8-K 1 irw0300c.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-C Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-07 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-C 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-C 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-C 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: 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-C Trust, relating to the January 26, 2004 distribution. EX-99.1

IRWIN WHOLE LOAN HOME EQUITY ~~LOAN~~ TRUST Home Equity Loan ~~Asset~~-Backed ~~Certs.~~Notes Record Date: 1112/3031/03 Distribution Date: 121/26/0304 IRWIN Series: 2003-C 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 464187AZ6 SEN 7.75000% 0.00 161,458.33 0.00 IA 464187AX1 SEN 1.~~59875~~62125% 37,~~757~~015,~~849~~547.6872 51,~~981~~676.2853 ~~742~~1,~~301~~144,210.9658 IIA 464187AY9 SEN 1.~~63875~~66125% ~~100~~97,~~748~~480,~~629~~948.7637 ~~142~~139,~~171~~448.0052 34,~~267~~059,~~681~~213.3944 VFN IRV03CVFN SUB 1.~~49375~~51625% 0.00 0.00 0.00 M1 464187BA0 MEZ 2.~~11875~~14125% 15,415,000.00 28,~~124~~423.3501 0.00 M2 464187BB8 MEZ 3.~~11875~~14125% 12,926,000.00 34,~~713~~964.9438 0.00 B1 464187BC6 SUB 5.~~11875~~14125% 10,532,000.00 46,~~423~~627.0814 0.00 B2 464187BD4 SUB 5.~~11875~~14125% 2,872,000.00 12,~~659~~714.2488 0.00 X1 IR0300CX1 SUB 0.00000% 4,900,308.4544 0.00 081,137.0195 CERT IR03CCERT SUB 0.00000% 0.00 0.00 0.00 Totals ~~185~~181,~~151~~141,~~787~~804.8953 ~~477~~475,~~531~~312.2279 45,~~009~~284,~~983~~561.3697

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses AIO 0.00 0.00 161,458.33 0.00 IA 0.00 3735,~~015~~871,~~547~~337.7214 ~~794~~1,~~283~~195,887.2411 0.00 IIA 0.00 9793,~~480~~421,~~948~~734.3793 34,~~409~~198,~~852~~661.3996 0.00 VFN 0.00 0.00 0.00 0.00 M1 0.00 15,415,000.00 28,~~124~~423.3501 0.00 M2 0.00 12,926,000.00 34,~~713~~964.9438 0.00 B1 0.00 10,532,000.00 46,~~423~~627.0814 0.00 B2 0.00 2,872,000.00 12,~~659~~714.2488 0.00 X1 0.00 4,~~900~~819,~~308~~170.4449 081,137.0195 0.00 CERT 0.00 0.00 0.00 0.00 Totals 0.00 ~~181~~175,~~141~~857,~~804~~242.5356 45,~~487~~759,~~514~~874.5876 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 39,801,000.00 37,~~757~~015,~~849~~547.6872 0.00 ~~742~~1,~~301~~144,210.9658 0.00 0.00 IIA 108,511,000.00 ~~100~~97,~~748~~480,~~629~~948.7637 0.00 34,~~267~~059,~~681~~213.3944 0.00 0.00 VFN 0.00 0.00 0.00 0.00 0.00 0.00 M1 15,415,000.00 15,415,000.00 0.00 0.00 0.00 0.00 M2 12,926,000.00 12,926,000.00 0.00 0.00 0.00 0.00 B1 10,532,000.00 10,532,000.00 0.00 0.00 0.00 0.00 B2 2,872,000.00 2,872,000.00 0.00 0.00 0.00 0.00 X1 5,000,000.00 4,900,308.4544 0.00 081,137.0195 0.00 0.00 CERT 0.00 0.00 0.00 0.00 0.00 0.00 Totals 195,057,000.00 ~~185~~181,~~151~~141,~~787~~804.8953 0.00 45,~~009~~284,~~983~~561.3697 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 ~~742~~1,~~301~~144,210.9658 3735,~~015~~871,~~547~~337.7214 0.~~93001552~~90126723 ~~742~~1,~~301~~144,210.9658 IIA 34,~~267~~059,~~681~~213.3944 9793,~~480~~421,~~948~~734.3793 0.~~89835084~~86094253 34,~~267~~059,~~681~~213.3944 VFN 0.00 0.00 0.00000000 0.00 M1 0.00 15,415,000.00 1.00000000 0.00 M2 0.00 12,926,000.00 1.00000000 0.00 B1 0.00 10,532,000.00 1.00000000 0.00 B2 0.00 2,872,000.00 1.00000000 0.00 X1 081,137.0195 4,~~900~~819,~~308~~170.4449 0.~~98006169~~96383410 081,137.0195 CERT 0.00 0.00 0.00000000 0.00 Totals 45,~~009~~284,~~983~~561.3697 ~~181~~175,~~141~~857,~~804~~242.5356 0.~~92866088~~90156848 45,~~009~~284,~~983~~561.3697

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 39,801,000.00 ~~948~~930.~~66585463~~01552021 0.00000000 1828.~~65033441~~74828723 0.00000000 IIA 108,511,000.00 ~~928~~898.~~46466957~~35084342 0.00000000 3037.~~11382616~~40831289 0.00000000 VFN 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 15,415,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 12,926,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 10,532,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 2,872,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X1 5,000,000.00 980.~~06169000~~06168800 0.00000000 016.~~00000200~~22759000 0.00000000 CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000

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 1828.~~65033441~~74828723 ~~930~~901.~~01552021~~26723298 0.~~93001552~~90126723 1828.~~65033441~~74828723 IIA 0.00000000 3037.~~11382616~~40831289 ~~898~~860.~~35084342~~94253053 0.~~89835084~~86094253 3037.~~11382616~~40831289 VFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X1 0.00000000 016.~~00000200~~22759000 ~~980~~963.~~06168800~~83409800 0.~~98006169~~96383410 016.~~00000200~~22759000 CERT 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 7.75000% 25,000,000.00 161,458.33 0.00 0.00 IA 39,801,000.00 1.~~59875~~62125% 37,~~757~~015,~~849~~547.6872 51,~~981~~676.2853 0.00 0.00 IIA 108,511,000.00 1.~~63875~~66125% ~~100~~97,~~748~~480,~~629~~948.7637 ~~142~~139,~~171~~448.0153 0.00 0.00 VFN 0.00 1.~~49375~~51625% 0.00 0.00 0.00 0.00 M1 15,415,000.00 2.~~11875~~14125% 15,415,000.00 28,~~124~~423.3501 0.00 0.00 M2 12,926,000.00 3.~~11875~~14125% 12,926,000.00 34,~~713~~964.9438 0.00 0.00 B1 10,532,000.00 5.~~11875~~14125% 10,532,000.00 46,~~423~~627.0814 0.00 0.00 B2 2,872,000.00 5.~~11875~~14125% 2,872,000.00 12,~~659~~714.2488 0.00 0.00 X1 5,000,000.00 0.00000% 4,900,308.4544 0.00 0.00 0.00 CERT 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 195,057,000.00 ~~477~~475,~~531~~312.2380 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 0.00 161,458.33 0.00 25,000,000.00 IA 0.00 0.00 51,~~981~~676.2853 0.00 3735,~~015~~871,~~547~~337.7214 IIA 0.00 0.00 ~~142~~139,~~171~~448.0052 0.00 9793,~~480~~421,~~948~~734.3793 VFN 0.00 0.00 0.00 0.00 0.00 M1 0.00 0.00 28,~~124~~423.3501 0.00 15,415,000.00 M2 0.00 0.00 34,~~713~~964.9438 0.00 12,926,000.00 B1 0.00 0.00 46,~~423~~627.0814 0.00 10,532,000.00 B2 0.00 0.00 12,~~659~~714.2488 0.00 2,872,000.00 X1 0.00 0.00 0.00 0.00 4,~~900~~819,~~308~~170.4449 CERT 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~477~~475,~~531~~312.2279 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 7.75000% 1000.00000000 6.45833320 0.00000000 0.00000000 IA 39,801,000.00 1.~~59875~~62125% ~~948~~930.~~66585463~~01552021 1.~~30602950~~29837265 0.00000000 0.00000000 IIA 108,511,000.00 1.~~63875~~66125% ~~928~~898.~~46466957~~35084342 1.~~31019906~~28510962 0.00000000 0.00000000 VFN 0.00 1.~~49375~~51625% 0.00000000 0.00000000 0.00000000 0.00000000 M1 15,415,000.00 2.~~11875~~14125% 1000.00000000 1.~~82447940~~84385404 0.00000000 0.00000000 M2 12,926,000.00 3.~~11875~~14125% 1000.00000000 2.~~68559028~~70496519 0.00000000 0.00000000 B1 10,532,000.00 5.~~11875~~14125% 1000.00000000 4.~~40781238~~42718762 0.00000000 0.00000000 B2 2,872,000.00 5.~~11875~~14125% 1000.00000000 4.~~40781337~~42718663 0.00000000 0.00000000 X1 5,000,000.00 0.00000% 980.~~06169000~~06168800 0.00000000 0.00000000 0.00000000 CERT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 6.45833320 0.00000000 1000.00000000 IA 0.00000000 0.00000000 1.~~30602950~~29837265 0.00000000 ~~930~~901.~~01552021~~26723298 IIA 0.00000000 0.00000000 1.~~31019897~~28510953 0.00000000 ~~898~~860.~~35084342~~94253053 VFN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1.~~82447940~~84385404 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~68559028~~70496519 0.00000000 1000.00000000 B1 0.00000000 0.00000000 4.~~40781238~~42718762 0.00000000 1000.00000000 B2 0.00000000 0.00000000 4.~~40781337~~42718663 0.00000000 1000.00000000 X1 0.00000000 0.00000000 0.00000000 0.00000000 ~~980~~963.~~06168800~~83409800 CERT 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 45,~~632~~967,~~806~~055.2361 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(50,645.0062) Prepayment Penalties 0.00 Total Deposits 45,~~632~~916,~~806~~409.2399 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~154~~156,~~292~~535.2523 Payment of Interest and Principal 45,~~478~~759,~~514~~874.5876 Total Withdrawals (Pool Distribution Amount) 45,~~632~~916,~~806~~409.8399 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~153~~155,~~165~~433.6872 Indentured Trustee Fee 1,~~126~~101.5751 Special Servicing Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~154~~156,~~292~~535.2523

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 7 0 0 7 ~~315~~284,~~914~~124.9475 0.00 0.00 ~~315~~284,~~914~~124.9475 30 Days 1915 12 0 0 2017 1580,~~047,819~~729.7947 62123,~~784~~791.2369 0.00 0.00 1704,~~110,604~~521.0216 60 Days 28 1 0 0 39 87543,~~408~~776.9678 5162,~~890~~784.0623 0.00 0.00 ~~139~~606,~~299~~561.0201 90 Days 1 0 1 0 0 2 4566,~~617~~825.8057 51,890.06 0.00 ~~49,860.34~~ 0.00 95118,~~478~~715.1463 120 Days 01 0 01 0 02 045,617.0080 0.00 049,860.0034 0.00 095,478.0014 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2225 911 1 0 3237 1,~~180~~236,~~846~~949.5562 ~~430~~522,~~589~~590.2373 49,860.34 0.00 1,~~661~~809,~~296~~400.1269 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.~~206246~~210780% 0.000000% 0.000000% 0.~~206246~~210780% 0.~~175019~~161317% 0.000000% 0.000000% 0.~~175019~~161317% 30 Days 0.~~559811~~451671% 0.~~029464~~060223% 0.000000% 0.000000% 0.~~589275~~511894% 0.~~580498~~329720% 0.~~034783~~070285% 0.000000% 0.000000% 0.~~615281~~400005% 60 Days 0.~~058928~~240891% 0.~~029464~~030111% 0.000000% 0.000000% 0.~~088391~~271003% 0.~~048425~~308739% 0.~~028747~~035647% 0.000000% 0.000000% 0.~~077172~~344386% 90 Days 0.~~029464~~030111% 0.~~000000~~030111% 0.~~029464~~000000% 0.000000% 0.~~058928~~060223% 0.~~025273~~037941% 0.~~000000~~029462% 0.~~027623~~000000% 0.000000% 0.~~052895~~067403% 120 Days 0.~~000000~~030111% 0.000000% 0.~~000000~~030111% 0.000000% 0.~~000000~~060223% 0.~~000000~~025900% 0.000000% 0.~~000000~~028309% 0.000000% 0.~~000000~~054209% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~648203~~752785% 0.~~265174~~331226% 0.~~029464~~030111% 0.000000% 01.~~942840~~114122% 0.~~654195~~702301% 0.~~238549~~296710% 0.~~027623~~028309% 0.000000% 01.~~920367~~027320%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 810.~~792189~~581074% Weighted Average Net Coupon 79.~~792189~~547740% Weighted Average Pass-Through Rate 79.~~784834~~540417% Weighted Average Maturity(Stepdown Calculation ) 0 Beginning Scheduled Collateral Loan Count 3,~~447~~394 Number Of Loans Paid In Full 5373 Ending Scheduled Collateral Loan Count 3,~~394~~321 Beginning Scheduled Collateral Balance ~~183~~180,~~798~~503,~~817~~671.1580 Ending Scheduled Collateral Balance ~~180~~176,~~503~~128,~~671~~218.8028 Ending Actual Collateral Balance at 3031-~~Nov~~Dec-2003 ~~180~~176,~~503~~128,~~671~~218.8028 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 22,238.95 Unscheduled Principal 4,582,585.87

Filing Compare · BEAR STEARNS ASSET BACK SEC IRWIN WHOLE HOME SER 2003-C