
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 November 15,
1999 distribution.
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<CAPTION>
Irwin Home Equity Loan Backed Notes
Series 1999-2
Remittance Date: 11/15/1999
Series: 1999-2
Noteholder Distribution Summary
Class Beginning Interest Principal Aggregate
of Note Note Distribution Distribution Distribution Ending Note
Notes Rate Balance Amount Amount Amount Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 5.50625% $ 46,896,050.97 $ 222,357.30 $ 1,880,903.53 $ 2,103,260.83 $ 45,015,147.44
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.58625% 15,353,822.16 73,857.75 1,054,678.21 1,128,535.96 14,299,143.95
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 4,204,679.76 0.00 0.00 0.00 4,945,500.41
Totals $ 173,754,552.89 $ 908,040.88 $ 2,935,581.74 $ 3,843,622.62 $ 171,559,791.80
LIBOR 5.40625%
Actual Number of Interest Accrual Days: 31
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<CAPTION>
Noteholder Distribution Factors Summary (Per $1,000 Original Principal Amount)
Original Principal Interest Aggregate Ending
Class Note Distribution Distribution Distribution Note
of Note Balance Amount Amount Amount Factor
<S> <C> <C> <C> <C> <C>
A-1 $ 53,500,000.00 $ 35.1570754 $ 4.1562112 $ 39.3132866 $ 841.4046250
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 60.6136901 4.2446982 64.8583883 821.7898823
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 $ 1,225,806.61 $ 880,683.91 $ 2,106,490.52
High LTV Mortgage Loans 668,820.20 277,841.34 966,661.54
Home Equity Mortgage Loans 529,908.09 144,515.03 674,423.12
30 Year Maturity Mortgage Loans 7,078.32 458,327.54 465,405.86
Interest Collections 1,462,514.43 406,474.46 1,868,988.89
High LTV Mortgage Loans 1,057,590.61 293,144.49 1,350,735.10
Home Equity Mortgage Loans 332,179.99 89,931.85 422,111.84
30 Year Maturity Mortgage Loans 72,743.83 23,398.12 96,141.95
Collections 2,688,321.04 1,287,158.37 3,975,479.41
High LTV Mortgage Loans 1,746,410.81 570,985.83 2,317,396.64
Home Equity Mortgage Loans 862,088.08 234,446.88 1,096,534.96
30 Year Maturity Mortgage Loans 79,822.15 481,725.66 561,547.81
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 4,921.95 1,755.31 6,677.26
Periodic Advance 72,870.62 16,194.94 89,065.56
less Servicing Fees 84,973.03 24,118.38 109,091.42
less Periodic Advance Repayment 65,548.97 17,033.45 82,582.42
Amount to be Transferred to the
Trustee Collection Amount 2,615,591.60 1,263,956.79 3,879,548.39
FEE SUMMARY
Premium for the Policy 27,499.18 7,823.71 35,322.89
Indenture Trustee Fee 470.76 132.12 602.88
Excess Spread 566,826.35 173,994.30 740,820.65
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 3,299,451.79 905,227.97 4,204,679.76
Beginning Overcollat. Deficiency Amount 6,500,548.21 1,894,772.03 8,395,320.24
Additional Principal Distribution Amount 566,826.35 173,994.30 740,820.65
Ending Overcollateralization Amount 3,866,278.14 1,079,222.27 4,945,500.41
Ending Overcollat. Deficiency Amount 5,933,721.86 1,720,777.73 7,654,499.59
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 1,880,903.53 1,054,678.21 2,935,581.74
Base Principal Distribution Amount 1,314,077.18 880,683.91 2,194,761.09
Additional Principal Distribution Amt 566,826.35 173,994.30 740,820.65
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 706,718.13 201,322.75 908,040.88
Note Principal 1,880,903.53 1,054,678.21 2,935,581.74
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 88,270.57 0.00 88,270.57
High LTV Mortgage Loans 88,270.57 0.00 88,270.57
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 135,294,968.06 38,459,032.42 173,754,000.48
High LTV Mortgage Loans 90,750,038.12 25,572,372.02 116,322,410.14
Home Equity Mortgage Loans 33,373,464.67 9,543,344.72 42,916,809.39
30 Year Maturity Mortgage Loans 11,171,465.27 3,343,315.68 14,514,780.95
Ending Pool Balance 133,980,890.88 37,578,348.51 171,559,239.39
High LTV Mortgage Loans 89,972,947.35 25,294,530.68 115,267,478.03
Home Equity Mortgage Loans 32,843,556.58 9,398,829.69 42,242,386.27
30 Year Maturity Mortgage Loans 11,164,386.95 2,884,988.14 14,049,375.09
Beginning # of Mortgage Loans 3,805 816 4,621
High LTV Mortgage Loans 2,734 638 3,372
Home Equity Mortgage Loans 986 167 1,153
30 Year Maturity Mortgage Loans 85 11 96
Ending # of Mortgage Loans 3,773 809 4,582
High LTV Mortgage Loans 2,717 633 3,350
Home Equity Mortgage Loans 971 166 1,137
30 Year Maturity Mortgage Loans 85 10 95
Weighted Average Mortgage Interest Rate 12.802% 12.497% 12.735%
PREFUNDING ACCOUNT SUMMARY
Beginning Account Balance 0.00 0.00 0.00
Reinvestment Earnings 0.00 0.00 0.00
Less:
Subsequent Mortage Loans Purchased 0.00 0.00 0.00
Transfers to the Trustee Collect.Acct 0.00 0.00 0.00
Transfers to the Capitalized Int. Acct 0.00 0.00 0.00
Ending Account Balance 0.00 0.00 0.00
Next Payment Date a Subsequent Transfer Date? No
Associated Expected Subsequent Trans Bal. 0.00 0.00 0.00
CAPITALIZED INTEREST ACCOUNT SUMMARY
Beginning Account Balance 0.00
Reinvestment Earnings 0.00
Transfers from Prefunding Account 0.00
Less Transfers to Transferor 0.00
Less Capitalized Interest Requirements 0.00
Ending Account Balance 0.00
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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 31 6 6 0 19
Home Equity Mortgage Loans 9 2 2 0 8
30 Year Maturity Mortgage Loans 4 1 0 0 1
Total Group I 44 9 8 0 28
Group II
High LTV Mortgage Loans 8 0 0 0 2
Home Equity Mortgage Loans 2 0 0 0 0
30 Year Maturity Mortgage Loans 0 1 0 0 0
Total Group II 10 1 0 0 2
Total Group I and Group II
High LTV Mortgage Loans 39 6 6 0 21
Home Equity Mortgage Loans 11 2 2 0 8
30 Year Maturity Mortgage Loans 4 2 0 0 1
Grand Total 54 10 8 0 30
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 776,435.16 210,581.51 188,395.84 0.00 617,959.32
Home Equity Mortgage Loans 169,989.06 98,075.23 85,594.65 0.00 215,046.27
30 Year Maturity Mortgage Loans 492,892.02 119,446.06 0.00 0.00 179,271.38
Total Group I 1,439,316.24 428,102.80 273,990.49 0.00 1,012,276.97
Group II
High LTV Mortgage Loans 197,019.20 0.00 0.00 0.00 64,246.29
Home Equity Mortgage Loans 227,000.00 0.00 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 0.00 330,271.32 0.00 0.00 0.00
Total Group II 424,019.20 330,271.32 0.00 0.00 64,246.29
Total Group I and Group II
High LTV Mortgage Loans 973,454.36 210,581.51 188,395.84 0.00 682,205.61
Home Equity Mortgage Loans 396,989.06 98,075.23 85,594.65 0.00 215,046.27
30 Year Maturity Mortgage Loans 492,892.02 449,717.38 0.00 0.00 179,271.38
Grand Total 1,863,335.44 758,374.12 273,990.49 0.00 1,076,523.26
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