Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION - Narrative (Details)

v3.2.0.727
ORGANIZATION - Narrative (Details)
1 Months Ended 3 Months Ended 6 Months Ended
Apr. 06, 2015
USD ($)
$ / shares
$ / right
shares
Oct. 17, 2014
shares
Oct. 31, 2014
Jun. 30, 2015
USD ($)
$ / shares
shares
Jun. 30, 2015
USD ($)
$ / shares
shares
Jun. 30, 2014
USD ($)
Jun. 30, 2015
USD ($)
$ / shares
shares
Jun. 30, 2014
USD ($)
Apr. 08, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
$ / shares
shares
Related Party Transaction [Line Items]                      
Common stock, shares outstanding (in shares) | shares   141,400,000   230,438,639 230,438,639   230,438,639       141,434,905
Reverse stock split   0.5 0.5                
Common stock, par value (in dollars per share) | $ / shares       $ 0.01 $ 0.01   $ 0.01       $ 0.01
Amount retained       $ 134,735,000 $ 134,735,000   $ 134,735,000       $ 29,418,000
HLSS Seller Financing             138,400,000        
Non-cash contingent consideration             50,000,000 $ 0      
Compensation expense             300,000 329,000      
Debt issuance costs [1]       0 0   0       0
Interest income         96,306,000 $ 56,144,000 146,700,000 88,637,000      
Income before income taxes         93,583,000 $ 203,603,000 131,954,000 $ 260,755,000      
Servicer advances, at fair value       8,182,400,000 8,182,400,000   8,182,400,000       $ 3,270,839,000
HLSS [Member]                      
Related Party Transaction [Line Items]                      
Purchase price $ 1,000,000,000                    
Shares issued (in shares) | shares 28,286,980                    
Common stock, par value (in dollars per share) | $ / shares $ 0.01                    
Exercisable rights, per right amount in cash (in dollars per share) | $ / right 0.704059                    
Fair value of stock issued [2] $ 434,092,000                    
Cash consideration 621,982,000                    
HLSS Seller Financing [3] 385,174,000                    
Non-cash contingent consideration [4] 50,000,000                    
Goodwill 0                    
Debt issuance costs 27,000,000                    
Acquisition related costs incurred             19,100,000        
HLSS [Member] | Ocwen [Member]                      
Related Party Transaction [Line Items]                      
Unpaid Principal Balance                   $ 156,400,000,000  
Servicer basic fee, percent                   12.00%  
Servicing fee basis points                   2.75%  
Servicer advances, at fair value $ 5,600,000,000                    
Contractual term 8 years                    
Contract extension notification period, prior to end of term 6 months                    
Outstanding loan balance fee, percent 0.50%                    
Professional and contract services fee, additional markup percent 15.00%                    
HLSS [Member] | Retention Bonus Payments [Member]                      
Related Party Transaction [Line Items]                      
Compensation expense         1,600,000            
HLSS [Member] | Employee Severance Payments [Member]                      
Related Party Transaction [Line Items]                      
Compensation expense         2,800,000            
HLSS [Member]                      
Related Party Transaction [Line Items]                      
Interest income       92,400,000              
Income before income taxes       39,800,000              
HLSS [Member] | HLSS [Member]                      
Related Party Transaction [Line Items]                      
Common stock, par value (in dollars per share) | $ / shares $ 0.01                    
Amount retained       $ 46,000,000 $ 46,000,000   46,000,000   $ 50,000,000    
Exercisable rights, per right amount in cash (in dollars per share) | $ / right 0.704059                    
Percentage of HLSS's issued and outstanding shares 10.00%                    
Cash Flow Reclassification, Investing To Operating [Member] | Restatement Adjustment [Member]                      
Related Party Transaction [Line Items]                      
Gross cash inflows             249,700,000        
Gross cash outflows             247,100,000        
Net cash inflow             $ 2,600,000        
Fortress [Member]                      
Related Party Transaction [Line Items]                      
Common stock, shares outstanding (in shares) | shares       2,400,000 2,400,000   2,400,000        
Stock options outstanding (in shares) | shares       10,900,000 10,900,000   10,900,000        
[1] Deferred financing costs were reclassified as an offset to the related debt obligation in June 2015 pursuant to ASU No. 2015-03 (Note 1).
[2] Share Issuance ConsiderationThe share issuance consideration consists of 28.3 million newly issued shares of New Residential common stock with a par value $0.01 per share. The fair value of the common stock at the date of the acquisition was $15.3460 per share, which was New Residential’s volume weighted average share price on April 6, 2015.
[3] HLSS Seller FinancingNew Residential agreed to deliver $1.0 billion of cash purchase price, including a promise to pay an amount of $385.2 million immediately after closing from the proceeds of financing that was committed in anticipation of the HLSS Acquisition and is collateralized by certain of the HLSS assets acquired.
[4] New Merger PaymentThe New Merger Agreement, and the $50.0 million consideration related thereto, is included as a part of the business combination in conjunction with the Share and Asset Purchase Agreement. The range of outcomes for this contingent consideration is from $0 to $50.0 million, dependent on whether the New Merger is approved by HLSS shareholders and other factors.