Quarterly report pursuant to Section 13 or 15(d)

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

v3.2.0.727
INVESTMENTS IN SERVICER ADVANCES - Summary of Investments in Servicer Advances - Additional Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2015
Dec. 31, 2014
Investments in and Advances to Affiliates [Line Items]    
Carrying Value $ 8,182,400 $ 3,270,839
Servicer Advance Joint Venture [Member]    
Investments in and Advances to Affiliates [Line Items]    
Carrying Value [1] 8,182,400 3,270,839
Servicer Advance Joint Venture [Member] | Servicer Advances [Member]    
Investments in and Advances to Affiliates [Line Items]    
Unpaid Principal Balance (“UPB”) of Underlying Mortgages [2] 238,526,743 96,547,773
Carrying Value [2] $ 8,278,685 $ 3,102,492
Servicer Advances to UPB of Underlying Residential Mortgage Loans [2] 3.50% 3.20%
Face Amount of Notes Payable [2] $ 7,687,572 $ 2,890,230
Gross Loan-to-Value [2] 92.90% 91.40%
Net Loan-to-Value [2],[3] 91.60% 90.40%
Gross Cost of Funds [2],[4] 3.00% 3.00%
Net Cost of Funds [2],[4] 2.20% 2.30%
[1] Carrying value represents the fair value of the investments in servicer advances, including the basic fee component of the related MSRs.
[2] The following types of advances comprise the investments in servicer advances: June 30, 2015December 31, 2014Principal and interest advances$2,467,831$729,713Escrow advances (taxes and insurance advances)4,135,9001,600,713Foreclosure advances1,674,954772,066Total$8,278,685 $3,102,492
[3] Ratio of face amount of borrowings to par amount of servicer advance collateral, net of an interest reserve maintained by the Buyer.
[4] Annualized measure of the cost associated with borrowings. Gross Cost of Funds primarily includes interest expense and facility fees. Net Cost of Funds excludes facility fees.