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) - Servicer Advance Joint Venture [Member] - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]      
Amortized Cost Basis [1] $ 7,005,501   $ 7,400,068
Carrying Value [1],[2] $ 7,001,004   $ 7,426,794
Weighted Average Discount Rate [1] 5.50%   5.60%
Weighted Average Yield [1] 5.30%   5.50%
Weighted Average Life (Years) [1],[3] 4 years 5 months 21 days   4 years 4 months 27 days
Change in Fair Value Recorded in Other Income for Year then Ended $ (31,224) $ (7,669)  
[1] Excludes New Residential asset-backed securities collateralized by Servicer Advances, which have aggregate face amounts of $431.0 million and $431.0 million and aggregate carrying values of $431.0 million and $430.3 million as of March 31, 2016 and December 31, 2015, respectively. See Note 7 for details related to these securities
[2] Carrying value represents the fair value of the investments in Servicer Advances, including the basic fee component of the related MSRs.
[3] Weighted Average Life represents the weighted average expected timing of the receipt of expected net cash flows for this investment.