8-K 1 irw0300b_dec.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, 2003 IRWIN HOME EQUITY LOAN TRUST Home Equity Loan Asset-Backed Certs., Series 2003-B Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-02 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, 2003 a distribution was made to holders of IRWIN HOME EQUITY LOAN TRUST, Home Equity Loan Asset-Backed Certs., 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 Asset-Backed Certs., Series 2003-B Trust, relating to the December 26, 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 Asset-Backed Certs., 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: 1/8/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2003-B Trust, relating to the December 26, 2003 distribution. EX-99.1

IRWIN ~~Home~~Mortgage ~~Equity Loan~~Pass-~~Backed~~Through ~~Notes~~Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 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.~~49500~~49375% 5649,~~618~~467,~~055~~985.5163 7563,~~239~~629.1091 41,~~564~~934,~~357~~916.8543 IIA1 464187AS2 SEN 1.~~33000~~32875% 6452,~~059~~015,~~018~~083.4504 7559,~~732~~515.0073 54,~~438~~488,~~227~~086.4204 IIA2 464187AT0 SEN 1.~~72000~~71875% 65,562,000.00 ~~100~~97,~~237~~034.0104 0.00 IVFN IRW03BVFN SUB 1.~~39000~~38875% 0.00 0.00 0.00 M 464187AV5 MEZ 3.~~12000~~11875% 15,960,000.00 4442,~~262~~862.4002 0.00 B 464187AW3 SUB 5.~~12000~~11875% 19,285,000.00 8785,~~768~~004.1866 0.00 OC IRW03B0C SUB 0.00000% 45,~~441~~993,~~247~~033.9097 0.00 0.00 X1 IRW03BX1 SUB 0.00000% 1866,~~607,820~~807.2324 0.00 ~~338,207~~0.3300 C IRW03BCRT SUB 0.00000% 0.00 0.00 0.00 Totals ~~227~~209,~~533~~149,~~142~~909.0988 ~~603~~568,~~947~~754.0269 106,~~340~~423,~~792~~002.6047

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 5247,~~053~~533,~~697~~069.6620 41,~~639~~998,~~596~~546.9534 0.00 IIA1 0.00 5847,~~620~~526,~~791~~997.0301 54,~~513~~547,~~959~~601.4277 0.00 IIA2 0.00 65,562,000.00 ~~100~~97,~~237~~034.0104 0.00 IVFN 0.00 0.00 0.00 0.00 M 0.00 15,960,000.00 4442,~~262~~862.4002 0.00 B 0.00 19,285,000.00 8785,~~768~~004.1866 0.00 OC 0.00 56,~~243~~540,~~180~~043.4052 0.00 0.00 X1 0.00 1866,~~269,612~~807.9024 ~~338,207~~0.3300 0.00 C 0.00 0.00 0.00 0.00 Totals 0.00 ~~217~~203,~~994~~273,~~281~~916.9997 106,~~944~~991,~~739~~757.6216 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 5649,~~618~~467,~~055~~985.5163 0.00 41,~~564~~934,~~357~~916.8543 0.00 0.00 IIA1 88,484,000.00 6452,~~059~~015,~~018~~083.4504 0.00 54,~~438~~488,~~227~~086.4204 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 45,~~441~~993,~~247~~033.9097 0.00 0.00 0.00 0.00 X1 5,650,500.00 1866,~~607,820~~807.2324 0.00 ~~338,207~~0.3300 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~227~~209,~~533~~149,~~142~~909.0988 0.00 106,~~340~~423,~~792~~002.6047 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 41,~~564~~934,~~357~~916.8543 5247,~~053~~533,~~697~~069.6620 0.~~68891459~~62908547 41,~~564~~934,~~357~~916.8543 IIA1 54,~~438~~488,~~227~~086.4204 5847,~~620~~526,~~791~~997.0301 0.~~66250159~~53712532 54,~~438~~488,~~227~~086.4204 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 56,~~243~~540,~~180~~043.~~40 318~~5004,~~040~~352.00000000 0.00 X1 ~~338,207~~0.3300 1866,~~269,612~~807.9024 0.~~22469036~~15340364 ~~338,207~~0.3300 C 0.00 0.00 0.00000000 0.00 Totals 106,~~340~~423,~~792~~002.6047 ~~217~~203,~~994~~273,~~281~~916.9997 0.~~80589234~~75147335 106,~~340~~423,~~792~~002.6047

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 ~~749~~654.~~32245676~~69349290 0.00000000 6025.~~40786471~~60802062 0.00000000 IIA1 88,484,000.00 ~~723~~587.~~96160266~~84732878 0.00000000 6150.~~46000882~~72200669 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 ~~284~~153.~~54477126~~40363508 0.00000000 590.~~85440757~~00000000 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 6025.~~40786471~~60802062 ~~688~~629.~~91459204~~08547228 0.~~68891459~~62908547 6025.~~40786471~~60802062 IIA1 0.00000000 6150.~~46000882~~72200669 ~~662~~537.~~50159385~~12532221 0.~~66250159~~53712532 6150.~~46000882~~72200669 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 524318040~~00000000654004352.00000000 0.00000000 X1 0.00000000 590.~~85440757~~00000000 ~~224~~153.~~69036368~~40363508 0.~~22469036~~15340364 590.~~85440757~~00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, 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.~~49500~~49375% 5649,~~618~~467,~~055~~985.5163 7563,~~239~~629.1091 0.00 0.00 IIA1 88,484,000.00 1.~~33000~~32875% 6452,~~059~~015,~~018~~083.4504 7559,~~732~~515.0073 0.00 0.00 IIA2 65,562,000.00 1.~~72000~~71875% 65,562,000.00 ~~100~~97,~~237~~034.0104 0.00 0.00 IVFN 0.00 1.~~39000~~38875% 0.00 0.00 0.00 0.00 M 15,960,000.00 3.~~12000~~11875% 15,960,000.00 4442,~~262~~862.4002 0.00 0.00 B 19,285,000.00 5.~~12000~~11875% 19,285,000.00 8785,~~768~~004.1866 0.00 0.00 OC 0.01 0.00000% 45,~~441~~993,~~247~~033.9097 0.00 0.00 0.00 X1 5,650,500.00 0.00000% 1866,~~607,820~~807.2324 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~603~~568,~~947~~754.0269 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 7563,~~239~~629.1091 0.00 5247,~~053~~533,~~697~~069.6620 IIA1 0.00 0.00 7559,~~732~~515.0073 0.00 5847,~~620~~526,~~791~~997.0301 IIA2 0.00 0.00 ~~100~~97,~~237~~034.0104 0.00 65,562,000.00 IVFN 0.00 0.00 0.00 0.00 0.00 M 0.00 0.00 4442,~~262~~862.4002 0.00 15,960,000.00 B 0.00 0.00 8785,~~768~~004.1866 0.00 19,285,000.00 OC 0.00 0.00 0.00 0.00 56,~~243~~540,~~180~~043.4052 X1 0.00 0.00 0.00 0.00 1866,~~269,612~~807.9024 C 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~603~~568,~~947~~754.0269 0.00 (4) Amount Does Not Include Excess Special Hazard, 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.~~49500~~49375% ~~749~~654.~~32245676~~69349290 0.~~99576622~~84212218 0.00000000 0.00000000 IIA1 88,484,000.00 1.~~33000~~32875% ~~723~~587.~~96160266~~84732878 0.~~85588355~~67261573 0.00000000 0.00000000 IIA2 65,562,000.00 1.~~72000~~71875% 1000.00000000 1.~~52888884~~48003478 0.00000000 0.00000000 IVFN 0.00 1.~~39000~~38875% 0.00000000 0.00000000 0.00000000 0.00000000 M 15,960,000.00 3.~~12000~~11875% 1000.00000000 2.~~77333333~~68559023 0.00000000 0.00000000 B 19,285,000.00 5.~~12000~~11875% 1000.00000000 4.~~55111123~~40781229 0.00000000 0.00000000 OC 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X1 5,650,500.00 0.00000% ~~284~~153.~~54477126~~40363508 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 0.~~99576622~~84212218 0.00000000 ~~688~~629.~~91459204~~08547228 IIA1 0.00000000 0.00000000 0.~~85588355~~67261573 0.00000000 ~~662~~537.~~50159385~~12532221 IIA2 0.00000000 0.00000000 1.~~52888884~~48003478 0.00000000 1000.00000000 IVFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 2.~~77333333~~68559023 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~55111123~~40781229 0.00000000 1000.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X1 0.00000000 0.00000000 0.00000000 0.00000000 ~~224~~153.~~69036368~~40363508 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, 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 117,~~388~~619,~~938~~116.3440 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) (~~221~~422,~~162~~608.9924) Prepayment Penalties 0.00 Total Deposits 117,~~167~~196,~~775~~508.3516 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~223~~204,~~035~~751.7300 Payment of Interest and Principal 106,~~944~~991,~~739~~757.6216 Total Withdrawals (Pool Distribution Amount) 117,~~167~~196,~~775~~508.3516 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~188~~173,~~271~~569.1025 AMBAC ASSURANCE CORP. 3431,~~764~~181.6375 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~223~~204,~~035~~751.7300

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 1524 01 0 1525 ~~688~~1,~~915~~278,720.0009 025,000.00 0.00 ~~688~~1,~~915~~303,720.0009 30 Days 4566 25 21 0 4972 12,~~744~~921,~~848~~339.0051 ~~167~~215,~~196~~182.0018 4926,~~178~~525.0094 0.00 13,~~961~~163,~~222~~047.0063 60 Days 1922 62 1 0 2625 ~~853~~851,~~916~~418.0095 ~~207~~102,~~075~~538.0002 37100,~~176~~000.00 0.00 1,~~098~~053,~~167~~956.0097 90 Days 517 36 02 0 825 ~~175~~638,~~084~~023.0090 ~~112~~201,~~833~~502.0048 059,530.0087 0.00 ~~287~~899,~~917~~057.0025 120 Days 6 24 23 0 1013 ~~308~~278,~~050~~564.0032 ~~114~~154,~~559~~574.0095 48107,~~385~~392.0089 0.00 ~~470~~540,~~994~~532.0016 150 Days 45 21 20 0 86 ~~181~~188,~~974~~130.0049 8521,~~466~~509.0010 ~~163,862~~0.00 0.00 ~~431~~209,~~302~~639.0059 180+ Days 01 0 25 0 26 089,045.0023 0.00 ~~101,~~224,326.0029 0.00 ~~101~~313,~~224~~371.0052 Totals 79117 3042 913 0 ~~118~~172 34,~~263~~966,~~872~~522.0040 1,~~376~~974,~~044~~026.0082 ~~399~~542,~~825~~775.0099 0.00 57,~~039~~483,~~741~~325.0021 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~~549954% 0.~~000000~~022915% 0.000000% 0.~~322373~~572869% 0.~~317876~~631757% 0.~~000000~~012351% 0.000000% 0.~~317876~~644108% 30 Days 01.~~967118~~512374% 0.~~042983~~114574% 0.~~042983~~022915% 0.000000% 1.~~053084~~649863% 01.~~805099~~443299% 0.~~077147~~106312% 0.~~022691~~013105% 0.000000% 01.~~904937~~562716% 60 Days 0.~~408339~~504125% 0.~~128949~~045830% 0.~~021492~~022915% 0.000000% 0.~~558779~~572869% 0.~~394010~~420647% 0.~~095547~~050659% 0.~~017154~~049405% 0.000000% 0.~~506711~~520711% 90 Days 0.~~107458~~389551% 0.~~064475~~137489% 0.~~000000~~045830% 0.000000% 0.~~171932~~572869% 0.~~080786~~315218% 0.~~052063~~099553% 0.~~000000~~029411% 0.000000% 0.~~132849~~444183% 120 Days 0.~~128949~~137489% 0.~~042983~~091659% 0.~~042983~~068744% 0.000000% 0.~~214915~~297892% 0.~~142139~~137626% 0.~~052859~~076368% 0.~~022326~~053058% 0.000000% 0.~~217324~~267052% 150 Days 0.~~085966~~114574% 0.~~042983~~022915% 0.~~042983~~000000% 0.000000% 0.~~171932~~137489% 0.~~083966~~092947% 0.~~039435~~010627% 0.~~075608~~000000% 0.000000% 0.~~199009~~103573% 180+ Days 0.~~000000~~022915% 0.000000% 0.~~042983~~114574% 0.000000% 0.~~042983~~137489% 0.~~000000~~043993% 0.000000% 0.~~046706~~110829% 0.000000% 0.~~046706~~154822% Totals 12.~~697829~~681027% 0.~~644745~~962420% 0.~~193424~~297892% 0.000000% 23.~~535998~~941338% 12.~~505999~~453729% 0.~~634927~~975275% 0.~~184485~~268161% 0.000000% 23.~~325412~~697165%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 1110.~~613601~~035629% Weighted Average Net Coupon 109.~~613601~~035629% Weighted Average Pass-Through Rate 108.~~428949~~855979% Weighted Average Maturity(Stepdown Calculation ) 0 Beginning Scheduled Collateral Loan Count 4,~~842~~485 Number Of Loans Paid In Full ~~189~~121 Ending Scheduled Collateral Loan Count 4,~~653~~364 Beginning Scheduled Collateral Balance ~~225~~208,~~925~~283,~~321~~102.8664 Ending Scheduled Collateral Balance ~~216~~202,~~724~~407,~~669~~109.0972 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~216~~202,~~724~~407,~~669~~109.0972 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 1714,~~141~~279.7100 Unscheduled Principal 95,~~133~~584,~~057~~487.6449

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