8-K 1 irw02001.txt DECEMBER 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): December 26, 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 December 26, 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 December 26, 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: 1/09/03 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 December 26, 2002 distribution.

Home Equity Loan-Backed Notes, Series 2002-1 Irwin Home Equity Loan Trust 2002-1 Master Servicer Certificate Payment Date: ~~November~~December 2526, 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 21.~~10000~~65000% ~~117~~114,~~697~~171,~~632~~697.1489 ~~212~~162,~~836~~218.5595 3,~~525~~251,~~934~~631.2563 3,~~738~~413,~~770~~850.8058 ~~114~~110,~~171~~920,~~697~~066.8926 I VFN 21.~~10000~~65000% - - - - - II A-1 21.~~12000~~67000% ~~215~~208,~~374~~287,~~744~~042.5205 ~~393~~299,~~178~~528.5634 76,~~087~~210,~~702~~478.4757 76,~~480~~510,~~881~~006.0391 ~~208~~202,~~287~~076,~~042~~563.0548 II VFN 21.~~12000~~67000% - - - - - 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.~~7300~~2800% 24,964,000.00 5849,~~686~~012.2065 - 5849,~~686~~012.2065 24,964,000.00 II M-2 32.~~3300~~8800% 21,063,000.00 6052,~~398~~236.1524 - 6052,~~398~~236.1524 21,063,000.00 II B-1 43.~~0800~~6300% 26,524,000.00 9382,~~187~~909.6560 - 9382,~~187~~909.6560 26,524,000.00 Total ~~405~~395,~~623~~009,~~376~~739.6694 1905,~~078,320~~939.4411 109,~~613~~462,~~636~~110.7220 1110,~~691~~368,~~957~~049.1631 ~~395~~385,~~009~~547,~~739~~629.9474 (1) Class A-IO Note Balance is Notional LIBOR 1.~~83000~~38000% Interest Period Begin 1011/25/2002 Interest Period End 1112/2425/2002 Number of Interest Accrual Days: 31 Days in Collection Period: 3130 Prepayment Beginning Penalty Excess Spread Release of Over Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 1416,~~414~~923,~~041~~457.8506 ~~297~~275,~~781~~149.2848 ~~282~~237,~~451~~437.9167 - ~~580~~512,~~233~~587.1915 1619,~~923~~034,~~457~~380.0603 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.~~67444123~~27621923 2725.~~73945393~~58144293 2926.~~41389516~~85766216 ~~898~~872.~~21883494~~63739200 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 1.~~68001333~~27985515 3026.~~28505583~~53676435 3127.~~96506916~~81661949 ~~889~~863.~~99005290~~45328855 II VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-IO 31,204,000.00 8.33333323 NA 8.33333323 NA II M-1 24,964,000.00 21.~~35083320~~96333320 0.00000000 21.~~35083320~~96333320 1,000.00000000 II M-2 21,063,000.00 2.~~86749988~~48000000 0.00000000 2.~~86749988~~48000000 1,000.00000000 II B-1 26,524,000.00 3.~~51333321~~12583321 0.00000000 3.~~51333321~~12583321 1,000.00000000 433,693,000.00

Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 4,~~791~~176,~~638~~660.2853 4,~~791~~176,~~638~~660.2853 Aggregate Collections (HELOC125s) 43,~~467~~817,~~264~~558.7897 43,~~467~~817,~~264~~558.7897 Aggregate Collections (HEL125s) 3,~~978~~614,~~507~~941.1486 3,~~978~~614,~~507~~941.1486 Total Aggregate Collections 4,~~791~~176,~~638~~660.2853 87,~~445~~432,~~771~~500.9283 1311,~~237~~609,~~410~~161.2036 Interest Collections (HELOCs) ~~901~~751,~~498~~890.4760 ~~901~~751,~~498~~890.4760 Interest Collections (HELOC125s) 1,~~575~~342,~~431~~395.8365 1,~~575~~342,~~431~~395.8365 Interest Collections (HEL125s) 1,~~802~~564,~~366~~637.4160 1,~~802~~564,~~366~~637.4160 Total Interest Collections ~~901~~751,~~498~~890.4760 32,~~377~~907,~~798~~033.2425 43,~~279~~658,~~296~~923.7185 Principal Collections (HELOCs) 3,~~890~~424,~~139~~769.8193 3,~~890~~424,~~139~~769.8193 Principal Collections (HELOC125s) 2,~~891~~475,~~832~~163.9532 2,~~891~~475,~~832~~163.9532 Principal Collections (HEL125s) 2,~~176~~050,~~140~~304.7326 2,~~176~~050,~~140~~304.7326 Total Principal Collections 3,~~890~~424,~~139~~769.8193 54,~~067~~525,~~973~~467.6858 87,~~958~~950,~~113~~237.4951 Additional Balances Created ~~646~~410,~~657~~575.4898 ~~207~~205,~~234~~394.5060 ~~853~~615,~~891~~970.9858 Additional Balances Purchased ~~646~~410,~~657~~575.4898 ~~207~~205,~~234~~394.5060 ~~853~~615,~~891~~970.9858 Additional Balance Differential - - - Net Principal Collections 3,~~243~~014,~~482~~193.3395 4,~~860~~320,~~739~~072.1898 87,~~104~~334,~~221~~266.5193 Principal Collections Distribution Amount 3,~~243~~014,~~482~~193.3395 4,~~860~~320,~~739~~072.1898 87,~~104~~334,~~221~~266.5193 Prepayment Penalty Collections ~~102~~93,~~353~~513.8975 ~~195~~181,~~427~~635.3973 ~~297~~275,~~781~~149.2848 Recoveries -308.00 978.39 ~~978~~1,286.39 Mortgage Loans Repurchased - - - Insurance Proceeds - - - less Servicing Fee ~~101~~95,~~831~~843.4769 ~~259~~247,~~867~~433.4198 ~~361~~343,~~698~~277.8867 Master Servicer Remittance 43,~~145~~764,~~503~~062.2261 87,~~175~~162,~~075~~286.7937 1210,~~320~~926,~~579~~348.0198 Payments in Order of Priority Group I Group II Total Prepayment Penalties due to Certificateholder ~~102~~93,~~353~~513.8975 ~~195~~181,~~427~~635.3973 ~~297~~275,~~781~~149.2848 Premium due to Enhancer 2119,~~680~~021.2500 2119,~~680~~021.2500 Indenture Trustee Fee ~~246~~239.3761 ~~628~~618.7158 ~~875~~858.0819 Payment to Interest Rate Cap Counterparty 25,833.33 25,833.33 Class A Interest Distribution ~~212~~162,~~836~~218.5595 ~~653~~559,~~211~~561.8967 ~~866~~721,~~048~~780.4462 II M-1 Interest Distribution 5849,~~686~~012.2065 5849,~~686~~012.2065 II M-2 Interest Distribution 6052,~~398~~236.1524 6052,~~398~~236.1524 II B-1 Interest Distribution 9382,~~187~~909.6560 9382,~~187~~909.6560 Class A Principal Collection Distribution 3,~~243~~014,~~482~~193.3395 4,~~860~~320,~~739~~072.1898 87,~~104~~334,~~221~~266.5193 II M-1 Principal Collection Distribution - - II M-2 Principal Collection Distribution - - II B-1 Principal Collection Distribution - - Class A Liquidation Loss Distribution - -16,920.30 -16,920.30 II M-1 Liquidation Loss Distribution - - II M-2 Liquidation Loss Distribution - - II B-1 Liquidation Loss Distribution - - Class A Overcollateralization Increase ~~282~~237,~~451~~437.9268 21,~~226~~873,~~963~~485.29 2,~~509~~110,~~415~~922.2197 II M-1 Overcollateralization Increase - - II M-2 Overcollateralization Increase - - II B-1 Overcollateralization Increase - - Other Unpaid Enhancer Expenses - - - Other Unpaid Expenses - - - Certificateholder Distribution ~~282~~237,~~451~~437.9167 - ~~282~~237,~~451~~437.9167 Total Distributions 43,~~145~~764,~~503~~062.2261 87,~~175~~162,~~075~~286.7937 1210,~~320~~926,~~579~~348.0198 Excess Spread ~~564~~474,~~903~~875.8335 21,~~226~~890,~~963~~405.2959 2,~~791~~365,~~867~~280.1294

Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) ~~118~~115,~~255~~012,~~905~~423.8855 ~~118~~115,~~255~~012,~~905~~423.8855 Beginning Pool Balance (HELOC125s) ~~155~~153,~~896~~211,~~066~~468.4702 ~~155~~153,~~896~~211,~~066~~468.4702 Beginning Pool Balance (HEL125s) ~~145~~143,~~885~~709,~~446~~305.1643 ~~145~~143,~~885~~709,~~446~~305.1643 Total Beginning Pool Balance ~~118~~115,~~255~~012,~~905~~423.8855 ~~301~~296,~~781~~920,~~512~~773.6345 ~~420~~411,~~037~~933,~~418~~197.5100 Ending Pool Balance (HELOCs) ~~115~~111,~~012~~998,~~423~~229.5560 ~~115~~111,~~012~~998,~~423~~229.5560 Ending Pool Balance (HELOC125s) ~~153~~150,~~211~~941,~~468~~699.0230 ~~153~~150,~~211~~941,~~468~~699.0230 Ending Pool Balance (HEL125s) ~~143~~141,~~709~~642,~~305~~080.4387 ~~143~~141,~~709~~642,~~305~~080.4387 Total Ending Pool Balance ~~115~~111,~~012~~998,~~423~~229.5560 ~~296~~292,~~920~~583,~~773~~780.4517 ~~411~~404,~~933~~582,~~197~~009.0077 Beginning Loan Count (HELOCs) 2,~~323~~248 2,~~323~~248 Beginning Loan Count (HELOC125s) 3,~~608~~589 3,~~608~~589 Beginning Loan Count (HEL125s) 3,~~452~~410 3,~~452~~410 Total Beginning Loan Count 2,~~323~~248 76,~~060~~999 9,~~383~~247 Ending Loan Count (HELOCs) 2,~~248~~185 2,~~248~~185 Ending Loan Count (HELOC125s) 3,~~589~~545 3,~~589~~545 Ending Loan Count (HEL125s) 3,~~410~~362 3,~~410~~362 Total Ending Loan Count 2,~~248~~185 6,~~999~~907 9,~~247~~092 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) - - Current Liquidation Losses (HELOC125s) - - Current Liquidation Losses (HEL125s) -16,920.30 -16,920.30 Total Current Liquidation Losses - -16,920.30 -16,920.30 12 Month Liquidation Losses (HELOCs) 24,106.38 24,106.38 12 Month Liquidation Losses (HELOC125s) - - 12 Month Liquidation Losses (HEL125s) 6986,~~082~~002.4171 6986,~~082~~002.4171 Total 12 Month Liquidation Losses 24,106.38 6986,~~082~~002.4171 93110,~~188~~109.7909 Aggregate Liquidation Losses (HELOCs) 24,106.38 24,106.38 Aggregate Liquidation Losses (HELOC125s) - - Aggregate Liquidation Losses (HEL125s) 6986,~~082~~002.4171 6986,~~082~~002.4171 Total Aggregate Liquidation Losses 24,106.38 6986,~~082~~002.4171 93110,~~188~~109.7909 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 58468,~~300~~299.0021 NA 58468,~~300~~299.0021 Total Overcollateralization Target Amount 4,~~125~~535,~~819~~818.2041 23,400,522.79 27,~~526~~936,341.9920 Beginning Overcollateralization Amount ~~558~~840,~~273~~725.7466 1316,~~855~~082,~~768~~731.1140 1416,~~414~~923,~~041~~457.8506 Overcollateralization Increase Amount ~~282~~237,~~451~~437.9268 21,~~226~~873,~~963~~485.29 2,~~509~~110,~~415~~922.2197 Overcollateralization Release Amount - - - Ending Overcollateralization Amount ~~840~~1,~~725~~078,163.6634 1617,~~082~~956,~~731~~216.4069 1619,~~923~~034,~~457~~380.0603 Group I Group II Cumulative Liquidation Loss Percentage 0.02% 0.0203% 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 2829.6385% 17.75% of the Senior Enhancement Percentage 3.3651% 3-Mo. Rolling Average 60-Day Delinquency % 01.8206% Group II Delinquency Test Satisfied? Yes Annualized Interest Collections Rate 97.1584% Annulalized Group I Loss Percentage 0.00% Group I Excess Cash Rate 97.1584% 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 % 0.6670% Net Loan Rate 7.561% 12.184% 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 37 94269,~~534~~542.9233 1916 ~~799~~652,~~440~~230.8385 1719 ~~573~~606,~~752~~194.6315 3635 1,~~373~~258,~~193~~425.4600 3942 1,~~467~~527,~~728~~967.3833 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 37 94269,~~534~~542.9233 1916 ~~799~~652,~~440~~230.8385 1719 ~~573~~606,~~752~~194.6315 3635 1,~~373~~258,~~193~~425.4600 3942 1,~~467~~527,~~728~~967.3833 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 818 ~~265~~968,~~913~~638.3978 3047 1,~~137~~899,~~066~~034.6907 2322 ~~931~~969,~~562~~207.4378 5369 2,~~068~~868,~~629~~241.1285 6187 23,~~334~~836,~~542~~880.5163 Bankrupt - - 12 5072,~~999~~615.4481 2 6399,~~552~~496.4743 34 ~~114~~172,~~551~~112.9124 34 ~~114~~172,~~551~~112.9124 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 818 ~~265~~968,~~913~~638.3978 3149 1,~~188~~971,~~066~~649.1388 2524 ~~995~~1,~~114~~068,704.9021 5673 3,040,354.09 91 4,008,992.87 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 2 60,~~183~~760.38 8 376,~~181~~552.26 7 238,837.39 15 615,389.65 17 676,150.03 64Bankrupt - - 2 110,~~449~~999.44 6 190,~~094~~155.4246 8 301,154.90 8 301,154.90 REO - - - - - - - - - - Foreclosure - - - - - - - - - - Total 2 60,760.38 10 487,551.70 13 428,992.85 23 916,544.55 25 977,304.93 90 - 89119 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 51 ~~217~~29,~~747~~549.0543 96 ~~312~~196,~~005~~710.6382 73 ~~286~~185,~~157~~893.58 169 ~~598~~382,~~163~~604.2140 2110 ~~815~~412,~~910~~153.2683 Bankrupt 1 49,929.73 3 146,759.93 23 8084,~~773~~688.6644 56 ~~227~~231,~~533~~448.5937 67 ~~277~~281,~~463~~378.3210 REO - - - - - - - - - - Foreclosure - - 1 46,800.00 - - 1 46,800.00 1 46,800.00 Total 62 ~~267~~79,~~676~~479.7816 1310 ~~505~~390,~~565~~270.5675 96 ~~366~~270,~~931~~582.2402 2216 ~~872~~660,~~496~~852.8077 2818 1740,~~140,173~~331.5893 90120 - ~~119~~149 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 3 143,380.51 119 ~~511~~440,~~480~~780.87 24 64130,~~497~~214.6412 13 ~~575~~570,~~978~~994.5199 16 ~~719~~714,~~359~~375.0250 Bankrupt 21 ~~436~~46,400.00 13 33107,~~263~~863.43 31 9630,~~340~~623.0254 4 ~~129~~138,~~603~~486.4597 65 ~~566~~184,~~003~~886.4597 REO - - - - - - ~~- - - -~~ Foreclosure -1 -390,000.00 1 80,200.00 1 69,694.38 2 149,894.38 23 ~~149~~539,894.38 Total 5 579,780.51 13 ~~624~~628,~~944~~844.30 6 230,532.04 19 ~~855~~859,~~476~~376.34 24 1,~~435~~439,~~256~~156.85 ~~120~~150 - ~~149~~179 Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 1 44,963.40 34 ~~123~~164,~~949~~916.3002 34 ~~123~~164,~~949~~916.3002 45 ~~168~~209,~~912~~879.7042 Bankrupt 1- ~~52,543.93~~- 53 ~~248~~173,~~766~~900.7200 2 45,866.55 75 ~~294~~219,~~633~~766.2755 85 ~~347~~219,~~177~~766.2055 REO - - - - - - Foreclosure 1 58,300.00 - - ~~- -~~ 1 58,300.00 Total 32 ~~155~~103,~~807~~263.3340 87 ~~372~~338,~~716~~816.02 2 45,866.55 109 ~~418~~384,~~582~~682.57 1311 ~~574~~487,~~389~~945.9097 ~~150~~180 -or ~~179~~More Days Past Due # Balance # Balance # Balance # Balance # Balance Delinquent 1 19,999.21 23 88153,~~961~~990.01 - - 23 88153,~~961~~990.01 34 ~~108~~173,~~960~~989.22 Bankrupt - - 21 ~~105~~39,~~000~~971.00 1 18,420.70 32 ~~123~~58,~~420~~391.70 32 ~~123~~58,~~420~~391.70 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 79 ~~633~~365,~~408~~872.5806 3130 1,~~384~~304,~~230~~340.3546 2734 ~~878~~1,~~706~~075,445.0327 5864 2,~~262~~379,~~936~~785.3873 6573 2,~~896~~745,~~344~~657.9679 Total REO - - - - - - - - - - Total Foreclosure 12 58448,300.00 3 195,966.36 1 69,694.38 4 265,660.74 56 ~~323~~713,960.74

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