Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Inputs Used in Valuing Residential Mortgage Loans (Details)

v3.2.0.727
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Inputs Used in Valuing Residential Mortgage Loans (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Mortgage Loans on Real Estate [Line Items]        
Valuation Provision/ (Reversal) In Current Year $ 4,772 $ 293 $ 5,749 $ 457
Weighted Average Life (Years)     11 months 2 days  
Prepayment Rate [1],[2]     10.40%  
CDR [2],[3]     4.60%  
Reverse Mortgage Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Weighted Average Life (Years) [4],[5],[6]     4 years 27 days  
Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Weighted Average Life (Years) [6],[7]     5 years 8 months 28 days  
Residential Mortgage [Member]        
Mortgage Loans on Real Estate [Line Items]        
Valuation Provision/ (Reversal) In Current Year     $ 304  
Discount Rate     5.50%  
Weighted Average Life (Years) [8]     3 years 2 months 29 days  
Loss Severity [9]     4.10%  
Residential Mortgage [Member] | Reverse Mortgage Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Valuation Provision/ (Reversal) In Current Year [10]     $ 186  
Discount Rate [10]     10.00%  
Weighted Average Life (Years) [8],[10]     4 years 27 days  
Loss Severity [9],[10]     6.90%  
Residential Mortgage [Member] | Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Valuation Provision/ (Reversal) In Current Year     $ 118  
Discount Rate     7.90%  
Weighted Average Life (Years) [8]     5 years 8 months 28 days  
Prepayment Rate     5.60%  
CDR [11]     2.90%  
Loss Severity [9]     56.90%  
Residential Mortgage [Member] | Non-Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Discount Rate     5.00%  
Weighted Average Life (Years) [8]     3 years  
Prepayment Rate     0.00%  
Loss Severity [9]     0.00%  
Residential Mortgage [Member] | Carrying Value [Member]        
Mortgage Loans on Real Estate [Line Items]        
Carrying Value 331,878   $ 331,878  
Residential Mortgage [Member] | Carrying Value [Member] | Reverse Mortgage Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Carrying Value [10] 21,601   21,601  
Residential Mortgage [Member] | Carrying Value [Member] | Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Carrying Value 21,140   21,140  
Residential Mortgage [Member] | Carrying Value [Member] | Non-Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Carrying Value 289,137   289,137  
Residential Mortgage [Member] | Fair Value [Member]        
Mortgage Loans on Real Estate [Line Items]        
Fair Value 334,094   334,094  
Residential Mortgage [Member] | Fair Value [Member] | Reverse Mortgage Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Fair Value [10] 21,601   21,601  
Residential Mortgage [Member] | Fair Value [Member] | Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Fair Value 22,269   22,269  
Residential Mortgage [Member] | Fair Value [Member] | Non-Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Fair Value 290,224   $ 290,224  
Fair Value, Measurements, Nonrecurring [Member] | Non-Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Discount Rate     5.60%  
Weighted Average Life (Years)     3 years 21 days  
Prepayment Rate     2.10%  
Loss Severity     29.40%  
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member] | Non-Performing Loans [Member]        
Mortgage Loans on Real Estate [Line Items]        
Fair Value $ 233,881   $ 233,881  
[1] Projected annualized weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
[2] Weighted by amortized cost basis of the mortgage loan portfolio.
[3] Projected percentage of mortgage loans in the pool that will miss their mortgage payments.
[4] FICO scores are not used in determining how much a borrower can access via a reverse mortgage loan.
[5] Represents a 70% interest that New Residential holds in reverse mortgage loans. The average loan balance outstanding based on total UPB is $0.3 million. 74% of these loans have reached a termination event. As a result, the borrower can no longer make draws on these loans. Each loan matures upon the occurrence of a termination event.
[6] The weighted average life is based on the expected timing of the receipt of cash flows.
[7] Includes loans that are current or less than 30 days past due at acquisition where New Residential expects to collect all contractually required principal and interest payments. Presented net of unamortized discounts of $1.6 million.
[8] The weighted average life is based on the expected timing of the receipt of cash flows.
[9] Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding loan balance.
[10] Carrying value and fair value represent a 70% interest New Residential holds in the reverse mortgage loans.
[11] Represents the annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance.