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Fitch Rates Irwin WHELT 2003-B $266MM HE Loan-Backed Notes.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 11, 2003

Irwin Whole Loan Home Equity Loan Trust (WHELT), $230.7 million home equity loan-backed notes, series 2003-B classes IA, IIA-1, IIA-2 and A-IO, (Senior Notes) are rated 'AAA' by Fitch Ratings. Additionally, Fitch rates $16 million class M 'A' and $19.3 million class B notes 'BBB'.

The 'AAA' rating on the Senior Notes reflects the credit support provided by 13.17% subordination provided by classes M and B, target overcollateralization (OC) of 4%, excess spread, and the financial guarantee insurance policy provided by AMBAC Assurance Corporation. The 'A' rating on the class M notes reflects the 7.21% subordination provided by the class B certificates, the target OC and excess spread. The 'BBB' rating on the class B notes is provided by the target OC and excess spread. In addition, the ratings on the notes reflect the quality of the underlying collateral, the capabilities of Irwin Home Equity Corporation as servicer, and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.

Loan group I consists of adjustable-rate home equity lines of credit with combined loan-to-value ratios (CLTV) generally up to 100%, secured by first, second or more junior mortgages or deeds of trust on residential properties. As of the statistical calculation date (Jan. 31, 2003), group I mortgage loans, approximately $76.96 million, have a weighted average CLTV of 89.91%, weighted average coupon (WAC) of 8.072%, weighted average remaining term (WAM) of 233 months and an average outstanding balance of $52,498. Single family properties account for approximately 80.9% of the group's mortgage pool, condos 5.45%, and owner occupied 99.11%. Approximately 4.32%, 93.47% and 2.21% of the loans are first, second and more junior liens, respectively. The loans are primarily located in California (31.52%), New Jersey (6.94%) and Florida (6.45%).

Loan group II consists of fixed-rate, closed-end home equity loans and adjustable-rate home equity lines of credit with CLTV generally 1) up to 100% and 2) over 100% and up to 125%, secured by first, second or more junior mortgages or deeds of trust on residential properties. As of the statistical calculation date, group II mortgage loans, approximately $190.6 million, have a weighted average CLTV of 113.32%, weighted average coupon (WAC) of 12.964%, weighted average remaining term (WAM) of 237 months and an average outstanding balance of $45,547. Single-family properties account for approximately 79.36% of the group's mortgage pool, condos 4.66%, and owner occupied 99.86%. Approximately 1.27%, 98.39% and 0.34% of the loans are first, second and more junior liens, respectively. The loans are primarily located in California (15%), Florida (9.36%) and Colorado (8.06%).
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Publication:Business Wire
Date:Mar 11, 2003
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