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FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Assets:    
Fair Value $ 2,452,785 $ 2,416,966
Liabilities:    
Fair Value 3,940,704 4,271,537
Repurchase agreements - short term    
Liabilities:    
Outstanding Face Amount 629,430 1,224,942
Fair Value 629,430 1,224,942
Repurchase agreements - long term    
Liabilities:    
Outstanding Face Amount 477,756 35,813
Fair Value 477,756 35,813
Revolving credit facility    
Liabilities:    
Outstanding Face Amount 25,000  
Fair Value $ 25,000  
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days  
Revolving credit facility | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 25,000  
Amortized Cost Basis 25,000  
Fair Value $ 25,000  
Fair Value Assumptions:    
Weighted average yield % 3.16%  
Weighted Average Remaining Maturity/Duration 3 days  
Mortgage loan financing    
Liabilities:    
Outstanding Face Amount $ 589,152 540,764
Fair Value 595,778 557,841
Borrowings from the FHLB    
Liabilities:    
Outstanding Face Amount 1,660,000 1,856,700
Fair Value 1,662,178 1,861,584
Senior unsecured notes    
Liabilities:    
Outstanding Face Amount 563,872 619,555
Fair Value 550,562 591,357
Mortgage loan receivables held for investment, at amortized cost    
Assets:    
Outstanding Face Amount 2,011,309 1,749,556
Fair Value $ 2,014,973 1,756,774
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days  
Mortgage loan receivables held for sale    
Assets:    
Outstanding Face Amount $ 360,518 571,638
Fair Value 359,897 582,277
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
Recurring    
Assets:    
Fair Value 2,105,965 $ 2,410,038
Recurring | Repurchase agreements - short term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount 629,430 1,224,942
Amortized Cost Basis 629,430 1,224,942
Fair Value $ 629,430 $ 1,224,942
Fair Value Assumptions:    
Weighted average yield % 2.10% 1.67%
Weighted Average Remaining Maturity/Duration 5 days 13 days
Recurring | Repurchase agreements - long term | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 477,756 $ 35,813
Amortized Cost Basis 477,756 35,813
Fair Value $ 477,756 $ 35,813
Fair Value Assumptions:    
Weighted average yield % 2.00% 1.87%
Weighted Average Remaining Maturity/Duration 1 year 8 months 12 days 1 year 4 months 24 days
Recurring | Mortgage loan financing | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 589,152 $ 540,764
Amortized Cost Basis 590,106 544,663
Fair Value $ 595,778 $ 557,841
Fair Value Assumptions:    
Weighted average yield % 4.85% 4.86%
Weighted Average Remaining Maturity/Duration 7 years 1 month 24 days 7 years 11 months 4 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow    
Liabilities:    
Outstanding Face Amount $ 1,660,000 $ 1,856,700
Amortized Cost Basis 1,660,000 1,856,700
Fair Value $ 1,662,178 $ 1,861,584
Fair Value Assumptions:    
Weighted average yield % 1.12% 0.84%
Weighted Average Remaining Maturity/Duration 2 years 5 months 1 day 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 559,847 612,605
Fair Value $ 550,562 $ 591,357
Fair Value Assumptions:    
Weighted average yield % 6.67% 6.65%
Weighted Average Remaining Maturity/Duration 2 years 9 months 21 days 3 years 7 months 9 days
Recurring | Nonhedge derivatives    
Liabilities:    
Derivative liability face amount $ 100,400 $ 374,200
Fair Value 3,446 5,504
Recurring | Nonhedge derivatives | Counterparty quotations    
Liabilities:    
Derivative liability face amount 100,400 374,200
Fair Value $ 3,446 $ 5,504
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 3 years 2 months 15 days 3 years 5 months 1 day
Recurring | CMBS    
Assets:    
Outstanding Face Amount $ 1,676,680 $ 1,972,492
Fair Value 1,701,395 1,991,506
Recurring | CMBS | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 1,676,680 1,972,492
Amortized Cost Basis 1,698,276 1,994,928
Fair Value $ 1,701,395 $ 1,991,506
Fair Value Assumptions:    
Weighted average yield % 2.81% 2.59%
Weighted Average Remaining Maturity/Duration 3 years 6 months 18 days 3 years 1 month 24 days
Recurring | CMBS interest-only    
Assets:    
Outstanding Face Amount $ 8,160,458 $ 7,436,379
Fair Value 342,171 344,423
Recurring | CMBS interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 8,160,458 7,436,379
Amortized Cost Basis 343,534 348,222
Fair Value $ 342,171 $ 344,423
Fair Value Assumptions:    
Weighted average yield % 3.45% 3.81%
Weighted Average Remaining Maturity/Duration 2 years 11 months 26 days 3 years 4 months 2 days
Recurring | GNMA interest-only    
Assets:    
Outstanding Face Amount $ 478,577 $ 632,175
Fair Value 16,821 26,194
Recurring | GNMA interest-only | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 478,577 632,175
Amortized Cost Basis 18,994 28,311
Fair Value $ 16,821 $ 26,194
Fair Value Assumptions:    
Weighted average yield % 4.19% 4.26%
Weighted Average Remaining Maturity/Duration 4 years 5 months 8 days 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 | Agency securities    
Assets:    
Outstanding Face Amount $ 774  
Fair Value 780  
Recurring | Agency securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 774  
Amortized Cost Basis 802  
Fair Value $ 780  
Fair Value Assumptions:    
Weighted average yield % 1.29%  
Weighted Average Remaining Maturity/Duration 3 years 3 months 7 days  
Recurring | GNMA permanent securities    
Assets:    
Outstanding Face Amount $ 38,327 $ 16,249
Fair Value 39,780 16,455
Recurring | GNMA permanent securities | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount 38,327 16,249
Amortized Cost Basis 39,145 16,685
Fair Value $ 39,780 $ 16,455
Fair Value Assumptions:    
Weighted average yield % 3.80% 3.94%
Weighted Average Remaining Maturity/Duration 10 years 3 months 18 days 5 years 5 months 4 days
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow    
Assets:    
Outstanding Face Amount $ 2,011,309 $ 1,749,556
Amortized Cost Basis 1,996,095 1,738,645
Fair Value $ 2,014,973 $ 1,756,774
Fair Value Assumptions:    
Weighted average yield % 7.17% 7.56%
Weighted Average Remaining Maturity/Duration 1 year 7 months 28 days 1 year 4 months 17 days
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs    
Assets:    
Outstanding Face Amount $ 360,518 $ 571,638
Amortized Cost Basis 357,882 571,764
Fair Value $ 359,897 $ 582,277
Fair Value Assumptions:    
Weighted average yield % 4.20% 4.56%
Weighted Average Remaining Maturity/Duration 4 years 6 months 18 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 % 4.25% 3.50%
Recurring | Nonhedge derivatives    
Assets:    
Derivative asset face amount $ 847,000 $ 868,700
Fair Value 5,018 2,821
Recurring | Nonhedge derivatives | Counterparty quotations    
Assets:    
Derivative asset face amount 847,000 868,700
Fair Value $ 5,018 $ 2,821
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 7 days 21 days