			Contact:
		IRWIN HOME EQUITY LOAN TRUST 2005-1	Kristy Frideres
		Home Equity Loan Backed Notes	Account Administrator
			651-495-2124
*Distribution Date:*	12/27/2005		kristy.frideres@usbank.com

Investor Certificate Rates based on a LIBOR of:

4.19375%

Page 1

			Contact:
		IRWIN HOME EQUITY LOAN TRUST 2005-1	Kristy Frideres
		Home Equity Loan Backed Notes	Account Administrator
			651-495-2124
*Distribution Date:*	12/27/2005		kristy.frideres@usbank.com

			Information pursuant to Section 4.01 of the
			Sale and Servicing Agreement Dated June 1, 2005

(ii)	Principal Collections:	Group 1	Group 2	Total
	Beginning Balance of Preceding Collection Period	70,190,444.65	260,164,087.22	330,354,531.87
	Beginning Balance of Curent Collection Period	66,708,877.41	255,030,216.22	321,739,093.63
	Principal Collections	5,214,499.70	5,517,727.29	10,732,226.99
	Liquidation Loss Amount	156,233.89	85,771.30	242,005.19
	Net Principal Collection Amount	4,681,780.87	5,517,727.29	10,199,508.16
	Principal Collection Distribution Amount	4,681,780.87	5,517,727.29	10,199,508.16
	Ending Balance of Curent Collection Period	61,870,862.65	249,426,717.63	311,297,580.28

(iii)	Interest Collections:
	Gross Interest Collections	625,376.63	2,092,811.03	2,718,187.66
	Servicing and Other Fees	55,590.73	212,525.18	268,115.91
	Net Interest Collection Amount	569,785.90	1,880,285.85	2,450,071.75

(iv)	Servicing Fee Accrued and Unpaid	0.00	0.00	0.00
	Servicing Fee	55,590.73	212,525.18	268,115.91
	Indenture Trustee Fee	277.95	1,062.63	1,340.58

(v)	Delinquency Information
		Group 1	Group 1	Group 2	Group 2	Total	Total
		Count	Balance	Count	Balance	Count	Balance
	30-59 days	14	917,931.34	35	1,293,195.58	49	2,211,126.92
	60-89 days	7	613,760.35	12	433,779.88	19	1,047,540.23
	90-119 days	1	50,000.00	4	228,191.60	5	278,191.60
	120-149 days	3	121,160.57	5	211,754.60	8	332,915.17
	150-179 days	0	0.00	5	178,953.91	5	178,953.91
	180 +	1	19,733.00	1	22,389.00	2	42,122.00
	Total	26	1,722,585.26	62	2,368,264.57	88	4,090,849.83
	*Note: The above statistics include Foreclousures, REOs and Bankruptcies

		Group 1	Group 1	Group 2	Group 2	Total	Total
		Count	Balance	Count	Balance	Count	Balance
	Bankruptcy	15	1,146,587.38	66	3,103,953.31	81	4,250,540.69
	Foreclosure	1	19,733.00	4	140,481.21	5	160,214.21
	REO	0	0.00	0	0.00	0	0.00
	Total	16	1,166,320.38	70	3,244,434.52	86	4,410,754.90

Page 2

			Contact:
		IRWIN HOME EQUITY LOAN TRUST 2005-1	Kristy Frideres
		Home Equity Loan Backed Notes	Account Administrator
			651-495-2124
*Distribution Date:*	12/27/2005		kristy.frideres@usbank.com

			Information pursuant to Section 4.01 of the
			Sale and Servicing Agreement Dated June 1, 2005

(vi)

Amounts Distributed to Certificate Holders

295,649.31

(vii)	Amount of Excess Spread			1,172,985.33

(viii)	Amount of Additional Balances	532,718.83	0.00	532,718.83

(ix)	Overcollateralization Amount						16,013,068.91
	Overcollateralization Target Amount						19,945,793.88

(x)

Has the Loss and Delinquency Test been satisfied

YES

(xi)	Current Liquidation Loss Distribution Amount				156,233.89	85,771.30	242,005.19
	Cumulative Liquidation Loss Distribution Amount				156,233.89	85,771.30	242,005.19

(xii)	Overcollateralization Increase Amount						930,980.14
	Overcollateralization Release Amount						0.00

(xiii)	Liquidation Loss Amount
	Current Period	156,233.89	85,771.30	242,005.19
	Current Period and previous eleven periods	156,233.89	85,771.30	242,005.19
	Cumulative Amount to date	156,233.89	85,771.30	242,005.19

(xiv)	Principal Balance of Liquidated Mortgage Loans
	Current Period	175,966.89	108,160.30	284,127.19
	Current Period and previous eleven periods	175,966.89	108,160.30	284,127.19
	Cumulative Amount to date	175,966.89	108,160.30	284,127.19

(xv)

Net Loan Rate

10.32230%

8.82426%

9.13486%

(xvi)

Has an Ammortization Event Occurred?

Page 3

Irwin Home Equity Loan Trust 2005-1 8-K