Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Mr. Cooper Group Inc. | d451811d8k.htm |
Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED CONDENSED BALANCE SHEET
AS OF OCTOBER 31, 2012
(in thousands)
| MODIFIED GAAP BALANCE SHEET |
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| ASSETS |
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| CASH & CASH EQUIVALENTS |
31,643 | |||
| INVESTMENTS |
9,356 | |||
| INVESTMENTS HELD IN TRUST |
222,021 | |||
| ACCRUED INTEREST |
1,337 | |||
| REINSURANCE PREMIUMS RECEIVABLE |
1,402 | |||
| VALUATION ALLOWANCE FOR DEFERRED TAX |
(14,437 | ) | ||
| DEFERRED TAX ASSETS |
14,437 | |||
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| TOTAL ASSETS |
265,759 | |||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| LIABILITIES: |
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| ACCRUED EXPENSES |
123 | |||
| ACCRUED INVESTMENT EXPENSES |
44 | |||
| ACCRUED ADMINISTRATIVE FEES |
110 | |||
| ACCRUED CEDING FEES |
138 | |||
| UNEARNED PREMIUMS |
274 | |||
| LOSSES PAYABLE |
2,609 | |||
| LOSS RESERVES |
68,756 | |||
| IBNR |
1,622 | |||
| CONTINGENCY RESERVES |
41,575 | |||
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| TOTAL LIABILITIES |
115,251 | |||
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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 | |||
| CONTINGENCY RESERVES |
(41,575 | ) | ||
| DIVIDENDS PAID |
(10,250 | ) | ||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) |
130,886 | |||
| NET INCOME (LOSS) - YEAR TO DATE |
1,567 | |||
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| TOTAL STOCKHOLDER’S EQUITY |
150,508 | |||
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| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
265,759 | |||
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WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
CONDENSED STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED OCTOBER 31, 2012
(in thousands)
| MONTH TO DATE |
YEAR TO DATE |
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| UNDERWRITING INCOME: |
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| ASSUMED PREMIUMS WRITTEN |
1,345 | 17,860 | ||||||
| CHANGE IN UNEARNED PREMIUMS |
12 | 155 | ||||||
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| NET PREMIUMS EARNED |
1,357 | 18,015 | ||||||
| UNDERWRITING EXPENSES: |
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| LOSSES PAID |
2,609 | 41,607 | ||||||
| PROVISION FOR LOSS RESERVES |
(1,158 | ) | (25,321 | ) | ||||
| PROVISION FOR IBNR |
(544 | ) | (498 | ) | ||||
| CEDING COMMISSION |
138 | 2,042 | ||||||
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| TOTAL UNDERWRITING EXPENSES |
1,045 | 17,830 | ||||||
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| UNDERWRITING INCOME (LOSS) |
312 | 185 | ||||||
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| GENERAL & ADMINISTRATIVE EXPENSES: |
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| MANAGEMENT FEES |
19 | 183 | ||||||
| ACTUARY CONSULTING FEES |
19 | 227 | ||||||
| AUDIT FEES |
6 | 269 | ||||||
| LEGAL FEES |
2 | 78 | ||||||
| ADMINISTRATIVE FEES |
110 | 813 | ||||||
| BANK SERVICE FEES |
21 | |||||||
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| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
156 | 1,591 | ||||||
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| INTEREST EXPENSE |
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| IINTEREST INCOME |
1 | 17 | ||||||
| INVESTMENT INCOME - CORPORATE BONDS |
297 | 4,332 | ||||||
| INVESTMENT INCOME - MBS BONDS |
44 | 652 | ||||||
| INVESTMENT INCOME - US AGENCY |
181 | 2,451 | ||||||
| INVESTMENT INCOME - US TREASURY |
0 | 1 | ||||||
| INVESTMENT INCOME - FOREIGN ISSUE |
46 | 823 | ||||||
| BOND AMORTIZATION - CORPORATE BONDS |
(77 | ) | (1,149 | ) | ||||
| BOND AMORTIZATION - MBS BONDS |
(0 | ) | (5 | ) | ||||
| BOND AMORTIZATION - US AGENCY |
(13 | ) | (309 | ) | ||||
| BOND AMORTIZATION - US TREASURY |
(0 | ) | (0 | ) | ||||
| BOND AMORTIZATION - FOREIGN ISSUE |
(12 | ) | (290 | ) | ||||
| INVESTMENT EXPENSE |
(44 | ) | (391 | ) | ||||
| GAIN/LOSS ON SALE OF INVESTMENT |
(16 | ) | 2,776 | |||||
| FAS 159 GAIN ON TRADING SECURITIES |
(239 | ) | 216 | |||||
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| NET INVESTMENT INCOME |
168 | 9,124 | ||||||
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| GAIN (LOSS) ON COMMUTATION |
(6,151 | ) | (6,151 | ) | ||||
| INCOME (LOSS) BEFORE TAX PROVISION |
(5,827 | ) | 1,567 | |||||
| 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 |
(2,039 | ) | 548 | |||||
| CHANGE IN VALUATION ALLOWANCE |
2,039 | (548 | ) | |||||
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| FEDERAL INCOME TAX EXPENSE |
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| NET INCOME (LOSS) |
(5,827 | ) | 1,567 | |||||
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