Ready Capital (RC) 10-K16 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Mar. 13, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Registrant Name	ZAIS Financial Corp.
Entity Central Index Key	1527590
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		7,970,886
Entity Public Float			$129,625,928
Trading Symbol	ZFC

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash	$33,791,013	$57,060,806
Restricted cash	7,143,078	2,128,236
Mortgage loans held for investment, at fair value - $415,814,067 and $331,522,165 pledged as collateral, respectively	415,959,838	331,785,542
Mortgage loans held for investment, at cost	1,338,935
Mortgage loans held for sale, at fair value - $97,690,960 pledged as collateral	97,690,960
Real estate securities, at fair value - $135,779,193 and $183,722,511 pledged as collateral, respectively	148,585,733	226,155,221
Other Investment Securities, at fair value - $2,040,532 and $0 pledged as collateral, respectively	2,040,532
Loans eligible for repurchase from Ginnie Mae	21,710,284
Mortgage servicing rights, at fair value	33,378,978
Derivative assets, at fair value	2,485,100	284,454
Other assets	6,092,863	2,666,799
Goodwill	16,512,680
Intangible Assets	5,668,611
Total assets	792,398,605	620,081,058
Liabilities
Warehouse lines of credit	89,417,564
Loan repurchase facilities	300,092,293	236,058,976
Securities repurchase agreements	103,014,105	138,591,678
Exchangeable Senior Notes	55,474,741	54,539,051
Contingent consideration	11,430,413
Derivative liabilities, at fair value	2,585,184	1,471,607
Dividends and distributions payable	3,559,120	8,452,910
Accounts payable and other liabilities	11,731,089	3,198,274
Liability for loans eligible for repurchase from Ginnie Mae	21,710,284
Total liabilities	599,014,793	442,312,496
Commitments and Contingencies (Note 20)
Stockholders' equity
12.5% Series A cumulative non-voting preferred stock, $0.0001 par value; 50,000,000 shares authorized; zero shares issued and outstanding
Common stock, $0.0001 par value; 500,000,000 shares authorized; 7,970,886 shares issued and outstanding	798	798
Additional paid-in capital	164,207,617	164,207,617
Retained earnings (accumulated deficit)	9,029,947	-4,958,607
Total ZAIS Financial Corp. stockholders' equity	173,238,362	159,249,808
Non-controlling interests in operating partnership	20,145,450	18,518,754
Total stockholders' equity	193,383,812	177,768,562
Total liabilities and stockholders' equity	$792,398,605	$620,081,058

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets [Abstract]
Mortgage loans held for investment, pledged as collateral	$415,814,067	$331,522,165
Mortgage loans held for sale, pledged as collateral	97,690,960
Real estate securities, pledged as collateral	135,779,193	183,722,511
Other investment securities, pledged as collateral	$2,040,532	$0
12.5% Series A cumulative non-voting preferred stock, par or stated value per share	$0.00	$0.00
12.5% Series A cumulative non-voting preferred stock, shares authorized	50,000,000	50,000,000
12.5% Series A cumulative non-voting preferred stock, shares issued	0	0
12.5% Series A cumulative non-voting preferred stock, shares outstanding	0	0
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	7,970,886	7,970,886
Common stock, shares outstanding	7,970,886	7,970,886

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
Consolidated Statements of Operations (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income
Mortgage loans held for investment	$26,140,679	$10,470,435
Mortgage loans held for sale	594,217
Real estate securities	14,313,293	15,947,892	9,398,319
Other investment securities	544,558
Total interest income	41,592,747	26,418,327	9,398,319
Interest expense
Warehouse lines of credit	121,194
Loan repurchase facilities	8,906,849	3,612,167
Securities repurchase agreements	2,544,838	2,918,813	1,387,451
Exchangeable Senior Notes	5,686,664	563,539
Total interest expense	17,259,545	7,094,519	1,387,451
Net interest income	24,333,202	19,323,808	8,010,868
Non-interest income
Mortgage banking activities, net	5,439,006
Loan servicing fee income, net of direct costs	929,718
Change in fair value of mortgage servicing rights	-1,684,373
Other income	45,861
Other gains/(losses)
Change in unrealized gain or loss	19,090,520
Realized gain/(loss) on investments	5,762,254
(Loss)/gain on derivative instruments related to investment portfolio	-5,921,725	5,614,815	-1,171,219
Total other gains/(losses)	18,931,049	-2,166,254	16,435,633
Expenses
Advisory fee - related party	2,853,896	2,629,815	877,825
Salaries, commissions and benefits	3,765,784
Operating expenses	7,862,308	5,473,915	1,475,729
Other expenses	4,511,741	1,500,359	1,827,350
Total expenses	18,993,729	9,604,089	4,180,904
Net income/(loss) before income taxes	29,000,734	7,553,465	20,265,597
Income tax benefit	-850,996
Net income/(loss) after income taxes	29,851,730	7,553,465	20,265,597
Net income allocated to non controlling interests	3,109,760	880,358	362,324
Preferred dividends		15,379	15,424
Net income attributable to ZAIS Financial Corp. common stockholders and common stock repurchase liability	26,741,970	6,657,728	19,887,849
Income allocated to common stock repurchase liability			454,047
Net income attributable to ZAIS Financial Corp. common stockholders	26,741,970	6,657,728	19,433,802
Net income per share applicable to common stockholders - basic	$3.35	$0.92	$7.13
Net income per share applicable to common stockholders - diluted	$3.08	$0.92	$7.13
Weighted average number of shares of common stock:
Basic	7,970,886	7,273,366	2,724,252
Diluted	10,677,360	8,200,280	2,773,845
Mortgage Loans [Member]
Other gains/(losses)
Change in unrealized gain or loss	22,814,340	7,136,482
Realized gain/(loss) on investments	1,838,800	1,298,844
Real Estate Securities [Member]
Other gains/(losses)
Change in unrealized gain or loss	-2,993,640	-7,170,706	17,793,339
Realized gain/(loss) on investments	3,694,256	-9,045,689	-186,487
Other Investment Securities [Member]
Other gains/(losses)
Change in unrealized gain or loss	-226,224
Realized gain/(loss) on investments	226,743
Real Estate Owned [Member]
Other gains/(losses)
Change in unrealized gain or loss	-503,956
Realized gain/(loss) on investments	$2,455

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholders' Equity (USD $)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings / (Accumulated Deficit) [Member]	Total ZAIS Financial Corp. Stockholders' Equity [Member]	Non-controlling Interests in Operating Partnership [Member]
Balance at Dec. 31, 2011	$55,317,874		$302	$60,452,038	($5,134,466)	$55,317,874
Balance, shares at Dec. 31, 2011			3,022,617
Net proceeds from offering of preferred stock	115,499			115,499		115,499
Net proceeds from offering of preferred stock, shares		133
Net proceeds from offering of OP units	20,393,704						20,393,704
Common stock repurchase liability/Reversal of common stock repurchase liability	-10,923,944		-52	-10,923,892		-10,923,944
Common stock repurchase liabilityReversal of common stock repurchase liability, shares			-515,035
Repurchase of shares	-14,181,259		-67	-14,181,192		-14,181,259
Repurchase of shares, shares			-668,525
Net proceeds from offering of common stock	4,757,470		24	4,757,446		4,757,470
Net proceeds from offering of common stock, shares			232,039
Distributions on OP units	-1,117,280						-1,117,280
Dividends on common stock	-9,471,442				-9,471,442	-9,471,442
Rebalancing of ownership percentage between the Company and operating partnership				-460,129		-460,129	460,129
Net income	20,250,173				19,887,849	19,887,849	362,324
Balance at Dec. 31, 2012	65,140,795		207	39,759,770	5,281,941	45,041,918	20,098,877
Balance, shares at Dec. 31, 2012		133	2,071,096
Common stock repurchase liability/Reversal of common stock repurchase liability	5,440,175		25	5,440,150		5,440,175
Common stock repurchase liabilityReversal of common stock repurchase liability, shares			249,790
Repurchase of shares	-133,000			-133,000		-133,000
Repurchase of shares, shares		-133
Net proceeds from offering of common stock	118,862,500		566	118,861,934		118,862,500
Net proceeds from offering of common stock, shares			5,650,000
Equity raise payments	-216,658			-216,658		-216,658
Distributions on OP units	-1,965,060						-1,965,060
Dividends on common stock	-16,898,276				-16,898,276	-16,898,276
Rebalancing of ownership percentage between the Company and operating partnership				495,421		495,421	-495,421
Net income	7,538,086				6,657,728	6,657,728	880,358
Balance at Dec. 31, 2013	177,768,562		798	164,207,617	-4,958,607	159,249,808	18,518,754
Balance, shares at Dec. 31, 2013			7,970,886
Distributions on OP units	-1,483,064						-1,483,064
Dividends on common stock	-12,753,416				-12,753,416	-12,753,416
Net income	29,851,730				26,741,970	26,741,970	3,109,760
Balance at Dec. 31, 2014	$193,383,812		$798	$164,207,617	$9,029,947	$173,238,362	$20,145,450
Balance, shares at Dec. 31, 2014			7,970,886

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income	$29,851,730	$7,553,465	$20,265,597
Adjustments to reconcile net (loss)/income to net cash provided by operating activities
Change in unrealized gain or loss	-19,090,520
Realized (gains) / loss on investments	-5,762,254
Change in unrealized gain or loss on derivative instruments	5,306,841	-1,281,997	890,442
Amortization of Exchangeable Senior Notes discount	935,690	88,457
Depreciation and amortization expense	154,010
Proceeds from sale and principal payments on mortgages held for sale	245,140,671
Originations and purchases of mortgage loans held for sale	-253,934,598
Loss (gain) on sale of mortgages held for sale	3,615,357
Capitalization of originated mortgage servicing rights	-2,763,014
Changes in operating assets and liabilities
(Increase) decrease in other assets	559,791	-1,321,134	-1,253,517
Increase (decrease) in accounts payable and other liabilities	2,818,360	1,302,727	1,226,282
Net cash (used in) provided by operating activities	-4,689,880	8,131,267	2,628,160
Cash flows from investing activities
Cash paid for the acquisition of GMFS, net of cash acquired	-49,542,840
Acquisitions of mortgage loans	-85,579,169	-334,162,044
Proceeds from principal repayments on mortgage loans	31,519,288	13,871,059
Acquisitions of real estate securities, net of change in payable for real estate securities purchased	-47,034,327	-406,263,789	-104,299,838
Proceeds from principal repayments on real estate securities	28,197,740	46,752,670	23,277,965
Proceeds from sales of real estate securities, net of changes in receivable for real estate securities sold	102,635,229	291,348,906	74,216,314
Acquisitions of other investment securities	-12,926,953
Proceeds from sale of other investment securities	11,067,378
Purchase of swaption	-4,803,750
Restricted cash provided by/(used) in investment activities	-5,014,842	1,639,915	-2,052,940
Net cash used in investing activities	-31,482,246	-386,813,283	-8,858,499
Cash flows from financing activities
Proceeds from issuance of common stock upon exchange offer
Proceeds from issuance of common stock, net		118,862,500	4,757,470
Proceeds from issuance of OP units, net			20,393,704
Proceeds from issuance of preferred stock, net			115,499
Repurchase of common stock			-14,181,259
Payment of common stock repurchase liability		-5,750,512
Net borrowings under warehouse lines of credit	3,576,859
Net borrowings under loan repurchase facility	64,033,317	236,058,976
Borrowings from securities repurchase agreements	138,210,170	366,103,785	79,129,751
Repayments of securities repurchase agreements	-173,787,743	-343,592,574	-60,646,294
Proceeds from issuance of Exchangeable Senior Notes		54,450,594
Allocation of proceeds to conversion option on Exchangeable Senior Notes		1,324,406
Dividends on common stock and distributions on OP Units (net of change in dividends and distributions payable)	-19,130,270	-10,410,426	-10,588,722
Repurchase of preferred stock including dividend		-148,379	-15,424
Equity raise payments		-216,658
Net cash provided by financing activities	12,902,333	416,681,712	18,964,725
Net (decrease)/increase in cash	-23,269,793	37,999,696	12,734,386
Cash
Beginning of period	57,060,806	19,061,110	6,326,724
End of period	33,791,013	57,060,806	19,061,110
Supplemental disclosure of cash flow information
Interest paid on warehouse line of credit, loan repurchase facility, securities repurchase agreements and Exchangeable Senior Notes	18,666,057	5,696,619	1,377,433
Taxes paid
Supplemental disclosure of noncash investing and financing activities
Increase in dividends payable	3,559,120	8,452,910
Acquisition of GMFS - assets acquired and liabilities assumed (See Note 3)
Mortgage Loans [Member]
Adjustments to reconcile net (loss)/income to net cash provided by operating activities
Net (accretion)/amortization of (discounts)/premiums related to investments	-7,497,341	-3,059,231
Change in unrealized gain or loss	-22,814,340	-7,136,482
Realized (gains) / loss on investments	-1,838,800	-1,298,844
Real Estate Securities [Member]
Adjustments to reconcile net (loss)/income to net cash provided by operating activities
Net (accretion)/amortization of (discounts)/premiums related to investments	-5,528,538	-2,932,089	-893,792
Change in unrealized gain or loss	2,993,640	7,170,706	-17,793,339
Realized (gains) / loss on investments	-3,694,256	9,045,689	186,487
Other Investment Securities [Member]
Adjustments to reconcile net (loss)/income to net cash provided by operating activities
Net (accretion)/amortization of (discounts)/premiums related to investments	-180,438
Change in unrealized gain or loss	226,224
Realized (gains) / loss on investments	-226,743
Real Estate Owned [Member]
Adjustments to reconcile net (loss)/income to net cash provided by operating activities
Change in unrealized gain or loss	503,956
Realized (gains) / loss on investments	-2,455
Mortgage Servicing Rights [Member]
Adjustments to reconcile net (loss)/income to net cash provided by operating activities
Change in unrealized gain or loss	$1,684,373

Formation_and_Organization

Formation and Organization	12 Months Ended
Formation and Organization	Dec. 31, 2014
Formation and Organization [Abstract]
Formation and Organization	1. Formation and Organization

	ZAIS Financial Corp. (the "Company") was incorporated in Maryland on May 24, 2011, and has elected to be taxed and to qualify as a real estate investment trust ("REIT") beginning with the taxable year ended December 31, 2011. The Company completed its formation transaction and commenced operations on July 29, 2011. On February 13, 2013, the Company completed its initial public offering ("IPO"), pursuant to which the Company sold 5,650,000 shares of its common stock at a price of $21.25 per share for gross proceeds of $120.1 million. Net proceeds after the payment of offering costs of $1.2 million were $118.9 million.

	On October 31, 2014, the Company completed the acquisition of GMFS, LLC (“GMFS”), a mortgage banking platform that primarily originates and services agency and government guaranteed residential mortgage loans in the southern United States. The Company has begun to source non-agency mortgage loans through the GMFS platform, with the intent of holding these loans in its investment portfolio. In addition, the Company has begun to acquire newly originated, non-agency mortgage loans from other loan sellers through its newly originated loan purchase program.



	The Company originates, acquires, finances, sells, services and manages residential mortgage loans. The Company originates mortgage loans through its GMFS mortgage banking platform and also acquires performing, re-performing and newly originated loans through other channels. The Company also invests in, finances and manages RMBS that are not issued or guaranteed by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae (“non-Agency RMBS”) with an emphasis on securities that, when originally issued, were rated in the highest rating category by one or more of the nationally recognized statistical rating organizations and mortgage servicing rights (“MSRs”). The Company also has the discretion to invest in RMBS that are issued or guaranteed by a federally chartered corporation or a U.S. Government agency (“Agency RMBS”), including through To-Be-Announced (“TBA”) contracts, and in other real estate-related and financial assets, such as interest only strips created from RMBS (“IOs”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”). The Company refers collectively to the assets it targets as its target assets.



	The Company's income is generated primarily by the net spread between the income it earns on its assets and the cost of its financing and hedging activities, and the origination, sale and servicing of residential mortgage loans by its mortgage banking operations. The Company's objective is to provide attractive risk-adjusted returns to its stockholders, primarily through quarterly distributions and secondarily through capital appreciation.



	The Company is externally managed by ZAIS REIT Management, LLC (the “Advisor”), a subsidiary of ZAIS Group, LLC (“ZAIS”), and has no employees except for those employed by GMFS. The Company is the sole general partner of, and conducts substantially all of its business through, ZAIS Financial Partners, L.P., the Company's consolidated operating partnership subsidiary (the “Operating Partnership”).


	The Company's charter authorizes the issuance of up to 500,000,000 shares of common stock with a par value of $0.0001 per share, and 50,000,000 shares of preferred stock, with a par value of $0.0001 per share. The Company's board of directors is authorized to amend its charter, without the approval of stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series of capital stock or to classify and reclassify any unissued shares of its capital stock into other classes or series of stock that the Company has the authority to issue.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies

	2. Summary of Significant Accounting Policies

	Basis of Presentation

	The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as contained within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Professional fees, transaction costs, loan servicing fees and general and administrative expenses reported in prior years have been reclassified to operating expenses and other expenses to conform to the current period's presentation. The Company operates in the following two business segments: residential mortgage loan investments and residential mortgage banking.

	Estimates

	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates.

	Principles of Consolidation

	The consolidated financial statements include the accounts of the Company and all of the wholly owned subsidiaries of the Operating Partnership. All intercompany balances have been eliminated in consolidation.

	The Company, which serves as the sole general partner of and conducts substantially all of its business through the Operating Partnership, holds approximately 89.6% of the operating partnership units ("OP units") in the Operating Partnership at December 31, 2014 and December 31, 2013. The Operating Partnership in turn holds directly or indirectly all of the equity interests in its subsidiaries. Changes in the Company's ownership interest (and transactions with non-controlling interest unit holders in its consolidated subsidiaries) while the Company retains its controlling interest in the subsidiary, are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the Company.

	Variable Interest Entities

	A variable interest entity ("VIE") is an entity that lacks one or more of the characteristics of a voting interest entity. The Company evaluates each of its investments to determine whether it is a VIE based on: (1) the sufficiency of the entity's equity investment at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) whether as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity and (c) the right to receive the expected residual returns of the legal entity; and (3) whether the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

	A VIE is subject to consolidation if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity's activities, or are not exposed to the entity's losses or entitled to its residual returns. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses.

	The Company's mortgage loans held for sale are sold predominantly to Fannie Mae and Freddie Mac, which are government sponsored enterprises (“GSEs” or “Agencies”). The Company also issues Ginnie Mae securities by pooling eligible loans through a pool custodian and assigning rights to the loans to Ginnie Mae. Fannie Mae, Freddie Mac and Ginnie Mae provide credit enhancement of the loans through certain guarantee provisions. The Company also purchases RMBS from securitization trusts or similar vehicles. These securitizations involve VIEs as the trusts or similar vehicles, by design, have the characteristics of a VIE.



	The Company has evaluated its interests in its real estate investment securities and its interests in the securitizations discussed in the preceding paragraph to determine if each represents a variable interest in a VIE. The Company monitors these investments and analyzes them for potential consolidation. The Company determined that it was not the primary beneficiary of the VIEs and therefore none of the VIEs were consolidated at December 31, 2014 and December 31, 2013. The maximum exposure of the Company to VIEs is limited to the fair value of its investments in real estate securities and MSRs as disclosed in the Company's consolidated balance sheets.

	Cash and Cash Equivalents

	The Company considers highly liquid short-term interest bearing instruments with original maturities of three months or less and other instruments readily convertible into cash to be cash equivalents. The Company's deposits with financial institutions may exceed federally insurable limits of $250,000 per institution. The Company mitigates this risk by depositing funds with major financial institutions. At December 31, 2014, a portion of the Company's operating cash was held with two custodians. Additionally, at December 31, 2014, a portion of the Company's operating cash was held with two other financial institutions and the Company maintains separate cash accounts for each of its warehouse lines of credit and repurchase agreements related to its GMFS origination platform pursuant to such agreements.

	Restricted Cash

	Restricted cash represents the Company's cash held by counterparties as collateral against the Company's derivatives and/or securities repurchase agreements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to derivative or securities repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the derivatives or securities repurchase agreements.

	Other Investment Securities

	Other investment securities are comprised of investments in Freddie Mac Structured Agency Credit Risk Notes ("FMSA Notes") at December 31, 2014. During 2014, the Company also held Fannie Mae's Risk Transfer Notes ("FMRT Notes" and together with the FMSA Notes, the "Other Investment Securities"). The Other Investment Securities represent unsecured general obligations of Fannie Mae and Freddie Mac, respectively, and are structured to be subject to the performance of a certain pool of residential mortgage loans.

	Mortgage Loans Held for Investment, Mortgage Loans Held for Sale, Real Estate Securities, Other Investment Securities and MSRs — Fair Value Election

	U.S. GAAP permits entities to choose to measure certain eligible financial instruments at fair value. The Company has elected the fair value option for some of its mortgage loans held for investment, and each of its mortgage loans held for sale, real estate securities, Other Investment Securities and MSRs at the date of purchase. The fair value option election is irrevocable and requires the Company to measure these mortgage loans, real estate securities and Other Investment Securities at estimated fair value with the change in estimated fair value recognized in earnings. The Company has established a policy for these assets to separate interest income from the full change in fair value in the consolidated statements of operations. The interest income component is presented as interest income on mortgage loans held for investment, mortgage loans held for sale, real estate securities and Other Investment Securities and the remainder of the change in fair value is presented separately as change in unrealized gain or loss in the Company's consolidated statements of operations.

	Determination of Fair Value Measurement

	The "Fair Value Measurements and Disclosures" Topic of the FASB ASC defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under U.S. GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

	Fair value under U.S. GAAP represents an exit price in the normal course of business, not a forced liquidation price. If the Company was forced to sell assets in a short period to meet liquidity needs, the prices it receives could be substantially less than their recorded fair values. Furthermore, the analysis of whether it is more likely than not that the Company will be required to sell securities in an unrealized loss position prior to an expected recovery in fair value (if any), the amount of such expected required sales, and the projected identification of which securities would be sold is also subject to significant judgment.

	Any proposed changes to the valuation methodology will be reviewed by the Advisor to ensure changes are consistent with the applicable accounting guidance and approved as appropriate. The fair value methodology may produce a fair value calculation that may not be indicative of net realizable value. Furthermore, while the Company anticipates that the Advisor's valuation methods will be appropriate and consistent with other market participants, the use of different methodologies, or assumptions by other market participants, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

	The Company categorizes its financial instruments in accordance with U.S. GAAP, based on the priority of the inputs to the valuation, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

	Financial assets and liabilities recorded in the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

	Level 1 Quoted prices for identical assets or liabilities in an active market.

	Level 2 Financial assets and liabilities whose values are based on the following:

	 Quoted prices for similar assets or liabilities in active markets

 Quoted prices for identical or similar assets or liabilities in nonactive markets.

 Pricing models whose inputs are observable for substantially the full term of the asset or liability.

 Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.

The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. The Company utilizes proprietary modeling analysis to support the independent third party broker quotes selected to determine the fair value of its real estate securities, Other Investment Securities and derivative instruments.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Mortgage Loans Held for Investment

The fair value of the Company's mortgage loans held for investment considers data such as loan origination information and additional updated borrower and loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of the Company's mortgage loans held for investment include market-implied discount rates, projections of default rates, delinquency rates, loss severity (considering mortgage insurance) and prepayment rates. The Company uses loan level data, macro-economic inputs and forward interest rates to generate loss adjusted cash flows and other information in determining the fair value of its mortgage loans. Because of the inherent uncertainty of such valuation, the fair values established for mortgage loans held for investment by the Company may differ from the fair values that would have been established if a ready market existed for these mortgage loans held for investment. Accordingly, mortgage loans held for investment are classified as Level 3 in the fair value hierarchy.

At December 31, 2014, approximately 10.3% in unpaid principal balance of the Company's mortgage loans carries mortgage insurance.

Mortgage Loans Held for Sale



The fair value of mortgage loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted price exists, the fair value of a loan is determined using quoted prices for a similar asset or assets, adjusted for the specific attributes of that loan. Accordingly, mortgage loans held for sale are classified as Level 2 in the fair value hierarchy.



Real Estate Securities and Other Investment Securities



The fair value of the Company's real estate securities and Other Investment Securities considers the underlying characteristics of each security including coupon, maturity date and collateral. The Company estimates the fair value of its RMBS and Other Investment Securities based upon a combination of observable prices in active markets, multiple indicative quotes from brokers and executable bids. In evaluating broker quotes the Company also considers additional observable market data points including recent observed trading activity for identical and similar securities, back-testing, broker challenges and other interactions with market participants, as well as yield levels generated by model-based valuation techniques. In the absence of observable quotes, the Company utilizes model-based valuation techniques that may contain unobservable valuation inputs.



When available, the fair value of real estate securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from either broker quotes, observed traded levels or model-based valuation techniques using observable inputs such as benchmark yields or issuer spreads.



While the Company's non-Agency RMBS and Other Investment Securities are valued using the same process with similar inputs as the Agency RMBS as described below, a significant amount of inputs are unobservable due to relatively low levels of market activity. The fair value of these securities is typically based on broker quotes or the Company's model-based valuation. Accordingly, the Company's non-Agency RMBS and Other Investment Securities are classified as Level 3 in the fair value hierarchy. Model-based valuation consists primarily of discounted cash flow and yield analyses. Significant model inputs and assumptions include constant voluntary prepayment rates, constant default rates, delinquency rates, loss severity, market-implied discount rates, default rates, expected loss severity, weighted average life, collateral composition, borrower characteristics and prepayment rates, and may also include general economic conditions, including home price index forecasts, servicing data and other relevant information. Where possible, collateral-related assumptions are determined on an individual loan level basis.



The Company's Agency RMBS, if any, are valued using the market data described above, which includes inputs determined to be observable or whose significant fair value drivers are observable. Accordingly, Agency RMBS securities are classified as Level 2 in the fair value hierarchy.



MSRs



The Company uses a third party vendor to estimate the fair value of MSRs. The third party vendor uses a discounted cash flow approach which consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of fair value. The key assumptions used in the estimation of the fair value of MSRs include prepayment speeds, discount rates, default rates, cost to service, contractual servicing fees, escrow earnings and ancillary income. MSRs are classified as Level 3 in the fair value hierarchy.



Derivative Instruments



Interest Rate Swaption Agreements



An interest rate swaption agreement represents an option that gives the Company the right, but not the obligation, to enter into a previously agreed upon interest rate swap agreement on a future date. If exercised the Company will enter into an interest rate swap agreement and is obligated to pay a fixed rate of interest and receive a floating rate of interest. The Company utilizes proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swaption agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company's interest rate swaption agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At December 31, 2014, no credit valuation adjustment was made in determining the fair value of the derivative.



Interest Rate Swap Agreements



An interest rate swap is an agreement between the Company and a counterparty to exchange periodic interest payments where one party to the contract makes a fixed rate payment in exchange for a floating rate payment from the other party. The Company utilizes proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swap agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company's interest rate swap agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At December 31, 2014 and December 31, 2013, no credit valuation adjustment was made in determining the fair value of the derivative.



Loan Purchase Commitments (“LPCs”)



LPCs are agreements with approved third-party residential loan originators to purchase residential loans at a future date. LPCs that qualify as derivatives are recorded at their estimated fair values in the Company's consolidated balance sheets. The fair value of the Company's LPC's are based on the prices the underlying loans can be purchased for in the secondary market, adjusted for an estimated pull through rate. Changes in fair value are reported in the statement of operations. LPCs are classified as Level 3 in the fair value hierarchy.



Interest Rate Lock Commitments (“IRLCs”)



IRLCs are agreements under which the Company agrees to extend credit to a borrower under certain specified terms and conditions in which the interest rate and the maximum amount of the loan are set prior to funding. Unrealized gains and losses on the IRLCs, reflected as derivative assets and derivative liabilities, respectively, are measured based on the value of the underlying mortgage loan, quoted GSE mortgage backed security (“MBS”) prices, estimates of the fair value of the MSRs and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. IRLCs are classified as Level 3 in the fair value hierarchy.



MBS Forward Sales Contracts and TBA Securities



MBS forward sales contracts and TBA securities are forward contracts for the purchase or sale of MBS at a predetermined price with a stated face amount, coupon and stated maturity at a agreed upon future date. The specific MBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association (“SIFMA”), are not known at the time of the transaction. The Company estimates the fair value of MBS forward sales contracts and TBA securities based on third party vendor prices and quoted MBS prices. MBS forward sales contracts and TBA securities are classified as Level 2 in the fair value hierarchy.



Mortgage Loans Held for Investment, at Cost



Mortgage loans held for investment related to the Company's mortgage banking activities includes loans which, due to various reasons, are unable to be sold to a third party. Such loans are performing loans which the Company carries at amortized cost, less a valuation allowance for estimated credit losses, if applicable.

Revenue Recognition

Mortgage Loans Held for Investment, at fair value



Pursuant to the Company's policy for separately presenting interest income on mortgage loans, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of certain mortgage loans held for investment to interest income.



When the Company purchases mortgage loans which are held for investment and which have shown evidence of credit deterioration since origination and management determines that it is probable the Company will not collect all contractual cash flows on those loans, the Company applies the guidance that addresses accounting for differences between contractual cash flows and cash flows expected to be collected if those differences are attributable to, at least in part, credit quality.



Interest income is recognized on a level-yield basis over the life of the loan as long as cash flows can be reasonably estimated. The level-yield is determined by the excess of the Company's initial estimate of undiscounted expected principal, interest, and other cash flows (cash flows expected at acquisition to be collected) over the Company's initial investment in the mortgage loan (accretable yield). The amount of interest income to be recognized cannot result in a carrying amount that exceeds the payoff amount of the loan. The excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) will not be recognized as an adjustment of yield.



On a quarterly basis, the Company updates its estimate of the cash flows expected to be collected. For purposes of interest income recognition, any subsequent increases in cash flows expected to be collected are generally recognized as prospective yield adjustments (which establishes a new level yield) and any subsequent decreases in cash flows expected to be collected are recognized as an impairment to be recorded through change in unrealized gain or loss in the consolidated statements of operations.



Income recognition is suspended for a loan when cash flows cannot be reasonably estimated.



Interest income on newly originated mortgage loans which are purchased by the Company and held for investment, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with these mortgage loans at the time of purchase are amortized into interest income over the life of such loan using the effective yield method and adjusted for actual prepayments.



Real Estate Securities and Other Investment Securities



Pursuant to the Company's policy for separately presenting interest income on real estate securities and Other Investment Securities, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of real estate securities and Other Investment Securities to interest income.

Interest income on Agency RMBS, if any, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency RMBS at the time of purchase are amortized into interest income over the life of such securities using the effective yield method and adjusted for actual prepayments.

Interest income on the non-Agency RMBS and Other Investment Securities, which were purchased at a discount to par value and/or were rated below AA at the time of purchase, is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Company's observation of current information and events and include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On a monthly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses. Therefore, actual maturities of the securities are generally shorter than stated contractual maturities.

Based on the projected cash flows from the Company's non-Agency RMBS purchased at a discount to par value, a portion of the purchase discount may be designated as credit protection against future credit losses and, therefore, not accreted into interest income. The amount designated as credit discount is determined, and may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively.

RMBS and Other Investment Securities are evaluated for other-than-temporary impairment ("OTTI") each quarter. A security with a fair value that is less than amortized cost is considered impaired. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a security has been deemed to be other-than-temporarily impaired, the amount of OTTI is bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations as a realized loss on real estate securities and realized loss on Other Investment Securities. The remaining OTTI related to the valuation adjustment is recognized as a component of change in unrealized gain or loss in the consolidated statements of operations. Realized gains and losses on sale of real estate securities and Other Investment Securities are determined using the specific identification method. Real estate securities and Other Investment Securities transactions are recorded on the trade date.

Mortgage Loans Held for Investment, at Cost and Mortgage Loans Held for Sale



Interest income on mortgage loans is accrued to income based upon the principal amount outstanding and contractual interest rates and is included in interest income on mortgage loans held for sale in the consolidated statements of operations. Income recognition is discontinued when loans become 90 days delinquent or when in management's opinion, the collectability of principal and income becomes doubtful and the mortgage loans held for sale or investment are put on nonaccrual status.



Mortgage Banking Activities

Gain on Sale of Mortgage Loans Held for Sale

Mortgage loans held for sale are considered sold when the Company surrenders control over the financial assets. Control is considered to have been surrendered when the transferred assets have been isolated from the Company, beyond the reach of the Company and its creditors; the purchaser obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and the Company does not maintain effective control over the transferred assets through an agreement that both entitles and obligates the Company to repurchase or redeem the transferred assets before their maturity or the ability to unilaterally cause the holder to return specific assets. Such transfers may involve securitizations, participation agreements or repurchase agreements. If the criteria above are not met, such transfers are accounted for as secured borrowings, in which the assets remain on the consolidated balance sheets, the proceeds from the transaction are recognized as a liability and no MSRs are recorded for the transferred loans.

Gains and losses from the sale of mortgages are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale and is included in Mortgage banking activities, net in the consolidated statements of operations. The sales proceeds reflect the cash received and the initial fair value of the separately recognized MSRs less the fair value of the incurred liability for mortgage repurchases and indemnifications. Gains and losses also includes the unrealized gains and losses associated with the mortgage loans held for sale and the realized and unrealized gains and losses from MBS forward sales contracts and IRLCs.

Loan Origination Fee Income



Loan origination fee income represents revenue earned from originating mortgage loans and is included in Mortgage banking activities, net in the Company's consolidated statements of operations. Loan origination fees and related direct loan origination costs are reflected in Mortgage banking activities, net when loans are sold and deferred and amortized over the life of the loan as an adjustment of yield.



Loan Servicing Fee Income



Loan servicing fee income represents revenue earned for servicing loans for various investors and is included in the consolidated statements of operations. The servicing fees are based on a contractual percentage of the outstanding principal balance and recognized into revenue as the related mortgage payments are received. Loan servicing expenses offset against loan servicing fee income as incurred.

Expense Recognition

Expenses are recognized when incurred. Expenses include, but are not limited to, loan servicing fees, advisory fees, professional fees for legal, accounting and consulting services, and general and administrative expenses such as insurance, custodial and miscellaneous fees.

Servicing Advances

Servicing advances represent escrows and advances on behalf of borrowers and investors to cover delinquent balances for property taxes, insurance premiums and other out-of-pocket costs. Advances are made in accordance with the servicing agreements and are recoverable upon liquidation. The Company periodically reviews the advances for collectability and amounts are written off when they are deemed uncollectible. At December 31, 2014, the Company had servicing advances of $2.0 million. Such amount is included in other assets on the Company's consolidated balance sheets.



Offering Costs

Offering costs are accounted for as a reduction of additional paid-in capital. Offering costs in connection with the Company's IPO were paid out of the proceeds of the IPO. Costs incurred to organize the Company were expensed as incurred. The Company's obligation to pay for organization and offering expenses directly related to the IPO was capped at $1.2 million and the Advisor paid for expenses incurred above the cap.

Repurchase Facilities

Loan Repurchase Facilities

The Company finances a portion of its mortgage loans held for investment through the use of repurchase agreements entered into under master repurchase agreements with certain lenders (the “Loan Repurchase Facilities”). Under the Loan Repurchase Facilities, the Company may sell, and later repurchase trust certificates representing interests in residential mortgage loans (the “Trust Certificates”). The borrowings under the Loan Repurchase Facilities are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreement. The borrowings under the Loan Repurchase Facilities are recorded on the trade date at the contract amount.



The Company pledges cash and certain of its Trust Certificates as collateral under the Loan Repurchase Facilities. The amounts available to be borrowed are dependent upon the fair value of the Trust Certificates pledged as collateral, which fluctuates with changes in interest rates, type of underlying mortgage loans and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in the fair value of pledged Trust Certificates, the lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. At December 31, 2014 and December 31, 2013, the Company has met all margin call requirements related to any outstanding balances under its Loan Repurchase Facilities.

Securities Repurchase Agreements

The Company finances a portion of its RMBS portfolio and Other Investment Securities through the use of securities repurchase agreements entered into under master repurchase agreements with four financial institutions at December 31, 2014. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Repurchase agreements are recorded on trade date at the contract amount.

The Company pledges cash and certain of its RMBS and Other Investment Securities as collateral under these securities repurchase agreements. The amounts available to be borrowed are dependent upon the fair value of the RMBS and Other Investment Securities pledged as collateral, which fluctuates with changes in interest rates, type of securities and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in the fair value of pledged RMBS and Other Investment Securities, the lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. At December 31, 2014 and December 31, 2013, the Company has met all margin call requirements under its securities repurchase agreements.

Derivatives and Hedging Activities

The Company accounts for its derivative financial instruments in accordance with derivative accounting guidance, which requires an entity to recognize all derivatives as either assets or liabilities in the consolidated balance sheets and to measure those instruments at fair value. The Company has not designated any of its derivative agreements as hedging instruments for accounting purposes. As a result, changes in the fair value of derivatives are recorded through current period earnings.

Real Estate Owned

The Company records its real estate owned at the properties fair value, less costs to sell. All legal fees and direct costs relating to real estate owned are expensed as incurred. At December 31, 2014, the Company had real estate owned of $1.3 million. Such amounts are included in other assets in the Company's consolidated balance sheets.



Loans Eligible for Repurchase from Ginnie Mae

When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company then records the right to repurchase the loan as an asset and liability on its consolidated balance sheets. There were no actual repurchases of Ginnie Mae delinquent or defaulted mortgage loans during the year ended December 31, 2014.


8% Exchangeable Senior Notes Due 2016

On November 25, 2013, the Operating Partnership issued $57.5 million aggregate principal amount of unsecured 8.00% Exchangeable Senior Notes due 2016 (the "Exchangeable Senior Notes"). The Exchangeable Senior Notes are carried at amortized cost. Interest expense on the Exchangeable Senior Notes is computed using the effective interest method. The conversion features of the Exchangeable Senior Notes are deemed to be an embedded derivative. Accordingly, the Company is required to bifurcate the embedded derivative related to the conversion features of the Exchangeable Senior Notes. The Company recognized the embedded derivative as a liability in its consolidated balance sheets at December 31, 2014 and December 31, 2013, measured it at its estimated fair value and recognized changes in its estimated fair value in gain/(loss) on derivative instruments in the Company's consolidated statements of operations.

Liability for Loan Repurchases and Indemnifications

Loans sold to investors by the Company and which met investor and agency underwriting guidelines at the time of sale may be subject to repurchase or indemnification in the event of specific default by the borrower or subsequent discovery that underwriting standards were not met. The Company may, upon mutual agreement, agree to repurchase the loans or indemnify the investor against future losses on such loans. In such cases, the Company bears any subsequent credit loss on the loans. The Company has established a liability for potential losses related to these representations and warranties with a corresponding provision recorded for loan losses. The liability is included in accounts payable and other liabilities in the Company's consolidated balance sheets and the provision is included in mortgage banking activities, net in the Company's consolidated statements of operations. In assessing the adequacy of the liability, management evaluates various factors including actual losses on repurchases and indemnifications during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry. Actual losses incurred are reflected as charge-offs against the reserve liability.

Because of the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change.

Escrow and Fiduciary Funds

The Company maintains segregated bank accounts in trust for investors and escrow balances for mortgagors. The balances of these accounts were $23.6 million at December 31, 2014 and are excluded from the Company's consolidated balance sheets. The Company did not have any segregated bank accounts in trust for investors or escrow balances for mortgagors at December 31, 2013.


Net Income (Loss) Per Share

The Company's basic earnings per share ("EPS") is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding OP units and Exchangeable Senior Notes were converted to common stock, where such exercise or conversion would result in a lower EPS. The dilutive effect of OP units is computed assuming all units are converted to common stock. The dilutive effect of the Exchangeable Senior Notes is computed assuming shares converted are limited to 1,779,560 pursuant to New York Stock Exchange ("NYSE") restrictions. The 1,779,560 shares of common stock were included in the calculation of diluted EPS as such inclusion was dilutive for the year ended December 31, 2014.


Income Taxes

The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2011. The Company was organized and has operated and intends to continue to operate in a manner that will enable it to qualify to be taxed as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with U.S. GAAP). As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, does not engage in prohibited transactions, and maintains its intended qualification as a REIT. The majority of States also recognize the Company's REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. However, it is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements.



The Company has made separate joint elections with three of its subsidiaries, ZFC Funding TRS, ZFC Trust TRS and Honeybee TRS, to treat such subsidiaries as taxable REIT subsidiaries (the “TRS entities”). The Company may perform certain activities through these TRS entities that could adversely impact the Company's REIT qualification if performed other than through a TRS entity. The Company's TRS entities file separate tax returns and are taxed as standalone U.S. C-Corporations irrespective of the dividends-paid deduction available to REITs for federal income tax purposes.



The Company assesses its tax positions for all open tax years and records tax benefits only if tax positions meet a more-likely-than-not threshold in accordance with U.S. GAAP for guidance on accounting for uncertainty in income taxes.

Goodwill and Intangible Assets

The purchase price of GMFS was allocated to the assets acquired, including identifiable intangible assets (trade name, customer relationships, licenses and favorable leases), and the liabilities assumed based on their estimated fair values at the date of acquisition. The excess of purchase price over the fair value of the net assets acquired was recognized as goodwill. Goodwill is carried at cost, net of impairment charges, and reflected on the Company's consolidated balance sheets.


Goodwill is not amortized but is tested for impairment on an annual basis, or frequently if events or changes in circumstances indicate that a potential impairment may have occurred. The testing of goodwill for impairment is initially based on a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the facts indicate that it is more likely than not that that an impairment may exist, a two-step quantitative assessment is conducted to (a) calculate the fair value of the reporting unit and compare to its carrying value including goodwill and (b) if the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss equal to the amount by which the carrying value of the goodwill exceeds the implied fair value of that goodwill. The impairment is recognized as an expense in the period in which the impairment occurs.


The Company does not amortize intangible assets with indefinite lives. The Company amortizes intangible assets with identified estimated useful lives on a straight-line basis over their estimated useful lives.

Recent Accounting Pronouncements

In January 2014, the FASB issued ASU 2014-04: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU 2014-04”), to reduce diversity in practice by clarifying when an in substance repossession or foreclosure has occurred and when a creditor should derecognize the associated loan receivable and recognize the real estate property. ASU 2014-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Adoption of ASU 2014-04 is not expected to have a material effect on the Company's consolidated financial statements.



In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The objective of the guidance is to clarify the principles for recognizing revenue. ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance, and also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this new standard.



In June 2014, the FASB issued Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”) which amends the accounting guidance for repo-to-maturity (“RTM”) transactions and repurchase agreements executed as repurchase financings. Under this new accounting guidance, RTMs will be accounted for as secured borrowings rather than sales of an asset, and transfers of financial assets with a contemporaneous repurchase agreement will no longer be evaluated to determine whether they should be accounted for on a combined basis as forward contracts. The new guidance also prescribes additional disclosures particularly on the nature of collateral pledged in repurchase agreements accounted for as secured borrowings. ASU 2014-11 is effective for the first interim or annual reporting periods beginning after December 15, 2014. Adoption of ASU 2014-11 is not expected to have a material effect on the Company's consolidated financial statements.



In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements.



In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 makes changes to both the variable interest model and the voting model. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this new standard.

GMFS_Transaction

GMFS Transaction	12 Months Ended
GMFS Transaction	Dec. 31, 2014
GMFS Transaction [Abstract]
GMFS Transaction	3. GMFS Transaction

	On August 5, 2014, the Company, in its capacity as guarantor, entered into an agreement and plan of merger (the “Merger Agreement”) among ZFC Honeybee TRS, LLC (“Honeybee TRS”), an indirect subsidiary of the Company, ZFC Honeybee Acquisitions, LLC (“Honeybee Acquisitions”), a wholly owned subsidiary of Honeybee TRS, GMFS, and Honeyrep, LLC, solely in its capacity as the security holder representative. GMFS is an origination platform that primarily originates and services agency and government guaranteed residential mortgage loans in the southern United States. On October 31, 2014, the Company completed its acquisition of GMFS. Subject to the terms and conditions of the Merger Agreement, Honeybee Acquisitions was merged with and into GMFS (the “Merger”), with GMFS surviving the Merger as an indirect subsidiary of the Company.

	The Merger Agreement contains customary representations and warranties by the parties, as well as customary covenants, including non-competition and non-solicitation covenants by GMFS's key managers, a covenant by GMFS to conduct its business and operations in the ordinary course between the date of the Merger Agreement and the closing of the Merger and indemnification covenants by both parties, subject to stated thresholds and limitations.

	While subject to a final reconciliation of October 31, 2014 values, the preliminary purchase price was approximately $62.8 million at closing which was comprised of (i) the estimated fair market value of GMFS's MSR portfolio, (ii) the estimated value of GMFS's net tangible assets at October 31, 2014 and (iii) a purchase price premium. In addition to cash paid at closing, two contingent $1 million deferred premium payments payable in cash over two years, plus potential additional consideration based on future loan production and profits will be payable over a four-year period if certain conditions are met. The $2 million of deferred premium payments is contingent on GMFS remaining profitable and retaining certain key employees. The additional contingent consideration is dependent on GMFS achieving certain profitability and loan production goals and is capped at $20 million. Up to 50% of the additional contingent consideration may be paid in common stock of the Company, at the Company's option. The Company funded the closing cash payment through a combination of available cash and the liquidation of a portion of its non-agency RMBS portfolio.

	Total consideration is as follows:
	Cash paid to owners of GMFS		$	62,847,452
	Contingent consideration			11,430,413
	Total consideration		$	74,277,865

	Contingent consideration represents the estimated present value of future earn-out payments as defined in the Merger Agreement. Contingent consideration was estimated based on future earnings projections of GMFS over the four year earn-out period and is re-measured to fair value at each reporting date until the contingency is resolved. The changes in fair value are recognized in earnings. The final consideration paid could be materially different from the estimate and the difference will be recorded through earnings in the Consolidated Statement of Operations.

	Under the acquisition method of accounting, the total purchase price allocated to the identifiable tangible and intangible assets acquired and the liabilities assumed is based on management's preliminary valuation of GMFS's tangible and intangible assets acquired by the Company and GMFS's liabilities assumed by the Company as of October 31, 2014, and a preliminary valuation of the net assets acquired is summarized as follows:

	Fair value of Assets:
	Cash and cash equivalents		$	13,304,612
	Mortgage loans held for sale			92,512,390
	Mortgage loans held for investment			1,098,897
	Derivative assets			1,590,160
	Other assets			2,713,950
	MSRs			32,300,337
	Goodwill			16,512,680
	Intangible Assets			5,800,000
	Loans eligible for repurchase from Ginnie Mae			21,169,329
	Total assets acquired			187,002,355

	Fair value of Liabilities:
	Warehouse lines of credit			85,840,705
	Accounts payable and other liabilities			5,714,456
	Liability for loans eligible for repurchase from Ginnie Mae			21,169,329
	Total liabilities assumed			112,724,490
	Fair value of net assets acquired		$	74,277,865

	Goodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed and is primarily made up of expected synergies and the assembled workforce of GMFS. This determination of goodwill is preliminary, and is subject to change when the valuation is complete. A preliminary determination of the goodwill is as follows:

	Total purchase price		$	74,277,865
	Less: Preliminary estimate of the fair value of the net assets acquired			(57,765,185	)
	Goodwill		$	16,512,680

	Goodwill has been allocated to the Company's mortgage banking segment. Additionally, goodwill is expected to be deductible for tax purposes over a 15-year life.

	The preliminary valuation above is based upon information available to the Company at December 31, 2014, and is subject to change. The Company continues to review the underlying assumptions and valuation techniques utilized to calculate the fair value of goodwill and intangible assets acquired. Additional adjustments may be recorded during the allocation period specified by U.S. GAAP as additional information becomes available.

	The following table presents information about the intangible assets acquired by the Company:

			Estimated Fair Value				Estimated Useful Life
	Trade name		$	2.0 million			10 years
	Customer relationships			1.3 million			10 years
	Licenses			1.0 million			3 years
	Favorable lease			1.5 million			12 years
	Total Intangible assets		$	5.8 million


	The Company has recognized the following revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in the Company's consolidated statements of operations:


	Interest income – mortgage loans held for sale		$	594,217

	Mortgage banking activities, net:
	Gain on sale of mortgage loans, net of direct costs			5,344,361
	Loan origination fee income			213,540
Provision for loan indemnification			(118,895	)
			5,439,006
Loan servicing fee income, net of direct costs			929,718
Change in fair value of mortgage servicing rights			(1,684,373	)
Other income			45,861
Total non interest income			4,730,212

Net income before expenses and taxes relating to Honeybee TRS		$	583,073
Expenses of Honeybee TRS			(2,710,564	)
Net loss after expenses of Honeybee TRS, before tax			(2,127,491	)
Tax benefit			850,996
Net loss after expenses of Honeybee TRS, after tax		$	(1,276,495	)

Amortization expense related to the intangible assets acquired was $131,389 for the year ended December 31, 2014, and is recorded as other expenses in the consolidated statements of operations. Amortization expense related to the intangible assets for the five years subsequent to December 31, 2014 is as follows:

2015	$	788,340
2016	$	788,340
2017	$	732,776
2018	$	455,004
2019	$	455,004

The results of GMFS are included in the Company's results beginning October 31, 2014. The unaudited pro forma revenues and net income of the consolidated entity for the year ended December 31, 2014, assuming the business combination was consummated on January 1, 2013, are as follows:

		Year Ended				Year Ended
		31-Dec-14				31-Dec-13
Net interest income		$	21,623,473			$	15,737,131

Noninterest Income
Mortgage banking activities, net			41,047,510				46,354,596

Loan servicing fees, net of direct costs			5,239,010				3,022,447

Other income			673,270				709,369

Net income			35,213,626				11,465,008

The pro forma results are presented for illustrative purposes only and are not intended to represent or be indicative of the actual consolidated results of operations of the Company that would have been achieved had the business combination occurred on January 1, 2013, nor are they intended to represent or be indicative of future results of operations.

Fair_Value

Fair Value	12 Months Ended
Fair Value	Dec. 31, 2014
Fair Value [Abstract]
Fair Value	4. Fair Value

	Fair Value Measurement

	Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
	The following table sets forth the Company's financial instruments that were accounted for at fair value on a recurring basis at December 31, 2014, by level within the fair value hierarchy:

			Assets and Liabilities at Fair Value
			Level 1				Level 2				Level 3				Total
	Assets
	Mortgage loans held for investment		$	—			$	—			$	415,959,838			$	415,959,838
	Mortgage loans held for sale			—				97,690,960				—				97,690,960
	Non-Agency RMBS			—				—				148,585,733				148,585,733
	Other Investment Securities			—				—				2,040,532				2,040,532
	MSRs			—				—				33,378,978				33,378,978
	Derivative assets			—				—				2,485,100				2,485,100
	Total		$	—			$	97,690,960			$	602,450,181			$	700,141,141
	Liabilities
	Derivative liabilities		$	—			$	2,585,184			$	—			$	2,585,184
	Total		$	—			$	2,585,184			$	—			$	2,585,184

	The following table sets forth the Company's financial instruments that were accounted for at fair value on a recurring basis at December 31, 2013, by level within the fair value hierarchy:

			Assets and Liabilities at Fair Value
			Level 1				Level 2				Level 3				Total
	Assets
	Mortgage loans held for investment		$	—			$	—			$	331,785,542			$	331,785,542
	Non-Agency RMBS			—				—				226,155,221				226,155,221
	Derivative assets			—				284,454				—				284,454
	Total		$	—			$	284,454			$	557,940,763			$	558,225,217
	Liabilities
	Derivative liabilities			—				1,471,607			$	—			$	1,471,607
	Total		$	—			$	1,471,607			$	—			$	1,471,607

	The following table presents additional information about the Company's financial instruments which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

			Year Ended December 31, 2014												Year Ended December 31, 2013
			Mortgage				RMBS				Other				Mortgage				RMBS
			Loans held for								Investment				Loans held for
			investment								Securities				investment
	Beginning balance		$	331,785,542			$	226,155,221			$	—			$	—			$	100,911,651
	Total net transfers into/out of Level 3			—				—				—				—				—
	Acquisitions			85,579,169				47,034,327				12,926,953				334,162,044				234,397,506
	Proceeds from sales			—				(102,635,229	)			(11,067,378	)			—				(68,190,593	)
	Net accretion of discounts			7,497,341				5,528,538				180,438				3,059,231				3,727,702
	Proceeds from principal repayments			(31,759,326	)			(28,197,740	)			—				(13,871,059	)			(39,338,730	)
	Conversion of mortgage loans to REO			(1,796,028	)			—				—				—				—
	Total losses (realized/unrealized) included in earnings			(8,250,003	)			(6,694,487	)			(226,224	)			(6,344,877	)			(9,138,009	)
	Total gains (realized/unrealized) included in earnings			32,903,143				7,395,103				226,743				14,780,203				3,785,694
	Ending balance		$	415,959,838			$	148,585,733			$	2,040,532			$	331,785,542			$	226,155,221



			Year Ended December 31, 2014
			LPCs				IRLCs
	Beginning balance		$	—			$	—
	Acquisition of GMFS			—				2,702,954
	Change in unrealized gain or loss			4,037				(221,891	)
	Ending balance		$	4,037			$	2,481,063

			Year Ended December 31, 2014												Year Ended December 31, 2013
			Mortgage				RMBS				Other				Mortgage				RMBS
			Loans held for								Investment				Loans held for
			investment								Securities				investment
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date		$	22,957,500			$	(1,039,499	)		$	(226,224	)		$	7,136,482			$	(2,822,969	)

The following table presents additional information about the Company's MSRs which are also financial instruments that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

		Year Ended
		31-Dec-14

Balance at beginning of year		$	—
Acquisition of MSRs in connection with purchase of GMFS			32,300,337
Additions due to loans sold, servicing retained			2,763,014
Fair value adjustment:⁽¹⁾
Changes in assumptions⁽²⁾			(1,420,925	)
Other changes⁽³⁾			(263,448	)
Balance at December 31, 2014		$	33,378,978

The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date		$	(1,420,925	)



-1	Included in change in fair value of MSRs on the consolidated statements of operations.
-2	Primarily reflects changes in prepayment assumptions due to changes in interest rates and discount rates.
-3
Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period.

There were no financial assets or liabilities that were accounted for at fair value on a nonrecurring basis at December 31, 2014 and December 31, 2013. During the year ended December 31, 2014, real estate owned was transferred out of Level 3. There were no other transfers into or out of Level 1, Level 2 or Level 3 during the years ended December 31, 2014 or December 31, 2013.

The following tables present quantitative information about the Company's mortgage loans held for investment, real estate securities and Other Investment Securities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

		Fair Value at				Valuation		Unobservable Input		Min/Max								Weighted
		December 31,				Technique(s)												Average
		2014
Mortgage loans held for investment		$	415,959,838			Discounted cash flow model		Constant voluntary prepayment			1.4	%			27.1	%			3.9	%
								Constant default rate			0	%			4	%			2.9	%
								Loss severity			0	%			40.5	%			23.8	%
								Delinquency			0.1	%			13.6	%			10.6	%

		Fair Value at				Valuation		Unobservable Input		Min/ Max								Weighted
		December 31,				Technique(s)												Average
		2014
Non-Agency RMBS⁽¹⁾
Alternative – A		$	61,296,540			Broker quotes/ comparable trades		Constant voluntary prepayment			1.6	%			24.8	%			13.6	%
								Constant default rate			0.1	%			8.4	%			3.1	%
								Loss severity			0	%			81.1	%			20.5	%
								Delinquency			1.3	%			25.9	%			10.1	%
Pay option adjustable rate		$	45,541,325			Broker quotes/ comparable trades		Constant voluntary prepayment			1.7	%			20.1	%			8.9	%
								Constant default rate			1.6	%			19.4	%			4.3	%
								Loss severity			0	%			66.2	%			38	%
								Delinquency			6.8	%			29.1	%			15.2	%
Prime		$	39,065,076			Broker quotes/ comparable trades		Constant voluntary prepayment			2.6	%			17.3	%			9.2	%
								Constant default rate			0.2	%			9.2	%			4.1	%
								Loss severity			0	%			78.3	%			28.2	%
								Delinquency			5	%			24.8	%			13	%
Subprime		$	2,682,792			Broker quotes/ comparable trades		Constant voluntary prepayment			2.4	%			7.4	%			4.7	%
								Constant default rate			6	%			8	%			7.7	%
								Loss severity			65	%			85	%			72	%
								Delinquency			25.5	%			27.7	%			26.8	%
Total Non-Agency RMBS		$	148,585,733


-1	The Company uses third-party dealer quotes to estimate fair value of some of its financial assets. The Company verifies selected prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. Where the Company has disclosed unobservable inputs for broker quotes or comparable trades, those inputs are based on the Company's validations performed at the security level.

		Fair Value at				Valuation		Unobservable Input		Weighted
		31-Dec-14				Technique(s)		Unobservable Input		Average
Other Investment Securities⁽¹⁾		$	2,040,532			Broker quotes/		Constant voluntary prepayment			7.5	%
Other Investment Securities⁽¹⁾		$	2,040,532			comparable trades		Constant voluntary prepayment			7.5	%


-1	The Company uses third-party dealer quotes to estimate fair value of some of its financial assets. The Company verifies selected prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. Where the Company has disclosed unobservable inputs for broker quotes or comparable trades, those inputs are based on the Company's validations performed at the security level.

The following table presents quantitative information about the Company's MSRs which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:


		Fair Value at				Valuation		Unobservable Input		Min/Max								Weighted
		Year Ended,				Technique(s)												Average
		2014
MSRs		$	33,378,978			Discounted cash flow model		Constant prepayment rate			7.6	%			58.2	%			10.6	%
								Cost of servicing		$	76			$	533			$	91
								Discount rate			9	%			10	%			9.4	%



The following is a quantitative summary of key inputs used in the valuation of the Company's MSRs at December 31, 2014 and the effect on the estimated fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance):



		31-Dec-14
		Range
		(Weighted average)
		Fair value

Discount rate			9.0% - 10.0	%
			(9.4	%)
Effect on fair value of adverse change of:
5%		$	(683,406	)
10%		$	(1,366,812	)
20%		$	(2,655,493	)

Prepayment speed⁽¹⁾			7.6% - 58.2	%
			(10.6	%)
Effect on fair value of adverse change of:
5%		$	(639,594	)
10%		$	(1,279,187	)
20%		$	(2,468,154	)

Per-loan annual cost of servicing			$76 - $533
		$	(91	)
Effect on fair value of adverse change of:
5%		$	(389,384	)
10%		$	(778,768	)
20%		$	(1,557,561	)



-1	Prepayment speed is measured using CPR.




Derivative Financial Instruments



The Company estimates the fair value of IRLCs based on quoted Agency MBS prices, its estimate of the fair value of the MSRs it expects to receive in the sale of the loans and the probability that the mortgage loan will be purchased as a percentage of the commitments it has made (the “pull-through rate”). The Company categorizes IRLCs as a “Level 3” financial statement item.



The significant unobservable inputs used in the fair value measurement of the Company's IRLCs are the pull-through rate and the MSR component of the Company's estimate of the value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate and the MSR component of the IRLCs, in isolation, may result in a significant change in fair value. The financial effects of changes in these assumptions are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC value, but increase the pull-through rate for loans that have decreased in fair value.




The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:



Key inputs		31-Dec-14
Pull-through rate
Range		55.7% – 100.0%
Weighted average		85.00%
MSR value expressed as:
Servicing fee multiple
Range		0.4 – 6.0
Weighted average		4.4
Percentage of unpaid principal balance
Range		0.2% – 1.9%
Weighted average		1.10%




The fair value measurements of these assets are sensitive to changes in assumptions regarding prepayment, probability of default, loss severity in the event of default, forecasts of home prices, and significant activity or developments in the real estate market. Significant changes in any of those inputs in isolation may result in significantly higher or lower fair value measurements. A change in the assumption used for forecasts of home price changes is accompanied by directionally opposite changes in the assumptions used for probability of default and loss severity. Significant increases (decreases) in any of these inputs in isolation would result in significantly lower (higher) fair value measurements.


Fair Value Option

Changes in fair value for assets and liabilities for which the fair value option was elected are recognized in earnings as they occur. The fair value option may be elected on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument.

The following table presents the difference between the fair value and the aggregate unpaid principal amount and/or notional balance of assets for which the fair value option was elected at December 31, 2014 and December 31, 2013:

		31-Dec-14												31-Dec-13
						Unpaid												Unpaid Principal
						Principal and/or												and/or Notional
						Notional
		Fair Value				Balance⁽¹⁾				Difference				Fair Value				Balance⁽¹⁾				Difference
Financial instruments, at fair value Assets
Mortgage loans held for investment		$	415,959,838			$	464,877,028			$	(48,917,190	)		$	331,785,542			$	398,828,497			$	(67,042,955	)
Mortgage loans held for sale			97,690,960				92,917,659				4,773,301				—				—				—
Non-Agency RMBS			148,585,733				226,501,915				(77,916,182	)			226,155,221				324,241,597				(98,086,376	)
Other Investment Securities			2,040,532				2,250,000				(209,468	)			—				—				—
MSRs			33,378,978				3,078,974,342				(3,045,595,364	)			—				—				—
Total financial instruments, at fair value		$	697,656,041			$	3,865,520,944			$	(3,167,864,903	)		$	557,940,763			$	723,070,094			$	(165,129,331	)


-1	Non-Agency RMBS includes an IO with a notional balance of $48.6 million and $64.3 million at December 31, 2014 and December 31, 2013, respectively.

Fair Value of Other Financial Instruments

In addition to the above disclosures regarding assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure about the fair value of all other financial instruments. Estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair values.

The following table summarizes the estimated fair value for all other financial instruments at December 31, 2014 and December 31, 2013:

		December 31,								December 31,
		2014								2013
		Fair Value				Carrying Value				Fair Value				Carrying Value
Other financial instruments
Assets
Cash		$	33,791,013			$	33,791,013			$	57,060,806			$	57,060,806
Restricted cash			7,143,078				7,143,078				2,128,236				2,128,236
Liabilities
Warehouse lines of credit		$	89,417,564			$	89,417,564			$	—				—
Loan Repurchase Facilities			300,092,293				300,092,293				236,727,512				236,058,976
Securities repurchase agreements			103,014,105				103,014,105				138,790,158				138,591,678
Exchangeable Senior Notes			59,933,400				55,474,741				54,737,573				54,539,057

Cash includes cash on hand for which fair value equals carrying value (a Level 1 measurement). Restricted cash represents the Company's cash held by counterparties as collateral against the Company's derivatives, Loan Repurchase Facilities and securities repurchase agreements. Due to the short-term nature of the restrictions, fair value approximates carrying value (a Level 1 measurement). The fair value of the Company's warehouse lines of credit and repurchase agreements related to its GMFS origination platform, Loan Repurchase Facilities and securities repurchase agreements is based on an expected present value technique using observable market interest rates. As such, the Company considers the estimated fair value to be a Level 2 measurement. This method discounts future estimated cash flows using rates the Company determined best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The fair value of the Exchangeable Senior Notes is based on observable market prices (a Level 2 measurement).

Mortgage_Loans_Held_for_Invest

Mortgage Loans Held for Investment, at Fair Value	12 Months Ended
Mortgage Loans Held for Investment, at Fair Value	Dec. 31, 2014
Mortgage Loans Held for Investment, at Fair Value [Abstract]
Mortgage Loans Held for Investment, at Fair Value	5. Mortgage Loans Held for Investment, at Fair Value

	Distressed and re-performing loans at the time of purchase

	During the years ended December 31, 2014 and December 31, 2013, the Company's acquisition of mortgage loans held for investment which showed evidence of credit deterioration at the time of purchase were as follows:


	Acquisition Date		Aggregate Unpaid Principal Balance			Loan Repurchase Facilities Used
			(in millions)
	Year ended December 31, 2013:
	22-Mar-13		$	17.7		$	—
	May 30, 2013			—			—	-1
	May 31, 2013			134.5			78.5
	July 25, 2013			162.4			98.7
	August 28, 2013			98.2			54.8
	Year ended December 31, 2014:
	March 27, 2014			100.4			60.6



	(1)

	On May 30, 2013, the Company entered into the Citi Loan Repurchase Facility and utilized $10.6 million of the Citi Loan Repurchase Facility to finance its then existing residential mortgage loan portfolio.

	The following table sets forth certain information regarding the Company's mortgage loans held for investment at December 31, 2014 and December 31, 2013 which showed evidence of credit deterioration at the time of purchase:

	2014

			Unpaid Principal Balance			Premium (Discount)				Amortized Cost			Gross Unrealized(1)								Fair Value				Weighted Average
													Gains		Losses										Coupon				Yield(2)
	Mortgage Loans Held for Investment
	Performing
	Fixed		$	265,306,697		$	-51,501,092			$	213,805,605		$	26,732,362			$	(1,383,524			$	239,154,443				4.5	%			7.28	%
	ARM			162,858,201			(21,343,046	)			141,515,155			9,568,296				(1,441,035	)			149,642,416				3.59				7.1
	Total performing			428,164,898			(72,844,138	)			355,320,760			36,300,658				(2,824,559	)			388,796,859				4.15				7.21
	Non-performing(3)			35,945,165			(6,039,073	)			29,906,092			840,097				(4,369,886	)			26,376,303				5.48				7.13
	Total Mortgage Loans Held for Investment		$	464,110,063		$	-78,883,211			$	385,226,852		$	37,140,755			$	(7,194,445			$	415,173,162				4.26	%			7.2	%



	(1)

	The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $22.8 million for the year ended December 31, 2014 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.


	(2)

	Unleveraged yield.


	(3)

	Loans that are delinquent for 60 days or more are considered non-performing.





	2013
													Gross Unrealized(1)											Weighted Average
			Unpaid Principal Balance			Premium (Discount)				Amortized Cost			Gains			Losses				Fair Value				Coupon				Yield(2)
	Mortgage Loans Held for Investment
	Performing
	Fixed		$	212,701,494		$	-43,530,581			$	169,170,913		$	7,842,598		$	-3,558,171			$	173,455,340				4.56	%			7.05	%
ARM			170,178,466			(25,617,563	)			144,560,903			5,088,302			(1,556,430	)			148,092,775				3.76				6.67
Total performing			382,879,960			(69,148,144	)			313,731,816			12,930,900			(5,114,601	)			321,548,115				4.2				6.88
Non-performing(3)			15,948,537			(5,031,293	)			10,917,244			456,024			(1,135,841	)			10,237,427				5.06				8.03
Total Mortgage Loans Held for Investment		$	398,828,497		$	-74,179,437			$	324,649,060		$	13,386,924		$	-6,250,442			$	331,785,542				4.24	%			6.91	%



(1)

The Company has elected the fair value option pursuant to ASC 825 for its mortgage loans held for investment. The Company recorded a gain of $7.1 million for the year ended December 31, 2013, as change in unrealized gain or loss on mortgage loans in the consolidated statements of operations.


(2)

Unleveraged yield.


(3)

Loans that are delinquent for 60 days or more are considered non-performing.

The following table presents the difference between the fair value and the aggregate unpaid principal balance of the Company's mortgage loans held for investment at December 31, 2014 and December 31, 2013 which showed evidence of credit deterioration at the time of purchase:

		31-Dec-14										31-Dec-13
		Fair Value			Unpaid Principal Balance				Difference			Fair Value			Unpaid Principal Balance				Difference
Loan Type
Performing loans:
Fixed		$	239,154,443		$	265,306,697			$	-26,152,254		$	173,455,340		$	212,701,494			$	-39,246,154
ARM			149,642,416			162,858,201				(13,215,785	)		148,092,775			170,178,466				(22,085,691	)
Total performing loans			388,796,859			428,164,898				(39,368,039	)		321,548,115			382,879,960				(61,331,845	)
Non-performing loans			26,376,303			35,945,165				(9,568,862	)		10,237,427			15,948,537				(5,711,110	)
Total		$	415,173,162		$	464,110,063			$	-48,936,901		$	331,785,542		$	398,828,497			$	-67,042,955



The following table presents the change in accretable yield for the Company's mortgages held for investment which had shown evidence of credit deterioration since origination at the time of purchase for the years ended December 31, 2014 and December 31, 2013:

	December 31,	December 31,
	2014	2013
Accretable yield, beginning of year	$223,401,697	$ —
Acquisitions	55,532,098	222,899,189
Accretion	-26,137,006	-10,470,435
Reclassifications from nonaccretable difference	14,713,116	10,972,942
Accretable yield, end of year	$ 267,509,905	$ 223,401,697



For loans acquired during the year ended December 31, 2014, the contractually required payments and cash flows expected to be collected as of the acquisition date were approximately $187.5 million and $140.3 million, respectively. Additionally, the fair value of the loans acquired as of the acquisition date was equal to the purchase price.



Newly originated loans at the time of purchase

During the year ended December 31, 2014, the Company acquired newly originated mortgage loans held for investment with an unpaid principal balance of approximately $767,000. In connection with the acquisition the Company used funds from the Loan Repurchase Facilities of approximately $690,000 to fund a portion of the acquisition.

The following table sets forth certain information regarding the Company's mortgage loans held for investment at December 31, 2014 which were newly originated at the time of purchase:

2014


		Unpaid Principal Balance			Premium (Discount)				Amortized Cost			Gross Unrealized(1)							Fair Value				Weighted Average
												Gains			Losses								Coupon				Yield(2)

Performing
Fixed		$	766,965		$	16,173			$	783,138		$	3,538		$	—			$	786,676				4.38	%			4.2	%
Total Mortgage Loans Held for Investment		$	766,965		$	16,173			$	783,138		$	3,538		$	—			$	786,676				4.38	%			4.2	%



(1)

The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $3,538 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.


(2)

Unleveraged yield.

Concentrations

At December 31, 2014 and December 31, 2013, the Company's mortgage loans held for investment consisted of mortgage loans on residential real estate located throughout the United States. The following is a summary of certain concentrations of credit risk in the mortgage loan portfolio at December 31, 2014 and December 31, 2013:

		December 31,			December 31,
		2014			2013
Concentration
Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%			55.7	%		73.6	%
Percentage of fair value of mortgage loans secured by properties in the following states:
Each representing 10% or more of fair value:
California			26.2	%		25.6	%
Florida			16.6	%		17.8	%
Additional state representing more than 5% of fair value:
Georgia			5.7	%		6.8	%
New York			5.1	%		—



At December 31, 2014, the interest rates on the Company's mortgage loans held for investment ranged from 1.75% – 12.20% and the contractual maturities ranged from 1 – 46 years.

Mortgage_Loans_Held_for_Sale

Mortgage Loans Held for Sale	12 Months Ended
	Dec. 31, 2014
Mortgage Loans Held for Sale [Abstract]
Mortgage Loans Held for Sale	6. Mortgage Loans Held for Sale

	The following summarizes mortgage loans held for sale, at fair value for the year ended December 31, 2014:

		Unpaid Principal Balance	Fair Value
	Conventional	$55,073,645	$57,058,195
	Governmental	13,407,781	14,601,797
	Reverse mortgage	1,600,449	1,765,552
	United States Department of Agriculture loans	16,105,088	17,069,138
	United States Department of Veteran Affairs loan	6,730,696	7,196,278
	Total	$92,917,659	$97,690,960



	For the year ended December 31, 2014 all of the Company's mortgage loans held for sale were pledged to secure warehouse lines of credit and repurchase agreements related to its GMFS origination platform.

Real_Estate_Securities_and_Oth

Real Estate Securities and Other Investment Securities	12 Months Ended
Real Estate Securities and Other Investment Securities	Dec. 31, 2014
Real Estate Securities and Other Investment Securities [Abstract]
Real Estate Securities and Other Investment Securities	7. Real Estate Securities and Other Investment Securities

	The Company's non-Agency RMBS portfolio is not issued or guaranteed by Fannie Mae, Freddie Mac or any other U.S. Government agency or a federally chartered corporation and is therefore subject to additional credit risks.

	The following table sets forth certain information regarding the Company's RMBS and Other Investment Securities at December 31, 2014:

												Gross Unrealized(1)							Weighted Average
			Principal or Notional Balance			Premium (Discount)				Amortized Cost		Gains		Losses			Fair Value		Coupon			Yield(2)
	Real estate securities
	Non-Agency RMBS
	Alternative – A(3)		$	118,547,109		$	(58,583,222			$	59,963,887	$	1,916,611	$	(583,958	)	$	61,296,540		3.44	%		7.03	%
	Pay option adjustable rate			58,122,808			(11,491,663	)			46,631,145		80,848		(1,170,668	)		45,541,325		0.93			6.12
	Prime			43,803,995			(6,219,091	)			37,584,904		1,545,452		(65,280	)		39,065,076		3.6			6.79
	Subprime			6,028,003			(3,290,867	)			2,737,136		-		(54,344	)		2,682,792		0.33			16.98
	Total RMBS		$	226,501,915		$	(79,584,843	)		$	146,917,072	$	3,542,911	$	(1,874,250		$	148,585,733		2.62	%		6.96	%
	Other Investment Securities		$	2,250,000		$	16,756			$	2,266,756	$	-	$	(226,224	)	$	2,040,532		3.92	%		5.9	%



	(1)

	The Company has elected the fair value option pursuant to ASC 825 for its real estate securities and Other Investment Securities. The Company recorded a loss of $3.0 million for the year ended December 31, 2014, as change in unrealized gain or loss on real estate securities in the consolidated statements of operations. The Company also recorded a loss of $0.2 million for the year ended December 31, 2014, as change in unrealized gain or loss on Other Investment Securities in the consolidated statements of operations.


	(2)

	Unleveraged yield.


	(3)

	Alternative – A RMBS includes an IO with a notional balance of $48.6 million.


	The following table sets forth certain information regarding the Company's RMBS at December 31, 2013:

												Gross Unrealized(1)							Weighted Average
			Principal or Notional Balance			Premium (Discount)				Amortized Cost		Gains		Losses			Fair Value		Coupon			Yield(2)
	Real estate securities
	Non-Agency RMBS
	Alternative – A(3)		$	160,590,487		$	-80,206,745			$	80,383,742	$	2,414,864	$	-1,112,077		$	81,686,529		4.26			6.77
	Pay option adjustable rate			34,374,028			(7,057,026	)			27,317,002		464,756		(345,915	)		27,435,843		0.76			6.8
	Prime			109,136,108			(13,590,489	)			95,545,619		3,751,248		(767,825	)		98,529,042		4.77			6.45
	Subprime			20,140,974			(1,894,417	)			18,246,557		536,407		(279,157	)		18,503,807		1.07			5.97
	Total RMBS		$	324,241,597		$	-102,748,677			$	221,492,920	$	7,167,275	$	-2,504,974		$	226,155,221		3.8	%		6.57	%



	(1)

	The Company has elected the fair value option pursuant to ASC 825 for its real estate securities.


	(2)

	Unleveraged yield.


	(3)

	Alternative – A RMBS includes an IO with a notional balance of $64.3 million.


	The following table presents certain information regarding the Company's non-Agency RMBS at December 31, 2014 by weighted average life:


		Non-Agency RMBS
		Fair Value			Amortized Cost				Weighted Average Yield
Weighted average life(1)
Greater than 5 years		$	148,585,733		$	146,917,072				6.96	%
		$	148,585,733		$	146,917,072				6.96	%



(1)

Actual maturities of real estate securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.

At December 31, 2014, the contractual maturities of the real estate securities ranged from 20.3 to 32.3 years, with a weighted average maturity of 24.9 years. All real estate securities held by the Company at December 31, 2014 were issued by issuers based in the United States.

The following table presents certain information regarding the Company's Other Investment Securities at December 31, 2014 by weighted average life:


		Other Investment Securities
		Fair Value			Amortized Cost				Weighted Average Yield
Weighted average life(1)
Greater than 5 years		$	2,040,532		$	2,266,756				5.9	%
		$	2,040,532		$	2,266,756				5.9	%



(1)

Actual maturities of Other Investment Securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.

At December 31, 2014, the contractual maturity of the Other Investment Securities was 9.7 years, with a weighted average maturity of 9.7 years. All Other Investment Securities held by the Company at December 31, 2014 were issued by issuers based in the United States.

The following table presents certain information regarding the Company's non-Agency RMBS at December 31, 2013 by weighted average life:


		Non-Agency RMBS
		Fair Value			Amortized Cost				Weighted Average Yield
Weighted average life(1)
Greater than 5 years		$	226,155,221		$	221,492,920				6.57	%
		$	226,155,221		$	221,492,920				6.57	%



(1)

Actual maturities of real estate securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.

At December 31, 2013, the contractual maturities of the real estate securities ranged from 7.7 to 33.0 years, with a weighted average maturity of 24.0 years. All real estate securities held by the Company at December 31, 2013 were issued by issuers based in the United States.

The following table presents certain additional information regarding the Company's RMBS:

		Year Ended
		December 31,			December 31,				December 31,
		2014			2013				2012
Proceeds from the sale of real estate securities		$	102,635,229		$	291,348,906			$	74,216,314
Proceeds from the sale of other investment securities			11,067,378			—				—
Realized gain (loss) on the sale of real estate securities			3,694,255			(7,937,665	)			28,858
Realized gain (loss) on the sale of other investment securities			226,743			—				—
Realized loss on OTTI			—			(1,108,024	)			(215,345	)

Mortgage_Servicing_Rights

Mortgage Servicing Rights	12 Months Ended
Mortgage Servicing Rights	Dec. 31, 2014
Mortgage Servicing Rights [Abstract]
Mortgage Servicing Rights	8. Mortgage Servicing Rights

	The Company's MSRs consist of conforming conventional loans sold to Fannie Mae and Freddie Mac or loans securitized in Ginnie Mae securities. Similarly, the government loans serviced by the Company are secured through Ginnie Mae, whereby the Company is insured against loss by the FHA or partially guaranteed against loss by the VA.



	The activity of MSRs for the year ended December 31, 2014 is as follows:

	Balance at beginning of year		$	—
	Acquisition of MSRs in connection with purchase of GMFS			32,300,337
	Additions due to loans sold, servicing retained			2,763,014
	Fair value adjustment:⁽¹⁾
	Changes in assumptions⁽²⁾			(1,420,925	)
	Other changes⁽³⁾			(263,448	)
	Balance at December 31, 2014		$	33,378,978


	-1	Included in change in fair value of MSRs in the Company's consolidated statements of operations.
	-2	Primarily reflects changes in prepayment assumptions due to changes in interest rates and discount rates.
	-3	Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid off during the period.

	The Company's MSR portfolio at December 31, 2014 is summarized as follows:

			Unpaid Principal Balance			Fair Value
	Fannie Mae		$	1,640,799,719		$	17,078,181
	Ginnie Mae			1,146,234,768			13,102,076
	Freddie Mac			291,939,855			3,198,721
	Total		$	3,078,974,342		$	33,378,978


	The Company contracts with licensed sub-servicers to perform all servicing functions for these loans. The following table presents the loan servicing fee income, net of direct costs:


	Income		$	1,412,583
	Late charges			60
	Cost of sub-servicer			(482,925	)
	Loan servicing fees, net of direct costs		$	929,718

Warehouse_Lines_of_Credit

Warehouse Lines of Credit (Warehouse Agreement Borrowings [Member])

12 Months Ended

Dec. 31, 2014

Warehouse Agreement Borrowings [Member]

Short-term Debt [Line Items]

Debt Disclosure

9. Warehouse Lines of Credit

The Company has a $45,000,000 master repurchase agreement expiring January 15, 2015, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is at 2.30% above LIBOR. The line is collateralized by the underlying mortgages and related documents and instruments. The Company is in current negotiations to renew the agreement for a twelve month period. The outstanding balance under the master repurchase agreement was $21,210,431 at December 31, 2014. The terms of this agreement were amended subsequent to December 31, 2014 (see Note 27 - Subsequent Events).

The Company has a $35,000,000 warehouse line of credit agreement expiring September 28, 2015, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is 2.25% above LIBOR with a LIBOR floor of 2.50%. The line is collateralized by the underlying mortgages and related documents and instruments. The outstanding balance under the line amounted to $27,499,080 at December 31, 2014.

The Company has a $30,000,000 warehouse line of credit expiring October 26, 2015, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is at 2.25% above LIBOR with a 2.75% floor. The line is collateralized by the underlying mortgages and related documents and instruments. The outstanding balance under the line amounted to $29,619,453 at December 31, 2014.

During 2014, the Company entered into a $20,000,000 master repurchase agreement expiring June 30, 2016, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is at 2.75% above LIBOR. The line is collateralized by the underlying mortgages and related documents and instruments. The outstanding balance under the line amounted to $11,088,600 at December 31, 2014.

The above agreements contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio and current ratio and limitations on capital expenditures, indebtedness, distributions, transactions with affiliates and maintenance of positive net income, as defined in the agreements. The Company was in compliance with all significant debt covenants for the year ended December 31, 2014.

The following table presents certain information regarding the Company's warehouse lines of credit at December 31, 2014 by remaining maturity:

31-Dec-14

Balance

Weighted Average

Rate

Warehouse lines of credit maturing within

30 days or less

21,210,431

2.47

Greater than 180 days to 1 year

57,118,533

2.46

Greater than 1 year

11,088,600

2.92

Total/weighted average

89,417,564

2.52

Loan_Repurchase_Facility

Loan Repurchase Facility (Line of Credit [Member])	12 Months Ended
Loan Repurchase Facility (Line of Credit [Member])	Dec. 31, 2014
Line of Credit [Member]
Short-term Debt [Line Items]
Debt Disclosure	10. Loan Repurchase Facilities

	The Loan Repurchase Facilities are used to fund purchases of the following mortgage loans held for investment:

	Loan Repurchase Facility for Distressed and Re-Performing Loans

	The Company entered into a master repurchase agreement with Citibank, N.A (the "Citi Loan Repurchase Facility") on May 30, 2013 to fund its distressed and re-performing loan portfolio with a borrowing capacity of $250.0 million, and was committed for a period of 364 days from inception. On March 27, 2014, the Company entered into an amendment of the Citi Loan Repurchase Facility providing it with an additional $75.0 million of uncommitted borrowing capacity for a total borrowing capacity of $325.0 million. On May 23, 2014 the Company entered into an amendment with Citi extending the termination date of the facility to May 22, 2015. The obligations are fully guaranteed by the Company. The Citi Loan Repurchase Facility had an outstanding balance of $299,402,024 and $236,058,976 at December 31, 2014 and December 31, 2013, respectively.

	Loan Repurchase Facility for Newly Originated Loans

	The Company entered into a master repurchase agreement with Credit Suisse First Boston Mortgage Capital LLC (the "Credit Suisse Loan Repurchase Facility") on August 14, 2014 to fund its newly originated loan portfolio with a borrowing capacity of $100.0 million, of which the entire $100.0 million is committed for a period of 364 days from inception. The obligations are fully guaranteed by the Company. The Credit Suisse Loan Repurchase Facility had an outstanding balance of $690,269 at December 31, 2014.

	The principal amount paid by the lenders under the Loan Repurchase Facilities for the Trust Certificates, which represent interests in residential mortgage loans, is based on (i) in the case of the Citi Loan Repurchase Facility, a percentage of the lesser of the market value or the unpaid principal balance of such mortgage loans backing the Trust Certificates and (ii) in the case of the Credit Suisse Loan Repurchase Facility, a percentage of the lesser of the market value, the unpaid principal balance or the acquisition price of such mortgage loans backing the Trust Certificates. Upon the Company's repurchase of a Trust Certificates sold to the lenders under the Loan Repurchase Facilities, the Company is required to repay the lenders a repurchase amount based on the purchase price plus accrued interest. The Company is also required to pay the lenders a commitment fee for the Loan Repurchase Facilities, as well as certain other administrative costs and expenses in connection with the lenders' structuring, management and ongoing administration of the Loan Repurchase Facilities. The commitment fees are included in interest expense in the consolidated statements of operations.

	The Loan Repurchase Facilities contain margin call provisions that provide the lenders with certain rights in the event of a decline in the market value of the mortgage loans backing the purchased Trust Certificates, subject to a floor amount. Under these provisions, the lenders may require the Company to transfer cash sufficient to eliminate any margin deficit resulting from such a decline.

	The following table presents certain information regarding the Company's Loan Repurchase Facilities at December 31, 2014 and December 31, 2013, by remaining maturity:

			31-Dec-14						31-Dec-13
			Balance			Weighted Average Rate			Balance		Weighted Average Rate
	Loan Repurchase Facilities borrowings maturing within
	91-180 days		$	299,402,024			2.92	%	$	236,058,976		2.92	%
	Greater than 180 days to 1 year			690,269			2.46	%		—		—
	Total/weighted average		$	300,092,293			2.92	%	$	236,058,976		2.92	%




	The following table presents information with respect to the Company's posting of mortgage loan collateral for the Loan Repurchase Facilities at December 31, 2014 and December 31, 2013:

			31-Dec-14			31-Dec-13
	Loan Repurchase Facilities secured by mortgage loans held for investment		$	300,092,293		$	236,058,976
	Fair value of Trust Certificates pledged as collateral under Loan Repurchase Facilities			415,814,067			331,522,165
	Fair value of mortgage loans not pledged as collateral under Loan Repurchase Facilities			145,771			263,377
	Cash pledged as collateral under Loan Repurchase Facilities			—			—
	Unused Amount⁽¹⁾			124,907,707			13,941,024


	-1	The amount the Company is able to borrow under the Loan Repurchase Facilities is tied to the fair value of unencumbered Trust Certificates eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the collateral sold.

	The following table presents additional information with respect to the Loan Repurchase Facilities:

			Year Ended			Year Ended
			31-Dec-14			31-Dec-13
	Weighted average interest rate			3.11	%		2.92	%
	Average unpaid principal balance of loans sold under agreements to repurchase		$	193,332		$	273,786
	Maximum daily amount outstanding		$	310,575,669		$	242,099,994
	Total interest expense		$	8,906,849		$	3,612,167


	The Company did not have any loan repurchase facilities during the year ended December 31, 2012.

Securities_Repurchase_Agreemen

Securities Repurchase Agreements	12 Months Ended
Securities Repurchase Agreements	Dec. 31, 2014
Securities Repurchase Agreements [Abstract]
Securities Repurchase Agreements	11. Securities Repurchase Agreements

	Repurchase agreements related to real estate securities and Other Investment Securities involve the sale and a simultaneous agreement to repurchase the transferred assets or similar assets at a future date. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a "haircut." Repurchase agreements related to real estate securities and Other Investment Securities entered into by the Company are accounted for as financings and require the repurchase of the transferred securities at the end of each arrangement's term, typically 30 to 90 days. The Company maintains the beneficial interest in the specific securities pledged during the term of the repurchase arrangement and receives the related principal and interest payments. Interest rates on these borrowings are fixed based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the repurchase arrangement at which time the Company may enter into a new repurchase arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty. In response to declines in fair value of pledged securities due to changes in market conditions or the publishing of monthly security paydown factors, the lender requires the Company to post additional securities as collateral, pay down borrowings or establish cash margin accounts with the counterparty in order to re-establish the agreed-upon collateral requirements, referred to as margin calls. Under the terms of the Company's master repurchase agreements related to real estate securities and Other Investment Securities, the counterparty may sell or re-hypothecate the pledged collateral.

	The following table presents certain information regarding the Company's securities repurchase agreements at December 31, 2014 and December 31, 2013 by remaining maturity and collateral type:

		31-Dec-14										31-Dec-13
		Non-Agency RMBS					Other Investment Securities					Non-Agency RMBS
		Balance		Weighted Average Rate			Balance		Weighted Average Rate			Balance		Weighted Average Rate
	Securities repurchase agreements maturing within
	30 days or less	$	101,553,292		1.57	%	$	1,460,813		1.66	%	$	121,913,678		1.9	%
	31-60 days		—		—			—		—			6,415,000		1.84
	61-90 days		—		—			—		—			10,263,000		1.85
	Total/weighted average	$	101,553,292		1.57	%	$	1,460,813		1.66	%	$	138,591,678		1.89	%



	Although securities repurchase agreements are committed borrowings until maturity, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets would require the Company to provide additional collateral or cash to fund margin calls.

	The following table presents information with respect to the Company's posting of collateral under its securities repurchase agreements at December 31, 2014 and December 31, 2013:

		31-Dec-14		31-Dec-13
	Securities repurchase agreements secured by non-Agency RMBS	$	101,553,292	$	138,591,678
	Securities repurchase agreements secured by Other Investment Securities		1,460,813		—
	Fair value of non-Agency RMBS pledged as collateral		135,779,193		183,722,511
	Fair value of Other Investment Securities pledged as collateral		2,040,532		—
	Fair value of non-Agency RMBS not pledged as collateral		12,806,540		42,432,710
	Fair value of Other Investment Securities not pledged as collateral		—		—
	Cash pledged as collateral		684,256		1,360,528

80_Exchangeable_Senior_Notes_d

8.0% Exchangeable Senior Notes due 2016	12 Months Ended
8.0% Exchangeable Senior Notes due 2016	Dec. 31, 2014
8.0% Exchangeable Senior Notes due 2016 [Abstract]
8.0% Exchangeable Senior Notes due 2016	12. 8.0% Exchangeable Senior Notes due 2016

	On November 25, 2013, the Operating Partnership issued the Exchangeable Senior Notes with an aggregate principal amount of $57.5 million. The Exchangeable Senior Notes were issued pursuant to an Indenture, dated November 25, 2013, between the Company, as guarantor, the Operating Partnership and U.S. Bank National Association, as trustee. The sale of the Exchangeable Senior Notes generated net proceeds of approximately $55.3 million. Aggregate estimated offering expenses in connection with the transaction, including the initial purchasers' discount of approximately $1.7 million, were approximately $2.2 million. The unamortized discount as of December 31, 2014 and December 31, 2013 was $2.0 million and $3.0 million, respectively.

	The Exchangeable Senior Notes bear interest at a rate of 8.0% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2014. The effective interest rate of the Exchangeable Senior Notes, which is equal to the stated rate of 8.0% plus the amortization of the original issue discount and associated costs, is 10.2%. For the years ended December 31, 2014 and December 31, 2013, the interest incurred on this indebtedness was $5.7 million and $0.6 million, respectively. The Exchangeable Senior Notes will mature on November 15, 2016 (the "Maturity Date"), unless previously exchanged or repurchased in accordance with their terms. The Exchangeable Senior Notes are the Company's senior unsecured obligations and rank senior in right of payment to the Company's existing and future indebtedness that is expressly subordinated in right of payment to the Exchangeable Senior Notes; equal in right of payment to the Company's existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company's secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

	The Exchangeable Senior Notes are exchangeable for shares of the Company's common stock or, to the extent necessary to satisfy NYSE listing requirements, cash, at the applicable exchange rate at any time prior to the close of business on the scheduled trading day prior to the Maturity Date. The Company may not elect to issue shares of common stock upon exchange of the Exchangeable Senior Notes to the extent such election would result in the issuance of 20% or more of the common stock outstanding immediately prior to the issuance of the Exchangeable Senior Notes (or 1,779,560 or more shares).

	As a result of the NYSE related limitation on the use of share-settlement for the full conversion option, the embedded conversion option does not qualify for equity classification and instead is separately valued and accounted for as a derivative liability. The initial value allocated to the derivative liability was $1.3 million, which represents a discount to the debt to be amortized through interest expense using the effective interest method through the Maturity Date. During each reporting period, the derivative liability is marked to fair value through earnings. At December 31, 2014 and December 31, 2013, the derivative liability had a fair value of $1.0 million and $1.5 million, respectively.

	The exchange rate was initially 52.5417 shares of common stock per $1,000 principal amount of Exchangeable Senior Notes (equivalent to an initial exchange price of approximately $19.03 per share of common stock). The exchange rate will be subject to adjustment for certain events, including for regular quarterly dividends in excess of $0.50 per share, but will not be adjusted for any accrued and unpaid interest. In addition, if certain corporate events occur prior to the Maturity Date, the exchange rate will be increased but will in no event exceed 60.4229 shares of common stock per $1,000 principal amount of Exchangeable Senior Notes. The exchange rate was adjusted on December 27, 2013 to 54.3103 shares of common stock per $1,000 principal amount of Exchangeable Senior Notes pursuant to the Company's special dividend of $0.55 per share of common stock and OP unit declared on December 19, 2013.

	The Company does not have the right to redeem the Exchangeable Senior Notes prior to the Maturity Date, except to the extent necessary to preserve its qualification as a REIT for U.S. federal income tax purposes. No sinking fund is provided for the Exchangeable Senior Notes. In addition, if the Company undergoes certain corporate events that constitute a "fundamental change," the holders of the Exchangeable Senior Notes may require the Company to repurchase for cash all or part of their Exchangeable Senior Notes at a repurchase price equal to 100% of the principal amount of the Exchangeable Senior Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Derivative_Instruments

Derivative Instruments	12 Months Ended
Derivative Instruments	Dec. 31, 2014
Derivative Instruments [Abstract]
Derivative Instruments	13. Derivative Instruments

	Interest Rate Swap and Swaption Agreements

	To help mitigate exposure to higher short-term interest rates, the Company uses currently-paying and forward-starting, three-month LIBOR-indexed, pay-fixed, receive-variable, interest rate swap agreements. Additionally, the Company enters into interest rate swaption agreements which gives the Company the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If exercised the Company will enter into an interest rate swap agreement and is obligated to pay a fixed rate of interest and receive a floating rate of interest. These swap agreements establish an economic fixed rate on related borrowings because the variable-rate payments received on the interest rate swap agreements largely offset interest accruing on the related borrowings, leaving the fixed-rate payments to be paid on the interest rate swap agreements as the Company's effective borrowing rate, subject to certain adjustments including changes in spreads between variable rates on the interest rate swap agreements and actual borrowing rates.

	The Company's interest rate swap agreements and interest rate swaption agreement have not been designated as hedging instruments.

	LPCs

	The Company enters into LPCs as a means to avoid interest rate risk. The LPCs are pursuant to Master Loan Purchase Agreements with approved, third party residential loan originators to purchase residential loans, which meet the guidelines established by the Company, at a future date. LPCs provide that loans acceptable to the Company be delivered if and when they close and are subject to "pair off" fees if the loans are not delivered by the seller.

	IRLCs

	The Company enters into IRLCs to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 90 days), with customers who have applied for a loan and meet certain credit and underwriting criteria.

	MBS Forward Sales Contracts and TBA Securities

	Mortgage Banking Segment

	The Company manages the interest rate price risk associated with its outstanding IRLCs and mortgage loans held for sale by entering into derivative loan instruments such as MBS forward sales contracts, some of which are TBA securities. The Company expects these derivatives will experience changes in fair value opposite to changes in fair value of the IRLCs and mortgage loans held for sale, thereby reducing earnings volatility. The Company takes into account various factors and strategies in determining the portion of the interest lock commitments and mortgage loans held for sale it wants to economically hedge.

	Mortgage Loans Held for Investment Segment

	The Company may, and has in the past, entered into TBA contracts as a means of acquiring exposure to Agency RMBS and may, from time to time, utilize TBA dollar roll transactions to finance Agency RMBS purchases. The Company may also enter into TBA contracts as a means of hedging against short-term changes in interest rates. The Company may choose, prior to settlement, to move the settlement of these securities to a later date by entering into an offsetting position (referred to as a "pair off"), settling the paired off positions against each other for cash, and simultaneously entering into a similar TBA contract for a later settlement date, which is commonly and collectively referred to as a "dollar roll" transaction. The Company accounts for its TBA contracts as derivative instruments due to the fact that it does not intend to take physical delivery of the securities.

	The Company had no exposure to TBA contracts at any time during the year ended December 31, 2014. During the year ended December 31, 2013, the Company paired off purchases of TBA securities with a combined notional amount of $643.0 million by entering into simultaneous sales of TBA securities and realized losses of $4.2 million and recognized a change in unrealized gains or losses of $0.5 million as a result. At December 31, 2014 and December 31, 2013, the Company did not have any TBA contracts outstanding.

	Conversion Option – 8% Exchangeable Senior Notes Due 2016

	Changes in the fair value of the conversion option derivative related to the Exchangeable Senior Notes are recorded through earnings.

	Derivative Instruments

	The following table summarizes information related to derivative instruments at December 31, 2014 and December 31, 2013:

	Non-hedge derivatives		31-Dec-14				December 31, 2013
	Notional amount of interest rate swaption		$	225,000,000			$	—
	Notional amount of interest rate swaps			17,200,000				17,200,000
	LPCs (Principal balance of underlying loans)			1,905,700				—
	IRLCs (Principal balance of underlying loans)			118,486,590				—
	MBS forward sales contracts			154,000,000				—



	The notional amount is not representative of the maximum exposure to the Company.

	The following table presents the fair value of the Company's derivative instruments and their balance sheet location at December 31, 2014 and December 31, 2013:

	Derivative instruments	Designation	Balance Sheet Location		December 31, 2014				31-Dec-13
	Interest rate swaption	Non-hedge	Derivative assets, at fair value		$	—			$	—
	Interest rate swaps	Non-hedge	Derivative (liabilities)/assets, at fair value			(860,553	)			284,454
	Exchangeable Senior Notes conversion option	Non-hedge	Derivative liabilities, at fair value			(1,022,248	)			(1,471,607	)
	LPCs	Non-hedge	Derivative assets, at fair value			4,037				—
	IRLCs	Non-hedge	Derivative assets, at fair value			2,481,063				—
	MBS forward sales contracts	Non-hedge	Derivative liabilities, at fair value			(702,383	)			—



	The following table summarizes gains and losses related to derivatives:


	Non-hedge derivatives	Income Statement Location		Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012
	Interest rate swaption	Gain/(loss) on derivative instruments		$	(4,803,750			$	—			$	—
Interest rate swaps	Gain/(loss) on derivative instruments			(1,571,371	)			10,548,012				(1,171,219	)
Exchangeable Senior Notes conversion option	Gain/(loss) on derivative instruments			449,359				(147,201	)			—
TBAs	Gain/(loss) on derivative instruments			—				(4,785,996	)			—
LPCs	Gain/(loss) on derivative instruments			4,037				—				—
IRLCs	Mortgage banking activities, net			(221,891	)			—				—
MBS forward sales contracts	Mortgage banking activities, net			410,411				—				—

The following table presents information about the Company's interest rate swaption agreement at December 31, 2014:

Swaption Expiration		Notional Amount				Strike Rate			Swap Maturity
2015		$	225,000,000				3.64	%	2025



The credit support annex provisions of the Company's interest rate swaption agreement allow the parties to mitigate their credit risk by requiring the party which is out of the money to post collateral.

Restricted cash included $4.9 million of cash pledged as collateral against an interest rate swaption agreement at December 31, 2014. At December 31, 2014, all collateral provided under this agreement consisted of cash collateral.

The following tables present information about the Company's interest rate swap agreements at December 31, 2014 and December 31, 2013:

31-Dec-14
Maturity		Notional Amount				Weighted Average Pay Rate				Weighted Average Receive Rate				Weighted Average Years to Maturity
2023		$	17,200,000				2.72	%			0.23	%			8.6
Total/Weighted average		$	17,200,000				2.72	%			0.23	%			8.6



31-Dec-13
Maturity		Notional Amount				Weighted Average Pay Rate				Weighted Average Receive Rate				Weighted Average Years to Maturity
2023		$	17,200,000				2.72	%			0.24	%			9.6
Total/Weighted average		$	17,200,000				2.72	%			0.24	%			9.6



The Company's interest rate swap agreements contain legally enforceable provisions that allow for netting or setting off of all individual interest rate swap receivables and payables with each respective counterparty and, therefore, the fair value of those interest rate swap agreements are netted. The credit support annex provisions of the Company's interest rate swap agreements allow the parties to mitigate their credit risk by requiring the party which is out of the money to post collateral.

Restricted cash included $1.6 million and $0.8 million, respectively, of cash pledged as collateral against interest rate swap agreements. At December 31, 2014 and December 31, 2013, all collateral provided under these agreements consisted of cash collateral.

Mortgage_Banking_Activities

Mortgage Banking Activities	12 Months Ended
	Dec. 31, 2014
Mortgage Banking Activities [Abstract]
Mortgage Banking Activities	14. Mortgage Banking Activities

	The following table presents the components of mortgage banking activities, net, recorded in the Company's consolidated statement of operations for the year ended December 31, 2014:

	Gain on sale of mortgage loans held for sale, net of direct costs	$	5,344,361
	Provision for loan indemnification		(118,895	)
	Loan origination fee income		213,540
	Total	$	5,439,006

Loan_Indemnification_Reserve

Loan Indemnification Reserve	12 Months Ended
	Dec. 31, 2014
Loan Indemnification Reserve [Abstract]
Loan Indemnification Reserve	15. Loan Indemnification Reserve



	The Company has established a liability for potential losses related to these representations and warranties with a corresponding provision recorded for loan losses. The liability is included in accounts payable and other liabilities in the Company's consolidated balance sheets and the provision is included in mortgage banking activities, net in the Company's consolidated statements of operations. In assessing the adequacy of the liability, management evaluates various factors including actual losses on repurchases and indemnifications during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry. Actual losses incurred are reflected as charge-offs against the reserve liability.



	The activity in the loan indemnification reserve is as follows for the year ended December 31, 2014 is as follows:



	Balance at the date of acquisition	$	2,560,907
	Loan losses incurred		—
	Provision for losses		101,255
	Balance at end of year	$	2,662,162



	Because of the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change. At December 31, 2014, the reasonably possible loss above our recorded loan indemnification reserve was not considered material.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2014
Income Taxes [Abstract]
Income Taxes	16. Income Taxes



	For the years ended December 31, 2014, 2013, 2012 and 2011, the Company qualified to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, does not engage in prohibited transactions, and maintains its intended qualification as a REIT. The majority of States also recognize the Company's REIT status.



	The Company has made separate joint elections with three of its subsidiaries, ZFC Funding TRS, ZFC Trust TRS and Honeybee TRS to treat such subsidiaries as taxable REIT subsidiaries (the “TRS entities”). The Company's TRS entities file separate tax returns and are taxed as standalone U.S. C-Corporations for U.S. income tax purposes.



	The following table summarizes the tax provision (benefit) recorded at the TRS entity level for the year ended December 31, 2014 and December 31, 2013. For the year ended December 31, 2013, the Company did not have any significant activity in the TRS entities which generated taxable income; therefore no provision for federal income taxes has been made in the accompanying consolidated financial statements.



	Provision for Income Taxes




			Year ended December 31,
			2014				2013
	Current provision for income taxes
	Federal		$	—			$	—
	State			—				—
	Total current provision (benefit) for income taxes			—				—


			Year ended December 31,
			2014				2013
	Deferred provision for income taxes
	Federal			(677,780	)			—
	State			(173,216	)			—
	Total deferred provision (benefit) for income taxes			(850,996	)			—

	Total provision (benefit) for income taxes		$	(850,996	)		$	—



	The following is a reconciliation of the statutory federal and state rates to the effective rates for the year ended December 31, 2014 and December 31, 2013.



	Reconciliation of Statutory Tax Rate to Effective Tax Rate



			Year ended December 31,
			2014				2013
	Tax expense (benefit) at statutory rate			35	%			35	%
	State Tax (Net of Federal Benefit)			(0.82	%)			0	%
	Permanent differences			0.03	%			0	%
	Valuation Allowance			2.31	%			0	%
	Benefit of REIT Dividend paid deduction			(39.46	%)			(35.00	%)
	Effective Tax Rate			(2.94	%)			0	%



	The Company's effective tax rate differs from its statutory tax rate primarily due to the deduction of dividend distributions required to be paid under Code section 857(a).



	Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. The Company determines the extent to which realization of the deferred assets is not assured and establish a valuation allowance accordingly. The Company's estimate of net deferred tax assets could change in future periods to the extent that actual or revised estimates of future taxable income during the carryforward periods change from current expectations. The deferred tax assets and liabilities reported below relate solely to the TRS entities.



For the year ended December 31, 2014, the Company had activity in the TRS entities which resulted in a deferred tax asset of $850,996 (after establishing a partial valuation allowance), related to net operating losses and future deductible amounts for tax purposes. Realization of the Company's deferred tax assets at December 31, 2014, is dependent on many factors, including generating sufficient taxable income prior to the expiration of NOL carryforwards and generating sufficient capital gains in future periods prior to the expiration of capital loss carryforwards. Such amount is included in other assets in the Company's consolidated balance sheets.



For the year ended December 31, 2013, the Company had activity in the TRS entities which resulted in a deferred tax asset of $43,473, related to net operating losses and future deductible amounts for tax purposes. A full valuation allowance had been established with respect to taxes at the date of the consolidated balance sheet for the year ended December 31, 2013 for the deferred tax asset.



Components of the Company's net deferred tax assets and liabilities at December 31, 2014 and December 31, 2013 are presented in the following table:



Deferred Tax Assets (Liabilities)




		Year ended December 31,
		2014				2013
Deferred tax assets
Tax effect of unrealized losses and other temporary differences		$	1,207,520			$	—
Net operating loss carryforward			673,052				43,473
Total deferred tax assets			1,880,572				43,473

Deferred tax liabilities


		Year ended December 31,
		2014				2013
Tax effect of unrealized gains and other temporary differences			(357,663	)			—
Total deferred tax liabilities			(357,663	)			—
Valuation allowance			671,913				43,473

Total Deferred Tax Assets, net of Valuation Allowance		$	850,996			$	—



The Company evaluates uncertain income tax positions when applicable. Based upon its analysis of tax positions, the Company concluded that there are no significant uncertain tax positions that meet the recognition or measurement criteria at either December 31, 2014 or December 31, 2013. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in the Company's consolidated financial statements.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings Per Share	17. Earnings Per Share

	The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share:

		Year Ended December 31, 2014			Year Ended December 31, 2013		Year Ended December 31, 2012
	Numerator:
	Net income/(loss) attributable to ZAIS Financial Corp. common stockholders (Basic)	$	26,741,970		$	6,657,728	$	19,433,802
	Effect of dilutive securities:
	Net income allocated to non-controlling interests		3,109,760			880,358		362,324
	Exchangeable Senior Notes
	Interest expense		3,240,561			—		—
	Gain on derivative instruments		(256,068	)		—		—
	Total – Exchangeable Senior Notes		2,984,493			—		—
	Net income/(loss) available to stockholders, after effect of dilutive securities	$	32,836,223		$	7,538,086	$	19,796,126
	Denominator:
	Weighted average number of shares of common stock		7,970,886			7,273,366		2,724,252
	Effect of dilutive securities:
	Weighted average number of OP units		926,914			926,914		49,593
	Weighted average number of shares convertible under Exchangeable Senior Notes		1,779,560			—		—
	Diluted weighted average shares outstanding		10,677,360			8,200,280		2,773,845
	Net income per share applicable to ZAIS Financial Corp. common stockholders – Basic	$	3.35		$	0.92	$	7.13
	Net income per share applicable to ZAIS Financial Corp. common stockholders – Diluted	$	3.08		$	0.92	$	7.13

Related_Party_Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	18. Related Party Transactions

	ZAIS REIT Management, LLC

	The Company is externally managed and advised by the Advisor, a subsidiary of ZAIS. Subject to certain restrictions and limitations, the Advisor is responsible for managing the Company's affairs on a day-to-day basis including, among other responsibilities, (i) the origination, selection, purchase and sale of the Company's portfolio of assets, (ii) arranging the Company's financing activities and (iii) providing the Company with advisory services.

	The Company pays to its Advisor an advisory fee, calculated and payable quarterly in arrears, equal to 1.5% per annum of the Company's stockholders' equity, as defined in the amended and restated investment advisory agreement between the Company and the Advisor, as amended from time to time (the "Investment Advisory Agreement"). Prior to the Company's IPO, the advisory fee paid to the Advisor was calculated based on the Company's net asset value, as set forth in the Investment Advisory Agreement. The Advisor may be paid or reimbursed for the documented cost of its performing certain services for the Company, which may include legal, accounting, due diligence tasks and other services, that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm's-length basis. In addition, the Company may be required to pay its portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Advisor and its affiliates required for the Company's operations. To date, the Advisor has not sought reimbursement for the services and expenses described in the two preceding sentences. The Company is also required to pay directly, or reimburse the Advisor for, products and services, including hardware and software, provided by third parties, other than those operating expenses required to be borne by the Advisor under the Investment Advisory Agreement. The Advisor has in the past also declined full reimbursement for the costs of such products and services. In the future, however, the Advisor may seek reimbursement for all of the services, cost and expenses described in this paragraph, as a result of which the total expenses and the expense ratio of the Company may increase.

	After an initial three-year term, the Advisor may be terminated annually upon the affirmative vote of at least two-thirds of the Company's independent directors or by a vote of the holders of at least two-thirds of the outstanding shares of the Company's common stock based upon (i) unsatisfactory performance by the Advisor that is materially detrimental to the Company or (ii) a determination that the advisory fees payable to the Advisor are not fair, subject to the Advisor's right to prevent such termination due to unfair fees by accepting a reduction of advisory fees agreed to by at least two-thirds of the Company's independent directors. Additionally, upon such a termination without cause, the Investment Advisory Agreement provides that the Company will pay the Advisor a termination fee equal to three times the average annual advisory fee earned by the Advisor during the prior 24-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal year before the date of termination.

	For the years ended December 31, 2014, 2013 and 2012, the Company incurred $2.9 million, $2.6 million and $0.9 million in advisory fee expense, respectively. At December 31, 2014, $0.7 million in advisory fee expense was included in accounts payable and other liabilities in the Company's consolidated balance sheet. The advisory fee was calculated and payable as set forth above.

	On August 11, 2014, the Company amended its Investment Advisory Agreement to provide that the Company shall pay its Advisor a loan sourcing fee quarterly in arrears in lieu of any payments or reimbursements that would otherwise be due to the Advisor or its affiliates pursuant to Investment Advisory Agreement for loan sourcing services provided. The loan sourcing fee is equal to 0.50% of the principal balance of newly originated residential mortgage loans sourced by the Advisor or its affiliates through its conduit program and acquired by the Company's subsidiaries. For the year ended December 31, 2014, the Company incurred loan sourcing fees of $3,835. Such amount is included in "Advisory fee – related party" in the Company's consolidated statements of operations.

	On September 17, 2014, HF2 Financial Management Inc. ("HF2 Financial"), a special purpose acquisition company, announced that it entered into a definitive agreement to acquire a majority equity interest in ZAIS Group Parent, LLC ("ZGP"). ZGP is the sole member of ZAIS. The HF2 Financial transaction is scheduled to close on March 17, 2015. The current owners of ZGP will not receive any proceeds at the closing of the transaction and will retain a significant equity stake in ZGP. Following the transaction, ZAIS's current management team will continue to lead the combined organization.

	During the normal course of business GMFS provides a variety of services to related parties including accounting, technology and due diligence services. For the period from the date of acquisition to December 31, 2014, GMFS received $1,200, from the related parties, which are included in other income in the Company's consolidated statements of operations. GMFS has $1,200 due from related parties at December 31, 2014 which are included in other assets in the Company's consolidated balance sheets.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2014
Stockholders' Equity [Abstract]
Stockholders' Equity	19. Stockholders' Equity

	Common Stock

	The holders of shares of the Company's common stock are entitled to one vote per share on all matters voted on by common stockholders, including election of the Company's directors. The Company's charter does not provide for cumulative voting in the election of directors. Therefore, the holders of a majority of the outstanding shares of the Company's common stock can elect its entire board of directors. Subject to any preferential rights of any outstanding series of preferred stock, the holders of shares of the Company's common stock are entitled to such distributions as may be authorized from time to time by the Company's board of directors out of legally available funds and declared by the Company and, upon liquidation, are entitled to receive all assets available for distribution to stockholders. Holders of shares of the Company's common stock do not have preemptive rights. This means that stockholders do not have an automatic option to purchase any new shares of common stock that the Company issues. In addition, stockholders only have appraisal rights under circumstances specified by the Company's board of directors or where mandated by law.

	Initial Public Offering

	On February 13, 2013, the Company completed its IPO, pursuant to which the Company sold 5,650,000 shares of its common stock to the public at a price of $21.25 per share for gross proceeds of $120.1 million. Net proceeds after the payment of offering costs of approximately $1.2 million were $118.9 million. In connection with the IPO, the Advisor paid $6.3 million in underwriting fees. The Company did not pay any underwriting fees, discounts or commissions in connection with the IPO above those paid by the Advisor.

	Common Stock Repurchase

	In January 2013, the Company's agreement with one of its stockholders to repurchase 515,035 shares of common stock was amended to require the Company to repurchase only 265,245 shares of the Company's common stock. The amended repurchase amount was approximately $5.8 million which was predominantly paid to such stockholder during the three months ended March 31, 2013 with the remaining amount paid during the three months ended June 30, 2013.

	Private Placements

	In October 2012, the Company completed a private placement in which it sold 195,458 shares of common stock and the Operating Partnership sold 22,492 OP units. In December 2012, the Company completed a private placement in which it sold 36,581 shares of common stock and the Operating Partnership sold 904,422 OP units. Net proceeds from the two private placements were $25,151,174, net of approximately $763,000 in offering costs.

	Dividends and Distributions

	During the years ended December 31, 2012, 2013 and 2014, the Company declared the following dividends:


	Declaration Date	Record Date	Payment Date	Amount per Share
	Year ended December 31, 2012:
	1-May-12	1-May-12	15-May-12	$	0.51
	5-Jun-12	5-Jun-12	21-Jun-12	$	0.57
	October 22, 2012	22-Oct-12	29-Oct-12	$	0.89
	November 29, 2012	29-Nov-12	6-Dec-12	$	0.98
	December 19, 2012	19-Dec-12	26-Dec-12	$	1.16
	Year ended December 31, 2013:
	May 14, 2013	24-May-13	31-May-13	$	0.22
	June 25, 2013	9-Jul-13	23-Jul-13	$	0.45
	September 18, 2013	30-Sep-13	11-Oct-13	$	0.5
	December 19, 2013(1)	31-Dec-13	15-Jan-14	$	0.95
	Year ended December 31, 2014:
	March 20, 2014	31-Mar-14	14-Apr-14	$	0.4
	June 18, 2014	30-Jun-14	15-Jul-14	$	0.4
	September 18, 2014	30-Sep-14	15-Oct-14	$	0.4
	December 19, 2014	31-Dec-14	15-Jan-15	$	0.4



	(1)

	Comprised of a regular cash dividend of $0.40 per share of common stock and OP unit for the quarter ending December 31, 2013, and an additional special cash dividend of $0.55 per share of its common stock and OP unit. The Company declared the special cash dividend to distribute taxable income from 2013 attributable to the termination of interest rate swap contracts.

	Preferred Shares

	The Company's charter authorizes its board of directors to classify and reclassify any unissued shares of its common stock and preferred stock into other classes or series of stock. Prior to issuance of shares of each class or series, the board of directors is required by the Company's charter to set, subject to the charter restrictions on transfer of its stock, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of common stock or preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or change in control that might involve a premium price for holders of the Company's common stock or otherwise be in their best interest.

	On January 18, 2012 the Company completed a private placement of 133 shares of its 12.5% Series A Cumulative Non-Voting Preferred Stock (the "Series A Preferred Stock") raising net proceeds of $115,499, net of $17,501 in offering fees.

	On February 15, 2013, the Company redeemed all 133 shares of its 12.5% Series A Preferred Stock outstanding for an aggregate redemption price, including preferred dividend, of $148,379.

Noncontrolling_Interests

Non-controlling Interests	12 Months Ended
Non-controlling Interests	Dec. 31, 2014
Non-controlling Interests [Abstract]
Non-controlling Interests	20. Non-controlling Interests

	Non-controlling interests included in the Company's consolidated financial statements consist of the following:

	Operating Partnership

	Non-controlling interests in the Operating Partnership relate to OP units in the Operating Partnership held by parties other than the Company.

	Certain investors own OP units in the Operating Partnership. An OP unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions. The redemption is required to be satisfied in shares of common stock or cash at the Company's option, calculated as follows: one share of the Company's common stock, or cash equal to the fair value of a share of the Company's common stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interest in the Operating Partnership is reduced and the Company's equity is increased. At December 31, 2014 and December 31, 2013, the non-controlling interest OP unit holders owned 926,914 OP units, or 10.4% of the OP Units issued by the Operating Partnership.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies [Abstract]
Commitments and Contingencies	21. Commitments and Contingencies

	Advisor Services

	The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company's investment portfolio including determination of fair value; and other general and administrative responsibilities. In the event that the Advisor is unable to provide the respective services, the Company will be required to obtain such services from an alternative source.

	Litigation

	From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. Management is not aware of any contingencies that would require accrual or disclosure in the consolidated financial statements at December 31, 2014 or December 31, 2013.

	Commitments to Originate Loans

	The Company enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose the Company to market risk if interest rates change, and the loan is not economically hedged or committed to an investor. The Company is also exposed to credit loss if the loan is originated and not sold to an investor and the mortgagor does not perform. The collateral upon extension of credit typically consists of a first deed of trust in the mortgagor's residential property. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans approximated $117.7 million for the year ended December 31, 2014.

	Leases

	The Company leases office space for use in its mortgage banking operations in connection under a non-cancelable operating lease. The lease provides that the Company pays taxes, maintenance, insurance, and other occupancy expenses applicable to the leased premises. The lease contains three five-year renewal options at the then existing market rates. The Company also leases equipment under various short-term rental agreements. The Company incurred rent expense for the year ended December 31, 2014 of $122,986. Such amount is included in operating expenses in the Company's consolidated statements of operations. The Company did not incur any rent expense for the years ended December 31, 2013 or December 31, 2012.

	The Company sub-leases a portion of its office space and furniture and fixtures contained therein to two entities (one related and one unrelated). The Company received total sub-lease income for the year ended December 31, 2014 of $45,861. Such amount is included in other income in the Company's consolidated statements of operations. The Company did not have any sublease income for the years ended December 31, 2013 or December 31, 2012.


	At December 31, 2014, the future minimum rental payments for the next five years and thereafter are as follows:
	2015		$	639,523
	2016			455,351
	2017			385,075
	2018			385,075
	2019			410,515
	Thereafter		$	2,275,539



	Regulatory Net Worth Requirements

	The Company is subject to various regulatory capital requirements administered by HUD, which governs non-supervised, direct endorsement mortgagees, and Ginnie Mae, which governs issuers of Ginnie Mae securities. Additionally, the Company is required to maintain minimum net worth requirements for many of the states in which it sells and services loans. Each state has its own minimum net worth requirements, up to $1 million, depending on the state.

	Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary remedial actions by regulators that, if undertaken, could (i) remove the Company's ability to sell and service loans to or on behalf of the GSEs and (ii) have a direct material effect on the Company's consolidated financial statements. In accordance with the regulatory capital guidelines, the Company must meet specific quantitative measures of assets, liabilities and certain off-balance sheet items calculated under regulatory accounting practices. Further, changes in regulatory and accounting standards, as well as the impact of future events on the Company's results, may significantly affect the Company's net worth adequacy.

	The Company met all minimum net worth requirements to which it was subject for the year ended December 31, 2014. The Company's required and actual net worth amounts at December 31, 2014 are presented in the following table:

		Net Worth		Net Worth Required
	HUD	$52,545,673		$2,500,000
	Ginnie Mae	52,545,673		5,007,700
	Fannie Mae	52,548,259		6,577,547
	Freddie Mac	52,548,259		3,143,262
	Various States	52,548,259		0 - 1,000,000

Counterparty_Risk_and_Concentr

Counterparty Risk and Concentration	12 Months Ended
Counterparty Risk and Concentration	Dec. 31, 2014
Counterparty Risk and Concentration [Abstract]
Counterparty Risk and Concentration	22. Counterparty Risk and Concentration

	Counterparty risk is the risk that counterparties may fail to fulfill their obligations, including their inability to post additional collateral in circumstances where their pledged collateral value becomes inadequate. The Company attempts to manage its exposure to counterparty risk through diversification, use of financial instruments and monitoring the creditworthiness of counterparties.



	The Company finances the acquisition of a significant portion of its residential mortgage loans held for investment, RMBS and Other Investment Securities with repurchase agreements. Additionally, the Company finances a significant portion of its mortgages held for sale with its warehouse lines of credit and repurchase agreements. In connection with these financing arrangements, the Company pledges its residential mortgage loans and securities as collateral to secure the borrowings. The amount of collateral pledged will typically exceed the amount of the borrowings (i.e., the haircut) such that the borrowings will be over-collateralized. As a result, the Company is exposed to the counterparty if, during the term of the repurchase agreement financing, a lender should default on its obligation and the Company is not able to recover its pledged assets. The amount of this exposure is the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to the lender including accrued interest receivable on such collateral.



	As explained in the notes above, while the Company engages in warehouse and repurchase financing activities with several financial institutions, the Company maintains custody accounts with two custodians which hold operating cash accounts and also maintains separate cash accounts with each of its warehouse lenders at December 31, 2014. There is no guarantee that these custodians will not become insolvent. While there are certain regulations that seek to protect customer property in the event of a failure, insolvency or liquidation of a custodian, there is no certainty that the Company would not incur losses due to its assets being unavailable for a period of time in the event of a failure of a custodian that has custody of the Company's assets. Although management monitors the credit worthiness of its custodians, such losses could be significant and could materially impair the ability of the Company to achieve its investment objective.



	In the normal course of business, companies in the mortgage banking industry encounter certain economic and regulatory risks. Economic risks include interest rate risk and credit risk. The Company is subject to interest rate risk to the extent that in a rising interest rate environment, the Company may experience a decrease in loan production, as well as decreases in the value of mortgage loans held for sale and in commitments to originate loans, which may negatively impact the Company's operations. Credit risk is the risk of default that may result from the borrowers' inability or unwillingness to make contractually required payments during the period in which loans are being held for sale.



	The Company sells loans to investors without recourse. As such, the investors have assumed the risk of loss or default by the borrower. However, the Company is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation and collateral. To the extent that the Company does not comply with such representations, or there are early payment defaults, the Company may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay-off within a specified time frame, the Company may be required to refund a portion of the sales proceeds to the investors.



	The Company's business requires substantial cash to support its operating and investing activities. As a result, the Company is dependent on its warehouse lines of credit, repurchase facilities and other financing facilities in order to finance its continued operations and investments. If the Company's principal lenders decided to terminate or not to renew any of these credit facilities with the Company, the loss of borrowing capacity could have a material adverse impact on the Company's consolidated financial statements unless the Company found a suitable alternative source.



	MSRs are subject to substantial interest rate risk and the value of MSRs generally tend to diminish in periods of declining interest rates as borrowers can prepay the mortgage notes underlying the MSRs. MSRs increase in periods of rising interest rates (as prepayments decrease). Although the level of interest rates is a key driver of prepayment activity, there are other factors that influence prepayments, including home prices, underwriting standards and product characteristics.

Offsetting_Assets_and_Liabilit

Offsetting Assets and Liabilities	12 Months Ended
Offsetting Assets and Liabilities	Dec. 31, 2014
Offsetting Assets and Liabilities [Abstract]
Offsetting Assets and Liabilities	23. Offsetting Assets and Liabilities

	The following tables present information about certain assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset in the Company's consolidated balance sheets at December 31, 2014 and December 31, 2013:

	Offsetting of Assets


		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts
		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets					Not Offset in the Consolidated Balance Sheets
									Financial Instruments			Cash Collateral Received(1)			Net Amount
	31-Dec-14
	Interest rate swaption	$	—	$	—		$	—	$	—		$	—		$	—
	Total	$	—	$	—		$	—	$	—		$	—		$	—
	31-Dec-13
	Interest rate swap agreements	$	396,068	$	(111,614	)	$	284,454	$	—		$	—		$	284,454
	Total	$	396,068	$	(111,614	)	$	284,454	$	—		$	—		$	284,454



	(1)

	At December 31, 2014, the Company pledged $4,886,011 of cash collateral in relation to its interest rate swaption; with the total net counterparty exposure for this position totaling $4,886,011. At December 31, 2013, the Company pledged $767,708 of cash collateral in relation to its interest rate swap agreements; with the total net counterparty exposure for this position totaling $1,052,162.

	Offsetting of Liabilities

		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not						Net Amount
									Offset in the
									Consolidated Balance Sheets
									Financial Instruments			Cash Collateral Pledged
	31-Dec-14
	Loan Repurchase Facilities	$	300,092,293	$	—		$	300,092,293	$	(300,092,293	)	$	—		$	—
	Securities repurchase agreements		103,014,105		—			103,014,105		(102,329,849	)		(684,256	)		—
	Warehouse lines of credit		89,417,564		—			89,417,564		(89,417,564	)		—			—
	Interest rate swap agreements		860,553		—			860,553		(860,553	)		—			—
	Total	$	493,384,515	$	—		$	493,384,515	$	(492,700,259	)	$	(684,256	)	$	—
	31-Dec-13
	Loan Repurchase Facilities	$	236,058,976	$	—		$	236,058,976	$	-236,058,976		$	—		$	—
	Securities repurchase agreements		138,591,678		—			138,591,678		(137,231,150	)		(1,360,528	)		—
		$	374,650,654	$	—		$	374,650,654	$	-373,290,126		$	-1,360,528		$	—

Employee_Benefit_Plan

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2014
Employee Benefit Plan [Abstract]
Employee Benefit Plan	24. Employee Benefit Plan

	The Company has a 401(k) profit sharing plan covering substantially all GMFS employees. Employees may contribute amounts as allowable by IRS and plan limitations. The Company may make discretionary matching and non-elective contributions. The Company made contributions to the plan totaling $69,719 for the year ended December 31, 2014. Such amount is included in salaries, commissions and benefits in the Company's consolidated statements of operations.

Segment_Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2014
Segment Information [Abstract]
Segment Information	25. Segment Information

	In 2013 and 2012 the Company operated as one operating segment. Subsequent to the acquisition of GMFS, the Company operates in two operating segments: residential mortgage loan investments and residential mortgage banking. These business segments have been identified based on the Company's organizational and management structure. These segments are based on an internally-aligned segment structure, which is how the Company's results are monitored and performance is assessed.


	The residential mortgage loan investment segment includes a portfolio of mortgage loans which were either distressed, re-performing or newly originated. The residential mortgage loan investment segment's financial items consist primarily of net interest income from whole loans and RMBS, changes in unrealized gains and losses from the valuation of the portfolio and realized gains and losses recognized upon the paydowns of mortgage loans and sales of RMBS.



	The residential mortgage banking segment relates to the operations of the Company's GMFS subsidiary which originates mortgage loans for subsequent sale as whole loans either servicing retained or released.



	Each segment includes the operating and other expenses associated with the respective activities.



	Segment contribution represents the measure of profit that management uses to assess the performance of its business segments and make resource allocation and operating decisions. Certain expenses not directly assigned or allocated to one of the two primary segments are included in the Corporate/Other column as reconciling items to the Company's consolidated financial statements. These unallocated expenses primarily include interest expense on the Company's Exchangeable Senior Notes and corporate operating expenses such as insurance, public company expenses, advisory fees, transaction costs and general and administrative expenses.


		Mortgage Loans			Mortgage			Corporate/Other			Total
		Held for Investments			Banking			Corporate/Other			Total
	Interest income	$	40,998,530		$	594,217		$	—		$	41,592,747
	Interest expense		11,451,687			121,194			5,686,664			17,259,545
	Net interest income (expense)		29,546,843			473,023			(5,686,664	)		24,333,202
	Non-interest income		—			4,730,212			—			4,730,212
	Change in unrealized gain or loss		19,090,520			—			—			19,090,520
	Realized gain		5,762,254			—			—			5,762,254
	Gain or (loss) on derivative instruments		(5,921,725	)		—			—			(5,921,725	)
	Advisory fee – related party		3,835			143,674			2,706,387			2,853,896
	Salaries, commissions and benefits		—			3,765,784			—			3,765,784
	Operating expenses		251,305			1,089,640			6,521,363			7,862,308
	Other expenses:
	Expenses		2,180,113			—			—			2,180,113
	Transaction costs relating to acquisition of GMFS		—			2,177,617			—			2,177,617
	Depreciation and amortization		—			154,011			—			154,011
	Total other expenses		2,180,113			2,331,628			—			4,511,741
	Net income/(loss) before income taxes		46,042,639			(2,127,491	)		(14,914,414	)		29,000,734
	Income tax benefit		—			850,996			—			850,996
	Segment contribution / net income	$	46,042,639		$	(1,276,495	)	$	(14,914,414	)	$	29,851,730

	Supplemental Disclosures:
	Mortgage loans held for investment, at fair value	$	415,959,838		$	—		$	—		$	415,959,838
	Mortgage loans held for investment, at cost		—			1,338,935			—			1,338,935
	Mortgage loans held for sale		—			97,690,960			—			97,690,960
	Real estate securities		148,585,733			—			—			148,585,733
	Other investment securities		2,040,532			—			—			2,040,532
	Mortgage servicing rights		—			33,378,978			—			33,378,978
	Goodwill		—			16,512,680			—			16,512,680
	Intangible assets		—			5,668,611			—			5,668,611
	Total assets		596,553,227			194,700,643			1,144,735			792,398,605

Quarterly_Results

Quarterly Results	12 Months Ended
Quarterly Results	Dec. 31, 2014
Quarterly Results [Abstract]
Quarterly Results	26. Quarterly Results (Unaudited)

	The following is a presentation of the quarterly results of operations for the years ended December 31, 2014 and 2013:

		For the Three Months Ended
		December 31, 2014 (1)			30-Sep-14			June 30,			March 31,
		December 31, 2014 (1)			30-Sep-14			2014			2014
	Total interest income	$	10,267,875		$	11,000,619		$	10,831,220		$	9,493,033
	Total interest expense		4,447,530			4,491,678			4,416,385			3,903,952
	Net interest income		5,820,345			6,508,941			6,414,835			5,589,081
	Non-interest income		4,730,212			—			—			—
	Total other gain/(loss)		(2,944,631	)		(1,805,117	)		22,688,696			992,101
	Total expenses		8,239,984			3,424,026			3,231,396			4,098,323
	Income tax benefit		850,996			—			—			—
	Net income/(loss)		216,938			1,279,798			25,872,135			2,482,859
	Net income/(loss) attributable to ZAIS Financial Corp. common stockholders	$	194,337		$	1,149,497		$	23,173,931		$	2,224,205
	Net income/(loss) per share applicable to common stockholders – basic	$	0.02		$	0.14		$	2.91		$	0.28
	Net income/(loss) per share applicable to common stockholders – diluted	$	0.02		$	0.14		$	2.47		$	0.28
	Weighted average number of shares Basic		7,970,886			7,970,886			7,970,886			7,970,886
	Diluted		8,897,800			8,897,800			10,677,360			8,897,800



	(1)

	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in its consolidated statements of operations.


		For the Three Months Ended
		31-Dec-13			30-Sep-13			June 30,			March 31,
		31-Dec-13			30-Sep-13			2013			2013
	Total interest income	$	8,773,339		$	8,273,444		$	5,935,511		$	3,436,033
	Total interest expense		3,090,565			2,333,139			1,156,780			514,035
	Net interest income		5,682,774			5,940,305			4,778,731			2,921,998
	Total other gain/(loss)		6,033,137			1,172,969			(10,527,875	)		1,155,515
	Total expenses		2,715,456			2,965,082			1,819,733			2,103,818
	Net income/(loss)		9,000,455			4,148,192			(7,568,877	)		1,973,695
	Net income/(loss) attributable to ZAIS Financial Corp. common stockholders	$	8,062,847		$	3,716,061		$	-6,780,401		$	1,659,222
	Net income/(loss) per share applicable to common stockholders – basic	$	1.01		$	0.47		$	(.85	)	$	0.32
	Net income/(loss) per share applicable to common stockholders – diluted	$	0.98		$	0.47		$	(.85	)	$	0.32
	Weighted average number of shares Basic		7,970,886			7,970,886			7,970,886			5,142,053
	Diluted		9,594,150			8,897,800			8,897,800			6,068,967

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	27. Subsequent Events

	In February 2015, the Company amended its $45,000,000 master repurchase agreement, which provides financing for the Company's origination of mortgage loans held for sale to extend the maturity to March 31, 2015.

	In February 2015, the Company Amended its $35,000,000 warehouse line of credit, which provides financing for the Company's acquisition of mortgage loans held for sale to increase the available borrowings to $50,000,000.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation

	The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as contained within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Professional fees, transaction costs, loan servicing fees and general and administrative expenses reported in prior years have been reclassified to operating expenses and other expenses to conform to the current period's presentation. The Company operates in the following two business segments: residential mortgage loan investments and residential mortgage banking.

Estimates	Estimates

	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates.

Principles of Consolidation	Principles of Consolidation

	The consolidated financial statements include the accounts of the Company and all of the wholly owned subsidiaries of the Operating Partnership. All intercompany balances have been eliminated in consolidation.

	The Company, which serves as the sole general partner of and conducts substantially all of its business through the Operating Partnership, holds approximately 89.6% of the operating partnership units ("OP units") in the Operating Partnership at December 31, 2014 and December 31, 2013. The Operating Partnership in turn holds directly or indirectly all of the equity interests in its subsidiaries. Changes in the Company's ownership interest (and transactions with non-controlling interest unit holders in its consolidated subsidiaries) while the Company retains its controlling interest in the subsidiary, are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the Company.

Variable Interest Entities	Variable Interest Entities

	A variable interest entity ("VIE") is an entity that lacks one or more of the characteristics of a voting interest entity. The Company evaluates each of its investments to determine whether it is a VIE based on: (1) the sufficiency of the entity's equity investment at risk to finance its activities without additional subordinated financial support provided by any parties, including the equity holders; (2) whether as a group the holders of the equity investment at risk have (a) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impacts the entity's economic performance, (b) the obligation to absorb the expected losses of the legal entity and (c) the right to receive the expected residual returns of the legal entity; and (3) whether the voting rights of these investors are proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected returns of their equity, or both, and whether substantially all of the entity's activities involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. An investment that lacks one or more of the above three characteristics is considered to be a VIE. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

	A VIE is subject to consolidation if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity's activities, or are not exposed to the entity's losses or entitled to its residual returns. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses.

	The Company's mortgage loans held for sale are sold predominantly to Fannie Mae and Freddie Mac, which are government sponsored enterprises (“GSEs” or “Agencies”). The Company also issues Ginnie Mae securities by pooling eligible loans through a pool custodian and assigning rights to the loans to Ginnie Mae. Fannie Mae, Freddie Mac and Ginnie Mae provide credit enhancement of the loans through certain guarantee provisions. The Company also purchases RMBS from securitization trusts or similar vehicles. These securitizations involve VIEs as the trusts or similar vehicles, by design, have the characteristics of a VIE.



	The Company has evaluated its interests in its real estate investment securities and its interests in the securitizations discussed in the preceding paragraph to determine if each represents a variable interest in a VIE. The Company monitors these investments and analyzes them for potential consolidation. The Company determined that it was not the primary beneficiary of the VIEs and therefore none of the VIEs were consolidated at December 31, 2014 and December 31, 2013. The maximum exposure of the Company to VIEs is limited to the fair value of its investments in real estate securities and MSRs as disclosed in the Company's consolidated balance sheets.

Cash and Cash Equivalents	Cash and Cash Equivalents

	The Company considers highly liquid short-term interest bearing instruments with original maturities of three months or less and other instruments readily convertible into cash to be cash equivalents. The Company's deposits with financial institutions may exceed federally insurable limits of $250,000 per institution. The Company mitigates this risk by depositing funds with major financial institutions. At December 31, 2014, a portion of the Company's operating cash was held with two custodians. Additionally, at December 31, 2014, a portion of the Company's operating cash was held with two other financial institutions and the Company maintains separate cash accounts for each of its warehouse lines of credit and repurchase agreements related to its GMFS origination platform pursuant to such agreements.

Restricted Cash	Restricted Cash

	Restricted cash represents the Company's cash held by counterparties as collateral against the Company's derivatives and/or securities repurchase agreements. Cash held by counterparties as collateral is not available to the Company for general corporate purposes, but may be applied against amounts due to derivative or securities repurchase agreement counterparties or returned to the Company when the collateral requirements are exceeded or at the maturity of the derivatives or securities repurchase agreements.

Fair Value Election and Determination of Fair Value Measurement	Other Investment Securities

	Other investment securities are comprised of investments in Freddie Mac Structured Agency Credit Risk Notes ("FMSA Notes") at December 31, 2014. During 2014, the Company also held Fannie Mae's Risk Transfer Notes ("FMRT Notes" and together with the FMSA Notes, the "Other Investment Securities"). The Other Investment Securities represent unsecured general obligations of Fannie Mae and Freddie Mac, respectively, and are structured to be subject to the performance of a certain pool of residential mortgage loans.

	Mortgage Loans Held for Investment, Mortgage Loans Held for Sale, Real Estate Securities, Other Investment Securities and MSRs — Fair Value Election

	U.S. GAAP permits entities to choose to measure certain eligible financial instruments at fair value. The Company has elected the fair value option for some of its mortgage loans held for investment, and each of its mortgage loans held for sale, real estate securities, Other Investment Securities and MSRs at the date of purchase. The fair value option election is irrevocable and requires the Company to measure these mortgage loans, real estate securities and Other Investment Securities at estimated fair value with the change in estimated fair value recognized in earnings. The Company has established a policy for these assets to separate interest income from the full change in fair value in the consolidated statements of operations. The interest income component is presented as interest income on mortgage loans held for investment, mortgage loans held for sale, real estate securities and Other Investment Securities and the remainder of the change in fair value is presented separately as change in unrealized gain or loss in the Company's consolidated statements of operations.

	Determination of Fair Value Measurement

	The "Fair Value Measurements and Disclosures" Topic of the FASB ASC defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under U.S. GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

	Fair value under U.S. GAAP represents an exit price in the normal course of business, not a forced liquidation price. If the Company was forced to sell assets in a short period to meet liquidity needs, the prices it receives could be substantially less than their recorded fair values. Furthermore, the analysis of whether it is more likely than not that the Company will be required to sell securities in an unrealized loss position prior to an expected recovery in fair value (if any), the amount of such expected required sales, and the projected identification of which securities would be sold is also subject to significant judgment.

	Any proposed changes to the valuation methodology will be reviewed by the Advisor to ensure changes are consistent with the applicable accounting guidance and approved as appropriate. The fair value methodology may produce a fair value calculation that may not be indicative of net realizable value. Furthermore, while the Company anticipates that the Advisor's valuation methods will be appropriate and consistent with other market participants, the use of different methodologies, or assumptions by other market participants, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

	The Company categorizes its financial instruments in accordance with U.S. GAAP, based on the priority of the inputs to the valuation, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

	Financial assets and liabilities recorded in the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

	Level 1 Quoted prices for identical assets or liabilities in an active market.

	Level 2 Financial assets and liabilities whose values are based on the following:

	 Quoted prices for similar assets or liabilities in active markets

	 Quoted prices for identical or similar assets or liabilities in nonactive markets.

	 Pricing models whose inputs are observable for substantially the full term of the asset or liability.

	 Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.

	Level 3 Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.

	The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires significant judgment and considers factors specific to the investment. The Company utilizes proprietary modeling analysis to support the independent third party broker quotes selected to determine the fair value of its real estate securities, Other Investment Securities and derivative instruments.

	The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

	Mortgage Loans Held for Investment

	The fair value of the Company's mortgage loans held for investment considers data such as loan origination information and additional updated borrower and loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of the Company's mortgage loans held for investment include market-implied discount rates, projections of default rates, delinquency rates, loss severity (considering mortgage insurance) and prepayment rates. The Company uses loan level data, macro-economic inputs and forward interest rates to generate loss adjusted cash flows and other information in determining the fair value of its mortgage loans. Because of the inherent uncertainty of such valuation, the fair values established for mortgage loans held for investment by the Company may differ from the fair values that would have been established if a ready market existed for these mortgage loans held for investment. Accordingly, mortgage loans held for investment are classified as Level 3 in the fair value hierarchy.

	At December 31, 2014, approximately 10.3% in unpaid principal balance of the Company's mortgage loans carries mortgage insurance.

	Mortgage Loans Held for Sale



	The fair value of mortgage loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted price exists, the fair value of a loan is determined using quoted prices for a similar asset or assets, adjusted for the specific attributes of that loan. Accordingly, mortgage loans held for sale are classified as Level 2 in the fair value hierarchy.



	Real Estate Securities and Other Investment Securities



	The fair value of the Company's real estate securities and Other Investment Securities considers the underlying characteristics of each security including coupon, maturity date and collateral. The Company estimates the fair value of its RMBS and Other Investment Securities based upon a combination of observable prices in active markets, multiple indicative quotes from brokers and executable bids. In evaluating broker quotes the Company also considers additional observable market data points including recent observed trading activity for identical and similar securities, back-testing, broker challenges and other interactions with market participants, as well as yield levels generated by model-based valuation techniques. In the absence of observable quotes, the Company utilizes model-based valuation techniques that may contain unobservable valuation inputs.



	When available, the fair value of real estate securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from either broker quotes, observed traded levels or model-based valuation techniques using observable inputs such as benchmark yields or issuer spreads.



While the Company's non-Agency RMBS and Other Investment Securities are valued using the same process with similar inputs as the Agency RMBS as described below, a significant amount of inputs are unobservable due to relatively low levels of market activity. The fair value of these securities is typically based on broker quotes or the Company's model-based valuation. Accordingly, the Company's non-Agency RMBS and Other Investment Securities are classified as Level 3 in the fair value hierarchy. Model-based valuation consists primarily of discounted cash flow and yield analyses. Significant model inputs and assumptions include constant voluntary prepayment rates, constant default rates, delinquency rates, loss severity, market-implied discount rates, default rates, expected loss severity, weighted average life, collateral composition, borrower characteristics and prepayment rates, and may also include general economic conditions, including home price index forecasts, servicing data and other relevant information. Where possible, collateral-related assumptions are determined on an individual loan level basis.



The Company's Agency RMBS, if any, are valued using the market data described above, which includes inputs determined to be observable or whose significant fair value drivers are observable. Accordingly, Agency RMBS securities are classified as Level 2 in the fair value hierarchy.



MSRs



The Company uses a third party vendor to estimate the fair value of MSRs. The third party vendor uses a discounted cash flow approach which consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of fair value. The key assumptions used in the estimation of the fair value of MSRs include prepayment speeds, discount rates, default rates, cost to service, contractual servicing fees, escrow earnings and ancillary income. MSRs are classified as Level 3 in the fair value hierarchy.



Derivative Instruments



Interest Rate Swaption Agreements



An interest rate swaption agreement represents an option that gives the Company the right, but not the obligation, to enter into a previously agreed upon interest rate swap agreement on a future date. If exercised the Company will enter into an interest rate swap agreement and is obligated to pay a fixed rate of interest and receive a floating rate of interest. The Company utilizes proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swaption agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company's interest rate swaption agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At December 31, 2014, no credit valuation adjustment was made in determining the fair value of the derivative.



Interest Rate Swap Agreements



An interest rate swap is an agreement between the Company and a counterparty to exchange periodic interest payments where one party to the contract makes a fixed rate payment in exchange for a floating rate payment from the other party. The Company utilizes proprietary modeling analysis or industry standard third party analytics to support the counterparty valuations received for interest rate swap agreements. These counterparty valuations are generally based on models with observable market inputs such as interest rates and contractual cash flows, and, as such, are classified as Level 2 on the fair value hierarchy. The Company's interest rate swap agreements are governed by International Swap and Derivative Association trading agreements, which are separately negotiated agreements with dealer counterparties. At December 31, 2014 and December 31, 2013, no credit valuation adjustment was made in determining the fair value of the derivative.



Loan Purchase Commitments (“LPCs”)



LPCs are agreements with approved third-party residential loan originators to purchase residential loans at a future date. LPCs that qualify as derivatives are recorded at their estimated fair values in the Company's consolidated balance sheets. The fair value of the Company's LPC's are based on the prices the underlying loans can be purchased for in the secondary market, adjusted for an estimated pull through rate. Changes in fair value are reported in the statement of operations. LPCs are classified as Level 3 in the fair value hierarchy.



Interest Rate Lock Commitments (“IRLCs”)



IRLCs are agreements under which the Company agrees to extend credit to a borrower under certain specified terms and conditions in which the interest rate and the maximum amount of the loan are set prior to funding. Unrealized gains and losses on the IRLCs, reflected as derivative assets and derivative liabilities, respectively, are measured based on the value of the underlying mortgage loan, quoted GSE mortgage backed security (“MBS”) prices, estimates of the fair value of the MSRs and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. IRLCs are classified as Level 3 in the fair value hierarchy.



MBS Forward Sales Contracts and TBA Securities



MBS forward sales contracts and TBA securities are forward contracts for the purchase or sale of MBS at a predetermined price with a stated face amount, coupon and stated maturity at a agreed upon future date. The specific MBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association (“SIFMA”), are not known at the time of the transaction. The Company estimates the fair value of MBS forward sales contracts and TBA securities based on third party vendor prices and quoted MBS prices. MBS forward sales contracts and TBA securities are classified as Level 2 in the fair value hierarchy.



Mortgage Loans Held for Investment, at Cost



Mortgage loans held for investment related to the Company's mortgage banking activities includes loans which, due to various reasons, are unable to be sold to a third party. Such loans are performing loans which the Company carries at amortized cost, less a valuation allowance for estimated credit losses, if applicable.

Revenue Recognition	Revenue Recognition

	Mortgage Loans Held for Investment, at fair value



	Pursuant to the Company's policy for separately presenting interest income on mortgage loans, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of certain mortgage loans held for investment to interest income.



	When the Company purchases mortgage loans which are held for investment and which have shown evidence of credit deterioration since origination and management determines that it is probable the Company will not collect all contractual cash flows on those loans, the Company applies the guidance that addresses accounting for differences between contractual cash flows and cash flows expected to be collected if those differences are attributable to, at least in part, credit quality.



	Interest income is recognized on a level-yield basis over the life of the loan as long as cash flows can be reasonably estimated. The level-yield is determined by the excess of the Company's initial estimate of undiscounted expected principal, interest, and other cash flows (cash flows expected at acquisition to be collected) over the Company's initial investment in the mortgage loan (accretable yield). The amount of interest income to be recognized cannot result in a carrying amount that exceeds the payoff amount of the loan. The excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) will not be recognized as an adjustment of yield.



	On a quarterly basis, the Company updates its estimate of the cash flows expected to be collected. For purposes of interest income recognition, any subsequent increases in cash flows expected to be collected are generally recognized as prospective yield adjustments (which establishes a new level yield) and any subsequent decreases in cash flows expected to be collected are recognized as an impairment to be recorded through change in unrealized gain or loss in the consolidated statements of operations.



	Income recognition is suspended for a loan when cash flows cannot be reasonably estimated.



	Interest income on newly originated mortgage loans which are purchased by the Company and held for investment, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with these mortgage loans at the time of purchase are amortized into interest income over the life of such loan using the effective yield method and adjusted for actual prepayments.



	Real Estate Securities and Other Investment Securities



	Pursuant to the Company's policy for separately presenting interest income on real estate securities and Other Investment Securities, the Company follows acceptable methods under U.S. GAAP for allocating a portion of the change in fair value of real estate securities and Other Investment Securities to interest income.

	Interest income on Agency RMBS, if any, is accrued based on the effective yield method on the outstanding principal balance and their contractual terms. Premiums and discounts associated with Agency RMBS at the time of purchase are amortized into interest income over the life of such securities using the effective yield method and adjusted for actual prepayments.

	Interest income on the non-Agency RMBS and Other Investment Securities, which were purchased at a discount to par value and/or were rated below AA at the time of purchase, is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Company's observation of current information and events and include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On a monthly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses. Therefore, actual maturities of the securities are generally shorter than stated contractual maturities.

	Based on the projected cash flows from the Company's non-Agency RMBS purchased at a discount to par value, a portion of the purchase discount may be designated as credit protection against future credit losses and, therefore, not accreted into interest income. The amount designated as credit discount is determined, and may be adjusted over time, based on the actual performance of the security, its underlying collateral, actual and projected cash flow from such collateral, economic conditions and other factors. If the performance of a security with a credit discount is more favorable than forecasted, a portion of the amount designated as credit discount may be accreted into interest income prospectively.

	RMBS and Other Investment Securities are evaluated for other-than-temporary impairment ("OTTI") each quarter. A security with a fair value that is less than amortized cost is considered impaired. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a security has been deemed to be other-than-temporarily impaired, the amount of OTTI is bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations as a realized loss on real estate securities and realized loss on Other Investment Securities. The remaining OTTI related to the valuation adjustment is recognized as a component of change in unrealized gain or loss in the consolidated statements of operations. Realized gains and losses on sale of real estate securities and Other Investment Securities are determined using the specific identification method. Real estate securities and Other Investment Securities transactions are recorded on the trade date.

	Mortgage Loans Held for Investment, at Cost and Mortgage Loans Held for Sale



	Interest income on mortgage loans is accrued to income based upon the principal amount outstanding and contractual interest rates and is included in interest income on mortgage loans held for sale in the consolidated statements of operations. Income recognition is discontinued when loans become 90 days delinquent or when in management's opinion, the collectability of principal and income becomes doubtful and the mortgage loans held for sale or investment are put on nonaccrual status.



	Mortgage Banking Activities

	Gain on Sale of Mortgage Loans Held for Sale

	Mortgage loans held for sale are considered sold when the Company surrenders control over the financial assets. Control is considered to have been surrendered when the transferred assets have been isolated from the Company, beyond the reach of the Company and its creditors; the purchaser obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and the Company does not maintain effective control over the transferred assets through an agreement that both entitles and obligates the Company to repurchase or redeem the transferred assets before their maturity or the ability to unilaterally cause the holder to return specific assets. Such transfers may involve securitizations, participation agreements or repurchase agreements. If the criteria above are not met, such transfers are accounted for as secured borrowings, in which the assets remain on the consolidated balance sheets, the proceeds from the transaction are recognized as a liability and no MSRs are recorded for the transferred loans.

	Gains and losses from the sale of mortgages are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale and is included in Mortgage banking activities, net in the consolidated statements of operations. The sales proceeds reflect the cash received and the initial fair value of the separately recognized MSRs less the fair value of the incurred liability for mortgage repurchases and indemnifications. Gains and losses also includes the unrealized gains and losses associated with the mortgage loans held for sale and the realized and unrealized gains and losses from MBS forward sales contracts and IRLCs.

	Loan Origination Fee Income



Loan origination fee income represents revenue earned from originating mortgage loans and is included in Mortgage banking activities, net in the Company's consolidated statements of operations. Loan origination fees and related direct loan origination costs are reflected in Mortgage banking activities, net when loans are sold and deferred and amortized over the life of the loan as an adjustment of yield.



Loan Servicing Fee Income



Loan servicing fee income represents revenue earned for servicing loans for various investors and is included in the consolidated statements of operations. The servicing fees are based on a contractual percentage of the outstanding principal balance and recognized into revenue as the related mortgage payments are received. Loan servicing expenses offset against loan servicing fee income as incurred.

Expense Recognition	Expense Recognition

	Expenses are recognized when incurred. Expenses include, but are not limited to, loan servicing fees, advisory fees, professional fees for legal, accounting and consulting services, and general and administrative expenses such as insurance, custodial and miscellaneous fees.

Servicing Advances	Servicing Advances

	Servicing advances represent escrows and advances on behalf of borrowers and investors to cover delinquent balances for property taxes, insurance premiums and other out-of-pocket costs. Advances are made in accordance with the servicing agreements and are recoverable upon liquidation. The Company periodically reviews the advances for collectability and amounts are written off when they are deemed uncollectible. At December 31, 2014, the Company had servicing advances of $2.0 million. Such amount is included in other assets on the Company's consolidated balance sheets.



Offering Costs	Offering Costs

	Offering costs are accounted for as a reduction of additional paid-in capital. Offering costs in connection with the Company's IPO were paid out of the proceeds of the IPO. Costs incurred to organize the Company were expensed as incurred. The Company's obligation to pay for organization and offering expenses directly related to the IPO was capped at $1.2 million and the Advisor paid for expenses incurred above the cap.

Repurchase Facilities	Repurchase Facilities

	Loan Repurchase Facilities

	The Company finances a portion of its mortgage loans held for investment through the use of repurchase agreements entered into under master repurchase agreements with certain lenders (the “Loan Repurchase Facilities”). Under the Loan Repurchase Facilities, the Company may sell, and later repurchase trust certificates representing interests in residential mortgage loans (the “Trust Certificates”). The borrowings under the Loan Repurchase Facilities are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreement. The borrowings under the Loan Repurchase Facilities are recorded on the trade date at the contract amount.



	The Company pledges cash and certain of its Trust Certificates as collateral under the Loan Repurchase Facilities. The amounts available to be borrowed are dependent upon the fair value of the Trust Certificates pledged as collateral, which fluctuates with changes in interest rates, type of underlying mortgage loans and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in the fair value of pledged Trust Certificates, the lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. At December 31, 2014 and December 31, 2013, the Company has met all margin call requirements related to any outstanding balances under its Loan Repurchase Facilities.

	Securities Repurchase Agreements

	The Company finances a portion of its RMBS portfolio and Other Investment Securities through the use of securities repurchase agreements entered into under master repurchase agreements with four financial institutions at December 31, 2014. Repurchase agreements are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Repurchase agreements are recorded on trade date at the contract amount.

	The Company pledges cash and certain of its RMBS and Other Investment Securities as collateral under these securities repurchase agreements. The amounts available to be borrowed are dependent upon the fair value of the RMBS and Other Investment Securities pledged as collateral, which fluctuates with changes in interest rates, type of securities and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in the fair value of pledged RMBS and Other Investment Securities, the lenders may require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. At December 31, 2014 and December 31, 2013, the Company has met all margin call requirements under its securities repurchase agreements.

Derivatives and Hedging Activities	Derivatives and Hedging Activities

	The Company accounts for its derivative financial instruments in accordance with derivative accounting guidance, which requires an entity to recognize all derivatives as either assets or liabilities in the consolidated balance sheets and to measure those instruments at fair value. The Company has not designated any of its derivative agreements as hedging instruments for accounting purposes. As a result, changes in the fair value of derivatives are recorded through current period earnings.

Real Estate Owned	Real Estate Owned

	The Company records its real estate owned at the properties fair value, less costs to sell. All legal fees and direct costs relating to real estate owned are expensed as incurred. At December 31, 2014, the Company had real estate owned of $1.3 million. Such amounts are included in other assets in the Company's consolidated balance sheets.



Loans Eligible for Repurchase from Ginnie Mae	Loans Eligible for Repurchase from Ginnie Mae

	When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company then records the right to repurchase the loan as an asset and liability on its consolidated balance sheets. There were no actual repurchases of Ginnie Mae delinquent or defaulted mortgage loans during the year ended December 31, 2014.

8% Exchangeable Senior Notes Due 2016	8% Exchangeable Senior Notes Due 2016

	On November 25, 2013, the Operating Partnership issued $57.5 million aggregate principal amount of unsecured 8.00% Exchangeable Senior Notes due 2016 (the "Exchangeable Senior Notes"). The Exchangeable Senior Notes are carried at amortized cost. Interest expense on the Exchangeable Senior Notes is computed using the effective interest method. The conversion features of the Exchangeable Senior Notes are deemed to be an embedded derivative. Accordingly, the Company is required to bifurcate the embedded derivative related to the conversion features of the Exchangeable Senior Notes. The Company recognized the embedded derivative as a liability in its consolidated balance sheets at December 31, 2014 and December 31, 2013, measured it at its estimated fair value and recognized changes in its estimated fair value in gain/(loss) on derivative instruments in the Company's consolidated statements of operations.

Liability for Loan Repurchases and Indemnifications	Liability for Loan Repurchases and Indemnifications

	Loans sold to investors by the Company and which met investor and agency underwriting guidelines at the time of sale may be subject to repurchase or indemnification in the event of specific default by the borrower or subsequent discovery that underwriting standards were not met. The Company may, upon mutual agreement, agree to repurchase the loans or indemnify the investor against future losses on such loans. In such cases, the Company bears any subsequent credit loss on the loans. The Company has established a liability for potential losses related to these representations and warranties with a corresponding provision recorded for loan losses. The liability is included in accounts payable and other liabilities in the Company's consolidated balance sheets and the provision is included in mortgage banking activities, net in the Company's consolidated statements of operations. In assessing the adequacy of the liability, management evaluates various factors including actual losses on repurchases and indemnifications during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry. Actual losses incurred are reflected as charge-offs against the reserve liability.

	Because of the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change.

Escrow and Fiduciary Funds	Escrow and Fiduciary Funds

	The Company maintains segregated bank accounts in trust for investors and escrow balances for mortgagors. The balances of these accounts were $23.6 million at December 31, 2014 and are excluded from the Company's consolidated balance sheets. The Company did not have any segregated bank accounts in trust for investors or escrow balances for mortgagors at December 31, 2013.

Net Income (Loss) Per Share	Net Income (Loss) Per Share

	The Company's basic earnings per share ("EPS") is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding OP units and Exchangeable Senior Notes were converted to common stock, where such exercise or conversion would result in a lower EPS. The dilutive effect of OP units is computed assuming all units are converted to common stock. The dilutive effect of the Exchangeable Senior Notes is computed assuming shares converted are limited to 1,779,560 pursuant to New York Stock Exchange ("NYSE") restrictions. The 1,779,560 shares of common stock were included in the calculation of diluted EPS as such inclusion was dilutive for the year ended December 31, 2014.

Income Taxes	Income Taxes

	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2011. The Company was organized and has operated and intends to continue to operate in a manner that will enable it to qualify to be taxed as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with U.S. GAAP). As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, does not engage in prohibited transactions, and maintains its intended qualification as a REIT. The majority of States also recognize the Company's REIT status. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. However, it is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements.



	The Company has made separate joint elections with three of its subsidiaries, ZFC Funding TRS, ZFC Trust TRS and Honeybee TRS, to treat such subsidiaries as taxable REIT subsidiaries (the “TRS entities”). The Company may perform certain activities through these TRS entities that could adversely impact the Company's REIT qualification if performed other than through a TRS entity. The Company's TRS entities file separate tax returns and are taxed as standalone U.S. C-Corporations irrespective of the dividends-paid deduction available to REITs for federal income tax purposes.



	The Company assesses its tax positions for all open tax years and records tax benefits only if tax positions meet a more-likely-than-not threshold in accordance with U.S. GAAP for guidance on accounting for uncertainty in income taxes.

Goodwill and Intangible Assets	Goodwill and Intangible Assets

	The purchase price of GMFS was allocated to the assets acquired, including identifiable intangible assets (trade name, customer relationships, licenses and favorable leases), and the liabilities assumed based on their estimated fair values at the date of acquisition. The excess of purchase price over the fair value of the net assets acquired was recognized as goodwill. Goodwill is carried at cost, net of impairment charges, and reflected on the Company's consolidated balance sheets.


	Goodwill is not amortized but is tested for impairment on an annual basis, or frequently if events or changes in circumstances indicate that a potential impairment may have occurred. The testing of goodwill for impairment is initially based on a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the facts indicate that it is more likely than not that that an impairment may exist, a two-step quantitative assessment is conducted to (a) calculate the fair value of the reporting unit and compare to its carrying value including goodwill and (b) if the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss equal to the amount by which the carrying value of the goodwill exceeds the implied fair value of that goodwill. The impairment is recognized as an expense in the period in which the impairment occurs.


	The Company does not amortize intangible assets with indefinite lives. The Company amortizes intangible assets with identified estimated useful lives on a straight-line basis over their estimated useful lives.

Recent Accounting Pronouncements	Recent Accounting Pronouncements

	In January 2014, the FASB issued ASU 2014-04: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (“ASU 2014-04”), to reduce diversity in practice by clarifying when an in substance repossession or foreclosure has occurred and when a creditor should derecognize the associated loan receivable and recognize the real estate property. ASU 2014-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Adoption of ASU 2014-04 is not expected to have a material effect on the Company's consolidated financial statements.



	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The objective of the guidance is to clarify the principles for recognizing revenue. ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance, and also enhances disclosure requirements around revenue recognition and the related cash flows. The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this new standard.



	In June 2014, the FASB issued Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”) which amends the accounting guidance for repo-to-maturity (“RTM”) transactions and repurchase agreements executed as repurchase financings. Under this new accounting guidance, RTMs will be accounted for as secured borrowings rather than sales of an asset, and transfers of financial assets with a contemporaneous repurchase agreement will no longer be evaluated to determine whether they should be accounted for on a combined basis as forward contracts. The new guidance also prescribes additional disclosures particularly on the nature of collateral pledged in repurchase agreements accounted for as secured borrowings. ASU 2014-11 is effective for the first interim or annual reporting periods beginning after December 15, 2014. Adoption of ASU 2014-11 is not expected to have a material effect on the Company's consolidated financial statements.



	In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-04) Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. If conditions or events indicate it is probable that an entity will be unable to meet its obligations as they become due within one year after the financial statements are issued, the update requires additional disclosures. The update is effective for periods beginning after December 15, 2016 with early adoption permitted. Adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements.



	In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 makes changes to both the variable interest model and the voting model. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this new standard.

GMFS_Transaction_Tables

GMFS Transaction (Tables)	12 Months Ended
GMFS Transaction (Tables)	Dec. 31, 2014
GMFS Transaction [Abstract]
Schedule of Business Acquisition
	Total consideration is as follows:
	Cash paid to owners of GMFS		$	62,847,452
	Contingent consideration			11,430,413
	Total consideration		$	74,277,865
Schedule of Net Assets Acquired
	Fair value of Assets:
	Cash and cash equivalents		$	13,304,612
	Mortgage loans held for sale			92,512,390
	Mortgage loans held for investment			1,098,897
	Derivative assets			1,590,160
	Other assets			2,713,950
	MSRs			32,300,337
	Goodwill			16,512,680
	Intangible Assets			5,800,000
	Loans eligible for repurchase from Ginnie Mae			21,169,329
	Total assets acquired			187,002,355

	Fair value of Liabilities:
	Warehouse lines of credit			85,840,705
	Accounts payable and other liabilities			5,714,456
	Liability for loans eligible for repurchase from Ginnie Mae			21,169,329
	Total liabilities assumed			112,724,490
	Fair value of net assets acquired		$	74,277,865

	Goodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed and is primarily made up of expected synergies and the assembled workforce of GMFS. This determination of goodwill is preliminary, and is subject to change when the valuation is complete. A preliminary determination of the goodwill is as follows:

	Total purchase price		$	74,277,865
	Less: Preliminary estimate of the fair value of the net assets acquired			(57,765,185	)
	Goodwill		$	16,512,680

Schedule of Intangible Assets Acquired
			Estimated Fair Value			Estimated Useful Life
	Trade name		$	2.0 million		10 years
	Customer relationships			1.3 million		10 years
	Licenses			1.0 million		3 years
	Favorable lease			1.5 million		12 years
	Total Intangible assets		$	5.8 million

Schedule of Revenues, Earnings, and Net Income
			Year Ended			Year Ended
			31-Dec-14			31-Dec-13
	Net interest income		$	21,623,473		$	15,737,131

	Noninterest Income
	Mortgage banking activities, net			41,047,510			46,354,596

	Loan servicing fees, net of direct costs			5,239,010			3,022,447

	Other income			673,270			709,369

	Net income			35,213,626			11,465,008


	Interest income – mortgage loans held for sale		$	594,217

	Mortgage banking activities, net:
	Gain on sale of mortgage loans, net of direct costs			5,344,361
	Loan origination fee income			213,540
	Provision for loan indemnification			(118,895	)
				5,439,006
	Loan servicing fee income, net of direct costs			929,718
	Change in fair value of mortgage servicing rights			(1,684,373	)
	Other income			45,861
	Total non interest income			4,730,212

	Net income before expenses and taxes relating to Honeybee TRS		$	583,073
	Expenses of Honeybee TRS			(2,710,564	)
	Net loss after expenses of Honeybee TRS, before tax			(2,127,491	)
	Tax benefit			850,996
	Net loss after expenses of Honeybee TRS, after tax		$	(1,276,495	)
Schedule of Future Amortization Expense
	2015	$	788,340
	2016	$	788,340
	2017	$	732,776
	2018	$	455,004
	2019	$	455,004

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
Fair Value (Tables)	Dec. 31, 2014
Fair Value [Abstract]
Schedule of Financial Instruments Accounted for at Fair Value on a Recurring Basis	The following table sets forth the Company's financial instruments that were accounted for at fair value on a recurring basis at December 31, 2014, by level within the fair value hierarchy:

			Assets and Liabilities at Fair Value
			Level 1			Level 2			Level 3			Total
	Assets
	Mortgage loans held for investment		$	—		$	—		$	415,959,838		$	415,959,838
	Mortgage loans held for sale			—			97,690,960			—			97,690,960
	Non-Agency RMBS			—			—			148,585,733			148,585,733
	Other Investment Securities			—			—			2,040,532			2,040,532
	MSRs			—			—			33,378,978			33,378,978
	Derivative assets			—			—			2,485,100			2,485,100
	Total		$	—		$	97,690,960		$	602,450,181		$	700,141,141
	Liabilities
	Derivative liabilities		$	—		$	2,585,184		$	—		$	2,585,184
	Total		$	—		$	2,585,184		$	—		$	2,585,184

	The following table sets forth the Company's financial instruments that were accounted for at fair value on a recurring basis at December 31, 2013, by level within the fair value hierarchy:

			Assets and Liabilities at Fair Value
			Level 1			Level 2			Level 3			Total
	Assets
	Mortgage loans held for investment		$	—		$	—		$	331,785,542		$	331,785,542
	Non-Agency RMBS			—			—			226,155,221			226,155,221
	Derivative assets			—			284,454			—			284,454
	Total		$	—		$	284,454		$	557,940,763		$	558,225,217
	Liabilities
	Derivative liabilities			—			1,471,607		$	—		$	1,471,607
	Total		$	—		$	1,471,607		$	—		$	1,471,607
Schedule of Financial Instruments Utilizing Level 3 Inputs	The following table presents additional information about the Company's financial instruments which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

			Year Ended December 31, 2014									Year Ended December 31, 2013
			Mortgage			RMBS			Other			Mortgage			RMBS
			Loans held for						Investment			Loans held for
			investment						Securities			investment
	Beginning balance		$	331,785,542		$	226,155,221		$	—		$	—		$	100,911,651
	Total net transfers into/out of Level 3			—			—			—			—			—
	Acquisitions			85,579,169			47,034,327			12,926,953			334,162,044			234,397,506
	Proceeds from sales			—			(102,635,229	)		(11,067,378	)		—			(68,190,593	)
	Net accretion of discounts			7,497,341			5,528,538			180,438			3,059,231			3,727,702
	Proceeds from principal repayments			(31,759,326	)		(28,197,740	)		—			(13,871,059	)		(39,338,730	)
	Conversion of mortgage loans to REO			(1,796,028	)		—			—			—			—
	Total losses (realized/unrealized) included in earnings			(8,250,003	)		(6,694,487	)		(226,224	)		(6,344,877	)		(9,138,009	)
	Total gains (realized/unrealized) included in earnings			32,903,143			7,395,103			226,743			14,780,203			3,785,694
	Ending balance		$	415,959,838		$	148,585,733		$	2,040,532		$	331,785,542		$	226,155,221



			Year Ended December 31, 2014
			LPCs			IRLCs
	Beginning balance		$	—		$	—
	Acquisition of GMFS			—			2,702,954
	Change in unrealized gain or loss			4,037			(221,891	)
	Ending balance		$	4,037		$	2,481,063

			Year Ended December 31, 2014									Year Ended December 31, 2013
			Mortgage			RMBS			Other			Mortgage			RMBS
			Loans held for						Investment			Loans held for
			investment						Securities			investment
	The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date		$	22,957,500		$	(1,039,499	)	$	(226,224	)	$	7,136,482		$	(2,822,969	)

	The following table presents additional information about the Company's MSRs which are also financial instruments that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

			Year Ended
			31-Dec-14

	Balance at beginning of year		$	—
	Acquisition of MSRs in connection with purchase of GMFS			32,300,337
	Additions due to loans sold, servicing retained			2,763,014
	Fair value adjustment:⁽¹⁾
	Changes in assumptions⁽²⁾			(1,420,925	)
	Other changes⁽³⁾			(263,448	)
	Balance at December 31, 2014		$	33,378,978

	The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date		$	(1,420,925	)



	-1	Included in change in fair value of MSRs on the consolidated statements of operations.
	-2	Primarily reflects changes in prepayment assumptions due to changes in interest rates and discount rates.
	-3
	Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period.

Schedule of Quantitative Information about Level 3 Fair Value Measurements	The following tables present quantitative information about the Company's mortgage loans held for investment, real estate securities and Other Investment Securities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

			Fair Value at			Valuation		Unobservable Input	Min/Max						Weighted
			December 31,			Technique(s)									Average
			2014
	Mortgage loans held for investment		$	415,959,838		Discounted cash flow model		Constant voluntary prepayment		1.4	%		27.1	%		3.9	%
								Constant default rate		0	%		4	%		2.9	%
								Loss severity		0	%		40.5	%		23.8	%
								Delinquency		0.1	%		13.6	%		10.6	%

			Fair Value at			Valuation		Unobservable Input	Min/ Max						Weighted
			December 31,			Technique(s)									Average
			2014
	Non-Agency RMBS⁽¹⁾
	Alternative – A		$	61,296,540		Broker quotes/ comparable trades		Constant voluntary prepayment		1.6	%		24.8	%		13.6	%
								Constant default rate		0.1	%		8.4	%		3.1	%
								Loss severity		0	%		81.1	%		20.5	%
								Delinquency		1.3	%		25.9	%		10.1	%
	Pay option adjustable rate		$	45,541,325		Broker quotes/ comparable trades		Constant voluntary prepayment		1.7	%		20.1	%		8.9	%
								Constant default rate		1.6	%		19.4	%		4.3	%
								Loss severity		0	%		66.2	%		38	%
								Delinquency		6.8	%		29.1	%		15.2	%
	Prime		$	39,065,076		Broker quotes/ comparable trades		Constant voluntary prepayment		2.6	%		17.3	%		9.2	%
								Constant default rate		0.2	%		9.2	%		4.1	%
								Loss severity		0	%		78.3	%		28.2	%
								Delinquency		5	%		24.8	%		13	%
	Subprime		$	2,682,792		Broker quotes/ comparable trades		Constant voluntary prepayment		2.4	%		7.4	%		4.7	%
								Constant default rate		6	%		8	%		7.7	%
								Loss severity		65	%		85	%		72	%
								Delinquency		25.5	%		27.7	%		26.8	%
	Total Non-Agency RMBS		$	148,585,733


	-1	The Company uses third-party dealer quotes to estimate fair value of some of its financial assets. The Company verifies selected prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. Where the Company has disclosed unobservable inputs for broker quotes or comparable trades, those inputs are based on the Company's validations performed at the security level.

			Fair Value at			Valuation		Unobservable Input	Weighted
			31-Dec-14			Technique(s)		Unobservable Input	Average
	Other Investment Securities⁽¹⁾		$	2,040,532		Broker quotes/		Constant voluntary prepayment		7.5	%
	Other Investment Securities⁽¹⁾		$	2,040,532		comparable trades		Constant voluntary prepayment		7.5	%


	-1	The Company uses third-party dealer quotes to estimate fair value of some of its financial assets. The Company verifies selected prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. Where the Company has disclosed unobservable inputs for broker quotes or comparable trades, those inputs are based on the Company's validations performed at the security level.

	The following table presents quantitative information about the Company's MSRs which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value:


			Fair Value at			Valuation		Unobservable Input	Min/Max						Weighted
			Year Ended,			Technique(s)									Average
			2014
	MSRs		$	33,378,978		Discounted cash flow model		Constant prepayment rate		7.6	%		58.2	%		10.6	%
								Cost of servicing	$	76		$	533		$	91
								Discount rate		9	%		10	%		9.4	%

	Key inputs		31-Dec-14
	Pull-through rate
	Range		55.7% – 100.0%
	Weighted average		85.00%
	MSR value expressed as:
	Servicing fee multiple
	Range		0.4 – 6.0
	Weighted average		4.4
	Percentage of unpaid principal balance
	Range		0.2% – 1.9%
	Weighted average		1.10%
Schedule of Fair Value Option
			31-Dec-14									31-Dec-13
						Unpaid									Unpaid Principal
						Principal and/or									and/or Notional
						Notional
			Fair Value			Balance⁽¹⁾			Difference			Fair Value			Balance⁽¹⁾			Difference
	Financial instruments, at fair value Assets
	Mortgage loans held for investment		$	415,959,838		$	464,877,028		$	(48,917,190	)	$	331,785,542		$	398,828,497		$	(67,042,955	)
	Mortgage loans held for sale			97,690,960			92,917,659			4,773,301			—			—			—
	Non-Agency RMBS			148,585,733			226,501,915			(77,916,182	)		226,155,221			324,241,597			(98,086,376	)
	Other Investment Securities			2,040,532			2,250,000			(209,468	)		—			—			—
	MSRs			33,378,978			3,078,974,342			(3,045,595,364	)		—			—			—
	Total financial instruments, at fair value		$	697,656,041		$	3,865,520,944		$	(3,167,864,903	)	$	557,940,763		$	723,070,094		$	(165,129,331	)


	-1	Non-Agency RMBS includes an IO with a notional balance of $48.6 million and $64.3 million at December 31, 2014 and December 31, 2013, respectively.
Schedule of Fair Value of Other Financial Instruments
			December 31,						December 31,
			2014						2013
			Fair Value			Carrying Value			Fair Value			Carrying Value
	Other financial instruments
	Assets
	Cash		$	33,791,013		$	33,791,013		$	57,060,806		$	57,060,806
	Restricted cash			7,143,078			7,143,078			2,128,236			2,128,236
	Liabilities
	Warehouse lines of credit		$	89,417,564		$	89,417,564		$	—			—
	Loan Repurchase Facilities			300,092,293			300,092,293			236,727,512			236,058,976
	Securities repurchase agreements			103,014,105			103,014,105			138,790,158			138,591,678
	Exchangeable Senior Notes			59,933,400			55,474,741			54,737,573			54,539,057
Schedule of Quantitative Summary Pertaining to MSRs
			31-Dec-14
			Range
			(Weighted average)
			Fair value

	Discount rate			9.0% - 10.0	%
				(9.4	%)
	Effect on fair value of adverse change of:
	5%		$	(683,406	)
	10%		$	(1,366,812	)
	20%		$	(2,655,493	)

	Prepayment speed⁽¹⁾			7.6% - 58.2	%
				(10.6	%)
	Effect on fair value of adverse change of:
	5%		$	(639,594	)
	10%		$	(1,279,187	)
	20%		$	(2,468,154	)

	Per-loan annual cost of servicing			$76 - $533
			$	(91	)
	Effect on fair value of adverse change of:
	5%		$	(389,384	)
	10%		$	(778,768	)
	20%		$	(1,557,561	)



	-1	Prepayment speed is measured using CPR.

Mortgage_Loans_Held_for_Invest1

Mortgage Loans Held for Investment, at Fair Value (Tables)	12 Months Ended
Mortgage Loans Held for Investment, at Fair Value (Tables)	Dec. 31, 2014
Mortgage Loans Held for Investment, at Fair Value [Abstract]
Schedule of Mortgage Loan Acquisitions	Acquisition Date		Aggregate Unpaid Principal Balance				Loan Repurchase Facilities Used
			(in millions)
	Year ended December 31, 2013:
	22-Mar-13		$	17.7			$	—
	May 30, 2013			—				—	-1
	May 31, 2013			134.5				78.5
	July 25, 2013			162.4				98.7
	August 28, 2013			98.2				54.8
	Year ended December 31, 2014:
	March 27, 2014			100.4				60.6



	(1)

	On May 30, 2013, the Company entered into the Citi Loan Repurchase Facility and utilized $10.6 million of the Citi Loan Repurchase Facility to finance its then existing residential mortgage loan portfolio.

Schedule of Information about Investments in Mortgage Loans	2014

			Unpaid Principal Balance				Premium (Discount)				Amortized Cost				Gross Unrealized(1)								Fair Value			Weighted Average
															Gains		Losses									Coupon				Yield(2)
	Mortgage Loans Held for Investment
	Performing
	Fixed		$	265,306,697			$	-51,501,092			$	213,805,605			$	26,732,362			$	(1,383,524			$	239,154,443			4.5	%			7.28	%
	ARM			162,858,201				(21,343,046	)			141,515,155				9,568,296				(1,441,035	)			149,642,416			3.59				7.1
	Total performing			428,164,898				(72,844,138	)			355,320,760				36,300,658				(2,824,559	)			388,796,859			4.15				7.21
	Non-performing(3)			35,945,165				(6,039,073	)			29,906,092				840,097				(4,369,886	)			26,376,303			5.48				7.13
	Total Mortgage Loans Held for Investment		$	464,110,063			$	-78,883,211			$	385,226,852			$	37,140,755			$	(7,194,445			$	415,173,162			4.26	%			7.2	%



	(1)

	The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $22.8 million for the year ended December 31, 2014 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.


	(2)

	Unleveraged yield.


	(3)

	Loans that are delinquent for 60 days or more are considered non-performing.





	2013
															Gross Unrealized(1)										Weighted Average
			Unpaid Principal Balance				Premium (Discount)				Amortized Cost				Gains			Losses				Fair Value			Coupon				Yield(2)
	Mortgage Loans Held for Investment
	Performing
	Fixed		$	212,701,494			$	-43,530,581			$	169,170,913			$	7,842,598		$	-3,558,171			$	173,455,340			4.56	%			7.05	%
	ARM			170,178,466				(25,617,563	)			144,560,903				5,088,302			(1,556,430	)			148,092,775			3.76				6.67
	Total performing			382,879,960				(69,148,144	)			313,731,816				12,930,900			(5,114,601	)			321,548,115			4.2				6.88
	Non-performing(3)			15,948,537				(5,031,293	)			10,917,244				456,024			(1,135,841	)			10,237,427			5.06				8.03
	Total Mortgage Loans Held for Investment		$	398,828,497			$	-74,179,437			$	324,649,060			$	13,386,924		$	-6,250,442			$	331,785,542			4.24	%			6.91	%



	(1)

	The Company has elected the fair value option pursuant to ASC 825 for its mortgage loans held for investment. The Company recorded a gain of $7.1 million for the year ended December 31, 2013, as change in unrealized gain or loss on mortgage loans in the consolidated statements of operations.


	(2)

	Unleveraged yield.


	(3)

	Loans that are delinquent for 60 days or more are considered non-performing.


			Unpaid Principal Balance				Premium (Discount)				Amortized Cost				Gross Unrealized(1)							Fair Value			Weighted Average
															Gains			Losses							Coupon				Yield(2)

	Performing
Fixed		$	766,965			$	16,173			$	783,138			$	3,538		$	—			$	786,676			4.38	%			4.2	%
Total Mortgage Loans Held for Investment		$	766,965			$	16,173			$	783,138			$	3,538		$	—			$	786,676			4.38	%			4.2	%



(1)

The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $3,538 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.


(2)

Unleveraged yield.

Schedule of Difference Between Fair Value and Aggregate Unpaid Principal Balance			31-Dec-14												31-Dec-13
			Fair Value				Unpaid Principal Balance				Difference				Fair Value			Unpaid Principal Balance				Difference
	Loan Type
	Performing loans:
	Fixed		$	239,154,443			$	265,306,697			$	-26,152,254			$	173,455,340		$	212,701,494			$	-39,246,154
	ARM			149,642,416				162,858,201				(13,215,785	)			148,092,775			170,178,466				(22,085,691	)
	Total performing loans			388,796,859				428,164,898				(39,368,039	)			321,548,115			382,879,960				(61,331,845	)
	Non-performing loans			26,376,303				35,945,165				(9,568,862	)			10,237,427			15,948,537				(5,711,110	)
	Total		$	415,173,162			$	464,110,063			$	-48,936,901			$	331,785,542		$	398,828,497			$	-67,042,955
Schedule of Change in Accretable Yield		December 31,	December 31,
		2014	2013
	Accretable yield, beginning of year	$223,401,697	$ —
	Acquisitions	55,532,098	222,899,189
	Accretion	-26,137,006	-10,470,435
	Reclassifications from nonaccretable difference	14,713,116	10,972,942
	Accretable yield, end of year	$ 267,509,905	$ 223,401,697
Schedule of Concentrations of Credit Risk			December 31,				December 31,
			2014				2013
	Concentration
	Percentage of fair value of mortgage loans with unpaid principal balance to current property value in excess of 100%			55.7	%			73.6	%
	Percentage of fair value of mortgage loans secured by properties in the following states:
	Each representing 10% or more of fair value:
	California			26.2	%			25.6	%
	Florida			16.6	%			17.8	%
	Additional state representing more than 5% of fair value:
	Georgia			5.7	%			6.8	%
	New York			5.1	%			—

Mortgage_Loans_Held_for_Sale_T

Mortgage Loans Held for Sale (Tables)	12 Months Ended
Mortgage Loans Held for Sale (Tables)	Dec. 31, 2014
Mortgage Loans Held for Sale [Abstract]
Schedule of Mortgage Loans Held for Sale		Unpaid Principal Balance	Fair Value
	Conventional	$55,073,645	$57,058,195
	Governmental	13,407,781	14,601,797
	Reverse mortgage	1,600,449	1,765,552
	United States Department of Agriculture loans	16,105,088	17,069,138
	United States Department of Veteran Affairs loan	6,730,696	7,196,278
	Total	$92,917,659	$97,690,960

Real_Estate_Securities_and_Oth1

Real Estate Securities and Other Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate Securities and Other Investment Securities [Abstract]
Schedule of Information Regarding Real Estate Securities	The following table sets forth certain information regarding the Company's RMBS and Other Investment Securities at December 31, 2014:

										Gross Unrealized(1)							Weighted Average
		Principal or Notional Balance		Premium (Discount)			Amortized Cost			Gains		Losses			Fair Value		Coupon			Yield(2)
	Real estate securities
	Non-Agency RMBS
	Alternative – A(3)	$	118,547,109	$	(58,583,222		$	59,963,887		$	1,916,611	$	(583,958	)	$	61,296,540		3.44	%		7.03	%
	Pay option adjustable rate		58,122,808		(11,491,663	)		46,631,145			80,848		(1,170,668	)		45,541,325		0.93			6.12
	Prime		43,803,995		(6,219,091	)		37,584,904			1,545,452		(65,280	)		39,065,076		3.6			6.79
	Subprime		6,028,003		(3,290,867	)		2,737,136			-		(54,344	)		2,682,792		0.33			16.98
	Total RMBS	$	226,501,915	$	(79,584,843	)	$	146,917,072		$	3,542,911	$	(1,874,250		$	148,585,733		2.62	%		6.96	%
	Other Investment Securities	$	2,250,000	$	16,756		$	2,266,756		$	-	$	(226,224	)	$	2,040,532		3.92	%		5.9	%



	(1)

	The Company has elected the fair value option pursuant to ASC 825 for its real estate securities and Other Investment Securities. The Company recorded a loss of $3.0 million for the year ended December 31, 2014, as change in unrealized gain or loss on real estate securities in the consolidated statements of operations. The Company also recorded a loss of $0.2 million for the year ended December 31, 2014, as change in unrealized gain or loss on Other Investment Securities in the consolidated statements of operations.


	(2)

	Unleveraged yield.


	(3)

	Alternative – A RMBS includes an IO with a notional balance of $48.6 million.


	The following table sets forth certain information regarding the Company's RMBS at December 31, 2013:

										Gross Unrealized(1)							Weighted Average
		Principal or Notional Balance		Premium (Discount)			Amortized Cost			Gains		Losses			Fair Value		Coupon			Yield(2)
	Real estate securities
	Non-Agency RMBS
	Alternative – A(3)	$	160,590,487	$	-80,206,745		$	80,383,742		$	2,414,864	$	-1,112,077		$	81,686,529		4.26			6.77
	Pay option adjustable rate		34,374,028		(7,057,026	)		27,317,002			464,756		(345,915	)		27,435,843		0.76			6.8
	Prime		109,136,108		(13,590,489	)		95,545,619			3,751,248		(767,825	)		98,529,042		4.77			6.45
	Subprime		20,140,974		(1,894,417	)		18,246,557			536,407		(279,157	)		18,503,807		1.07			5.97
	Total RMBS	$	324,241,597	$	-102,748,677		$	221,492,920		$	7,167,275	$	-2,504,974		$	226,155,221		3.8	%		6.57	%



	(1)

	The Company has elected the fair value option pursuant to ASC 825 for its real estate securities.


	(2)

	Unleveraged yield.


	(3)

	Alternative – A RMBS includes an IO with a notional balance of $64.3 million.


	The following table presents certain information regarding the Company's non-Agency RMBS at December 31, 2014 by weighted average life:

Schedule of Information Regarding Gains and Losses on Securities		Year Ended
		December 31,		December 31,			December 31,
		2014		2013			2012
	Proceeds from the sale of real estate securities	$	102,635,229	$	291,348,906		$	74,216,314
	Proceeds from the sale of other investment securities		11,067,378		—			—
	Realized gain (loss) on the sale of real estate securities		3,694,255		(7,937,665	)		28,858
	Realized gain (loss) on the sale of other investment securities		226,743		—			—
	Realized loss on OTTI		—		(1,108,024	)		(215,345	)
Schedule of Information Regarding Real Estate Securities by Weighted Average Life		Non-Agency RMBS
		Fair Value		Amortized Cost			Weighted Average Yield
	Weighted average life(1)
	Greater than 5 years	$	226,155,221	$	221,492,920			6.57	%
		$	226,155,221	$	221,492,920			6.57	%



	(1)

	Actual maturities of real estate securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.


		Other Investment Securities
		Fair Value		Amortized Cost			Weighted Average Yield
	Weighted average life(1)
	Greater than 5 years	$	2,040,532	$	2,266,756			5.9	%
		$	2,040,532	$	2,266,756			5.9	%



	(1)

	Actual maturities of Other Investment Securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.


		Non-Agency RMBS
		Fair Value		Amortized Cost			Weighted Average Yield
	Weighted average life(1)
	Greater than 5 years	$	148,585,733	$	146,917,072			6.96	%
		$	148,585,733	$	146,917,072			6.96	%



	(1)

	Actual maturities of real estate securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.

Mortgage_Servicing_Rights_Tabl

Mortgage Servicing Rights (Tables)	12 Months Ended
Mortgage Servicing Rights (Tables)	Dec. 31, 2014
Mortgage Servicing Rights [Abstract]
Schedule of Mortgage Servicing Rights	The activity of MSRs for the year ended December 31, 2014 is as follows:

	Balance at beginning of year		$	—
	Acquisition of MSRs in connection with purchase of GMFS			32,300,337
	Additions due to loans sold, servicing retained			2,763,014
	Fair value adjustment:⁽¹⁾
	Changes in assumptions⁽²⁾			(1,420,925	)
	Other changes⁽³⁾			(263,448	)
	Balance at December 31, 2014		$	33,378,978


	-1	Included in change in fair value of MSRs in the Company's consolidated statements of operations.
	-2	Primarily reflects changes in prepayment assumptions due to changes in interest rates and discount rates.
	-3	Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid off during the period.

	The Company's MSR portfolio at December 31, 2014 is summarized as follows:

			Unpaid Principal Balance			Fair Value
	Fannie Mae		$	1,640,799,719		$	17,078,181
	Ginnie Mae			1,146,234,768			13,102,076
	Freddie Mac			291,939,855			3,198,721
	Total		$	3,078,974,342		$	33,378,978


	The Company contracts with licensed sub-servicers to perform all servicing functions for these loans. The following table presents the loan servicing fee income, net of direct costs:


	Income		$	1,412,583
	Late charges			60
	Cost of sub-servicer			(482,925	)
	Loan servicing fees, net of direct costs		$	929,718

Warehouse_Lines_of_Credit_Tabl

Warehouse Lines of Credit (Tables) (Warehouse Agreement Borrowings [Member])	12 Months Ended
	Dec. 31, 2014
Warehouse Agreement Borrowings [Member]
Short-term Debt [Line Items]
Schedule of debt
		31-Dec-14
		Balance		Weighted Average
		Balance		Rate
	Warehouse lines of credit maturing within
	30 days or less	$	21,210,431		2.47	%
	Greater than 180 days to 1 year		57,118,533		2.46
	Greater than 1 year		11,088,600		2.92
	Total/weighted average	$	89,417,564		2.52	%

Loan_Repurchase_Facility_Table

Loan Repurchase Facility (Tables) (Line of Credit [Member])	12 Months Ended
Loan Repurchase Facility (Tables) (Line of Credit [Member])	Dec. 31, 2014
Line of Credit [Member]
Debt Instrument [Line Items]
Schedule of Information Regarding Repurchase Agreements			31-Dec-14						31-Dec-13
			Balance			Weighted Average Rate			Balance		Weighted Average Rate
	Loan Repurchase Facilities borrowings maturing within
	91-180 days		$	299,402,024			2.92	%	$	236,058,976		2.92	%
	Greater than 180 days to 1 year			690,269			2.46	%		—		—
	Total/weighted average		$	300,092,293			2.92	%	$	236,058,976		2.92	%
Schedule of Information Regarding Posting of Collateral
			31-Dec-14			31-Dec-13
	Loan Repurchase Facilities secured by mortgage loans held for investment		$	300,092,293		$	236,058,976
	Fair value of Trust Certificates pledged as collateral under Loan Repurchase Facilities			415,814,067			331,522,165
	Fair value of mortgage loans not pledged as collateral under Loan Repurchase Facilities			145,771			263,377
	Cash pledged as collateral under Loan Repurchase Facilities			—			—
	Unused Amount⁽¹⁾			124,907,707			13,941,024


	-1	The amount the Company is able to borrow under the Loan Repurchase Facilities is tied to the fair value of unencumbered Trust Certificates eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the collateral sold.
Schedule of Financial Information			Year Ended			Year Ended
			31-Dec-14			31-Dec-13
	Weighted average interest rate			3.11	%		2.92	%
	Average unpaid principal balance of loans sold under agreements to repurchase		$	193,332		$	273,786
	Maximum daily amount outstanding		$	310,575,669		$	242,099,994
	Total interest expense		$	8,906,849		$	3,612,167

Securities_Repurchase_Agreemen1

Securities Repurchase Agreements (Tables) (Securities Sold under Agreements to Repurchase [Member])	12 Months Ended
	Dec. 31, 2014
Securities Sold under Agreements to Repurchase [Member]
Debt Instrument [Line Items]
Schedule of Information Regarding Repurchase Agreements		31-Dec-14										31-Dec-13
		Non-Agency RMBS					Other Investment Securities					Non-Agency RMBS
		Balance		Weighted Average Rate			Balance		Weighted Average Rate			Balance		Weighted Average Rate
	Securities repurchase agreements maturing within
	30 days or less	$	101,553,292		1.57	%	$	1,460,813		1.66	%	$	121,913,678		1.9	%
	31-60 days		—		—			—		—			6,415,000		1.84
	61-90 days		—		—			—		—			10,263,000		1.85
	Total/weighted average	$	101,553,292		1.57	%	$	1,460,813		1.66	%	$	138,591,678		1.89	%
Schedule of Information Regarding Posting of Collateral		31-Dec-14		31-Dec-13
	Securities repurchase agreements secured by non-Agency RMBS	$	101,553,292	$	138,591,678
	Securities repurchase agreements secured by Other Investment Securities		1,460,813		—
	Fair value of non-Agency RMBS pledged as collateral		135,779,193		183,722,511
	Fair value of Other Investment Securities pledged as collateral		2,040,532		—
	Fair value of non-Agency RMBS not pledged as collateral		12,806,540		42,432,710
	Fair value of Other Investment Securities not pledged as collateral		—		—
	Cash pledged as collateral		684,256		1,360,528

Derivative_Instruments_Tables

Derivative Instruments (Tables)	12 Months Ended
Derivative Instruments (Tables)	Dec. 31, 2014
Derivative Instruments [Abstract]
Schedule of Notional Amounts of Derivative Instruments	Non-hedge derivatives		31-Dec-14				December 31, 2013
	Notional amount of interest rate swaption		$	225,000,000			$	—
	Notional amount of interest rate swaps			17,200,000				17,200,000
	LPCs (Principal balance of underlying loans)			1,905,700				—
	IRLCs (Principal balance of underlying loans)			118,486,590				—
	MBS forward sales contracts			154,000,000				—
Schedule of Fair Value of Derivative Instruments	Derivative instruments	Designation	Balance Sheet Location		December 31, 2014				31-Dec-13
	Interest rate swaption	Non-hedge	Derivative assets, at fair value		$	—			$	—
	Interest rate swaps	Non-hedge	Derivative (liabilities)/assets, at fair value			(860,553	)			284,454
	Exchangeable Senior Notes conversion option	Non-hedge	Derivative liabilities, at fair value			(1,022,248	)			(1,471,607	)
	LPCs	Non-hedge	Derivative assets, at fair value			4,037				—
	IRLCs	Non-hedge	Derivative assets, at fair value			2,481,063				—
	MBS forward sales contracts	Non-hedge	Derivative liabilities, at fair value			(702,383	)			—
Schedule of Gains / (Losses) Related to Derivatives	Non-hedge derivatives	Income Statement Location		Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012
	Interest rate swaption	Gain/(loss) on derivative instruments		$	(4,803,750			$	—			$	—
	Interest rate swaps	Gain/(loss) on derivative instruments			(1,571,371	)			10,548,012				(1,171,219	)
	Exchangeable Senior Notes conversion option	Gain/(loss) on derivative instruments			449,359				(147,201	)			—
	TBAs	Gain/(loss) on derivative instruments			—				(4,785,996	)			—
	LPCs	Gain/(loss) on derivative instruments			4,037				—				—
	IRLCs	Mortgage banking activities, net			(221,891	)			—				—
	MBS forward sales contracts	Mortgage banking activities, net			410,411				—				—

Schedule of Information Related to Derivative Instruments, by Maturity	Swaption Expiration		Notional Amount				Strike Rate			Swap Maturity
	2015		$	225,000,000				3.64	%	2025
	31-Dec-14
	Maturity		Notional Amount				Weighted Average Pay Rate				Weighted Average Receive Rate				Weighted Average Years to Maturity
	2023		$	17,200,000				2.72	%			0.23	%			8.6
	Total/Weighted average		$	17,200,000				2.72	%			0.23	%			8.6
	31-Dec-13
	Maturity		Notional Amount				Weighted Average Pay Rate				Weighted Average Receive Rate				Weighted Average Years to Maturity
	2023		$	17,200,000				2.72	%			0.24	%			9.6
	Total/Weighted average		$	17,200,000				2.72	%			0.24	%			9.6

Mortgage_Banking_Activities_Ta

Mortgage Banking Activities (Tables)	12 Months Ended
Mortgage Banking Activities (Tables)	Dec. 31, 2014
Mortgage Banking Activities [Abstract]
Schedule of Mortgage Banking Activities	Gain on sale of mortgage loans held for sale, net of direct costs	$	5,344,361
	Provision for loan indemnification		(118,895	)
	Loan origination fee income		213,540
	Total	$	5,439,006

Loan_Indemnification_Reserve_T

Loan Indemnification Reserve (Tables)	12 Months Ended
Loan Indemnification Reserve (Tables)	Dec. 31, 2014
Loan Indemnification Reserve [Abstract]
Schedule of Activity in Loan Indemnification Reserve	Balance at the date of acquisition	$	2,560,907
	Loan losses incurred		—
	Provision for losses		101,255
	Balance at end of year	$	2,662,162

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2014
Income Taxes [Abstract]
Schedule of Provision for Income Taxes		Year ended December 31,
		2014			2013
	Current provision for income taxes
	Federal	$	—		$	—
	State		—			—
	Total current provision (benefit) for income taxes		—			—


		Year ended December 31,
		2014			2013
	Deferred provision for income taxes
	Federal		(677,780	)		—
	State		(173,216	)		—
	Total deferred provision (benefit) for income taxes		(850,996	)		—

	Total provision (benefit) for income taxes	$	(850,996	)	$	—



Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate		Year ended December 31,
		2014			2013
	Tax expense (benefit) at statutory rate		35	%		35	%
	State Tax (Net of Federal Benefit)		(0.82	%)		0	%
	Permanent differences		0.03	%		0	%
	Valuation Allowance		2.31	%		0	%
	Benefit of REIT Dividend paid deduction		(39.46	%)		(35.00	%)
	Effective Tax Rate		(2.94	%)		0	%
Schedule of Deferred Tax Assets (Liabilities)		Year ended December 31,
		2014			2013
	Deferred tax assets
	Tax effect of unrealized losses and other temporary differences	$	1,207,520		$	—
	Net operating loss carryforward		673,052			43,473
	Total deferred tax assets		1,880,572			43,473

	Deferred tax liabilities


		Year ended December 31,
		2014			2013
	Tax effect of unrealized gains and other temporary differences		(357,663	)		—
	Total deferred tax liabilities		(357,663	)		—
	Valuation allowance		671,913			43,473

	Total Deferred Tax Assets, net of Valuation Allowance	$	850,996		$	—

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2014
Earnings Per Share [Abstract]
Reconciliation of Earnings and Shares Used in Calculating Basic and Diluted Earnings Per Share		Year Ended December 31, 2014			Year Ended December 31, 2013		Year Ended December 31, 2012
	Numerator:
	Net income/(loss) attributable to ZAIS Financial Corp. common stockholders (Basic)	$	26,741,970		$	6,657,728	$	19,433,802
	Effect of dilutive securities:
	Net income allocated to non-controlling interests		3,109,760			880,358		362,324
	Exchangeable Senior Notes
	Interest expense		3,240,561			—		—
	Gain on derivative instruments		(256,068	)		—		—
	Total – Exchangeable Senior Notes		2,984,493			—		—
	Net income/(loss) available to stockholders, after effect of dilutive securities	$	32,836,223		$	7,538,086	$	19,796,126
	Denominator:
	Weighted average number of shares of common stock		7,970,886			7,273,366		2,724,252
	Effect of dilutive securities:
	Weighted average number of OP units		926,914			926,914		49,593
	Weighted average number of shares convertible under Exchangeable Senior Notes		1,779,560			—		—
	Diluted weighted average shares outstanding		10,677,360			8,200,280		2,773,845
	Net income per share applicable to ZAIS Financial Corp. common stockholders – Basic	$	3.35		$	0.92	$	7.13
	Net income per share applicable to ZAIS Financial Corp. common stockholders – Diluted	$	3.08		$	0.92	$	7.13

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
Stockholders' Equity (Tables)	Dec. 31, 2014
Stockholders' Equity [Abstract]
Schedule of Dividends Declared	Declaration Date	Record Date	Payment Date	Amount per Share
	Year ended December 31, 2012:
	1-May-12	1-May-12	15-May-12	$	0.51
	5-Jun-12	5-Jun-12	21-Jun-12	$	0.57
	October 22, 2012	22-Oct-12	29-Oct-12	$	0.89
	November 29, 2012	29-Nov-12	6-Dec-12	$	0.98
	December 19, 2012	19-Dec-12	26-Dec-12	$	1.16
	Year ended December 31, 2013:
	May 14, 2013	24-May-13	31-May-13	$	0.22
	June 25, 2013	9-Jul-13	23-Jul-13	$	0.45
	September 18, 2013	30-Sep-13	11-Oct-13	$	0.5
	December 19, 2013(1)	31-Dec-13	15-Jan-14	$	0.95
	Year ended December 31, 2014:
	March 20, 2014	31-Mar-14	14-Apr-14	$	0.4
	June 18, 2014	30-Jun-14	15-Jul-14	$	0.4
	September 18, 2014	30-Sep-14	15-Oct-14	$	0.4
	December 19, 2014	31-Dec-14	15-Jan-15	$	0.4



	(1)

	Comprised of a regular cash dividend of $0.40 per share of common stock and OP unit for the quarter ending December 31, 2013, and an additional special cash dividend of $0.55 per share of its common stock and OP unit. The Company declared the special cash dividend to distribute taxable income from 2013 attributable to the termination of interest rate swap contracts.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2014
Commitments and Contingencies [Abstract]
Schedule of Future Minimum Payments	2015		$	639,523
	2016			455,351
	2017			385,075
	2018			385,075
	2019			410,515
	Thereafter		$	2,275,539
Schedule of Compliance with Regulatory Capital Requirements		Net Worth		Net Worth Required
	HUD	$52,545,673		$2,500,000
	Ginnie Mae	52,545,673		5,007,700
	Fannie Mae	52,548,259		6,577,547
	Freddie Mac	52,548,259		3,143,262
	Various States	52,548,259		0 - 1,000,000

Offsetting_Assets_and_Liabilit1

Offsetting Assets and Liabilities (Tables)	12 Months Ended
Offsetting Assets and Liabilities (Tables)	Dec. 31, 2014
Offsetting Assets and Liabilities [Abstract]
Schedule of Offsetting of Assets		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts
		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets					Not Offset in the Consolidated Balance Sheets
									Financial Instruments			Cash Collateral Received(1)			Net Amount
	31-Dec-14
	Interest rate swaption	$	—	$	—		$	—	$	—		$	—		$	—
	Total	$	—	$	—		$	—	$	—		$	—		$	—
	31-Dec-13
	Interest rate swap agreements	$	396,068	$	(111,614	)	$	284,454	$	—		$	—		$	284,454
	Total	$	396,068	$	(111,614	)	$	284,454	$	—		$	—		$	284,454



	(1)

	At December 31, 2014, the Company pledged $4,886,011 of cash collateral in relation to its interest rate swaption; with the total net counterparty exposure for this position totaling $4,886,011. At December 31, 2013, the Company pledged $767,708 of cash collateral in relation to its interest rate swap agreements; with the total net counterparty exposure for this position totaling $1,052,162.

Schedule of Offsetting of Liabilities		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not						Net Amount
									Offset in the
									Consolidated Balance Sheets
									Financial Instruments			Cash Collateral Pledged
	31-Dec-14
	Loan Repurchase Facilities	$	300,092,293	$	—		$	300,092,293	$	(300,092,293	)	$	—		$	—
	Securities repurchase agreements		103,014,105		—			103,014,105		(102,329,849	)		(684,256	)		—
	Warehouse lines of credit		89,417,564		—			89,417,564		(89,417,564	)		—			—
	Interest rate swap agreements		860,553		—			860,553		(860,553	)		—			—
	Total	$	493,384,515	$	—		$	493,384,515	$	(492,700,259	)	$	(684,256	)	$	—
	31-Dec-13
	Loan Repurchase Facilities	$	236,058,976	$	—		$	236,058,976	$	-236,058,976		$	—		$	—
	Securities repurchase agreements		138,591,678		—			138,591,678		(137,231,150	)		(1,360,528	)		—
		$	374,650,654	$	—		$	374,650,654	$	-373,290,126		$	-1,360,528		$	—

Segment_Information_Tables

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2014
Segment Information [Abstract]
Schedule of Segment Information		Mortgage Loans			Mortgage			Corporate/Other			Total
		Held for Investments			Banking			Corporate/Other			Total
	Interest income	$	40,998,530		$	594,217		$	—		$	41,592,747
	Interest expense		11,451,687			121,194			5,686,664			17,259,545
	Net interest income (expense)		29,546,843			473,023			(5,686,664	)		24,333,202
	Non-interest income		—			4,730,212			—			4,730,212
	Change in unrealized gain or loss		19,090,520			—			—			19,090,520
	Realized gain		5,762,254			—			—			5,762,254
	Gain or (loss) on derivative instruments		(5,921,725	)		—			—			(5,921,725	)
	Advisory fee – related party		3,835			143,674			2,706,387			2,853,896
	Salaries, commissions and benefits		—			3,765,784			—			3,765,784
	Operating expenses		251,305			1,089,640			6,521,363			7,862,308
	Other expenses:
	Expenses		2,180,113			—			—			2,180,113
	Transaction costs relating to acquisition of GMFS		—			2,177,617			—			2,177,617
	Depreciation and amortization		—			154,011			—			154,011
	Total other expenses		2,180,113			2,331,628			—			4,511,741
	Net income/(loss) before income taxes		46,042,639			(2,127,491	)		(14,914,414	)		29,000,734
	Income tax benefit		—			850,996			—			850,996
	Segment contribution / net income	$	46,042,639		$	(1,276,495	)	$	(14,914,414	)	$	29,851,730

	Supplemental Disclosures:
	Mortgage loans held for investment, at fair value	$	415,959,838		$	—		$	—		$	415,959,838
	Mortgage loans held for investment, at cost		—			1,338,935			—			1,338,935
	Mortgage loans held for sale		—			97,690,960			—			97,690,960
	Real estate securities		148,585,733			—			—			148,585,733
	Other investment securities		2,040,532			—			—			2,040,532
	Mortgage servicing rights		—			33,378,978			—			33,378,978
	Goodwill		—			16,512,680			—			16,512,680
	Intangible assets		—			5,668,611			—			5,668,611
	Total assets		596,553,227			194,700,643			1,144,735			792,398,605

Quarterly_Results_Tables

Quarterly Results (Tables)	12 Months Ended
Quarterly Results (Tables)	Dec. 31, 2014
Quarterly Results [Abstract]
Schedule of Quarterly Results of Operations		For the Three Months Ended
		December 31, 2014 (1)			30-Sep-14			June 30,			March 31,
		December 31, 2014 (1)			30-Sep-14			2014			2014
	Total interest income	$	10,267,875		$	11,000,619		$	10,831,220		$	9,493,033
	Total interest expense		4,447,530			4,491,678			4,416,385			3,903,952
	Net interest income		5,820,345			6,508,941			6,414,835			5,589,081
	Non-interest income		4,730,212			—			—			—
	Total other gain/(loss)		(2,944,631	)		(1,805,117	)		22,688,696			992,101
	Total expenses		8,239,984			3,424,026			3,231,396			4,098,323
	Income tax benefit		850,996			—			—			—
	Net income/(loss)		216,938			1,279,798			25,872,135			2,482,859
	Net income/(loss) attributable to ZAIS Financial Corp. common stockholders	$	194,337		$	1,149,497		$	23,173,931		$	2,224,205
	Net income/(loss) per share applicable to common stockholders – basic	$	0.02		$	0.14		$	2.91		$	0.28
	Net income/(loss) per share applicable to common stockholders – diluted	$	0.02		$	0.14		$	2.47		$	0.28
	Weighted average number of shares Basic		7,970,886			7,970,886			7,970,886			7,970,886
	Diluted		8,897,800			8,897,800			10,677,360			8,897,800



	(1)

	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in its consolidated statements of operations.


		For the Three Months Ended
		31-Dec-13			30-Sep-13			June 30,			March 31,
		31-Dec-13			30-Sep-13			2013			2013
	Total interest income	$	8,773,339		$	8,273,444		$	5,935,511		$	3,436,033
	Total interest expense		3,090,565			2,333,139			1,156,780			514,035
	Net interest income		5,682,774			5,940,305			4,778,731			2,921,998
	Total other gain/(loss)		6,033,137			1,172,969			(10,527,875	)		1,155,515
	Total expenses		2,715,456			2,965,082			1,819,733			2,103,818
	Net income/(loss)		9,000,455			4,148,192			(7,568,877	)		1,973,695
	Net income/(loss) attributable to ZAIS Financial Corp. common stockholders	$	8,062,847		$	3,716,061		$	-6,780,401		$	1,659,222
	Net income/(loss) per share applicable to common stockholders – basic	$	1.01		$	0.47		$	(.85	)	$	0.32
	Net income/(loss) per share applicable to common stockholders – diluted	$	0.98		$	0.47		$	(.85	)	$	0.32
	Weighted average number of shares Basic		7,970,886			7,970,886			7,970,886			5,142,053
	Diluted		9,594,150			8,897,800			8,897,800			6,068,967

Formation_and_Organization_Det

Formation and Organization (Details) (USD $)	3 Months Ended	12 Months Ended			0 Months Ended	1 Months Ended
Formation and Organization (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 13, 2013	Dec. 31, 2012	Oct. 31, 2012
Formation and Organization [Abstract]
Exchange offer contribution - cash
Common stock, shares authorized		500,000,000	500,000,000
Common stock, par value per share		$0.00	$0.00
Preferred Stock, Shares Authorized		50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share		$0.00	$0.00
Class of Stock [Line Items]
Offering fees	763,000		216,658
Value of stock issued			118,862,500	4,757,470
Common Stock [Member]
Class of Stock [Line Items]
Shares of stock issued					5,650,000	36,581	195,458
Common stock issued, price per share					$21.25
Gross proceeds from issuance initial public offering					120,100,000
Offering fees					1,200,000
Value of stock issued					$118,900,000

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	segments	Dec. 31, 2013	Dec. 31, 2012
Summary of Significant Accounting Policies [Abstract]
Number of business segments	2
Servicing Advances
Servicing advances	$2
Offering Costs
Deferred offering costs	1.2
Real Estate Owned
Real estate owned, at fair value	1.3
Escrow and Fiduciary Funds
Segregated bank accounts	23.6
Net Income (Loss) Per Share
Dilutive effect of the Exchangeable Senior Notes	1,779,560
Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount	$57.50
Mortgage Loans [Member] \| Insured Loans, Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	10.30%
Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period past due after which loans are considered considered non-performing	90 days
ZAIS Financial Partners, LP. [Member]
Noncontrolling Interest [Line Items]
Equity interest held	89.60%	89.60%

GMFS_Transaction_Narrative_Det

GMFS Transaction (Narrative) (Details) (USD $)	12 Months Ended	0 Months Ended
GMFS Transaction (Narrative) (Details) (USD $)	Dec. 31, 2014	Oct. 31, 2014
Business Acquisition [Line Items]
Amortization expense related to intangible assets	$131,389
Goodwill, Tax Deductible Period	15 years
GMFS, LLC [Member]
Business Acquisition [Line Items]
Cash payments to acquire entity		62,847,452
Percentage of price which may be paid in stock		50.00%
Contingent consideration		11,430,413
Maximum contingent consideration		20,000,000
GMFS, LLC [Member] \| Each Discrete Payment [Member]
Business Acquisition [Line Items]
Contingent consideration		1,000,000
GMFS, LLC [Member] \| Deferred Premium Payments [Member]
Business Acquisition [Line Items]
Contingent consideration		$2,000,000

GMFS_Transaction_Schedule_of_C

GMFS Transaction (Schedule of Consideration) (Details) (GMFS, LLC [Member], USD $)	0 Months Ended
	Oct. 31, 2014
GMFS, LLC [Member]
Business Acquisition [Line Items]
Cash paid to owners of GMFS	$62,847,452
Contingent consideration	11,430,413
Total consideration	$74,277,865

GMFS_Transaction_Schedule_of_N

GMFS Transaction (Schedule of Net Assets Acquired) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Oct. 31, 2014
Fair value of Assets:
Goodwill	$16,512,680
GMFS, LLC [Member]
Fair value of Assets:
Cash and cash equivalents			13,304,612
Other assets			2,713,950
Goodwill			16,512,680
Intangible Assets			5,800,000
Total assets acquired			187,002,355
Fair value of Liabilities:
Warehouse lines of credit			85,840,705
Accounts payable and other liabilities			5,714,456
Liability for loans eligible for repurchase from Ginnie Mae			21,169,329
Total liabilities assumed			112,724,490
Fair value of net assets acquired			74,277,865
GMFS, LLC [Member] \| Mortgage Loans Held for Sale [Member]
Fair value of Assets:
Financial assets			92,512,390
GMFS, LLC [Member] \| Mortgage Loans Held for Investment [Member]
Fair value of Assets:
Financial assets			1,098,897
GMFS, LLC [Member] \| Derivative Assets [Member]
Fair value of Assets:
Financial assets			1,590,160
GMFS, LLC [Member] \| MSRs [Member]
Fair value of Assets:
Financial assets			32,300,337
GMFS, LLC [Member] \| Loans Eligible for Repurchase from Ginnie Mae [Member]
Fair value of Assets:
Financial assets			$21,169,329

GMFS_Transaction_Schedule_of_P

GMFS Transaction (Schedule of Preliminary Determination of Goodwil) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Oct. 31, 2014
Business Acquisition [Line Items]
Goodwill	$16,512,680
GMFS, LLC [Member]
Business Acquisition [Line Items]
Fair value of net assets acquired			74,277,865
Less: Preliminary estimate of the fair value of the net assets acquired			-57,765,185
Goodwill			$16,512,680

GMFS_Transaction_Schedule_of_I

GMFS Transaction (Schedule of Intangible Assets Acquired) (Details) (GMFS, LLC [Member], USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
Business Acquisition [Line Items]
Estimated Fair Value	$5.80
Trade Name [Member]
Business Acquisition [Line Items]
Estimated Fair Value	2
Estimated Useful Life	10 years
Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated Fair Value	1.3
Estimated Useful Life	10 years
Licenses [Member]
Business Acquisition [Line Items]
Estimated Fair Value	1
Estimated Useful Life	3 years
Favorable Lease [Member]
Business Acquisition [Line Items]
Estimated Fair Value	$1.50
Estimated Useful Life	12 years

GMFS_Transaction_Schedule_of_R

GMFS Transaction (Schedule of Revenues and Earnings) (Details) (USD $)	3 Months Ended									12 Months Ended			2 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014
Business Acquisition [Line Items]
Interest income - mortgage loans held for sale										$594,217
Net interest income	5,820,345	[1]	6,508,941	6,414,835	5,589,081	5,682,774	5,940,305	4,778,731	2,921,998	24,333,202	19,323,808	8,010,868
Gain on sale of mortgage loans held for sale, net of direct costs										5,344,361
Loan origination fee income										213,540
Provision for loan indemnification										-118,895
Total										5,439,006
Loan servicing fee income, net of direct costs										929,718
Change in fair value of mortgage servicing rights										-1,684,373
Other income										45,861
Total non interest income	4,730,212	[1]
Net loss after expenses of Honeybee TRS, before tax										29,000,734	7,553,465	20,265,597
Income tax benefit	850,996	[1]								850,996
Net income	216,938	[1]	1,279,798	25,872,135	2,482,859	9,000,455	4,148,192	-7,568,877	1,973,695	29,851,730	7,553,465	20,265,597
GMFS, LLC [Member]
Business Acquisition [Line Items]
Interest income - mortgage loans held for sale													594,217
Gain on sale of mortgage loans held for sale, net of direct costs													5,344,361
Loan origination fee income													213,540
Provision for loan indemnification													-118,895
Total													5,439,006
Loan servicing fee income, net of direct costs													929,718
Change in fair value of mortgage servicing rights													-1,684,373
Other income													45,861
Total non interest income													4,730,212
Net income before expenses and taxes relating to Honeybee TRS													583,073
Expenses of Honeybee TRS													2,710,564
Net loss after expenses of Honeybee TRS, before tax													-2,127,491
Income tax benefit													850,996
Net income													-1,276,495
GMFS, LLC [Member] \| Pro Forma [Member]
Business Acquisition [Line Items]
Net interest income										21,623,473	15,737,131
Total										41,047,510	46,354,596
Loan servicing fee income, net of direct costs										5,239,010	3,022,447
Other income										673,270	709,369
Net income										$35,213,626	$11,465,008

[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in its consolidated statements of operations.

GMFS_Transaction_Schedule_of_F

GMFS Transaction (Schedule of Future Amortization Expense) (Details) (USD $)	Dec. 31, 2014
GMFS Transaction [Abstract]
2015	$788,340
2016	788,340
2017	732,776
2018	455,004
2019	$455,004

Fair_Value_Schedule_of_Financi

Fair Value (Schedule of Financial Instruments Accounted for at Fair Value on a Recurring Basis) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets
Mortgage loans held for sale	$97,690,960
MSRs	33,378,978
Derivative assets	2,485,100	284,454
Liabilities
Derivative liabilities	2,585,184	1,471,607
Fair Value, Measurements, Recurring [Member]
Assets
Mortgage loans held for investment	415,959,838	331,785,542
Mortgage loans held for sale	97,690,960
MSRs	33,378,978
Derivative assets	2,485,100	284,454
Total	700,141,141	558,225,217
Liabilities
Derivative liabilities	2,585,184	1,471,607
Total	2,585,184	1,471,607
Fair Value, Measurements, Recurring [Member] \| Non-Agency RMBS [Member]
Assets
Investment securities	148,585,733	226,155,221
Fair Value, Measurements, Recurring [Member] \| Other Investment Securities [Member]
Assets
Investment securities	2,040,532
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Assets
Mortgage loans held for investment
Mortgage loans held for sale
MSRs
Derivative assets
Total
Liabilities
Derivative liabilities
Total
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Non-Agency RMBS [Member]
Assets
Investment securities
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Other Investment Securities [Member]
Assets
Investment securities
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Assets
Mortgage loans held for investment
Mortgage loans held for sale	97,690,960
MSRs
Derivative assets		284,454
Total	97,690,960	284,454
Liabilities
Derivative liabilities	2,585,184	1,471,607
Total	2,585,184	1,471,607
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Non-Agency RMBS [Member]
Assets
Investment securities
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Other Investment Securities [Member]
Assets
Investment securities
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Assets
Mortgage loans held for investment	415,959,838	331,785,542
Mortgage loans held for sale
MSRs	33,378,978
Derivative assets
Total	602,450,181	557,940,763
Liabilities
Derivative liabilities
Total
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member] \| Non-Agency RMBS [Member]
Assets
Investment securities	148,585,733	226,155,221
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member] \| Other Investment Securities [Member]
Assets
Investment securities	$2,040,532

Fair_Value_Schedule_of_Financi1

Fair Value (Schedule of Financial Instruments Utilizing Level 3 Inputs) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of year
Acquisition of MSRs in connection with purchase of GMFS	32,300,337
Additions due to loans sold, servicing retained	2,763,014
Fair value adjustment:
Changes in assumptions	-1,420,925	[1],[2]
Other changes	-263,448	[2],[3]
Balance at December 31, 2014	33,378,978
Loan Purchase Commitments [Member]
Derivatives:
Beginning balance
Acquisition of GMFS
Change in unrealized gain or loss	4,037
Ending balance	4,037
Interest Rate Lock Commitments [Member]
Derivatives:
Beginning balance
Acquisition of GMFS	2,702,954
Change in unrealized gain or loss	-221,891
Ending balance	2,481,063
Mortgage Loans Held for Investment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	331,785,542
Total net transfers into/out of Level 3
Acquisitions	85,579,169		334,162,044
Proceeds from sales
Net accretion of discounts	7,497,341		3,059,231
Proceeds from principal repayments	-31,759,326		-13,871,059
Conversion of mortgage loans to REO	-1,796,028
Total losses (realized / unrealized) included in earnings	-8,250,003		-6,344,877
Total gains (realized / unrealized) included in earnings	32,903,143		14,780,203
Ending balance	415,959,838		331,785,542
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	22,957,500		7,136,482
Real Estate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	226,155,221		100,911,651
Total net transfers into/out of Level 3
Acquisitions	47,034,327		234,397,506
Proceeds from sales	-102,635,229		-68,190,593
Net accretion of discounts	5,528,538		3,727,702
Proceeds from principal repayments	-28,197,740		-39,338,730
Conversion of mortgage loans to REO
Total losses (realized / unrealized) included in earnings	-6,694,487		-9,138,009
Total gains (realized / unrealized) included in earnings	7,395,103		3,785,694
Ending balance	148,585,733		226,155,221
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	-1,039,499		-2,822,969
Other Investment Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance
Total net transfers into/out of Level 3
Acquisitions	12,926,953
Proceeds from sales	-11,067,378
Net accretion of discounts	180,438
Proceeds from principal repayments
Conversion of mortgage loans to REO
Total losses (realized / unrealized) included in earnings	-226,224
Total gains (realized / unrealized) included in earnings	226,743
Ending balance	2,040,532
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	-226,224
Mortgage Servicing Rights [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held at the reporting date	-1,420,925
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of year
Acquisition of MSRs in connection with purchase of GMFS	32,300,337
Additions due to loans sold, servicing retained	2,763,014
Fair value adjustment:
Changes in assumptions	-1,420,925	[1],[4]
Other changes	-263,448	[4],[5]
Balance at December 31, 2014	$33,378,978

[1]	Primarily reflects changes in prepayment assumptions due to changes in interest rates and discount rates.
[2]	Included in change in fair value of MSRs in the Company's consolidated statements of operations.
[3]	Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid off during the period.
[4]	Included in change in fair value of MSRs on the consolidated statements of operations.
[5]	Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period.

Fair_Value_Schedule_of_Quantit

Fair Value (Schedule of Quantitative Information about Level 3 Fair Value Measurements) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Minimum [Member] \| Interest Rate Lock Commitments [Member]
Unobservable Input
Pull-through rate	55.70%
Servicing fee multiple	0.4
Percentage of unpaid principal balance	0.20%
Maximum [Member] \| Interest Rate Lock Commitments [Member]
Unobservable Input
Pull-through rate	100.00%
Servicing fee multiple	6
Percentage of unpaid principal balance	1.90%
Weighted Average [Member] \| Interest Rate Lock Commitments [Member]
Unobservable Input
Pull-through rate	85.00%
Servicing fee multiple	4.4
Percentage of unpaid principal balance	1.10%
Mortgage Loans Held for Investment [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	415,959,838
Mortgage Loans Held for Investment [Member] \| Minimum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	1.40%
Constant default rate	0.00%
Loss severity	0.00%
Delinquency	0.10%
Mortgage Loans Held for Investment [Member] \| Maximum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	27.10%
Constant default rate	4.00%
Loss severity	40.50%
Delinquency	13.60%
Mortgage Loans Held for Investment [Member] \| Weighted Average [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	3.90%
Constant default rate	2.90%
Loss severity	23.80%
Delinquency	10.60%
Mortgage Servicing Rights [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	33,378,978
Mortgage Servicing Rights [Member] \| Minimum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	7.60%
Cost of servicing	76
Discount rate	9.00%
Mortgage Servicing Rights [Member] \| Maximum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	58.20%
Cost of servicing	533
Discount rate	10.00%
Mortgage Servicing Rights [Member] \| Weighted Average [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	10.60%
Cost of servicing	91
Discount rate	9.40%
Non-Agency RMBS [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	148,585,733	[1]
Alternative - A [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	61,296,540	[1]
Alternative - A [Member] \| Minimum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	1.60%	[1]
Constant default rate	0.10%	[1]
Loss severity	0.00%	[1]
Delinquency	1.30%	[1]
Alternative - A [Member] \| Maximum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	24.80%	[1]
Constant default rate	8.40%	[1]
Loss severity	81.10%	[1]
Delinquency	25.90%	[1]
Alternative - A [Member] \| Weighted Average [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	13.60%	[1]
Constant default rate	3.10%	[1]
Loss severity	20.50%	[1]
Delinquency	10.10%	[1]
Pay Option Adjustable Rate [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	45,541,325	[1]
Pay Option Adjustable Rate [Member] \| Minimum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	1.70%	[1]
Constant default rate	1.60%	[1]
Loss severity	0.00%	[1]
Delinquency	6.80%	[1]
Pay Option Adjustable Rate [Member] \| Maximum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	20.10%	[1]
Constant default rate	19.40%	[1]
Loss severity	66.20%	[1]
Delinquency	29.10%	[1]
Pay Option Adjustable Rate [Member] \| Weighted Average [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	8.90%	[1]
Constant default rate	4.30%	[1]
Loss severity	38.00%	[1]
Delinquency	15.20%	[1]
Prime [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	39,065,076	[1]
Prime [Member] \| Minimum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	2.60%	[1]
Constant default rate	0.20%	[1]
Loss severity	0.00%	[1]
Delinquency	5.00%	[1]
Prime [Member] \| Maximum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	17.30%	[1]
Constant default rate	9.20%	[1]
Loss severity	78.30%	[1]
Delinquency	24.80%	[1]
Prime [Member] \| Weighted Average [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	9.20%	[1]
Constant default rate	4.10%	[1]
Loss severity	28.20%	[1]
Delinquency	13.00%	[1]
Subprime [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	2,682,792	[1]
Subprime [Member] \| Minimum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	2.40%	[1]
Constant default rate	6.00%	[1]
Loss severity	65.00%	[1]
Delinquency	25.50%	[1]
Subprime [Member] \| Maximum [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	7.40%	[1]
Constant default rate	8.00%	[1]
Loss severity	85.00%	[1]
Delinquency	27.70%	[1]
Subprime [Member] \| Weighted Average [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	4.70%	[1]
Constant default rate	7.70%	[1]
Loss severity	72.00%	[1]
Delinquency	26.80%	[1]
Other Investment Securities [Member] \| Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	2,040,532	[1]
Other Investment Securities [Member] \| Weighted Average [Member] \| Market Approach Valuation Technique [Member]
Unobservable Input
Constant voluntary prepayment	7.50%	[1]

[1]	The Company uses third-party dealer quotes to estimate fair value of some of its financial assets. The Company verifies selected prices by using a variety of methods, including comparing prices to internally estimated prices and corroborating the prices by reference to other independent market data, such as relevant benchmark indices and prices of similar instruments. Where the Company has disclosed unobservable inputs for broker quotes or comparable trades, those inputs are based on the Company's validations performed at the security level.

Fair_Value_Schedule_of_Quantit1

Fair Value (Schedule of Quantitative Summary Pertaining to MSRs) (Details) (Residential Mortgage [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Discount rate - Effect on fair value of adverse change of: 5% (percentage)	5.00%
Discount rate - Effect on fair value of adverse change of: 5%	($683,406)
Discount rate - Effect on fair value of adverse change of: 10%	-1,366,812
Discount rate - Effect on fair value of adverse change of: 20%	-2,655,493
Prepayment Speed - Effect on fair value of adverse change of: 5% (percentage)	5.00%
Prepayment Speed - Effect on fair value of adverse change of: 5%	-639,594
Prepayment Speed - Effect on fair value of adverse change of: 10%	-1,279,187
Prepayment Speed - Effect on fair value of adverse change of: 20%	-2,468,154
Per-loan annual cost of servicing - Effect on fair value of adverse change of: 5% (percentage)	5.00%
Per-loan annual cost of servicing - Effect on fair value of adverse change of: 5%	389,384
Per-loan annual cost of servicing - Effect on fair value of adverse change of: 10%	-778,768
Per-loan annual cost of servicing - Effect on fair value of adverse change of: 20%	-1,557,561
Minimum [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Discount rate	9.00%
Prepayment speed	7.60%	[1]
Per-loan annual cost of servicing	76
Maximum [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Discount rate	10.00%
Prepayment speed	58.20%	[1]
Per-loan annual cost of servicing	533
Weighted Average [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Discount rate	9.40%
Prepayment speed	10.60%	[1]
Per-loan annual cost of servicing	$91

[1]	Prepayment speed is measured using CPR.

Fair_Value_Schedule_of_Fair_Va

Fair Value (Schedule of Fair Value Option) (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Mortgage Loans Held for Investment [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$415,959,838		$331,785,542
Unpaid Principal and/or Notional Balance	464,877,028		398,828,497
Difference	-48,917,190		-67,042,955
Mortgage Loans Held for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	97,690,960
Unpaid Principal and/or Notional Balance	92,917,659
Difference	4,773,301
Non-Agency RMBS [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	148,585,733		226,155,221
Unpaid Principal and/or Notional Balance	226,501,915	[1]	324,241,597	[1]
Difference	-77,916,182		-98,086,376
Other Investment Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	2,040,532
Unpaid Principal and/or Notional Balance	2,250,000
Difference	-209,468
MSRs [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	33,378,978
Unpaid Principal and/or Notional Balance	3,078,974,342
Difference	-3,045,595,364
Financial Instruments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	697,656,041		557,940,763
Unpaid Principal and/or Notional Balance	3,865,520,944		723,070,094
Difference	-3,167,864,903		-165,129,331
Interest-Only Securities [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid Principal and/or Notional Balance	$48,600,000		$64,300,000

[1]	Non-Agency RMBS includes an IO with a notional balance of $48.6 million and $64.3 million at December 31, 2014 and December 31, 2013, respectively.

Fair_Value_Schedule_of_Fair_Va1

Fair Value (Schedule of Fair Value of Other Financial Instruments) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets
Restricted cash	$7,143,078	$2,128,236
Fair Value [Member]
Assets
Cash	33,791,013	57,060,806
Restricted cash	7,143,078	2,128,236
Liabilities
Securities repurchase agreements	103,014,105	138,790,158
Exchangeable Senior Notes	59,933,400	54,737,573
Fair Value [Member] \| Warehouse Agreement Borrowings [Member]
Liabilities
Credit facilities	89,417,564
Fair Value [Member] \| Loan Repurchase Facility [Member]
Liabilities
Credit facilities	300,092,293	236,727,512
Carrying Value [Member]
Assets
Cash	33,791,013	57,060,806
Restricted cash	7,143,078	2,128,236
Liabilities
Securities repurchase agreements	103,014,105	138,591,678
Exchangeable Senior Notes	55,474,741	54,539,057
Carrying Value [Member] \| Warehouse Agreement Borrowings [Member]
Liabilities
Credit facilities	89,417,564
Carrying Value [Member] \| Loan Repurchase Facility [Member]
Liabilities
Credit facilities	$300,092,293	$236,058,976

Mortgage_Loans_Held_for_Invest2

Mortgage Loans Held for Investment, at Fair Value (Schedule of Acquisition of Mortgage Loans) (Details) (USD $)	0 Months Ended							12 Months Ended
	Mar. 27, 2014	Aug. 28, 2013	Jul. 25, 2013	30-May-13		31-May-13	Mar. 22, 2013	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of loans acquired	$100,400,000	$98,200,000	$162,400,000			$134,500,000	$17,700,000
Utilization of facility				10,600,000
Newly Originated Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance of loans acquired								767,000
Loan Repurchase Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Utilization of facility	60,600,000	54,800,000	98,700,000		[1]	78,500,000
Loan Repurchase Facility [Member] \| Newly Originated Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Utilization of facility								$690,000

[1]	On May 30, 2013, the Company entered into the Citi Loan Repurchase Facility and utilized $10.6 million of the Citi Loan Repurchase Facility to finance its then existing residential mortgage loan portfolio.

Mortgage_Loans_Held_for_Invest3

Mortgage Loans Held for Investment, at Fair Value (Schedule of Fair Value, Principal Balance and Weighted Average Coupon and Yield) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Distressed and Re-performing Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$464,110,063		$398,828,497
Premium (Discount)	-78,883,211		-74,179,437
Amortized Cost	385,226,852		324,649,060
Gross Unrealized
Gains	37,140,755	[1]	13,386,924	[2]
Losses	-7,194,445	[1]	-6,250,442	[2]
Fair Value	415,173,162		331,785,542
Weighted Average Coupon	4.26%		4.24%
Weighted Average Yield	7.20%	[3]	6.91%	[3]
Distressed and Re-performing Loans [Member] \| Fixed [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	265,306,697		212,701,494
Premium (Discount)	-51,501,092		-43,530,581
Amortized Cost	213,805,605		169,170,913
Gross Unrealized
Gains	26,732,362	[1]	7,842,598	[2]
Losses	-1,383,524	[1]	-3,558,171	[2]
Fair Value	239,154,443		173,455,340
Weighted Average Coupon	4.50%		4.56%
Weighted Average Yield	7.28%	[3]	7.05%	[3]
Distressed and Re-performing Loans [Member] \| ARM [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	162,858,201		170,178,466
Premium (Discount)	-21,343,046		-25,617,563
Amortized Cost	141,515,155		144,560,903
Gross Unrealized
Gains	9,568,296	[1]	5,088,302	[2]
Losses	-1,441,035	[1]	-1,556,430	[2]
Fair Value	149,642,416		148,092,775
Weighted Average Coupon	3.59%		3.76%
Weighted Average Yield	7.10%	[3]	6.67%	[3]
Distressed and Re-performing Loans [Member] \| Performing Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	428,164,898		382,879,960
Premium (Discount)	-72,844,138		-69,148,144
Amortized Cost	355,320,760		313,731,816
Gross Unrealized
Gains	36,300,658	[1]	12,930,900	[2]
Losses	-2,824,559	[1]	-5,114,601	[2]
Fair Value	388,796,859		321,548,115
Weighted Average Coupon	4.15%		4.20%
Weighted Average Yield	7.21%	[3]	6.88%	[3]
Distressed and Re-performing Loans [Member] \| Nonperforming Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	35,945,165	[2]	15,948,537	[2]
Premium (Discount)	-6,039,073	[2]	-5,031,293	[2]
Amortized Cost	29,906,092	[2]	10,917,244	[2]
Gross Unrealized
Gains	840,097	[1],[2]	456,024	[2],[4]
Losses	-4,369,886	[1],[2]	-1,135,841	[2],[4]
Fair Value	26,376,303	[2]	10,237,427	[4]
Weighted Average Coupon	5.48%	[2]	5.06%	[4]
Weighted Average Yield	7.13%	[2],[3]	8.03%	[3],[4]
Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	464,877,028		398,828,497
Gross Unrealized
Fair Value	415,959,838		331,785,542
Newly Originated Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	766,965
Premium (Discount)	16,173
Amortized Cost	783,138
Gross Unrealized
Gains	3,538	[5]
Losses		[5]
Fair Value	786,676
Weighted Average Coupon	4.38%
Weighted Average Yield	4.20%	[3]
Newly Originated Mortgage Loans [Member] \| Fixed [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	766,965
Premium (Discount)	16,173
Amortized Cost	783,138
Gross Unrealized
Gains	3,538	[5]
Losses		[5]
Fair Value	$786,676
Weighted Average Coupon	4.38%
Weighted Average Yield	4.20%	[3]

[1]	The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $22.8 million for the year ended December 31, 2014 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.
[2]	The Company has elected the fair value option pursuant to ASC 825 for its mortgage loans held for investment. The Company recorded a gain of $7.1 million for the year ended December 31, 2013, as change in unrealized gain or loss on mortgage loans in the consolidated statements of operations.
[3]	Unleveraged yield.
[4]	Loans that are delinquent for 60 days or more are considered non-performing.
[5]	The Company has elected the fair value option pursuant to ASC 825 for these mortgage loans held for investment. The Company recorded a gain of $3,538 as change in unrealized gain or loss on mortgage loans held for investment in the consolidated statements of operations.

Mortgage_Loans_Held_for_Invest4

Mortgage Loans Held for Investment, at Fair Value (Parenthetical Information) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Distressed and Re-performing Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in unrealized gain or loss on investments	$22,800,000	$7,100,000
Threshold period past due after which loans are considered considered non-performing	60 days
Newly Originated Mortgage Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in unrealized gain or loss on investments	$3,538

Mortgage_Loans_Held_for_Invest5

Mortgage Loans Held for Investment, at Fair Value (Schedule of Mortgage Loans at Fair Value) (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Mortgage Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$415,959,838		$331,785,542
Unpaid Principal Balance	464,877,028		398,828,497
Difference	-48,917,190		-67,042,955
Distressed and Re-performing Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	415,173,162		331,785,542
Unpaid Principal Balance	464,110,063		398,828,497
Difference	-48,936,901		-67,042,955
Distressed and Re-performing Loans [Member] \| Fixed [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	239,154,443		173,455,340
Unpaid Principal Balance	265,306,697		212,701,494
Difference	-26,152,254		-39,246,154
Distressed and Re-performing Loans [Member] \| ARM [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	149,642,416		148,092,775
Unpaid Principal Balance	162,858,201		170,178,466
Difference	-13,215,785		-22,085,691
Distressed and Re-performing Loans [Member] \| Performing Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	388,796,859		321,548,115
Unpaid Principal Balance	428,164,898		382,879,960
Difference	-39,368,039		-61,331,845
Distressed and Re-performing Loans [Member] \| Nonperforming Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	26,376,303	[1]	10,237,427	[2]
Unpaid Principal Balance	35,945,165	[1]	15,948,537	[1]
Difference	($9,568,862)		($5,711,110)

[1]	The Company has elected the fair value option pursuant to ASC 825 for its mortgage loans held for investment. The Company recorded a gain of $7.1 million for the year ended December 31, 2013, as change in unrealized gain or loss on mortgage loans in the consolidated statements of operations.
[2]	Loans that are delinquent for 60 days or more are considered non-performing.

Mortgage_Loans_Held_for_Invest6

Mortgage Loans Held for Investment, at Fair Value (Schedule of Change in Accretable Yield) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Change in accretable yield:
Accretable yield, beginning balance	$223,401,697
Acquisitions	55,532,098	222,899,189
Accretion	-26,137,006	-10,470,435
Reclassifications from nonaccretable difference	14,713,116	10,972,942
Accretable yield, ending balance	$267,509,905	$223,401,697

Mortgage_Loans_Held_for_Invest7

Mortgage Loans Held for Investment, at Fair Value (Schedule of Concentrations of Credit Risk) (Details) (Mortgage Loans [Member])	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Loans with Unpaid Principal Balance in Excess of Fair Value of Collateral [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	55.70%	73.60%
Geographic Concentration Risk [Member] \| California [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	26.20%	25.60%
Geographic Concentration Risk [Member] \| Florida [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	16.60%	17.80%
Geographic Concentration Risk [Member] \| Georgia [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	5.70%	6.80%
Geographic Concentration Risk [Member] \| New York [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	5.10%

Mortgage_Loans_Held_for_Invest8

Mortgage Loans Held for Investment, at Fair Value (Narrative) (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
Mortgage Loans Held for Investment, at Fair Value [Abstract]
Contractually required payments receivable	$187.50
Cash flows expected to be collected	$140.30
Mortgage Loans on Real Estate [Line Items]
Mortgage loan interest rate, minimum	1.75%
Mortgage loan interest rate, maximum	12.20%
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan interest rate maturity	1 year
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan interest rate maturity	46 years

Mortgage_Loans_Held_for_Sale_D

Mortgage Loans Held for Sale (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$92,917,659
Fair Value	97,690,960
Conventional [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	55,073,645
Fair Value	57,058,195
Governmental [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	13,407,781
Fair Value	14,601,797
Reverse Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	1,600,449
Fair Value	1,765,552
United States Department of Agriculture Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	16,105,088
Fair Value	17,069,138
United States Department of Veteran Affairs Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	6,730,696
Fair Value	$7,196,278

Real_Estate_Securities_and_Oth2

Real Estate Securities and Other Investment Securities (Schedule of Information Regarding Real Estate Securities) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Alternative - A [Member]
Investment Holdings [Line Items]
Principal or Notional Balance	$118,547,109	[1]	$160,590,487	[2]
Premium (Discount)	-58,583,222	[1]	-80,206,745	[2]
Amortized Cost	59,963,887	[1]	80,383,742	[2]
Gross Unrealized
Gains	1,916,611	[1],[3]	2,414,864	[2],[4]
Losses	-583,958	[1],[3]	-1,112,077	[2],[4]
Fair Value	61,296,540	[1]	81,686,529	[2]
Weighted Average Coupon	3.44%	[1]	4.26%	[2]
Weighted Average Yield	7.03%	[1],[5]	6.77%	[2],[5]
Pay Option Adjustable Rate [Member]
Investment Holdings [Line Items]
Principal or Notional Balance	58,122,808		34,374,028
Premium (Discount)	-11,491,663		-7,057,026
Amortized Cost	46,631,145		27,317,002
Gross Unrealized
Gains	80,848	[3]	464,756	[4]
Losses	-1,170,668	[3]	-345,915	[4]
Fair Value	45,541,325		27,435,843
Weighted Average Coupon	0.93%		0.76%
Weighted Average Yield	6.12%	[5]	6.80%	[5]
Prime [Member]
Investment Holdings [Line Items]
Principal or Notional Balance	43,803,995		109,136,108
Premium (Discount)	-6,219,091		-13,590,489
Amortized Cost	37,584,904		95,545,619
Gross Unrealized
Gains	1,545,452	[3]	3,751,248	[4]
Losses	-65,280	[3]	-767,825	[4]
Fair Value	39,065,076		98,529,042
Weighted Average Coupon	3.60%		4.77%
Weighted Average Yield	6.79%	[5]	6.45%	[5]
Subprime [Member]
Investment Holdings [Line Items]
Principal or Notional Balance	6,028,003		20,140,974
Premium (Discount)	-3,290,867		-1,894,417
Amortized Cost	2,737,136		18,246,557
Gross Unrealized
Gains		[3]	536,407	[4]
Losses	-54,344	[3]	-279,157	[4]
Fair Value	2,682,792		18,503,807
Weighted Average Coupon	0.33%		1.07%
Weighted Average Yield	16.98%	[5]	5.97%	[5]
Total RMBS [Member]
Investment Holdings [Line Items]
Principal or Notional Balance	226,501,915		324,241,597
Premium (Discount)	-79,584,843		-102,748,677
Amortized Cost	146,917,072		221,492,920
Gross Unrealized
Gains	3,542,911	[3]	7,167,275	[4]
Losses	-1,874,250	[3]	-2,504,974	[4]
Fair Value	148,585,733		226,155,221
Weighted Average Coupon	2.62%		3.80%
Weighted Average Yield	6.96%	[5]	6.57%	[5]
Other Investment Securities [Member]
Investment Holdings [Line Items]
Principal or Notional Balance	2,250,000
Premium (Discount)	16,756
Amortized Cost	2,266,756	[6]
Gross Unrealized
Gains		[3]
Losses	-226,224	[3]
Fair Value	$2,040,532	[6]
Weighted Average Coupon	3.92%
Weighted Average Yield	5.90%	[5]

[1]	Alternative b A RMBS includes an IO with a notional balance of $48.6 million.
[2]	Alternative b A RMBS includes an IO with a notional balance of $64.3 million.
[3]	The Company has elected the fair value option pursuant to ASC 825 for its real estate securities and Other Investment Securities. The Company recorded a loss of $3.0 million for the year ended December 31, 2014, as change in unrealized gain or loss on real estate securities in the consolidated statements of operations. The Company also recorded a loss of $0.2 million for the year ended December 31, 2014, as change in unrealized gain or loss on Other Investment Securities in the consolidated statements of operations.
[4]	The Company has elected the fair value option pursuant to ASC 825 for its real estate securities.
[5]	Unleveraged yield.
[6]	Actual maturities of Other Investment Securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.

Real_Estate_Securities_and_Oth3

Real Estate Securities and Other Investment Securities (Parenthetical Information Regarding Real Estate Securities) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Real Estate Securities [Member]
Investment Holdings [Line Items]
Change in unrealized gain or loss on investments	($3,000,000)
Other Investment Securities [Member]
Investment Holdings [Line Items]
Change in unrealized gain or loss on investments	-200,000
Interest-Only Securities [Member]
Investment Holdings [Line Items]
Principal or Notional Balance	$48,600,000	$64,300,000

Real_Estate_Securities_and_Oth4

Real Estate Securities and Other Investment Securities (Schedule of Certain Information Regarding Real Estate Securities) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Non-Agency RMBS [Member]
Greater than 5 years
Fair Value	$148,585,733	[1]	$226,155,221	[1]
Amortized Cost	146,917,072	[1]	221,492,920	[1]
Weighted Average Yield	6.96%	[1]	6.57%	[1]
Fair Value	148,585,733	[1]	226,155,221	[1]
Amortized Cost	146,917,072	[1]	221,492,920	[1]
Weighted Average Yield	6.96%	[1]	6.57%	[1]
Other Investment Securities [Member]
Greater than 5 years
Fair Value	2,040,532	[2]
Amortized Cost	2,266,756	[2]
Weighted Average Yield	5.90%	[2]
Fair Value	2,040,532	[2]
Amortized Cost	$2,266,756	[2]
Weighted Average Yield	5.90%	[3]

[1]	Actual maturities of real estate securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.
[2]	Actual maturities of Other Investment Securities are generally shorter than stated contractual maturities. Maturities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, prepayments of principal and credit losses.
[3]	Unleveraged yield.

Real_Estate_Securities_and_Oth5

Real Estate Securities and Other Investment Securities (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment Holdings [Line Items]
Proceeds from the sale of real estate securities	$102,635,229	$291,348,906	$74,216,314
Proceeds from the sale of other investment securities	11,067,378
Realized gain/(loss) on investments	5,762,254
Realized loss on OTTI		-1,108,024	-215,345
Real Estate Securities [Member]
Investment Holdings [Line Items]
Realized gain/(loss) on investments	3,694,255	-7,937,665	28,858
Real Estate Securities [Member] \| Minimum [Member]
Investment Holdings [Line Items]
Contractual maturities	20 years 3 months 18 days	7 years 8 months 12 days
Real Estate Securities [Member] \| Maximum [Member]
Investment Holdings [Line Items]
Contractual maturities	32 years 3 months 18 days	33 years
Real Estate Securities [Member] \| Weighted Average [Member]
Investment Holdings [Line Items]
Contractual maturities	24 years 10 months 24 days	24 years
Other Investment Securities [Member]
Investment Holdings [Line Items]
Realized gain/(loss) on investments	$226,743
Other Investment Securities [Member] \| Weighted Average [Member]
Investment Holdings [Line Items]
Contractual maturities	9 years 8 months 12 days

Mortgage_Servicing_Rights_Sche

Mortgage Servicing Rights (Schedule of MSR Activity) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of year
Acquisition of MSRs in connection with purchase of GMFS	32,300,337
Additions due to loans sold, servicing retained	2,763,014
Fair value adjustment:
Changes in assumptions	-1,420,925	[1],[2]
Other changes	-263,448	[1],[3]
Balance at December 31, 2014	$33,378,978

[1]	Included in change in fair value of MSRs in the Company's consolidated statements of operations.
[2]	Primarily reflects changes in prepayment assumptions due to changes in interest rates and discount rates.
[3]	Represents decrease in value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid off during the period.

Mortgage_Servicing_Rights_Sche1

Mortgage Servicing Rights (Schedule of MSR Portfolio) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Servicing Assets at Fair Value [Line Items]
Fair Value	$33,378,978
Residential Mortgage [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance	3,078,974,342
Fair Value	33,378,978
Residential Mortgage [Member] \| Fannie Mae [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance	1,640,799,719
Fair Value	17,078,181
Residential Mortgage [Member] \| Ginnie Mae [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance	1,146,234,768
Fair Value	13,102,076
Residential Mortgage [Member] \| Freddie Mac [Member]
Servicing Assets at Fair Value [Line Items]
Unpaid Principal Balance	291,939,855
Fair Value	$3,198,721

Mortgage_Servicing_Rights_Sche2

Mortgage Servicing Rights (Schedule of Loan Servicing Fees) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Income	$1,412,583
Late charges	60
Cost of sub-servicer	-482,925
Net servicing income	$929,718

Warehouse_Lines_of_Credit_Narr

Warehouse Lines of Credit (Narrative) (Details) (USD $)	12 Months Ended
Warehouse Lines of Credit (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Short-term Debt [Line Items]
Amount outstanding	$300,092,293	$236,058,976
Warehouse Agreement Borrowings [Member]
Short-term Debt [Line Items]
Amount outstanding	89,417,564
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit One [Member]
Short-term Debt [Line Items]
Amount of agreement	45,000,000
Expiration date	15-Jan-15
Amount outstanding	21,210,431
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit One [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Interest rate spread	2.30%
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Two [Member]
Short-term Debt [Line Items]
Amount of agreement	35,000,000
Expiration date	28-Sep-15
Amount outstanding	27,499,080
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Two [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Interest rate spread	2.25%
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Two [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Short-term Debt [Line Items]
Interest rate spread	2.50%
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Three [Member]
Short-term Debt [Line Items]
Amount of agreement	30,000,000
Expiration date	26-Oct-15
Amount outstanding	29,619,453
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Three [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Interest rate spread	2.25%
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Three [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Short-term Debt [Line Items]
Interest rate spread	2.75%
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Four [Member]
Short-term Debt [Line Items]
Amount of agreement	20,000,000
Expiration date	30-Jun-16
Amount outstanding	$11,088,600
Warehouse Agreement Borrowings [Member] \| Warehouse Line of Credit Four [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Interest rate spread	2.75%

Warehouse_Lines_of_Credit_Sche

Warehouse Lines of Credit (Schedule of Lines of Credit) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Short-term Debt [Line Items]
Balance	$300,092,293	$236,058,976
Warehouse Agreement Borrowings [Member]
Short-term Debt [Line Items]
Balance	89,417,564
Weighted Average Rate	2.52%
Warehouse Agreement Borrowings [Member] \| 30 Days or Less [Member]
Short-term Debt [Line Items]
Balance	21,210,431
Weighted Average Rate	2.47%
Warehouse Agreement Borrowings [Member] \| Greater than 180 Days to 1 Year [Member]
Short-term Debt [Line Items]
Balance	57,118,533
Weighted Average Rate	2.46%
Warehouse Agreement Borrowings [Member] \| Maturity Greater than 1 Year [Member]
Short-term Debt [Line Items]
Balance	$11,088,600
Weighted Average Rate	2.92%

Loan_Repurchase_Facilities_Nar

Loan Repurchase Facilities (Narrative) (Details) (USD $)	0 Months Ended						12 Months Ended
Loan Repurchase Facilities (Narrative) (Details) (USD $)	Mar. 27, 2014	Aug. 28, 2013	Jul. 25, 2013	30-May-13	31-May-13	Mar. 22, 2013	Dec. 31, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]
Unpaid principal balance of loans acquired	$100,400,000	$98,200,000	$162,400,000		$134,500,000	$17,700,000
Amount outstanding							300,092,293	236,058,976
Loan Repurchase Facility [Member] \| Citi [Member]
Line of Credit Facility [Line Items]
Term of facility							364 days
Increase in borrowing capacity							75,000,000
Maximum amount of facility				250,000,000			325,000,000
Amount outstanding							299,402,024	236,058,976
Loan Repurchase Facility [Member] \| Credit Suisse [Member]
Line of Credit Facility [Line Items]
Term of facility							364 days
Maximum amount of facility							100,000,000
Amount outstanding							$690,269

Loan_Repurchase_Facilities_Sch

Loan Repurchase Facilities (Schedule of Certain Information Regarding Loan Repo Facility) (Details) (Mortgage Loans [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$300,092,293	$236,058,976
Weighted Average Rate	2.92%	2.92%
91-180 Days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	299,402,024	236,058,976
Weighted Average Rate	2.92%	2.92%
Greater than 180 Days to 1 Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$690,269
Weighted Average Rate	2.46%

Loan_Repurchase_Facilities_Sch1

Loan Repurchase Facilities (Schedule of Information Regarding Posting of Mortgage Loan Collateral) (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of Trust Certificates pledged as collateral under Loan Repurchase Facilities	$415,814,067		$331,522,165
Cash pledged as collateral under Loan Repurchase Facilities	684,256		1,360,528
Loan Repurchase Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unused Amount	124,907,707	[1]	13,941,024	[1]
Mortgage Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements secured by mortgage loans	300,092,293		236,058,976
Fair value of Trust Certificates pledged as collateral under Loan Repurchase Facilities	415,814,067		331,522,165
Fair value of mortgage loans not pledged as collateral under Loan Repurchase Facilities	145,771		263,377
Cash pledged as collateral under Loan Repurchase Facilities

[1]	The amount the Company is able to borrow under the Loan Repurchase Facilities is tied to the fair value of unencumbered Trust Certificates eligible to secure those agreements and the Company's ability to fund the agreements' margin requirements relating to the collateral sold.

Loan_Repurchase_Facilities_Sch2

Loan Repurchase Facilities (Schedule of Financial Information) (Details) (Loan Repurchase Facility [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Loan Repurchase Facility [Member]
Line of Credit Facility [Line Items]
Weighted-average interest rate	3.11%	2.92%
Average balance of loans sold under the agreements to repurchase	$193,332	$273,786
Maximum daily amount outstanding	310,575,669	242,099,994
Total interest expense	$8,906,849	$3,612,167

Securities_Repurchase_Agreemen2

Securities Repurchase Agreements (Schedule of Certain Information Regarding Repurchase Agreements) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	$101,553,292	$138,591,678
Weighted Average Rate	1.57%	1.89%
Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	1,460,813
Weighted Average Rate	1.66%
30 Days or Less [Member] \| Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	101,553,292	121,913,678
Weighted Average Rate	1.57%	1.90%
30 Days or Less [Member] \| Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance	1,460,813
Weighted Average Rate	1.66%
31-60 Days [Member] \| Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance		6,415,000
Weighted Average Rate		1.84%
31-60 Days [Member] \| Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance
Weighted Average Rate
61-90 Days [Member] \| Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance		10,263,000
Weighted Average Rate		1.85%
61-90 Days [Member] \| Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Balance
Weighted Average Rate

Securities_Repurchase_Agreemen3

Securities Repurchase Agreements (Schedule of Information Regarding Posting of Collateral) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of investment securities pledged as collateral	$135,779,193	$183,722,511
Cash pledged as collateral	684,256	1,360,528
Non-Agency RMBS [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities repurchase agreements secured by investment securities	101,553,292	138,591,678
Fair value of investment securities pledged as collateral	135,779,193	183,722,511
Fair value of investment securities not pledged as collateral	12,806,540	42,432,710
Other Investment Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities repurchase agreements secured by investment securities	1,460,813
Fair value of investment securities pledged as collateral	2,040,532
Fair value of investment securities not pledged as collateral

80_Exchangeable_Senior_Notes_d1

8.0% Exchangeable Senior Notes due 2016 (Details) (USD $)	12 Months Ended			0 Months Ended
8.0% Exchangeable Senior Notes due 2016 (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 27, 2013	Nov. 25, 2013	Dec. 19, 2014	Sep. 18, 2014	Jun. 18, 2014	Mar. 20, 2014	Dec. 19, 2013		Sep. 18, 2013	Jun. 25, 2013	14-May-13	Dec. 19, 2012	Nov. 29, 2012	Oct. 22, 2012	Jun. 05, 2012	1-May-12
Debt Instrument [Line Items]
Interest expense on notes	$5,686,664	$563,539
Derivative liabilities, at fair value	2,585,184	1,471,607
Dividend declared, amount per share						$0.40	$0.40	$0.40	$0.40	$0.95	[1]	$0.50	$0.45	$0.22	$1.16	$0.98	$0.89	$0.57	$0.51
Special Cash Dividend [Member]
Debt Instrument [Line Items]
Dividend declared, amount per share										$0.55
Exchangeable Senior Notes Conversion Option [Member]
Debt Instrument [Line Items]
Derivative liabilities, at fair value	1,000,000	1,500,000			1,300,000
Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount	57,500,000
Proceeds from sale of debt					55,300,000
Initial purchasers' discount	2,000,000	3,000,000			1,700,000
Aggregate estimated offering expenses					2,200,000
Stated interest rate	8.00%
Effective annual rate	10.20%
Interest expense on notes	$5,700,000	$600,000
Maturity date	15-Nov-16
Percentage of shares outstanding issuable upon exchange	20.00%
Number of shares issuable upon exchange	1,779,560
Conversion ratio				54.3103	52.5417
Exchange price					$19.03
Dividend threshold requiring adjustment to exchange rate	$0.50
Repurchase price	100.00%
Exchangeable Senior Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Conversion ratio	60.4229

[1]	Comprised of a regular cash dividend of $0.40 per share of common stock and OP unit for the quarter ending December 31, 2013, and an additional special cash dividend of $0.55 per share of its common stock and OP unit. The Company declared the special cash dividend to distribute taxable income from 2013 attributable to the termination of interest rate swap contracts.

Derivative_Instruments_Narrati

Derivative Instruments (Narrative) (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Interest Rate Swaps [Member]
Derivative [Line Items]
Cash pledged as collateral	$0.80	$1.60
TBAs [Member] \| Short [Member]
Derivative [Line Items]
Notional amount of contracts paired off and sold	643
Realized gains (losses) on sale of derivative	-4.2
Unrealized gains (losses) recognized	0.5
Interest Rate Swaption [Member]
Derivative [Line Items]
Cash pledged as collateral		$4.90

Derivative_Instruments_Schedul

Derivative Instruments (Schedule of Information Related to Derivative Instruments) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional amount	$225,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Notional amount	17,200,000	17,200,000
Loan Purchase Commitments [Member]
Derivative [Line Items]
Notional amount	1,905,700
Interest Rate Lock Commitments [Member]
Derivative [Line Items]
Notional amount	118,486,590
MBS Forward Sales Contracts [Member]
Derivative [Line Items]
Notional amount	$154,000,000

Derivative_Instruments_Schedul1

Derivative Instruments (Schedule of Fair Value of Derivative Instruments) (Details) (Not Designated as Hedging Instrument [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
Interest Rate Swaption [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	-860,553	284,454
Exchangeable Senior Notes Conversion Option [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	-1,022,248	-1,471,607
Loan Purchase Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	4,037
Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	2,481,063
MBS Forward Sales Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value	($702,383)

Derivative_Instruments_Schedul2

Derivative Instruments (Schedule of Losses and Gains of Derivative Instruments) (Details) (Not Designated as Hedging Instrument [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Rate Swaption [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	($4,803,750)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	-1,571,371	10,548,012	-1,171,219
Exchangeable Senior Notes Conversion Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	449,359	-147,201
TBAs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments		-4,785,996
Loan Purchase Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	4,037
Interest Rate Lock Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	-221,891
MBS Forward Sales Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$410,411

Derivative_Instruments_Schedul3

Derivative Instruments (Schedule of Information About Interest Rate Swaps) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Swap [Member]
Derivative [Line Items]
Notional Amount	$17,200,000	$17,200,000
Weighted Average Pay Rate	2.72%	2.72%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	8 years 7 months 6 days	9 years 7 months 6 days
Swap [Member] \| Derivative - Maturity Date Five [Member]
Derivative [Line Items]
Maturity	31-Dec-23	31-Dec-23
Notional Amount	17,200,000	17,200,000
Weighted Average Pay Rate	2.72%	2.72%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	8 years 7 months 6 days	9 years 7 months 6 days
Interest Rate Swaption [Member]
Derivative [Line Items]
Notional Amount	225,000,000
Interest Rate Swaption [Member] \| Derivative - Maturity Date Four [Member]
Derivative [Line Items]
Swaption Expiration	31-Dec-15
Maturity	31-Dec-25
Notional Amount	$225,000,000
Strike Rate	3.64%

Mortgage_Banking_Activities_De

Mortgage Banking Activities (Details) (USD $)	12 Months Ended
Mortgage Banking Activities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Mortgage Banking Activities [Abstract]
Gain on sale of mortgage loans held for sale, net of direct costs	$5,344,361
Provision for loan indemnification	-118,895
Loan origination fee income	213,540
Total	$5,439,006

Loan_Indemnification_Reserve_D

Loan Indemnification Reserve (Details) (Indemnification Agreement [Member], USD $)	2 Months Ended
	Dec. 31, 2014
Indemnification Agreement [Member]
Loss Contingency Accrual [Roll Forward]
Balance at the date of acquisition	$2,560,907
Loan losses incurred
Provision for losses	101,255
Balance at end of year	$2,662,162

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended					12 Months Ended
Income Taxes (Details) (USD $)	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current provision for income taxes
Federal
State
Total current provision (benefit) for income taxes
Deferred provision for income taxes
Federal						-677,780
State						-173,216
Total deferred provision (benefit) for income taxes						-850,996
Total provision (benefit) for income taxes	-850,996	[1]				-850,996
Reconciliation of Statutory Tax Rate to Effective Tax Rate
Tax expense (benefit) at statutory rate						35.00%	35.00%
State Tax (Net of Federal Benefit)						-0.82%	0.00%
Permanent differences						0.03%	0.00%
Valuation Allowance						2.31%	0.00%
Benefit of REIT Dividend paid deduction						-39.46%	-35.00%
Effective Tax Rate						-2.94%	0.00%
Deferred tax assets
Tax effect of unrealized losses and other temporary differences	1,207,520					1,207,520
Net operating loss carryforward	673,052					673,052	43,473
Total deferred tax assets	1,880,572					1,880,572	43,473
Deferred tax liabilities
Tax effect of unrealized gains and other temporary differences	-357,663					-357,663
Total deferred tax liabilities	-357,663					-357,663
Valuation allowance	671,913					671,913	43,473
Total Deferred Tax Assets, net of Valuation Allowance	$850,996					$850,996

[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in its consolidated statements of operations.

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended									12 Months Ended
Earnings Per Share (Details) (USD $)	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Net income/(loss) attributable to ZAIS Financial Corp. common stockholders (Basic)	$194,337	[1]	$1,149,497	$23,173,931	$2,224,205	$8,062,847	$3,716,061	($6,780,401)	$1,659,222	$26,741,970	$6,657,728	$19,433,802
Effect of dilutive securities:
Net income allocated to non controlling interests										3,109,760	880,358	362,324
Exchangeable Senior Notes
Interest expense										3,240,561
Gain on derivative instruments										-256,068
Total - Exchangeable Senior Notes										2,984,493
Net income/(loss) available to stockholders, after effect of dilutive securities										$32,836,223	$7,538,086	$19,796,126
Denominator:
Weighted average number of shares of common stock	7,970,886	[1]	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	5,142,053	7,970,886	7,273,366	2,724,252
Effect of dilutive securities:
Weighted average number of OP units										926,914	926,914	49,593
Weighted average number of shares convertible under Exchangeable Senior Notes										1,779,560
Diluted weighted average shares outstanding	8,897,800	[1]	8,897,800	10,677,360	8,897,800	9,594,150	8,897,800	8,897,800	6,068,967	10,677,360	8,200,280	2,773,845
Net income per share applicable to ZAIS Financial Corp. common stockholders - Basic	$0.02	[1]	$0.14	$2.91	$0.28	$1.01	$0.47	($0.85)	$0.32	$3.35	$0.92	$7.13
Net income per share applicable to ZAIS Financial Corp. common stockholders - Diluted	$0.02	[1]	$0.14	$2.47	$0.28	$0.98	$0.47	($0.85)	$0.32	$3.08	$0.92	$7.13

[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in its consolidated statements of operations.

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	12 Months Ended
Related Party Transactions (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Advisory fee - related party	$2,853,896	$2,629,815	$877,825
GMFS, LLC [Member]
Related Party Transaction [Line Items]
Related party revenue	1,200
Related party receivables	1,200
ZAIS REIT Management, LLC [Member] \| Advisory Fee [Member]
Related Party Transaction [Line Items]
Advisory fee, rate	1.50%
Advisory fee - related party	2,900,000	2,600,000	900,000
Advisory fees due to related party	700,000
ZAIS REIT Management, LLC [Member] \| Loan Sourcing Fee [Member]
Related Party Transaction [Line Items]
Advisory fee, rate	0.50%
Advisory fee - related party	$3,835

Stockholders_Equity_Narrative_

Stockholders' Equity (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended			1 Months Ended		0 Months Ended		1 Months Ended
Stockholders' Equity (Narrative) (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Oct. 31, 2012	Feb. 13, 2013	Feb. 15, 2013	Jan. 18, 2012	Jan. 31, 2013
Class of Stock [Line Items]
Value of stock issued			$118,862,500	$4,757,470
Value of OP units and common stock issued	25,151,174
Offering fees	763,000		216,658
Common stock repurchase liability, common shares	515,035			515,035	515,035					265,245
Other liabilities										5,800,000
Payment of common stock repurchase liability			5,750,512
Common stock, shares outstanding		7,970,886	7,970,886
Payments for Repurchase of Preferred Stock and Preference Stock			148,379	15,424
ZAIS Financial Partners, L.P. [Member]
Limited Partners' Capital Account [Line Items]
Issuance of OP units					904,422	22,492
ZAIS REIT Management, LLC [Member]
Class of Stock [Line Items]
Offering fees							6,300,000
Common Stock [Member]
Class of Stock [Line Items]
Shares of stock issued					36,581	195,458	5,650,000
Common stock issued, price per share							$21.25
Gross proceeds from issuance initial public offering							120,100,000
Value of stock issued							118,900,000
Offering fees							1,200,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Shares of stock issued									133
Value of stock issued									115,499
Offering fees									17,501
Number of shares repurchased								133
Payments for Repurchase of Preferred Stock and Preference Stock								$148,379

Stockholders_Equity_Dividends_

Stockholders' Equity (Dividends and Distributions) (Details) (USD $)

Dec. 19, 2014

Sep. 18, 2014

Jun. 18, 2014

Mar. 20, 2014

Dec. 19, 2013

Sep. 18, 2013

Jun. 25, 2013

14-May-13

Dec. 19, 2012

Nov. 29, 2012

Oct. 22, 2012

Jun. 05, 2012

1-May-12

Dividends Payable [Line Items]

Dividend declared, amount per share

$0.40

$0.95

[1]

$0.50

$0.45

$0.22

$1.16

$0.98

$0.89

$0.57

$0.51

Regular Cash Dividend [Member]

Dividends Payable [Line Items]

Dividend declared, amount per share

$0.40

Special Cash Dividend [Member]

Dividends Payable [Line Items]

Dividend declared, amount per share

$0.55

[1]

Comprised of a regular cash dividend of $0.40 per share of common stock and OP unit for the quarter ending December 31, 2013, and an additional special cash dividend of $0.55 per share of its common stock and OP unit. The Company declared the special cash dividend to distribute taxable income from 2013 attributable to the termination of interest rate swap contracts.

Noncontrolling_Interests_Detai

Non-controlling Interests (Details) (ZAIS Financial Partners, L.P. [Member])	Dec. 31, 2014	Dec. 31, 2013
ZAIS Financial Partners, L.P. [Member]
Noncontrolling Interest [Line Items]
Units issued and outstanding	926,914	926,914
Non-controlling interest equity interest	10.40%	10.40%

Commitments_and_Contingencies_1

Commitments and Contingencies (Narrative) (Details) (USD $)	12 Months Ended
Commitments and Contingencies (Narrative) (Details) (USD $)	Dec. 31, 2014
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Lease renewal term	5 years
Rent expense	$122,986
Sublease income	45,861
Loan Origination Commitments [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitments to originate loans	$117,700,000

Commitments_and_Contingencies_2

Commitments and Contingencies (Schedule of Future Minimum Payments) (Details) (USD $)	Dec. 31, 2014
Commitments and Contingencies [Abstract]
2015	$639,523
2016	455,351
2017	385,075
2018	385,075
2019	410,515
Thereafter	$2,275,539

Commitments_and_Contingencies_3

Commitments and Contingencies (Schedule of Required and Actual Net Worth Amounts) (Details) (USD $)	Dec. 31, 2014
HUD [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net Worth	$52,545,673
Net Worth Required	2,500,000
Ginnie Mae [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net Worth	52,545,673
Net Worth Required	5,007,700
Fannie Mae [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net Worth	52,548,259
Net Worth Required	6,577,547
Freddie Mac [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net Worth	52,548,259
Net Worth Required	3,143,262
Various States [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net Worth	52,548,259
Various States [Member] \| Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net Worth Required	0
Various States [Member] \| Maximum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Net Worth Required	$1,000,000

Offsetting_Assets_and_Liabilit2

Offsetting Assets and Liabilities (Schedule of Offsetting of Assets) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2014
Derivatives
Gross Amounts of Recognized Assets	$396,068
Gross Amounts Offset in the Consolidated Balance Sheets	-111,614
Net Amounts of Assets Presented in the Consolidated Balance Sheets	284,454
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments
Cash Collateral Received		[1]		[1]
Net Amount	284,454
Interest Rate Swap [Member]
Derivatives
Gross Amounts of Recognized Assets	396,068
Gross Amounts Offset in the Consolidated Balance Sheets	-111,614
Net Amounts of Assets Presented in the Consolidated Balance Sheets	284,454
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments
Cash Collateral Received		[1]
Net Amount	284,454
Cash collateral pledged	767,708
Derivative, maximum exposure	1,052,162
Interest Rate Swaption [Member]
Derivatives
Gross Amounts of Recognized Assets
Gross Amounts Offset in the Consolidated Balance Sheets
Net Amounts of Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments
Cash Collateral Received				[1]
Net Amount
Cash collateral pledged			4,886,011
Derivative, maximum exposure			$4,886,011

[1]	At December 31, 2014, the Company pledged $4,886,011 of cash collateral in relation to its interest rate swaption; with the total net counterparty exposure for this position totaling $4,886,011. At December 31, 2013, the Company pledged $767,708 of cash collateral in relation to its interest rate swap agreements; with the total net counterparty exposure for this position totaling $1,052,162.

Offsetting_Assets_and_Liabilit3

Offsetting Assets and Liabilities (Schedule of Offsetting of Liabilities) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Repurchase agreements
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	$103,014,105	$138,591,678
Total
Gross Amounts of Recognized Liabilities	493,384,515	374,650,654
Gross Amounts Offset in the Consolidated Balance Sheets
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	493,384,515	374,650,654
Gross Amounts Not Offset in the Consolidated Balance Sheets
Financial Instruments	-492,700,259	-373,290,126
Cash Collateral Pledged	-684,256	-1,360,528
Net Amount
Mortgage Loans [Member]
Repurchase agreements
Gross Amounts of Recognized Liabilities	300,092,293	236,058,976
Gross Amounts Offset in the Consolidated Balance Sheets
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	300,092,293	236,058,976
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	-300,092,293	-236,058,976
Cash Collateral Pledged
Net Amount
Agency and Non-Agency Securities [Member]
Repurchase agreements
Gross Amounts of Recognized Liabilities	103,014,105	138,591,678
Gross Amounts Offset in the Consolidated Balance Sheets
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	103,014,105	138,591,678
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	-102,329,849	-137,231,150
Cash Collateral Pledged	-684,256	-1,360,528
Net Amount
Newly Originated Mortgage Loans [Member]
Repurchase agreements
Gross Amounts of Recognized Liabilities	89,417,564
Gross Amounts Offset in the Consolidated Balance Sheets
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	89,417,564
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	-89,417,564
Cash Collateral Pledged
Net Amount
Interest Rate Swap [Member]
Derivatives
Gross Amounts of Recognized Liabilities	860,553
Gross Amounts Offset in the Consolidated Balance Sheet
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	860,553
Gross Amounts Not Offset in the Consolidated Balance Sheet
Financial Instruments	860,553
Cash Collateral Pledged
Net Amount

Employee_Benefit_Plan_Details

Employee Benefit Plan (Details) (USD $)	12 Months Ended
Employee Benefit Plan (Details) (USD $)	Dec. 31, 2014
Employee Benefit Plan [Abstract]
Contributions to the plan	$69,719

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended									12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	segments	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of Operating Segments										2
Total interest income	$10,267,875	[1]	$11,000,619	$10,831,220	$9,493,033	$8,773,339	$8,273,444	$5,935,511	$3,436,033	$41,592,747	$26,418,327	$9,398,319
Total interest expense	4,447,530	[1]	4,491,678	4,416,385	3,903,952	3,090,565	2,333,139	1,156,780	514,035	17,259,545	7,094,519	1,387,451
Net interest income	5,820,345	[1]	6,508,941	6,414,835	5,589,081	5,682,774	5,940,305	4,778,731	2,921,998	24,333,202	19,323,808	8,010,868
Non-interest income										4,730,212
Change in unrealized gain or loss										19,090,520
Realized gain										5,762,254
Gain or (loss) on derivative instruments										-5,921,725	5,614,815	-1,171,219
Advisory fee - related party										2,853,896	2,629,815	877,825
Salaries, commissions and benefits										3,765,784
Operating expenses										7,862,308	5,473,915	1,475,729
Expense										2,180,113
Transaction costs relating to acquisition of GMFS										2,177,617
Depreciation and amortization										154,010
Total other expenses										4,511,741	1,500,359	1,827,350
Net income/(loss) before income taxes										29,000,734	7,553,465	20,265,597
Income tax benefit	850,996	[1]								850,996
Net income/(loss) after income taxes	216,938	[1]	1,279,798	25,872,135	2,482,859	9,000,455	4,148,192	-7,568,877	1,973,695	29,851,730	7,553,465	20,265,597
Mortgage loans held for investment	415,959,838					331,785,542				415,959,838	331,785,542
Mortgage loans held for investment, at cost	1,338,935									1,338,935
Mortgage loans held for sale	97,690,960									97,690,960
Real estate securities	148,585,733					226,155,221				148,585,733	226,155,221
Other investment securities	2,040,532									2,040,532
Mortgage servicing rights, at fair value	33,378,978									33,378,978
Goodwill	16,512,680									16,512,680
Intangible assets	5,668,611									5,668,611
Total assets	792,398,605					620,081,058				792,398,605	620,081,058
Residential Mortgage Loan Investments [Member]
Segment Reporting Information [Line Items]
Total interest income										40,998,530
Total interest expense										11,451,687
Net interest income										29,546,843
Non-interest income
Change in unrealized gain or loss										19,090,520
Realized gain										5,762,254
Gain or (loss) on derivative instruments										-5,921,725
Advisory fee - related party										3,835
Salaries, commissions and benefits
Operating expenses										251,305
Expense										2,180,113
Transaction costs relating to acquisition of GMFS
Depreciation and amortization
Total other expenses										2,180,113
Net income/(loss) before income taxes										46,042,639
Income tax benefit
Net income/(loss) after income taxes										46,042,639
Mortgage loans held for investment	415,959,838									415,959,838
Mortgage loans held for investment, at cost
Mortgage loans held for sale
Real estate securities	148,585,733									148,585,733
Other investment securities	2,040,532									2,040,532
Mortgage servicing rights, at fair value
Goodwill
Intangible assets
Total assets	596,553,227									596,553,227
Residential Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Total interest income										594,217
Total interest expense										121,194
Net interest income										473,023
Non-interest income										4,730,212
Change in unrealized gain or loss
Realized gain
Gain or (loss) on derivative instruments
Advisory fee - related party										143,674
Salaries, commissions and benefits										3,765,784
Operating expenses										1,089,640
Expense
Transaction costs relating to acquisition of GMFS										2,177,617
Depreciation and amortization										154,011
Total other expenses										2,331,628
Net income/(loss) before income taxes										-2,127,491
Income tax benefit										850,996
Net income/(loss) after income taxes										-1,276,495
Mortgage loans held for investment
Mortgage loans held for investment, at cost	1,338,935									1,338,935
Mortgage loans held for sale	97,690,960									97,690,960
Real estate securities
Other investment securities
Mortgage servicing rights, at fair value	33,378,978									33,378,978
Goodwill	16,512,680									16,512,680
Intangible assets	5,668,611									5,668,611
Total assets	194,700,643									194,700,643
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total interest income
Total interest expense										5,686,664
Net interest income										-5,686,664
Non-interest income
Change in unrealized gain or loss
Realized gain
Gain or (loss) on derivative instruments
Advisory fee - related party										2,706,387
Salaries, commissions and benefits
Operating expenses										6,521,363
Expense
Transaction costs relating to acquisition of GMFS
Depreciation and amortization
Total other expenses
Net income/(loss) before income taxes										-14,914,414
Income tax benefit
Net income/(loss) after income taxes										-14,914,414
Mortgage loans held for investment
Mortgage loans held for investment, at cost
Mortgage loans held for sale
Real estate securities
Other investment securities
Mortgage servicing rights, at fair value
Goodwill
Intangible assets
Total assets	$1,144,735									$1,144,735

[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in its consolidated statements of operations.

Quarterly_Results_Details

Quarterly Results (Details) (USD $)	3 Months Ended									12 Months Ended
Quarterly Results (Details) (USD $)	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Results [Abstract]
Total interest income	$10,267,875	[1]	$11,000,619	$10,831,220	$9,493,033	$8,773,339	$8,273,444	$5,935,511	$3,436,033	$41,592,747	$26,418,327	$9,398,319
Total interest expense	4,447,530	[1]	4,491,678	4,416,385	3,903,952	3,090,565	2,333,139	1,156,780	514,035	17,259,545	7,094,519	1,387,451
Net interest income	5,820,345	[1]	6,508,941	6,414,835	5,589,081	5,682,774	5,940,305	4,778,731	2,921,998	24,333,202	19,323,808	8,010,868
Non-interest income	4,730,212	[1]
Total other gain/(loss)	-2,944,631	[1]	-1,805,117	22,688,696	992,101	6,033,137	1,172,969	-10,527,875	1,155,515	18,931,049	-2,166,254	16,435,633
Total expenses	8,239,984	[1]	3,424,026	3,231,396	4,098,323	2,715,456	2,965,082	1,819,733	2,103,818	18,993,729	9,604,089	4,180,904
Income tax benefit	850,996	[1]								850,996
Net income/(loss) after income taxes	216,938	[1]	1,279,798	25,872,135	2,482,859	9,000,455	4,148,192	-7,568,877	1,973,695	29,851,730	7,553,465	20,265,597
Net income/(loss) attributable to ZAIS Financial Corp. common stockholders	$194,337	[1]	$1,149,497	$23,173,931	$2,224,205	$8,062,847	$3,716,061	($6,780,401)	$1,659,222	$26,741,970	$6,657,728	$19,433,802
Net income per share applicable to common stockholders - basic	$0.02	[1]	$0.14	$2.91	$0.28	$1.01	$0.47	($0.85)	$0.32	$3.35	$0.92	$7.13
Net income per share applicable to common stockholders - diluted	$0.02	[1]	$0.14	$2.47	$0.28	$0.98	$0.47	($0.85)	$0.32	$3.08	$0.92	$7.13
Weighted average number of shares
Basic	7,970,886	[1]	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	5,142,053	7,970,886	7,273,366	2,724,252
Diluted	8,897,800	[1]	8,897,800	10,677,360	8,897,800	9,594,150	8,897,800	8,897,800	6,068,967	10,677,360	8,200,280	2,773,845

[1]	On October 31, 2014 the Company, completed the acquisition of GMFS. The Company has recognized the revenues and earnings related to its investment in GMFS for the period from the acquisition date to December 31, 2014 which are reflected in its consolidated statements of operations.

Subsequent_Events_Details

Subsequent Events (Details) (Warehouse Agreement Borrowings [Member], Warehouse Line of Credit Two [Member], USD $)	Dec. 31, 2014	Feb. 28, 2015
Subsequent Event [Line Items]
Maximum amount of facility	$35,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum amount of facility		$50,000,000