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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Assets:    
Fair Value $ 2,249,583 $ 2,416,966
Liabilities:    
Fair Value 4,430,837 4,271,537
Repurchase agreements - short term    
Liabilities:    
Outstanding Face Amount 1,139,615 1,224,942
Fair Value 1,139,615 1,224,942
Repurchase agreements - long term    
Liabilities:    
Outstanding Face Amount 0 35,813
Fair Value 0 35,813
Revolving credit facility    
Liabilities:    
Outstanding Face Amount 100,000  
Fair Value 100,000  
Revolving credit facility | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount 100,000  
Amortized Cost Basis 100,000  
Fair Value $ 100,000  
Fair Value Assumptions:    
Weighted average yield % 3.69%  
Weighted Average Remaining Maturity/Duration 7 months 13 days  
Mortgage loan financing    
Liabilities:    
Outstanding Face Amount $ 544,527 540,764
Fair Value 587,333 557,841
Borrowings from the FHLB    
Liabilities:    
Outstanding Face Amount 2,049,700 1,856,700
Fair Value 2,064,247 1,861,584
Senior unsecured notes    
Liabilities:    
Outstanding Face Amount 563,872 619,555
Fair Value 539,642 591,357
Mortgage loan receivables held for investment, at amortized cost    
Assets:    
Outstanding Face Amount 1,553,562 1,749,556
Fair Value 1,565,966 1,756,774
Mortgage loan receivables held for sale    
Assets:    
Outstanding Face Amount 583,089 571,638
Fair Value 605,702 582,277
FHLB stock    
Assets:    
Outstanding Face Amount 77,915 77,915
Fair Value $ 77,915 $ 77,915
Mortgage loan receivables    
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days 30 days
Recurring    
Assets:    
Fair Value $ 2,700,428 $ 2,410,038
Recurring | Repurchase agreements - short term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount 1,139,615 1,224,942
Amortized Cost Basis 1,139,615 1,224,942
Fair Value $ 1,139,615 $ 1,224,942
Fair Value Assumptions:    
Weighted average yield % 1.65% 1.67%
Weighted Average Remaining Maturity/Duration 3 months 25 days 5 months 4 days
Recurring | Repurchase agreements - long term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount   $ 35,813
Amortized Cost Basis   35,813
Fair Value   $ 35,813
Fair Value Assumptions:    
Weighted average yield %   1.87%
Weighted Average Remaining Maturity/Duration   1 year 4 months 24 days
Recurring | Mortgage loan financing | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 544,527 $ 540,764
Amortized Cost Basis 546,953 544,663
Fair Value $ 587,333 $ 557,841
Fair Value Assumptions:    
Weighted average yield % 4.86% 4.86%
Weighted Average Remaining Maturity/Duration 7 years 5 months 12 days 7 years 11 months 4 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 2,049,700 $ 1,856,700
Amortized Cost Basis 2,049,701 1,856,700
Fair Value $ 2,064,247 $ 1,861,584
Fair Value Assumptions:    
Weighted average yield % 0.97% 0.84%
Weighted Average Remaining Maturity/Duration 2 years 4 months 13 days 1 year 5 months 1 day
Recurring | Senior unsecured notes | Broker quotations, pricing services    
Liabilities:    
Outstanding Face Amount $ 563,872 $ 619,555
Amortized Cost Basis 558,700 612,605
Fair Value $ 539,642 $ 591,357
Fair Value Assumptions:    
Weighted average yield % 6.67% 6.65%
Weighted Average Remaining Maturity/Duration 3 years 21 days 3 years 7 months 9 days
Recurring | Nonhedge derivatives    
Liabilities:    
Derivative liability face amount $ 1,181,500 $ 374,200
Fair Value 26,494 5,504
Recurring | Nonhedge derivatives | Counterparty quotations    
Liabilities:    
Derivative liability face amount 1,181,500 374,200
Fair Value $ 26,494 $ 5,504
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 1 year 7 days 3 years 5 months 1 day
Recurring | CMBS    
Assets:    
Outstanding Face Amount $ 2,221,936 $ 1,972,492
Fair Value 2,302,280 1,991,506
Recurring | CMBS | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 2,221,936 1,972,492
Amortized Cost Basis 2,248,289 1,994,928
Fair Value $ 2,302,280 $ 1,991,506
Fair Value Assumptions:    
Weighted average yield % 2.82% 2.59%
Weighted Average Remaining Maturity/Duration 3 years 3 days 3 years 1 month 24 days
Recurring | CMBS interest-only    
Assets:    
Outstanding Face Amount $ 7,676,007 $ 7,436,379
Fair Value 334,613 344,423
Recurring | CMBS interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 7,676,007 7,436,379
Amortized Cost Basis 333,958 348,222
Fair Value $ 334,613 $ 344,423
Fair Value Assumptions:    
Weighted average yield % 3.47% 3.81%
Weighted Average Remaining Maturity/Duration 3 years 2 months 15 days 3 years 4 months 2 days
Recurring | GNMA interest-only    
Assets:    
Outstanding Face Amount $ 538,877 $ 632,175
Fair Value 20,833 26,194
Recurring | GNMA interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 538,877 632,175
Amortized Cost Basis 22,873 28,311
Fair Value $ 20,833 $ 26,194
Fair Value Assumptions:    
Weighted average yield % 3.71% 4.26%
Weighted Average Remaining Maturity/Duration 4 years 8 months 1 day 5 years 2 months 19 days
Recurring | GNMA construction securities    
Assets:    
Outstanding Face Amount   $ 27,091
Fair Value   28,639
Recurring | GNMA construction securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount   27,091
Amortized Cost Basis   27,581
Fair Value   $ 28,639
Fair Value Assumptions:    
Weighted average yield %   3.86%
Weighted Average Remaining Maturity/Duration   9 years 3 months 29 days
Recurring | GNMA permanent securities    
Assets:    
Outstanding Face Amount $ 40,787 $ 16,249
Fair Value 42,484 16,455
Recurring | GNMA permanent securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 40,787 16,249
Amortized Cost Basis 41,673 16,685
Fair Value $ 42,484 $ 16,455
Fair Value Assumptions:    
Weighted average yield % 3.84% 3.94%
Weighted Average Remaining Maturity/Duration 10 years 29 days 5 years 5 months 4 days
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow    
Assets:    
Outstanding Face Amount $ 1,553,562 $ 1,749,556
Amortized Cost Basis 1,543,883 1,738,645
Fair Value $ 1,565,966 $ 1,756,774
Fair Value Assumptions:    
Weighted average yield % 7.38% 7.56%
Weighted Average Remaining Maturity/Duration 1 year 6 months 3 days 1 year 4 months 17 days
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount $ 583,089 $ 571,638
Amortized Cost Basis 583,453 571,764
Fair Value $ 605,702 $ 582,277
Fair Value Assumptions:    
Weighted average yield % 4.39% 4.56%
Weighted Average Remaining Maturity/Duration 7 years 4 months 17 days 6 years 2 months 12 days
Recurring | FHLB stock | Put Value    
Assets:    
Outstanding Face Amount $ 77,915 $ 77,915
Amortized Cost Basis 77,915 77,915
Fair Value $ 77,915 $ 77,915
Fair Value Assumptions:    
Weighted average yield % 3.50% 3.50%
Recurring | Nonhedge derivatives    
Assets:    
Derivative asset face amount $ 15,011 $ 868,700
Fair Value 218 2,821
Recurring | Nonhedge derivatives | Counterparty quotations    
Assets:    
Derivative asset face amount 15,011 868,700
Fair Value $ 218 $ 2,821
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 4 years 1 month 24 days 8 months 8 days