Attached files
| file | filename |
|---|---|
| EX-99.2 - UNAUDITED BALANCE SHEET AS OF MAY 31, 2012 - Mr. Cooper Group Inc. | d389108dex992.htm |
| EX-99.3 - UNAUDITED BALANCE SHEET AS OF JUNE 30, 2012 - Mr. Cooper Group Inc. | d389108dex993.htm |
| 8-K - FORM 8-K - Mr. Cooper Group Inc. | d389108d8k.htm |
Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY INC.
BALANCE SHEET
AS OF APRIL 30, 2012
(UNAUDITED)
| MODIFIED GAAP BALANCE SHEET |
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| ASSETS |
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| CASH & CASH EQUIVALENTS |
5,927,134 | |||
| INVESTMENTS |
17,059,059 | |||
| INVESTMENTS HELD IN TRUST |
315,147,276 | |||
| ACCRUED INTEREST |
2,423,552 | |||
| REINSURANCE PREMIUMS RECEIVABLE |
2,115,532 | |||
| OTHER RECEIVABLES |
0 | |||
| DEFERRED FEDERAL INCOME TAX |
0 | |||
| VALUATION ALLOWANCE FOR DEFERRED TAX |
(13,350,264 | ) | ||
| DEFERRED TAX ASSETS |
13,350,264 | |||
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| TOTAL ASSETS |
342,672,553 | |||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| LIABILITIES: |
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| ACCRUED EXPENSES |
150,627 | |||
| ACCRUED INVESTMENT EXPENSES |
56,314 | |||
| ACCRUED ADMINISTRATIVE FEES |
110,000 | |||
| ACCRUED CEDING FEES |
254,710 | |||
| PREMIUM TAX PAYABLE |
0 | |||
| FEDERAL INCOME TAX PAYABLE (RECEIVABLE) |
0 | |||
| ALLOWANCE FOR DOUBTFUL ACCOUNTS |
0 | |||
| CONTINGENT LIABILITY |
4,000,000 | |||
| INTEREST PAYABLE |
0 | |||
| UNEARNED PREMIUMS |
390,463 | |||
| LOSSES PAYABLE |
7,331,275 | |||
| LOSS RESERVES |
119,242,063 | |||
| IBNR |
5,948,706 | |||
| CONTINGENCY RESERVES |
48,876,707 | |||
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| TOTAL LIABILITIES |
186,360,865 | |||
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| STOCKHOLDER’S EQUITY: |
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| CAPITAL STOCK |
1,000 | |||
| PAID-IN CAPITAL |
16,659,349 | |||
| ADDITIONAL PAID-IN CAPITAL |
53,219,568 | |||
| UNREALIZED GAIN/LOSS ON INVESTMENTS |
0 | |||
| CONTINGENCY RESERVES |
(48,876,707 | ) | ||
| DIVIDENDS PAID |
(250,000 | ) | ||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) |
130,885,964 | |||
| NET INCOME (LOSS)—YEAR TO DATE |
4,672,514 | |||
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| TOTAL STOCKHOLDER’S EQUITY |
156,311,688 | |||
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| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
342,672,553 | |||
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WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
COMBINING PROFIT & LOSS STATEMENT
FOR THE PERIOD ENDED APRIL 30, 2012
| MONTH TO DATE |
YEAR TO DATE |
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| UNDERWRITING INCOME: |
||||||||
| ASSUMED PREMIUMS WRITTEN |
2,044,161 | 9,185,456 | ||||||
| CHANGE IN UNEARNED PREMIUMS |
10,624 | 65,474 | ||||||
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| NET PREMIUMS EARNED |
2,054,785 | 9,250,930 | ||||||
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| UNDERWRITING EXPENSES: |
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| LOSSES PAID |
7,330,327 | 22,181,073 | ||||||
| PROVISION FOR LOSS RESERVES |
(3,324,038 | ) | (13,230,290 | ) | ||||
| PROVISION FOR IBNR |
(272,002 | ) | (598,223 | ) | ||||
| CEDING COMMISSION |
254,710 | 1,139,879 | ||||||
| PREMIUM TAX EXPENSE |
0 | 0 | ||||||
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| TOTAL UNDERWRITING EXPENSES |
3,988,997 | 9,492,439 | ||||||
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| UNDERWRITING INCOME (LOSS) |
(1,934,212 | ) | (241,510 | ) | ||||
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| GENERAL & ADMINISTRATIVE EXPENSES: |
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| MANAGEMENT FEES |
15,573 | 61,914 | ||||||
| ACTUARY CONSULTING FEES |
22,500 | 90,000 | ||||||
| AUDIT FEES |
51,500 | 51,500 | ||||||
| LEGAL FEES |
13,047 | 29,792 | ||||||
| ADMINISTRATIVE FEES |
110,000 | 152,581 | ||||||
| LICENSE AND FEES |
0 | 300 | ||||||
| TRAVEL AND ENTERTAINMENT |
0 | 0 | ||||||
| BANK SERVICE FEES |
422 | 422 | ||||||
| MISCELLANEOUS EXPENSES |
0 | 0 | ||||||
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| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
213,043 | 386,508 | ||||||
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| INTEREST EXPENSE |
0 | 0 | ||||||
| INTEREST INCOME |
986 | 4,889 | ||||||
| AMORTIZATION—COMMERCIAL PAPER |
0 | 0 | ||||||
| INVESTMENT INCOME—MUNICIPAL BONDS |
0 | 0 | ||||||
| INVESTMENT INCOME—CORPORATE BONDS |
504,115 | 1,970,610 | ||||||
| INVESTMENT INCOME—MBS BONDS |
72,370 | 295,209 | ||||||
| INVESTMENT INCOME—US AGENCY |
272,474 | 1,161,527 | ||||||
| INVESTMENT INCOME—US TREASURY |
77 | 310 | ||||||
| INVESTMENT INCOME—FOREIGN ISSUE |
86,671 | 382,005 | ||||||
| BOND AMORTIZATION—MUNICIPAL BONDS |
0 | 0 | ||||||
| BOND AMORTIZATION—CORPORATE BONDS |
(127,909 | ) | (515,833 | ) | ||||
| BOND AMORTIZATION—MBS BONDS |
(608 | ) | (1,769 | ) | ||||
| BOND AMORTIZATION—US AGENCY |
(41,517 | ) | (169,003 | ) | ||||
| BOND AMORTIZATION—US TREASURY |
(11 | ) | (46 | ) | ||||
| BOND AMORTIZATION—FOREIGN ISSUE |
(36,612 | ) | (129,878 | ) | ||||
| INVESTMENT EXPENSE |
(56,314 | ) | (78,232 | ) | ||||
| GAIN/LOSS ON SALE OF INVESTMENT |
84,299 | 252,802 | ||||||
| FAS 159 GAIN ON TRADING SECURITIES |
483,072 | 2,127,941 | ||||||
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| NET INVESTMENT INCOME |
1,241,091 | 5,300,531 | ||||||
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| LEGAL SETTLEMENT |
0 | 0 | ||||||
| INCOME (LOSS) BEFORE TAX PROVISION |
(906,164 | ) | 4,672,514 | |||||
| CURRENT FEDERAL INCOME TAX (BENEFIT) EXPENSE |
0 | 0 | ||||||
| PROVISION FOR DOUBTFUL INCOME TAX RECEIVABLE |
0 | 0 | ||||||
| DEFERRED FEDERAL INCOME TAX (BENEFIT) EXPENSE |
(317,168 | ) | 1,635,313 | |||||
| CHANGE IN VALUATION ALLOWANCE |
317,168 | (1,635,313 | ) | |||||
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| FEDERAL INCOME TAX EXPENSE |
0 | 0 | ||||||
| NET INCOME (LOSS) |
(906,164 | ) | 4,672,514 | |||||
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