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Guarantor Financial Statement Information | 6 Months Ended
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Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
Guarantor Financial Statement Information | 20. Guarantor Financial Statement Information As of June 30, 2019, Nationstar Mortgage LLC and Nationstar Capital Corporation(1) (collectively, the “Issuer”), both wholly-owned subsidiaries of the Company, have issued a 6.500% unsecured senior notes due July 2021 with an outstanding aggregate principal amount of $592 and a 6.500% unsecured senior notes due June 2022 with an outstanding aggregate principal amount of $206 (collectively, the “unsecured senior notes”). The unsecured senior notes are unconditionally guaranteed, jointly and severally, by all of Nationstar Mortgage LLC’s existing and future domestic subsidiaries other than its securitization and certain finance subsidiaries, certain other restricted subsidiaries, excluded restricted subsidiaries and subsidiaries that in the future Nationstar Mortgage LLC designates as unrestricted subsidiaries. All guarantor subsidiaries 100% are owned by Nationstar Mortgage LLC. The Company and its three wholly-owned subsidiaries are guarantors of the unsecured senior notes as well. Presented below are the condensed consolidating financial statements of the Company, Nationstar Mortgage LLC and the guarantor subsidiaries for the periods indicated. In the condensed consolidating financial statements presented below, the Company allocates income tax expense to Nationstar Mortgage LLC as if it were a separate tax payer entity pursuant to ASC 740, Income Taxes.
(1) | Nationstar Capital Corporation has no assets, operations or liabilities other than being a co-obligor of the unsecured senior notes.
MR. COOPER GROUP INC. CONSOLIDATING BALANCE SHEET JUNE 30, 2019
| Successor
| Mr. Cooper |  | Issuer(1) |  | Guarantor (Subsidiaries of Issuer) |  | Non-Guarantor (Subsidiaries of Issuer) |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 215 |  |  | $ | 1 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 245 |
Restricted cash | — |  |  | 204 |  |  | — |  |  | 100 |  |  | — |  |  | 304 |
Mortgage servicing rights | — |  |  | 3,484 |  |  | — |  |  | 27 |  |  | — |  |  | 3,511 |
Advances and other receivables, net | — |  |  | 1,000 |  |  | — |  |  | — |  |  | — |  |  | 1,000 |
Reverse mortgage interests, net | — |  |  | 6,003 |  |  | — |  |  | 1,107 |  |  | — |  |  | 7,110 |
Mortgage loans held for sale at fair value | — |  |  | 3,422 |  |  | — |  |  | — |  |  | — |  |  | 3,422 |
Mortgage loans held for investment at fair value | — |  |  | 2 |  |  | — |  |  | 112 |  |  | — |  |  | 114 |
Property and equipment, net | — |  |  | 99 |  |  | — |  |  | 16 |  |  | — |  |  | 115 |
Deferred tax asset, net | 984 |  |  | 69 |  |  | — |  |  | 2 |  |  | — |  |  | 1,055 |
Other assets | — |  |  | 1,399 |  |  | 208 |  |  | 661 |  |  | (739 | ) |  | 1,529 |
Investment in subsidiaries | 2,557 |  |  | 612 |  |  | — |  |  | — |  |  | (3,169 | ) |  | — |
Total assets | $ | 3,541 |  |  | $ | 16,509 |  |  | $ | 209 |  |  | $ | 2,054 |  |  | $ | (3,908 | ) |  | $ | 18,405 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |
Unsecured senior notes, net | $ | 1,663 |  |  | $ | 799 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,462 |
Advance facilities, net | — |  |  | 89 |  |  | — |  |  | 478 |  |  | — |  |  | 567 |
Warehouse facilities, net | — |  |  | 4,045 |  |  | — |  |  | — |  |  | — |  |  | 4,045 |
Payables and other liabilities | 59 |  |  | 1,999 |  |  | 2 |  |  | 56 |  |  | — |  |  | 2,116 |
MSR related liabilities - nonrecourse at fair value | — |  |  | 1,456 |  |  | — |  |  | 16 |  |  | — |  |  | 1,472 |
Mortgage servicing liabilities | — |  |  | 80 |  |  | — |  |  | — |  |  | — |  |  | 80 |
Other nonrecourse debt, net | — |  |  | 4,890 |  |  | — |  |  | 1,095 |  |  | — |  |  | 5,985 |
Payables to affiliates | 141 |  |  | 594 |  |  | — |  |  | 4 |  |  | (739 | ) |  | — |
Total liabilities | 1,863 |  |  | 13,952 |  |  | 2 |  |  | 1,649 |  |  | (739 | ) |  | 16,727 |
Total stockholders’ equity | 1,678 |  |  | 2,557 |  |  | 207 |  |  | 405 |  |  | (3,169 | ) |  | 1,678 |
Total liabilities and stockholders’ equity | $ | 3,541 |  |  | $ | 16,509 |  |  | $ | 209 |  |  | $ | 2,054 |  |  | $ | (3,908 | ) |  | $ | 18,405 |
(1) | Issuer balances exclude the balances of its guarantor and non-guarantor subsidiaries, as previously described.
MR. COOPER GROUP INC. CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2019
| Successor
| Mr. Cooper |  | Issuer(1) |  | Guarantor (Subsidiaries of Issuer) |  | Non-Guarantor (Subsidiaries of Issuer) |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Service related, net | $ | — |  |  | $ | 21 |  |  | $ | 5 |  |  | $ | 111 |  |  | $ | — |  |  | $ | 137 |
Net gain on mortgage loans held for sale | — |  |  | 262 |  |  | — |  |  | — |  |  | — |  |  | 262 |
Total revenues | — |  |  | 283 |  |  | 5 |  |  | 111 |  |  | — |  |  | 399 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Salaries, wages benefits | — |  |  | 198 |  |  | 1 |  |  | 39 |  |  | — |  |  | 238 |
General and administrative | — |  |  | 179 |  |  | 1 |  |  | 74 |  |  | — |  |  | 254 |
Total expenses | — |  |  | 377 |  |  | 2 |  |  | 113 |  |  | — |  |  | 492 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 147 |  |  | — |  |  | 15 |  |  | — |  |  | 162 |
Interest expense | (39 | ) |  | (134 | ) |  | — |  |  | (14 | ) |  | — |  |  | (187 | )
Other income (expenses) | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
(Loss) gain from subsidiaries | (48 | ) |  | 2 |  |  | — |  |  | — |  |  | 46 |  |  | — |
Total other income (expenses), net | (87 | ) |  | 16 |  |  | — |  |  | 1 |  |  | 46 |  |  | (24 | )
(Loss) income before income tax benefit | (87 | ) |  | (78 | ) |  | 3 |  |  | (1 | ) |  | 46 |  |  | (117 | )
Less: Income tax benefit | — |  |  | (29 | ) |  | — |  |  | — |  |  | — |  |  | (29 | )
Net (loss) income | (87 | ) |  | (49 | ) |  | 3 |  |  | (1 | ) |  | 46 |  |  | (88 | )
Less: Net loss attributable to non-controlling interests | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Net (loss) income attributable to Mr. Cooper | $ | (87 | ) |  | $ | (48 | ) |  | $ | 3 |  |  | $ | (1 | ) |  | $ | 46 |  |  | $ | (87 | )
(1) | Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.
MR. COOPER GROUP INC. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2019
| Successor
| Mr. Cooper |  | Issuer(1) |  | Guarantor (Subsidiaries of Issuer) |  | Non-Guarantor (Subsidiaries of Issuer) |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Service related, net | $ | — |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | 208 |  |  | $ | — |  |  | $ | 221 |
Net gain on mortgage loans held for sale | — |  |  | 428 |  |  | — |  |  | — |  |  | — |  |  | 428 |
Total revenues | — |  |  | 430 |  |  | 11 |  |  | 208 |  |  | — |  |  | 649 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Salaries, wages benefits | — |  |  | 372 |  |  | 2 |  |  | 79 |  |  | — |  |  | 453 |
General and administrative | — |  |  | 344 |  |  | 2 |  |  | 136 |  |  | — |  |  | 482 |
Total expenses | — |  |  | 716 |  |  | 4 |  |  | 215 |  |  | — |  |  | 935 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 265 |  |  | — |  |  | 31 |  |  | — |  |  | 296 |
Interest expense | (77 | ) |  | (268 | ) |  | — |  |  | (31 | ) |  | — |  |  | (376 | )
Other income (expenses) | — |  |  | 5 |  |  | — |  |  | 11 |  |  | — |  |  | 16 |
(Loss) gain from subsidiaries | (196 | ) |  | 11 |  |  | — |  |  | — |  |  | 185 |  |  | — |
Total other income (expenses), net | (273 | ) |  | 13 |  |  | — |  |  | 11 |  |  | 185 |  |  | (64 | )
(Loss) income before income tax benefit | (273 | ) |  | (273 | ) |  | 7 |  |  | 4 |  |  | 185 |  |  | (350 | )
Less: Income tax benefit | — |  |  | (76 | ) |  | — |  |  | — |  |  | — |  |  | (76 | )
Net (loss) income | (273 | ) |  | (197 | ) |  | 7 |  |  | 4 |  |  | 185 |  |  | (274 | )
Less: Net loss attributable to non-controlling interests | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Net (loss) income attributable to Mr. Cooper | $ | (273 | ) |  | $ | (196 | ) |  | $ | 7 |  |  | $ | 4 |  |  | $ | 185 |  |  | $ | (273 | )
(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 SIX MONTHS ENDED JUNE 30, 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 | $ | (273 | ) |  | $ | (196 | ) |  | $ | 7 |  |  | $ | 4 |  |  | $ | 185 |  |  | $ | (273 | )
Adjustments to reconcile net (loss) income to net cash attributable to operating activities: |  |  |  |  |  |  |  |  |  |  |
Deferred tax benefit | — |  |  | (76 | ) |  | — |  |  | — |  |  | — |  |  | (76 | )
Net income attributable to non-controlling interests | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Loss (gain) from subsidiaries | 196 |  |  | (11 | ) |  | — |  |  | — |  |  | (185 | ) |  | — |
Net gain on mortgage loans held for sale | — |  |  | (428 | ) |  | — |  |  | — |  |  | — |  |  | (428 | )
Interest income on reverse mortgage loan | — |  |  | (167 | ) |  | — |  |  | — |  |  | — |  |  | (167 | )
Provision for servicing reserves | — |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | 30 |
Fair value changes and amortization/accretion of mortgage servicing rights/liabilities | — |  |  | 690 |  |  | — |  |  | 5 |  |  | — |  |  | 695 |
Fair value changes in excess spread financing | — |  |  | (71 | ) |  | — |  |  | (3 | ) |  | — |  |  | (74 | )
Fair value changes in mortgage servicing rights financing liability | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Fair value changes in mortgage loans held for investment | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Amortization of premiums, net of discount accretion | 3 |  |  | (28 | ) |  | — |  |  | — |  |  | — |  |  | (25 | )
Depreciation and amortization for property and equipment and intangible assets | — |  |  | 37 |  |  | — |  |  | 8 |  |  | — |  |  | 45 |
Share-based compensation | — |  |  | 7 |  |  | — |  |  | 2 |  |  | — |  |  | 9 |
Repurchases of forward loans assets out of Ginnie Mae securitizations | — |  |  | (715 | ) |  | — |  |  | — |  |  | — |  |  | (715 | )
Mortgage loans originated and purchased for sale, net of fees | — |  |  | (15,727 | ) |  | — |  |  | — |  |  | — |  |  | (15,727 | )
Sales proceeds and loan payment proceeds for mortgage loans held for sale and held for investment | — |  |  | 15,420 |  |  | — |  |  | 9 |  |  | — |  |  | 15,429 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Advances and other receivables | — |  |  | 249 |  |  | — |  |  | — |  |  | — |  |  | 249 |
Reverse mortgage interests | — |  |  | 1,001 |  |  | — |  |  | 55 |  |  | — |  |  | 1,056 |
Other assets | — |  |  | (65 | ) |  | (8 | ) |  | (45 | ) |  | — |  |  | (118 | )
Payables and other liabilities | 74 |  |  | (16 | ) |  | 1 |  |  | (28 | ) |  | — |  |  | 31 |
Net cash attributable to operating activities | — |  |  | (56 | ) |  | — |  |  | 4 |  |  | — |  |  | (52 | )
(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 SIX MONTHS ENDED JUNE 30, 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 | — |  |  | (20 | ) |  | — |  |  | (7 | ) |  | — |  |  | (27 | )
Purchase of forward mortgage servicing rights, net of liabilities incurred | — |  |  | (409 | ) |  | — |  |  | — |  |  | — |  |  | (409 | )
Proceeds on sale of forward and reverse mortgage servicing rights | — |  |  | 279 |  |  | — |  |  | — |  |  | — |  |  | 279 |
Net cash attributable to investing activities | — |  |  | (235 | ) |  | — |  |  | (7 | ) |  | — |  |  | (242 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |
Increase in warehouse facilities | — |  |  | 1,173 |  |  | — |  |  | — |  |  | — |  |  | 1,173 |
Decrease in advance facilities | — |  |  | (13 | ) |  | — |  |  | (27 | ) |  | — |  |  | (40 | )
Repayment of notes payable | — |  |  | (294 | ) |  | — |  |  | — |  |  | — |  |  | (294 | )
Proceeds from issuance of HECM securitizations | — |  |  | — |  |  | — |  |  | 398 |  |  | — |  |  | 398 |
Proceeds from sale of HECM securitizations | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Repayment of HECM securitizations | — |  |  | — |  |  | — |  |  | (434 | ) |  | — |  |  | (434 | )
Proceeds from issuance of participating interest financing in reverse mortgage interests | — |  |  | 156 |  |  | — |  |  | — |  |  | — |  |  | 156 |
Repayment of participating interest financing in reverse mortgage interests | — |  |  | (1,004 | ) |  | — |  |  | — |  |  | — |  |  | (1,004 | )
Proceeds from issuance of excess spread financing | — |  |  | 437 |  |  | — |  |  | — |  |  | — |  |  | 437 |
Repayment of excess spread financing | — |  |  | (12 | ) |  | — |  |  | — |  |  | — |  |  | (12 | )
Settlement of excess spread financing | — |  |  | (107 | ) |  | — |  |  | — |  |  | — |  |  | (107 | )
Repayment of nonrecourse debt - legacy assets | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Repayment of finance lease liability | — |  |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Surrender of shares relating to stock vesting | — |  |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Debt financing costs | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Net cash attributable to financing activities | — |  |  | 331 |  |  | — |  |  | (49 | ) |  | — |  |  | 282 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | — |  |  | 40 |  |  | — |  |  | (52 | ) |  | — |  |  | (12 | )
Cash, cash equivalents, and restricted cash - beginning of period | — |  |  | 379 |  |  | 1 |  |  | 181 |  |  | — |  |  | 561 |
Cash, cash equivalents, and restricted cash - end of period | $ | — |  |  | $ | 419 |  |  | $ | 1 |  |  | $ | 129 |  |  | $ | — |  |  | $ | 549 |
(1) | Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.
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 other 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 STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2018
| Predecessor
| Nationstar |  | Issuer(1) |  | Guarantor (Subsidiaries of Issuer) |  | Non-Guarantor (Subsidiaries of Issuer) |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Service related, net | $ | — |  |  | $ | 247 |  |  | $ | 7 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 317 |
Net gain on mortgage loans held for sale | — |  |  | 127 |  |  | — |  |  | — |  |  | — |  |  | 127 |
Total Revenues | — |  |  | 374 |  |  | 7 |  |  | 63 |  |  | — |  |  | 444 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits | — |  |  | 149 |  |  | 1 |  |  | 27 |  |  | — |  |  | 177 |
General and administrative | — |  |  | 134 |  |  | — |  |  | 28 |  |  | — |  |  | 162 |
Total expenses | — |  |  | 283 |  |  | 1 |  |  | 55 |  |  | — |  |  | 339 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 127 |  |  | — |  |  | 13 |  |  | — |  |  | 140 |
Interest expense | — |  |  | (153 | ) |  | — |  |  | (11 | ) |  | — |  |  | (164 | )
Other expense | — |  |  | (3 | ) |  | — |  |  | 1 |  |  | — |  |  | (2 | )
Gain (loss) from subsidiaries | 58 |  |  | 18 |  |  | — |  |  | — |  |  | (76 | ) |  | — |
Total other income (expenses), net | 58 |  |  | (11 | ) |  | — |  |  | 3 |  |  | (76 | ) |  | (26 | )
Income (loss) before income tax expense (benefit) | 58 |  |  | 80 |  |  | 6 |  |  | 11 |  |  | (76 | ) |  | 79 |
Less: Income tax expense (benefit) | — |  |  | 22 |  |  | — |  |  | (1 | ) |  | — |  |  | 21 |
Net income (loss) | 58 |  |  | 58 |  |  | 6 |  |  | 12 |  |  | (76 | ) |  | 58 |
Less: Net income (loss) attributable to non-controlling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Nationstar | $ | 58 |  |  | $ | 58 |  |  | $ | 6 |  |  | $ | 12 |  |  | $ | (76 | ) |  | $ | 58 |
(1) | Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.
MR. COOPER GROUP INC. CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2018
| Predecessor
| Nationstar |  | Issuer(1) |  | Guarantor (Subsidiaries of Issuer) |  | Non-Guarantor (Subsidiaries of Issuer) |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |
Service related, net | $ | — |  |  | $ | 637 |  |  | $ | 13 |  |  | $ | 131 |  |  | $ | — |  |  | $ | 781 |
Net gain on mortgage loans held for sale | — |  |  | 251 |  |  | — |  |  | — |  |  | — |  |  | 251 |
Total Revenues | — |  |  | 888 |  |  | 13 |  |  | 131 |  |  | — |  |  | 1,032 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits | — |  |  | 301 |  |  | 2 |  |  | 54 |  |  | — |  |  | 357 |
General and administrative | — |  |  | 290 |  |  | 1 |  |  | 55 |  |  | — |  |  | 346 |
Total expenses | — |  |  | 591 |  |  | 3 |  |  | 109 |  |  | — |  |  | 703 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |
Interest income | — |  |  | 258 |  |  | — |  |  | 27 |  |  | — |  |  | 285 |
Interest expense | — |  |  | (315 | ) |  | — |  |  | (20 | ) |  | — |  |  | (335 | )
Other expense | — |  |  | (4 | ) |  | — |  |  | 10 |  |  | — |  |  | 6 |
Gain (loss) from subsidiaries | 218 |  |  | 50 |  |  | — |  |  | — |  |  | (268 | ) |  | — |
Total other income (expenses), net | 218 |  |  | (11 | ) |  | — |  |  | 17 |  |  | (268 | ) |  | (44 | )
Income (loss) before income tax expense (benefit) | 218 |  |  | 286 |  |  | 10 |  |  | 39 |  |  | (268 | ) |  | 285 |
Less: Income tax expense (benefit) | — |  |  | 68 |  |  | — |  |  | (1 | ) |  | — |  |  | 67 |
Net income (loss) | 218 |  |  | 218 |  |  | 10 |  |  | 40 |  |  | (268 | ) |  | 218 |
Less: Net income (loss) attributable to non-controlling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Nationstar | $ | 218 |  |  | $ | 218 |  |  | $ | 10 |  |  | $ | 40 |  |  | $ | (268 | ) |  | $ | 218 |
(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 SIX MONTHS ENDED JUNE 30, 2018
| Predecessor
| Nationstar |  | Issuer(1) |  | Guarantor (Subsidiaries of Issuer) |  | Non-Guarantor (Subsidiaries of Issuer) |  | Eliminations |  | Consolidated
Operating Activities |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Nationstar | $ | 218 |  |  | $ | 218 |  |  | $ | 10 |  |  | $ | 40 |  |  | $ | (268 | ) |  | $ | 218 |
Adjustments to reconcile net income (loss) to net cash attributable to operating activities: |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense (benefit) | — |  |  | 41 |  |  | — |  |  | (1 | ) |  | — |  |  | 40 |
(Gain) loss from subsidiaries | (218 | ) |  | (50 | ) |  | — |  |  | — |  |  | 268 |  |  | — |
Net gain on mortgage loans held for sale | — |  |  | (251 | ) |  | — |  |  | — |  |  | — |  |  | (251 | )
Interest income on reverse mortgage loan | — |  |  | (237 | ) |  | — |  |  | — |  |  | — |  |  | (237 | )
Gain on sale of assets | — |  |  | — |  |  | — |  |  | (9 | ) |  | — |  |  | (9 | )
Provision for servicing reserves | — |  |  | 54 |  |  | — |  |  | — |  |  | — |  |  | 54 |
Fair value changes and amortization/accretion of mortgage servicing rights/liabilities | — |  |  | (155 | ) |  | — |  |  | — |  |  | — |  |  | (155 | )
Fair value changes in excess spread financing | — |  |  | 73 |  |  | — |  |  | 1 |  |  | — |  |  | 74 |
Fair value changes in mortgage servicing rights financing liability | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Amortization of premiums, net of discount accretion | — |  |  | 9 |  |  | — |  |  | (3 | ) |  | — |  |  | 6 |
Depreciation and amortization for property and equipment and intangible assets | — |  |  | 23 |  |  | — |  |  | 6 |  |  | — |  |  | 29 |
Share-based compensation | — |  |  | 7 |  |  | — |  |  | 1 |  |  | — |  |  | 8 |
Repurchases of forward loans assets out of Ginnie Mae securitizations | — |  |  | (475 | ) |  | — |  |  | — |  |  | — |  |  | (475 | )
Mortgage loans originated and purchased for sale, net of fees | — |  |  | (10,639 | ) |  | — |  |  | — |  |  | — |  |  | (10,639 | )
Sale proceeds and loan payment proceeds for mortgage loans held for sale and held for investment | — |  |  | 11,490 |  |  | — |  |  | 10 |  |  | — |  |  | 11,500 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Advances and other receivables | — |  |  | 355 |  |  | — |  |  | — |  |  | — |  |  | 355 |
Reverse mortgage interests | — |  |  | 1,314 |  |  | — |  |  | 12 |  |  | — |  |  | 1,326 |
Other assets | 6 |  |  | (188 | ) |  | (10 | ) |  | 202 |  |  | — |  |  | 10 |
Payables and other liabilities | — |  |  | 13 |  |  | — |  |  | (4 | ) |  | — |  |  | 9 |
Net cash attributable to operating activities | 6 |  |  | 1,608 |  |  | — |  |  | 255 |  |  | — |  |  | 1,869 |
(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 SIX MONTHS ENDED JUNE 30, 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 | — |  |  | (27 | ) |  | — |  |  | (4 | ) |  | — |  |  | (31 | )
Purchase of forward mortgage servicing rights, net of liabilities incurred | — |  |  | (117 | ) |  | — |  |  | (6 | ) |  | — |  |  | (123 | )
Net payment related to acquisition of HECM related receivables | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Proceeds on sale of assets | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Net cash attributable to investing activities | — |  |  | (145 | ) |  | — |  |  | 3 |  |  | — |  |  | (142 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |
Increase in warehouse facilities | — |  |  | (199 | ) |  | — |  |  | — |  |  | — |  |  | (199 | )
Decrease in advance facilities | — |  |  | (57 | ) |  | — |  |  | (282 | ) |  | — |  |  | (339 | )
Proceeds from issuance of HECM securitizations | — |  |  | — |  |  | — |  |  | 443 |  |  | — |  |  | 443 |
Repayment of HECM securitizations | — |  |  | — |  |  | — |  |  | (423 | ) |  | — |  |  | (423 | )
Proceeds from issuance of participating interest financing in reverse mortgage interests | — |  |  | 184 |  |  | — |  |  | — |  |  | — |  |  | 184 |
Repayment of participating interest financing in reverse mortgage interests | — |  |  | (1,368 | ) |  | — |  |  | — |  |  | — |  |  | (1,368 | )
Repayment of excess spread financing | — |  |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Settlement of excess spread financing | — |  |  | (91 | ) |  | — |  |  | — |  |  | — |  |  | (91 | )
Proceeds from issuance of excess spread financing | — |  |  | 70 |  |  | — |  |  | — |  |  | — |  |  | 70 |
Repayment of nonrecourse debt - legacy assets | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Repurchase of unsecured senior notes | — |  |  | (62 | ) |  | — |  |  | — |  |  | — |  |  | (62 | )
Surrender of shares relating to stock vesting | (6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (6 | )
Debt financing costs | — |  |  | (7 | ) |  | — |  |  | — |  |  | — |  |  | (7 | )
Dividends to non-controlling interests | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Net cash attributable to financing activities | (6 | ) |  | (1,533 | ) |  | — |  |  | (268 | ) |  | — |  |  | (1,807 | )
Net decrease in cash, cash equivalents, and restricted cash | — |  |  | (70 | ) |  | — |  |  | (10 | ) |  | — |  |  | (80 | )
Cash, cash equivalents, and restricted cash - beginning of period | — |  |  | 423 |  |  | 1 |  |  | 151 |  |  | — |  |  | 575 |
Cash, cash equivalents, and restricted cash - end of period | $ | — |  |  | $ | 353 |  |  | $ | 1 |  |  | $ | 141 |  |  | $ | — |  |  | $ | 495 |
(1) | Issuer activities exclude the activities of its guarantor and non-guarantor subsidiaries, as previously described.

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