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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Schedule of Accretion and Other Amortization
Accretion and Other Amortization — As reflected on the consolidated statements of cash flows, this item is comprised of the following:
 
Year Ended December 31,
 
2015
 
2014
 
2013
Accretion of servicer advance interest income
$
352,316

 
$
190,206

 
$
4,421

Accretion of excess mortgage servicing rights income
134,565

 
49,180

 
40,921

Accretion of net discount on securities and loans(A)
65,925

 
47,793

 
14,676

Amortization of deferred financing costs
(26,036
)
 
(8,771
)
 
(768
)
Amortization of discount on notes payable
(1,472
)
 
—

 
—

 
$
525,298

 
$
278,408

 
$
59,250



(A)    Includes accretion of the accretable yield on PCD loans.
Schedule of Other Income (Loss), Net
Other Income (Loss), Net — This item is comprised of the following:
 
Year Ended December 31,
 
2015
 
2014
 
2013
Unrealized gain (loss) on derivative instruments
$
(5,957
)
 
$
(13,037
)
 
$
1,820

Unrealized gain (loss) on other ABS
879

 
—

 
—

Gain (loss) on transfer of loans to REO
2,065

 
17,489

 
—

Fee earned on deal termination
—

 
5,000

 
—

Gain on Excess MSR recapture agreements
2,999

 
1,157

 
—

Other income (loss)
2,984

 
20

 
—

 
$
2,970

 
$
10,629

 
$
1,820
Schedule of Gain (Loss) on Settlement of Investments, Net
Gain (loss) on settlement of investments, net — This item is comprised of the following:
 
Year Ended December 31,
 
2015
 
2014
 
2013
Gain (loss) on sale of real estate securities, net
$
13,096

 
$
65,701

 
$
52,657

Gain (loss) on sale of residential mortgage loans, net
33,335

 
—

 
—

Gain (loss) on settlement of derivatives
(44,563
)
 
(36,210
)
 
—

Gain (loss) on liquidated residential mortgage loans
(360
)
 
3,645

 
—

Gain (loss) on sale of REO
(10,742
)
 
(3,686
)
 
—

Other gains (losses)
(7,973
)
 
6,037

 
$
—

 
$
(17,207
)
 
$
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,
 
2015
 
2014
 
 
2015
 
2014
Margin receivable, net
$
54,459

 
$
59,021

 
Interest payable
$
18,268

 
$
7,857

Other receivables(A)
10,893

 
1,797

 
Accounts payable
18,650

 
28,059

Principal paydown receivable
795

 
3,595

 
Derivative liabilities
13,443

 
14,220

Receivable from government agency(B)
68,833

 
9,108

 
Current taxes payable
1,573

 
2,349

Call rights
414

 
3,728

 
Other liabilities
6,112

 
20

Interest receivable
36,963

 
8,658

 
 
$
58,046

 
$
52,505

Ginnie Mae EBO servicer advance receivable, net(C)
49,725

 
—

 
 
 
 
 
Other assets(D)
14,675

 
9,516

 
 

 

 
$
236,757

 
$
95,423

 
 
 
 
 
 
(A)
Primarily includes a receivable from Ocwen related to their servicer rating downgrade, claims receivable related to reverse mortgage loans and receivables related to residual securities owned.
(B)
Represents claims receivable from FHA on EBO and reverse mortgage loans for which foreclosure has been completed and for which New Residential has made or intends to make a claim on the FHA guarantee.
(C)
Represents an HLSS loan to a counterparty collateralized by servicer advances on Ginnie Mae EBO loans.
(D)
Primarily includes prepaid taxes and other prepaid expenses.