Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN EXCESS MORTGAGE SERVICING RIGHTS (Tables)

v2.4.0.8
INVESTMENTS IN EXCESS MORTGAGE SERVICING RIGHTS (Tables)
6 Months Ended
Jun. 30, 2014
Transfers and Servicing [Abstract]  
Schedule of direct investment in Excess Mortgage Servicing Rights (MSRs)
The following is a summary of New Residential’s direct investments in Excess MSRs:
 
June 30, 2014
 
Six Months Ended June 30, 2014
 
Unpaid Principal Balance (“UPB”) of Underlying Mortgages
 
Interest in Excess MSR
 
Amortized Cost Basis(A)
 
Carrying Value(B)
 
Weighted Average Life (Years)(C)
 
Changes in Fair Value Recorded in Other Income(D)
MSR Pool 1
$
6,431,132

 
65.0
%
 
$
24,518

 
$
34,313

 
5.3
 
$
(161
)
MSR Pool 1 - Recapture
    Agreement

 
65.0
%
 
108

 
6,102

 
12.0
 
283

MSR Pool 2
7,461,126

 
65.0
%
 
28,157

 
32,951

 
5.5
 
(222
)
MSR Pool 2 - Recapture
    Agreement

 
65.0
%
 
327

 
6,089

 
12.6
 
427

MSR Pool 3
7,369,718

 
65.0
%
 
23,233

 
31,000

 
5.1
 
(497
)
MSR Pool 3 - Recapture
    Agreement

 
65.0
%
 
1,877

 
6,226

 
12.1
 
440

MSR Pool 4
4,803,347

 
65.0
%
 
9,399

 
13,852

 
4.8
 
505

MSR Pool 4 - Recapture
    Agreement

 
65.0
%
 
2,020

 
3,860

 
12.1
 
36

MSR Pool 5(E)
34,537,052

 
80.0
%
 
110,258

 
136,962

 
5.4
 
3,613

MSR Pool 5 - Recapture
    Agreement

 
80.0
%
 
8,913

 
6,111

 
13.0
 
818

MSR Pool 11
437,676

 
66.7
%
 
1,996

 
2,356

 
6.5
 
371

MSR Pool 11 -
    Recapture Agreement

 
66.7
%
 
254

 
293

 
13.9
 
57

MSR Pool 12(E)
4,814,648

 
40.0
%
 
14,990

 
17,574

 
4.8
 
2,525

MSR Pool 12 -
    Recapture Agreement

 
40.0
%
 
462

 
236

 
12.7
 
6

MSR Pool 14
952,767

 
33.3
%
 
2,252

 
2,470

 
5.3
 
218

MSR Pool 14 -
 Recapture Agreement

 
33.3
%
 
140

 
170

 
12.9
 
30

MSR Pool 16
1,412,598

 
33.3
%
 
2,177

 
2,211

 
5.5
 
33

MSR Pool 16 -
    Recapture Agreement

 
33.3
%
 
662

 
767

 
11.1
 
106

MSR Pool 17(E)
7,953,370

 
33.3
%
 
18,481

 
18,876

 
5.2
 
395

MSR Pool 17 -
    Recapture Agreement

 
33.3
%
 
1,114

 
644

 
12.8
 
(470
)
MSR Pool 18(E)
8,041,279

 
40.0
%
 
14,395

 
15,743

 
4.6
 
1,345

MSR Pool 18 -
    Recapture Agreement

 
40.0
%
 
1,111

 
818

 
12.4
 
199

MSR Pool 19
10,249,845

 
33.3
%
 
26,822

 
28,407

 
6.2
 
1,586

MSR Pool 19 -
    Recapture Agreement

 
33.3
%
 
1,703

 
1,941

 
13.7
 
238

MSR Pool 20
701,701

 
33.3
%
 
2,030

 
2,206

 
5.4
 
177

MSR Pool 20 -
    Recapture Agreement

 
33.3
%
 
193

 
238

 
12.0
 
46

 
$
95,166,259

 


 
$
297,592

 
$
372,416

 
5.8
 
$
12,104

 
(A)
The amortized cost basis of the Recapture Agreements is determined based on the relative fair values of the Recapture Agreements and related Excess MSRs at the time they were acquired.
(B)
Carrying Value represents the fair value of the pools or Recapture Agreements, as applicable.
(C)
Weighted Average Life represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(D)
The portion of the change in fair value of the Recapture Agreements relating to loans recaptured to date is reflected in the respective pool.
(E)
Pool in which New Residential also invested in related servicer advances, including the basic fee component of the related MSR as of June 30, 2014 (Note 6).

Summary of the geographic distribution of the underlying residential mortgage loans of the direct investment in Excess MSRs
The table below summarizes the geographic distribution of the underlying residential mortgage loans of the direct investments in Excess MSRs:
 
 
Percentage of Total Outstanding Unpaid Principal Amount as of
State Concentration
 
June 30, 2014
 
December 31, 2013
California
 
30.0
%
 
31.5
%
Florida
 
8.5
%
 
9.8
%
New York
 
4.4
%
 
4.9
%
Maryland
 
4.1
%
 
3.5
%
Washington
 
3.9
%
 
3.9
%
Texas
 
3.8
%
 
4.0
%
Virginia
 
3.5
%
 
3.1
%
Arizona
 
3.4
%
 
3.5
%
New Jersey
 
3.3
%
 
3.3
%
Illinois
 
2.8
%
 
2.7
%
Other U.S.
 
32.3
%
 
29.8
%
 
 
100.0
%
 
100.0
%