Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN SERVICER ADVANCES - Summary of Investments in Servicer Advances (Details)

v3.5.0.2
INVESTMENTS IN SERVICER ADVANCES - Summary of Investments in Servicer Advances (Details) - Servicer Advance Joint Venture [Member] - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]          
Amortized Cost Basis [1] $ 6,012,315   $ 6,012,315   $ 7,400,068
Carrying Value [1],[2] $ 6,043,369   $ 6,043,369   $ 7,426,794
Weighted Average Discount Rate [1] 5.40%   5.40%   5.60%
Weighted Average Yield [1] 5.30%   5.30%   5.50%
Weighted Average Life (Years) [1],[3]     4 years 5 months 24 days   4 years 4 months 27 days
Asset-backed securities, face amount, collateralized by servicer advances $ 249,000   $ 249,000   $ 431,000
Asset-backed securities, carrying value, collateralized by servicer advances 250,700   250,700   $ 430,300
Changes in Fair Value Recorded in Other Income $ 21,606 $ (18,738) $ 4,328 $ (1,845)  
[1] Excludes New Residential asset-backed securities collateralized by Servicer Advances, which have aggregate face amounts of $249.0 million and $431.0 million and aggregate carrying values of $250.7 million and $430.3 million as of September 30, 2016 and December 31, 2015, respectively. See Note 7 for details related to these securities
[2] Carrying value represents the fair value of the investments in Servicer Advances, including the basic fee component of the related MSRs.
[3] Weighted Average Life represents the weighted average expected timing of the receipt of expected net cash flows for this investment.