Quarterly report pursuant to Section 13 or 15(d)

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

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INVESTMENTS IN SERVICER ADVANCES - JV Investment in Servicer Advances (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2014
Dec. 31, 2013
Jun. 30, 2014
Servicer Advance Joint Venture
Dec. 17, 2013
Servicer Advance Joint Venture
Jun. 30, 2014
Servicer Advance Joint Venture
Servicer Advances
Dec. 31, 2013
Servicer Advance Joint Venture
Servicer Advances
Investment [Line Items]            
Unpaid principal balance of underlying loans $ 95,166,259       $ 102,159,164 [1] $ 43,444,216 [1]
Servicer advances, at fair value 3,679,105 2,665,551 3,679,105 [2] 3,200,000 3,551,464 [1] 2,661,130 [1]
Servicer Advances to UPB of underlying loans         3.50% [1] 6.10% [1]
Notes payable         $ 3,265,530 [1] $ 2,390,778 [1]
Gross Loan-to-Value         91.90% [1] 89.80% [1]
Net Loan-to-Value         90.80% [1],[3] 88.60% [1],[3]
Gross cost of funds         3.30% [1],[4] 4.00% [1],[4]
Net cost of funds         2.20% [1],[4] 2.30% [1],[4]
[1] The following types of advances comprise the investments in servicer advances: June 30, 2014 December 31, 2013Principal and interest advances $1,282,504 $1,516,715Escrow advances (taxes and insurance advances) 1,597,466 934,525Foreclosure advances 671,494 209,890 Total $3,551,464 $2,661,130
[2] Carrying value represents the fair value of the investments in servicer advances, including the basic fee component of the related MSRs.
[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.