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): June 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 JUNE 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 June 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: 07/07/1999
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 June 15,
1999 distribution.
<TABLE>
<CAPTION>
Irwin Home Equity Trust
Asset Backed Certificates
Record Date: 05/30/1999
Distribution Date: 06/15/1999
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 5.01875% $ 53,500,000.00 $ 141,709.98 $ 1,048,348.05 $ 1,190,058.03 $ 52,451,651.95
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.09875% 17,400,000.00 46,823.52 278,715.46 325,538.98 17,121,284.54
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 1,800,000.00 1 616.80 0.00 1,616.80 2,197,578.61
Totals $ 180,000,000.00 $ 801,976.14 $ 1,327,063.51 $ 2,129,039.65 $ 179,070,515.10
LIBOR 4.91875%
Actual Number of Inerest Accrual Days: 19
</TABLE>
<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 $ 19.5952907 $ 2.6487847 $ 22.2440754 $ 980.4047093
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 16.0181299 2.6910069 18.7091369 983.9818701
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 $ 740,763.11 $ 188,721.79 $ 929,484.90
High LTV Mortgage Loans 403,953.59 142,725.90 546,679.49
Home Equity Mortgage Loans 189,388.08 40,207.84 229,595.92
30 Year Maturity Mortgage Loans 147,421.44 5,788.05 153,209.49
Interest Collections 979,883.22 279,487.26 1,259,370.84
High LTV Mortgage Loans 658,380.57 187,653.88 846,034.45
Home Equity Mortgage Loans 248,933.64 67,103.96 316,037.60
30 Year Maturity Mortgage Loans 72,569.01 24,729.42 97,298.43
Collections 1,720,646.33 468,209.05 2,188,855.38
High LTV Mortgage Loans 1,062,334.16 330,379.78 1,392,713.94
Home Equity Mortgage Loans 438,321.72 107,311.80 545,633.52
30 Year Maturity Mortgage Loans 219,990.45 30,517.47 250,507.92
Prepayment Penalties Collected 1,616.80 0.00 1,616.80
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 2,644.85 793.91 3,438.76
Periodic Advance 53,420.86 12,951.09 66,371.95
less Servicing Fees 72,931.44 20,562.75 93,494.19
less Periodic Advance Repayment 0.00 0.00 0.00
Amount to be Transferred to the
Trustee Collection Amount 1,705,397.40 461,391.30 2,166,788.70
FEE SUMMARY
Premium for the Policy 28,875.00 8,250.00 37,125.00
Indenture Trustee Fee 486.73 137.32 624.05
Excess Spread 307,584.94 89,993.67 397,578.61
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 1,400,000.00 400,000.00 1,800,000.00
Beginning Overcollat. Deficiency Amount 8,400,000.00 2,400,000.00 10,800,000.00
Additional Principal Distribution Amount 307,584.94 89,993.67 397,578.61
Ending Overcollateralization Amount 1,707,584.94 489,993.67 2,197,578.61
Ending Overcollat. Deficiency Amount 8,092,415.06 2,310,006.33 10,402,421.39
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 1,048,348.05 278,715.46 1,327,063.51
Base Principal Distribution Amount 740,763.11 188,721.79 929,484.90
Additional Principal Distribution Amt 307,584.94 89,993.67 397,578.61
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 626,070.82 174,288.52 800,359.34
Note Principal 1,048,348.05 278,715.46 1,327,063.51
Class R Prepayment Penalty Amount 1,616.80 0.00 1,616.80
Class R Excess Interest Amount 0.00 0.00 0.00
Class R Distribution Amount 1,616.80 0.00 1,616.80
Liquidation Loan Losses 0.00 0.00 0.00
High LTV Mortgage Loans 0.00 0.00 0.00
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 116,815,326.64 32,956,933.95 149,772,260.59
High LTV Mortgage Loans 70,962,850.49 19,601,809.95 90,564,660.44
Home Equity Mortgage Loans 34,184,816.54 10,001,607.48 44,186,424.02
30 Year Maturity Mortgage Loans 11,667,659.61 3,353,516.52 15,021,176.13
Ending 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
Beginning # of Mortgage Loans 3,102 641 3,743
High LTV Mortgage Loans 2,008 457 2,465
Home Equity Mortgage Loans 1,006 173 1,179
30 Year Maturity Mortgage Loans 88 11 99
Ending # 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
Weighted Average Mortgage Interest Rate 12.320% 11.987% 12.247%
PREFUNDING ACCOUNT SUMMARY
Beginning Account Balance 23,184,673.36 7,043,066.05 30,227,739.41
Reinvestment Earnings 0.00 0.00 0.00
Less:
Subsequent Mortage Loans Purchased 0.00 0.00 0.00
Transfers to the Capitalized Int Acct 0.00 0.00 0.00
Ending Account Balance 23,925,436.47 7,231,787.84 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 0.00
Less Capitalized Interest Requirements 0.00
Ending Account Balance 578,109.94
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<TABLE>
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 16 5 0 0
Home Equity Mortgage Loans 4 1 0 0
30 Year Maturity Mortgage Loans 3 1 0 0
Total Group I 23 7 0 0
Group II
High LTV Mortgage Loans 2 1 1 0
Home Equity Mortgage Loans 1 0 0 0
30 Year Maturity Mortgage Loans 1 0 0 0
Total Group II 4 1 1 0
Total Group I and Group II
High LTV Mortgage Loans 18 6 1 0
Home Equity Mortgage Loans 5 1 0 0
30 Year Maturity Mortgage Loans 4 1 0 0
Grand Total 27 8 1 0
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 509,850.60 161,035.41 0.00 0.00
Home Equity Mortgage Loans 104,299.77 42,574.79 0.00 0.00
30 Year Maturity Mortgage Loans 439,292.57 186,081.61 0.00 0.00
Total Group I 1,053,442.94 389,628.81 0.00 0.00
Group II
High LTV Mortgage Loans 40,770.72 38,080.75 49,948.27 0.00
Home Equity Mortgage Loans 75,000.00 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 331,140.11 0.00 0.00 0.00
Total Group II 446,910.83 38,080.75 49,948.27 0.00
Total Group I and Group II
High LTV Mortgage Loans 550,621.32 199,116.16 49,948.27 0.00
Home Equity Mortgage Loans 179,299.77 42,574.79 0.00 0.00
30 Year Maturity Mortgage Loans 770,432.68 186,018.61 0.00 0.00
Grand Total 1,500,353.77 427,709.56 49,948.27 0.00
</TABLE>
<TABLE>
Beginning Balances Group I Group II
<S> <C> <C>
Pool A
HEL125s 38,901,859.50 11,119,756.38
HELs 14,584,528.95 4,171,536.86
First 4,865,553.60 1,388,932.15
58,351,942,05 16,680,225.39
Pool B
HEL125s 11,306,556.14 2,553,945.01
HELs 11,817,170.04 3,607,557.29
First 4,205,491.08 1,182,911.97
27,329,217,26 7,344,414.27
Pool C
HEL125s 20,754,434.85 5,928,108.56
HELs 7,783,117.55 2,222,513.33
First 2,596,614.93 781,672.40
31,134,167,33 8,932,294.29
</TABLE>
<TABLE>
Ending Balances Group I Group II G1 WAC G2 WAC
<S> <C> <C> <C> <C>
Pool A
HEL125s 38,684,144.34 10,992,381.94
HELs 14,451,923.69 4,162,675.05
First 4,723,474.13 1,388,120.75
57,859,542,16 16,543,177.74
Pool B
HEL125s 11,283,006.78 2,549,254.22
HELs 11,772,866.20 3,601,591.34
First 4,201,775.10 1,182,165.59
27,257,648,08 7,333,011.15
Pool C
HEL125s 20,591,745.78 5,917,447.89
HELs 7,770,638.57 2,197,133.25
First 2,594,988.94 777,442.13
30,957,373,29 8,892,023.27
</TABLE>
<TABLE>
Collections
Principal
Group I Group II
<S> <C> <C>
Pool A
HEL125s 217,715.16 127,374.44
HELs 132,605.26 8,861.81
First 142,079.47 811.40
Pool B
HEL125s 23,549.36 4,690.79
HELs 44,303.84 5,965.95
First 3,715.98 746.38
Pool C
HEL125s 162,689.07 10,660.67
HELs 12,478.98 25,380.08
First 1,625.99 4,230.27
Interest
Group I Group II
Pool A
HEL125s 359,324.12 110,319.79
HELs 105,926.54 29,894.19
First 27,682.95 10,466.47
Pool B
HEL125s 108,662.86 23,140.39
HELs 87,978.29 21,049.04
First 26,769.04 8,434.10
Pool C
HEL125s 190,393.59 54,193.70
HELs 55,028.81 16,160.73
First 18,117.02 5,828.85
Prepays
Group I Group II
Pool A
HEL125s 950.00 0.00
HELs 666.80 0.00
First 0.00 0.00
Pool B
HEL125s 0.00 0.00
HELs 0.00 0.00
First 0.00 0.00
Pool C
HEL125s 0.00 0.00
HELs 0.00 0.00
First 0.00 0.00
Periodic Advances
Group I Group II
Pool A
HEL125s 59,094.84 14,494.79
HELs 20,752.11 3,598.97
First 6,505.61 2,560.48
Pool B
HEL125s 17,120.81 4,685.03
HELs 13,308.15 4,494.77
First 0.00 0.00
Pool C
HEL125s 24,348.36 8,465.39
HELs 11,835.00 2,296.87
First 1,019.99 0.00
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