Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Mr. Cooper Group Inc. | d432024d8k.htm |
Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY INC.
CONDENSED BALANCE SHEET
AS OF SEPTEMBER 30, 2012
(UNAUDITED)
(000 omitted)
| MODIFIED GAAP BALANCE SHEET |
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| ASSETS |
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| CASH & CASH EQUIVALENTS |
855 | |||
| INVESTMENTS |
9,614 | |||
| INVESTMENTS HELD IN TRUST |
303,210 | |||
| ACCOUNTS RECEIVABLE |
1,402 | |||
| ACCRUED INTEREST |
1,348 | |||
| DEFERRED FEDERAL INCOME TAX |
— | |||
| VALUATION ALLOWANCE FOR DEFERRED TAX |
(12,398 | ) | ||
| DEFERRED TAX ASSETS |
12,398 | |||
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| TOTAL ASSETS |
316,429 | |||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| LIABILITIES: |
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| ACCRUED EXPENSES |
184 | |||
| ACCRUED INVESTMENT EXPENSES |
52 | |||
| ACCRUED ADMINISTRATIVE FEES |
110 | |||
| ACCRUED CEDING FEES |
125 | |||
| INTEREST PAYABLE |
— | |||
| UNEARNED PREMIUMS |
313 | |||
| LOSSES PAYABLE |
2,832 | |||
| LOSS RESERVES |
108,807 | |||
| IBNR |
6,096 | |||
| CONTINGENCY RESERVES |
44,890 | |||
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| TOTAL LIABILITIES |
163,409 | |||
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| STOCKHOLDER’S EQUITY: |
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| CAPITAL STOCK |
1 | |||
| ADDITIONAL PAID-IN CAPITAL |
64,879 | |||
| UNREALIZED GAIN/LOSS ON INVESTMENTS |
— | |||
| CONTINGENCY RESERVES |
(44,890 | ) | ||
| DIVIDENDS PAID |
(10,250 | ) | ||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) |
130,886 | |||
| NET INCOME (LOSS) - YEAR TO DATE |
7,394 | |||
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| TOTAL STOCKHOLDER’S EQUITY |
153,020 | |||
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| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
316,429 | |||
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WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2012
(000 Omitted)
| MONTH TO DATE |
YEAR TO DATE |
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| UNDERWRITING INCOME: |
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| ASSUMED PREMIUMS WRITTEN |
1,353 | 16,515 | ||||||
| CHANGE IN UNEARNED PREMIUMS |
17 | 143 | ||||||
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| NET PREMIUMS EARNED |
1,370 | 16,658 | ||||||
| UNDERWRITING EXPENSES: |
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| LOSSES PAID |
2,832 | 38,998 | ||||||
| PROVISION FOR LOSS RESERVES |
(1,849 | ) | (24,164 | ) | ||||
| PROVISION FOR IBNR |
328 | 47 | ||||||
| CEDING COMMISSION |
125 | 1,904 | ||||||
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| TOTAL UNDERWRITING EXPENSES |
1,436 | 16,785 | ||||||
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| UNDERWRITING INCOME (LOSS) |
(66 | ) | (127 | ) | ||||
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| GENERAL & ADMINISTRATIVE EXPENSES: |
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| MANAGEMENT FEES |
13 | 166 | ||||||
| ACTUARY CONSULTING FEES |
23 | 207 | ||||||
| AUDIT FEES |
5 | 263 | ||||||
| LEGAL FEES |
4 | 76 | ||||||
| ADMINISTRATIVE FEES |
110 | 723 | ||||||
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| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
155 | 1,435 | ||||||
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| INTEREST EXPENSE |
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| INTEREST INCOME |
3 | 14 | ||||||
| INVESTMENT INCOME - CORPORATE BONDS |
325 | 4,035 | ||||||
| INVESTMENT INCOME - MBS BONDS |
52 | 608 | ||||||
| INVESTMENT INCOME - US AGENCY |
174 | 2,270 | ||||||
| INVESTMENT INCOME - US TREASURY |
0 | 1 | ||||||
| INVESTMENT INCOME - FOREIGN ISSUE |
52 | 777 | ||||||
| BOND AMORTIZATION - CORPORATE BONDS |
(90 | ) | (1,071 | ) | ||||
| BOND AMORTIZATION - MBS BONDS |
7 | (4 | ) | |||||
| BOND AMORTIZATION - US AGENCY |
(24 | ) | (296 | ) | ||||
| BOND AMORTIZATION - US TREASURY |
(0 | ) | (0 | ) | ||||
| BOND AMORTIZATION - FOREIGN ISSUE |
(12 | ) | (278 | ) | ||||
| INVESTMENT EXPENSE |
(52 | ) | (347 | ) | ||||
| GAIN/LOSS ON SALE OF INVESTMENT |
(8 | ) | 2,792 | |||||
| FAS 159 GAIN ON TRADING SECURITIES |
283 | 455 | ||||||
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| NET INVESTMENT INCOME |
710 | 8,956 | ||||||
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| INCOME (LOSS) BEFORE TAX PROVISION |
489 | 7,394 | ||||||
| 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 |
171 | 2,588 | ||||||
| CHANGE IN VALUATION ALLOWANCE |
(171 | ) | (2,588 | ) | ||||
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| FEDERAL INCOME TAX EXPENSE |
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| NET INCOME (LOSS) |
489 | 7,394 | ||||||
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