Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Mr. Cooper Group Inc. | d409481d8k.htm |
Exhibit 99.1
WM MORTGAGE REINSURANCE COMPANY INC.
BALANCE SHEET
AS OF JULY 31, 2012
(UNAUDITED)
| MODIFIED GAAP BALANCE SHEET |
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| ASSETS |
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| CASH & CASH EQUIVALENTS |
8,803,310 | |||
| INVESTMENTS |
11,732,819 | |||
| INVESTMENTS HELD IN TRUST |
304,270,671 | |||
| ACCRUED INTEREST |
1,899,891 | |||
| REINSURANCE PREMIUMS RECEIVABLE |
1,451,446 | |||
| OTHER RECEIVABLES |
0 | |||
| DEFERRED FEDERAL INCOME TAX |
0 | |||
| VALUATION ALLOWANCE FOR DEFERRED TAX |
(12,485,418 | ) | ||
| DEFERRED TAX ASSETS |
12,485,418 | |||
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| TOTAL ASSETS |
328,158,137 | |||
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| LIABILITIES AND STOCKHOLDER’S EQUITY |
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| LIABILITIES: |
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| ACCRUED EXPENSES |
131,277 | |||
| ACCRUED INVESTMENT EXPENSES |
54,110 | |||
| ACCRUED ADMINISTRATIVE FEES |
110,000 | |||
| ACCRUED CEDING FEES |
137,572 | |||
| PREMIUM TAX PAYABLE |
0 | |||
| FEDERAL INCOME TAX PAYABLE (RECEIVABLE) |
0 | |||
| ALLOWANCE FOR DOUBTFUL ACCOUNTS |
0 | |||
| CONTINGENT LIABILITY |
0 | |||
| INTEREST PAYABLE |
0 | |||
| UNEARNED PREMIUMS |
342,307 | |||
| LOSSES PAYABLE |
2,423,156 | |||
| LOSS RESERVES |
111,937,892 | |||
| IBNR |
5,362,627 | |||
| CONTINGENCY RESERVES |
50,109,127 | |||
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| TOTAL LIABILITIES |
170,608,069 | |||
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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 |
(50,109,127 | ) | ||
| DIVIDENDS PAID |
(250,000 | ) | ||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) |
130,885,964 | |||
| NET INCOME (LOSS) - YEAR TO DATE |
7,143,314 | |||
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| TOTAL STOCKHOLDER’S EQUITY |
157,550,068 | |||
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| TOTAL LIABILITIES & STOCKHOLDER’S EQUITY |
328,158,137 | |||
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WM MORTGAGE REINSURANCE COMPANY INC.
UNAUDITED FINANCIAL STATEMENTS
COMBINING PROFIT & LOSS STATEMENT
FOR THE PERIOD ENDED JULY 31, 2012
| MONTH TO DATE |
YEAR TO DATE |
|||||||
| UNDERWRITING INCOME: |
||||||||
| ASSUMED PREMIUMS WRITTEN |
1,395,953 | 13,761,389 | ||||||
| CHANGE IN UNEARNED PREMIUMS |
15,163 | 113,630 | ||||||
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| NET PREMIUMS EARNED |
1,411,116 | 13,875,018 | ||||||
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| UNDERWRITING EXPENSES: |
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| LOSSES PAID |
2,423,154 | 33,388,029 | ||||||
| PROVISION FOR LOSS RESERVES |
(2,961,519 | ) | (21,031,998 | ) | ||||
| PROVISION FOR IBNR |
430,574 | (686,765 | ) | |||||
| CEDING COMMISSION |
137,572 | 1,640,421 | ||||||
| PREMIUM TAX EXPENSE |
0 | 0 | ||||||
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| TOTAL UNDERWRITING EXPENSES |
29,781 | 13,309,687 | ||||||
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| UNDERWRITING INCOME (LOSS) |
1,381,335 | 565,331 | ||||||
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| GENERAL & ADMINISTRATIVE EXPENSES: |
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| MANAGEMENT FEES |
16,777 | 133,599 | ||||||
| ACTUARY CONSULTING FEES |
22,500 | 162,170 | ||||||
| AUDIT FEES |
51,500 | 206,000 | ||||||
| LEGAL FEES |
0 | 47,281 | ||||||
| ADMINISTRATIVE FEES |
110,000 | 482,581 | ||||||
| LICENSE AND FEES |
0 | 300 | ||||||
| TRAVEL AND ENTERTAINMENT |
0 | 0 | ||||||
| BANK SERVICE FEES |
18,419 | 19,656 | ||||||
| MISCELLANEOUS EXPENSES |
0 | 0 | ||||||
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| TOTAL GENERAL & ADMINISTRATIVE EXPENSES |
219,196 | 1,051,587 | ||||||
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| INTEREST EXPENSE |
0 | 0 | ||||||
| IINTEREST INCOME |
1,937 | 8,614 | ||||||
| AMORTIZATION - COMMERCIAL PAPER |
0 | 0 | ||||||
| INVESTMENT INCOME - MUNICIPAL BONDS |
0 | 0 | ||||||
| INVESTMENT INCOME - CORPORATE BONDS |
414,722 | 3,389,361 | ||||||
| INVESTMENT INCOME - MBS BONDS |
67,771 | 508,022 | ||||||
| INVESTMENT INCOME - US AGENCY |
226,996 | 1,913,957 | ||||||
| INVESTMENT INCOME - US TREASURY |
79 | 544 | ||||||
| INVESTMENT INCOME - FOREIGN ISSUE |
88,561 | 666,801 | ||||||
| BOND AMORTIZATION - MUNICIPAL BONDS |
0 | 0 | ||||||
| BOND AMORTIZATION - CORPORATE BONDS |
(118,435 | ) | (898,101 | ) | ||||
| BOND AMORTIZATION - MBS BONDS |
(2,982 | ) | (8,979 | ) | ||||
| BOND AMORTIZATION - US AGENCY |
(27,621 | ) | (261,758 | ) | ||||
| BOND AMORTIZATION - US TREASURY |
(12 | ) | (81 | ) | ||||
| BOND AMORTIZATION - FOREIGN ISSUE |
(36,435 | ) | (247,929 | ) | ||||
| INVESTMENT EXPENSE |
(54,110 | ) | (242,461 | ) | ||||
| GAIN/LOSS ON SALE OF INVESTMENT |
2,240,133 | 2,687,000 | ||||||
| FAS 159 GAIN ON TRADING SECURITIES |
(1,207,223 | ) | 114,579 | |||||
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| NET INVESTMENT INCOME |
1,593,383 | 7,629,570 | ||||||
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| LEGAL SETTLEMENT |
0 | 0 | ||||||
| INCOME (LOSS) BEFORE TAX PROVISION |
2,755,522 | 7,143,314 | ||||||
| CURRENT FEDERAL INCOME TAX (BENEFIT) EXPENSE |
0 | 0 | ||||||
| PROVISION FOR DOUBTFUL INCOME TAX RECEIVABLE |
0 | 0 | ||||||
| DEFERRED FEDERAL INCOME TAX (BENEFIT) EXPENSE |
956,364 | 2,500,159 | ||||||
| CHANGE IN VALUATION ALLOWANCE |
(956,364 | ) | (2,500,159 | ) | ||||
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| FEDERAL INCOME TAX EXPENSE |
0 | 0 | ||||||
| NET INCOME (LOSS) |
2,755,522 | 7,143,314 | ||||||
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