INVESTMENTS IN EXCESS MORTGAGE SERVICING RIGHTS EQUITY METHOD INVESTEES (Tables)

12 Months Ended

Dec. 31, 2013

Investments In Excess Mortgage Servicing Rights Equity Method Investees Tables

Schedule of investments in excess mortgage servicing rights equity method investees

The following tables summarize the investments in Excess MSR joint ventures, accounted for as equity method investees held by New Residential:

	December 31, 2013
Excess MSR assets	$	703,681
Other assets		5,534
Debt		—
Other liabilities		(3,683	)
Equity	$	705,532
New Residential’s investment	$	352,766
New Residential’s ownership		50.0	%

	Year Ended December 31, 2013
Interest income	$	50,306
Other income		53,964
Expenses		(3,585	)
Net income	$	100,685

Schedule of Excess Mortgage Servicing Rights (MSRs) investments made through equity method investees

The following is a summary of New Residential’s Excess MSR investments made through equity method investees:

	December 31, 2013
	Unpaid Principal Balance		Investee Interest in Excess MSR			New Residential Interest in Investees			Amortized Cost Basis (A)		Carrying Value (B)		Weighted Average Yield			Weighted Average Life (Years) (C)
MSR Pool 6	$	10,152,488		66.7	%		50.0	%	$	38,488	$	47,144		12.5	%		5.0
MSR Pool 6 - Recapture Agreement		—		66.7	%		50.0	%		7,666		9,969		12.5	%		11.9
MSR Pool 7		31,518,733		66.7	%		50.0	%		99,743		102,947		12.5	%		5.1
MSR Pool 7 - Recapture Agreement		—		66.7	%		50.0	%		16,706		26,388		12.5	%		12.3
MSR Pool 8		14,040,636		66.7	%		50.0	%		55,905		54,759		12.5	%		5.1
MSR Pool 8 - Recapture Agreement		—		66.7	%		50.0	%		7,542		14,713		12.5	%		11.9
MSR Pool 9		30,814,192		66.7	%		50.0	%		103,713		127,646		12.5	%		4.8
MSR Pool 9 - Recapture Agreement		—		66.7	%		50.0	%		33,905		34,154		12.5	%		11.9
MSR Pool 10 (D)		68,890,509		66.7-77.0	%		50.0	%		205,975		208,055		12.5	%		5.4
MSR Pool 10 - Recapture Agreement		—		66.7-77.0	%		50.0	%		13,739		7,165		12.5	%		13.4
MSR Pool 11		18,202,920		66.7	%		50.0	%		43,157		51,687		12.5	%		5.5
MSR Pool 11 - Recapture Agreement		—		66.7	%		50.0	%		23,178		19,054		12.5	%		11.1
	$	173,619,478							$	649,717	$	703,681		12.5	%		6.3

(A) Represents the amortized cost basis of the equity method investees in which New Residential holds a 50% interest. 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) Represents the carrying value of the Excess MSRs held in equity method investees, in which New Residential holds a 50% interest. Carrying value represents the fair value of the pools or Recapture Agreements, as applicable.

(C) The weighted average life represents the weighted average expected timing of the receipt of cash flows of each investment.

(D) Pool in which New Residential also invested in related servicer advances, including the basic fee component of the related MSR as of December 31, 2013 (Note 6).

Summary of the geographic distribution of the underlying residential mortgage loans of Excess MSRs made through equity method investees

The table below summarizes the geographic distribution of the underlying residential mortgage loans of the Excess MSR investments made through equity method investees as of December 31, 2013:

State Concentration	Percentage of UPB
California		23.5	%
Florida		9.2	%
New York		5.3	%
Texas		4.9	%
Georgia		4.0	%
New Jersey		3.7	%
Illinois		3.5	%
Virginia		3.1	%
Maryland		3.1	%
Washington		2.8	%
Other U.S.		36.9	%
		100.0	%