8-K 1 irw0101.txt MAY 8K 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): May 25, 2001 IRWIN HOME EQUITY LOAN TRUST 2001-1 Home Equity Loan-Backed Term Notes, 2001-1 New York (governing law of 333-43278 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction c/o Wells Fargo 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 May 25, 2001 a distribution was made to holders of IRWIN HOME EQUITY LOAN TRUST 2001-1, Home Equity Loan-Backed Term Notes, 2001-1 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 Loan-Backed Term Notes, Series 2001-1, relating to the May 25, 2001 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 LOAN TRUST 2001-1 Home Equity Loan-Backed Notes, Series 2001-1 By: Wells Fargo Bank Minnesota, N.A., as Indenture Trustee By: /s/ Sherri J. Sharps, Vice President By: Sherri J. Sharps, Vice President Date: 06/06/2001 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Irwin Home Equity Loan- Backed Term Notes, Series 2001-1, relating to the May 25, 2001 distribution.

Interest Period Interest Period Number of Interest LIBOR Begin End Accrual Days ~~Class A-2, A-8 and Variable Notes 4.50625% 4/25/01 5/24/01 30~~

Subordinate Notes Beginning Note Prepayment Penalty Excess Spread Release of Aggregate Ending Note Balance Distribution Distribution Overcollateralization Distribution Balance Group I Subordinate Notes 601,211.33 27,617.94 0.00 0.00 27,617.94 832,873.26 Group II Subordinate Notes 683,860.08 56,472.48 0.00 0.00 56,472.48 1,185,796.38 Group III Subordinate Notes 543,467.29 20,129.90 0.00 0.00 20,129.90 1,009,810.45 Group IV Subordinate Notes 4,776,324.29 15,873.10 0.00 0.00 15,873.10 5,004,203.77 6,604,862.99 120,093.42 0.00 0.00 120,093.42 8,032,683.86

Collateral Collections Summary Aggregate Collections: Group I Group II Home Equity Mortgage Loans - HELs 1,132,169.09 973,428.03 High LTV Mortgage Loans - HEL125 NA 2,495,976.05 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Collections 1,132,169.09 3,469,404.08 Interest Collections Home Equity Mortgage Loans - HELs 546,893.77 331,937.36 High LTV Mortgage Loans - HEL125 NA 871,561.28 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Interest Collections 546,893.77 1,203,498.64 Principal Collections Home Equity Mortgage Loans - HELs 585,275.32 641,490.67 High LTV Mortgage Loans - HEL125 NA 1,624,414.77 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Principal Collections 585,275.32 2,265,905.44 Additional Balances Created (Group IV HELOCs) Additional Balances Created (Group IV HELOC 125s) Net Principal Collections for Group IV Additional Balances Purchased Additional Balance Differential Prepayment Penalties Collected 27,617.94 56,472.48 Purchase/Repurchase Price of any Mortgage Loans Purchased 0.00 0.00 Liquidation Proceeds 0.00 0.00 Insurance Proceeds 0.00 0.00 Substitution Adjustment Amounts 0.00 0.00 Periodic Advance 59,394.12 133,292.70 less Servicing Fee 30,339.83 56,930.83 less Periodic Advance Repayment 55,225.84 119,167.35 Transfer from the Collection Acct. to the Trustee Collection Acct. 548,340.16 3,483,071.08 Transfer from the Collection Acct. to the Funding Acct. 585,275.32 Total Amount Transferred from the Collection Account 1,133,615.48 3,483,071.08 Prepayment Interest Shortfall 2,205.98 12,018.80

Collateral Collections Summary continued Aggregate Collections: Group III Group IV Total Home Equity Mortgage Loans - HELs NA NA 2,105,597.12 High LTV Mortgage Loans - HEL125 1,954,020.03 NA 4,449,996.08 Home Equity Line of Credit- HELOC NA 379,647.41 379,647.41 High LTV Home Equity Line of Credit - HELOC125s NA 596,048.92 596,048.92 Total Collections 1,954,020.03 975,696.33 7,531,289.53 Interest Collections Home Equity Mortgage Loans - HELs NA NA 878,831.13 High LTV Mortgage Loans - HEL125 993,366.62 NA 1,864,927.90 Home Equity Line of Credit- HELOC NA 115,508.28 115,508.28 High LTV Home Equity Line of Credit - HELOC125s NA 254,468.10 254,468.10 Total Interest Collections 993,366.62 369,976.38 3,113,735.41 Principal Collections Home Equity Mortgage Loans - HELs NA NA 1,226,765.99 High LTV Mortgage Loans - HEL125 960,653.41 NA 2,585,068.18 Home Equity Line of Credit- HELOC NA 264,139.13 264,139.13 High LTV Home Equity Line of Credit - HELOC125s NA 341,580.82 341,580.82 Total Principal Collections 960,653.41 605,719.95 4,417,554.12 Additional Balances Created (Group IV HELOCs) 108,552.53 Additional Balances Created (Group IV HELOC 125s) 30,437.49 Net Principal Collections for Group IV 466,729.93 Additional Balances Purchased 138,990.02 Additional Balance Differential 0.00 Prepayment Penalties Collected 20,129.90 15,873.10 120,093.42 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 Periodic Advance 146,138.83 55,447.77 394,273.42 less Servicing Fee 43,433.56 18,708.31 149,412.54 less Periodic Advance Repayment 140,916.65 57,558.96 372,868.80 Transfer from the Collection Acct. to the Trustee Collection Acct. 1,935,938.55 831,759.91 6,799,109.69 Transfer from the Collection Acct. to the Funding Acct. 585,275.32 Total Amount Transferred from the Collection Account 1,935,938.55 831,759.91 7,384,385.01 Prepayment Interest Shortfall 5,412.23 2,245.98 21,882.98

Distribution Summary Origin of Funds Summary Group I Group II Group III Transfer from the Collection Acct. to the Trustee Collection Acct. 548,340.16 3,483,071.08 1,935,938.55 Transfer from the Capitalized Interest Acct. to the Trustee Collection Acct. 119,391.91 341,023.65 131,307.44 Transfers from the Reserve Account to Trustee Collection Account 0.00 0.00 0.00 Total Amount Transferred to the Trustee Collection Account 667,732.07 3,824,094.73 2,067,245.99 Policy Draw Amount 0.00 0.00 0.00 Direct Transfers from the Collection Acct. to the Funding Acct. 585,275.32 NA NA Grand Total 1,253,007.39 3,824,094.73 2,067,245.99 Payments in Order of Priority (Section 3.05 of the Indenture) Group I Group II Group III Prepayment Penaties (due to the Subordinate Noteholders) 27,617.94 56,472.48 20,129.90 Premium for the Policy (due to the Enhancer) 14,183.33 39,869.53 26,678.88 Indenture Trustee Fee (due to the Indenture Trustee) 153.49 350.93 206.22 Class A-1 through A-8 Term Notes Interest Distribution 394,666.67 830,070.10 526,659.86 Class A-9 IO Term Note Interest Distribution NA 113,292.10 66,574.56 Senior Note Principal Distribution Amount 0.00 2,282,103.30 960,653.41 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 0.00 Transfer Group I Excess Spread to the Funding Account 231,110.64 NA NA Note Payments to Reduce Overcollateralization Deficiency Amount 0.00 501,936.30 466,343.16 Transfer of Excess Spread to the Reserve Account 0.00 0.00 0.00 Payments of Shortfalls and Losses from the Reserve Account 0.00 0.00 0.00 Payment of any other amount owed to the Enhancer 0.00 0.00 0.00 Payment of any other amount owed to the Indenture Trustee 0.00 0.00 0.00 Payment of Interest Carry-Forward Amounts to the A-8 & Variable Notes NA NA NA Payments from Collections to the Subordinatae Noteholders 0.00 0.00 0.00 Payments of Reserve Releases to the Subordinate Noteholders 0.00 0.00 0.00 Total Distributions from Trustee Collection Account 667,732.07 3,824,094.73 2,067,245.99 Excess Spread 231,110.64 501,936.30 466,343.16 Distributions by Recipient Total Payment to the Enhancer 14,183.33 39,869.53 26,678.88 Total Payment to the Indenture Trustee 153.49 350.93 206.22 Total Senior Noteholder Distribution Amount 394,666.67 3,727,401.80 2,020,230.99 Total Subordinate Noteholder Distribution Amount 27,617.94 56,472.48 20,129.90 Principal Collections from Collection Acct. to Funding Acct. 585,275.32 NA NA Excess Spread from Trustee Collection Acct. to Funding Acct. 231,110.64 NA NA Total Transfer to the Reserve Account 0.00 0.00 0.00 Grand Total Distributions 1,253,007.39 3,824,094.73 2,067,245.99

Origin of Funds Summary Group IV Total Transfer from the Collection Acct. to the Trustee Collection Acct. 831,759.91 6,799,109.69 Transfer from the Capitalized Interest Acct. to the Trustee Collection Acct. 104,482.93 696,205.93 Transfers from the Reserve Account to Trustee Collection Account 0.00 0.00 Total Amount Transferred to the Trustee Collection Account 936,242.84 7,495,315.63 Policy Draw Amount 0.00 0.00 Direct Transfers from the Collection Acct. to the Funding Acct. 0.00 585,275.32 Grand Total 936,242.84 8,080,590.95 Payments in Order of Priority (Section 3.05 of the Indenture) Group IV Total Prepayment Penaties (due to the Subordinate Noteholders) 15,873.10 120,093.42 Premium for the Policy (due to the Enhancer) 13,197.93 93,929.67 Indenture Trustee Fee (due to the Indenture Trustee) 121.38 832.01 Class A-1 through A-8 Term Notes Interest Distribution 212,441.01 1,963,837.64 Class A-9 IO Term Note Interest Distribution NA 179,866.67 Senior Note Principal Distribution Amount 466,729.93 3,709,486.64 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 Transfer Group I Excess Spread to the Funding Account NA 231,110.64 Note Payments to Reduce Overcollateralization Deficiency Amount 227,879.48 1,196,158.94 Transfer of Excess Spread to the Reserve Account 0.00 0.00 Payments of Shortfalls and Losses from the Reserve Account 0.00 0.00 Payment of any other amount owed to the Enhancer 0.00 0.00 Payment of any other amount owed to the Indenture Trustee 0.00 0.00 Payment of Interest Carry-Forward Amounts to the A-8 & Variable Notes 0.00 0.00 Payments from Collections to the Subordinatae Noteholders 0.00 0.00 Payments of Reserve Releases to the Subordinate Noteholders 0.00 0.00 Total Distributions from Trustee Collection Account 936,242.84 7,495,315.63 Excess Spread 227,879.48 1,427,269.58 Distributions by Recipient Total Payment to the Enhancer 13,197.93 93,929.67 Total Payment to the Indenture Trustee 121.38 832.01 Total Senior Noteholder Distribution Amount 907,050.43 7,049,349.88 Total Subordinate Noteholder Distribution Amount 15,873.10 120,093.42 Principal Collections from Collection Acct. to Funding Acct. NA 585,275.32 Excess Spread from Trustee Collection Acct. to Funding Acct. NA 231,110.64 Total Transfer to the Reserve Account 0.00 0.00 Grand Total Distributions 936,242.84 8,080,590.95

Account Summary Prefunding Account Summary Group I Group II Beginning Account Balance (4/25/01) 21,601,250.65 58,125,850.14 Reinvestment Earnings (3/22/01 to 4/23/01) 81,736.50 219,941.15 less Subsequent Mortgage Loans Purchased 0.00 0.00 less Transfers to the Trustee Collection Account less Transfers to the Capitalized Interest Account (81,736.50) (219,941.15) Ending Account Balance (as of 4/23/01) 21,601,250.65 58,125,850.14 Funding Account Summary Group I Beginning Account Balance 926,659.67 Principal Collections Deposited 585,275.32 Interest Collections Deposited 231,110.64 Reinvestment Earnings 551.29 less Subsequent Mortgage Loans Purchased 0.00 less Transfers to the Trustee Collection Account 0.00 Ending Account Balance (as of Payment Date) 1,743,596.92 Next Payment Date a Subsequent Transfer Date? No Associated Expected Subsequent Transfer Balance Capitalized Interest Account Summary Group I Group II Beginning Account Balance Reinvestment Earnings Transfers from the Prefunding Account 81,736.50 219,941.15 less Capitalized Interest Requirement (119,391.91) (341,023.65) Subtotal less Overfunded Capitalized Interest Amount paid to Transferor Ending Account Balance Reserve Account Summary Zero Balance and No Activity this Period

Account Summary continued Prefunding Account Summary Group III Group IV Total Beginning Account Balance on 4/25/01 20,831,302.31 24,735,785.90 125,294,189.00 Reinvestment Earnings (3/22/01 to 4/23/01) 78,823.11 93,597.20 474,097.97 less Subsequent Mortgage Loans Purchased 0.00 0.00 0.00 less Transfers to the Trustee Collection Account less Transfers to the Capitalized Interest Account (78,823.11) (93,597.20) (474,097.97) Ending Account Balance (as of 4/23/01) 20,831,302.31 24,735,785.90 125,294,189.00 Funding Account Summary Group IV Total Beginning Account Balance 926,659.67 Principal Collections Deposited 585,275.32 Interest Collections Deposited 231,110.64 Reinvestment Earnings 551.29 less Subsequent Mortgage Loans Purchased 0.00 less Transfers to the Trustee Collection Account 0.00 Ending Account Balance (as of Payment date) 1,743,596.92 Next Payment Date a Subsequent Transfer Date Associated Expected Subsequent Transfer Balance Capitalized Interest Account Summary Group III Group IV Total Beginning Account Balance 2,113,514.25 Reinvestment Earnings 7,568.54 Transfers from the Prefunding Account 78,823.11 93,597.20 474,097.97 less Capitalized Interest Requirement (131,307.44) (104,482.93) (696,205.93) Subtotal 1,898,974.83 less Overfunded Capitalized Interest Amount paid to Transferor (262,496.66) Ending Account Balance 1,636,478.17 Reserve Account Summary Zero Balance and No Activity this Period Crosscollaterlization Commitment Amount 2,976,118.91 Current Crosscollateralization Commitment Percentage (set forth in a notice from 0.75% the Enhancer to the Indenture Trustee and the Master Servicer)

POOL SUMMARY Beginning Pool Balance Group I Group II Home Equity Mortgage Loans - HELs 52,073,301.01 33,815,265.33 High LTV Mortgage Loans - HEL125s NA 76,504,136.84 Home Equity Line of Credit NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Grand Total 52,073,301.01 110,319,402.17 Ending Pool Balance Home Equity Mortgage Loans - HELs 51,488,025.69 33,173,774.66 High LTV Mortgage Loans - HEL125s NA 74,863,524.21 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Grand Total 51,488,025.69 108,037,298.87 Beginning # of Mortgage Loans Home Equity Mortgage Loans - HELs 1,316 434 High LTV Mortgage Loans - HEL125s NA 1,724 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Total 1,316 2,158 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs 1,303 427 High LTV Mortgage Loans - HEL125s NA 1,688 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Total 1,303 2,115 Weighted Average Mortgage Interest Rate 12.815% 13.403%

Pool Summary continued Beginning Pool Balance Group III Group IV Total Home Equity Mortgage Loans - HELs NA NA 85,888,566.34 High LTV Mortgage Loans - HEL125s 78,153,260.76 NA 154,657,397.60 Home Equity Line of Credit- HELOCs NA 12,579,104.25 12,579,104.25 High LTV Home Equity Line of Credit- HELOC125s NA 20,947,763.03 20,947,763.03 Grand Total 78,153,260.76 33,526,867.28 274,072,831.22 Ending Pool Balance Home Equity Mortgage Loans - HELs NA NA 84,661,800.35 High LTV Mortgage Loans - HEL125s 77,192,607.35 NA 152,056,131.56 Home Equity Line of Credit- HELOCs NA 12,423,517.65 12,423,517.65 High LTV Home Equity Line of Credit- HELOC125s NA 20,636,619.70 20,636,619.70 Grand Total 77,192,607.35 33,060,137.35 269,778,069.26 Beginning # of Mortgage Loans Home Equity Mortgage Loans - HELs NA NA 1,750 High LTV Mortgage Loans - HEL125s 2,459 NA 4,183 Home Equity Line of Credit- HELOCs NA 232 232 High LTV Home Equity Line of Credit- HELOC125s NA 525 525 Total 2,459 757 6,690 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs NA NA 1,730 High LTV Mortgage Loans - HEL125s 2,428 NA 4,116 Home Equity Line of Credit- HELOCs NA 224 224 High LTV Home Equity Line of Credit- HELOC125s NA 518 518 Total 2,428 742 6,588 Weighted Average Mortgage Interest Rate 15.522% 13.276% 13.882%

Loans Removed from the Trust Group I Group II Group III Group IV Total Number of Loans 0.00 Principal Balance 0.00 0.00 0.00 0.00 0.00

Liquidation Loss and Overcollateralization Summary Liquidation Loss Amount for Collection Period Group I Group II Group III Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 16,197.86 0.00 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 16,197.86 0.00 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 0.00 0.00 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 0.00 0.00 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 0.00 0.00 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 0.00 0.00 Liquidation Loss Amount for Collection Period Group IV Total Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 16,197.86 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 0.00 0.00 Total 0.00 16,197.86 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 0.00 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 0.00 0.00 Total 0.00 0.00 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 0.00 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 0.00 0.00 Total 0.00 0.00 Overcollateralization Summary Group I Group II Group III Overcollateralization Target Amount 3,390,672.95 9,526,834.18 6,499,023.27 Beginning Overcollateralization Amount 601,211.33 683,860.08 543,467.29 Beginning Overcollateralization Deficiency Amount 2,789,461.62 8,842,974.10 5,955,555.98 Increase in Overcollateralization 231,661.93 501,936.30 466,343.16 Ending Overcollateralization Amount 832,873.26 1,185,796.38 1,009,810.45 Ending Overcollateralization Deficiency Amount 2,557,799.69 8,341,037.80 5,489,212.82 Overcollateralization Trigger Events Group I Group II Group III 12-Month Loss Rate (% of Balance at start of 12 month period) 0.0% 0.0% 0.0% 12-Month Loss Rate Trigger Event Level 0.750% 2.000% 2.750% Aggregate Loss Rate (% of Cut-off Date Balances) 0.0% 0.0% 0.0% Aggregate Loss Rate Trigger Event Level 3.750% 8.420% 11.250% Overcollateralization Summary Group IV Total Overcollateralization Target Amount 6,151,568.23 25,568,098.64 Beginning Overcollateralization Amount 4,776,324.29 6,604,862.99 Beginning Overcollateralization Deficiency Amount 1,375,243.94 18,963,235.65 Increase in Overcollateralization 227,879.48 1,427,820.87 Ending Overcollateralization Amount 5,004,203.77 8,032,683.86 Ending Overcollateralization Deficiency Amount 1,147,364.46 17,535,414.78 Overcollateralization Trigger Events Group IV 12-Month Loss Rate (% of Balance at start of 12 month period) 0.0% 12-Month Loss Rate Trigger Event Level 1.900% Aggregate Loss Rate (% of Cut-off Date Balances) 0.0% Aggregate Loss Rate Trigger Event Level 9.480% Master Servicer Termination Trigger Events Current Level Trigger Level 6-Month Average Delinquency Rate 0.0% 9.500% Rolling 12-Month Loss Rate 0.0% 3.500% Aggregate Loss Rate (% of Cut-off Date Balances) 0.0% 12.500% Rapid Ammortization Event None Servicing Default None

Delinquency Summary Group I Home Equity Mortgage Loans - HELs Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 5 110,218 0.21% 2 55,270 0.11% - - 0% - - 0% Bankrupt - - 0% - - 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total - - 0% 5 110,218 0.21% 2 55,270 0.11% - - 0% - - 0% Group I Home Equity Mortgage Loans - HELs 150+ Days 180+ Days # Balance % # Balance % Staus Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% Group II Home Equity Mortgage Loans - HELs Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 2 130,659 0.39% 1 78,600 0.24% - - 0% - - 0% Bankrupt 1 99,626 0.30% - - 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 1 99,626 0.30% 2 130,659 0.39% 1 78,600 0.24% - - 0% - - 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% High LTV Mortgage Loans - HEL125s Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 5 248,631 0.33% 5 206,287 0.28% - - 0% - - 0% Bankrupt 5 183,305 0.24% - - 0% 3 143,593 0.19% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 5 183,305 0.24% 5 248,631 0.33% 8 349,880 0.47% - - 0% - - 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% Group II Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 7 379,290 0.35% 6 284,888 0.26% - - 0% - - 0% Bankrupt 6 282,931 0.26% - - 0% 3 143,593 0.13% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 6 282,931 0.26% 7 379,290 0.35% 9 428,480 0.40% - - 0% - - 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% Group III High LTV Mortgage Loans - HEL125s Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 16 455,084 0.59% 12 369,306 0.48% 1 25,001 0.03% - - 0% Bankrupt 4 129,460 0.17% 0 0 0% 2 59,658 0.08% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 4 129,460 0.17% 16 455,084 0.59% 14 428,963 0.56% 1 25,001 0.03% - - 0% Group III High LTV Mortgage Loans - HEL125s 150+ Days 180+ Days # Balance % # Balance % Staus Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% Group IV Home Equity Line of Credit- HELOCs Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA - - 0% - - 0% - - 0% - - 0% Bankrupt - - 0% - - 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total - - 0% - - 0% - - 0% - - 0% - - 0% Group IV Home Equity Line of Credit- HELOCs 150+ Days 180+ Days # Balance % # Balance % Staus Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% High LTV Home Equity Line of Credit - HELOC125s Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 10 313,392 1.52% 3 235,250 1.14% 1 67,000 0.32% - - 0% Bankrupt 1 24,085 0.12% - - 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 1 24,085 0.12% 10 313,392 1.52% 3 235,250 1.14% 1 67,000 0.32% - - 0% High LTV Home Equity Line of Credit - HELOC125s 150+ Days 180+ Days # Balance % # Balance % Staus Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% Group IV Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 10 313,392 0.95% 3 235,250 0.71% 1 67,000 0.20% - - 0% Bankrupt 1 24,085 0.07% - - 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - 0% - - 0% - - 0% Total 1 24,085 0.07% 10 313,392 0.95% 3 235,250 0.71% 1 67,000 0.20% - - 0% Group IV Total 150+ Days 180+ Days # Balance % # Balance % Staus Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0% Grand Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 38 1,257,985 0.47% 23 944,714 0.35% 2 92,001 0.03% - - 0% Bankrupt 11 436,477 0.16% - - 0% 5 203,250 0.08% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% - - 0% Total 11 436,477 0.16% 38 1,257,985 0.47% 28 1,147,964 0.43% 2 92,001 0.03% - - 0% Grand Total 150+ Days 180+ Days # Balance % # Balance % Staus Quo - - 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total - - 0% - - 0%

IRWIN HOME EQUITY LN TR HM EQ LN-BK TERM NT SER 2001-1 8-K