Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Reverse Mortgage Loans (Details)

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Reverse Mortgage Loans (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Mortgage Loans on Real Estate [Line Items]        
Valuation allowance/(reversal) in current year $ 1,134 $ 0 $ 1,591 $ 0
Delinquency     7.10% [1]  
Weighted average life     5 years 9 months 14 days [2]  
Prepayment speed     12.20% [3]  
Reverse Mortgage Loans
       
Mortgage Loans on Real Estate [Line Items]        
Valuation allowance/(reversal) in current year     824  
Discount rate     10.30%  
Interest in Reverse mortgage loans     70.00%  
Weighted average life     3 years 10 months 2 days [4],[5]  
Performing Loans
       
Mortgage Loans on Real Estate [Line Items]        
Discount rate     5.10%  
Delinquency     1.60%  
Weighted average life     4 years 3 months 18 days [5],[6],[7]  
Prepayment speed     5.20%  
Non-Performing Loans
       
Mortgage Loans on Real Estate [Line Items]        
Discount rate     6.00%  
Delinquency     3.00%  
Fair Value Inputs, Loss Severity     31.10%  
Carrying Value | Reverse Mortgage Loans
       
Mortgage Loans on Real Estate [Line Items]        
Carrying value 28,226 [8]   28,226 [8]  
Carrying Value | Performing Loans
       
Mortgage Loans on Real Estate [Line Items]        
Carrying value 99,879   99,879  
Carrying Value | Non-Performing Loans
       
Mortgage Loans on Real Estate [Line Items]        
Carrying value 498,836   498,836  
Fair Value | Reverse Mortgage Loans
       
Mortgage Loans on Real Estate [Line Items]        
Fair value 28,226 [8]   28,226 [8]  
Fair Value | Performing Loans
       
Mortgage Loans on Real Estate [Line Items]        
Fair value 104,758   104,758  
Fair Value | Non-Performing Loans
       
Mortgage Loans on Real Estate [Line Items]        
Fair value $ 505,917   $ 505,917  
[1] Projected percentage of mortgage loans in the pool that will miss their mortgage payments.
[2] Weighted Average Life represents the weighted average expected timing of the receipt of expected cash flows for this investment.
[3] Projected annualized weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
[4] Represents a 70% interest New Residential holds in reverse mortgage loans. The average loan balance outstanding based on total UPB is $0.3 million. 78% of these loans have reached a termination event. As a result, the borrower can no longer make draws on these loans. Each loan matures upon the occurrence of a termination event.
[5] The weighted average life is based on the expected timing of the receipt of cash flows.
[6] Carrying value includes accrued interest receivable.
[7] Includes loans that are current or less than 30 days past due at acquisition.
[8] Represents a 70% interest New Residential holds in the reverse mortgage loans.