SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Schedule of Accretion of Discount and Other Amortization

Accretion of Discount and Other Amortization — As reflected on the consolidated statements of cash flows, this item is comprised of the following:

	Year Ended December 31,
	2014			2013			2012
Accretion of servicer advance interest income	$	190,206		$	4,421		$	—
Accretion of excess mortgage servicing rights income	49,180			40,921			27,496
Accretion of net discount on securities and loans(A)	47,793			14,676			5,339
Amortization of deferred financing costs	(8,771		)	(768		)	—
	$	278,408		$	59,250		$	32,835

(A)    Includes accretion of the accretable yield on PCI loans.

Schedule of Other Income

Other Income — This item is comprised of the following:

	Year Ended December 31,
	2014			2013		2012
Gain (loss) on derivative instruments	$	(13,037	)	$	1,820	$	—
Gain (loss) on transfer of loans to REO	17,489			—		—
Fees earned on deal termination	5,000			—		8,400
Other income (loss)	1,177			—		—
	$	10,629		$	1,820	$	8,400

Schedule of Gain on Settlement of Investments

Gain on settlement of investments, net — This item is comprised of the following:

	Year Ended December 31,
	2014			2013
Gain on sale of real estate securities, net	$	65,701		$	52,657
Gain (loss) on sale of derivatives	(36,210		)	—
Gain (loss) on liquidated residential mortgage loans, held-for-investment	3,645			—
Gain (loss) on sale of REO	(3,686		)	—
Other gains (losses)	6,037			—
	$	35,487		$	52,657

Schedule of Other Assets and Other Liabilities

Other assets and liabilities are comprised of the following:

	Other Assets					Accrued Expenses and Other Liabilities
	December 31,					December 31,
	2014		2013			2014		2013
Margin receivable, net	$	59,021	$	40,132	Interest payable	$	7,857	$	4,010
Interest and other receivables	10,455		7,548		Accounts payable	28,059		2,829
Deferred financing costs, net(A)	4,446		4,773		Derivative liabilities	14,220		18
Principal paydown receivable	3,595		—		Current taxes payable	2,349		—
Receivable from government     agency	9,108		—		Other liabilities	20		—
Call rights	3,728		—			$	52,505	$	6,857
Other assets	9,516		689
	$	99,869	$	53,142

(A) Deferred financing costs consist primarily of costs incurred in obtaining financing, net of accumulated amortization of $8.8 million and $0.8 million as of December 31, 2014 and 2013, respectively, which is amortized into interest expense over the term of the financing generally using the effective interest method.