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): December 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 December 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 December 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: 12/29/1999
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 December 15,
1999 distribution.
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<CAPTION>
Irwin Home Equity Loan Backed Notes
Series 1999-2
Remittance Date: 12/15/1999
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 5.52750% $ 45,015,147.44 $ 207,351.02 $ 1,674,047.55 $ 1,881,398.57 $ 43,341,099.89
A-2 6.83000% 85,100.000.00 484,360.83 0.00 484,360.83 85,100,000.00
A-3 5.60750% 14,299,143.95 66,818.71 653,447.94 720,266.65 13,645,696.01
A-4 6.89000% 22,200,000.00 127,465.00 0.00 127,465.00 22,200,000.00
Certificates NA 4,945,500.41 0.00 0.00 0.00 5,652,796.41
$ 171,559,791.80 $ 885,995.56 $ 2,327,495.49 $ 3,213,491.05 $ 169,939,592.40
LIBOR 5.42750%
Actual Number of Interest Accrual Days: 30
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<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 $ 31.2906084 $ 3.8757201 $ 35.1663284 $ 810.1140166
A-2 85,100,000.00 0.0000000 5.6916667 5.6916667 1,000.0000000
A-3 17,400,000.00 37.5544794 3.8401556 41.3946350 784.2354030
A-4 22,200,000.00 0.0000000 5.7416667 5.7416667 1,000.0000000
$178,200,000.00
</TABLE>
<TABLE>
GROUP I GROUP II TOTAL
<S> <C> <C> <C>
COLLECTIONS SUMMARY
Principal Collections $ 1,036,865.98 $ 487,409.66 $ 1,524,275.64
High LTV Mortgage Loans 697,828.86 370,975.55 1,068,804.41
Home Equity Mortgage Loans 330,817.95 114,452.70 445,270.65
30 Year Maturity Mortgage Loans 8,219.17 1,981.41 10,200.58
Interest Collections 1,431,594.21 389,170.41 1,820,764.62
High LTV Mortgage Loans 1,030,588.04 281,775.80 1,312,363.84
Home Equity Mortgage Loans 315,725.49 84,447.13 400,172.62
30 Year Maturity Mortgage Loans 85,280.68 22,947.48 108,228.16
Collections 2,468,460.19 876,580.07 3,345,040.26
High LTV Mortgage Loans 1,728,416.90 652,751.35 2,381,168.25
Home Equity Mortgage Loans 646,543.44 198,899.83 845,443.27
30 Year Maturity Mortgage Loans 93,499.85 24,928.89 118,428.74
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 4,173.41 1,345.06 5,518.47
Periodic Advance 77,787.88 17,410.30 95,198.18
less Servicing Fees 84,125.88 23,648.28 107,774.16
less Periodic Advance Repayment 72,870.62 16,194.94 89,065.56
Amount to be Transferred to the
Trustee Collection Amount 2,393,424.98 855,492.21 3,248,917.19
FEE SUMMARY
Premium for the Policy 27,107.32 7,603.99 34,711.31
Indenture Trustee Fee 558.25 156.58 714.83
Excess Spread 577,308.12 129,987.97 707,296.09
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 9,800,000.00 2,800,000.00 12,600,000.00
Beginning Overcollateralization Amount 3,866,278.14 1,079,222.27 4,945,500.41
Beginning Overcollat. Deficiency Amount 5,933,721.86 1,720,777.73 7,654,499.59
Additional Principal Distribution Amount 577,308.12 129,987.97 707,296.09
Ending Overcollateralization Amount 4,443,586.26 1,209,210.24 5,652,796.50
Ending Overcollat. Deficiency Amount 5,356,413.74 1,590,789.76 6,947,203.50
PRINCIPAL DISTRIBUTION AMOUNT SUMMARY
Principal Distribution Amount 1,674,047.55 653,447.94 2,327,495.49
Base Principal Distribution Amount 1,096,739.43 523,459.97 1,620,199.40
Additional Principal Distribution Amt 577,308.12 129,987.97 707,296.09
CERTIFICATE DISTRIBUTIONS SUMMARY
Note Interest 691,711.86 194,283.71 885,995.56
Note Principal 1,674,047.55 653,447.94 2,327,495.49
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 59,873.45 30,050.31 95,923.76
High LTV Mortgage Loans 59,873.45 30,050.31 95,923.76
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 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
Ending Pool Balance 132,884,151.45 37,054,888.54 169,939,039.99
High LTV Mortgage Loans 89,215,245.04 24,887,504.82 114,102,749.86
Home Equity Mortgage Loans 32,512,738.63 9,284,376.99 41,797,115.62
30 Year Maturity Mortgage Loans 11,156,167.78 2,883,006.73 14,039,174.51
Beginning # 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
Ending # of Mortgage Loans 3,743 799 4,542
High LTV Mortgage Loans 2,697 625 3,322
Home Equity Mortgage Loans 961 164 1,125
30 Year Maturity Mortgage Loans 85 10 95
Weighted Average Mortgage Interest Rate 12.800% 12.490% 12.732%
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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<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 40 5 11 0 22
Home Equity Mortgage Loans 14 2 2 0 9
30 Year Maturity Mortgage Loans 4 0 0 0 1
Total Group I 58 7 13 0 32
Group II
High LTV Mortgage Loans 7 2 0 0 3
Home Equity Mortgage Loans 1 0 0 0 0
30 Year Maturity Mortgage Loans 0 1 0 0 0
Total Group II 8 3 0 0 3
Total Group I and Group II
High LTV Mortgage Loans 47 7 11 0 25
Home Equity Mortgage Loans 15 2 2 0 9
30 Year Maturity Mortgage Loans 4 1 0 0 1
Grand Total 66 10 13 0 35
{-- Does NOT Include REOs & Foreclosures--}
30+ Days 60+ Days 90+ Days REO Foreclosures
Delinquencies Based on Principal Balance:
Group I
High LTV Mortgage Loans 1,150,040.77 119,462.60 391,228.27 0.00 682,089.53
Home Equity Mortgage Loans 375,962.89 29,927.04 85,594.65 0.00 238,438.48
30 Year Maturity Mortgage Loans 483,738.22 0.00 0.00 0.00 179,174.79
Total Group I 2,009,741.88 149,389.64 476,822.92 0.00 1,099,702.80
Group II
High LTV Mortgage Loans 207,491.09 32,244.49 0.00 0.00 77,946.29
Home Equity Mortgage Loans 75,000.00 0.00 0.00 0.00 0.00
30 Year Maturity Mortgage Loans 0.00 330,050.26 0.00 0.00 0.00
Total Group II 282,491.09 362,294.75 0.00 0.00 77,946.29
Total Group I and Group II
High LTV Mortgage Loans 1,357,531.86 151,707.09 391,228.27 0.00 760,035.82
Home Equity Mortgage Loans 450,962.89 29,927.04 85,594.65 0.00 238,438.48
30 Year Maturity Mortgage Loans 483,738.22 330,050.26 0.00 0.00 179,174.79
Grand Total 2,292,232.97 511,684.39 476,822.92 0.00 1,177,649.09
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