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 2, 1999
BEAR STEARNS ASSET BACKED SECURITIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-9532 13-3836437
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 Park Avenue
New York, New York 10167
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 272-4095
<PAGE>
Item 5. Other Events.
Filing of Computational Materials
In connection with the proposed offering of the Irwin Home Equity
Loan Trust 1999-3 Home Equity Loan-Backed Term Notes, Series 1999-3 (the "Term
Notes"), Bear, Stearns & Co. Inc., as the underwriter (the "Underwriter"), has
prepared certain materials (the "Computational Materials") for distribution to
their potential investors. Although Bear Stearns Asset Backed Securities, Inc.
(the "Company") provided the Underwriter with certain information regarding
the characteristics of the mortgage loans (the "Mortgage Loans") in the
related portfolio, the Company did not participate in the preparation of the
Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean the
Series 1999-3 term sheet, computer generated tables and/or charts displaying,
with respect to the Term Notes, any of the following: yield; average life;
duration, expected maturity; interest rate sensitivity; loss sensitivity; cash
flow characteristics; background information regarding the Mortgage Loans; the
proposed structure; decrement tables; or similar information (tabular or
otherwise) of a statistical, mathematical, tabular or computational nature.
The Computational Materials are attached hereto as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 The Computational Materials, filed on Form 8-K dated December 2,
1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Jonathan Lieberman
Jonathan Lieberman
Managing Director
Dated: December 3, 1999
<PAGE>
Exhibit Index
Exhibit Page
99.1 The Computational Materials, filed on Form 8-K 6
dated December 2, 1999
<PAGE>
Exhibit 99.1
[Add in Material from E-mail]
<PAGE>
GMACM REVOLVING HOME EQUITY LOAN TRUST, 1999-1
November 30, 1999 - 3:06
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
BEAR STEARNS
<PAGE>
BEAR STEARNS Bear, Stearns & Co. Inc.
ATLANTA-BOSTON-CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS-LOS ANGELES-NEW YORK-SAN FRANCISCO 245 Park Avenue
FRANKFORT-GENEVA-HONG KONG New York, N.Y. 10167
LONDON-PARIS-TOKYO (212) 272-2000; (212) 272-7294 fax
IRWIN HOME EQUITY LOAN TRUST 1999-3
COMPUTATIONAL MATERIALS
FAX TO: DATE: 12/2/99
COMPANY: # PAGES (incl. cover): 34
FAX NO: PHONE NO:
FROM: PHONE NO:
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER
INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer,
and although it may be based on data supplied to it by an issuer, the issuer
has not participated in its preparation and makes no representations regarding
its accuracy or completeness. Should you receive Information that refers to
the "Statement Regarding Assumptions and Other Information," please refer to
this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to
significant factors that may prove not to be as assumed. You should understand
the assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly
depending upon the value of the inputs given. Inputs to these models include
but are not limited to: prepayment expectations (economic prepayment models,
single expected lifetime prepayments or a vector of periodic prepayments),
interest rate assumptions (parallel and nonparallel changes for different
maturity instruments), collateral assumptions (actual pool level data,
aggregated pool level data, reported factors or imputed factors), volatility
assumptions (historically observed or implied current) and reported
information (paydown factors, rate resets, and trustee statements). Models
used in any analysis may be proprietary making the results difficult for any
third party to reproduce. Contact your registered representative for detailed
explanations of any modeling techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of
the security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of
these securities should be tested as assumptions different from those included
in the Information. The assumptions underlying the Information, including
structure and collateral, may be modified from time to time to reflect changed
circumstances. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement or private placement memorandum
(Offering Documents) and the then current version of the Information. Any
information herein regarding the collateral or the securities supersedes any
prior information regarding the collateral or the securities and will be
superseded by information regarding the collateral and/or the securities
contained in the Offering Documents and any subsequent information regarding
the collateral or the securities. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current and any subsequent information regarding the collateral or
the securities. Contact your registered representative for Offering Documents,
current Information or additional materials, including other models for
performance analysis, which are likely to produce different results, and any
further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a
bid by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size
of a position you have in the security, and (e) may have been derived from
matrix pricing that uses data relating to other securities whose prices are
more readily ascertainable to produce a hypothetical price based on the
estimated yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained
from sources that we believe are reliable, but we do not guarantee the
accuracy of the underlying data or computations based thereon. Bear Stearns
and/or individuals employed thereby may have positions in these securities
while the Information is circulating or during such period may engage in
transactions with the issuer or its affiliates. We act as principal in
transactions with you, and accordingly, you must determine the appropriateness
for you of such transactions and address any legal, tax, or accounting
considerations applicable to you. Bear Stearns shall not be a fiduciary or
advisor unless we have agreed in writing to receive compensation specifically
to act in such capacities. If you are subject to ERISA, the Information is
being furnished on the condition that it will not form a primary basis for any
investment decision. The Information is not a solicitation of any transaction
in securities which may be made only by prospectus when required by law, in
which event you may obtain such prospectus from Bear Stearns.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials: Preliminary Term Sheet (Page 1 of 6)
$[200,000,000] (APPROXIMATE)
ISSUER: Irwin Home Equity Loan Trust 1999-3 (the "Trust")
DEPOSITOR: Bear Stearns Asset Backed Securities, Inc.
SELLER: Irwin Funding Corp.
ORIGINATOR: Irwin Home Equity Corporation
CREDIT ENHANCER: AMBAC ASSURANCE CORPORATION (THE "CREDIT
ENHANCER")
LEAD UNDERWRITER: Bear, Stearns & Co. Inc.
CO UNDERWRITER: Prudential Securities
MASTER SERVICER: Irwin Union Bank and Trust Company (the
"Master Servicer" or "IUB").
INDENTURE TRUSTEE: Norwest Bank Minnesota, National Association
OWNER TRUSTEE: Wilmington Trust Company
THE TERM NOTES: Irwin Home Equity Loan Trust 1999-3 will
issue 3 classes of Home Equity Loan-Backed
Term Notes, Series 1999-3 (the Class A-1,
Class A-2 and Class A-3 Notes (the "Notes")).
CHARACTERISTICS OF THE TERM NOTES (A), (B), (C)
<TABLE>
<CAPTION>
APPROXIMATE
ORIGINAL AVG LIFE PRINCIPAL PRINCIPAL
OFFERED PRINCIPAL TO CALL LOCKOUT WINDOW RATINGS COLLATERAL TYPE
SECURITIES BALANCE COUPON (YEARS) (MONTHS) (MONTHS) (MOODY'S/S&P)
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 Notes $ 98,000,000 Fixed 4.01 4 115 Aaa/AAA HE Fixed
Class A-2 Notes $ 52,000,000 Fixed 3.61 None 118 Aaa/AAA HLTV Fixed
Class A-3 Notes $ 50,000,000 Floater(d) 3.95 None 146 Aaa/AAA HLTV HELOC
NOTE: (a) 100% Prepayment Assumption: Group I Loans: [19%] CPR; Group II Loans: [17%] CPR; Group III Loans:
[19%] CPR less [2%] constant draw rate ("CDR").
(b) Transaction priced to 10% clean-up call;
(c) 100% principal and interest guaranty by the Credit Enhancer
(d) The lesser of (I) One-Month LIBOR plus [___%] per annum, (II) the Net Loan Rate and (III) [14.50]% per annum.
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials: Preliminary Term Sheet (Page 2 of 6)
THE VARIABLE FUNDING NOTES: Home Equity Loan-Backed Variable Funding
Notes, Series 1999-3 (the "Variable Funding
Notes" and, together with the Term Notes,
the "Notes"). The Variable Funding Notes
are not offered hereby.
THE CERTIFICATES: Home Equity Loan-Backed Certificates,
Series 1999-3 (the "Certificates" and,
together with the Notes, the "Securities").
The Certificates are not offered hereby.
OFFERING: The Notes will be issued publicly from a
shelf registration established by the
Depositor.
FORM OF REGISTRATION: Book-Entry form, same day funds through DTC.
PREPAYMENT PRICING
SPEED ASSUMPTION: Group I Loans: [19%] CPR; Group II Loans:
[17%] CPR; Group III Loans: [19%] CPR less
[2%] CDR.
CLOSING DATE: [On or about December 15, 1999. Settlement
Date with investor on or about December 21,
1999.]
CUT-OFF DATE: As of the close of business on November 30,
1999.
STATISTICAL CUT-OFF DATE: As of the close of business on October 31,
1999.
PAYMENT DATE: The 25th day of each month (or the next
succeeding business day), commencing in
January 2000.
PAYMENT DELAY: The Class A-1 and Class A-2 Notes have a
payment delay of 24 days. The Class A-3
Notes will not have a payment delay.
NOTE RATE: With the exception of the Class A-3 Notes,
interest will accrue on the Notes at a
fixed rate during the month prior to the
month of the related Payment Date (or from
the Cut-off Date to the end of such month
in the case of the first Payment Date)
based on an assumed year of 360 days,
consisting of 12 30-day months.
With respect to any Payment Date, the Class
A-3 Notes will be entitled to interest
accrued from and including the preceding
Payment Date (or from the Closing Date in
the case of the first Payment Date) to and
including the day prior to the then current
Payment Date (the "Class A-3 Accrual
Period") at the Class A-3 Note Rate on the
aggregate principal balance of the Class
A-3 Notes based as the actual number of
days elapsed during the Class A-3 Accrual
Period.
The coupon on the Class A-3 Notes will be
equal to the lesser of (a) 1-month LIBOR +
[____]% per annum, (b) the Net Loan Rate
and (c) [14.50]% per annum, payable
monthly.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials: Preliminary Term Sheet (Page 3 of 6)
NET LOAN RATE: With respect to any Payment Date and Loan
Group I, II or III, the weighted average of
the loan rates of the mortgage loans in
each such Loan Group net of the premium
rate on the Policy, the fee of the servicer
and, beginning on the thirteenth Payment
Date, 0.50% based on an assumed year of 360
days, consisting of 12 30-day months.
PRIORITY OF PAYMENTS: On each Payment Date, principal and
interest collections will be allocated on a
group by group basis from the payment
account, together with any insured payment
by the Credit Enhancer, in the following
order of priority:
(1) To pay any prepayment penalties
collected on the Mortgage Loans to the
holder of the Certificates;
(2) To pay accrued and unpaid interest due
on the Notes;
(3) During the amortization periods, to
pay principal on the Class A-1, Class
A-2 and Class A-3 Notes, concurrently,
in an amount equal to the principal
distribution amount for such Payment
Date and with respect to the related
loan group (which distribution amount
will include any liquidation loss
amounts on such Payment Date plus any
liquidation loss amounts remaining
undistributed from any prior Payment
Date);
(4) To pay the Credit Enhancer the accrued
and unpaid premium for the Policy;
(5) To reimburse the Credit Enhancer for
any prior draws on the Policy;
(6) To the extent of remaining group
excess spread, to pay as additional
principal on the related class of
Notes, an amount necessary to increase
the amount of related group
overcollateralization to the required
group overcollateralization amount;
(7) To the extent of remaining group
excess spread, to the reserve fund, an
amount necessary to increase the
amount of aggregate
overcollateralization to the required
aggregate overcollateralization
amount;
(8) To pay the Credit Enhancer any other
amounts owed pursuant to the Insurance
Agreement;
(9) To pay any accrued and unpaid interest
on the Notes from any prior Payment
Date, together with interest thereon
at the applicable Note Rate;
(10) To pay the Indenture Trustee any
amount owing it under the Indenture
and to pay its trustee fee; and
(11) To pay any remaining amounts to the
holder of the Certificates
representing the beneficial ownership
interests in the Trust.
THE ASSETS OF THE TRUST: The assets of the Trust will primarily
consist of a pool of (i) conventional,
fixed-rate, closed-end home equity loans
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials: Preliminary Term Sheet (Page 4 of 6)
secured by first or second priority liens
(the "Group I Loans"), fixed-rate,
closed-end home equity loans with combined
loan-to-value ratios in excess of 100%
secured by first, second or third priority
liens (the "Group II Loans") and
adjustable-rate home equity revolving
credit line loans with combined
loan-to-value ratios in excess of 100%
secured by first, second or third priority
liens (the "Group III Loans") sold to the
Issuer and pledged to the Indenture Trustee
as of the Closing Date (the "Initial
Mortgage Loans") and (ii) funds on deposit
in the Pre-Funding Account to be used to
acquire mortgage loans subsequent to the
Closing Date (the "Subsequent Mortgage
Loans", and together with the Initial
Mortgage Loans, the "Mortgage Loans"). The
Mortgage Loans will be secured by
mortgages, deeds of trust or other similar
security instruments.
MASTER SERVICING FEE: The servicing fee to be paid to the Master
Servicer as compensation for servicing the
mortgage loans will be (i) [0.50%] per
annum for mortgage loans secured by first
priority liens, (ii) [0.75%] per annum for
mortgage loans secured by second priority
liens and (iii) [2.00%] per annum for
certain low balance loans in Loan Group II
and Loan Group III. The servicing fee will
be computed and payable monthly.
PRE-FUNDING ACCOUNT: On the Closing Date, approximately
[$33,186,171] will be deposited into an
account (the "Pre-Funding Account"), which
amount will be funded from the proceeds of
the sale of the Notes. The Seller will be
obligated to sell Subsequent Mortgage Loans
existing as of the Cut-off Date to the
Trust and the Trust will be obligated,
subject to the consent of the Credit
Enhancer, to purchase the Subsequent
Mortgage Loans during the period from the
Closing Date until the earlier of (i) the
date on which the amount on deposit in the
Pre-Funding Account is less than $100,000,
(ii) [April 30], 1999 (the "Pre-Funding
Period") and (iii) the occurrence of a
servicer default under the Sale and
Servicing Agreement. The Subsequent
Mortgage Loans, as well as the Initial
Mortgage Loans, will conform to certain
specified characteristics. Amounts on
deposit in the Pre-Funding Account will be
invested in Permitted Investments.
"Permitted Investments" are specified in
the Indenture and are generally limited to
investments that meet the criteria of the
Credit Enhancer. Any amount remaining in
the Pre-Funding Account at the end of the
Pre-Funding Period will be used to prepay
the Notes.
CAPITALIZED INTEREST ACCOUNT: On the Closing Date, the Seller, if
required by the Credit Enhancer, will make
a cash deposit from the proceeds of the
sale of the Notes into an account held by
the Indenture Trustee (the "Capitalized
Interest Account"), unless a letter of
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials: Preliminary Term Sheet (Page 5 of 6)
credit evidencing the availability of such
amount is delivered to the Owner Trustee on
the Closing Date. Any letter of credit must
be in form and substance, and from a
provider, acceptable to the Credit
Enhancer. Amounts on deposit in the
Capitalized Interest Account will be
withdrawn, or drawings under such letter of
credit will be made, on each Payment Date
during the Pre-Funding Period to fund
portions of the interest payments on the
Notes to the extent set forth in the
Indenture and the Sale and Servicing
Agreement.
CREDIT ENHANCEMENT: Credit enhancement with respect to the
Notes will be provided by (1) excess
spread, (2) overcollateralization and (3)
the Ambac Insurance Policy.
EXCESS SPREAD: The weighted average Mortgage Loan Rate is
generally expected to be higher than the
sum of (a) the servicing fees, (b) the
weighted average Note Rate and (c) the
premium payable to the Credit Enhancer. On
each Payment Date, excess spread generated
during the related collection period will
be available to cover losses and build
overcollateralization on such Payment Date.
OVERCOLLATERALIZATION: Excess spread will be applied, to the
extent available, to make accelerated
payments of principal to the securities
then entitled to receive payments of
principal; such application will cause the
aggregate principal balance of the Notes to
amortize more rapidly than the Mortgage
Loans, resulting in overcollateralization.
Prior to the Stepdown Date, the "Required
Overcollateralization Amount" will be equal
to approximately [8.00]% of the original
Pool Principal Balance. On or after the
Stepdown Date, the "Required
Overcollateralization Amount" will be
permitted to decrease to approximately
[16.00]% of the current Pool Principal
Balance of the Mortgage Loans, subject to a
floor of [0.50]% of the original Pool
Principal Balance.
AMBAC INSURANCE POLICY: The Credit Enhancer will unconditionally
and irrevocably guarantee: (a) timely
payment of interest, (b) the amount of any
losses not covered by excess spread or
overcollateralization, and (c) the payment
of any outstanding principal on the Notes
on their respective final scheduled
maturity date. The Ambac Insurance Policy
is not cancelable for any reason.
STEPDOWN DATE: The Stepdown Date is the Payment Date
occurring on the later of:
(1) the first Payment Date after [June 25,
2002] (i.e. on the [31st] Payment Date);
and
(2) the first Payment Date on which the
current Pool Principal Balance has been
reduced to an amount less than or equal
to 50% of the original Pool Principal
Balance.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials: Preliminary Term Sheet (Page 6 of 6)
OPTIONAL REDEMPTION: The Master Servicer may, at its option,
effect an early redemption or termination
of the Notes on or after any Payment Date
when the current Pool Principal Balance
declines to 10% or less of the original
Pool Principal Balance of the Mortgage
Loans (the "Step-Up Date").
TAX STATUS: For federal income tax purposes, the Notes
will be characterized as indebtedness of
the Issuer.
ERISA ELIGIBILITY: The Depositor expects that the Notes may be
purchased by employee benefit plans subject
to the requirements of ERISA.
SMMEA TREATMENT: The Notes will not constitute "mortgage
related securities" for purposes of SMMEA
because, among other reasons, a majority of
the mortgages securing the Mortgage Loans
are not first mortgages.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 1 of 27)
<TABLE>
<CAPTION>
COLLATERAL SUMMARY
GROUP I LOANS (AS OF THE STATISTICAL CUT-OFF DATE)
<S> <C> <C>
TOTAL NUMBER OF LOANS: 1,907
TOTAL OUTSTANDING LOAN BALANCE: $81,922,554.82
AVERAGE LOAN PRINCIPAL BALANCE: $42,958.86
WA COUPON: 11.576%
(7.25% to 19.400%)
WA REMAINING TERM TO MATURITY (MONTHS): 229
(7 to 361)
WA ORIGINAL TERM TO STATED MATURITY (MONTHS): 232
(120 to 361)
WA CLTV: 91.04%
WA DEBT-TO-INCOME: 41.40%
LIEN POSITION: First Lien: 31.42%
Second Lien: 68.58%
PROPERTY TYPE: Condominium: 4.36%
Multi-Family: 0.85%
Planned Unit Development: 6.47%
Single-Family Dwelling: 88.33%
OCCUPANCY STATUS: Owner Occupied: 98.67%
Second Home: 1.33%
GEOGRAPHIC DISTRIBUTION: CA: 30.80%
(states not listed individually account FL: 10.40%
for less than 5.00% of the Mortgage NJ: 6.49%
Loan principal balance) MI: 5.69%
IL: 5.36%
VA: 5.17%
WA: 5.14%
CREDIT QUALITY Excellent: 75.19%
(per Irwin's Guideline) Superior: 16.77%
Good: 5.59%
Fair: 1.84%
NP: 0.61%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 2 of 27)
<TABLE>
<CAPTION>
COLLATERAL SUMMARY
GROUP II LOANS (AS OF THE STATISTICAL CUT-OFF DATE)
<S> <C> <C>
TOTAL NUMBER OF LOANS: 1,326
TOTAL OUTSTANDING LOAN BALANCE: $42,776,444.15
AVERAGE LOAN PRINCIPAL BALANCE: $32,259.76
WA COUPON: 14.623%
(6.000% to 19.900%)
WA REMAINING TERM TO MATURITY (MONTHS): 183
(73 to 301)
WA ORIGINAL TERM TO STATED MATURITY (MONTHS): 186
(120 to 360)
WA CLTV: 116.08%
WA DEBT-TO-INCOME: 41.08%
LIEN POSITION: First Lien: 0.19%
Second Lien: 99.81%
PROPERTY TYPE: Condominium: 4.26%
Multi-Family: 0.18%
Planned Unit Development: 5.98%
Single-Family Dwelling: 89.58%
OCCUPANCY STATUS: Owner Occupied: 100.00%
GEOGRAPHIC DISTRIBUTION: CA: 18.44%
(states not listed individually account FL: 12.93%
for less than 5.00% of the Mortgage VA: 7.71%
Loan principal balance) IL: 7.24%
OH: 6.96%
MD: 5.48%
NJ: 5.03%
CREDIT QUALITY Excellent: 74.92%
(per Irwin's Guideline) Superior: 12.77%
Good: 11.83%
Fair: 0.23%
NP: 0.24%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 3 of 27)
<TABLE>
<CAPTION>
COLLATERAL SUMMARY
GROUP III LOANS (AS OF THE STATISTICAL CUT-OFF DATE)
<S> <C> <C>
TOTAL NUMBER OF LOANS: 1,833
TOTAL OUTSTANDING LOAN BALANCE: $42,114,829.63
AVERAGE LOAN PRINCIPAL BALANCE: $22,975.90
WA COUPON: 14.320%
(8.240% to 24.900%)
INDEX: Prime
WA MARGIN: 6.113%
WA LIFETME CAP: 21.060%
WA LIFETME FLOOR: 12.110%
WA NEXT RATE CHANGE DATE: 1 month
RATE RESET FREQUENCY: Monthly
WA REMAINING TERM TO MATURITY (MONTHS): 234
(175 to 241)
WA ORIGINAL TERM TO STATED MATURITY (MONTHS): 240
(180 to 250)
WA CLTV: 111.97%
WA DEBT-TO-INCOME: 44.13%
LIEN POSITION: First Lien: 0.05%
Second Lien: 95.44%
Third Lien: 4.51%
PROPERTY TYPE: Condominium: 4.80%
Multi-Family: 0.31%
Planned Unit Development: 5.80%
Single-Family Dwelling: 89.09%
OCCUPANCY STATUS: Owner Occupied: 99.66%
Second Home: 0.34%
GEOGRAPHIC DISTRIBUTION: CA: 20.80%
(states not listed individually account FL: 12.35%
for less than 5.00% of the Mortgage VA: 7.27%
Loan principal balance) NJ: 5.50%
GA: 5.30%
WA: 5.18%
MD: 5.04%
CREDIT QUALITY Excellent: 78.63%
(per Irwin's Guideline) Superior: 12.36%
Good: 6.96%
Fair: 1.19%
NP: 0.75%
N/A: 0.11%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 4 of 27)
GROUP I LOANS
LIEN POSITION
<TABLE>
<CAPTION>
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
LIEN POSITION LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
First Lien 250 $25,742,644.23 31.42%
Second Lien 1,657 56,179,910.59 68.58
Total 1,907 $81,922,554.82 100.00%
</TABLE>
<TABLE>
<CAPTION>
MORTGAGE INTEREST RATES*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
MORTGAGE INTEREST RATES (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
7.001 - 7.500 5 $576,760.80 0.70%
7.501 - 8.000 16 1,678,874.69 2.05
8.001 - 8.500 46 4,521,516.01 5.52
8.501 - 9.000 79 7,883,768.73 9.62
9.001 - 9.500 91 7,155,348.13 8.73
9.501 - 10.000 113 7,424,405.81 9.06
10.001 - 10.500 96 5,394,209.76 6.58
10.501 - 11.000 107 5,029,658.22 6.14
11.001 - 11.500 91 3,244,141.11 3.96
11.501 - 12.000 119 4,752,902.57 5.80
12.001 - 12.500 114 4,131,915.77 5.04
12.501 - 13.000 170 5,833,325.42 7.12
13.001 - 13.500 116 3,945,493.60 4.82
13.501 - 14.000 167 5,922,762.69 7.23
14.001 - 14.500 142 3,902,053.32 4.76
14.501 - 15.000 153 4,304,260.65 5.25
15.001 - 15.500 81 1,921,156.27 2.35
15.501 - 16.000 110 2,474,913.41 3.02
16.001 - 16.500 28 550,661.66 0.67
16.501 - 17.000 26 534,929.26 0.65
17.001 - 17.500 11 202,149.36 0.25
17.501 - 18.000 7 186,693.61 0.23
18.001 - 18.500 6 108,960.05 0.13
18.501 - 19.000 12 212,378.71 0.26
19.001 - 19.500 1 29,315.21 0.04
Total 1,907 $81,922,554.82 100.00%
* The weighted average Mortgage Interest Rate is approximately 11.576% per annum.
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 5 of 27)
<TABLE>
<CAPTION>
GROUP I LOANS
COMBINED LOAN-TO-VALUE RATIOS *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
COMBINED LOAN-TO-VALUE RATIOS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
10.01 - 15.00 7 $193,761.46 0.24%
15.01 - 20.00 1 24,727.60 0.03
20.01 - 25.00 3 137,669.20 0.17
25.01 - 30.00 3 86,455.81 0.11
30.01 - 35.00 3 86,120.57 0.11
35.01 - 40.00 8 593,909.85 0.72
40.01 - 45.00 4 103,826.77 0.13
45.01 - 50.00 6 246,486.21 0.30
50.01 - 55.00 7 507,028.21 0.62
55.01 - 60.00 15 633,732.64 0.77
60.01 - 65.00 20 976,524.54 1.19
65.01 - 70.00 34 1,832,559.47 2.24
70.01 - 75.00 37 1,722,415.57 2.10
75.01 - 80.00 107 4,961,675.75 6.06
80.01 - 85.00 149 6,250,741.91 7.63
85.01 - 90.00 268 12,258,332.06 14.96
90.01 - 95.00 336 14,268,395.26 17.42
95.01 - 100.00 899 37,038,191.94 45.21
Total 1,907 $81,922,554.82 100.00%
</TABLE>
* The minimum and maximum Combined Loan-to-Value Ratios are approximately
10.20% and 100.00%, respectively, and the weighted average Combined
Loan-to-Value Ratio is approximately 91.04%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 6 of 27)
<TABLE>
<CAPTION>
GROUP I LOANS
STATISTICAL CALCULATION DATE PRINCIPAL BALANCES *
STATISTICAL CALCULATION DATE NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
$0.01 - $25,000.00 709 $3,487,611.52 16.46%
$25,000.01 - $50,000.00 768 27,391,576.88 33.44
$50,000.01 - $75,000.00 215 13,223,469.90 16.14
$75,000.01 - $100,000.00 110 9,700,262.25 11.84
$100,000.01 - $200,000.00 82 11,278,093.95 13.77
$200,000.01 - $300,000.00 16 4,058,956.17 4.95
$300,000.01 - $400,000.00 3 983,535.23 1.20
$400,000.01 - $500,000.00 4 1,799,048.92 2.20
Total 1,907 $1,922,554.82 100.00%
</TABLE>
* The average Statistical Calculation Date Principal Balance is approximately
$42,958.86
<TABLE>
<CAPTION>
MORTGAGED PROPERTIES SECURING
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
PROPERTY TYPE LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Condominium 88 $,571,574.08 4.36%
Multi-Family 20 693,382.99 0.85
Planned Unit Development 79 5,299,278.36 6.47
Single-Family Dwelling 1720 72,358,319.39 88.33
Total 1,907 $81,922,554.82 100.00%
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL TERM TO STATED MATURITY *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
ORIGINAL TERM TO STATED MATURITY LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
61 - 120 159 $3,734,682.53 4.56%
121 - 180 1,492 51,175,395.45 62.47
181 - 240 28 1,802,505.58 2.20
241 - 300 43 2,721,358.59 3.32
301 - 360 185 22,488,612.67 27.45
Total 1,907 $81,922,554.82 100.00%
</TABLE>
* The weighted average Original Term to Stated Maturity is approximately
232 months.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 7 of 27)
<TABLE>
<CAPTION>
GROUP I LOANS
REMAINING TERM TO MATURITY *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
REMAINING TERM TO MATURITY LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
61 - 120 159 $3,734,682.53 4.56%
121 - 180 1,492 51,175,395.45 62.47
181 - 240 28 1,802,505.58 2.20
241 - 300 43 2,721,358.59 3.32
301 - 360 185 22,488,612.67 27.45
Total 1,907 $81,922,554.82 100.00%
</TABLE>
* The weighted average Remaining Term to Maturity is approximately 228
months.
<TABLE>
<CAPTION>
YEAR OF ORIGINATION *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
YEAR OF ORIGINATION LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
1998 7 $2,022,980.31 2.47%
1999 1,900 79,899,574.51 97.53
Total 1,907 $81,922,554.82 100.00%
</TABLE>
* The earliest month and year of origination is September 1998 and the latest
month and year of origination is October 1999.
<TABLE>
<CAPTION>
OCCUPANCY TYPE
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
OCCUPANCY TYPE LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Owner Occupied 1,885 $80,832,016.97 98.67%
Second Home 22 1,090,537.85 1.33
Total 1,907 $81,922,554.82 100.00%
</TABLE>
<TABLE>
<CAPTION>
CREDIT QUALITY
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
CREDIT SCORES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Excellent 1,402 $61,596,143.70 75.19%
Superior 338 13,736,549.73 16.77
Good 137 4,578,926.62 5.59
Fair 26 1,507,140.56 1.84
Other 4 503,794.21 0.61
Total 1,907 $81,922,554.82 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 8 of 27)
<TABLE>
<CAPTION>
GROUP I LOANS
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES SECURING *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
STATES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Arizona 72 $2,586,127.77 3.16%
California 470 25,233,766.26 30.80
Florida 188 8,522,610.53 10.40
Georgia 102 4,044,424.09 4.94
Illinois 87 4,394,984.56 5.36
Massachusetts 60 2,277,150.34 2.78
Maryland 50 1,658,842.37 2.02
Michigan 125 4,662,781.16 5.69
Missouri 61 1,745,857.74 2.13
New Jersey 92 5,313,113.20 6.49
Ohio 97 3,376,629.28 4.12
Oregon 49 2,079,786.78 2.54
Pennsylvania 69 1,984,230.62 2.42
Virginia 103 4,231,540.01 5.17
Washington 104 4,209,155.89 5.14
Other (<2%) 178 5,601,554.22 6.84
Total 1,907 $81,922,554.82 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 9 of 27)
<TABLE>
<CAPTION>
GROUP I LOANS
DEBT-TO-INCOME RATIOS*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
DEBT-TO-INCOME RATIOS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
10.01 - 15.00 3 $89,865.04 0.11%
15.01 - 20.00 29 1,183,217.23 1.44
20.01 - 25.00 84 2,522,880.42 3.08
25.01 - 30.00 168 5,982,846.92 7.30
30.01 - 35.00 272 10,393,499.71 12.69
35.01 - 40.00 336 13,308,365.40 16.25
40.01 - 45.00 352 15,492,291.66 18.91
45.01 50.00 384 17,577,525.76 21.46
50.01 - 55.00 276 15,339,239.41 18.72
55.01+ 3 32,823.27 0.04
Total 1,907 $81,922,554.82 100.00%
</TABLE>
* The weighted average Debt-to-Income Ratios is approximately 41.40%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 10 of 27)
<TABLE>
<CAPTION>
GROUP II LOANS
LIEN POSITION
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
LIEN LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
POSITION
<S> <C> <C> <C>
First Lien 2 82,063.52 0.19
Second Lien 1,324 42,694,380.63 99.81
Total 1,326 42,776,444.15 100.00
</TABLE>
<TABLE>
<CAPTION>
MORTGAGE INTEREST RATES *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
MORTGAGE INTEREST RATES (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
5.501 - 6.000 1 $47,442.03 0.11%
7.001 - 7.500 2 120,149.22 0.28
8.001 - 8.500 3 123,528.93 0.29
8.501 - 9.000 1 81,991.36 0.19
9.001 - 9.500 3 115,396.54 0.27
9.501 - 10.000 10 505,833.69 1.18
10.001 - 10.500 10 447,392.01 1.05
10.501 - 11.000 20 908,330.09 2.12
11.001 - 11.500 31 1,411,524.17 3.30
11.501 - 12.000 57 2,513,400.54 5.88
12.001 - 12.500 59 2,606,043.69 6.09
12.501 - 13.000 62 2,460,044.85 5.75
13.001 - 13.500 50 1,984,631.96 4.64
13.501 - 14.000 109 4,127,679.17 9.65
14.001 - 14.500 77 2,652,696.38 6.20
14.501 - 15.000 177 4,850,695.49 11.34
15.001 - 15.500 74 2,508,598.56 5.86
15.501 - 16.000 138 4,155,013.02 9.71
16.001 - 16.500 80 2,293,644.37 5.36
16.501 - 17.000 99 2,790,556.72 6.52
17.001 - 17.500 78 1,664,567.43 3.89
17.501 - 18.000 86 2,014,401.50 4.71
18.001 - 18.500 35 871,424.68 2.04
18.501 - 19.000 52 1,209,861.05 2.83
19.001 - 19.500 6 153,582.97 0.36
19.501 - 20.000 6 158,013.73 0.37
Total 1,326 $42,776,444.15 100.00%
</TABLE>
* The weighted average Mortgage Interest Rate is approximately 14.623% per
annum.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 11 of 27)
<TABLE>
<CAPTION>
GROUP II LOANS
COMBINED LOAN-TO-VALUE RATIOS *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
COMBINED LOAN-TO-VALUE RATIOS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
10.01 - 15.00 1 $11,000.00 0.03%
45.01 - 50.00 3 115,858.87 0.27
50.01 - 55.00 1 47,319.86 0.11
55.01 - 60.00 3 79,756.78 0.19
60.01 - 65.00 1 10,948.50 0.03
65.01 - 70.00 4 52,733.67 0.12
70.01 - 75.00 3 42,387.94 0.10
75.01 - 80.00 5 54,813.16 0.13
80.01 - 85.00 7 135,526.28 0.32
85.01 - 90.00 4 67,730.09 0.16
90.01 - 95.00 8 87,464.25 0.20
95.01 - 100.00 7 102,067.95 0.24
100.01 - 105.00 123 3,966,898.94 9.27
105.01 - 110.00 183 5,668,287.71 13.25
110.01 - 115.00 204 6,221,700.68 14.54
115.01 - 120.00 228 7,709,807.53 18.02
120.01 - 125.00 535 18,202,310.47 42.55
125.01 - 130.00 5 158,643.81 0.37
N/A 1 41,187.66 0.10
Total 1,326 $42,776,444.15 100.00%
</TABLE>
* The weighted average Combined Loan-to-Value Ratio is approximately 116.08%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 12 of 27)
<TABLE>
<CAPTION>
GROUP II LOANS
STATISTICAL CALCULATION DATE PRINCIPAL BALANCES *
STATISTICAL CALCULATION DATE NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
$0.00 - $25,000.00 551 $10,465,400.32 24.47%
$25,000.01 - $50,000.00 634 23,053,792.08 53.89
$50,000.01 - $75,000.00 130 8,340,524.70 19.50
$75,000.01 - $100,000.00 11 916,727.05 2.14
Total 1,326 $42,776,444.15 100.00%
</TABLE>
* The average Statistical Calculation Date Principal Balance is approximately
$32,259.76.
<TABLE>
<CAPTION>
MORTGAGED PROPERTIES SECURING
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
PROPERTY TYPE LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Condominium 59 $1,823,248.53 4.26%
Multi-Family 4 76,509.78 0.18
Planned Unit Development 63 2,558,828.34 5.98
Single-Family Dwelling 1200 38,317,857.50 89.58
Total 1,326 $42,776,444.15 100.00%
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL TERM TO STATED MATURITY *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
ORIGINAL TERM TO STATED MATURITY LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
61 - 120 52 $1,385,277.11 3.24%
121 - 180 1,178 37,410,311.65 87.46
181 - 240 54 1,995,175.28 4.66
241 - 300 41 1,970,980.11 4.61
301 - 360 1 14,700.00 0.03
Total 1,326 $42,776,444.15 100.00%
* The weighted average Original Term to Stated Maturity is approximately
186 months.
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 13 of 27)
<TABLE>
<CAPTION>
GROUP II LOANS
REMAINING TERM TO MATURITY*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
REMAINING TERM TO MATURITY LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
61 - 120 52 $1,385,277.11 3.24%
121 - 180 1,178 37,410,311.65 87.46
181 - 240 54 1,995,175.28 4.66
241 - 300 41 1,970,980.11 4.61
301 - 360 1 14,700.00 0.03
Total 1,326 $42,776,444.15 100.00%
</TABLE>
* The weighted average Remaining Term to Maturity is approximately 183
months.
<TABLE>
<CAPTION>
YEAR OF ORIGINATION *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
YEAR OF ORIGINATION LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
1998 125 $4,907,190.99 11.47%
1999 1,201 37,869,253.16 88.53
Total 1,326 $42,776,444.15 100.00%
</TABLE>
* The earliest month and year of origination is May 1998 and the latest month
and year of origination is October 1999.
<TABLE>
<CAPTION>
OCCUPANCY TYPE
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
OCCUPANCY TYPE LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Owner Occupied 1,326 $42,776,444.15 100.00%
Total 1,326 $42,776,444.15 100.00%
</TABLE>
<TABLE>
<CAPTION>
CREDIT QUALITY
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
CREDIT SCORES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Excellent 885 $32,049,925.25 74.92%
Superior 211 5,463,794.16 12.77
Good 221 5,061,585.90 11.83
Fair 5 100,335.76 0.23
Other 4 100,803.08 0.24
Total 1,326 $42,776,444.15 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 14 of 27)
<TABLE>
<CAPTION>
GROUP II LOANS
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES SECURING *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
STATES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Arizona 57 $2,092,920.74 4.89%
California 225 7,886,704.52 18.44
Florida 166 5,533,096.08 12.93
Georgia 70 1,860,995.47 4.35
Illinois 85 3,095,469.30 7.24
Maryland 77 2,344,682.82 5.48
Michigan 66 1,835,937.38 4.29
Missouri 35 877,084.32 2.05
New Jersey 58 2,152,314.87 5.03
Ohio 95 2,975,496.70 6.96
Pennsylvania 78 1,966,014.67 4.60
Virginia 98 3,296,660.26 7.71
Washington 49 1,833,182.87 4.29
Other (< 2%) 167 5,025,884.15 11.74
Total 1,326 $42,776,444.15 100.00%
</TABLE>
<TABLE>
<CAPTION>
DEBT-TO-INCOME RATIOS*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
DEBT-TO-INCOME RATIOS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
10.01 - 15.00 2 $24,883.34 0.06%
15.01 - 20.00 8 193,267.30 0.45
20.01 - 25.00 51 1,290,343.37 3.02
25.01 - 30.00 82 2,554,124.81 5.97
30.01 - 35.00 188 5,696,364.39 13.32
35.01 - 40.00 264 8,261,442.61 19.31
40.01 - 45.00 307 10,202,178.12 23.85
45.01 - 50.00 282 9,451,472.83 22.10
50.01 - 55.00 127 4,794,071.79 11.21
55.01+ 15 308,295.59 0.72
Total 1,326 $42,776,444.15 100.00%
</TABLE>
* The weighted average Debt-to-Income Ratios is approximately 41.08%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 15 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
LIEN POSITION
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
LIEN POSITION LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
First Lien 2 $22,000.00 0.05%
Second Lien 1,663 40,193,523.63 95.44
Third Lien 168 1,899,306.00 4.51
Total 1,833 $42,114,829.63 100.00%
</TABLE>
<TABLE>
<CAPTION>
MORTGAGE INTEREST RATES *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
MORTGAGE INTEREST RATES (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
8.001 - 8.500 6 $232,161.20 0.55%
8.501 - 9.000 5 267,877.23 0.64
9.001 - 9.500 6 286,375.41 0.68
9.501 - 10.000 5 228,958.96 0.54
10.001 - 10.500 6 262,689.76 0.62
10.501 - 11.000 6 325,802.51 0.77
11.001 - 11.500 19 894,560.85 2.12
11.501 - 12.000 34 1,513,933.62 3.59
12.001 - 12.500 47 2,134,930.48 5.07
12.501 - 13.000 58 2,588,456.83 6.15
13.001 - 13.500 88 3,405,574.79 8.09
13.501 - 14.000 122 4,441,494.92 10.55
14.001 - 14.500 110 3,940,079.58 9.36
14.501 - 15.000 287 5,268,920.44 12.51
15.001 - 15.500 428 6,265,254.00 14.88
15.501 - 16.000 250 3,859,510.51 9.16
16.001 - 16.500 239 3,175,689.14 7.54
16.501 - 14.000 48 1,264,514.53 3.00
17.001 - 14.500 32 819,078.84 1.94
17.501 - 15.000 17 417,717.23 0.99
18.001 - 15.500 14 316,851.16 0.75
18.501 - 16.000 1 21,700.00 0.05
19.001 - 16.500 4 153,149.76 0.36
24.501 - 25.000 1 29,547.88 0.07
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The weighted average Mortgage Interest Rate is approximately 14.320% per
annum.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 16 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
GROSS MARGIN *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
GROSS MARGINS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
0.000 - 0.500 5 $243,726.84 0.58%
0.501 - 1.000 8 407,818.41 0.97
1.001 - 1.500 4 203,871.27 0.48
1.501 - 2.000 3 99,372.39 0.24
2.001 - 2.500 8 403,555.91 0.96
2.501 - 3.000 12 582,966.14 1.38
3.001 - 3.500 25 1,186,036.13 2.82
3.501 - 4.000 58 2,583,573.46 6.13
4.001 - 4.500 46 2,050,052.97 4.87
4.501 - 5.000 72 2,877,011.10 6.83
5.001 - 5.500 107 4,321,436.93 10.26
5.501 - 6.000 115 3,752,629.72 8.91
6.001 - 6.500 111 3,844,110.30 9.13
6.501 - 7.000 476 7,035,373.64 16.71
7.001 - 7.500 225 3,846,314.27 9.13
7.501 - 8.000 375 4,668,442.23 11.09
8.001 - 8.500 99 1,734,913.46 4.12
8.501 - 9.000 40 1,168,579.89 2.77
9.001 - 9.500 18 448,654.44 1.07
9.501 - 10.000 16 361,095.52 0.86
10.001+ 10 295,294.61 0.70
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The weighted average Gross Margin is approximately 6.113% per annum.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 17 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
LIFETIME RATE CAPS *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
LIFETIME RATE CAPS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
15.501 - 16.000 7 $240,782.39 0.57%
16.001 - 16.500 5 245,121.37 0.58
16.501 - 17.000 3 145,373.17 0.35
17.001 - 17.500 8 391,947.19 0.93
17.501 - 18.000 411 8,155,223.05 19.36
18.001 - 18.500 7 378,822.35 0.90
18.501 - 19.000 13 552,457.22 1.31
19.001 - 19.500 21 1,024,489.75 2.43
19.501 - 20.000 125 4,555,927.48 10.82
20.001 - 20.500 39 1,818,098.53 4.32
20.501 - 21.000 194 4,395,582.94 10.44
21.001 - 21.500 57 2,324,996.49 5.52
21.501 - 22.000 75 2,588,829.61 6.15
22.001 - 22.500 58 1,910,340.76 4.54
22.501 - 23.000 421 6,111,636.38 14.51
23.001 - 23.500 44 1,228,443.95 2.92
23.501 - 24.000 255 3,510,272.93 8.34
24.001+ 90 2,536,484.07 6.02
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The weighted average Lifetime Rate Cap is approximately 21.060% per annum
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 18 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
LIFETIME RATE FLOORS *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
LIFETIME RATE FLOORS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
0.000 - 6.500 9 $384,445.23 0.91%
6.501 - 7.000 3 145,373.17 0.35
7.001 - 7.500 9 415,709.35 0.99
7.501 - 8.000 4 143,113.70 0.34
8.001 - 8.500 9 480,774.29 1.14
8.501 - 9.000 15 695,929.98 1.65
9.001 - 9.500 25 1,148,847.52 2.73
9.501 - 10.000 41 1,744,014.96 4.14
10.001 - 10.500 53 2,500,400.63 5.94
10.501 - 11.000 73 2,827,793.59 6.71
11.001 - 11.500 83 3,424,843.44 8.13
11.501 - 12.000 133 4,667,014.62 11.08
12.001 - 12.500 92 3,102,090.43 7.37
12.501 - 13.000 643 9,427,928.32 22.39
13.001 - 13.500 67 1,831,902.48 4.35
13.501 - 14.000 439 5,658,429.69 13.44
14.001 - 14.500 41 1,036,609.42 2.46
14.501 - 15.000 45 1,225,338.24 2.91
15.001 - 15.500 16 398,980.44 0.95
15.501 - 16.000 21 542,305.27 1.29
16.001 - 16.500 7 138,135.10 0.33
16.501 - 17.000 2 91,249.76 0.22
17.001 - 17.500 3 83,600.00 0.20
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The weighted average Lifetime Rate Floor is approximately 12.110% per annum
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 19 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
CREDIT LIMIT UTILIZATION RATES*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
CREDIT LIMIT UTILIZATION RATES (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
0.000 - 10.000 3 $4,716.17 0.01%
10.001 - 15.000 1 4,392.67 0.01
20.001 - 25.000 1 17,041.96 0.04
25.501 - 30.000 1 9,435.10 0.02
30.001 - 35.000 1 8,096.50 0.02
35.501 - 40.000 4 48,723.92 0.12
45.501 - 50.000 4 37,012.40 0.09
50.001 - 55.000 4 42,230.41 0.10
55.501 - 60.000 6 113,460.85 0.27
60.001 - 65.000 5 103,189.70 0.25
65.501 - 70.000 9 251,838.36 0.60
70.001 - 75.000 8 232,889.09 0.55
75.501 - 80.000 8 218,941.42 0.52
80.001 - 85.000 7 212,234.47 0.50
85.001 - 90.000 17 580,888.51 1.38
90.501 - 95.000 26 722,822.55 1.72
95.001 - 100.000 1728 39,506,915.55 93.81
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The weighted average Credit Limit Utilization Rate is approximately
98.34%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 20 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
COMBINED LOAN-TO-VALUE RATIOS *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
COMBINED LOAN-TO-VALUE RATIOS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
10.01 - 15.00 2 $38,350.00 0.09%
15.01 - 20.00 1 11,000.00 0.03
20.01 - 25.00 1 11,000.00 0.03
35.01 - 40.00 2 25,999.71 0.06
40.01 - 45.00 5 63,000.00 0.15
45.01 - 50.00 3 33,000.00 0.08
50.01 - 55.00 3 32,885.19 0.08
55.01 - 60.00 7 76,969.32 0.18
60.01 - 65.00 13 142,257.66 0.34
65.01 - 70.00 26 283,610.16 0.67
70.01 - 75.00 30 328,897.56 0.78
75.01 - 80.00 56 630,408.82 1.50
80.01 - 85.00 67 789,665.36 1.88
85.01 - 90.00 80 884,249.39 2.10
90.01 - 95.00 88 971,681.60 2.31
95.01 - 100.00 131 1,461,844.24 3.47
100.01 - 105.00 197 3,553,422.75 8.44
105.01 - 100.00 262 5,827,134.42 13.84
110.01 - 115.00 244 6,237,766.56 14.81
115.01 - 120.00 191 5,948,750.46 14.13
120.01 - 125.00 405 14,553,936.64 34.56
125.01 - 130.00 14 153,999.79 0.36
N/A 5 55,000.00 0.13
Total 1,833 $42,114,829.63 100.00%
* The weighted average Combined Loan-to-Value Ratio is approximately 111.97%.
</TABLE>
<TABLE>
<CAPTION>
STATISTICAL CALCULATION DATE PRINCIPAL BALANCES *
STATISTICAL CALCULATION DATE NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
PRINCIPAL BALANCES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
$0.01 - $10,000.00 27 $195,735.86 0.46%
$10,000.01 - $20,000.00 1,045 12,385,597.17 29.41
$20,000.01 - $30,000.00 247 6,172,691.58 14.66
$30,000.01 - $40,000.00 242 8,342,230.65 19.81
$40,000.01 - $50,000.00 149 6,957,067.14 16.52
$50,000.01 - $60,000.00 40 2,195,147.46 5.21
$60,000.01 - $70,000.00 35 2,287,458.90 5.43
$70,000.01 - $80,000.00 48 3,578,900.87 8.50
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The average Statistical Calculation Date Principal Balance is approximately
$22,975.90.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 21 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
MORTGAGED PROPERTIES SECURING
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
PROPERTY TYPE LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Condominium 75 $2,023,340.92 4.80%
Multi-Family 12 130,942.54 0.31
Planned Unit Development 57 2,440,816.64 5.80
Single-Family Dwelling 1689 37,519,729.53 89.09
Total 1,833 $42,114,829.63 100.00%
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL TERM TO STATED MATURITY *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
ORIGINAL TERM TO STATED MATURITY LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
121 - 180 1 $45,771.10 0.11%
181 - 240 1,831 42,036,358.53 99.81
241 - 300 1 32,700.00 0.08
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The weighted average Original Term to Stated Maturity is approximately
240 months.
<TABLE>
<CAPTION>
REMAINING TERM TO MATURITY *
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
REMAINING TERM TO MATURITY LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
121 - 180 1 $45,771.10 0.11%
181 - 240 1,831 42,036,358.53 99.81
241 - 300 1 32,700.00 0.08
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The weighted average Remaining Term to Maturity is approximately 234
months.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 22 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
YEAR OF ORIGINATION*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
YEAR OF ORIGINATION LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
1997 6 $152,034.32 1.88%
1998 248 9,298,638.86 22.08
1999 1,579 32,664,156.45 77.56
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* The earliest month and year of origination is June 1997 and the latest month
and year of origination is October 1999.
<TABLE>
<CAPTION>
OCCUPANCY TYPE
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
OCCUPANCY TYPE LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Owner Occupied 1,822 $41,970,329.63 99.66%
Second Home 11 144,500.00 0.34
Total 1,833 $42,114,829.63 100.00%
</TABLE>
<TABLE>
<CAPTION>
CREDIT QUALITY
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
CREDIT SCORES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
Excellent 1,255 $33,112,951.29 78.63%
Superior 295 5,206,374.07 12.36
Good 207 2,933,209.66 6.96
Fair 46 501,522.72 1.19
Unknown 30 360,771.89 0.86
Total 1,833 $42,114,829.63 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 23 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES SECURING*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
STATES LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C>
California 395 $8,760,978.50 20.80%
Florida 281 5,200,084.61 12.35
Georgia 146 2,233,782.62 5.30
Virginia 136 3,063,076.42 7.27
Pennsylvania 122 1,855,430.98 4.41
Ohio 64 1,966,371.75 4.67
New York 38 1,269,308.43 3.01
New Jersey 96 2,315,398.77 5.50
Washington 110 2,179,528.18 5.18
Oregon 89 1,817,944.72 4.32
Michigan 38 1,280,467.95 3.04
Maryland 61 2,121,022.09 5.04
Illinois 42 1,535,358.60 3.65
Other (< 2%) 215 6,516,076.01 15.47
Total 1,833 $42,114,829.63 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 24 of 27)
<TABLE>
<CAPTION>
GROUP III LOANS
DEBT-TO-INCOME RATIOS*
NUMBER OF STATISTICAL CUT-OFF DATE PERCENTAGE OF STATISTICAL
DEBT-TO-INCOME RATIOS (%) LOANS PRINCIPAL BALANCE CUT-OFF DATE BALANCE
<S> <C> <C> <C> <C>
0.01 - 5.00 2 $44,944.63 0.11%
5.01 - 10.00 7 84,041.02 0.20
10.01 - 15.00 7 80,677.12 0.19
15.01 - 20.00 15 243,708.35 0.58
20.01 - 25.00 47 861,242.13 2.04
25.01 - 30.00 111 2,693,535.18 6.40
30.01 - 35.00 206 4,790,812.85 11.38
35.01 - 40.00 255 6,596,930.61 15.66
40.01 - 45.00 298 7,401,056.55 17.57
45.01 - 50.00 326 8,381,491.14 19.90
50.01 - 55.00 263 7,578,899.62 18.00
55.01+ 296 3,357,490.43 7.97
Total 1,833 $42,114,829.63 100.00%
</TABLE>
* Based on the available information, the weighted average Debt-to-Income
Ratios is approximately 44.13%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 25 of 27)
<TABLE>
<CAPTION>
SENSITIVITY TABLES*
Class A-1 (to call)
Gross CPR 0% 10% 14% 19% 24% 29%
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 12.33 6.39 5.11 4.01 3.27 2.74
Modified Duration(years) 7.32 4.45 3.76 3.12 2.65 2.29
First Principal Payment 5/25/00 5/25/00 5/25/00 5/25/00 5/25/00 5/25/00
Last Principal Payment 4/25/18 9/25/14 5/25/12 11/25/09 1/25/08 8/25/06
Principal Lockout (months) 4 4 4 4 4 4
Principal Window (months) 216 173 145 115 93 76
Illustrative Yield @ Par (30/360) 7.71% 7.67% 7.65% 7.62% 7.59% 7.56%
Class A-1 (to Maturity)
Gross CPR 0% 10% 14% 19% 24% 29%
Average Life (years) 12.37 6.57 5.34 4.26 3.50 2.95
Modified Duration(years) 7.33 4.50 3.84 3.22 2.76 2.40
First Principal Payment 5/25/00 5/25/00 5/25/00 5/25/00 5/25/00 5/25/00
Last Principal Payment 1/25/19 10/25/18 6/25/18 7/25/17 11/25/15 11/25/13
Principal Lockout (months) 4 4 4 4 4 4
Principal Window (months) 225 222 218 207 187 163
Illustrative Yield @ Par (30/360) 7.71% 7.68% 7.66% 7.64% 7.62% 7.59%
</TABLE>
*Based on December 15, 1999 Settlement Date.
SENSITIVITY TABLES*
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 26 of 27)
<TABLE>
<CAPTION>
SENSITIVITY TABLES*
Class A-2 (to call)
Gross CPR 0% 9% 13% 17% 21% 26%
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 9.21 5.41 4.39 3.61 3.01 2.74
Modified Duration(years) 5.97 3.88 3.28 2.81 2.42 2.05
First Principal Payment 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00
Last Principal Payment 8/25/14 10/25/12 5/25/11 10/25/09 4/25/08 11/25/06
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 176 154 137 118 100 83
Illustrative Yield @ Par (30/360) 7.85% 7.80% 7.78% 7.75% 7.72% 7.68%
Class A-2 (to Maturity)
Gross CPR 0% 9% 13% 17% 21% 26%
Average Life (years) 9.24 5.51 4.53 3.78 3.21 2.65
Modified Duration(years) 5.98 3.92 3.34 2.88 2.51 2.14
First Principal Payment 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00
Last Principal Payment 3/25/15 2/25/15 12/25/14 10/25/14 4/25/14 4/25/13
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 183 182 180 178 172 160
Illustrative Yield @ Par (30/360) 7.85% 7.81% 7.79% 7.77% 7.75% 7.72%
</TABLE>
*Based on December 15, 1999 Settlement Date.
SENSITIVITY TABLES*
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
<PAGE>
IRWIN HOME EQUITY LOAN TRUST 1999-3
Computational Materials (Page 27 of 27)
<TABLE>
<CAPTION>
SENSITIVITY TABLES*
Class A-3 (to call)
Gross CPR(1) 2% 10% 14% 19% 24% 29%
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 15.81 7.42 5.52 3.95 3.03 2.43
Modified Duration(years) 9.35 5.13 4.07 3.13 2.52 2.08
First Principal Payment 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00
Last Principal Payment 6/25/19 6/25/19 8/25/17 2/25/12 1/25/09 2/25/07
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 234 234 212 146 109 86
Illustrative Yield @ Par (30/360) 6.18% 6.18% 6.19% 6.20% 6.20% 6.21%
Class A-3 (to Maturity)
Gross CPR(1) 2% 10% 14% 19% 24% 29%
Average Life (years) 15.81 7.42 5.61 4.18 3.26 2.63
Modified Duration(years) 9.35 5.13 4.10 3.23 2.63 2.19
First Principal Payment 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00 1/25/00
Last Principal Payment 6/25/19 6/25/19 6/25/19 6/25/19 6/25/19 6/25/16
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 234 234 234 234 234 198
Illustrative Yield @ Par (30/360) 6.18% 6.18% 6.19% 6.21% 6.22% 6.23%
</TABLE>
(1) Assumes a Gross CPR as indicated above less a constant draw rate of 2% per
annum.
*Based on December 15, 1999 Settlement Date.
SENSITIVITY TABLES*
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials
may only use or rely on the information contained herein if read in
conjunction with the related Prospectus and Prospectus Supplement. If you
have not received the statement described above or the related Prospectus
and Prospectus Supplement, please contact your account executive at Bear,
Stearns & Co. Inc.
