8-K 1 irw03001_oct.txt OCTOBER 8-K 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 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-01 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 2003-1, Home Equity Loan-Backed Notes, Series 2003-1. 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 2003-1 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 2003-1. By: Wells Fargo Bank Minnesota, N.A. as Indenture Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 10/27/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan-Backed Notes, Series 2003-1, relating to the October 27, 2003 distribution.

Home Equity Loan-Backed Notes, Series Irwin Home Equity Loan Trust 2003-1 Master Servicer Certificate Payment Date: ~~September~~October 2527, 2003 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 1.~~61000~~62000% 5047,~~317~~352,~~818~~542.6393 6968,~~760~~187.0666 2,~~965~~852,~~275~~901.7039 32,~~035~~921,~~035~~089.7605 4744,~~352~~499,~~542~~641.9354 I A-2 1.~~80000~~81000% 1211,~~579~~838,~~454~~135.6673 19,~~498~~046.1525 ~~741~~713,~~318~~225.9235 ~~760~~732,~~817~~271.0760 11,~~838~~124,~~135~~910.7339 I VFN 1.~~80000~~81000% - - - - - II A-1 1.~~61000~~62000% 105,109,~~921,346~~751.1103 ~~152~~151,~~393~~358.7304 45,~~811~~250,~~595~~193.0835 45,~~963~~401,~~988~~551.8139 ~~105~~99,~~109~~859,~~751~~557.0368 II A-2 1.~~81000~~82000% 2726,~~480~~277,~~336~~437.5376 42,~~831~~511.1605 1,~~202~~312,~~898~~548.7734 1,~~245~~355,~~729~~059.9339 2624,~~277~~964,~~437~~889.7642 II VFN 1.~~81000~~82000% - - - - - A-IO (1) 10.00000% 30,500,000.00 254,166.67 NA 254,166.67 30,500,000.00 M-1 2.~~1100~~1200% 22,875,000.00 4143,~~562~~106.6067 - 4143,~~562~~106.6067 22,875,000.00 M-2 3.~~1100~~1200% 19,825,000.00 5354,~~092~~981.4533 - 5354,~~092~~981.4533 19,825,000.00 B-1 4.~~5100~~5200% 19,063,000.00 7476,~~033~~590.2890 - 7476,~~033~~590.2890 19,063,000.00 B-2 5.~~6100~~6200% 6,862,000.00 3334,~~149~~279.1850 - 3334,~~149~~279.1850 6,862,000.00 Total ~~268~~259,~~923~~202,~~955~~867.9245 ~~740~~744,~~487~~228.2807 910,~~721~~128,~~088~~868.4742 10,~~461~~873,~~575~~096.7549 ~~259~~249,~~202~~073,~~867~~999.4503 (1) Class A-IO Note Balance is Notional LIBOR 1.~~11000~~12000% Interest Period Begin 89/25/2003 Interest Period End 910/2426/2003 Number of Interest Accrual Days: 3132 Days in Collection Period: 3130 Prepayment Beginning Penalty Excess Spread Release of Over Aggregate Balance Distribution Distribution Collaterlization Distribution Ending Balance Certificates 1213,~~183~~339,~~493~~151.0002 ~~302~~388,~~431~~304.5141 - - ~~302~~388,~~431~~304.5141 1314,~~339~~386,~~151~~798.0291 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 0.~~54882078~~53645029 2322.~~32860534~~44452703 2322.~~87742612~~98097732 ~~372~~350.~~53493404~~09040700 I VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-1 234,033,000.00 0.~~65116343~~64673802 2022.~~55947272~~43356001 2123.~~21063615~~08029803 ~~449~~426.~~12363226~~69007226 II VFN - 0.00000000 0.00000000 0.00000000 0.00000000 II A-IO 31,204,000.00 8.14532336 NA 8.14532336 NA II M-1 24,964,000.00 1.~~66490146~~72675332 0.00000000 1.~~66490146~~72675332 916.31950008 II M-2 21,063,000.00 2.~~52064995~~61032759 0.00000000 2.~~52064995~~61032759 941.22394721 II B-1 26,524,000.00 1.~~24978058~~29239557 0.00000000 1.~~24978058~~29239557 258.70909365 433,693,000.00

Pool Collections: Group I Group II Total Aggregate Collections (HELOCs) 3,~~986~~886,~~691~~009.8434 3,~~986~~886,~~691~~009.8434 Aggregate Collections (HELOC125s) 35,~~897~~070,~~035~~255.0793 35,~~897~~070,~~035~~255.0793 Aggregate Collections (HELs) 1,~~823~~694,~~244~~329.1639 1,~~823~~694,~~244~~329.1639 Aggregate Collections (HEL125s) 1968,~~394,724~~251.6919 1968,~~394,724~~251.6919 Total Aggregate Collections 3,~~986~~886,~~691~~009.8434 7,~~115~~732,~~003~~836.9251 11,~~101~~618,~~695~~845.7685 Interest Collections (HELOCs) $~~484~~515,~~305~~637.9579 ~~484~~515,~~305~~637.9579 Interest Collections (HELOC125s) $1,~~163~~305,~~932~~351.83 1,~~163~~305,~~932~~351.83 Interest Collections (HELs) $~~232~~212,~~365~~584.5205 ~~232~~212,~~365~~584.5205 Interest Collections (HEL125s) $~~454~~449,~~802~~278.6293 ~~454~~449,~~802~~278.6293 Total Interest Collections ~~484~~515,~~305~~637.9579 1,~~851~~967,~~100~~214.9781 2,~~335~~482,~~406~~852.9260 Principal Collections (HELOCs) 3,~~502~~370,~~385~~371.8955 3,~~502~~370,~~385~~371.8955 Principal Collections (HELOC125s) 23,~~733~~764,~~102~~904.2410 23,~~733~~764,~~102~~904.2410 Principal Collections (HELs) 1,~~590~~481,~~878~~745.6434 1,~~590~~481,~~878~~745.6434 Principal Collections (HEL125s) ~~939~~518,~~922~~972.0726 ~~939~~518,~~922~~972.0726 Total Principal Collections 3,~~502~~370,~~385~~371.8955 5,~~263~~765,~~902~~621.9570 89,~~766~~135,~~288~~993.8425 Additional Balances Created ~~311~~336,~~180~~079.3976 85181,~~703~~615.6066 ~~396~~517,~~883~~695.9942 Additional Balances Purchased ~~311~~336,~~180~~079.3976 85181,~~703~~615.6066 ~~396~~517,~~883~~695.9942 Additional Balance Differential - - - Net Principal Collections 3,~~191~~034,~~205~~291.5079 5,~~178~~584,~~199~~006.3504 8,~~369~~618,~~404~~297.8583 Principal Collections Distribution Amount 8,~~369~~618,~~404~~297.8583 Prepayment Penalty Collections ~~109~~120,~~423~~434.4192 ~~193~~267,~~008~~869.1049 ~~302~~388,~~431~~304.5141 Recoveries - -200.00 -200.00 Mortgage Loans Repurchased - - - less Servicing Fee 6561,~~923~~137.2738 ~~176~~165,~~141~~980.4797 ~~242~~227,~~064~~118.7435 Master Servicer Remittance 3,~~719~~609,~~011~~227.5912 7,~~046~~653,~~166~~309.9537 1011,~~765~~262,~~178~~536.5449 Payments in Order of Priority Total Prepayment Penalties due to Certificateholder ~~302~~388,~~431~~304.5141 Indenture Trustee Fee 1,~~171~~135.2859 Senior Note Interest Distribution ~~538~~535,~~649~~269.7767 M-1 Interest Distribution 4143,~~562~~106.6067 M-2 Interest Distribution 5354,~~092~~981.4533 B-1 Interest Distribution 7476,~~033~~590.2890 B-2 Interest Distribution 3334,~~149~~279.1850 Senior Principal Collection Distribution 8,~~369~~618,~~404~~297.8583 M-1 Principal Collection Distribution - M-2 Principal Collection Distribution - B-1 Principal Collection Distribution - B-2 Principal Collection Distribution - Senior Liquidation Loss Distribution ~~196~~462,~~025~~922.6070 M-1 Liquidation Loss Distribution - M-2 Liquidation Loss Distribution - B-1 Liquidation Loss Distribution - B-2 Liquidation Loss Distribution - Senior Overcollateralization Increase 1,~~155~~047,~~658~~647.0289 M-1 Overcollateralization Increase - M-2 Overcollateralization Increase - B-1 Overcollateralization Increase - B-2 Overcollateralization Increase - Certificateholder Excess Spread Distribution - Total Distributions 1011,~~765~~262,~~178~~536.5449 Excess Spread 1,~~351~~510,~~683~~570.6259

Pool Summary Group I Group II Total Beginning Pool Balance (HELOCs) 7673,~~556~~364,~~060~~854.2878 7673,~~556~~364,~~060~~854.2878 Beginning Pool Balance (HELOC125s) ~~127~~124,~~304~~520,~~050~~457.7304 ~~127~~124,~~304~~520,~~050~~457.7304 Beginning Pool Balance (HELs) 2827,~~881~~290,~~719~~840.1551 2827,~~881~~290,~~719~~840.1551 Beginning Pool Balance (HEL125s) 4847,365,~~618~~866.7614 4847,365,~~618~~866.7614 Total Beginning Pool Balance 7673,~~556~~364,~~060~~854.2878 ~~204~~199,~~551~~177,~~388~~163.6469 ~~281~~272,~~107~~542,~~448~~018.9247 Ending Pool Balance (HELOCs) 7370,~~364~~273,~~854~~463.7840 7370,~~364~~273,~~854~~463.7840 Ending Pool Balance (HELOC125s) ~~124~~120,~~520~~648,~~457~~045.0449 ~~124~~120,~~520~~648,~~457~~045.0449 Ending Pool Balance (HELs) 2725,~~290~~809,~~840~~095.5117 2725,~~290~~809,~~840~~095.5117 Ending Pool Balance (HEL125s) 4746,~~365~~730,~~866~~193.1488 4746,~~365~~730,~~866~~193.1488 Total Ending Pool Balance 7370,~~364~~273,~~854~~463.7840 ~~199~~193,~~177~~187,~~163~~334.6954 ~~272~~263,~~542~~460,~~018~~797.4794 Beginning Loan Count (HELOCs) 1,~~415~~347 1,~~415~~347 Beginning Loan Count (HELOC125s) 2,~~865~~807 2,~~865~~807 Beginning Loan Count (HELs) ~~595~~571 ~~595~~571 Beginning Loan Count (HEL125s) ~~929~~915 ~~929~~915 Total Beginning Loan Count 1,~~415~~347 4,~~389~~293 5,~~804~~640 Ending Loan Count (HELOCs) 1,~~347~~282 1,~~347~~282 Ending Loan Count (HELOC125s) 2,~~807~~722 2,~~807~~722 Ending Loan Count (HELs) ~~571~~539 ~~571~~539 Ending Loan Count (HEL125s) ~~915~~902 ~~915~~902 Total Ending Loan Count 1,~~347~~282 4,~~293~~163 5,~~640~~445 Loss Summary Group I Group II Total Current Liquidation Losses (HELOCs) -57,099.59 -57,099.59 Current Liquidation Losses (HELOC125s) ~~136~~289,~~195~~123.0511 ~~136~~289,~~195~~123.0511 Current Liquidation Losses (HELs) - - Current Liquidation Losses (HEL125s) 59116,~~830~~700.5500 59116,~~830~~700.5500 Total Current Liquidation Losses -57,099.59 ~~196~~405,~~025~~823.6011 ~~196~~462,~~025~~922.6070 12 Month Liquidation Losses (HELOCs) -57,099.59 -57,099.59 12 Month Liquidation Losses (HELOC125s) ~~169~~458,~~254~~377.8596 ~~169~~458,~~254~~377.8596 12 Month Liquidation Losses (HELs) - 12 Month Liquidation Losses (HEL125s) 59176,~~830~~530.55 59176,~~830~~530.55 Total 12 Month Liquidation Losses -57,099.59 ~~229~~634,~~085~~908.4051 ~~229~~692,~~085~~008.4010 Aggregate Liquidation Losses (HELOCs) -57,099.59 -57,099.59 Aggregate Liquidation Losses (HELOC125s) ~~169~~458,~~254~~377.8596 ~~169~~458,~~254~~377.8596 Aggregate Liquidation Losses (HELs) - Aggregate Liquidation Losses (HEL125s) 59176,~~830~~530.55 59176,~~830~~530.55 Total Aggregate Liquidation Losses -57,099.59 ~~229~~634,~~085~~908.4051 ~~229~~692,~~085~~008.4010 Cumulative Liquidation Loss Percentage 0.0002% 0.0821%

Overcollateralization Summary Overcollateralization Target 21,807,524.83 Beginning Overcollateralization Amount 1213,~~183~~339,~~493~~151.0002 Overcollateralization Increase Amount 1,~~155~~047,~~658~~647.0289 Overcollateralization Release Amount - Ending Overcollateralization Amount 1314,~~339~~386,~~151~~798.0291 Overcollateralization Deficiency 87,~~468~~420,~~373~~725.8192 Cumulative Liquidation Loss Percentage 0.0002% Loss Test Satisfied? Yes Loss Test Targets: Collection Periods 36 to 48 9.50% Collection Periods 49 to 60 11.25% Collection Periods 61 to 84 13.00% Collection Periods 85+ 15.00% Senior Enhancement Percentage 3031.0751% 17.75% of the Senior Enhancement Percentage 5.3459% 3-Mo. Rolling Average 60-Day Delinquency % 0.5885% Delinquency Test Satisfied? Yes Overcollateralization Targets Initial Principal Balance 305,000,347.33 Initial Target (% of Initial Principal Balance) 7.15% Step-down Target (% of Current Balance) 14.30% Minimum Overcollateralization Target 1,525,000.00 Net Loan Rate 9.~~682~~536% Rapid Amortization Event: None Servicing Default: None

Delinquency Summary Group I Group II Group II Group II Group II Grand HELOCs HELOC125s HELs HEL125s Total Total Current Loans # Balance # Balance # Balance # Balance # Balance # Balance Bankrupt 42 ~~133~~67,~~242~~828 813 ~~307~~540,~~195~~410 23 55108,~~765~~395 2 65,~~844~~717 ##18 ~~428~~714,~~804~~522 1620 ~~562~~782,~~046~~350 REO - - - - - - - - - - - - Foreclosure 1 49122,~~997~~000 - - - - - - - - 1 49122,~~997~~000 Total 53 ~~183~~189,~~239~~828 813 ~~307~~540,~~195~~410 23 55108,~~765~~395 2 65,~~844~~717 ##18 ~~428~~714,~~804~~522 1721 ~~612~~904,~~043~~350 30 - 59 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 615 ~~346~~642,~~717~~309 1519 ~~547~~787,~~438~~512 31 ~~110~~61,~~189~~676 -4 -173,690 ##24 ~~657~~1,~~627~~022,878 2439 1,~~004~~665,~~344~~187 Bankrupt - - 1- ~~48,493~~- - - - - 1- ~~48,493~~- 1- ~~48,493~~- REO - - - - - - - - - - - - Foreclosure -1 -74,940 - - - - - - - - -1 -74,940 Total 616 ~~346,~~717,250 1619 ~~595~~787,~~931~~512 31 ~~110~~61,~~189~~676 -4 -173,690 ##24 ~~706~~1,~~120~~022,878 2540 1,~~052~~740,~~837~~128 60 - 89 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 21 54189,~~000~~741 149 ~~632~~370,~~397~~086 -1 -39,979 - - ##10 ~~632~~410,~~397~~064 1611 ~~686~~599,~~397~~805 Bankrupt - - 61 ~~261~~48,~~364~~493 - - - - 61 ~~261~~48,~~364~~493 61 ~~261~~48,~~364~~493 REO - - - - - - - - - - - - Foreclosure 1- ~~57,080~~- - - - - - - - - 1- ~~57,080~~- Total 31 ~~111~~189,~~080~~741 2010 ~~893~~418,~~761~~579 -1 -39,979 - - ##11 ~~893~~458,~~761~~557 2312 1648,~~004,840~~298 90 - 119 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent 12 4554,~~932~~000 611 ~~277~~548,~~320~~025 - - - - 611 ~~277~~548,~~320~~025 713 ~~323~~602,~~253~~025 Bankrupt 1- ~~58,300~~- 46 ~~246~~251,~~679~~761 - - - - 46 ~~246~~251,~~679~~761 56 ~~304~~251,~~979~~761 REO - - - - - - - - - - - - Foreclosure -1 -57,080 - - - - - - - - -1 -57,080 Total 23 ~~104~~111,~~232~~080 1017 ~~524~~799,~~000~~786 - - - - ##17 ~~524~~799,~~000~~786 1220 ~~628~~910,~~232~~865 120 - 149 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent -1 -45,932 35 ~~106~~242,~~783~~323 1- ~~39,875~~- - - 45 ~~146~~242,~~658~~323 46 ~~146~~288,~~658~~255 Bankrupt 21 ~~179~~58,~~078~~300 14 30246,~~781~~679 - - - - 14 30246,~~781~~679 35 ~~209~~304,~~859~~979 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 2 ~~179~~104,~~078~~232 49 ~~137~~489,~~564~~002 1- ~~39,875~~- - - 59 ~~177~~489,~~440~~002 711 ~~356~~593,~~518~~234 150 - 179 Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent -1 -29,978 53 ~~204~~106,~~334~~783 1 39,875 - - 14 ~~116~~146,~~700~~658 65 ~~321~~176,~~034~~636 ~~6 321,034~~ Bankrupt 1 57149,100 1 1930,~~775~~781 - - - - 1 1930,~~775~~781 2 76179,~~874~~881 REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total 12 57179,~~100~~078 64 ~~224~~137,~~109~~564 1 39,875 - - 15 ~~116~~177,~~700~~440 7 ~~340~~356,~~809~~518 ~~8 397,908~~ 180 or More Days Past Due # Balance # Balance # Balance # Balance # Balance # Balance Delinquent - - - - - - - - - - - - Bankrupt - - - - - - - - - - - - REO - - - - - - - - - - - - Foreclosure - - - - - - - - - - - - Total - - - - - - - - - - - - Total Bankrupt 84 ~~427~~275,~~719~~228 2125 ~~914~~1,~~287~~118,125 23 55108,~~765~~395 2 65,~~844~~717 ##30 1,~~035~~292,~~896~~237 3334 1,~~463~~567,~~615~~464 Total REO - - - - - - - - - - - - Total Foreclosure 23 ~~107~~254,~~077~~020 - - - - - - - - 23 ~~107~~254,~~077~~020

Filing Compare · IRWIN HOME EQUITY LOAN BACK CERTS SERIES 2003 1