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): July 15, 1999
IRWIN HOME EQUITY LOAN TRUST
Home Equity Loan Backed Notes, Series 1999-2
New York (governing law of 333-09532 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 July 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 July 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: 07/27/1999
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 July 15,
1999 distribution.
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<CAPTION>
Irwin Home Equity Trust
Asset Backed Certificates
Record Date: 06/30/1999
Distribution Date: 07/15/1999
IRWIN Series: 1999-2
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
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 5.08750% $ 52,451,651.95 $ 222,373.15 $ 958,513.88 $ 1,180,887.03 $ 51,493,138.07
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.16750% 17,121,284.54 73,728.53 472,482.82 546,211.35 16,648,801.72
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 2,197,578.61 0.00 0.00 0.00 2,625,460.86
Totals $ 179,070,515.10 $ 907,927.51 $ 1,430,996.70 $ 2,338,924.21 $ 178,067,400.65
LIBOR 4.98750%
Actual Number of Inerest Accrual Days: 30
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<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 $ 17.9161472 $ 4.1565075 $ 22.0726547 $ 962.4885621
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 27.1541851 4.2372719 31.3914570 956.8276850
A-4 22,200,000.00 0.0000000 5.7416667 5.7416667 1,000.0000000
Total $178,200,000.00
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GROUP I GROUP II TOTAL
<S> <C> <C> <C>
COLLECTIONS SUMMARY
Principal Collections $ 599,761.04 $ 356,357.99 $ 956,119.03
High LTV Mortgage Loans 400,518.48 223,288.99 623,807.47
Home Equity Mortgage Loans 193,244.46 134,724.76 327,969.22
30 Year Maturity Mortgage Loans 5,998.10 (1,655.76) 4,342.34
Interest Collections 1,170,547.93 340,494.23 1,511,042.16
High LTV Mortgage Loans 759,909.10 218,655.57 978,564.67
Home Equity Mortgage Loans 329,024.64 97,124.58 426,149.22
30 Year Maturity Mortgage Loans 81,614.19 24,714.08 106,328.27
Collections 1,770,308.97 696,852.22 2,467,161.19
High LTV Mortgage Loans 1,160,427.58 441,944.56 1,602,372.14
Home Equity Mortgage Loans 522,269.10 231,849.34 754,118.44
30 Year Maturity Mortgage Loans 87,612.29 23,058.32 110,670.61
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 1,561.17 1,917.71 3,478.88
Periodic Advance 46,085.37 15,968.67 62,054.04
less Servicing Fees 70,146.55 19,782.69 89,929.24
less Periodic Advance Repayment 53,420.86 12,951.09 66,371.95
Amount to be Transferred to the
Trustee Collection Amount 1,694,388.10 682,004.82 2,376,392.92
FEE SUMMARY
Premium for the Policy 28,656.59 8,191.93 36,848.53
Indenture Trustee Fee 483.64 136.53 620.18
Excess Spread 311,757.42 116,124.83 427,882.25
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 1,707,584.94 489,993.67 2,197,578.61
Beginning Overcollat. Deficiency Amount 8,092,415.06 2,310,006.33 10,402,421.39
Additional Principal Distribution Amount 311,757.42 116,124.83 427,882.25
Ending Overcollateralization Amount 2,019,342.36 606,118.50 2,625,460.86
Ending Overcollat. Deficiency Amount 7,780,657.64 2,193,881.50 9,974,539.14
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 958,513.88 472,482.82 1,430,996.70
Base Principal Distribution Amount 646,756.46 356,357.99 1,003,114.45
Additional Principal Distribution Amt 311,757.42 116,124.83 427,882.25
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 706,733.98 201,193.53 907,927.51
Note Principal 958,513.88 427,482.82 1,430,996.70
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 46,995.42 0.00 46,995.42
High LTV Mortgage Loans 46,995.42 0.00 46,995.42
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 116,074,563.53 32,768,212.16 148,842,775.69
High LTV Mortgage Loans 70,558,896.90 19,459,084.05 90,017,980.95
Home Equity Mortgage Loans 33,995,428.46 9,961,399.64 43,956,828.10
30 Year Maturity Mortgage Loans 11,520,238.17 3,347,728.47 14,867,966.64
Ending 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
Beginning # of Mortgage Loans 3,091 638 3,729
High LTV Mortgage Loans 2,001 454 2,455
Home Equity Mortgage Loans 1,003 173 1,176
30 Year Maturity Mortgage Loans 87 11 98
Ending # 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
Weighted Average Mortgage Interest Rate 12.328% 12.000% 12.256%
PREFUNDING ACCOUNT SUMMARY
Beginning Account Balance 23,184,673.36 7,043,066.05 30,227,739.41
Reinvestment Earnings 97,111.44 29,500.62 126,612.06
Less:
Subsequent Mortage Loans Purchased 0.00 0.00 0.00
Transfers to the Capitalized Int Acct 97,111.44 29,500.62 126,612.06
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 578,109.94
Reinvestment Earnings 1,329.97
Transfers from Prefunding Account 126,612.06
Less Capitalized Interest Requirements 0.00
Ending Account Balance 706,051.97
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DELINQUENCY SUMMARY
30+ Days 60+ Days 90+ Days REO
<S> <C> <C> <C> <C>
Delinquencies Based on Number of Loans
Group I
High LTV Mortgage Loans 25 3 1 0
Home Equity Mortgage Loans 8 1 0 0
30 Year Maturity Mortgage Loans 3 0 1 0
Total Group I 36 4 2 0
Group II
High LTV Mortgage Loans 2 1 1 0
Home Equity Mortgage Loans 0 1 0 0
30 Year Maturity Mortgage Loans 1 0 0 0
Total Group II 3 2 1 0
Total Group I and Group II
High LTV Mortgage Loans 27 4 2 0
Home Equity Mortgage Loans 8 2 0 0
30 Year Maturity Mortgage Loans 4 0 1 0
Grand Total 39 6 3 0
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 679,476.87 97,672.51 37,053.21 0.00
Home Equity Mortgage Loans 207,810.82 17,000.00 0.00 0.00
30 Year Maturity Mortgage Loans 511,306.78 0.00 186,018.61 0.00
Total Group I 1,398,594.47 114,672.51 223,071.82 0.00
Group II
High LTV Mortgage Loans 374,001.39 19,370.95 49,948.27 0.00
Home Equity Mortgage Loans 0.00 75,000.00 0.00 0.00
30 Year Maturity Mortgage Loans 33,000.00 0.00 0.00 0.00
Total Group II 407,001.39 94,370.95 49,948.27 0.00
Total Group I and Group II
High LTV Mortgage Loans 1,053,478.26 117,043.46 87,001.48 0.00
Home Equity Mortgage Loans 207,810.82 92,000.00 0.00 0.00
30 Year Maturity Mortgage Loans 544,306.78 0.00 186,018.61 0.00
Grand Total 1,805,595.86 209,043.46 273,020.09 0.00
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