8-K 1 irw0300b.txt OCTOBER 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): October 27, 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 October 27, 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 October 27, 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 as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 11/3/03 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 October 27, 2003 distribution. EX-99.1

IRWIN ~~HOME EQUITY LOAN TRUST~~ Home Equity Loan-Backed Notes Record Date: 89/3130/03 Distribution Date: 910/2527/03 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.~~48500~~49500% 6056,~~028~~618,~~260~~055.0451 7675,~~761~~239.1410 34,~~410~~564,~~204~~357.5385 IIA1 464187AS2 SEN 1.~~32000~~33000% 6964,~~069~~059,~~105~~018.9045 7875,~~508~~732.5500 5,~~010~~438,~~087~~227.4542 IIA2 464187AT0 SEN 1.~~71000~~72000% 65,562,000.00 96100,~~540~~237.0401 0.00 IVFN IRW03BVFN SUB 1.~~38000~~39000% 0.00 0.00 0.00 M 464187AV5 MEZ 3.~~11000~~12000% 15,960,000.00 4244,~~741~~262.7740 0.00 B 464187AW3 SUB 5.~~11000~~12000% 19,285,000.00 8487,~~859~~768.3618 0.00 OC IRW03B0C SUB 0.00000% 34,~~614~~441,~~202~~247.9690 0.00 0.00 X1 IRW03BX1 SUB 0.00000% 1,~~844~~607,~~217~~820.8923 0.00 ~~236~~338,~~397~~207.6633 C IRW03BCRT SUB 0.00000% 0.00 0.00 0.00 Totals ~~235~~227,~~362~~533,~~786~~142.7909 ~~600~~603,~~119~~947.1902 810,~~656~~340,~~689~~792.6460

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 5652,~~618~~053,~~055~~697.5166 34,~~486~~639,~~965~~596.6795 0.00 IIA1 0.00 6458,~~059~~620,~~018~~791.4503 5,~~088~~513,~~596~~959.0042 0.00 IIA2 0.00 65,562,000.00 96100,~~540~~237.0401 0.00 IVFN 0.00 0.00 0.00 0.00 M 0.00 15,960,000.00 4244,~~741~~262.7740 0.00 B 0.00 19,285,000.00 8487,~~859~~768.3618 0.00 OC 0.00 45,~~441~~243,~~247~~180.9040 0.00 0.00 X1 0.00 1,~~607~~269,~~820~~612.2390 ~~236~~338,~~397~~207.6633 0.00 C 0.00 0.00 0.00 0.00 Totals 0.00 ~~227~~217,~~533~~994,~~142~~281.0999 910,~~256~~944,~~808~~739.8362 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 6056,~~028~~618,~~260~~055.0451 0.00 34,~~410~~564,~~204~~357.5385 0.00 0.00 IIA1 88,484,000.00 6964,~~069~~059,~~105~~018.9045 0.00 5,~~010~~438,~~087~~227.4542 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 34,~~614~~441,~~202~~247.9690 0.00 0.00 0.00 0.00 X1 5,650,500.00 1,~~844~~607,~~217~~820.8923 0.00 ~~236~~338,~~397~~207.6633 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~235~~227,~~362~~533,~~786~~142.7909 0.00 810,~~656~~340,~~689~~792.6460 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 34,~~410~~564,~~204~~357.5385 5652,~~618~~053,~~055~~697.5166 0.~~74932246~~68891459 34,~~410~~564,~~204~~357.5385 IIA1 5,~~010~~438,~~087~~227.4542 6458,~~059~~620,~~018~~791.4503 0.~~72396160~~66250159 5,~~010~~438,~~087~~227.4542 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 45,~~441~~243,~~247~~180.9140 24318,~~790~~040.00000000 0.00 X1 ~~236~~338,~~397~~207.6633 1,~~607~~269,~~820~~612.2390 0.~~28454477~~22469036 ~~236~~338,~~397~~207.6633 C 0.00 0.00 0.00000000 0.00 Totals 810,~~656~~340,~~689~~792.6460 ~~227~~217,~~533~~994,~~142~~281.0999 0.~~84115609~~80589234 810,~~656~~340,~~689~~792.6460

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 ~~794~~749.~~45545918~~32245676 0.00000000 4560.~~13300242~~40786471 0.00000000 IIA1 88,484,000.00 ~~780~~723.~~58299693~~96160266 0.00000000 5661.~~62139426~~46000882 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 ~~326~~284.~~38136271~~54477126 0.00000000 4159.~~83659145~~85440757 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 4560.~~13300242~~40786471 ~~749~~688.~~32245676~~91459204 0.~~74932246~~68891459 4560.~~13300242~~40786471 IIA1 0.00000000 5661.~~62139426~~46000882 ~~723~~662.~~96160266~~50159385 0.~~72396160~~66250159 5661.~~62139426~~46000882 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 0.00000000 ~~1414790~~524318040.00000000 0.00000000 X1 0.00000000 4159.~~83659145~~85440757 ~~284~~224.~~54477126~~69036368 0.~~28454477~~22469036 4159.~~83659145~~85440757 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, 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.~~48500~~49500% 6056,~~028~~618,~~260~~055.0451 7675,~~761~~239.1410 0.00 0.00 IIA1 88,484,000.00 1.~~32000~~33000% 6964,~~069~~059,~~105~~018.9045 7875,~~508~~732.5500 0.00 0.00 IIA2 65,562,000.00 1.~~71000~~72000% 65,562,000.00 96100,~~540~~237.0501 0.00 0.00 IVFN 0.00 1.~~38000~~39000% 0.00 0.00 0.00 0.00 M 15,960,000.00 3.~~11000~~12000% 15,960,000.00 4244,~~741~~262.7740 0.00 0.00 B 19,285,000.00 5.~~11000~~12000% 19,285,000.00 8487,~~859~~768.3618 0.00 0.00 OC 0.01 0.00000% 34,~~614~~441,~~202~~247.9690 0.00 0.00 0.00 X1 5,650,500.00 0.00000% 1,~~844~~607,~~217~~820.8923 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~600~~603,~~119~~947.2002 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 7675,~~761~~239.1410 0.00 5652,~~618~~053,~~055~~697.5166 IIA1 0.00 0.00 7875,~~508~~732.5500 0.00 6458,~~059~~620,~~018~~791.4503 IIA2 0.00 0.00 96100,~~540~~237.0401 0.00 65,562,000.00 IVFN 0.00 0.00 0.00 0.00 0.00 M 0.00 0.00 4244,~~741~~262.7740 0.00 15,960,000.00 B 0.00 0.00 8487,~~859~~768.3618 0.00 19,285,000.00 OC 0.00 0.00 0.00 0.00 45,~~441~~243,~~247~~180.9040 X1 0.00 0.00 0.00 0.00 1,~~607~~269,~~820~~612.2390 C 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~600~~603,~~119~~947.1902 0.00 (4) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, 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.~~48500~~49500% ~~794~~749.~~45545918~~32245676 10.~~01590995~~99576622 0.00000000 0.00000000 IIA1 88,484,000.00 1.~~32000~~33000% ~~780~~723.~~58299693~~96160266 0.~~88726267~~85588355 0.00000000 0.00000000 IIA2 65,562,000.00 1.~~71000~~72000% 1000.00000000 1.~~47250008~~52888884 0.00000000 0.00000000 IVFN 0.00 1.~~38000~~39000% 0.00000000 0.00000000 0.00000000 0.00000000 M 15,960,000.00 3.~~11000~~12000% 1000.00000000 2.~~67805576~~77333333 0.00000000 0.00000000 B 19,285,000.00 5.~~11000~~12000% 1000.00000000 4.~~40027794~~55111123 0.00000000 0.00000000 OC 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X1 5,650,500.00 0.00000% ~~326~~284.~~38136271~~54477126 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 10.~~01590995~~99576622 0.00000000 ~~749~~688.~~32245676~~91459204 IIA1 0.00000000 0.00000000 0.~~88726267~~85588355 0.00000000 ~~723~~662.~~96160266~~50159385 IIA2 0.00000000 0.00000000 1.~~47249992~~52888884 0.00000000 1000.00000000 IVFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 2.~~67805576~~77333333 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~40027794~~55111123 0.00000000 1000.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X1 0.00000000 0.00000000 0.00000000 0.00000000 ~~284~~224.~~54477126~~69036368 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy,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 911,~~722~~388,~~585~~938.6734 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) (~~228~~221,~~355~~162.0099) Prepayment Penalties 0.00 Total Deposits 911,~~494~~167,~~230~~775.6735 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~237~~223,~~421~~035.8473 Payment of Interest and Principal 910,~~256~~944,~~808~~739.8362 Total Withdrawals (Pool Distribution Amount) 911,~~494~~167,~~230~~775.6735 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~201~~188,~~085~~271.4310 AMBAC ASSURANCE CORP. 3634,~~336~~764.4163 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~237~~223,~~421~~035.8473

~~COLLATERAL~~LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT ~~Collateral~~DELINQUENCY ~~Description~~STATUS ~~Fixed~~DELINQUENT &BANKRUPTCY ~~Mixed~~FORECLOSURE ~~ARM~~REO ~~Weighted~~Total ~~Average~~No ~~Gross~~of ~~Coupon~~Loans ~~10.942199%~~No ~~Weighted~~of ~~Average~~Loans ~~Net~~No ~~Coupon~~of ~~9.908865%~~Loans ~~Weighted~~No ~~Average~~of ~~Pass-Through~~Loans ~~Rate~~No ~~9.722141%~~of ~~Weighted~~Loans ~~Average~~Principal ~~Maturity(Stepdown~~Balance ~~Calculation~~Principal )Balance Principal Balance Principal Balance Principal Balance 0-29 ~~Beginning~~Days ~~Scheduled~~15 ~~Collateral~~0 ~~Loan~~0 ~~Count~~15 4688,~~997~~915.00 ~~Number~~0.00 Of0.00 ~~Loans~~688,915.00 ~~Paid~~30 InDays ~~Full~~45 ~~152~~2 ~~Ending~~2 ~~Scheduled~~0 ~~Collateral~~49 ~~Loan~~1,744,848.00 ~~Count~~167,196.00 449,~~842~~178.00 ~~Beginning~~0.00 ~~Scheduled~~1,961,222.00 ~~Collateral~~60 ~~Balance~~Days ~~233~~19 6 1 0 26 853,~~518~~916.00 207,~~568~~075.9100 ~~Ending~~37,176.00 ~~Scheduled~~0.00 ~~Collateral Balance 225~~1,~~925~~098,~~321~~167.8600 ~~Ending~~90 ~~Actual~~Days ~~Collateral~~5 ~~Balance~~3 at0 ~~31-Aug-2003~~0 ~~225~~8 175,~~925~~084.00 112,~~321~~833.8600 ~~Monthly~~0.00 P0.00 &I287,917.00 ~~Constant~~120 Days 6 2 2 0 10 308,050.00 ~~Special~~114,559.00 ~~Servicing~~48,385.00 ~~Fee~~0.00 470,994.00 150 Days 4 2 2 0 8 181,974.00 ~~Prepayment~~85,466.00 ~~Penalties~~163,862.00 0.00 ~~Realized~~431,302.00 ~~Loss~~180+ ~~Amount~~Days 0 0 2 0 2 0.00 ~~Cumulative~~0.00 ~~Realized~~101,224.00 ~~Loss~~ 0.00 ~~Scheduled~~101,224.00 ~~Principal~~Totals 1579 30 9 0 118 3,~~185~~263,872.0700 ~~Unscheduled~~1,376,044.00 ~~Principal~~399,825.00 70.00 5,~~677~~039,~~804~~741.5400 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 0.322373% 0.000000% 0.000000% 0.322373% 0.317876% 0.000000% 0.000000% 0.317876% 30 Days 0.967118% 0.042983% 0.042983% 0.000000% 1.053084% 0.805099% 0.077147% 0.022691% 0.000000% 0.904937% 60 Days 0.408339% 0.128949% 0.021492% 0.000000% 0.558779% 0.394010% 0.095547% 0.017154% 0.000000% 0.506711% 90 Days 0.107458% 0.064475% 0.000000% 0.000000% 0.171932% 0.080786% 0.052063% 0.000000% 0.000000% 0.132849% 120 Days 0.128949% 0.042983% 0.042983% 0.000000% 0.214915% 0.142139% 0.052859% 0.022326% 0.000000% 0.217324% 150 Days 0.085966% 0.042983% 0.042983% 0.000000% 0.171932% 0.083966% 0.039435% 0.075608% 0.000000% 0.199009% 180+ Days 0.000000% 0.000000% 0.042983% 0.000000% 0.042983% 0.000000% 0.000000% 0.046706% 0.000000% 0.046706% Totals 1.697829% 0.644745% 0.193424% 0.000000% 2.535998% 1.505999% 0.634927% 0.184485% 0.000000% 2.325412%

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