Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN SERVICER ADVANCES - JV Investment in Servicer Advances (Details 1)

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INVESTMENTS IN SERVICER ADVANCES - JV Investment in Servicer Advances (Details 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2014
Servicer Advance Joint Venture {Member]
Dec. 17, 2013
Servicer Advance Joint Venture {Member]
Mar. 31, 2014
Servicer Advance Joint Venture {Member]
Servicer Advances [Member]
Unpaid principal balance of underlying loans         $ 79,687,268
Servicer Advances 3,457,385 2,665,551 3,457,385 [1] 3,200,000 3,430,473 [2]
Servicer Advances to UPB of underlying loans         4.30%
Notes payable         $ 3,142,292
Gross Loan-to-Value         91.60%
Net Loan-to-Value         90.60% [3]
Gross cost of funds         3.00% [4]
Net cost of funds         2.20% [4]
[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: (See Schedule of Servicer Advances)
[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.