8-K 1 irw0300b_sep.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, 2003 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Notes., Series 2003-B Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-02 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 September 25, 2003 a distribution was made to holders of IRWIN HOME EQUITY LOAN TRUST, Home Equity Loan-Backed Notes., Series 2003-B Trust. 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 2003-B Trust, relating to the September 25, 2003 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 Home Equity Loan-Backed Notes., Series 2003-B Trust By: Wells Fargo Bank Minnesota, N.A., as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 10/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes., Series 2003-B Trust, relating to the September 25, 2003 distribution. EX-99.1

IRWIN HOME EQUITY LOAN TRUST Home Equity Loan-Backed Notes Record Date: 78/31/03 Distribution Date: 89/25/03 IRWIN Series: 2003-B Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution AIO 464187AU7 SUB 10.00000% 0.00 220,708.33 0.00 IA 464187AR4 SEN 1.~~47500~~48500% 6460,~~169~~028,~~493~~260.9204 8176,~~504~~761.1714 43,~~141~~410,~~233~~204.8853 IIA1 464187AS2 SEN 1.~~31000~~32000% 7469,~~583~~069,~~041~~105.4990 8478,~~133~~508.8155 5,~~513~~010,~~935~~087.5845 IIA2 464187AT0 SEN 1.~~70000~~71000% 65,562,000.00 9596,~~975~~540.4804 0.00 IVFN IRW03BVFN SUB 1.~~37000~~38000% 0.00 0.00 0.00 M 464187AV5 MEZ 3.~~10000~~11000% 15,960,000.00 42,~~604~~741.3377 0.00 B 464187AW3 SUB 5.~~10000~~11000% 19,285,000.00 84,~~693~~859.2936 0.00 OC IRW03B0C SUB 0.00000% 23,~~705~~614,~~708~~202.3096 0.00 0.00 X1 IRW03BX1 SUB 0.00000% 21,~~438~~844,~~131~~217.2789 0.00 ~~593~~236,~~913~~397.3866 C IRW03BCRT SUB 0.00000% 0.00 0.00 0.00 Totals ~~244~~235,~~703~~362,~~374~~786.9879 ~~609~~600,~~619~~119.4119 108,~~249~~656,~~082~~689.8464

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses AIO 0.00 0.00 220,708.33 0.00 IA 0.00 6056,~~028~~618,~~260~~055.0451 43,~~222~~486,~~738~~965.0567 0.00 IIA1 0.00 6964,~~069~~059,~~105~~018.9045 5,~~598~~088,~~069~~596.3900 0.00 IIA2 0.00 65,562,000.00 9596,~~975~~540.4804 0.00 IVFN 0.00 0.00 0.00 0.00 M 0.00 15,960,000.00 42,~~604~~741.3377 0.00 B 0.00 19,285,000.00 84,~~693~~859.2936 0.00 OC 0.00 34,~~614~~441,~~202~~247.9690 0.00 0.00 X1 0.00 1,~~844~~607,~~217~~820.8923 ~~593~~236,~~913~~397.3866 0.00 C 0.00 0.00 0.00 0.00 Totals 0.00 ~~235~~227,~~362~~533,~~786~~142.7909 109,~~858~~256,~~702~~808.2583 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) AIO 0.00 0.00 0.00 0.00 0.00 0.00 IA 75,559,000.00 6460,~~169~~028,~~493~~260.9204 0.00 43,~~141~~410,~~233~~204.8853 0.00 0.00 IIA1 88,484,000.00 7469,~~583~~069,~~041~~105.4990 0.00 5,~~513~~010,~~935~~087.5845 0.00 0.00 IIA2 65,562,000.00 65,562,000.00 0.00 0.00 0.00 0.00 IVFN 0.00 0.00 0.00 0.00 0.00 0.00 M 15,960,000.00 15,960,000.00 0.00 0.00 0.00 0.00 B 19,285,000.00 19,285,000.00 0.00 0.00 0.00 0.00 OC 0.01 23,~~705~~614,~~708~~202.3096 0.00 0.00 0.00 0.00 X1 5,650,500.00 21,~~438~~844,~~131~~217.2789 0.00 ~~593~~236,~~913~~397.3866 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~244~~235,~~703~~362,~~374~~786.9879 0.00 108,~~249~~656,~~082~~689.8464 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution AIO 0.00 0.00 0.00000000 0.00 IA 43,~~141~~410,~~233~~204.8853 6056,~~028~~618,~~260~~055.0451 0.~~79445546~~74932246 43,~~141~~410,~~233~~204.8853 IIA1 5,~~513~~010,~~935~~087.5845 6964,~~069~~059,~~105~~018.9045 0.~~78058300~~72396160 5,~~513~~010,~~935~~087.5845 IIA2 0.00 65,562,000.00 1.00000000 0.00 IVFN 0.00 0.00 0.00000000 0.00 M 0.00 15,960,000.00 1.00000000 0.00 B 0.00 19,285,000.00 1.00000000 0.00 OC 0.00 34,~~614~~441,~~202~~247.~~9420~~91 24,~~296~~790.00000000 0.00 X1 ~~593~~236,~~913~~397.3866 1,~~844~~607,~~217~~820.8923 0.~~32638136~~28454477 ~~593~~236,~~913~~397.3866 C 0.00 0.00 0.00000000 0.00 Totals 108,~~249~~656,~~082~~689.8464 ~~235~~227,~~362~~533,~~786~~142.7909 0.~~87010112~~84115609 108,~~249~~656,~~082~~689.8464

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 IA 75,559,000.00 ~~849~~794.~~26340899~~45545918 0.00000000 5445.~~80794981~~13300242 0.00000000 IIA1 88,484,000.00 ~~842~~780.~~89861998~~58299693 0.00000000 6256.~~31562294~~62139426 0.00000000 IIA2 65,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 IVFN 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M 15,960,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 19,285,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 OC 0.01 0.00000000 0.00000000 0.00000000 0.00000000 X1 5,650,500.00 ~~431~~326.~~48947350~~38136271 0.00000000 ~~105~~41.~~10811079~~83659145 0.00000000 C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution AIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 IA 0.00000000 5445.~~80794981~~13300242 ~~794~~749.~~45545918~~32245676 0.~~79445546~~74932246 5445.~~80794981~~13300242 IIA1 0.00000000 6256.~~31562294~~62139426 ~~780~~723.~~58299693~~96160266 0.~~78058300~~72396160 6256.~~31562294~~62139426 IIA2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 IVFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 OC 0.00000000 0.00000000 0.~~00000000361420296~~00000000 1414790.00000000 0.00000000 X1 0.00000000 ~~105~~41.~~10811079~~83659145 ~~326~~284.~~38136271~~54477126 0.~~32638136~~28454477 ~~105~~41.~~10811079~~83659145 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall AIO 0.00 10.00000% 26,485,000.00 220,708.33 0.00 0.00 IA 75,559,000.00 1.~~47500~~48500% 6460,~~169~~028,~~493~~260.9204 8176,~~504~~761.1714 0.00 0.00 IIA1 88,484,000.00 1.~~31000~~32000% 7469,~~583~~069,~~041~~105.4990 8478,~~133~~508.8155 0.00 0.00 IIA2 65,562,000.00 1.~~70000~~71000% 65,562,000.00 9596,~~975~~540.4805 0.00 0.00 IVFN 0.00 1.~~37000~~38000% 0.00 0.00 0.00 0.00 M 15,960,000.00 3.~~10000~~11000% 15,960,000.00 42,~~604~~741.3377 0.00 0.00 B 19,285,000.00 5.~~10000~~11000% 19,285,000.00 84,~~693~~859.2936 0.00 0.00 OC 0.01 0.00000% 23,~~705~~614,~~708~~202.3096 0.00 0.00 0.00 X1 5,650,500.00 0.00000% 21,~~438~~844,~~131~~217.2789 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~609~~600,~~619~~119.4120 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance AIO 0.00 0.00 220,708.33 0.00 26,485,000.00 IA 0.00 0.00 8176,~~504~~761.1714 0.00 6056,~~028~~618,~~260~~055.0451 IIA1 0.00 0.00 8478,~~133~~508.8155 0.00 6964,~~069~~059,~~105~~018.9045 IIA2 0.00 0.00 9596,~~975~~540.4804 0.00 65,562,000.00 IVFN 0.00 0.00 0.00 0.00 0.00 M 0.00 0.00 42,~~604~~741.3377 0.00 15,960,000.00 B 0.00 0.00 84,~~693~~859.2936 0.00 19,285,000.00 OC 0.00 0.00 0.00 0.00 34,~~614~~441,~~202~~247.9690 X1 0.00 0.00 0.00 0.00 1,~~844~~607,~~217~~820.8923 C 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~609~~600,~~619~~119.4119 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall AIO 0.00 10.00000% 1000.00000000 8.33333321 0.00000000 0.00000000 IA 75,559,000.00 1.~~47500~~48500% ~~849~~794.~~26340899~~45545918 1.~~07868249~~01590995 0.00000000 0.00000000 IIA1 88,484,000.00 1.~~31000~~32000% ~~842~~780.~~89861998~~58299693 0.~~95083642~~88726267 0.00000000 0.00000000 IIA2 65,562,000.00 1.~~70000~~71000% 1000.00000000 1.~~46388884~~47250008 0.00000000 0.00000000 IVFN 0.00 1.~~37000~~38000% 0.00000000 0.00000000 0.00000000 0.00000000 M 15,960,000.00 3.~~10000~~11000% 1000.00000000 2.~~66944424~~67805576 0.00000000 0.00000000 B 19,285,000.00 5.~~10000~~11000% 1000.00000000 4.~~39166658~~40027794 0.00000000 0.00000000 OC 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X1 5,650,500.00 0.00000% ~~431~~326.~~48947350~~38136271 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance AIO 0.00000000 0.00000000 8.33333321 0.00000000 1000.00000000 IA 0.00000000 0.00000000 1.~~07868249~~01590995 0.00000000 ~~794~~749.~~45545918~~32245676 IIA1 0.00000000 0.00000000 0.~~95083642~~88726267 0.00000000 ~~780~~723.~~58299693~~96160266 IIA2 0.00000000 0.00000000 1.~~46388884~~47249992 0.00000000 1000.00000000 IVFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 2.~~66944424~~67805576 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~39166658~~40027794 0.00000000 1000.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X1 0.00000000 0.00000000 0.00000000 0.00000000 ~~326~~284.~~38136271~~54477126 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 119,~~105~~722,~~458~~585.2567 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(228,355.00) Prepayment Penalties 0.00 Total Deposits 119,~~105~~494,~~458~~230.2567 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~246~~237,~~756~~421.0084 Payment of Interest and Principal 109,~~858~~256,~~702~~808.2583 Total Withdrawals (Pool Distribution Amount) 119,~~105~~494,~~458~~230.2567 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~208~~201,~~617~~085.2943 AMBAC ASSURANCE CORP. 3836,~~138~~336.7141 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~246~~237,~~756~~421.0084

~~LOAN~~COLLATERAL ~~STATUS STRATIFICATION/CREDIT ENHANCEMENT~~ STATEMENT ~~DELINQUENCY~~Collateral ~~STATUS~~Description ~~DELINQUENT~~Fixed ~~BANKRUPTCY~~& ~~FORECLOSURE~~Mixed ~~REO~~ARM ~~Total~~Weighted NoAverage ofGross ~~Loans~~Coupon No10.942199% ofWeighted ~~Loans~~Average NoNet ofCoupon ~~Loans~~9.908865% NoWeighted ofAverage ~~Loans~~Pass-Through NoRate of9.722141% ~~Loans~~Weighted ~~Principal~~Average ~~Balance~~Maturity(Stepdown ~~Principal~~Calculation ~~Balance~~) ~~Principal~~0 ~~Balance~~Beginning ~~Principal~~Scheduled ~~Balance~~Collateral ~~Principal~~Loan ~~Balance~~Count ~~0-29~~4,997 ~~Days~~Number 16Of 2Loans 0Paid 18In ~~686,239.84~~Full ~~45,860.88~~152 ~~0.00~~Ending ~~732,100.72~~Scheduled 30Collateral ~~Days~~Loan 33Count 14,842 0Beginning 0Scheduled 34Collateral ~~1,301,784.40~~Balance 35233,~~813.20 0.00 0.00 1~~518,~~337,597~~568.6091 60Ending ~~Days~~Scheduled 8Collateral 6Balance ~~0 0 14 405~~225,~~444.92 226~~925,~~230~~321.7086 ~~0.00~~Ending ~~0.00~~Actual ~~631,675.62~~Collateral 90Balance ~~Days~~at 731-Aug-2003 ~~3 2 0 12 307~~225,~~823.21 117~~925,~~776~~321.0286 ~~163,862.07~~Monthly ~~0.00~~P ~~589,461.30~~&I ~~120~~Constant ~~Days 2 3 1~~ 0 ~~6 81,912~~.~~78 94,856.11 56,798.74 0.~~00 ~~233,567.63~~Special ~~150~~Servicing ~~Days~~Fee ~~4 2 1~~ 0 ~~7 139,570~~.5600 ~~87,084.51~~Prepayment ~~44,424.96~~Penalties 0.00 ~~271,080.03~~Realized ~~180+~~Loss ~~Days~~Amount 0 ~~0 0 0 0 0~~.00 ~~0.00~~Cumulative ~~0.00~~Realized ~~0.00~~Loss 0.00 ~~Totals~~Scheduled 54Principal ~~31 6 0 91 2~~15,~~236,535~~185.8707 ~~1,248,000.38~~Unscheduled ~~310,946.65~~Principal ~~0.00 3~~7,~~795~~677,~~482~~804.90 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.320192% 0.040024% 0.000000% 0.360216% 0.293869% 0.019639% 0.000000% 0.313509% 30 Days 0.660396% 0.020012% 0.000000% 0.000000% 0.680408% 0.557465% 0.015336% 0.000000% 0.000000% 0.572801% 60 Days 0.160096% 0.120072% 0.000000% 0.000000% 0.280168% 0.173624% 0.096879% 0.000000% 0.000000% 0.270503% 90 Days 0.140084% 0.060036% 0.040024% 0.000000% 0.240144% 0.131820% 0.050435% 0.070171% 0.000000% 0.252426% 120 Days 0.040024% 0.060036% 0.020012% 0.000000% 0.120072% 0.035078% 0.040620% 0.024323% 0.000000% 0.100021% 150 Days 0.080048% 0.040024% 0.020012% 0.000000% 0.140084% 0.059769% 0.037292% 0.019024% 0.000000% 0.116085% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.080648% 0.620372% 0.120072% 0.000000% 1.821093% 0.957755% 0.534433% 0.133157% 0.000000% 1.625345%54

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 11.865827% Weighted Average Net Coupon 10.832493% Weighted Average Pass-Through Rate 10.643583% Weighted Average Maturity(Stepdown Calculation ) 229 Beginning Scheduled Collateral Loan Count 5,163 Number Of Loans Paid In Full 166 Ending Scheduled Collateral Loan Count 4,997 Beginning Scheduled Collateral Balance 242,265,243.71 Ending Scheduled Collateral Balance 233,518,568.91 Ending Actual Collateral Balance at 31-Jul-2003 233,518,568.91 Monthly P &I Constant 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 16,794.09 Unscheduled Principal 9,016,055.59

High LTV Liquidation Losses $36,780.80 High LTV Cumulative Liquidation Losses $36,780.80 Home Equity Liquidation Losses $0.00 Home Equity Cumulative Liquidation Losses $0.00 HELOC Liquidation Losses $0.00 HELOC Cumulative Liquidation Losses $0.00

Miscellaneous Reporting Current Period Additional Balances $322,955.68 Excess Spread $1,539,188.84 Required OC Amount $10,594,021.57 OC Amount $3,614,202.96 Loss Test FALSE Delinquency Test FALSE

Filing Compare · IRWIN HOME EQUITY LOAN BACK NOTES SERIES 2003 B