Attached files
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EX-99.1 - UNAUDITED BALANCE SHEET AS OF APRIL 30, 2012 - Mr. Cooper Group Inc. | d389108dex991.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 99.2
WM MORTGAGE REINSURANCE COMPANY INC.
BALANCE SHEET
AS OF MAY 31, 2012
(UNAUDITED)
MODIFIED GAAP BALANCE SHEET |
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ASSETS |
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CASH & CASH EQUIVALENTS |
5,289,947 | |||
INVESTMENTS |
17,542,362 | |||
INVESTMENTS HELD IN TRUST |
309,492,675 | |||
ACCRUED INTEREST |
2,376,549 | |||
REINSURANCE PREMIUMS RECEIVABLE |
1,906,401 | |||
OTHER RECEIVABLES |
0 | |||
DEFERRED FEDERAL INCOME TAX |
0 | |||
VALUATION ALLOWANCE FOR DEFERRED TAX |
(13,263,951 | ) | ||
DEFERRED TAX ASSETS |
13,263,951 | |||
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TOTAL ASSETS |
336,607,934 | |||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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LIABILITIES: |
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ACCRUED EXPENSES |
145,460 | |||
ACCRUED INVESTMENT EXPENSES |
55,364 | |||
ACCRUED ADMINISTRATIVE FEES |
110,000 | |||
ACCRUED CEDING FEES |
236,279 | |||
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 |
377,425 | |||
LOSSES PAYABLE |
5,551,055 | |||
LOSS RESERVES |
115,034,462 | |||
IBNR |
5,662,914 | |||
CONTINGENCY RESERVES |
49,656,320 | |||
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TOTAL LIABILITIES |
180,829,279 | |||
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STOCKHOLDERS 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 |
(49,656,320 | ) | ||
DIVIDENDS PAID |
(250,000 | ) | ||
RETAINED EARNINGS (ACCUMULATED DEFICIT) |
130,885,964 | |||
NET INCOME (LOSS)YEAR TO DATE |
4,919,094 | |||
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TOTAL STOCKHOLDERS EQUITY |
155,778,655 | |||
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY |
336,607,934 | |||
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WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
COMBINING PROFIT & LOSS STATEMENT
FOR THE PERIOD ENDED May 31, 2012
MONTH TO DATE |
YEAR TO DATE |
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UNDERWRITING INCOME: |
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ASSUMED PREMIUMS WRITTEN |
1,848,303 | 11,033,759 | ||||||
CHANGE IN UNEARNED PREMIUMS |
13,038 | 78,512 | ||||||
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NET PREMIUMS EARNED |
1,861,342 | 11,112,271 | ||||||
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UNDERWRITING EXPENSES: |
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LOSSES PAID |
5,551,056 | 27,732,129 | ||||||
PROVISION FOR LOSS RESERVES |
(4,207,601 | ) | (17,437,891 | ) | ||||
PROVISION FOR IBNR |
(285,792 | ) | (884,015 | ) | ||||
CEDING COMMISSION |
236,279 | 1,376,158 | ||||||
PREMIUM TAX EXPENSE |
0 | 0 | ||||||
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TOTAL UNDERWRITING EXPENSES |
1,293,942 | 10,786,382 | ||||||
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UNDERWRITING INCOME (LOSS) |
567,399 | 325,890 | ||||||
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GENERAL & ADMINISTRATIVE EXPENSES: |
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MANAGEMENT FEES |
21,537 | 83,450 | ||||||
ACTUARY CONSULTING FEES |
27,170 | 117,170 | ||||||
AUDIT FEES |
51,500 | 103,000 | ||||||
LEGAL FEES |
5,422 | 35,213 | ||||||
ADMINISTRATIVE FEES |
110,000 | 262,581 | ||||||
LICENSE AND FEES |
0 | 300 | ||||||
TRAVEL AND ENTERTAINMENT |
0 | 0 | ||||||
BANK SERVICE FEES |
406 | 828 | ||||||
MISCELLANEOUS EXPENSES |
0 | 0 | ||||||
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TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
216,035 | 602,543 | ||||||
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INTEREST EXPENSE |
0 | 0 | ||||||
INTEREST INCOME |
967 | 5,855 | ||||||
AMORTIZATIONCOMMERCIAL PAPER |
0 | 0 | ||||||
INVESTMENT INCOMEMUNICIPAL BONDS |
0 | 0 | ||||||
INVESTMENT INCOMECORPORATE BONDS |
485,312 | 2,455,922 | ||||||
INVESTMENT INCOMEMBS BONDS |
69,290 | 364,499 | ||||||
INVESTMENT INCOMEUS AGENCY |
274,671 | 1,436,198 | ||||||
INVESTMENT INCOMEUS TREASURY |
79 | 389 | ||||||
INVESTMENT INCOMEFOREIGN ISSUE |
113,993 | 495,998 | ||||||
BOND AMORTIZATIONMUNICIPAL BONDS |
0 | 0 | ||||||
BOND AMORTIZATIONCORPORATE BONDS |
(131,721 | ) | (647,553 | ) | ||||
BOND AMORTIZATIONMBS BONDS |
(1,356 | ) | (3,125 | ) | ||||
BOND AMORTIZATIONUS AGENCY |
(32,440 | ) | (201,443 | ) | ||||
BOND AMORTIZATIONUS TREASURY |
(12 | ) | (58 | ) | ||||
BOND AMORTIZATIONFOREIGN ISSUE |
(37,323 | ) | (167,201 | ) | ||||
INVESTMENT EXPENSE |
(55,364 | ) | (133,597 | ) | ||||
GAIN/LOSS ON SALE OF INVESTMENT |
36,041 | 288,843 | ||||||
FAS 159 GAIN ON TRADING SECURITIES |
(826,921 | ) | 1,301,020 | |||||
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NET INVESTMENT INCOME |
(104,784 | ) | 5,195,747 | |||||
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LEGAL SETTLEMENT |
0 | 0 | ||||||
INCOME (LOSS) BEFORE TAX PROVISION |
246,580 | 4,919,094 | ||||||
CURRENT FEDERAL INCOME TAX (BENEFIT) EXPENSE |
0 | 0 | ||||||
PROVISION FOR DOUBTFUL INCOME TAX RECEIVABLE |
0 | 0 | ||||||
DEFERRED FEDERAL INCOME TAX (BENEFIT) EXPENSE |
86,313 | 1,721,626 | ||||||
CHANGE IN VALUATION ALLOWANCE |
(86,313 | ) | (1,721,626 | ) | ||||
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FEDERAL INCOME TAX EXPENSE |
0 | 0 | ||||||
NET INCOME (LOSS) |
246,580 | 4,919,094 | ||||||
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