XML 61 R45.htm IDEA: XBRL DOCUMENT v3.19.1
Guarantor Financial Statement Information (Tables)
3 Months Ended
Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Consolidating Balance Sheet
MR. COOPER GROUP INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2018
 
Successor
 
Mr. Cooper
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
193

 
$
1

 
$
48

 
$

 
$
242

Restricted cash

 
186

 

 
133

 

 
319

Mortgage servicing rights

 
3,644

 

 
32

 

 
3,676

Advances and other receivables, net

 
1,194

 

 

 

 
1,194

Reverse mortgage interests, net

 
6,770

 

 
1,164

 

 
7,934

Mortgage loans held for sale at fair value

 
1,631

 

 

 

 
1,631

Mortgage loans held for investment at fair value

 
1

 

 
118

 

 
119

Property and equipment, net

 
84

 

 
12

 

 
96

Deferred tax asset, net
973

 

 

 
(6
)
 

 
967

Other assets

 
660

 
202

 
621

 
(688
)
 
795

Investment in subsidiaries
2,820

 
601

 

 

 
(3,421
)
 

Total assets
$
3,793

 
$
14,964

 
$
203

 
$
2,122

 
$
(4,109
)
 
$
16,973

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Unsecured senior notes, net
$
1,660

 
$
799

 
$

 
$

 
$

 
$
2,459

Advance facilities, net

 
90

 

 
505

 

 
595

Warehouse facilities, net

 
2,349

 

 

 

 
2,349

Payables and accrued liabilities
49

 
1,413

 
1

 
80

 

 
1,543

MSR related liabilities - nonrecourse at fair value

 
1,197

 

 
19

 

 
1,216

Mortgage servicing liabilities

 
71

 

 

 

 
71

Other nonrecourse debt, net

 
5,676

 

 
1,119

 

 
6,795

Payables to affiliates
139

 
549

 

 

 
(688
)
 

Total liabilities
1,848

 
12,144

 
1

 
1,723

 
(688
)
 
15,028

Total stockholders’ equity
1,945

 
2,820

 
202

 
399

 
(3,421
)
 
1,945

Total liabilities and stockholders’ equity
$
3,793

 
$
14,964

 
$
203

 
$
2,122

 
$
(4,109
)
 
$
16,973



(1) 
Issuer balances exclude the balances of its guarantor and non-guarantor subsidiaries, as previously described.

MR. COOPER GROUP INC.
CONSOLIDATING BALANCE SHEET
MARCH 31, 2019
 
Successor
 
Mr. Cooper
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
151

 
$
1

 
$
29

 
$

 
$
181

Restricted cash

 
191

 

 
148

 

 
339

Mortgage servicing rights

 
3,460

 

 
28

 

 
3,488

Advances and other receivables, net

 
1,147

 

 

 

 
1,147

Reverse mortgage interests, net

 
6,427

 

 
1,062

 

 
7,489

Mortgage loans held for sale at fair value

 
2,170

 

 

 

 
2,170

Mortgage loans held for investment at fair value

 
1

 

 
117

 

 
118

Property and equipment, net

 
99

 

 
13

 

 
112

Deferred tax asset, net
984

 
38

 

 
2

 

 
1,024

Other assets

 
1,435

 
204

 
601

 
(662
)
 
1,578

Investment in subsidiaries
2,602

 
609

 

 

 
(3,211
)
 

Total assets
$
3,586

 
$
15,728

 
$
205

 
$
2,000

 
$
(3,873
)
 
$
17,646

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
Unsecured senior notes, net
$
1,662

 
$
799

 
$

 
$

 
$

 
$
2,461

Advance facilities, net

 
89

 

 
489

 

 
578

Warehouse facilities, net

 
3,050

 

 

 

 
3,050

Payables and accrued liabilities
22

 
1,870

 
2

 
81

 

 
1,975

MSR related liabilities - nonrecourse at fair value

 
1,326

 

 
17

 

 
1,343

Mortgage servicing liabilities

 
90

 

 

 

 
90

Other nonrecourse debt, net

 
5,381

 

 
1,007

 

 
6,388

Payables to affiliates
141

 
521

 

 

 
(662
)
 

Total liabilities
1,825

 
13,126

 
2

 
1,594

 
(662
)
 
15,885

Total stockholders’ equity
1,761

 
2,602

 
203

 
406

 
(3,211
)
 
1,761

Total liabilities and stockholders’ equity
$
3,586

 
$
15,728

 
$
205

 
$
2,000

 
$
(3,873
)
 
$
17,646



(1) 
Issuer balances exclude the balances of its guarantor and non-guarantor subsidiaries, as previously described.
Consolidating Statement of Operations

MR. COOPER GROUP INC.
CONSOLIDATING STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2018
 
Predecessor
 
Nationstar
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Service related, net
$

 
$
390

 
$
6

 
$
68

 
$

 
$
464

Net gain on mortgage loans held for sale

 
124

 

 

 

 
124

Total Revenues

 
514

 
6

 
68

 

 
588

Expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages and benefits

 
152

 
1

 
27

 

 
180

General and administrative

 
156

 
1

 
27

 

 
184

Total expenses

 
308

 
2

 
54

 

 
364

Other income (expenses):
 
 
 
 
 
 
 
 
 
 
 
Interest income

 
131

 

 
14

 

 
145

Interest expense

 
(162
)
 

 
(9
)
 

 
(171
)
Other expense

 
(1
)
 

 
9

 

 
8

Gain (loss) from subsidiaries
160

 
32

 

 

 
(192
)
 

Total other income (expenses), net
160

 

 

 
14

 
(192
)
 
(18
)
Income (loss) before income tax expense (benefit)
160

 
206

 
4

 
28

 
(192
)
 
206

Less: Income tax expense

 
46

 

 

 

 
46

Net income (loss)
160

 
160

 
4

 
28

 
(192
)
 
160

Less: net income attributable to non-controlling interests

 

 

 

 

 

Net income (loss) attributable to Nationstar
$
160

 
$
160

 
$
4

 
$
28

 
$
(192
)
 
$
160


(1) 
Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.
MR. COOPER GROUP INC.
CONSOLIDATING STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2019
 
Successor
 
Mr. Cooper
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Service related, net
$

 
$
(19
)
 
$
6

 
$
97

 
$

 
$
84

Net gain on mortgage loans held for sale

 
166

 

 

 

 
166

Total revenues

 
147

 
6

 
97

 

 
250

Expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries, wages benefits

 
174

 
1

 
40

 

 
215

General and administrative

 
165

 
1

 
62

 

 
228

Total expenses

 
339

 
2

 
102

 

 
443

Other income (expenses):
 
 
 
 
 
 
 
 
 
 
 
Interest income

 
118

 

 
16

 

 
134

Interest expense
(38
)
 
(134
)
 

 
(17
)
 

 
(189
)
Other income (expenses)

 
4

 

 
11

 

 
15

Gain (loss) from subsidiaries
(148
)
 
9

 

 

 
139

 

Total other income (expenses), net
(186
)
 
(3
)
 

 
10

 
139

 
(40
)
(Loss) income before income tax expense (benefit)
(186
)
 
(195
)
 
4

 
5

 
139

 
(233
)
Less: Income tax (benefit) expense

 
(47
)
 

 

 

 
(47
)
Net (loss) income
(186
)
 
(148
)
 
4

 
5

 
139

 
(186
)
Less: Net (loss) income attributable to non-controlling interests

 

 

 

 

 

Net (loss) income attributable to Mr. Cooper
$
(186
)
 
$
(148
)
 
$
4

 
$
5

 
$
139

 
$
(186
)


(1) 
Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.

Consolidating Statement of Cash Flows
MR. COOPER GROUP INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2018
 
Predecessor
 
Nationstar
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Operating Activities
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Nationstar
$
160

 
$
160

 
$
4

 
$
28

 
$
(192
)
 
$
160

Adjustments to reconcile net income (loss) to net cash attributable to operating activities:
 
 
 
 
 
 
 
 
 
 
 
Deferred income tax expense

 
30

 

 

 

 
30

(Gain) loss from subsidiaries
(160
)
 
(32
)
 

 

 
192

 

Net gain on mortgage loans held for sale

 
(124
)
 

 

 

 
(124
)
Reverse mortgage loan interest income

 
(119
)
 

 

 

 
(119
)
(Gain) loss on sale of assets

 

 

 
(9
)
 

 
(9
)
Provision for servicing reserves

 
38

 

 

 

 
38

Fair value changes and amortization of mortgage servicing rights

 
(178
)
 

 

 

 
(178
)
Fair value changes in excess spread financing

 
49

 

 
1

 

 
50

Fair value changes in mortgage servicing rights financing liability

 
24

 

 

 

 
24

Amortization of premiums, net of discount accretion

 
4

 

 
(1
)
 

 
3

Depreciation and amortization for property and equipment and intangible assets

 
12

 

 
3

 

 
15

Share-based compensation

 
3

 

 
1

 

 
4

Repurchases of forward loans assets out of Ginnie Mae securitizations

 
(251
)
 

 

 

 
(251
)
Mortgage loans originated and purchased for sale, net of fees

 
(5,096
)
 

 

 

 
(5,096
)
Sale proceeds and loan payment proceeds for mortgage loans held for sale and held for investment

 
5,709

 

 
4

 

 
5,713

Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
 


Advances and other receivables

 
270

 

 

 

 
270

Reverse mortgage interests

 
443

 

 
(61
)
 

 
382

Other assets
4

 
(146
)
 
(5
)
 
201

 

 
54

Payables and accrued liabilities

 
(27
)
 
1

 
(3
)
 

 
(29
)
Net cash attributable to operating activities
4

 
769

 

 
164

 

 
937


(1) 
Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.
MR. COOPER GROUP INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2018
(Continued)
 
Predecessor
 
Nationstar
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Investing Activities
 
 
 
 
 
 
 
 
 
 
 
Property and equipment additions, net of disposals

 
(14
)
 

 
(2
)
 

 
(16
)
Purchase of forward mortgage servicing rights, net of liabilities incurred

 
(11
)
 

 
(6
)
 

 
(17
)
Net proceeds from acquisition of reverse mortgage servicing portfolio and HECM related receivables

 
(1
)
 

 

 

 
(1
)
Proceeds on sale of assets

 

 

 
13

 

 
13

Net cash attributable to investing activities

 
(26
)
 

 
5

 

 
(21
)
Financing Activities
 
 
 
 
 
 
 
 
 
 
 
Increase in warehouse facilities

 
(125
)
 

 

 

 
(125
)
Decrease in advance facilities

 
(16
)
 

 
(277
)
 

 
(293
)
Proceeds from issuance of HECM securitizations

 

 

 
443

 

 
443

Repayment of HECM securitizations

 

 

 
(317
)
 

 
(317
)
Proceeds from issuance of participating interest financing in reverse mortgage interests

 
90

 

 

 

 
90

Repayment of participating interest financing in reverse mortgage interests

 
(664
)
 

 

 

 
(664
)
Settlement of excess spread financing

 
(45
)
 

 

 

 
(45
)
Repayment of nonrecourse debt - legacy assets

 

 

 
(3
)
 

 
(3
)
Repurchase of unsecured senior notes

 
(16
)
 

 

 

 
(16
)
Surrender of shares relating to stock vesting
(4
)
 

 

 

 

 
(4
)
Debt financing costs

 
(5
)
 

 

 

 
(5
)
Net cash attributable to financing activities
(4
)
 
(781
)
 

 
(154
)
 

 
(939
)
Net increase (decrease) in cash, cash equivalents, and restricted cash

 
(38
)
 

 
15

 

 
(23
)
Cash, cash equivalents, and restricted cash - beginning of period

 
423

 
1

 
151

 

 
575

Cash, cash equivalents, and restricted cash - end of period
$

 
$
385

 
$
1

 
$
166

 
$

 
$
552



(1) 
Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.
MR. COOPER GROUP INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD MARCH 31, 2019
 
Successor
 
Mr. Cooper
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Operating Activities
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to Mr. Cooper
$
(186
)
 
$
(148
)
 
$
4

 
$
5

 
$
139

 
$
(186
)
Adjustments to reconcile net (loss) income to net cash attributable to operating activities:
 
 
 
 
 
 
 
 
 
 
 
Deferred tax benefit
(21
)
 
(26
)
 

 

 

 
(47
)
(Gain) loss from subsidiaries
148

 
(9
)
 

 

 
(139
)
 

Net gain on mortgage loans held for sale

 
(166
)
 

 

 

 
(166
)
Interest income on reverse mortgage loan

 
(82
)
 

 

 

 
(82
)
Provision for servicing reserves

 
11

 

 

 

 
11

Fair value changes and amortization/accretion of mortgage servicing rights/liabilities

 
375

 

 
4

 

 
379

Fair value changes in excess spread financing

 
(67
)
 

 
(2
)
 

 
(69
)
Fair value changes in mortgage servicing rights financing liability

 
2

 

 

 

 
2

Fair value changes in mortgage loans held for investment

 

 

 
(1
)
 

 
(1
)
Amortization of premiums, net of discount accretion
2

 

 

 

 

 
2

Depreciation and amortization for property and equipment and intangible assets

 
17

 

 
4

 

 
21

Share-based compensation

 
3

 

 
1

 

 
4

Repurchases of forward loans assets out of Ginnie Mae securitizations

 
(364
)
 

 

 

 
(364
)
Mortgage loans originated and purchased for sale, net of fees

 
(5,717
)
 

 

 

 
(5,717
)
Sales proceeds and loan payment proceeds for mortgage loans held for sale and held for investment

 
6,195

 

 
2

 

 
6,197

Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
 
 
Advances and other receivables

 
120

 

 

 

 
120

Reverse mortgage interests

 
514

 

 
100

 

 
614

Other assets

 
(229
)
 
(5
)
 
18

 

 
(216
)
Payables and accrued liabilities
57

 
(268
)
 
1

 
(7
)
 

 
(217
)
Net cash attributable to operating activities

 
161

 

 
124

 

 
285



(1) 
Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.

MR. COOPER GROUP INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE PERIOD MARCH 31, 2019
(Continued)
 
Successor
 
Mr. Cooper
 
Issuer(1)
 
Guarantor
(Subsidiaries of Issuer)
 
Non-Guarantor
(Subsidiaries of Issuer)
 
Eliminations
 
Consolidated
Investing Activities
 
 
 
 
 
 
 
 
 
 
 
Acquisition, net of cash acquired

 
(85
)
 

 

 

 
(85
)
Property and equipment additions, net of disposals

 
(8
)
 

 
(2
)
 

 
(10
)
Purchase of forward mortgage servicing rights, net of liabilities incurred

 
(130
)
 

 

 

 
(130
)
Proceeds on sale of forward and reverse mortgage servicing rights

 
243

 

 

 

 
243

Net cash attributable to investing activities

 
20

 

 
(2
)
 

 
18

Financing Activities
 
 
 
 
 
 
 
 
 
 
 
Increase (decrease) in warehouse facilities

 
307

 

 

 

 
307

Decrease in advance facilities

 
(14
)
 

 
(16
)
 

 
(30
)
Repayment of notes payable

 
(294
)
 

 

 

 
(294
)
Proceeds from sale of HECM securitizations

 

 

 
20

 

 
20

Repayment of HECM securitizations

 

 

 
(127
)
 

 
(127
)
Proceeds from issuance of participating interest financing in reverse mortgage interests

 
86

 

 

 

 
86

Repayment of participating interest financing in reverse mortgage interests

 
(494
)
 

 

 

 
(494
)
Proceeds from issuance of excess spread financing

 
245

 

 

 

 
245

Settlement of excess spread financing

 
(50
)
 

 

 

 
(50
)
Repayment of nonrecourse debt - legacy assets

 

 

 
(3
)
 

 
(3
)
Repayment of finance lease liability

 
(1
)
 

 

 

 
(1
)
Surrender of shares relating to stock vesting

 
(2
)
 

 

 

 
(2
)
Debt financing costs

 
(1
)
 

 

 

 
(1
)
Net cash attributable to financing activities

 
(218
)
 

 
(126
)
 

 
(344
)
Net decrease in cash, cash equivalents, and restricted cash

 
(37
)
 

 
(4
)
 

 
(41
)
Cash, cash equivalents, and restricted cash - beginning of period

 
379

 
1

 
181

 

 
561

Cash, cash equivalents, and restricted cash - end of period
$

 
$
342

 
$
1

 
$
177

 
$

 
$
520


(1) 
Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.