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): March 25, 1999
IRWIN HOME EQUITY TRUST
Asset Backed Certificates, Series 1999-1
New York (governing law of 333-9532 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 March 25, 1999 a distribution was made to holders of IRWIN HOME
EQUITY TRUST, Asset Backed Certificates, Series 1999-1.
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 1999-1, relating to the March 25,
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 1999-1
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 04/07/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Irwin Home Equity Asset
Backed Certificates, Series 1999-1, relating to the March 25,
1999 distribution.
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Norwest Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 02/28/1999
Distribution Date: 03/25/1999
NASCOR Series: 1999-6
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
Certificateholder Distribution Summary
Certificate Beginning Ending
Pass-Through Certificate Interest Principal Total Certificate
Class Rate Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 5.23588% $ 62,000,000.00 $ 162,343.28 $ 1,546,677.00 $ 1,709,020.28 $ 60,453,323.00
A-2 5.97000% 22.600.000.00 112,435.00 0.00 112,435.00 22,600,000.00
A-3 6.27000% 21,400,000.00 111,815.00 0.00 111,815.00 21,400,000.00
A-4 6.57000% 19,000,000.00 104,025.00 0.00 104,025.00 19,000,000.00
A-5 6.21000% 25,000,000.00 129,375.00 357,820.57 487,195.57 24,642,179.43
R - - - - - -
Totals $ 150,000,000.00 $ 619,993.28 $ 1,904,497.56 $ 2,524,490.84 $ 148,095,502.44
LIBOR 4.93688%
Actual Number of Inerest Accrual Days: 18
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Certificateholder Distribution Summary (continued)
Beginning Scheduled Unscheduled Net Total Ending
Certificate Principal Principal Liquidation Principal Certificates
Class Balance Distribution Distribution Proceeds Distribution Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 62,000,000.00 $ 146,765.67 $ 1,339,911.32 $ 0.00 $ 1,546,677.00 $ 60,600,088.68
A-2 22,600,000.00 0.00 0.00 0.00 0.00 22,600,000.00
A-3 21,400,000.00 0.00 0.00 0.00 0.00 21,400,000.00
A-4 19,000,000.00 0.00 0.00 0.00 0.00 19,000,000.00
A-5 25,000,000.00 29,328.47 328,492.10 0.00 357,820.57 24,671,507.90
Total 150,000,000.00 $ 176,094.14 $ 1,728,403.42 $ 0.00 $ 1,904,497.56 $148,271,596.58
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Certificateholder Distribution Factors Summary (Per $1,000 Original Principal Amount)
Original Scheduled Unscheduled Ending
Certificate Principal Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Distribution Factor
<S> <C> <C> <C> <C> <C> <C>
A-1 $ 62,000,000.00 $ 2.36718830 $ 22.5792149 $ 2.61844000 $ 27.56484320 $ 975.0535968
A-2 22,600,000.00 0.00000000 0.00 4.97500000 4.97500000 1,000.0000000
A-3 21,400,000.00 0.00000000 0.00 5.22500000 5.22500000 1,000.0000000
A-4 19,000,000.00 0.00000000 0.00 5.47500000 5.47500000 1,000.0000000
A-5 25,000,000.00 1.17313870 13.1396840 5.17500000 19.48782270 985.6871773
Total $150,000,000.00
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GROUP I GROUP II TOTAL
<S> <C> <C> <C>
COLLECTIONS SUMMARY
Principal Collections $ 1,033,629.68 $ 282,053.15 $ 1,315,682.83
Interest Collections 1,053,508.80 209,659.64 1,263,168.44
Prepayment Penalties Collected 11,521.49 6,174.89 17,696.38
Net REO Proceeds 0.00 0.00 0.00
Net Liquidation Proceeds 0.00 0.00 0.00
Loan Repurchase Price Amounts 0.00 0.00 0.00
Periodic Servicer Advance 39,155.81 9,411.92 48,567.73
Insured Payment 0.00 0.00 0.00
Subordination Deficit 0.00 0.00 0.00
Substitution Adjustments 0.00 0.00 0.00
Less Servicing Fee 79,166.34 15,833.20 94,999.54
Master Servicer Remittance Amount 2,058,649.44 491,466.40 2,550,115.84
FEE SUMMARY
Certificate Insurance Premium Amount 20,833.33 4,166.67 25,000.00
Trustee Fee 520.83 104.17 625.00
OVERCOLLATERALIZATION SUMMARY
Overcollateralization Target Amount 4,375,000.00 875,000.00 5,250,000.00
Beginning Overcollateralization Amount 5.96 41.52 47.48
Beginning Overcollat. Deficiency Amount 4,374,994.04 874,958.48 5,249,952.52
Overcollateralization Increase Amount 513,047.32 75,767.42 588,814.73
Ending Overcollateralization Amount 513,053.28 75,808.94 588,862.21
Ending Overcollat. Deficiency Amount 3,861,946.72 799,191.06 4,661,137.79
CERTIFICATE DISTRIBUTIONS SUMMARY
Class A Certificate Interest 490,618.28 129,375.00 619,993.28
Class A Certificate Principal 1,546,677.00 357,820.57 1,904,497.56
Class R Distribution Amount 0.00 0.00 0.00
Liquidation Loan Losses 0.00 0.00 0.00
GROUP I GROUP II TOTAL
<C> <C> <C>
POOL BALANCE SUMMARY
Beginning Pool Balance $ 125,000,005.96 $ 25,000,041.52 $ 150,000,047.48
First Mortgages 50,000,923.42 10,000,459.45 60,001,382.87
Second Mortgages 74,999,082.54 14,999,582.07 89,998,664.61
Ending Pool Balance 123,966,376.28 24,717,988.37 148,684,364.65
First Mortgages 49,661,934.24 9,993,798.69 59,655,732.93
Second Mortgages 74,304,442.04 14,724,189.68 89,028,631.72
Beginning # of Loans 2,335 492 2827
Ending # of Loans 2,319 483 2802
Weighted Average Mortgage Interest Rate 10.509% 10.491% 10.506%
Weighted Average REmaining Term 243.88 244.21 243.93
DELINGQUENCY SUMMARY
Delinquencies Based on Number of Loans
30 Days 8 2 10
60 Days 1 1 2
90+ Days - - -
Totals 9 3 12
Foreclosure (included above) 2 1 3 1 3
REO (included above) - - -
% DELINQUENT BASED ON NUMBER OF LOANS
30 Days 0.34% 0.41% 0.36%
60 Days 0.04% 0.21% 0.07%
90+ Days 0.00% 0.00% 0.00%
Totals 0.39% 0.62% 0.43%
Foreclosure (included above) 0.09% 0.21% 0.11%
REO (included above) 0.00% 0.00% 0.00%
DELINQUENCIES BASED ON PRINCIPAL BALANCE
30 Days $ 269,247.24 $ 74,469.42 $ 343,716.66
60 Days 31,682.90 20,000.00 51,682.90
90+ Days - -
Totals 300,930.14 94,469.42 395,399.56
Foreclosure (included above) 65,441.36 20,000.00 85,441.36
REO (included above) - - -
% DELINQUENT BASED ON PRINCIPAL BALANCE
30 Days 0.22% 0.30% 0.23%
60 Days 0.03% 0.08% 0.03%
90+ Days 0.00% 0.00% 0.00%
Totals 0.24% 0.38% 0.27%
Foreclosure (included above) 0.05% 0.08% 0.06%
REO (included above) 0.00% 0.00% 0.00%
Book Value of REO Property $ - $ - -
INTEREST SUMMARY
Beginning Interest Receivable 703,302.91 139,915.73 843,218.64
Interest Income 1,031,427.04 205,597.09 1,237,024.13
Interest Collections 1,053,508.80 209,659.64 1,263.168.44
Ending Interest Receibale 681,221.15 135,853.18 817,074.33
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