Quarterly report pursuant to Section 13 or 15(d)

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

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INVESTMENTS IN SERVICER ADVANCES - Investment in Servicer Advances (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Dec. 17, 2013
Investments in and Advances to Affiliates [Line Items]            
Servicer advances, at fair value $ 3,214,113   $ 3,214,113   $ 2,665,551  
Servicer Advance Joint Venture
           
Investments in and Advances to Affiliates [Line Items]            
Servicer advance fee, amortized cost basis 3,108,288   3,108,288   2,665,551  
Servicer advances, at fair value 3,214,113 [1]   3,214,113 [1]   2,665,551 [1] 3,200,000
Servicer advances, weighted average yield 5.50%   5.50%   5.60%  
Servicer advance, weighted average life 4 years 2 months 12 days [2]       2 years 8 months 12 days [2]  
Change in fair value of investments in servicer advances $ 22,948 $ 0 $ 105,825 $ 0    
[1] Carrying value represents the fair value of the investments in servicer advances, including the basic fee component of the related MSRs.
[2] Weighted Average Life represents the weighted average expected timing of the receipt of expected net cash flows for this investment.