8-K 1 irw02001.txt NOVEMBER 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): November 25, 2002 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Variable Funding Notes, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-11 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) 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 November 25, 2002 a distribution was made to holders of Irwin Home Equity Loan Trust 2002-1, Home Equity Loan-Backed Notes, Series 2002-1. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan- Backed Notes, Series 2002-1 relating to the November 25, 2002 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 2002-1 Home Equity Loan-Backed Notes, Series 2002-1. By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 12/09/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2002-1, relating to the November 25, 2002 distribution.

Home Equity Loan-Backed Notes, Series 2002-1 Irwin Home Equity Loan Trust 2002-1 Master Servicer Certificate Payment Date: ~~October~~November 25, 2002 Certificate Summary Offered Note Distribution Summary Class of Beginning Note Interest Principal Aggregate Ending Note Notes Note Rate Balance Distribution Distribution Distribution Balance I A-1 2.~~08375~~10000% ~~120~~117,~~811~~697,~~392~~632.8314 ~~209~~212,~~783~~836.9555 3,~~113~~525,~~760~~934.6925 3,~~323~~738,~~544~~770.6480 ~~117~~114,~~697~~171,~~632~~697.1489 I VFN 2.~~08375~~10000% - - - - - II A-1 2.~~10375~~12000% ~~220~~215,~~627~~374,~~129~~744.9752 ~~386~~393,~~786~~178.9456 57,~~252~~087,~~385~~702.4547 57,~~639~~480,~~172~~881.3803 ~~215~~208,~~374~~287,~~744~~042.5205 II VFN 2.12000% - - - - - II A-IO (1) 10.00000% 31,204,000.00 260,033.33 NA 260,033.33 31,204,000.00 II M-1 2.~~7138~~7300% 24,964,000.00 5658,~~455~~686.0520 - 5658,~~455~~686.0520 24,964,000.00 II M-2 3.~~3138~~3300% 21,063,000.00 5860,~~164~~398.6015 - 5860,~~164~~398.6015 21,063,000.00 II B-1 4.~~0638~~0800% 26,524,000.00 8993,~~822~~187.4265 - 8993,~~822~~187.4265 26,524,000.00 Total ~~413~~405,~~989~~623,~~522~~376.8066 1,~~061~~078,~~046~~320.2844 810,~~366~~613,~~146~~636.1372 911,~~427~~691,~~192~~957.4216 ~~405~~395,~~623~~009,~~376~~739.6794 (1) Class A-IO Note Balance is Notional LIBOR 1.~~81375~~83000% Interest Period Begin 0910/25/2002 Interest Period End 1011/24/2002 Number of Interest Accrual Days: 3031 Days in Collection Period: 3031 Prepayment ~~Release of~~ Beginning Penalty Excess Spread Release of Over- Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 1114,~~939~~414,~~004~~041.3285 ~~205~~297,~~890~~781.1728 ~~297~~282,~~829~~451.7391 - ~~503~~580,~~719~~233.9019 1416,~~414~~923,~~041~~457.8406 Noteholder Distribution Factors Summary (Per $1,000 Original Principal Amount) Original Note Interest Principal Aggregate Ending Note Class of Notes Balance Distribution Distribution Distribution Factor I A-1 127,109,000.00 1.~~65042562~~67444123 2427.~~49677590~~73945393 2629.~~14720152~~41389516 ~~925~~898.~~95828888~~21883494 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 1.~~65270256~~68001333 2230.~~44292662~~28505583 2431.~~09562918~~96506916 ~~920~~889.~~27510874~~99005290 II VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-IO 31,204,000.00 8.~~33333333~~33333323 NA 8.~~33333333~~33333323 NA II M-1 24,964,000.00 2.~~26145833~~35083320 0.00000000 2.~~26145833~~35083320 1,000.00000000 II M-2 21,063,000.00 2.~~76145833~~86749988 0.00000000 2.~~76145833~~86749988 1,000.00000000 II B-1 26,524,000.00 3.~~38645833~~51333321 0.00000000 3.~~38645833~~51333321 1,000.00000000 433,693,000.00

Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 4,~~231~~791,~~141~~638.0828 4,~~231~~791,~~141~~638.0828 Aggregate Collections (HELOC125s) 34,~~778~~467,~~712~~264.7478 34,~~778~~467,~~712~~264.7478 Aggregate Collections (HEL125s) 23,~~817~~978,~~909~~507.0614 23,~~817~~978,~~909~~507.0614 Total Aggregate Collections 4,~~231~~791,~~141~~638.0828 68,~~596~~445,~~621~~771.8092 1013,~~827~~237,~~762~~410.8820 Interest Collections (HELOCs) ~~928~~901,~~477~~498.3447 ~~928~~901,~~477~~498.3447 Interest Collections (HELOC125s) 1,~~627~~575,~~348~~431.2783 1,~~627~~575,~~348~~431.2783 Interest Collections (HEL125s) 1,~~690~~802,~~764~~366.1341 1,~~690~~802,~~764~~366.1341 Total Interest Collections ~~928~~901,~~477~~498.3447 3,~~318~~377,~~112~~798.4024 4,~~246~~279,~~589~~296.7471 Principal Collections (HELOCs) 3,~~302~~890,~~663~~139.7481 3,~~302~~890,~~663~~139.7481 Principal Collections (HELOC125s) 2,~~151~~891,~~364~~832.4795 2,~~151~~891,~~364~~832.4795 Principal Collections (HEL125s) 12,~~127~~176,~~144~~140.9373 12,~~127~~176,~~144~~140.9373 Total Principal Collections 3,~~302~~890,~~663~~139.7481 35,~~278~~067,~~509~~973.4068 68,~~581~~958,~~173~~113.1449 Additional Balances Created ~~486~~646,~~732~~657.7848 ~~213~~207,~~436~~234.7250 ~~700~~853,~~169~~891.5098 Additional Balances Purchased ~~486~~646,~~732~~657.7848 ~~213~~207,~~436~~234.7250 ~~700~~853,~~169~~891.5098 Additional Balance Differential - - - Net Principal Collections 23,~~815~~243,~~930~~482.9633 34,~~065~~860,~~072~~739.6818 58,~~881~~104,~~003~~221.6451 Principal Collections Distribution Amount 23,~~815~~243,~~930~~482.9633 34,~~065~~860,~~072~~739.6818 58,~~881~~104,~~003~~221.6451 Prepayment Penalty Collections 76102,~~478~~353.6989 ~~129~~195,~~411~~427.4839 ~~205~~297,~~890~~781.1728 Recoveries ~~308.00~~- 978.39 ~~1,286~~978.39 Mortgage Loans Repurchased - - - Insurance Proceeds - - - less Servicing Fee ~~100~~101,~~893~~831.2047 ~~254~~259,~~047~~867.2441 ~~354~~361,~~940~~698.4488 Master Servicer Remittance 34,~~720~~145,~~301~~503.7922 68,~~259~~175,~~527~~075.7179 912,~~979~~320,~~829~~579.5001 Payments in Order of Priority Group I Group II Total Prepayment Penalties due to Certificateholder 76102,~~478~~353.6989 ~~129~~195,~~411~~427.4839 ~~205~~297,~~890~~781.1728 Premium due to Enhancer 2221,~~196~~680.5025 2221,~~196~~680.5025 Indenture Trustee Fee ~~252~~246.2337 ~~635~~628.1271 ~~887~~875.3508 Payment to Interest Rate Cap Counterparty 25,833.33 25,833.33 Class A Interest Distribution ~~209~~212,~~783~~836.9555 ~~646~~653,~~820~~211.2789 ~~856~~866,~~604~~048.2244 II M-1 Interest Distribution 5658,~~455~~686.0520 5658,~~455~~686.0520 II M-2 Interest Distribution 5860,~~164~~398.6015 5860,~~164~~398.6015 II B-1 Interest Distribution 8993,~~822~~187.4265 8993,~~822~~187.4265 Class A Principal Collection Distribution 23,~~815~~243,~~930~~482.9633 34,~~065~~860,~~072~~739.6818 58,~~881~~104,~~003~~221.6451 II M-1 Principal Collection Distribution - - II M-2 Principal Collection Distribution - - II B-1 Principal Collection Distribution - - Class A Liquidation Loss Distribution - ~~10,104.97~~- ~~10,104.97~~- II M-1 Liquidation Loss Distribution - - II M-2 Liquidation Loss Distribution - - II B-1 Liquidation Loss Distribution - - Class A Overcollateralization Increase ~~297~~282,~~829~~451.7392 2,~~177~~226,~~207~~963.8029 2,~~475~~509,~~037~~415.5221 II M-1 Overcollateralization Increase - - II M-2 Overcollateralization Increase - - II B-1 Overcollateralization Increase - - Other Unpaid Enhancer Expenses - - - Other Unpaid Expenses - - - Certificateholder Distribution ~~297~~282,~~829~~451.7391 - ~~297~~282,~~829~~451.7391 Total Distributions 34,~~720~~145,~~301~~503.7922 68,~~259~~175,~~527~~075.7179 912,~~979~~320,~~829~~579.5001 Excess Spread ~~595~~564,~~659~~903.4683 2,~~187~~226,~~312~~963.7729 2,~~782~~791,~~972~~867.2212

Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) ~~121~~118,~~071~~255,~~836~~905.8488 ~~121~~118,~~071~~255,~~836~~905.8488 Beginning Pool Balance (HELOC125s) ~~157~~155,~~833~~896,~~994~~066.2247 ~~157~~155,~~833~~896,~~994~~066.2247 Beginning Pool Balance (HEL125s) ~~147~~145,~~022~~885,~~696~~446.0616 ~~147~~145,~~022~~885,~~696~~446.0616 Total Beginning Pool Balance ~~121~~118,~~071~~255,~~836~~905.8488 ~~304~~301,~~856~~781,~~690~~512.2863 ~~425~~420,~~928~~037,~~527~~418.1251 Ending Pool Balance (HELOCs) ~~118~~115,~~255~~012,~~905~~423.8855 ~~118~~115,~~255~~012,~~905~~423.8855 Ending Pool Balance (HELOC125s) ~~155~~153,~~896~~211,~~066~~468.4702 ~~155~~153,~~896~~211,~~066~~468.4702 Ending Pool Balance (HEL125s) ~~145~~143,~~885~~709,~~446~~305.1643 ~~145~~143,~~885~~709,~~446~~305.1643 Total Ending Pool Balance ~~118~~115,~~255~~012,~~905~~423.8855 ~~301~~296,~~781~~920,~~512~~773.6345 ~~420~~411,~~037~~933,~~418~~197.5100 Beginning Loan Count (HELOCs) 2,~~373~~323 2,~~373~~323 Beginning Loan Count (HELOC125s) 3,~~693~~608 3,~~693~~608 Beginning Loan Count (HEL125s) 3,~~478~~452 3,~~478~~452 Total Beginning Loan Count 2,~~373~~323 7,~~171~~060 9,~~544~~383 Ending Loan Count (HELOCs) 2,~~323~~248 2,~~323~~248 Ending Loan Count (HELOC125s) 3,~~608~~589 3,~~608~~589 Ending Loan Count (HEL125s) 3,~~452~~410 3,~~452~~410 Total Ending Loan Count 2,~~323~~248 76,~~060~~999 9,~~383~~247 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) - - Current Liquidation Losses (HEL125s) ~~10,104.97~~- ~~10,104.97~~- Total Current Liquidation Losses - ~~10,104.97~~- ~~10,104.97~~- 12 Month Liquidation Losses (HELOCs) 24,106.38 24,106.38 12 Month Liquidation Losses (HELOC125s) - - 12 Month Liquidation Losses (HEL125s) 69,082.41 69,082.41 Total 12 Month Liquidation Losses 24,106.38 69,082.41 93,188.79 Aggregate Liquidation Losses (HELOCs) 24,106.38 24,106.38 Aggregate Liquidation Losses (HELOC125s) - - Aggregate Liquidation Losses (HEL125s) 69,082.41 69,082.41 Total Aggregate Liquidation Losses 24,106.38 69,082.41 93,188.79 Annulalized Group I Loss Percentage 0.00% Rolling 12-Month Loss Percentage 0.00% Cumulative Liquidation Loss Percentage 0.02%

Overcollateralization Summary Group I Group II Total Base Overcollateralization Target 4,067,519.20 23,400,522.79 27,468,041.99 180 Days Past Due, REO & Foreclosure Loans -58,300.00 NA -58,300.00 Total Overcollateralization Target Amount 4,~~067~~125,~~519~~819.20 23,400,522.79 27,~~468~~526,~~041~~341.99 Beginning Overcollateralization Amount ~~260~~558,~~444~~273.0174 1113,~~678~~855,~~560~~768.31 11 14,~~939~~414,~~004~~041.3285 Overcollateralization Increase Amount ~~297~~282,~~829~~451.7392 2,~~177~~226,~~207~~963.8029 2,~~475~~509,~~037~~415.5221 Overcollateralization Release Amount - - - Ending Overcollateralization Amount ~~558~~840,~~273~~725.7466 1316,~~855~~082,~~768~~731.1140 1416,~~414~~923,~~041~~457.8406 Group I Group II Cumulative Liquidation Loss Percentage 0.02% 0.02% Loss Test Satisfied? Yes Yes Loss Test Targets: Group I Group II Collection Periods 1 to 24 1.50% Collection Periods 25 to 48 3.35% 9.50% Collection Periods 49 to 60 4.00% 11.25% Collection Periods 61 to 84 4.50% 13.00% Collection Periods 85+ 4.50% 15.00% Senior Enhancement Percentage 2728.63% 17.75% of the Senior Enhancement Percentage 3.2536% 3-Mo. Rolling Average 60-Day Delinquency % 0.6582% Group II Delinquency Test Satisfied? Yes Annualized Interest Collections Rate 9.2015% Annulalized Group I Loss Percentage 0.00% Group I Excess Cash Rate 9.2015% Group I Initial Excess Spread Rate 5.49% Group I Excess Cash Rate Test Satisfied? Yes Balance of 3 Largest Group I Loans 1,945,468.07 Overcollateralization Targets Initial Principal Balance 127,109,974.94 312,006,970.55 Initial Target (% of Initial Principal Balance) 3.20% 7.50% Step-down Target (% of Current Balance) 6.40% 15.00% Triggered Target (% of Initial Principal Balance) 4.80% Step-down Date January 25, 2005 July 25, 2005 3-Mo. Rolling Average 90-Day Delinquency % 0.1566% Net Loan Rate 7.~~565~~561% 12.~~179~~184% Rapid Amortization Event: None Servicing Default: None 2002-1 (Copy to Trust_Final).xls

Delinquency Summary Group I Group II Group II Group II Grand HELOCs HELOC125s HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance Bankrupt 23 6294,~~359~~534.2292 1319 ~~521~~799,~~519~~440.4883 1317 ~~411~~573,~~000~~752.1763 2636 ~~932~~1,~~519~~373,193.6546 2839 ~~994~~1,~~878~~467,728.8738 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 23 6294,~~359~~534.2292 1319 ~~521~~799,~~519~~440.4883 1317 ~~411~~573,~~000~~752.1763 2636 ~~932~~1,~~519~~373,193.6546 2839 ~~994~~1,~~878~~467,728.8738 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 168 ~~623~~265,~~461~~913.4739 2030 ~~764~~1,~~575~~137,066.0569 1523 ~~610~~931,~~429~~562.8343 3553 12,~~375~~068,~~004~~629.8812 5161 12,~~998~~334,~~466~~542.3551 Bankrupt ~~1 49,929.73~~ - - 1 3750,~~008~~999.8444 12 3763,~~008~~552.8447 23 86114,~~938~~551.5791 3 114,551.91 REO - - - - - - - - - - Foreclosure - - 1- ~~46,800.00~~- - - 1- ~~46,800.00~~- 1- ~~46,800.00~~- Total 178 ~~673~~265,~~391~~913.2039 2131 ~~811~~1,~~375~~188,066.0513 1625 ~~647~~995,~~438~~114.6790 3756 12,~~458~~183,~~813~~181.7203 5464 2,~~132~~449,~~204~~094.9242 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 45 ~~189~~217,~~780~~747.5105 149 ~~639~~312,~~441~~005.6863 47 ~~201~~286,~~814~~157.5958 1816 ~~841~~598,~~256~~163.2721 2221 1815,~~031,036~~910.7826 Bankrupt 1 ~~390~~49,~~000~~929.0073 23 76146,~~123~~759.3693 32 9680,~~340~~773.0266 5 ~~172~~227,~~463~~533.3859 6 ~~562~~277,463.3832 REO - - - - - - - - - - Foreclosure - - -1 -46,800.00 - - -1 -46,800.00 -1 -46,800.00 Total 56 ~~579~~267,~~780~~676.5178 1613 ~~715~~505,565.0456 79 ~~298~~366,~~154~~931.6124 2322 1872,~~013,719~~496.6580 28 1,~~593~~140,~~500~~173.1658 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 23 ~~103~~143,~~263~~380.4051 611 ~~374~~511,~~189~~480.8687 12 2864,~~000~~497.0064 713 ~~402~~575,~~189~~978.8651 916 ~~505~~719,~~453~~359.2602 Bankrupt 12 52436,~~543~~400.9300 31 ~~102~~33,~~616~~263.0243 13 1796,~~866~~340.5502 4 ~~120~~129,~~482~~603.5745 56 ~~173~~566,~~026~~003.5045 REO - - - - - - - - - - Foreclosure - - -1 -80,200.00 -1 -69,694.38 -2 -149,894.38 -2 -149,894.38 Total 35 ~~155~~579,~~807~~780.3351 913 ~~476~~624,~~805~~944.8830 26 45230,~~866~~532.5504 1119 ~~522~~855,~~672~~476.4334 1424 ~~678~~1,~~479~~435,256.7685 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 1 1944,~~999~~963.2140 23 88123,~~961~~949.0130 ~~1 59,897.17~~ 3 ~~148~~123,~~858~~949.1830 4 168,~~857~~912.3970 Bankrupt -1 -52,543.93 35 ~~138~~248,~~900~~766.0072 12 1845,~~420~~866.7055 47 ~~157~~294,~~320~~633.7027 48 ~~157~~347,~~320~~177.7020 REO - - - - - - ~~- - - -~~ Foreclosure ~~- -~~ 1 6858,~~966~~300.3600 - - 1- ~~68,966.36~~- 1 6858,~~966~~300.3600 Total 13 19155,~~999~~807.2133 68 ~~296~~372,~~827~~716.3702 2 7845,~~317~~866.8755 810 ~~375~~418,~~145~~582.2457 913 ~~395~~574,~~144~~389.4590 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent -1 -19,999.21 -2 -88,961.01 - - -2 -88,961.01 -3 -108,960.22 Bankrupt - - -2 -105,000.00 -1 -18,420.70 -3 -123,420.70 -3 -123,420.70 REO - - - - - - - - - - Foreclosure - - -1 -68,966.36 - - -1 -68,966.36 -1 -68,966.36 Total -1 -19,999.21 -5 -262,927.37 -1 -18,420.70 -6 -281,348.07 -7 -301,347.28 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - Bankrupt - - - - - - - - - - REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total - - - - - - - - - - Total Bankrupt 57 ~~554~~633,~~832~~408.8858 2131 ~~839~~1,~~158~~384,230.8635 1927 ~~580~~878,~~636~~706.2803 4058 12,~~419~~262,~~795~~936.1438 4565 12,~~974~~896,~~628~~344.0296 Total REO - - - - - - - - - - Total Foreclosure -1 -58,300.00 23 ~~115~~195,~~766~~966.36 -1 -69,694.38 24 ~~115~~265,~~766~~660.3674 25 ~~115~~323,~~766~~960.3674

Filing Compare · BEAR STEARNS ASSET BACKED SEC IRWIN HM EQ LN TR 2002-1