XML 136 R105.htm IDEA: XBRL DOCUMENT v3.3.0.814
DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Debt Instrument [Line Items]    
Outstanding Face Amount $ 11,038,723  
Carrying Value [1] $ 11,019,080 $ 6,057,853
Weighted Average Funding Cost 2.48%  
Weighted Average Life (Years) 9 months 8 days  
Servicer Advances [Member]    
Debt Instrument [Line Items]    
Carrying Value $ 7,038,079  
Repurchase Agreements [Member] | Agency RMBS [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [2],[3] 2,144,624  
Carrying Value [1],[2],[3] $ 2,144,624 1,707,602
Weighted Average Funding Cost [2],[3] 0.47%  
Weighted Average Life (Years) [2],[3] 1 month 6 days  
Repurchase Agreements [Member] | Agency RMBS [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Weighted Average Life (Years) [2],[3] 5 months 17 days  
Outstanding Face Amount of Collateral [2],[3] $ 2,138,144  
Amortized Cost Basis of Collateral [2],[3] 2,236,321  
Carrying Value of Collateral [2],[3] 2,234,248  
Repurchase Agreements [Member] | Non-Agency RMBS [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [3],[4] 890,025  
Carrying Value [1],[3],[4] $ 890,025 539,049
Weighted Average Funding Cost [3],[4] 1.80%  
Weighted Average Life (Years) [3],[4] 1 month  
Repurchase Agreements [Member] | Non-Agency RMBS [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Weighted Average Life (Years) [3],[4] 7 years 11 months 7 days  
Outstanding Face Amount of Collateral [3],[4] $ 2,594,423  
Amortized Cost Basis of Collateral [3],[4] 1,166,464  
Carrying Value of Collateral [3],[4] 1,179,444  
Repurchase Agreements [Member] | Residential Mortgage [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [3],[5] 627,656  
Carrying Value [1],[3],[5] $ 626,962 867,334
Weighted Average Funding Cost [3],[5] 2.79%  
Weighted Average Life (Years) [3],[5] 6 months 13 days  
Repurchase Agreements [Member] | Residential Mortgage [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Weighted Average Life (Years) [3],[5] 3 years 5 months 24 days  
Outstanding Face Amount of Collateral [3],[5] $ 799,635  
Amortized Cost Basis of Collateral [3],[5] 728,339  
Carrying Value of Collateral [3],[5] 730,312  
Repurchase Agreements [Member] | Real Estate Owned [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [3],[6],[7] 72,084  
Carrying Value [1],[3],[6],[7] $ 72,005 35,105
Weighted Average Funding Cost [3],[6],[7] 3.13%  
Weighted Average Life (Years) [3],[6],[7] 4 months 8 days  
Repurchase Agreements [Member] | Real Estate Owned [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Carrying Value of Collateral [3],[6],[7] $ 82,796  
Repurchase Agreements [Member] | Consumer Loan Investment [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [3],[8] 40,264  
Carrying Value [1],[3],[8] $ 40,264 0
Weighted Average Funding Cost [3],[8] 3.78%  
Weighted Average Life (Years) [3],[8] 1 month 6 days  
Repurchase Agreements [Member] | Consumer Loan Investment [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Weighted Average Life (Years) [3],[8] 3 years 5 months 4 days  
Carrying Value of Collateral [3],[8] $ 0  
Repurchase Agreements [Member] | Total Repurchase Agreements [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [3] 3,774,653  
Carrying Value [1],[3] $ 3,773,880 3,149,090
Weighted Average Funding Cost [3] 1.25%  
Weighted Average Life (Years) [3] 2 months 3 days  
Notes Payable [Member] | Residential Mortgage [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [9] $ 20,601  
Carrying Value [1],[9] $ 20,601 22,194
Weighted Average Funding Cost [9] 3.08%  
Weighted Average Life (Years) [9] 1 month 6 days  
Notes Payable [Member] | Residential Mortgage [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Weighted Average Life (Years) [9] 4 years 1 month 16 days  
Outstanding Face Amount of Collateral [9] $ 37,331  
Amortized Cost Basis of Collateral [9] 22,078  
Carrying Value of Collateral [9] 20,316  
Notes Payable [Member] | Real Estate Owned [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount 0  
Carrying Value [1] $ 0 785
Weighted Average Funding Cost 0.00%  
Weighted Average Life (Years) 0 years  
Notes Payable [Member] | Real Estate Owned [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Carrying Value of Collateral $ 0  
Notes Payable [Member] | Secured Corporate Note [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [10] 188,266  
Carrying Value [1],[10] $ 186,520 0
Weighted Average Funding Cost [10] 5.44%  
Weighted Average Life (Years) [10] 1 year 6 months 24 days  
Notes Payable [Member] | Secured Corporate Note [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Weighted Average Life (Years) [10] 5 years  
Outstanding Face Amount of Collateral [10] $ 96,532,601  
Amortized Cost Basis of Collateral [10] 222,505  
Carrying Value of Collateral [10] 263,476  
Notes Payable [Member] | Servicer Advances [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount [11] 7,055,203  
Carrying Value [1],[11] $ 7,038,079 2,885,784
Weighted Average Funding Cost [11] 3.06%  
Weighted Average Life (Years) [11] 1 year 26 days  
Notes Payable [Member] | Servicer Advances [Member] | Collateral [Member]    
Debt Instrument [Line Items]    
Weighted Average Life (Years) [11] 4 years 3 months 6 days  
Outstanding Face Amount of Collateral [11] $ 7,644,435  
Amortized Cost Basis of Collateral [11] 7,417,372  
Carrying Value of Collateral [11] 7,499,775  
Notes Payable [Member] | Total Notes Payable [Member]    
Debt Instrument [Line Items]    
Outstanding Face Amount 7,264,070  
Carrying Value [1] $ 7,245,200 $ 2,908,763
Weighted Average Funding Cost 3.12%  
Weighted Average Life (Years) 1 year 30 days  
[1] Net of deferred financing costs associated with the adoption of ASU No. 2015-03 (Note 1).
[2] The counterparties of these repurchase agreements are Citibank ($674.2 million), Morgan Stanley ($308.4 million), Bank of America ($202.1 million), Daiwa ($249.5 million), Royal Bank of Canada ($372.6 million) and Jefferies ($337.8 million) and were subject to customary margin call provisions. All of the Agency RMBS repurchase agreements have a fixed rate. Collateral amounts include approximately $2.0 billion of related trade and other receivables.
[3] These repurchase agreements had approximately $2.9 million of associated accrued interest payable as of September 30, 2015.
[4] The counterparties of these repurchase agreements are Barclays ($11.1 million), Credit Suisse ($266.8 million), Royal Bank of Canada ($10.1 million), Bank of America, N.A. ($266.8 million), Citibank ($66.6 million), Goldman Sachs ($68.7 million) and UBS ($199.9 million) and were subject to customary margin call provisions. All of the Non-Agency repurchase agreements have LIBOR-based floating interest rates.
[5] The counterparties on these repurchase agreements are Barclays ($247.1 million maturing in January 2016), Bank of America N.A. ($264.1 million maturing in August 2016), Nomura ($55.5 million maturing in May 2016), Citibank ($3.1 million maturing in October 2016) and Credit Suisse ($57.9 million maturing in November 2015). All of these repurchase agreements have LIBOR-based floating interest rates.
[6] Includes financing collateralized by receivables including claims from FHA on GNMA EBO loans for which foreclosure has been completed and for which New Residential has made or intends to make a claim on the FHA guarantee.
[7] The counterparties of these repurchase agreements are Barclays ($56.1 million), Credit Suisse ($1.1 million), Bank of America, N.A. ($5.0 million) and Nomura ($9.8 million). All of these repurchase agreements have LIBOR-based floating interest rates.
[8] The repurchase agreement is payable to Bank of America, N.A. and bears interest equal to three-month LIBOR plus 3.50% and is collateralized by New Residential’s interest in consumer loans (Note 9).
[9] The note is payable to Nationstar and bears interest equal to one-month LIBOR plus 2.875%.
[10] The loan bears interest equal to the sum of (i) a floating rate index equal to one-month LIBOR and (ii) a margin of 5.25%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the Excess MSRs that secure this corporate loan.
[11] $3.8 billion face amount of the notes have a fixed rate while the remaining notes bear interest equal to the sum of (i) a floating rate index rate equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.0% to 2.2%.