8-K 1 irw0300b.txt JANUARY 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): January 26, 2004 IRWIN WHOLE LOAN HOME EQUITY 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 January 26, 2004 a distribution was made to holders of IRWIN WHOLE LOAN HOME EQUITY 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 January 26, 2004 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 WHOLE LOAN HOME EQUITY 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: 1/30/04 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 January 26, 2004 distribution. EX-99.1

IRWIN ~~Mortgage~~WHOLE ~~Pass~~LOAN HOME EQUITY TRUST Home Equity Loan-~~Through~~Backed ~~Certificates~~Notes Record Date: 1112/3031/03 Distribution Date: 121/26/0304 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.~~49375~~51625% 4947,~~467~~533,~~985~~069.6320 6362,~~629~~062.9101 12,~~934~~936,~~916~~119.4382 IIA1 464187AS2 SEN 1.~~32875~~35125% 5247,~~015~~526,~~083~~997.0401 5955,~~515~~301.7329 45,~~488~~741,~~086~~051.0429 IIA2 464187AT0 SEN 1.~~71875~~74125% 65,562,000.00 9798,~~034~~304.0430 0.00 IVFN IRW03BVFN SUB 1.~~38875~~41125% 0.00 0.00 0.00 M 464187AV5 MEZ 3.~~11875~~14125% 15,960,000.00 4243,~~862~~171.0225 0.00 B 464187AW3 SUB 5.~~11875~~14125% 19,285,000.00 85,~~004~~378.6631 0.00 OC IRW03B0C SUB 0.00000% 56,~~993~~540,~~033~~043.9752 0.00 0.00 X1 IRW03BX1 SUB 0.00000% 866,807.24 0.00 0378,619.0040 C IRW03BCRT SUB 0.00000% 0.00 0.00 0.00 Totals ~~209~~203,~~149~~273,~~909~~916.8897 ~~568~~564,~~754~~925.6949 69,~~423~~055,~~002~~790.4751

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 4744,~~533~~596,~~069~~949.2037 12,998,~~546~~181.3483 0.00 IIA1 0.00 4741,~~526~~785,~~997~~945.0171 45,~~547~~796,~~601~~352.7758 0.00 IIA2 0.00 65,562,000.00 9798,~~034~~304.0430 0.00 IVFN 0.00 0.00 0.00 0.00 M 0.00 15,960,000.00 4243,~~862~~171.0225 0.00 B 0.00 19,285,000.00 85,~~004~~378.6631 0.00 OC 0.00 67,~~540~~173,~~043~~812.5289 0.00 0.00 X1 0.00 ~~866~~488,~~807~~187.2484 0378,619.0040 0.00 C 0.00 0.00 0.00 0.00 Totals 0.00 ~~203~~194,~~273~~851,~~916~~895.9781 69,~~991~~620,~~757~~716.1600 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 4947,~~467~~533,~~985~~069.6320 0.00 12,~~934~~936,~~916~~119.4382 0.00 0.00 IIA1 88,484,000.00 5247,~~015~~526,~~083~~997.0401 0.00 45,~~488~~741,~~086~~051.0429 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 56,~~993~~540,~~033~~043.9752 0.00 0.00 0.00 0.00 X1 5,650,500.00 866,807.24 0.00 0378,619.0040 0.00 0.00 C 0.00 0.00 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~209~~203,~~149~~273,~~909~~916.8897 0.00 69,~~423~~055,~~002~~790.4751 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 12,~~934~~936,~~916~~119.4382 4744,~~533~~596,~~069~~949.2037 0.~~62908547~~59022683 12,~~934~~936,~~916~~119.4382 IIA1 45,~~488~~741,~~086~~051.0429 4741,~~526~~785,~~997~~945.0171 0.~~53712532~~47224296 45,~~488~~741,~~086~~051.0429 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 67,~~540~~173,~~043~~812.~~5004~~89 381,~~352~~289.00000000 0.00 X1 0378,619.0040 ~~866~~488,~~807~~187.2484 0.~~15340364~~08639728 0378,619.0040 C 0.00 0.00 0.00000000 0.00 Totals 69,~~423~~055,~~002~~790.4751 ~~203~~194,~~273~~851,~~916~~895.9781 0.~~75147335~~72033839 69,~~423~~055,~~002~~790.4751

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 ~~654~~629.~~69349290~~08547228 0.00000000 2538.~~60802062~~85863789 0.00000000 IIA1 88,484,000.00 ~~587~~537.~~84732878~~12532221 0.00000000 5064.~~72200669~~88236619 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 5,650,500.00 153.40363508 0.00000000 067.~~00000000~~00635342 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 2538.~~60802062~~85863789 ~~629~~590.~~08547228~~22683426 0.~~62908547~~59022683 2538.~~60802062~~85863789 IIA1 0.00000000 5064.~~72200669~~88236619 ~~537~~472.~~12532221~~24295590 0.~~53712532~~47224296 5064.~~72200669~~88236619 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.~~00000000654004352~~00000000 717381289.00000000 0.00000000 X1 0.00000000 067.~~00000000~~00635342 ~~153~~86.~~40363508~~39728166 0.~~15340364~~08639728 067.~~00000000~~00635342 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.~~49375~~51625% 4947,~~467~~533,~~985~~069.6320 6362,~~629~~062.9101 0.00 0.00 IIA1 88,484,000.00 1.~~32875~~35125% 5247,~~015~~526,~~083~~997.0401 5955,~~515~~301.7329 0.00 0.00 IIA2 65,562,000.00 1.~~71875~~74125% 65,562,000.00 9798,~~034~~304.0430 0.00 0.00 IVFN 0.00 1.~~38875~~41125% 0.00 0.00 0.00 0.00 M 15,960,000.00 3.~~11875~~14125% 15,960,000.00 4243,~~862~~171.0225 0.00 0.00 B 19,285,000.00 5.~~11875~~14125% 19,285,000.00 85,~~004~~378.6631 0.00 0.00 OC 0.01 0.00000% 56,~~993~~540,~~033~~043.9752 0.00 0.00 0.00 X1 5,650,500.00 0.00000% 866,807.24 0.00 0.00 0.00 C 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 270,500,500.01 ~~568~~564,~~754~~925.6949 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 6362,~~629~~062.9101 0.00 4744,~~533~~596,~~069~~949.2037 IIA1 0.00 0.00 5955,~~515~~301.7329 0.00 4741,~~526~~785,~~997~~945.0171 IIA2 0.00 0.00 9798,~~034~~304.0430 0.00 65,562,000.00 IVFN 0.00 0.00 0.00 0.00 0.00 M 0.00 0.00 4243,~~862~~171.0225 0.00 15,960,000.00 B 0.00 0.00 85,~~004~~378.6631 0.00 19,285,000.00 OC 0.00 0.00 0.00 0.00 67,~~540~~173,~~043~~812.5289 X1 0.00 0.00 0.00 0.00 ~~866~~488,~~807~~187.2484 C 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~568~~564,~~754~~925.6949 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.~~49375~~51625% ~~654~~629.~~69349290~~08547228 0.~~84212218~~82137151 0.00000000 0.00000000 IIA1 88,484,000.00 1.~~32875~~35125% ~~587~~537.~~84732878~~12532221 0.~~67261573~~62498633 0.00000000 0.00000000 IIA2 65,562,000.00 1.~~71875~~74125% 1000.00000000 1.~~48003478~~49940972 0.00000000 0.00000000 IVFN 0.00 1.~~38875~~41125% 0.00000000 0.00000000 0.00000000 0.00000000 M 15,960,000.00 3.~~11875~~14125% 1000.00000000 2.~~68559023~~70496554 0.00000000 0.00000000 B 19,285,000.00 5.~~11875~~14125% 1000.00000000 4.~~40781229~~42718745 0.00000000 0.00000000 OC 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X1 5,650,500.00 0.00000% 153.40363508 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.~~84212218~~82137151 0.00000000 ~~629~~590.~~08547228~~22683426 IIA1 0.00000000 0.00000000 0.~~67261573~~62498633 0.00000000 ~~537~~472.~~12532221~~24295590 IIA2 0.00000000 0.00000000 1.~~48003478~~49940972 0.00000000 1000.00000000 IVFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.00000000 2.~~68559023~~70496554 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~40781229~~42718745 0.00000000 1000.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X1 0.00000000 0.00000000 0.00000000 0.00000000 ~~153~~86.~~40363508~~39728166 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 710,~~619~~123,~~116~~678.4062 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) (~~422~~298,~~608~~684.2482) Prepayment Penalties 0.00 Total Deposits 79,~~196~~824,~~508~~993.1680 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 204,~~751~~277.0080 Payment of Interest and Principal 69,~~991~~620,~~757~~716.1600 Total Withdrawals (Pool Distribution Amount) 79,~~196~~824,~~508~~993.1680 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~173~~174,~~569~~295.2501 AMBAC ASSURANCE CORP. 3129,~~181~~982.7579 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 204,~~751~~277.0080

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 2442 1 0 2543 1,~~278~~951,~~720~~000.0978 25,000.00 0.00 1,~~303~~976,~~720~~000.0978 30 Days 6672 57 1 0 7280 23,~~921~~236,~~339~~281.5163 ~~215~~284,~~182~~799.1868 26100,~~525~~000.9400 0.00 3,~~163~~621,~~047~~081.6331 60 Days 2219 6 2 1 0 2527 ~~851~~791,~~418~~560.9587 ~~102~~282,~~538~~736.0201 ~~100~~81,~~000~~352.0050 0.00 1,~~053~~155,~~956~~649.9738 90 Days 1718 64 21 0 2523 ~~638~~657,~~023~~890.9010 ~~201~~183,~~502~~115.4857 5944,~~530~~809.8736 0.00 ~~899~~885,~~057~~815.2503 120 Days 69 49 32 0 1320 ~~278~~384,~~564~~607.3244 ~~154~~289,~~574~~192.9585 ~~107~~59,~~392~~530.8987 0.00 ~~540~~733,~~532~~331.16 150 Days 56 13 03 0 612 ~~188~~226,~~130~~893.4969 21177,~~509~~928.1029 0107,392.0089 0.00 ~~209~~512,~~639~~214.5987 180+ Days 10 0 54 01 65 ~~89,045~~0.2300 0.00 ~~224~~167,~~326~~427.2948 056,798.0074 ~~313~~224,~~371~~226.5222 Totals ~~117~~124 4271 1314 01 ~~172~~210 45,~~966~~297,~~522~~233.4073 13,~~974~~168,~~026~~773.8218 ~~542~~585,~~775~~513.9910 056,798.0074 79,~~483~~108,~~325~~318.2175 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.~~549954~~999762% 0.~~022915~~023804% 0.000000% 01.~~572869~~023566% 01.~~631757~~003789% 0.~~012351~~012862% 0.000000% 01.~~644108~~016651% 30 Days 1.~~512374~~713878% 0.~~114574~~166627% 0.~~022915~~023804% 0.000000% 1.~~649863~~904308% 1.~~443299~~665065% 0.~~106312~~146529% 0.~~013105~~051450% 0.000000% 1.~~562716~~863044% 60 Days 0.~~504125~~452273% 0.~~045830~~142823% 0.~~022915~~047608% 0.000000% 0.~~572869~~642704% 0.~~420647~~407258% 0.~~050659~~145467% 0.~~049405~~041856% 0.000000% 0.~~520711~~594581% 90 Days 0.~~389551~~428469% 0.~~137489~~095215% 0.~~045830~~023804% 0.000000% 0.~~572869~~547489% 0.~~315218~~338484% 0.~~099553~~094213% 0.~~029411~~023054% 0.000000% 0.~~444183~~455751% 120 Days 0.~~137489~~214235% 0.~~091659~~214235% 0.~~068744~~047608% 0.000000% 0.~~297892~~476077% 0.~~137626~~197880% 0.~~076368~~148790% 0.~~053058~~030629% 0.000000% 0.~~267052~~377298% 150 Days 0.~~114574~~142823% 0.~~022915~~071412% 0.~~000000~~071412% 0.000000% 0.~~137489~~285646% 0.~~092947~~116737% 0.~~010627~~091544% 0.~~000000~~055254% 0.000000% 0.~~103573~~263534% 180+ Days 0.~~022915~~000000% 0.000000% 0.~~114574~~095215% 0.~~000000~~023804% 0.~~137489~~119019% 0.~~043993~~000000% 0.000000% 0.~~110829~~086141% 0.~~000000~~029223% 0.~~154822~~115364% Totals 2.~~681027~~951678% 01.~~962420~~690074% 0.~~297892~~333254% 0.~~000000~~023804% 34.~~941338~~998810% 2.~~453729~~725423% 01.~~975275~~630332% 0.~~268161~~301246% 0.~~000000~~029223% 34.~~697165~~686224%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 1012.~~035629~~325829% Weighted Average Net Coupon 911.~~035629~~292496% Weighted Average Pass-Through Rate 811.~~855979~~114739% Weighted Average Maturity(Stepdown Calculation ) 0 Beginning Scheduled Collateral Loan Count 4,~~485~~364 Number Of Loans Paid In Full ~~121~~163 Ending Scheduled Collateral Loan Count 4,~~364~~201 Beginning Scheduled Collateral Balance ~~208~~202,~~283~~407,~~102~~109.6472 Ending Scheduled Collateral Balance ~~202~~194,~~407~~363,~~109~~707.7298 Ending Actual Collateral Balance at 3031-~~Nov~~Dec-2003 ~~202~~194,~~407~~363,~~109~~707.7298 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 1415,~~279~~980.0043 Unscheduled Principal 57,~~584~~846,~~487~~455.4963

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