Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN SERVICER ADVANCES - Summary of Investments in Servicer Advances (Details)

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INVESTMENTS IN SERVICER ADVANCES - Summary of Investments in Servicer Advances (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Investments in and Advances to Affiliates [Line Items]          
Carrying Value $ 8,182,400   $ 8,182,400   $ 3,270,839
Servicer Advance Joint Venture [Member]          
Investments in and Advances to Affiliates [Line Items]          
Amortized Cost Basis 8,081,258   8,081,258   3,186,622
Carrying Value [1] $ 8,182,400   $ 8,182,400   $ 3,270,839
Weighted Average Discount Rate 5.50%   5.50%   5.40%
Weighted Average Yield 5.60%   5.60%   5.40%
Weighted Average Life (Years) [2]     4 years 4 months 1 day   4 years
Changes in Fair Value Recorded in Other Income $ 24,562 $ 82,877 $ 16,893 $ 82,877  
[1] Carrying value represents the fair value of the investments in servicer advances, including the basic fee component of the related MSRs.
[2] Weighted Average Life represents the weighted average expected timing of the receipt of expected net cash flows for this investment.