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INVESTMENTS IN CONSUMER LOANS, EQUITY METHOD INVESTEES (Tables)
 12 Months Ended
Dec. 31, 2014
Investments In Consumer Loans Equity Method Investees [Abstract]  
Summary of the Investment in the Consumer Loan Companies
The following tables summarize the investment in the Consumer Loan Companies held by New Residential:
 
December 31, 2014
 
December 31, 2013
Consumer Loan Assets (amortized cost basis)
$
2,088,330

 
$
2,572,577

Other Assets
92,051

 
192,830

Debt
(2,411,421
)
 
(2,010,433
)
Other Liabilities
(12,340
)
 
(32,712
)
Equity
$
(243,380
)
 
$
722,262

New Residential’s investment
$
—

 
$
215,062

New Residential’s ownership
30.0
%
 
30.0
%


 
Year Ended December 31,
 
2014
 
2013
Interest income
$
534,990

 
$
481,056

Interest expense
(81,706
)
 
(71,639
)
Provision for finance receivable losses
(104,921
)
 
(60,619
)
Other expenses, net
(74,781
)
 
(67,225
)
Change in fair value of debt
(14,810
)
 
—

Loss on extinguishment of debt
(21,151
)
 
—

Net income
$
237,621

 
$
281,573

New Residential’s equity in net income through October 3, 2014
$
53,840

 
$
82,856

New Residential’s ownership
30.0
%
 
30.0
%
Summary of Consumer Loan Investments made through Equity Method Investees
The following is a summary of New Residential’s consumer loan investments made through equity method investees:
 
Unpaid Principal Balance
 
Interest in  Consumer Loan Companies
 
Carrying Value(B)
 
Weighted Average Coupon(C)
 
Weighted Average Yield
 
Weighted Average Expected Life (Years)(D)
December 31, 2014
$
2,589,748

(A)
30.0
%
 
$
2,088,330

 
18.1
%
 
16.1
%
 
3.6
December 31, 2013
$
3,298,769

 
30.0
%
 
$
2,572,577

 
18.3
%
 
15.9
%
 
3.2

(A)
Represents the November 30, 2014 balance.
(B)
Represents the carrying value of the consumer loans held by the Consumer Loan Companies.
(C)
Substantially all of the cash flows received on the loans is required to be used to make payments on the notes described above.
(D)
Weighted Average Life represents the weighted average expected timing of the receipt of expected cash flows for this investment.
Summary of Changes in Investments in Consumer Loans, Equity Method Investees
New Residential’s investments in consumer loans, equity method investees changed as follows:
 
Year Ended December 31,
 
2014
 
2013
Balance at beginning of period
$
215,062

 
$
—

Contributions to equity method investees
—

 
245,421

Distributions of earnings from equity method investees(A)
(53,840
)
 
(82,856
)
Distributions of capital from equity method investees
(215,062
)
 
(30,359
)
Earnings from investments in consumer loan equity method investees
53,840

 
82,856

Balance at end of period
$
—

 
$
215,062


(A)
During the year ended December 31, 2014, the Consumer Loan Companies distributed $53.2 million in cash to, and made $0.6 million in tax withholding payments on behalf of, New Residential. The tax withholding payments were considered a non-cash distribution.