Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Mr. Cooper Group Inc. | d420191d8k.htm |
Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY INC.
BALANCE SHEET
AS OF AUGUST 31, 2012
(UNAUDITED)
| MODIFIED GAAP BALANCE SHEET |
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| (000 omitted) | ||||
| ASSETS |
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| CASH & CASH EQUIVALENTS |
$ | 1,347 | ||
| INVESTMENTS |
9,323 | |||
| INVESTMENTS HELD IN TRUST |
303,681 | |||
| ACCRUED INTEREST |
1,655 | |||
| REINSURANCE PREMIUMS RECEIVABLE |
1,456 | |||
| VALUATION ALLOWANCE FOR DEFERRED TAX |
(12,569 | ) | ||
| DEFERRED TAX ASSETS |
12,569 | |||
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| TOTAL ASSETS |
$ | 317,462 | ||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| LIABILITIES: |
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| ACCRUED EXPENSES |
$ | 210 | ||
| ACCRUED INVESTMENT EXPENSES |
52 | |||
| ACCRUED ADMINISTRATIVE FEES |
110 | |||
| ACCRUED CEDING FEES |
139 | |||
| UNEARNED PREMIUMS |
330 | |||
| LOSSES PAYABLE |
2,777 | |||
| LOSS RESERVES |
110,656 | |||
| IBNR |
5,768 | |||
| CONTINGENCY RESERVES |
50,816 | |||
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| TOTAL LIABILITIES |
170,857 | |||
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| STOCKHOLDER’S EQUITY: |
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| CAPITAL STOCK |
1 | |||
| PAID-IN CAPITAL |
16,659 | |||
| ADDITIONAL PAID-IN CAPITAL |
53,220 | |||
| UNREALIZED GAIN/LOSS ON INVESTMENTS |
— | |||
| CONTINGENCY RESERVES |
(50,816 | ) | ||
| DIVIDENDS PAID |
(10,250 | ) | ||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) |
130,886 | |||
| NET INCOME (LOSS)—YEAR TO DATE |
6,904 | |||
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| TOTAL STOCKHOLDER’S EQUITY |
146,604 | |||
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| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
$ | 317,462 | ||
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Totals may not sum due to rounding
WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED AUGUST 31, 2012
| MONTH TO DATE (000 Omitted) |
YEAR TO DATE (000 Omitted) |
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| UNDERWRITING INCOME: |
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| ASSUMED PREMIUMS WRITTEN |
$ | 1,401 | $ | 15,162 | ||||
| CHANGE IN UNEARNED PREMIUMS |
13 | 126 | ||||||
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| NET PREMIUMS EARNED |
1,414 | 15,289 | ||||||
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| UNDERWRITING EXPENSES: |
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| LOSSES PAID |
2,777 | 36,165 | ||||||
| PROVISION FOR LOSS RESERVES |
(1,282 | ) | (22,314 | ) | ||||
| PROVISION FOR IBNR |
405 | (282 | ) | |||||
| CEDING COMMISSION |
139 | 1,779 | ||||||
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| TOTAL UNDERWRITING EXPENSES |
2,040 | 15,349 | ||||||
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| UNDERWRITING INCOME (LOSS) |
(626 | ) | (61 | ) | ||||
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| GENERAL & ADMINISTRATIVE EXPENSES: |
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| MANAGEMENT FEES |
19 | 153 | ||||||
| ACTUARY CONSULTING FEES |
23 | 185 | ||||||
| AUDIT FEES |
52 | 258 | ||||||
| LEGAL FEES |
25 | 73 | ||||||
| ADMINISTRATIVE FEES |
110 | 593 | ||||||
| BANK SERVICE FEES |
0 | 20 | ||||||
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| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
229 | 1,281 | ||||||
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| INTEREST INCOME |
4 | 12 | ||||||
| INVESTMENT INCOME—CORPORATE BONDS |
320 | 3,709 | ||||||
| INVESTMENT INCOME—MBS BONDS |
48 | 556 | ||||||
| INVESTMENT INCOME—US AGENCY |
183 | 2,097 | ||||||
| INVESTMENT INCOME—US TREASURY |
0 | 1 | ||||||
| INVESTMENT INCOME—FOREIGN ISSUE |
58 | 724 | ||||||
| BOND AMORTIZATION—CORPORATE BONDS |
(83 | ) | (981 | ) | ||||
| BOND AMORTIZATION—MBS BONDS |
(3 | ) | (12 | ) | ||||
| BOND AMORTIZATION—US AGENCY |
(10 | ) | (272 | ) | ||||
| BOND AMORTIZATION—US TREASURY |
(0 | ) | (0 | ) | ||||
| BOND AMORTIZATION—FOREIGN ISSUE |
(18 | ) | (266 | ) | ||||
| INVESTMENT EXPENSE |
(52 | ) | (295 | ) | ||||
| GAIN/LOSS ON SALE OF INVESTMENT |
113 | 2,800 | ||||||
| FAS 159 GAIN ON TRADING SECURITIES |
57 | 172 | ||||||
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| NET INVESTMENT INCOME |
616 | 8,246 | ||||||
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| INCOME (LOSS) BEFORE TAX PROVISION |
(239 | ) | 6,904 | |||||
| CURRENT FEDERAL INCOME TAX (BENEFIT) EXPENSE |
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| PROVISION FOR DOUBTFUL INCOME TAX RECEIVABLE |
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| DEFERRED FEDERAL INCOME TAX (BENEFIT) EXPENSE |
(84 | ) | 2,417 | |||||
| CHANGE IN VALUATION ALLOWANCE |
84 | (2,417 | ) | |||||
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| FEDERAL INCOME TAX EXPENSE |
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| NET INCOME (LOSS) |
$ | (239 | ) | $ | 6,904 | |||
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Totals may not sum due to rounding