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): October 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 October 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 October 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: 10/27/1999
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 October 15,
1999 distribution.
<TABLE>
<CAPTION>
Irwin Home Equity Loan Backed Notes
Series 1999-2
Remittance Date: 10/15/1999
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 5.48000% $ 48,372,432.48 $ 220,900.77 $ 1,476,381.51 $ 1,697,282.28 $ 46,896,050.97
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.56000% 15,828,387.67 73,338.20 474,565.51 547,903.70 15,353,822.16
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 3,418,386.48 0.00 0.00 0.00 4,204,679.76
Totals $ 174,919,206.63 $ 906,064.80 $ 1,950,947.02 $ 2,857,011.82 $ 173,754,552.89
LIBOR 5.38000%
Actual Number of Interest Accrual Days: 30
</TABLE>
<TABLE>
<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 $ 27.5959160 $ 4.1289864 $ 31.7249025 $ 876.5617004
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 27.2738797 4.2148389 31.4887186 882.4035726
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 $ 832,514.61 $ 292,339.13 $ 1,124,853.74
High LTV Mortgage Loans 467,525.58 268,046.50 735,572.08
Home Equity Mortgage Loans 357,330.36 22,202.77 379,533.13
30 Year Maturity Mortgage Loans 7,658.67 2,089.86 9,748.53
Interest Collections 1,435,987.67 409,039.83 1,845,027.50
High LTV Mortgage Loans 1,013,592.81 290,864.05 1,304,456.86
Home Equity Mortgage Loans 343,305.73 93,506.03 436,811.76
30 Year Maturity Mortgage Loans 79,089.13 24,669.75 103,758.88
Collections 2,268,502.28 701,378.96 2,969,881.24
High LTV Mortgage Loans 1,481,118.39 558,910.55 2,040,028.94
Home Equity Mortgage Loans 700,636.09 115,708.80 816,344.89
30 Year Maturity Mortgage Loans 86,747.80 26,759.61 113,507.41
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 2,346.51 1,794.44 4,140.96
Periodic Advance 65,548.97 17,033.45 82,582.42
less Servicing Fees 67,720.77 18,884.96 86,605.73
less Periodic Advance Repayment 59,291.06 17,916.20 77,207.26
Amount to be Transferred to the
Trustee Collection Amount 2,209,385.93 683,405.69 2,892,791.63
FEE SUMMARY
Premium for the Policy 27,806.76 7,922.58 35,729.34
Indenture Trustee Fee 470.76 132.12 602.88
Excess Spread 603,532.20 182,208.67 785,740.87
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 2,695,384.89 723,001.59 3,418,386.48
Beginning Overcollat. Deficiency Amount 7,104,615.11 2,076,998.41 9,181,613.52
Additional Principal Distribution Amount 604,066.90 182,226.38 786,293.28
Ending Overcollateralization Amount 3,299,451.79 905,227.97 4,204,679.76
Ending Overcollat. Deficiency Amount 6,500,548.21 1,894,772.03 8,395,320.24
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 1,476,381.51 474,565.51 1,950,947.02
Base Principal Distribution Amount 872,314.61 292,339.13 1,164,653.74
Additional Principal Distribution Amt 604,066.90 182,226.38 786,293.28
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 705,261.61 200,803.20 906,064.80
Note Principal 1,476,381.51 474,565.51 1,950,947.02
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 39,800.00 0.00 39,800.00
High LTV Mortgage Loans 39,800.00 0.00 39,800.00
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 136,167,282.67 38,751,371.55 174,918,654.22
High LTV Mortgage Loans 91,257,363.70 25,840,418.52 117,097,782.22
Home Equity Mortgage Loans 33,730,795.03 9,565,547.49 43,296,342.52
30 Year Maturity Mortgage Loans 11,179,123.94 3,345,405.54 14,524,529.48
Ending 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
Beginning # of Mortgage Loans 3,821 820 4,641
High LTV Mortgage Loans 2,743 642 3,385
Home Equity Mortgage Loans 993 167 1,160
30 Year Maturity Mortgage Loans 85 11 96
Ending # 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
Weighted Average Mortgage Interest Rate 12.803% 12.466% 12.729%
PREFUNDING ACCOUNT SUMMARY
Beginning Account Balance 23,184,673.36 7,043,066.05 30,227,739.41
Reinvestment Earnings 107,713.33 32,721.27 140,434.60
Less:
Subsequent Mortage Loans Purchased 23,184,138.66 7,043,048.34 30,227,187.00
Transfers to the Trustee Collect.Acct 534.70 17.71 552.41
Transfers to the Capitalized Int. Acct 107,713.33 32,721.27 140,434.60
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 966,621.63
Reinvestment Earnings 4,480.78
Transfers from Prefunding Account 140,434.60
Less Transfers to Transferor 1,111,537.01
Less Capitalized Interest Requirements 0.00
Ending Account Balance 0.00
</TABLE>
<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 48 6 6 0 18
Home Equity Mortgage Loans 9 1 1 0 7
30 Year Maturity Mortgage Loans 4 0 0 0 0
Total Group I 61 7 7 0 25
Group II
High LTV Mortgage Loans 4 0 0 0 1
Home Equity Mortgage Loans 2 0 0 0 0
30 Year Maturity Mortgage Loans 1 0 0 0 0
Total Group II 7 0 0 0 1
Total Group I and Group II
High LTV Mortgage Loans 52 6 6 0 19
Home Equity Mortgage Loans 11 1 1 0 7
30 Year Maturity Mortgage Loans 5 0 0 0 0
Grand Total 68 7 7 0 26
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 957,087.88 142,924.16 199,845.91 0.00 586,415.26
Home Equity Mortgage Loans 249,799.74 60,294.65 25,300.00 0.00 191,055.95
30 Year Maturity Mortgage Loans 638,755.97 0.00 0.00 0.00 0.00
Total Group I 1,845,643.59 203,218.81 225,145.91 0.00 777,471.21
Group II
High LTV Mortgage Loans 107,100.71 0.00 0.00 0.00 33,000.00
Home Equity Mortgage Loans 105,819.20 0.00 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 330,271.32 0.00 0.00 0.00 0.00
Total Group II 543,191.23 0.00 0.00 0.00 33,000.00
Total Group I and Group II
High LTV Mortgage Loans 1,064 188.59 142,924.16 199,845.91 0.00 619,415.26
Home Equity Mortgage Loans 355,618.94 60,294.65 25,300.00 0.00 191,055.95
30 Year Maturity Mortgage Loans 969,027.29 0.00 0.00 0.00 0.00
Grand Total 2,388,834.82 203,218.81 225,145.91 0.00 810,471.21
</TABLE>
