8-K 1 irw0101.txt SEPTEMBER 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): September 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 September 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 September 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/ Beth Belfield, Officer By: Beth Belfield, Officer Date: 10/04/2001 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 September 25, 2001 distribution.

Irwin Home Equity Loan-Backed Term Notes Series 2001-1 Master Servicer Certificate Remittance Date: 0809/2725/2001 Certificate Summary Noteholder Distribution Summary Beginning Interest Principal Aggregate Ending Note Note Distribution Distribution Distribution Note Class of Notes Rate Balance Amount Amount Amount Balance A-1 Term Notes 6.40000% 7371,~~966~~988,~~928~~667.3213 ~~394~~383,~~490~~939.2856 12,~~978~~447,~~261~~055.1971 2,~~372~~830,~~751~~995.4726 7169,~~988~~541,~~667~~611.1343 A-2 Term Notes 3.~~97250~~76000% 4439,~~820~~756,~~027~~379.2726 ~~163~~120,~~210~~417.2666 54,~~063~~511,~~648~~384.0111 54,~~226~~631,~~858~~801.2776 3935,~~756~~244,~~379~~995.2615 A-3 Term Notes 5.95000% 35,251,000.00 174,786.21 0.00 174,786.21 35,251,000.00 A-4 Term Notes 6.45000% 25,397,000.00 136,508.88 0.00 136,508.88 25,397,000.00 A-5 Term Notes 6.74000% 12,020,000.00 67,512.33 0.00 67,512.33 12,020,000.00 A-6 Term Notes 7.10000% 39,724,000.00 235,033.67 0.00 235,033.67 39,724,000.00 A-7 Term Notes 6.42000% 9391,~~939~~991,~~751~~628.2077 ~~502~~492,~~577~~155.6721 1,~~948~~323,~~122~~778.4381 21,~~450~~815,~~700~~934.1002 9190,~~991~~667,~~628~~849.7797 A-8 Term Notes 43.~~05250~~84000% 5150,~~078~~191,~~144~~498.1245 ~~189~~155,~~744~~259.6604 ~~886~~1,~~645~~024,161.6776 1,~~076~~179,~~390~~420.3479 5049,~~191~~167,~~498~~336.4569 Variable Funding Notes 43.~~05250~~84000% 0.00 0.00 0.00 0.00 0.00 A-9 IO Term Notes (1) 8.00000% 26,980,000.00 179,866.67 NA 179,866.67 26,980,000.00 ~~376~~366,~~196~~320,~~850~~173.9161 21,~~043~~945,~~730~~479.6321 9,~~876~~306,~~677~~380.3038 11,~~920~~251,~~407~~859.9359 ~~366~~357,~~320~~013,~~173~~793.6123 (1) Class A-9 IO Term Note Balances are Notional

Interest Period Interest Period Number of Interest LIBOR Begin End Accrual Days ~~Class A-2, A-8 and Variable Funding Notes 3.58000% 8/27/01 9/24/01 29~~

Subordinate Notes Beginning Note Prepayment Penalty Excess Spread Release of Aggregate Ending Note Balance Distribution Distribution Overcollateralization Distribution Balance Group I Subordinate Notes 1,763,405.16 105,097.92 0.00 0.00 105,097.92 1,995,822.65 Group II Subordinate Notes 3,401,631.89 126,058.13 0.00 0.00 126,058.13 3,947,705.14 Group III Subordinate Notes 2,664,699.33 19,183.19 0.00 0.00 19,183.19 2,881,465.09 Group IV Subordinate Notes 5,983,748.42 27,304.36 0.00 0.00 27,304.36 6,084,130.53 13,813,484.80 277,643.60 0.00 0.00 277,643.60 14,909,123.42

Noteholder Distribution Factors Summary (Per $1000 Original Principal Amount) Original Interest Principal Aggregate Ending Note Distribution Distribution Distribution Note Class Balance Amount Amount Amount Factor A-1 74,000,000.00 5.~~33094979~~18837241 2633.~~73325932~~06832035 3238.~~06420910~~25669276 ~~972~~939.~~81982611~~75150575 A-2 57,358,000.00 2.~~84546640~~09940471 8878.~~28146050~~65309297 9180.~~12692690~~75249768 ~~693~~614.~~12701376~~47392079 A-3 35,251,000.00 4.95833333 0.00000000 4.95833333 1,000.00000000 A-4 25,397,000.00 5.37500000 0.00000000 5.37500000 1,000.00000000 A-5 12,020,000.00 5.61666667 0.00000000 5.61666667 1,000.00000000 A-6 39,724,000.00 5.91666667 0.00000000 5.91666667 1,000.00000000 A-7 100,000,000.00 54.~~02577669~~92155214 1913.~~48122428~~23778808 2418.~~50700097~~15934022 ~~919~~906.~~91628775~~67849967 A-8 54,000,000.00 32.~~51379008~~87516732 1618.~~41936428~~96595848 1921.~~93315436~~84112580 ~~929~~910.~~47219352~~50623503 Total 397,750,000.00

Collateral Collections Summary Aggregate Collections: Group I Group II Home Equity Mortgage Loans - HELs 2,989,249.07 2,102,506.60 High LTV Mortgage Loans - HEL125 NA 3,650,517.11 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Collections 2,989,249.07 5,753,023.71 Interest Collections Home Equity Mortgage Loans - HELs 774,610.86 416,833.54 High LTV Mortgage Loans - HEL125 NA 1,370,879.31 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Interest Collections 774,610.86 1,787,712.85 Principal Collections Home Equity Mortgage Loans - HELs 2,214,638.21 1,685,673.06 High LTV Mortgage Loans - HEL125 NA 2,279,637.80 Home Equity Line of Credit- HELOC NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA Total Principal Collections 2,214,638.21 3,965,310.86 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 105,097.92 126,058.13 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 0.00 0.00 less Servicing Fee 36,505.01 75,182.00 less Periodic Advance Repayment 108,283.99 284,375.11 Transfer from the Collection Acct. to the Trustee Collection Acct. 2,949,557.99 5,519,524.73 Prepayment Interest Shortfall 11,126.54 25,277.39

Collateral Collections Summary continued Aggregate Collections: Group III Group IV Total Home Equity Mortgage Loans - HELs NA NA 5,091,755.67 High LTV Mortgage Loans - HEL125 2,232,842.03 NA 5,883,359.14 Home Equity Line of Credit- HELOC NA 841,274.80 841,274.80 High LTV Home Equity Line of Credit - HELOC125s NA 750,521.00 750,521.00 Total Collections 2,232,842.03 1,591,795.80 12,566,910.61 Interest Collections Home Equity Mortgage Loans - HELs NA NA 1,191,444.40 High LTV Mortgage Loans - HEL125 1,194,438.62 NA 2,565,317.93 Home Equity Line of Credit- HELOC NA 226,341.53 226,341.53 High LTV Home Equity Line of Credit - HELOC125s NA 326,637.83 326,637.83 Total Interest Collections 1,194,438.62 552,979.36 4,309,741.69 Principal Collections Home Equity Mortgage Loans - HELs NA NA 3,900,311.27 High LTV Mortgage Loans - HEL125 1,038,403.41 NA 3,318,041.21 Home Equity Line of Credit- HELOC NA 614,933.27 614,933.27 High LTV Home Equity Line of Credit - HELOC125s NA 423,883.17 423,883.17 Total Principal Collections 1,038,403.41 1,038,816.44 8,257,168.92 Additional Balances Created (Group IV HELOCs) 203,002.21 Additional Balances Created (Group IV HELOC 125s) 54,484.58 Net Principal Collections for Group IV 781,329.65 Additional Balances Purchased 257,486.79 Additional Balance Differential 0.00 Prepayment Penalties Collected 19,183.19 27,304.36 277,643.60 Purchase/Repurchase Price of any Mortgage Loans Purchased (Principal) 24,958.78 0.00 24,958.78 Purchase/Repurchase Price of any Mortgage Loans Purchased (Interest) 1,563.93 0.00 1,563.93 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 0.00 0.00 0.00 less Servicing Fee 54,122.49 31,085.17 196,894.66 less Periodic Advance Repayment 296,131.46 111,394.18 800,184.74 Transfer from the Collection Acct. to the Trustee Collection Acct. 1,928,293.98 1,219,134.02 11,616,510.73 Prepayment Interest Shortfall 7,009.72 5,194.68 48,608.33

Distribution Summary Origin of Funds Summary Group I Group II Group III Transfer from the Collection Acct. to the Trustee Collection Acct. 2,949,557.99 5,519,524.73 1,928,293.98 Transfer from the Funding Account to the Trustee Collection Account 17.65 0.00 0.00 Transfers from the Reserve Account to Trustee Collection Account 0.00 0.00 0.00 Total Amount Transferred to the Trustee Collection Account 2,949,575.64 5,519,524.73 1,928,293.98 Policy Draw Amount 0.00 0.00 0.00 Grand Total 2,949,575.64 5,519,524.73 1,928,293.98 Payments in Order of Priority (Section 3.05 of the Indenture) Group I Group II Group III Prepayment Penalties (due to the Subordinate Noteholders) 105,097.92 126,058.13 19,183.19 Premium for the Policy (due to the Enhancer) 13,328.81 35,678.94 24,933.66 Indenture Trustee Fee (due to the Indenture Trustee) 153.65 324.06 197.20 Class A-1 through A-8 Term Notes Interest Distribution 383,939.56 734,258.74 492,155.21 Class A-9 IO Term Note Interest Distribution NA 111,820.76 68,045.91 Senior Note Principal Distribution Amount 2,214 655.86 3,965,310.86 1,107,013.04 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 0.00 Note Payments to Reduce Overcollateralization Deficiency Amount 232,399.85 546,073.25 216,765.77 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 2,949,575.64 5,519,524.73 1,928,293.98 Excess Spread 232,399.85 546,073.25 216,765.77 Distributions by Recipient Total Payment to the Enhancer 13,328.81 35,678.94 24,933.66 Total Payment to the Indenture Trustee 153.65 324.06 197.20 Total Senior Noteholder Distribution Amount 2,830,995.26 5,357,463.60 1,883,979.93 Total Subordinate Noteholder Distribution Amount 105,097.92 126,058.13 19,183.19 Total Transfer to the Reserve Account 0.00 0.00 0.00 Grand Total Distributions 2,949,575.64 5,519,524.73 1,928,293.98

Origin of Funds Summary Group IV Total Transfer from the Collection Acct. to the Trustee Collection Acct. 1,219,134.02 11,616,510.73 Transfer from the Funding Account to the Trustee Collection Account 0.00 17.65 Transfers from the Reserve Account to Trustee Collection Account 0.00 0.00 Total Amount Transferred to the Trustee Collection Account 1,219,134.02 11,616,528.38 Policy Draw Amount 0.00 0.00 Grand Total 1,219,134.02 11,616,528.38 Payments in Order of Priority (Section 3.05 of the Indenture) Group IV Total Prepayment Penaties (due to the Subordinate Noteholders) 27,304.36 277,643.60 Premium for the Policy (due to the Enhancer) 12,291.83 86,233.24 Indenture Trustee Fee (due to the Indenture Trustee) 117.03 791.95 Class A-1 through A-8 Term Notes Interest Distribution 155,259.04 1,765,612.55 Class A-9 IO Term Note Interest Distribution NA 179,866.67 Senior Note Principal Distribution Amount 923,779.65 8,210,759.41 Reimbursements to the Enhancer for prior draws on the Policy 0.00 0.00 Note Payments to Reduce Overcollateralization Deficiency Amount 100,382.11 1,095,620.97 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 1,219,134.02 11,616,528.38 Excess Spread 100,382.11 1,095,620.97 Distributions by Recipient Total Payment to the Enhancer 12,291.83 86,233.24 Total Payment to the Indenture Trustee 117.03 791.95 Total Senior Noteholder Distribution Amount 1,179,420.79 11,251,859.59 Total Subordinate Noteholder Distribution Amount 27,304.36 277,643.60 Total Transfer to the Reserve Account 0.00 0.00 Grand Total Distributions 1,219,134.02 11,616,528.38

The Pre-funding Account and the Capitalized Interest Account have been closed with the end of the Pre-funding Period Account Summary Funding Account Summary Group I Beginning Account Balance 0.00 Principal Collections Deposited 0.00 Excess Spread Deposited 0.00 Reinvestment Earnings 17.65 less Subsequent Mortgage Loans Purchased 0.00 less Transfers to the Trustee Collection Account (17.65) Ending Account Balance (as of 8/27/01) 0.00 Next Payment Date a Subsequent Transfer Date? No Associated Expected Subsequent Transfer Balance 0.00 Reserve Account Summary Zero Balance and No Activity this Period

Account Summary continued The Pre-funding Account and the Capitalized Interest Account have been closed with the end of the Pre-funding Period Funding Account Summary Group III Group IV Total Beginning Account Balance 0.00 Principal Collections Deposited 0.00 Excess Spread Deposited 0.00 Reinvestment Earnings 17.65 less Subsequent Mortgage Loans Purchased 0.00 less Transfers to the Trustee Collection Account (17.65) Ending Account Balance (08/27/01) 0.00 Next Payment Date a Subsequent Transfer Date? Associated Expected Subsequent Transfer Balance 0.00 Reserve Account Summary Zero Balance and No Activity this Period Crosscollaterlization Commitment Amount 2,789,421.87 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 73,752,072.29 44,849,210.31 High LTV Mortgage Loans - HEL125s NA 110,700,800.84 Home Equity Line of Credit - HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Grand Total 73,752,072.29 155,550,011.15 Beginning Balance from Original Delivery NA NA Beginning Balance of Funded Subsequent Mortgage Loans NA NA Ending Pool Balance Home Equity Mortgage Loans - HELs 71,537,434.08 43,163,537.25 High LTV Mortgage Loans - HEL125s NA 108,421,163.04 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Grand Total 71,537,434.08 151,584,700.29 Beginning # of Mortgage Loans Home Equity Mortgage Loans - HELs 1,911 686 High LTV Mortgage Loans - HEL125s NA 2,535 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Total 1,911 3,221 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs 1,863 667 High LTV Mortgage Loans - HEL125s NA 2,482 Home Equity Line of Credit- HELOCs NA NA High LTV Home Equity Line of Credit- HELOC125s NA NA Total 1,863 3,149 Weighted Average Mortgage Interest Rate 12.703% 13.736%

Pool Summary continued Beginning Pool Balance Group III Group IV Total Home Equity Mortgage Loans - HELs NA NA 118,601,282.60 High LTV Mortgage Loans - HEL125s 94,656,328.10 NA 205,357,128.94 Home Equity Line of Credit- HELOCs NA 26,326,350.60 26,326,350.60 High LTV Home Equity Line of Credit- HELOC125s NA 29,848,896.27 29,848,896.27 Grand Total 94,656,328.10 56,175,246.87 380,133,658.41 Ending Pool Balance Home Equity Mortgage Loans - HELs NA NA 114,700,971.33 High LTV Mortgage Loans - HEL125s 93,549,315.06 NA 201,970,478.10 Home Equity Line of Credit- HELOCs NA 25,914,419.54 25,914,419.54 High LTV Home Equity Line of Credit- HELOC125s NA 29,337,047.68 29,337,047.68 Grand Total 93,549,315.06 55,251,467.22 371,922,916.65 Beginning # of Mortgage Loans Home Equity Mortgage Loans - HELs NA NA 2,597 High LTV Mortgage Loans - HEL125s 2,918 NA 5,453 Home Equity Line of Credit- HELOCs NA 463 463 High LTV Home Equity Line of Credit- HELOC125s NA 723 723 Total 2,918 1,186 9,236 Ending # of Mortgage Loans Home Equity Mortgage Loans - HELs NA NA 2,530 High LTV Mortgage Loans - HEL125s 2,880 NA 5,362 Home Equity Line of Credit- HELOCs NA 449 449 High LTV Home Equity Line of Credit- HELOC125s NA 713 713 Total 2,880 1,162 9,054 Weighted Average Mortgage Interest Rate 15.485% 11.764% 13.685%

Loans Removed from the Trust Group I Group II Group III Group IV Total Number of Loans (Current Period) 0 0 1 0 1 Principal Balance (Current Period) 0.00 0.00 24,958.78 0.00 24,958.78 Number of Loans (Cumulative) 0 0 2 0 2 Principal Balance (Cumulative) 0.00 0.00 43,487.32 0.00 43,487.32

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 0.00 43,650.85 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 43,650.85 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 73,215.47 69,676.41 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 73,215.47 69,676.41 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs 0.00 0.00 NA High LTV Mortgage Loans - HEL125 NA 73,215.47 69,676.41 Home Equity Line of Credit- HELOCs NA NA NA High LTV Home Equity Line of Credit - HELOC125s NA NA NA Total 0.00 73,215.47 69,676.41 Liquidation Loss Amount for Collection Period Group IV Total Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 43,650.85 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 142,450.00 142,450.00 Total 142,450.00 186,100.85 Liquidation Loss Amount for last 12 Collection Periods Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 142,891.88 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 142,450.00 142,450.00 Total 142,450.00 285.341.88 Aggregate Liquidation Loss Amount Home Equity Mortgage Loans - HELs NA 0.00 High LTV Mortgage Loans - HEL125 NA 142,891.88 Home Equity Line of Credit- HELOCs 0.00 0.00 High LTV Home Equity Line of Credit - HELOC125s 142,450.00 142,450.00 Total 142,450.00 285,341.88 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 1,763,405.16 3,401,631.89 2,664,699.33 Beginning Overcollateralization Deficiency Amount 1,627,267.80 6,125,202.28 3,834,323.95 Increase in Overcollateralization 232,417.50 546,073.25 216,765.77 Ending Overcollateralization Amount 1,995,822.65 3,947,705.14 2,881,465.09 Ending Overcollateralization Deficiency Amount 1,394,850.30 5,579,129.04 3,617,558.18 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% 0.043% 0.070% 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 5,983,748.42 13,813,484.80 Beginning Overcollateralization Deficiency Amount 167,819.81 11,754,613.84 Increase in Overcollateralization 100,382.11 1,095,638.62 Ending Overcollateralization Amount 6,084,130.53 14,909,123.42 Ending Overcollateralization Deficiency Amount 67,437.70 10,658,975.22 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) 0.00% Aggregate Loss Rate Trigger Event Level 9.480% Master Servicer Termination Trigger Events Current Level Trigger Level 6-Month Average Delinquency Rate 0.619% 9.500% Rolling 12-Month Loss Rate NA 3.500% Aggregate Loss Rate (% of Cut-off Date Balances) 0.071% 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 9 229,037 0.32% 3 95,514 0.13% 1 19,914 0% 2 55,826 0% Bankrupt 4 151,713 0% - - 0% - - 0% - - 0% - - 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% 1 59,979 0% Total 4 151,713 0% 9 229,037 0.32% 3 95,514 0.13% 1 19,914 0% 3 115,804 0% Group I Home Equity Mortgage Loans - HELs 150+ Days 180+ Days # Balance % # Balance % Staus Quo 1 34,943 0% - - 0% Bankrupt 1 49,375 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total 2 84,318 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 1 28,541 0.07% 2 193,765 0.45% - - 0% - - 0% Bankrupt - - 0.00% - - 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 - - 0.00% 1 28,541 0.07% 2 193,765 0.45% - - 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 9 412,079 0.38% 8 260,003 0.24% 4 162,085 0% 2 123,528 0% Bankrupt 19 806,019 0.74% 2 74,856 0% 1 19,919 0.02% 1 46,993 0% 3 137,992 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% 1 70,578 0% Total 19 806,019 0.74% 11 486,935 0.45% 9 279,922 0.26% 5 209,079 0% 6 332,099 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo 5 237,020 00% - - 0% Bankrupt 1 33,972 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total 6 270,992 0% - - 0% Group II Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 10 440,619 0.29% 10 453,768 0.30% 4 162,085 0% 2 123,528 0% Bankrupt 19 806,019 0.53% 2 74,856 0% 1 19,919 0.01% 1 46,993 0% 3 137,992 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 0% 1 70,578 0% Total 19 806,019 0.53% 12 515,475 0.34% 11 473,687 0.31% 5 209,079 0% 6 332,099 0% 150+ Days 180+ Days # Balance % # Balance % Status Quo 5 237,020 0% - - 0% Bankrupt 1 33,972 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total 6 270,992 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 29 817,449 0.87% 17 486,032 0.52% 7 291,368 0.31% 7 200,215 0% Bankrupt 12 379,621 0.41% 6 183,717 0% 3 66,309 0.07% 3 108,812 0% 5 227,075 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 1 74,975 0% - - 0% Total 12 379,621 0.41% 35 1,001,166 1.07% 20 552,341 0.59% 11 475,154 0.51% 12 427,290 0% Group III High LTV Mortgage Loans - HEL125s 150+ Days 180+ Days # Balance % # Balance % Staus Quo 13 417,035 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total 13 417,035 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 2 80,000 0% - - 0% - - 0% - - 0% Bankrupt - - 0% - - 0% 1 39,984 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% 2 80,000 0% 1 39,984 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 5 199,568 0.68% 6 206,830 0.71% 4 112,825 0.38% 2 42,600 0% Bankrupt 5 174,459 0.59% 1 100,000 0% 1 24,957 0% 4 203,442 1% 2 74,700 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 1 - 1% - - 0% Total 5 174,459 0.59% 6 299,568 1.02% 7 231,787 0.79% 8 316,267 1.08% 4 117,300 0% High LTV Home Equity Line of Credit - HELOC125s 150+ Days 180+ Days # Balance % # Balance % Staus Quo 3 140,500 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total 3 140,500 0% - - 0% Group IV Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 7 279,568 0.51% 6 206,830 0.37% 4 112,825 0.20% 2 42,600 0% Bankrupt 5 174,459 0.32% 1 100,000 0% 2 64,941 0% 4 203,442 0% 2 74,700 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% - - 1% - - 0% Total 5 174,459 0.32% 8 379,568 0.69% 8 271,771 0.49% 8 316,267 0.57% 4 117,300 0% Group IV Total 150+ Days 180+ Days # Balance % # Balance % Staus Quo 3 140,500 0% - - 0% Bankrupt - - 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total 3 140,500 0% - - 0% Grand Total Current 30+ Days 60+ Days 90+ Days 120+ Days # Balance % # Balance % # Balance % # Balance % # Balance % Staus Quo NA NA NA 55 1,766,674 0.48% 36 1,242,144 0.33% 16 586,193 0.16% 13 422,169 0% Bankrupt 40 1,511,811 0.41% 9 358,573 0% 6 151,169 0.04% 8 359,247 0% 10 439,767 0% REO NA NA NA NA NA NA - - 0% - - 0% - - 0% Foreclosure NA NA NA NA NA NA - - 0% 1 74,975 0% 2 130,557 0% Total 40 1,511,811 0.41% 64 2,125,246 0.57% 42 1,393,312 0.37% 25 1,020,414 0.27% 25 992,493 0% Grand Total 150+ Days 180+ Days # Balance % # Balance % Staus Quo 22 829,498 0% - - 0% Bankrupt 2 83,347 0% - - 0% REO - - 0% - - 0% Foreclosure - - 0% - - 0% Total 24 912,845 0% - - 0%

Filing Compare · IRWIN HOME EQUITY LN TR HM EQ LN-BK TERM NT SER 2001-1