Attached files
| file | filename |
|---|---|
| EX-99.2 - UNAUDITED BALANCE SHEET AS OF MAY 31, 2012 - Mr. Cooper Group Inc. | d389108dex992.htm |
| EX-99.1 - UNAUDITED BALANCE SHEET AS OF APRIL 30, 2012 - Mr. Cooper Group Inc. | d389108dex991.htm |
| 8-K - FORM 8-K - Mr. Cooper Group Inc. | d389108d8k.htm |
Exhibit 99.3
WM MORTGAGE REINSURANCE COMPANY INC.
BALANCE SHEET
AS OF JUNE 30, 2012
(UNAUDITED)
| MODIFIED GAAP BALANCE SHEET |
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| ASSETS |
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| CASH & CASH EQUIVALENTS |
6,688,792 | |||
| INVESTMENTS |
15,889,585 | |||
| INVESTMENTS HELD IN TRUST |
306,211,662 | |||
| ACCRUED INTEREST |
2,605,233 | |||
| REINSURANCE PREMIUMS RECEIVABLE |
1,386,507 | |||
| OTHER RECEIVABLES |
0 | |||
| DEFERRED FEDERAL INCOME TAX |
0 | |||
| VALUATION ALLOWANCE FOR DEFERRED TAX |
(13,441,782 | ) | ||
| DEFERRED TAX ASSETS |
13,441,782 | |||
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| TOTAL ASSETS |
332,781,779 | |||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| LIABILITIES: |
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| ACCRUED EXPENSES |
164,981 | |||
| ACCRUED INVESTMENT EXPENSES |
54,754 | |||
| ACCRUED ADMINISTRATIVE FEES |
110,000 | |||
| ACCRUED CEDING FEES |
126,690 | |||
| 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 |
357,470 | |||
| LOSSES PAYABLE |
3,232,745 | |||
| LOSS RESERVES |
114,401,873 | |||
| IBNR |
5,429,591 | |||
| CONTINGENCY RESERVES |
49,403,568 | |||
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| TOTAL LIABILITIES |
177,281,674 | |||
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| STOCKHOLDER’S 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 |
(49,403,568 | ) | ||
| DIVIDENDS PAID |
(250,000 | ) | ||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) |
130,885,964 | |||
| NET INCOME (LOSS) - YEAR TO DATE |
4,387,792 | |||
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| TOTAL STOCKHOLDER’S EQUITY |
155,500,105 | |||
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| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
332,781,779 | |||
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WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
COMBINING PROFIT & LOSS STATEMENT
FOR THE PERIOD ENDED JUNE 30, 2012
| MONTH TO DATE |
YEAR TO DATE |
|||||||
| UNDERWRITING INCOME: |
||||||||
| ASSUMED PREMIUMS WRITTEN |
1,331,676 | 12,365,436 | ||||||
| CHANGE IN UNEARNED PREMIUMS |
19,954 | 98,466 | ||||||
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| NET PREMIUMS EARNED |
1,351,631 | 12,463,902 | ||||||
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| UNDERWRITING EXPENSES: |
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| LOSSES PAID |
3,232,746 | 30,964,875 | ||||||
| PROVISION FOR LOSS RESERVES |
(632,589 | ) | (18,070,479 | ) | ||||
| PROVISION FOR IBNR |
(233,324 | ) | (1,117,339 | ) | ||||
| CEDING COMMISSION |
126,690 | 1,502,848 | ||||||
| PREMIUM TAX EXPENSE |
— | — | ||||||
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| TOTAL UNDERWRITING EXPENSES |
2,493,524 | 13,279,906 | ||||||
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| UNDERWRITING INCOME (LOSS) |
(1,141,893 | ) | (816,004 | ) | ||||
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| GENERAL & ADMINISTRATIVE EXPENSES: |
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| MANAGEMENT FEES |
33,372 | 116,822 | ||||||
| ACTUARY CONSULTING FEES |
22,500 | 139,670 | ||||||
| AUDIT FEES |
51,500 | 154,500 | ||||||
| LEGAL FEES |
12,068 | 47,281 | ||||||
| ADMINISTRATIVE FEES |
110,000 | 372,581 | ||||||
| LICENSE AND FEES |
— | 300 | ||||||
| TRAVEL AND ENTERTAINMENT |
— | — | ||||||
| BANK SERVICE FEES |
409 | 1,238 | ||||||
| MISCELLANEOUS EXPENSES |
— | — | ||||||
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| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
229,848 | 832,391 | ||||||
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| INTEREST EXPENSE |
— | — | ||||||
| INTEREST INCOME |
822 | 6,677 | ||||||
| AMORTIZATION - COMMERCIAL PAPER |
— | — | ||||||
| INVESTMENT INCOME - MUNICIPAL BONDS |
— | — | ||||||
| INVESTMENT INCOME - CORPORATE BONDS |
518,716 | 2,974,638 | ||||||
| INVESTMENT INCOME - MBS BONDS |
75,752 | 440,251 | ||||||
| INVESTMENT INCOME - US AGENCY |
250,763 | 1,686,961 | ||||||
| INVESTMENT INCOME - US TREASURY |
76 | 465 | ||||||
| INVESTMENT INCOME - FOREIGN ISSUE |
82,242 | 578,240 | ||||||
| BOND AMORTIZATION - MUNICIPAL BONDS |
— | — | ||||||
| BOND AMORTIZATION - CORPORATE BONDS |
(132,113 | ) | (779,666 | ) | ||||
| BOND AMORTIZATION - MBS BONDS |
(2,872 | ) | (5,997 | ) | ||||
| BOND AMORTIZATION - US AGENCY |
(32,694 | ) | (234,137 | ) | ||||
| BOND AMORTIZATION - US TREASURY |
(11 | ) | (69 | ) | ||||
| BOND AMORTIZATION - FOREIGN ISSUE |
(44,293 | ) | (211,494 | ) | ||||
| INVESTMENT EXPENSE |
(54,754 | ) | (188,351 | ) | ||||
| GAIN/LOSS ON SALE OF INVESTMENT |
158,023 | 446,866 | ||||||
| FAS 159 GAIN ON TRADING SECURITIES |
20,782 | 1,321,802 | ||||||
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| NET INVESTMENT INCOME |
840,440 | 6,036,187 | ||||||
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| LEGAL SETTLEMENT |
— | — | ||||||
| INCOME (LOSS) BEFORE TAX PROVISION |
(531,302 | ) | 4,387,792 | |||||
| CURRENT FEDERAL INCOME TAX (BENEFIT) EXPENSE |
— | — | ||||||
| PROVISION FOR DOUBTFUL INCOME TAX RECEIVABLE |
— | — | ||||||
| DEFERRED FEDERAL INCOME TAX (BENEFIT) EXPENSE |
(177,831 | ) | 1,543,795 | |||||
| CHANGE IN VALUATION ALLOWANCE |
177,831 | (1,543,795 | ) | |||||
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| FEDERAL INCOME TAX EXPENSE |
— | — | ||||||
| NET INCOME (LOSS) |
(531,302 | ) | 4,387,792 | |||||
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