Attached files
| file | filename |
|---|---|
| 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 |
||||
| ASSETS |
||||
| 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 | |||
|
|
|
|||
| TOTAL ASSETS |
336,607,934 | |||
|
|
|
|||
| LIABILITIES AND STOCKHOLDER’S EQUITY |
||||
| LIABILITIES: |
||||
| 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 | |||
|
|
|
|||
| TOTAL LIABILITIES |
180,829,279 | |||
|
|
|
|||
| STOCKHOLDER’S EQUITY: |
||||
| 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 | |||
|
|
|
|||
| TOTAL STOCKHOLDER’S EQUITY |
155,778,655 | |||
|
|
|
|||
| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
336,607,934 | |||
|
|
|
|||
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 |
|||||||
| UNDERWRITING INCOME: |
||||||||
| ASSUMED PREMIUMS WRITTEN |
1,848,303 | 11,033,759 | ||||||
| CHANGE IN UNEARNED PREMIUMS |
13,038 | 78,512 | ||||||
|
|
|
|
|
|||||
| NET PREMIUMS EARNED |
1,861,342 | 11,112,271 | ||||||
|
|
|
|
|
|||||
| UNDERWRITING EXPENSES: |
||||||||
| 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 | ||||||
|
|
|
|
|
|||||
| TOTAL UNDERWRITING EXPENSES |
1,293,942 | 10,786,382 | ||||||
|
|
|
|
|
|||||
| UNDERWRITING INCOME (LOSS) |
567,399 | 325,890 | ||||||
|
|
|
|
|
|||||
| GENERAL & ADMINISTRATIVE EXPENSES: |
||||||||
| 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 | ||||||
|
|
|
|
|
|||||
| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
216,035 | 602,543 | ||||||
|
|
|
|
|
|||||
| INTEREST EXPENSE |
0 | 0 | ||||||
| INTEREST INCOME |
967 | 5,855 | ||||||
| AMORTIZATION—COMMERCIAL PAPER |
0 | 0 | ||||||
| INVESTMENT INCOME—MUNICIPAL BONDS |
0 | 0 | ||||||
| INVESTMENT INCOME—CORPORATE BONDS |
485,312 | 2,455,922 | ||||||
| INVESTMENT INCOME—MBS BONDS |
69,290 | 364,499 | ||||||
| INVESTMENT INCOME—US AGENCY |
274,671 | 1,436,198 | ||||||
| INVESTMENT INCOME—US TREASURY |
79 | 389 | ||||||
| INVESTMENT INCOME—FOREIGN ISSUE |
113,993 | 495,998 | ||||||
| BOND AMORTIZATION—MUNICIPAL BONDS |
0 | 0 | ||||||
| BOND AMORTIZATION—CORPORATE BONDS |
(131,721 | ) | (647,553 | ) | ||||
| BOND AMORTIZATION—MBS BONDS |
(1,356 | ) | (3,125 | ) | ||||
| BOND AMORTIZATION—US AGENCY |
(32,440 | ) | (201,443 | ) | ||||
| BOND AMORTIZATION—US TREASURY |
(12 | ) | (58 | ) | ||||
| BOND AMORTIZATION—FOREIGN 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 | |||||
|
|
|
|
|
|||||
| NET INVESTMENT INCOME |
(104,784 | ) | 5,195,747 | |||||
|
|
|
|
|
|||||
| 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 | ) | ||||
|
|
|
|
|
|||||
| FEDERAL INCOME TAX EXPENSE |
0 | 0 | ||||||
| NET INCOME (LOSS) |
246,580 | 4,919,094 | ||||||
|
|
|
|
|
|||||