Front Yard Residential (RESI) 10-Q7 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_entity_informatio

Document and entity information	3 Months Ended
Document and entity information	Mar. 31, 2015	Apr. 30, 2015
Document Information [Abstract]
Entity registrant name	Altisource Residential Corporation
Entity central index key	1555039
Current fiscal year end date	-19
Entity filer category	Accelerated Filer
Document type	10-Q
Document period end date	31-Mar-15
Document fiscal year focus	2015
Document fiscal period focus	Q1
Amendment flag	FALSE
Entity common stock, shares outstanding		57,203,211

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Real estate held for use:
Land	$21,267	$14,424
Rental residential properties (net of accumulated depreciation of $2,046 and $1,062, respectively)	86,206	60,908
Real estate owned	456,479	457,045
Total real estate held for use, net	563,952	532,377
Real estate assets held for sale	150,807	92,230
Mortgage loans at fair value	1,853,495	1,959,044
Mortgage loans held for sale	12,485	12,535
Cash and cash equivalents	53,246	66,166
Restricted cash	14,766	13,282
Accounts receivable	10,398	10,313
Related party receivables	24,530	17,491
Investment in affiliate	18,000	18,000
Deferred leasing and financing costs, net	5,384	4,251
Prepaid expenses and other assets	672	373
Total assets	2,707,735	2,726,062
Liabilities:
Repurchase agreements	929,287	1,015,000
Other secured borrowings (including $14,991 repurchase agreement with NewSource at March 31, 2015 and December 31, 2014)	379,840	339,082
Accounts payable and accrued liabilities	42,686	11,678
Related party payables	52,541	33,391
Total liabilities	1,404,354	1,399,151
Commitments and contingencies (Note 6)
Equity:
Common stock, $.01 par value, 200,000,000 authorized shares; 57,203,211 and 57,192,212 shares issued and outstanding, at March 31, 2015 and December 31, 2014, respectively	572	572
Additional paid-in capital	1,227,175	1,227,091
Retained earnings	75,634	99,248
Total equity	1,303,381	1,326,911
Total liabilities and equity	$2,707,735	$2,726,062

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Real Estate Investment Property, Accumulated Depreciation	$2,046,000	$1,062,000
Securities sold under agreements to repurchase	$14,991,000	$14,991,000
Equity:
Common stock, par value per share, in USD per share	$0.01	$0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	57,203,211	57,192,212
Common stock, shares outstanding	57,203,211	57,192,212

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental revenues	$1,400	$69
Net unrealized gain on mortgage loans	61,134	65,130
Net realized gain on mortgage loans	15,382	9,321
Net realized gain on re-performing mortgage loans	151	0
Net realized gain on real estate	10,608	0
Interest income	240	108
Total revenues	88,915	74,628
Expenses:
Residential property operating expenses	12,459	1,050
Real estate depreciation and amortization	998	48
Real estate selling costs and impairment	14,691	354
Mortgage loan servicing costs	18,266	11,437
Interest expense	11,643	5,708
General and administrative	4,379	1,038
Related party general and administrative	16,052	12,632
Total expenses	78,488	32,267
Other income	2,000	0
Income before income taxes	12,427	42,361
Income tax expense	3	448
Net income	$12,424	$41,913
Earnings per share of common stock b basic:
Earnings per basic share	$0.22	$0.78
Weighted average common stock outstanding b basic	57,200,889	53,436,108
Earnings per share of common stock b diluted:
Earnings per diluted share	$0.22	$0.77
Weighted average common stock outstanding b diluted	57,406,619	54,086,959
Dividends declared per common share	$0.63	$0.48

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Common stock	Additional paid-in capital	Retained earnings
In Thousands, except Share data, unless otherwise specified	Total	Common stock	Additional paid-in capital	Retained earnings
Beginning balance at Dec. 31, 2013
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, shares		14,828,094
Issuance of common stock, including stock option exercises	$483,506	$148	$483,358
Cost of issuance of common stock	-15,071		-15,071
Dividends on common stock ($0.63 per share)	-27,398			-27,398
Share-based compensation	56		56
Net income	41,913			41,913
Common Stock, Dividends, Per Share, Cash Paid	$0.48
Ending balance at Mar. 31, 2014	1,268,433	571	1,226,927	40,935
Ending balance, shares at Mar. 31, 2014		57,114,763
Beginning balance at Dec. 31, 2014	1,326,911	572	1,227,091	99,248
Beginning balance, shares at Dec. 31, 2014	57,192,212	57,192,212
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, shares		10,999
Issuance of common stock, including stock option exercises	27	0	27
Dividends on common stock ($0.63 per share)	-36,038			-36,038
Share-based compensation	57		57
Net income	12,424			12,424
Common Stock, Dividends, Per Share, Cash Paid	$0.08
Ending balance at Mar. 31, 2015	$1,303,381	$572	$1,227,175	$75,634
Ending balance, shares at Mar. 31, 2015	57,203,211	57,203,211

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net income	$12,424	$41,913
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized gain on mortgage loans	-61,134	-65,130
Net realized gain on mortgage loans	-15,382	-9,321
Net realized gain on sale of re-performing mortgage loans	-151	0
Net realized gain on sale of real estate	-10,608	-55
Real estate depreciation and amortization	998	48
Real estate selling costs and impairment	14,691	355
Accretion of interest on re-performing mortgage loans	-232	0
Share-based compensation	57	56
Amortization of deferred financing costs	532	608
Changes in operating assets and liabilities:
Accounts receivable	996	747
Related party receivables	-4,535	63
Prepaid expenses and other assets	-299	-145
Accounts payable and accrued liabilities	1,024	633
Related party payables	19,150	6,661
Net cash used in operating activities	-42,469	-23,567
Investing activities:
Investment in mortgage loans	0	-611,357
Investment in renovations	-5,534	-447
Real estate tax advances	-6,556	-6,259
Mortgage loan dispositions	56,337	32,775
Mortgage loan payments	5,816	3,129
Disposition of real estate	32,139	734
Change in restricted cash	-1,484	-1,456
Net cash provided by (used in) investing activities	80,718	-582,881
Financing activities:
Issuance of common stock, including stock option exercises	74	487,041
Payment of tax withholdings on exercise of stock options	-47	-3,535
Cost of issuance of common stock	0	-15,071
Dividends on common stock	-4,576	-27,398
Proceeds from issuance of other secured debt	50,690	0
Repayments of secured notes	-9,256	0
Proceeds from repurchase agreement	33,877	127,664
Repayments of repurchase agreement	-119,590	-30,096
Payment of deferred financing costs	-2,341	-123
Net cash (used in) provided by financing activities	-51,169	538,482
Net decrease in cash and cash equivalents	-12,920	-67,966
Cash and cash equivalents as of beginning of the period	66,166
Cash and cash equivalents as of end of the period	53,246	48,022
Supplemental disclosure of cash flow information:
Cash paid for interest	10,429	4,736
Transfer of mortgage loans to real estate owned	136,182	96,528
Transfer of real estate owned to mortgage loans	1,356	0
Change in accrued capital expenditures	-1,430	0
Change in accrued capital expenditures	0	183
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	2,848	1,247
Change in receivables from real estate owned dispositions	630	0
Change in payables from dividends	$31,462	$0

Organization_and_basis_of_pres

Organization and basis of presentation	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation

	Altisource Residential Corporation is a Maryland REIT focused on acquiring, owning and managing single-family rental properties throughout the United States. We acquire our rental properties primarily through the acquisition of sub-performing and non-performing mortgage loan portfolios, which is a differentiated approach that we believe strategically positions us to take advantage of market opportunities better than market participants that are solely focused on real estate-owned (“REO”) acquisitions. We conduct substantially all of our activities through our wholly owned subsidiary Altisource Residential, L.P.

	On December 21, 2012 we became a stand-alone publicly traded company with an initial capital contribution of $100 million. We have a long-term service agreement with Altisource Portfolio Solutions, SA (“Altisource”), a leading provider of real estate and mortgage portfolio management, asset recovery and customer relationship management services. We also have servicing agreements with three separate mortgage loan servicers.

	We are managed by Altisource Asset Management Corporation ("AAMC"). We rely on AAMC for administering our business and performing certain of our corporate governance functions. AAMC also provides portfolio management services in connection with our acquisition and management of sub-performing and non-performing loans and REO properties. AAMC was formed on March 15, 2012 as a wholly owned subsidiary of Altisource and was spun off from Altisource into a stand-alone publicly traded company concurrently with our separation from Altisource. On March 31, 2015, we entered into a new asset management agreement with AAMC (the “AMA”) with an effective date of April 1, 2015. Prior to the AMA, we were party to an asset management agreement with AAMC (the “Original AMA”) pursuant to which we received incentive fees, which we refer to as our “incentive management fees,” that gave us a share of Residential’s cash flow available for distribution to its stockholders as well as reimbursement for certain overhead and operating expenses. The new AMA provides for a new fee structure in which we pay AAMC a base management fee, an incentive management fee and a conversion fee for properties that become rental properties during each quarter versus the incentive management fee and expense reimbursement structure under the Original AMA. For additional details on the new AMA, please see “Note 7. Related Party Transactions.”

	Since we commenced operations, we have completed three public equity offerings with aggregate net proceeds of approximately $1.1 billion. We also entered into three separate repurchase agreements to finance the acquisition and ownership of residential mortgage loans and REO properties. The maximum aggregate funding available under these repurchase agreements at December 31, 2014 was $1.2 billion. Following the amendments described below, the maximum aggregate funding available to us under these repurchase agreements as of March 31, 2015 was $970.5 million, subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of March 31, 2015, an aggregate of $929.3 million was outstanding under our repurchase agreements. All obligations of our subsidiaries under the repurchase agreements are fully guaranteed by us.

	Each of our repurchase agreements is described below:


	•	Credit Suisse (“CS”) is the lender on the repurchase agreement entered into on March 22, 2013, (the “CS repurchase agreement”) with an initial aggregate maximum borrowing capacity of $100.0 million. During 2014 the CS repurchase agreement was amended on several occasions, ultimately increasing the aggregate maximum borrowing capacity to $225.0 million on December 31, 2014 with a maturity date of April 20, 2015, subject to an additional one-year extension with the approval of the lender. On April 20, 2015, we entered into an amended and restated repurchase agreement with CS that increased our aggregate borrowing capacity from $225.0 million to $275.0 million, increased the REO sublimit under the facility and extended the maturity date to April 18, 2016. Please see “Note 12. Subsequent Events” for additional information.


	•	Deutsche Bank (“DB”) is the lender on the repurchase agreement entered into on September 12, 2013 (the “DB repurchase agreement”). The DB repurchase agreement was amended on December 18, 2013, has an aggregate funding capacity of $250.0 million and matures on March 11, 2016. The DB repurchase agreement includes a provision that, beginning in April 2015, we will not be able to finance mortgage loans in excess of amounts outstanding under the facility at the end of March 2015. Therefore, our aggregate funding capacity under the DB repurchase agreement was reduced to $219.7 million in April 2015, which was the amount outstanding under the facility at the time.


	•	Wells Fargo (“Wells”) is the lender on the repurchase agreement entered into on September 23, 2013 (the “Wells repurchase agreement”) with an initial aggregate maximum borrowing capacity of $200.0 million. Throughout 2013 and 2014 the Wells repurchase agreement was amended several times increasing the aggregate maximum borrowing capacity to a high of $1.0 billion, and on December 31, 2014 was reduced to $750.0 million, subject to certain sublimits, to reflect the securitization of a significant portion of our non-performing loans that previously had been financed under the Wells repurchase agreement. The maturity date of the Wells repurchase agreement was March 23, 2015. However, on February 20, 2015, we exercised our option to extend the termination date of this facility to March 23, 2016 without any additional funding, thereby reducing our aggregate funding capacity under the Wells repurchase agreement to $525.8 million which was the amount outstanding under the facility on the extension date. We are in discussions with Wells to further extend the repurchase agreement with an ability to obtain additional funding. No assurance can be provided that we will be able to renew this facility on reasonable terms, on a timely basis or at all. In the event we cannot extend the agreement with an ability to obtain additional funding, the advance rate will be reduced by 10% after the first 90 days of the extension term and we will not be entitled to draw additional funds under the facility.

	Following all of the amendments described above, the maximum aggregate funding available to us under these repurchase agreements as of March 31, 2015 was $970.5 million, subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of March 31, 2015, an aggregate of $0.9 billion was outstanding under our repurchase agreements. All obligations of our subsidiaries under the repurchase agreements are fully guaranteed by us.

	On November 25, 2014, we completed a securitization transaction in which ARLP Securitization Trust, Series 2014-2 ("ARLP 2014-2") issued $270.8 million in Class A Notes (the “Class A Notes”) with a weighted coupon of approximately 3.85% and $234.0 million in Class M Notes (the “Class M Notes”). We initially retained $95.8 million of the Class A Notes and all of the Class M Notes in our taxable REIT subsidiary (“TRS”). On February 9, 2015, we sold $50.7 million of the retained Class A Notes to an unrelated third party. No interest will be paid on any Class M Notes while any Class A Notes remain outstanding. The Class A Notes and Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-2 and not by any of our other assets. The assets of ARLP 2014-2 are the only source of repayment and interest on the Class A Notes and the Class M Notes. The Class A Notes and the Class M Notes mature on January 26, 2054, and we do not guaranty any of the obligations of ARLP 2014-2 under the terms of the Indenture governing the notes or otherwise. As of March 31, 2015, the book value of the underlying securitized assets held by ARLP 2014-2 was $332.5 million.

	On September 25, 2014, we completed a securitization transaction in which ARLP Securitization Trust, Series 2014-1 (“ARLP 2014-1”) issued $150.0 million in Class A Notes (the “Class A Notes”) with a weighted coupon of approximately 3.47% and $32.0 million in Class M Notes (the “Class M Notes”) with a weighted coupon of 4.25%. The Class A Notes and the Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-1 and not by any of our other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the Class A Notes and the Class M Notes. The Class A Notes and the Class M Notes mature on September 25, 2044, and we do not guaranty any of the obligations of ARLP 2014-1 under the terms of the Indenture governing the notes or otherwise. As of March 31, 2015, the book value of the underlying securitized assets held by ARLP 2014-1 was $213.8 million.

	We retained all of the Class M Notes issued by ARLP 2014-1 in our TRS. On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the Class M Notes to NewSource Reinsurance Company Ltd, ("NewSource"), an entity in which we own 100% of the outstanding preferred stock and in which AAMC owns 100% of the outstanding common stock, for a purchase price of $15.0 million. The master repurchase agreement initially required the TRS to repurchase the Class M Notes from NewSource at a 5.0% yield on December 28, 2014, with the parties having the option to extend the master repurchase agreement for additional 89-day periods. In no event can the master repurchase agreement be extended beyond September 29, 2015. The agreement is currently due to expire on June 25, 2015.

	Basis of presentation and use of estimates

	The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States which we refer to as "U.S. GAAP." All wholly owned subsidiaries are included and all intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.

	The unaudited consolidated financial statements and accompanying unaudited consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim consolidated financial statements presented in this Quarterly Report as permitted by SEC rules and regulations. These consolidated financial statements should be read in conjunction with our 2014 annual report on Form 10-K.

	Recently issued accounting standards

	In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs are presented on the balance sheet as a deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The standard requires retrospective application and represents a change in accounting principle. The standard is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. We do not expect the impact of adopting this standard to have a material impact on our financial position, results of operations, or cash flows.
	In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis. ASU 2015-02 makes targeted amendments to the current consolidation guidance that change the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance addresses concerns that current accounting might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. The standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. We are evaluating the impact of ASU 2015-02 on our consolidated financial statements.

	In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. We do not expect this amendment to have a significant effect on our financial position or results of operations.

Mortgage_loans

Mortgage loans	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage loans	Mortgage loans

	Acquisitions of non-performing residential mortgage loans

	During the first quarter of 2015, we did not acquire any portfolios of residential mortgage loans. During the three months ended March 31, 2014, we acquired an aggregate of 4,207 residential mortgage loans, substantially all of which were non-performing, having an aggregate UPB of approximately $1.1 billion and an aggregate market value of underlying properties of approximately $901 million. The aggregate purchase price for these acquisitions was approximately $611 million.

	During the three months ended March 31, 2015, we expensed $0.1 million for due diligence costs related to a potential purchase of a portfolio we did not ultimately acquire. During the three months ended March 31, 2014, we recognized $0.5 million for due diligence costs related to transactions in both general and administrative expense and related party general and administrative expense.

	Generally, we expect that our residential mortgage loan and REO portfolios may grow at an uneven pace, as opportunities to acquire distressed residential mortgage loans may be irregularly timed and may involve large portfolios of loans, and the timing and extent of our success in acquiring such loans cannot be predicted. In addition, for any given portfolio of loans that we agree to acquire, we typically acquire fewer loans than originally expected, as certain loans may be resolved prior to the closing date or may fail to meet our diligence standards. The number of loans excluded from an acquisition typically constitutes a relatively small portion of a particular portfolio. In some cases, the number of loans we do not acquire could be significant. In any case where we do not acquire the full portfolio, appropriate adjustments are made to the applicable purchase price.

	Throughout this report, all unpaid principal balance and market value amounts for the portfolios we have acquired are provided as of “cut-off date” for each transaction unless otherwise indicated. The “cut-off date” for each acquisition is a date shortly before the closing used to identify the final loans being purchased and the related unpaid principal balance, market value of underlying properties and other characteristics of the loans.

	Transfer of mortgage loans to real estate owned

	During the three months ended March 31, 2015 and 2014, we transferred 724 and 636 mortgage loans, respectively, to REO at an aggregate fair value based on broker price opinions ("BPOs") of $134.8 million and $96.5 million, respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, we recorded $18.4 million and $23.6 million, respectively, in net unrealized gains on mortgage loans. At March 31, 2015, we had 7,021 loans with a carrying value of $1.4 billion that were in the foreclosure process compared to 7,841 loans with a carrying value of $1.5 billion at December 31, 2014.

	Dispositions

	During the three months ended March 31, 2015 and 2014, we disposed of 150 and 116 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. In connection with these dispositions, we recorded $15.4 million and $9.3 million, respectively, of net realized gains on mortgage loans.

	Acquisition of re-performing residential mortgage loans

	On June 27, 2014, we acquired 879 re-performing mortgage loans with an aggregate market value of underlying properties of $271.1 million for an aggregate purchase price of $144.6 million. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. These 879 re-performing residential mortgage loans were determined to have common risk characteristics and have been accounted for as a single loan pool. During October 2014, we sold an aggregate of 934 re-performing loans to an unrelated third party for an aggregate purchase price of $164 million. The sale included 770 loans from the re-performing mortgage loans purchased in June 2014, and 164 loans that had transitioned to re-performing status from prior non-performing loan acquisitions.

	Under ASC 310-30, we estimate cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. We determine the excess of the loan pool's contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the nonaccretable yield. The difference between expected cash flows and the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the three months ended March 31, 2015, we recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the three months ended March 31, 2015, we accreted $0.2 million into interest income with respect to our re-performing loans. As of March 31, 2015, these re-performing loans, having a UPB of $17.5 million and a carrying value of $12.5 million, were held for sale.

	The following tables present information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands):


		Three months ended March 31, 2015
		Accretable Yield			Carrying Amount of Loans
	Balance at the beginning of the period	$	7,640		$	12,535

	Additions	—			37

	Payments and other reductions, net	(201		)	(319		)
	Accretion	(232		)	232

	Balance at the end of the period	$	7,207		$	12,485

Real_estate_assets_net

Real estate assets, net	3 Months Ended
Real estate assets, net	Mar. 31, 2015
Real Estate [Abstract]
Real estate assets, net	Real estate assets, net

	Real estate held for use

	As of March 31, 2015, we had 3,464 REO properties held for use. Of these properties, 587 had been rented, 151 were being listed for rent and 116 were in varying stages of renovation. With respect to the remaining 2,610 REO properties, we will make a final determination whether each property meets our rental profile after (a) applicable state redemption periods have expired, (b) the foreclosure sale has been ratified, (c) we have recorded the deed for the property, (d) utilities have been activated and (e) we have secured access for interior inspection. A majority of the REO properties are subject to state regulations which require us to await the expiration of a redemption period before a foreclosure can be finalized. We include these redemption periods in our portfolio pricing which generally reduces the price we pay for the mortgage loans. Once the redemption period expires, we immediately proceed to record the new deed, take possession of the property, activate utilities, and start the inspection process in order to make our final determination. As of December 31, 2014, we had 3,349 REO properties held for use. Of these properties, 336 had been rented, 197 were being listed for rent and 254 were in various stages of renovation. With respect to the remaining 2,562 REO properties, we were in the process of determining whether these properties would meet our rental profile. As of March 31, 2014, we had 852 REO properties held for use. Of these properties, 35 had been rented, 17 were being listed for rent and 48 were in various stages of renovation. With respect to the remaining 752 REO properties, we were in the process of determining whether these properties would meet our rental profile. If a REO property meets our rental profile, we determine the extent of renovations that are needed to generate an optimal rent and maintain consistency of renovation specifications for future branding. If we determine that the REO property will not meet our rental profile, we list the property for sale, in certain instances after renovations are made to optimize the sale proceeds.

	Real estate held for sale

	As of March 31, 2015, we classified 966 REO properties having an aggregate carrying value of $150.8 million as real estate held for sale as they do not meet our residential rental property investment criteria. As of December 31, 2014, we had 611 REO properties having an aggregate carrying value of $92.2 million held for sale, and as of March 31, 2014, we had 44 REO properties having an aggregate carrying value of $4.2 million held for sale. None of these REO properties have any operations; therefore, we are not presenting discontinued operations related to these properties.

	We record residential properties held for sale at the lower of either the carrying amount of REO or its estimated fair value less estimated selling costs. If the carrying amount exceeds the estimated fair value, as adjusted, we record impairment equal to the amount of such excess. If an increase in fair value is noted at a subsequent measurement date, a gain is recognized to the extent of any previous impairment recognized. As of March 31, 2015 we had $9.0 million of impairment on the 966 REO properties having a fair value of $168.9 million. As of December 31, 2014 we had $4.9 million of impairment on the 611 REO properties having a fair value of $96.0 million. There was no impairment on the 44 REO properties held at March 31, 2014.

	Dispositions

	During the three months ended March 31, 2015, we disposed of 254 residential properties and recorded $10.6 million of net realized gains on real estate. We disposed of two residential properties during the three months ended March 31, 2014. There were no significant gains or losses on the dispositions in 2014.

Fair_value_of_financial_instru

Fair value of financial instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Fair value of financial instruments

	The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of March 31, 2015 and December 31, 2014 ($ in thousands):


		Level 1			Level 2			Level 3
		Quoted prices in active markets			Observable inputs other than Level 1 prices			Unobservable inputs
	31-Mar-15
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,853,495

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	168,942

	Transfer of real estate owned to mortgage loans	$	—		$	—		$	1,356

	Transfer of mortgage loans to real estate owned	$	—		$	—		$	136,182

	Not recognized on consolidated balance sheets at fair value (assets)
	Mortgage loans held for sale	$	—		$	—		$	12,485

	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	929,287		$	—

	Other secured borrowings	$	—		$	377,420		$	—


	31-Dec-14
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,959,044

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	96,041

	Transfer of real estate owned to mortgage loans	$	—		$	—		$	8,400

	Transfer of mortgage loans to real estate owned	$	—		$	—		$	595,668

	Not recognized on consolidated balance sheets at fair value (assets)
	Mortgage loans held for sale	$	—		$	—		$	12,535

	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	1,015,000		$	—

	Other secured borrowings	$	—		$	336,409		$	—


	We have not transferred any assets from one level to another level during the three months ended March 31, 2015 or during the year ended December 31, 2014.

	The carrying values of our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities, related party payables and investment in NewSource are equal to or approximate fair value. The fair value of mortgage loans is estimated using our asset manager's proprietary pricing model. The fair value of transfers of mortgage loans to real estate owned is estimated using BPOs. The fair value of re-performing mortgage loans held for sale is estimated using the present value of the future estimated principal and interest payments of the loan, with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The fair value of the repurchase agreements is estimated using the income approach based on credit spreads available to us currently in the market for similar floating rate debt. The fair value of other secured borrowings is estimated using observable market data.

	The following table sets forth the changes in our level 3 assets that are measured at fair value on a recurring basis ($ in thousands):


			Three months ended March 31, 2015				Three months ended March 31, 2014

	Mortgage loans
	Beginning balance		$	1,959,044			$	1,207,163

	Investment in mortgage loans		—				612,508

	Net unrealized gain on mortgage loans		61,134				65,130

	Net realized gain on mortgage loans		15,382				9,321

Mortgage loan dispositions and payments		(65,168		)		(39,458		)
Real estate tax advances to borrowers		7,127				8,006

Reclassification of realized gains on real estate sold from unrealized gains		10,802				—

Transfer of real estate owned to mortgage loans		1,356				—

Transfer of mortgage loans to real estate owned		(136,182		)		(96,528		)
Ending balance at March 31		$	1,853,495			$	1,766,142


Net unrealized gain on mortgage loans held at the end of the period		$	51,068			$	38,197


The following table sets forth the fair value of our non-performing mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency status as of March 31, 2015 and December 31, 2014 ($ in thousands):


	Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
31-Mar-15
Current	794		$	127,984		$	183,091		$	188,031

30	95		13,653			20,233			20,694

60	41		6,423			8,986			10,288

90	2,138		332,892			531,217			502,562

Foreclosure	7,021		1,372,543			1,964,595			1,801,433

Mortgage loans	10,089		$	1,853,495		$	2,708,122		$	2,523,008

31-Dec-14
Current	670		$	107,467		$	159,731		$	160,654

30	109		15,424			22,629			24,046

60	57		7,921			11,624			12,510

90	2,286		361,434			569,930			544,709

Foreclosure	7,841		1,466,798			2,172,047			1,951,606

Mortgage loans	10,963		$	1,959,044		$	2,935,961		$	2,693,525


The following table sets forth the carrying value of our re-performing mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of March 31, 2015 and December 31, 2014 ($ in thousands):


	Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
31-Mar-15
Current	69		$	8,597		$	12,004		$	15,102

30	6		498			1,018			1,074

60	—		—			—			—

90	24		3,390			4,498			5,931

Mortgage loans held for sale	99		$	12,485		$	17,520		$	22,107

31-Dec-14
Current	68		$	8,317		$	11,938		$	15,154

30	6		$	1,118		$	1,667		$	2,004

60	4		$	359		$	644		$	670

90	24		$	2,741		$	4,149		$	4,624

Mortgage loans held for sale	102		$	12,535		$	18,398		$	22,452


The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of March 31, 2015 and December 31, 2014:


Input	31-Mar-15	31-Dec-14
Equity discount rate	15.00%	15.00%
Debt to asset ratio	65.00%	65.00%
Cost of funds	3.5% over 1 month LIBOR	3.5% over 1 month LIBOR
Annual change in home pricing index	0% to 7.6%	-0.1% to 7.6%
Loan resolution probabilities — modification	0% to 44.7%	0% to 44.7%
Loan resolution probabilities — rental	0% to 100.0%	0% to 100.0%
Loan resolution probabilities — liquidation	0% to 100.0%	0% to 100.0%
Loan resolution timelines (in years)	0.1 to 5.3	0.1 to 5.3
Value of underlying properties	$500 - $5,500,000	$3,000 - $5,300,000

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings

	Repurchase Agreements

	Our operating partnership and certain of its Delaware Statutory Trust subsidiaries, as applicable, have entered into master repurchase agreements with major financial institutions. The purpose of these repurchase agreements is to finance the acquisition and ownership of mortgage loans, rental properties and REO properties in our portfolio. We have effective control of the assets associated with these agreements and therefore have concluded these are financing arrangements. As of March 31, 2015, the weighted average annualized interest rate on borrowings under our repurchase agreements was 3.06%, excluding amortization of deferred financing costs.

	The following table sets forth data with respect to our repurchase agreements as of March 31, 2015 and December 31, 2014 ($ in thousands):


		Maximum borrowing capacity			Book value of collateral		Amount outstanding
	31-Mar-15
	CS repurchase agreement due April 20, 2015	$	225,000		$	331,633	$	183,806

	Wells repurchase agreement due March 23, 2016	525,780			986,572		525,780

	DB repurchase agreement due March 11, 2016	219,701			457,553		219,701

		$	970,481		$	1,775,758	$	929,287

	December 31, 2014
	CS repurchase agreement due April 20, 2015	$	225,000		$	332,618	$	222,044

	Wells repurchase agreement due March 23, 2015	$	750,000		$	1,036,409	$	569,509

	DB repurchase agreement due March 11, 2016	$	250,000		$	450,532	$	223,447

		$	1,225,000		$	1,819,559	$	1,015,000


	Under the terms of each repurchase agreement, as collateral for the funds drawn thereunder, subject to certain conditions, our operating partnership will sell to the applicable lender equity interests in the Delaware statutory trust subsidiary that owns the applicable underlying mortgage assets on our behalf, or the trust will directly sell such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, the lender has the right to initiate a margin call and require us, or the applicable trust subsidiary, to post additional collateral or to repay a portion of the outstanding borrowings. The price paid by the lender for each mortgage asset we finance under the repurchase agreements is based on a percentage of the market value of the mortgage asset and may depend on its delinquency status. With respect to funds drawn under the repurchase agreements, our applicable subsidiary is required to pay the lender interest based on LIBOR or at the lender’s cost of funds plus a spread calculated based on the type of applicable mortgage assets collateralizing the funding, as well as certain other customary fees, administrative costs and expenses to maintain and administer the repurchase agreements. We do not collateralize any of our repurchase facilities with cash. Pursuant to the CS Repurchase Agreement, we are entitled to collateralize a portion of the facility with securities. As of March 31, 2015, approximately $10.6 million of the amounts outstanding under the CS Repurchase Agreement was collateralized by $17.0 million of the Class M Notes issued and retained by us in connection with the securitization completed in September 2014 by ARLP 2014-1, and approximately $29.4 million of the amounts outstanding under the CS Repurchase Agreement was collateralized by $45.1 million of the Class A2 Notes issued and retained by us in connection with the securitization completed in November 2014 by ARLP 2014-2.

	The repurchase agreements require us to maintain various financial and other covenants, including maintaining a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash. In addition, the repurchase agreements contain customary events of default. We are restricted by the terms of our repurchase agreements from paying dividends greater than our REIT taxable income in a calendar year.

	We are currently in compliance with the covenants and other requirements with respect to the repurchase agreements. We monitor our banking partners’ ability to perform under the repurchase agreements and have concluded there is currently no reason to doubt that they will continue to perform under the repurchase agreements as contractually obligated. For additional information on the repurchase agreements, please see Note 1, "Organization and basis of presentation."

	Other Secured Debt

	On November 25, 2014, we completed a securitization transaction in which ARLP 2014-2 issued $270.8 million in Class A Notes with a weighted coupon of approximately 3.85% and $234.0 million in Class M Notes. We initially retained $95.8 million of the Class A Notes and all of the Class M Notes in our TRS. On February 9, 2015, we sold $50.7 million of the retained Class A Notes to an unrelated third party. No interest will be paid on any Class M Notes while any Class A Notes remain outstanding. The Class A Notes and Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-2 and not by any of our other assets. The assets of ARLP 2014-2 are the only source of repayment and interest on the Class A Notes and the Class M Notes. The Class A Notes and the Class M Notes mature on January 26, 2054, and we do not guaranty any of the obligations of ARLP 2014-2 under the terms of the Indenture governing the notes or otherwise. As of March 31, 2015, the book value of the underlying securitized assets held by ARLP 2014-2 was $332.5 million.

	On September 25, 2014, we completed a securitization transaction in which ARLP 2014-1 issued $150.0 million in Class A Notes with a weighted coupon of approximately 3.47% and $32.0 million in Class M Notes with a weighted coupon of 4.25%. The Class A Notes and the Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-1 and not by any of our other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the Class A Notes and the Class M Notes. The Class A Notes and the Class M Notes mature on September 25, 2044, and we do not guaranty any of the obligations of ARLP 2014-1 under the terms of the Indenture governing the notes or otherwise. As of March 31, 2015, the book value of the underlying securitized assets held by ARLP 2014-1 was $213.8 million.

	We retained all of the Class M Notes issued by ARLP 2014-1 in our TRS. On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the Class M Notes to NewSource for a purchase price of $15.0 million. The master repurchase agreement initially required the TRS to repurchase the Class M Notes from NewSource at a 5.0% yield on December 28, 2014, with the parties having the option to extend the master repurchase agreement for additional 89-day periods. In no event can the master repurchase agreement be extended beyond September 29, 2015. The agreement is currently due to expire on June 25, 2015.

	The following table sets forth data with respect to these notes as of March 31, 2015 ($ in thousands):


		Interest Rate		Amount outstanding
	31-Mar-15
	ARLP Securitization Trust, Series 2014-1
	ARLP 2014-1 Class A Notes due September 25, 2044(1)	3.47	%	$	145,953

	ARLP 2014-1 Class M Notes due September 25, 2044(2)	4.25	%	32,000

	ARLP Securitization Trust, Series 2014-2
	ARLP 2014-2 Class A Notes due January 26, 2054(3)	3.85	%	264,034

	ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010

	ARNS, Inc.
	Securities sold under agreement to repurchase due June 25, 2015	5	%	14,991

	Intercompany eliminations
	Elimination of Class M Notes due to ARNS, Inc.			(32,000		)
	Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(45,138		)
Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc.			(234,010		)
			$	379,840

31-Dec-14
ARLP Securitization Trust, Series 2014-1
ARLP 2014-1 Class A Notes due September 25, 2044(1)	3.47	%	$	150,000

ARLP 2014-1 Class M Notes due September 25, 2044(2)	4.25	%	32,000

ARLP Securitization Trust, Series 2014-2
ARLP 2014-2 Class A Notes due January 26, 2054(3)	3.85	%	269,820

ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010

ARNS, Inc.
Securities sold under agreement to repurchase due March 27, 2015	5	%	14,991

Intercompany eliminations
Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc.			(32,000		)
Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(95,729		)
Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc.			(234,010		)
			$	339,082

_____________

-1	The expected redemption date for the Class A Notes is September 25, 2017.

-2	The expected redemption date for the Class M Notes is September 25, 2018.

-3	The expected redemption date for the Class A Notes is November 27, 2017.

Commitments_and_contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies

	Litigation, claims and assessments

	There have been no material new developments in our legal proceedings since the March 2, 2015 filing of our annual report on Form 10-K for the year ended December 31, 2014, except as follows:

	The Police Retirement System of Saint Louis v. Erbey, et al. On April 2, 2015, The Police Retirement System of Saint Louis and the defendants entered into a Memorandum of Understanding (“MOU”) reflecting an agreement in principle to settle the action with the settlement consideration being the new AMA. The MOU contemplates the negotiation and execution of a stipulation of settlement. The stipulation of settlement will be subject to customary conditions, including court approval. If the settlement is finally approved by the court, it will resolve and release all claims in the action that were, or could have been brought by or on our behalf challenging any aspect of the Original AMA and the negotiation of, the terms and provisions of, or the approval of the new AMA. In addition, in connection with the settlement, the parties agreed that plaintiff’s counsel will apply to the court for an award of fees and expenses. There can be no assurances that the parties will ultimately enter into a stipulation of settlement or that the court will approve the settlement.

	Martin v. Altisource Residential Corporation, et al. On March 27, 2015, a putative shareholder class action complaint was filed in the United States District Court of the Virgin Islands by a purported shareholder of Residential under the caption Martin v. Altisource Residential Corporation, et al., 15-cv-00024. The action names as defendants Residential, Mr. Erbey and certain officers and a former officer of Residential and alleges that the defendants violated federal securities laws by, among other things, making materially false statements and/or failing to disclose material information to Residential’s shareholders regarding RESI’s relationship and transactions with AAMC, Ocwen and Home Loan Servicing Solutions Ltd. These alleged misstatements and omissions include allegations that the defendants failed to adequately disclose Residential’s reliance on Ocwen and the risks relating to its relationship with Ocwen, including that Ocwen was not properly servicing and selling loans, that Ocwen was under investigation by regulators for violating state and federal laws regarding servicing of loans, and Ocwen’s lack of proper internal controls. The complaint also contains allegations that certain of Residential’s disclosure documents were false and misleading because they fail to disclose fully the entire details of a certain asset management agreement between Residential and AAMC that allegedly benefited AAMC to the detriment of Residential’s shareholders. The action seeks, among other things, an award of monetary damages to the putative class in an unspecified amount, and an award of attorney’s and other fees and expenses. We believe the complaint is without merit. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any.

	For the litigation described above where an estimate is possible, management has established a litigation accrual in the amount of $1.5 million. This estimated liability is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. Matters underlying the Company’s litigation accrual may change from time to time, and actual results may vary significantly from the current estimate, including as a result of changes in our ongoing and future legal proceedings. Those matters for which an estimate is not possible are not included within this litigation accrual. Therefore, this estimated liability represents what we believe to be an estimate of liability only for certain liabilities that are estimable and probable, and does not represent our maximum loss exposure.

Related_party_transactions

Related party transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related party transactions	Related party transactions

	New Asset Management Agreement with AAMC

	On March 31, 2015, we entered into a new Asset Management Agreement ("AMA") with AAMC.

	The AMA, which became effective on April 1, 2015, provides for a new management fee structure which replaces the incentive fee structure under the original asset management agreement (the “Original AMA”) as follows:


	•	AAMC is entitled to a quarterly base management fee equal to 1.5% of the product of (i) our average invested capital for the quarter multiplied by (ii) 0.25, while we have fewer than 2,500 single family rental properties actually rented (“Rental Properties”). The base management fee percentage increases to 1.75% of invested capital while we have between 2,500 and 4,499 Rental Properties and increases to 2.0% of invested capital while we have 4,500 or more Rental Properties;


	•	AAMC is entitled to a quarterly incentive management fee equal to 20% of the amount by which our return on invested capital exceeds a hurdle return rate of between 7.0% and 8.25% (depending on the 10-year treasury rate). The incentive management fee increases to 22.5% while we have between 2,500 and 4,499 Rental Properties and increases to 25% while we have 4,500 or more Rental Properties; and

	•	AAMC is entitled to a quarterly conversion fee equal to 1.5% of the market value of the single-family homes leased by us for the first time during the quarter.

	We have the flexibility to pay up to 25% of the incentive management fee to AAMC in shares of our common stock.

	Under the new AMA, AAMC will continue to be the exclusive asset manager for us for an initial term of 15 years from April 1, 2015, with two potential five-year extensions, subject to our achieving an average annual return on invested capital of at least 7.0%. Under the AMA, we will not be required to reimburse AAMC for the allocable compensation and routine overhead expenses of its employees and staff, all of which will now be covered by the base management fee described above.

	Neither party is entitled to terminate the AMA prior to the end of the initial term, or each renewal term, other than termination by (a) us and/or AAMC “for cause” for certain events such as a material breach of the AMA and failure to cure such breach, (b) Residential for certain other reasons such as our failure to achieve a return on invested capital of at least 7.0% for two consecutive fiscal years after the third anniversary of the AMA, and (c) Residential in connection with certain change of control events.

	Summary of Related Party Transaction Expenses

	Through January 16, 2015, William C. Erbey served as our Chairman as well as the Executive Chairman of Ocwen, Chairman of Altisource, and Chairman of AAMC. Effective January 16, 2015, Mr. Erbey stepped down as the Executive Chairman of Ocwen and Chairman of each of Altisource, Residential and AAMC and is no longer a member of the Board of Directors for any of these companies. As of March 31, 2015, Mr. Erbey owned or controlled approximately 4% of our common stock, approximately 30% of the common stock of Altisource, approximately 28% of the common stock of AAMC and approximately 14% of the common stock of Ocwen. As of March 31, 2015, Mr. Erbey also held 857,543 options to purchase Altisource common stock (all of which were exercisable), 3,572,626 options to purchase Ocwen common stock (3,322,626 of which were exercisable) and 85,755 options to purchase AAMC common stock (all of which were exercisable).

	As a result of Mr. Erbey’s position as our Chairman and as Chairman of each of Ocwen, Altisource and AAMC during the beginning of the first quarter, combined with his share ownership, these companies are considered related parties of Residential for the first quarter of 2015. We will continue to monitor the facts and circumstances with respect to Mr. Erbey, as well as our continuing officers and directors, to determine whether any of Altisource, Ocwen or AAMC will be related parties in future periods.

	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands):


		Three months ended March 31, 2015		Counter-party	Consolidated Statements of Operations location
	2015
	Residential property operating expenses	$	9,512	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	16,985		Ocwen	Mortgage loan servicing costs

	Other general and administrative expenses	402		Altisource	Related party general and administrative expenses

	Expense reimbursements	750		AAMC	Related party general and administrative expenses

	Management incentive fee	14,900		AAMC	Related party general and administrative expenses

	Interest expense	160		NewSource	Interest expense

	Professional fee sharing for negotiation of AMA	2,000		AAMC	Other income

		Three months ended March 31, 2014		Counter-party	Consolidated Statements of Operations location
	2014
	Residential property operating expenses	$	1,050	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	10,490		Ocwen	Mortgage loan servicing costs

	Due diligence and unsuccessful deal costs	111		Altisource	Related party general and administrative expenses

	Other general and administrative expenses	—		Altisource	Related party general and administrative expenses

	Expense reimbursements	1,469		AAMC	Related party general and administrative expenses

	Management incentive fee	10,911		AAMC	Related party general and administrative expenses


	On September 30, 2014, pursuant to a master repurchase agreement, our TRS sold $15.0 million of the Class M Notes to NewSource for a purchase price of $15.0 million. The master repurchase agreement initially required the TRS to repurchase the Class M Notes from NewSource at a 5.0% yield on December 28, 2014, with the parties having the option to extend the master repurchase agreement for additional 89 day periods. In no event can the master repurchase agreement be extended beyond September 29, 2015. The agreement is currently due to expire on June 25, 2015.

Sharebased_payments

Share-based payments	3 Months Ended
Share-based payments	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based payments	Share-based payments

	On December 21, 2012, as part of our separation transaction from Altisource, we issued stock options under the 2012 Conversion Option Plan and 2012 Special Conversion Option Plan to holders of Altisource stock options to purchase shares of our common stock in a ratio of one share of our common stock to every three shares of Altisource common stock. The options were granted as part of our separation to employees of Altisource and/or Ocwen solely to give effect to the exchange ratio in the separation, and we do not include share-based compensation expense related to these options in our consolidated statements of operations because they are not related to our incentive compensation.

	Our directors each receive annual grants of restricted stock equal to $45,000 based on the market value of our common stock at the time of the annual stockholders meeting. This restricted stock vests and is issued after a one-year service period subject to each director attending at least 75% of the Board and committee meetings. No dividends are paid on the shares until the award is issued.

	We recorded $0.1 million and $0.1 million of compensation expense related to these grants for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and 2014, we had a nominal amount of unrecognized share-based compensation cost remaining with respect to the director grants. During the three months ended March 31, 2015 and 2014, we granted no share-based payments to directors.

Income_taxes

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	Income taxes

	As a REIT, we must meet certain organizational and operational requirements including the requirement to distribute at least 90% of our annual REIT taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax to the extent we distribute our REIT taxable income to our stockholders and provided we satisfy the REIT requirements including certain asset, income, distribution and stock ownership tests. If we fail to qualify as a REIT, and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which we lost our REIT qualification.

	On March 31, 2015, our Board of Directors declared a quarterly cash dividend of $0.55 per share of common stock, which was paid on April 23, 2015 to all stockholders of record as of the close of business on April 13, 2015.

	Based on our 2014 taxable income of $115.8 million, which includes net capital gains of $54.4 million, the aggregate minimum distribution to stockholders required to maintain our REIT status was $55.3 million in 2014. Dividends declared and paid per share of common stock aggregated $2.03 for the year ended December 31, 2014, or $116.0 million. These distributions included a cash dividend of $0.08 per share of common stock, or $4.5 million, which was treated as a 2013 distribution for REIT qualification purposes. On March 12, 2015 our Board of Directors declared a cash dividend of $0.08 per share of common stock, which was paid on March 30, 2015 to all stockholders of record as of the close of business on March 23, 2015. This additional dividend, an aggregate of $4.6 million, was treated as a 2014 distribution for REIT qualification purposes.

	Our consolidated financial statements include the operations of our taxable REIT subsidiary ("TRS"), which is subject to federal, state and local income taxes on its taxable income. Through December 31, 2014, the TRS operated at a cumulative taxable loss, which resulted in our recording a deferred tax asset with a corresponding valuation allowance. The TRS has continued to operate at a cumulative taxable loss through March 31, 2015 which resulted in our recording additional deferred tax assets and a corresponding valuation allowance. As of March 31, 2015, we are forecasting that the TRS will not be profitable for the 2015 fiscal year.

	We recorded state income tax expense on our consolidated operations for the three months ended March 31, 2015. As a REIT, we may also be subject to federal taxes if we engage in certain types of transactions.

	As of March 31, 2015 and 2014, we did not accrue interest or penalties associated with any unrecognized tax benefits, nor was any interest expense or penalty recognized during the three months ended March 31, 2015 and 2014. We recorded nominal state and local tax expense on income and property for the three months ended March 31, 2015. Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2014.

Earnings_per_share

Earnings per share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings per share	Earnings per share

	The following table sets forth the components of diluted earnings per share (in thousands, except share and per share amounts):


		Three months ended March 31, 2015		Three months ended March 31, 2014
	Numerator
	Net income	$	12,424	$	41,913


	Denominator
	Weighted average common stock outstanding – basic	57,200,889		53,436,108

	Stock options using the treasury method	200,712		638,761

	Restricted stock	5,018		12,090

	Weighted average common stock outstanding – diluted	57,406,619		54,086,959


	Earnings per basic share	$	0.22	$	0.78

	Earnings per diluted share	$	0.22	$	0.77

Segment_information

Segment information	3 Months Ended
Segment information	Mar. 31, 2015
Segment Reporting [Abstract]
Segment information	Segment information

	Our primary business is the acquisition and ownership of single-family rental assets. Our primary sourcing strategy is to acquire these assets by purchasing sub-performing and non-performing mortgage loans. As a result, we operate in a single segment focused on the resolution of sub-performing and non-performing mortgages and ownership of rental residential properties.

Subsequent_events

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent events

	New Loan and Security Agreement with Nomura

	On April 10, 2015, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Nomura Corporate Funding Americas, LLC (“Nomura”). The purpose of the Loan Agreement is to finance our beneficial ownership of REO properties. These obligations are fully guaranteed pursuant to a guaranty (the “Guaranty”) made by us in favor of Nomura. The Loan Agreement terminates on April 8, 2016.

	Under the terms of the Loan Agreement, subject to certain conditions, Nomura may advance funds to us from time to time, with such advances collateralized by REO properties. The maximum aggregate advance for the REO properties under the Loan Agreement is $100.0 million, subject to certain sublimits, eligibility requirements and conditions precedent to each funding.

	The advances paid by Nomura under the Loan Agreement with respect to the REO properties from time to time will be based on a percentage of the market value of the applicable REO properties. Under the terms of the Loan Agreement, we are required to pay to Nomura interest based on the one-month LIBOR plus a spread and certain other customary fees, administrative costs and expenses in connection with Nomura's structuring, management and ongoing administration of the Loan Agreement. The Loan Agreement requires us to maintain various standard financial and other covenants.

	In addition, the Loan Agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, certain material adverse changes, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the Loan Agreement and the liquidation by Nomura of the REO properties then subject to the Loan Agreement.

	Amended and Restated Repurchase Agreement with CS

	On April 20, 2015, we entered into an Amended and Restated Master Repurchase Agreement with CS. The CS Repurchase Agreement, as amended and restated, increases the aggregate maximum funding capacity to finance the purchase and beneficial ownership of non-performing, re-performing and performing mortgage loans and REO properties from $225.0 million to $275.0 million, and also increases the sublimit for REO properties that can be financed on the facility.

	The obligations of our subsidiaries continue to be fully guaranteed by us pursuant to an amended and restated guaranty (the “Amended Guaranty”) made in favor of CS. As amended and restated, the Repurchase Agreement has been extended to mature on April 21, 2016.

	All other material terms and conditions of the Repurchase Agreement remain the same as the original repurchase agreement in all material respects.

Mortgage_loans_Tables

Mortgage loans (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of information for estimates of contractually required payments and cash flows expected	The following tables present information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands):


		Three months ended March 31, 2015
		Accretable Yield			Carrying Amount of Loans
	Balance at the beginning of the period	$	7,640		$	12,535

	Additions	—			37

	Payments and other reductions, net	(201		)	(319		)
	Accretion	(232		)	232

	Balance at the end of the period	$	7,207		$	12,485

Fair_value_of_financial_instru1

Fair value of financial instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair value measurements, recurring and nonrecurring	The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of March 31, 2015 and December 31, 2014 ($ in thousands):


		Level 1			Level 2			Level 3
		Quoted prices in active markets			Observable inputs other than Level 1 prices			Unobservable inputs
	31-Mar-15
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,853,495

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	168,942

	Transfer of real estate owned to mortgage loans	$	—		$	—		$	1,356

	Transfer of mortgage loans to real estate owned	$	—		$	—		$	136,182

	Not recognized on consolidated balance sheets at fair value (assets)
	Mortgage loans held for sale	$	—		$	—		$	12,485

	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	929,287		$	—

	Other secured borrowings	$	—		$	377,420		$	—


	31-Dec-14
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,959,044

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	96,041

	Transfer of real estate owned to mortgage loans	$	—		$	—		$	8,400

	Transfer of mortgage loans to real estate owned	$	—		$	—		$	595,668

	Not recognized on consolidated balance sheets at fair value (assets)
	Mortgage loans held for sale	$	—		$	—		$	12,535

	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	1,015,000		$	—

	Other secured borrowings	$	—		$	336,409		$	—

Fair value, assets measured on recurring basis, reconciliation	The following table sets forth the changes in our level 3 assets that are measured at fair value on a recurring basis ($ in thousands):


			Three months ended March 31, 2015				Three months ended March 31, 2014

	Mortgage loans
	Beginning balance		$	1,959,044			$	1,207,163

	Investment in mortgage loans		—				612,508

	Net unrealized gain on mortgage loans		61,134				65,130

	Net realized gain on mortgage loans		15,382				9,321

	Mortgage loan dispositions and payments		(65,168		)		(39,458		)
	Real estate tax advances to borrowers		7,127				8,006

	Reclassification of realized gains on real estate sold from unrealized gains		10,802				—

	Transfer of real estate owned to mortgage loans		1,356				—

	Transfer of mortgage loans to real estate owned		(136,182		)		(96,528		)
	Ending balance at March 31		$	1,853,495			$	1,766,142


	Net unrealized gain on mortgage loans held at the end of the period		$	51,068			$	38,197

Delinquency by unpaid principal balance	The following table sets forth the fair value of our non-performing mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency status as of March 31, 2015 and December 31, 2014 ($ in thousands):


		Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
	31-Mar-15
	Current	794		$	127,984		$	183,091		$	188,031

	30	95		13,653			20,233			20,694

	60	41		6,423			8,986			10,288

	90	2,138		332,892			531,217			502,562

	Foreclosure	7,021		1,372,543			1,964,595			1,801,433

	Mortgage loans	10,089		$	1,853,495		$	2,708,122		$	2,523,008

	31-Dec-14
	Current	670		$	107,467		$	159,731		$	160,654

	30	109		15,424			22,629			24,046

	60	57		7,921			11,624			12,510

	90	2,286		361,434			569,930			544,709

	Foreclosure	7,841		1,466,798			2,172,047			1,951,606

	Mortgage loans	10,963		$	1,959,044		$	2,935,961		$	2,693,525


	The following table sets forth the carrying value of our re-performing mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of March 31, 2015 and December 31, 2014 ($ in thousands):


		Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
	31-Mar-15
	Current	69		$	8,597		$	12,004		$	15,102

	30	6		498			1,018			1,074

	60	—		—			—			—

	90	24		3,390			4,498			5,931

	Mortgage loans held for sale	99		$	12,485		$	17,520		$	22,107

	31-Dec-14
	Current	68		$	8,317		$	11,938		$	15,154

	30	6		$	1,118		$	1,667		$	2,004

	60	4		$	359		$	644		$	670

	90	24		$	2,741		$	4,149		$	4,624

	Mortgage loans held for sale	102		$	12,535		$	18,398		$	22,452

Fair value measurements, recurring and nonrecurring, unobservable inputs

	Input	31-Mar-15	31-Dec-14
	Equity discount rate	15.00%	15.00%
	Debt to asset ratio	65.00%	65.00%
	Cost of funds	3.5% over 1 month LIBOR	3.5% over 1 month LIBOR
	Annual change in home pricing index	0% to 7.6%	-0.1% to 7.6%
	Loan resolution probabilities — modification	0% to 44.7%	0% to 44.7%
	Loan resolution probabilities — rental	0% to 100.0%	0% to 100.0%
	Loan resolution probabilities — liquidation	0% to 100.0%	0% to 100.0%
	Loan resolution timelines (in years)	0.1 to 5.3	0.1 to 5.3
	Value of underlying properties	$500 - $5,500,000	$3,000 - $5,300,000

Borrowings_Tables

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of repurchase agreements	The following table sets forth data with respect to our repurchase agreements as of March 31, 2015 and December 31, 2014 ($ in thousands):


		Maximum borrowing capacity			Book value of collateral		Amount outstanding
	31-Mar-15
	CS repurchase agreement due April 20, 2015	$	225,000		$	331,633	$	183,806

	Wells repurchase agreement due March 23, 2016	525,780			986,572		525,780

	DB repurchase agreement due March 11, 2016	219,701			457,553		219,701

		$	970,481		$	1,775,758	$	929,287

	December 31, 2014
	CS repurchase agreement due April 20, 2015	$	225,000		$	332,618	$	222,044

	Wells repurchase agreement due March 23, 2015	$	750,000		$	1,036,409	$	569,509

	DB repurchase agreement due March 11, 2016	$	250,000		$	450,532	$	223,447

		$	1,225,000		$	1,819,559	$	1,015,000


Schedule of other secured debt	The following table sets forth data with respect to these notes as of March 31, 2015 ($ in thousands):


		Interest Rate		Amount outstanding
	31-Mar-15
	ARLP Securitization Trust, Series 2014-1
	ARLP 2014-1 Class A Notes due September 25, 2044(1)	3.47	%	$	145,953

	ARLP 2014-1 Class M Notes due September 25, 2044(2)	4.25	%	32,000

	ARLP Securitization Trust, Series 2014-2
	ARLP 2014-2 Class A Notes due January 26, 2054(3)	3.85	%	264,034

	ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010

	ARNS, Inc.
	Securities sold under agreement to repurchase due June 25, 2015	5	%	14,991

	Intercompany eliminations
	Elimination of Class M Notes due to ARNS, Inc.			(32,000		)
	Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(45,138		)
	Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc.			(234,010		)
				$	379,840

	31-Dec-14
	ARLP Securitization Trust, Series 2014-1
	ARLP 2014-1 Class A Notes due September 25, 2044(1)	3.47	%	$	150,000

	ARLP 2014-1 Class M Notes due September 25, 2044(2)	4.25	%	32,000

	ARLP Securitization Trust, Series 2014-2
	ARLP 2014-2 Class A Notes due January 26, 2054(3)	3.85	%	269,820

	ARLP 2014-2 Class M Notes due January 26, 2054	—	%	234,010

	ARNS, Inc.
	Securities sold under agreement to repurchase due March 27, 2015	5	%	14,991

	Intercompany eliminations
	Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc.			(32,000		)
	Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc.			(95,729		)
	Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc.			(234,010		)
				$	339,082

	_____________

	-1	The expected redemption date for the Class A Notes is September 25, 2017.

	-2	The expected redemption date for the Class M Notes is September 25, 2018.

	-3	The expected redemption date for the Class A Notes is November 27, 2017.

Related_party_transactions_Tab

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of related party transactions	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands):


		Three months ended March 31, 2015		Counter-party	Consolidated Statements of Operations location
	2015
	Residential property operating expenses	$	9,512	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	16,985		Ocwen	Mortgage loan servicing costs

	Other general and administrative expenses	402		Altisource	Related party general and administrative expenses

	Expense reimbursements	750		AAMC	Related party general and administrative expenses

	Management incentive fee	14,900		AAMC	Related party general and administrative expenses

	Interest expense	160		NewSource	Interest expense

	Professional fee sharing for negotiation of AMA	2,000		AAMC	Other income

		Three months ended March 31, 2014		Counter-party	Consolidated Statements of Operations location
	2014
	Residential property operating expenses	$	1,050	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	10,490		Ocwen	Mortgage loan servicing costs

	Due diligence and unsuccessful deal costs	111		Altisource	Related party general and administrative expenses

	Other general and administrative expenses	—		Altisource	Related party general and administrative expenses

	Expense reimbursements	1,469		AAMC	Related party general and administrative expenses

	Management incentive fee	10,911		AAMC	Related party general and administrative expenses

Earnings_per_share_Tables

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table sets forth the components of diluted earnings per share (in thousands, except share and per share amounts):


		Three months ended March 31, 2015		Three months ended March 31, 2014
	Numerator
	Net income	$	12,424	$	41,913


	Denominator
	Weighted average common stock outstanding – basic	57,200,889		53,436,108

	Stock options using the treasury method	200,712		638,761

	Restricted stock	5,018		12,090

	Weighted average common stock outstanding – diluted	57,406,619		54,086,959


	Earnings per basic share	$	0.22	$	0.78

	Earnings per diluted share	$	0.22	$	0.77

Organization_and_basis_of_pres1

Organization and basis of presentation (Details) (USD $)	0 Months Ended			3 Months Ended		15 Months Ended	27 Months Ended	12 Months Ended	24 Months Ended
	Dec. 28, 2014	Sep. 30, 2014	Dec. 21, 2012	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2014	Sep. 25, 2014	Feb. 09, 2015	Nov. 25, 2014	Mar. 22, 2013	Apr. 20, 2015	Dec. 18, 2013	Apr. 30, 2015	Feb. 20, 2015	Sep. 23, 2013
	Dec. 28, 2014	Sep. 30, 2014	Dec. 21, 2012	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2014	offering	Dec. 31, 2014	Dec. 31, 2014	Sep. 25, 2014	Feb. 09, 2015	Nov. 25, 2014	Mar. 22, 2013	Apr. 20, 2015	Dec. 18, 2013	Apr. 30, 2015	Feb. 20, 2015	Sep. 23, 2013
Organization and Basis of Presentation [Line Items]
Proceeds from contributed capital			$100,000,000
Number of public offerings							3
Repurchase agreements				929,287,000			929,287,000	1,015,000,000	1,015,000,000
Issuance of common stock				74,000	487,041,000	1,100,000,000
Other secured borrowings				379,840,000			379,840,000	339,082,000	339,082,000
Securities sold under agreements to repurchase		15,000,000		14,991,000			14,991,000	14,991,000	14,991,000
Purchase price of securities sold under agreements to repurchase		15,000,000
Number of days master repurchase agreement may be extended	89 days
Loans \| ARLP 2014-2
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets				332,500,000			332,500,000
Loans \| ARLP 2014-1
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets				213,800,000			213,800,000
Asset-backed securities Class A notes
Organization and Basis of Presentation [Line Items]
Other secured borrowings				145,953,000			145,953,000	150,000,000	150,000,000	150,000,000
Interest rate on debt				3.47%			3.47%	3.47%	3.47%	3.47%
Asset-backed securities Class M notes
Organization and Basis of Presentation [Line Items]
Other secured borrowings				32,000,000			32,000,000	32,000,000	32,000,000	32,000,000
Secured debt issued to affiliates				-32,000,000			-32,000,000	32,000,000	32,000,000
Interest rate on debt				4.25%			4.25%	4.25%	4.25%	4.25%
Asset-backed securities Class A notes Trust 2
Organization and Basis of Presentation [Line Items]
Other secured borrowings				264,034,000			264,034,000	269,820,000	269,820,000		50,700,000	270,800,000
Secured debt issued to affiliates				45,138,000			45,138,000	95,729,000	95,729,000			95,800,000
Interest rate on debt				3.85%			3.85%	3.85%	3.85%			3.85%
Asset-backed securities Class M notes Trust 2
Organization and Basis of Presentation [Line Items]
Other secured borrowings								234,010,000	234,010,000			234,000,000
Secured debt issued to affiliates				-234,010,000			-234,010,000	234,010,000	234,010,000
Interest rate on debt				0.00%			0.00%	0.00%	0.00%
Repurchase agreement NewSource
Organization and Basis of Presentation [Line Items]
Securities sold under agreement to repurchase, interest rate	5.00%			5.00%			5.00%	5.00%	5.00%
Secured debt
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity				970,481,000			970,481,000	1,225,000,000	1,225,000,000
Repurchase agreements				929,287,000			929,287,000	1,015,000,000	1,015,000,000
Secured debt \| CS repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity				225,000,000			225,000,000	225,000,000	225,000,000				100,000,000
Repurchase agreements				183,806,000			183,806,000	222,044,000	222,044,000
Number of days master repurchase agreement may be extended								1 year
Secured debt \| CS repurchase agreement \| Subsequent event
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity														275,000,000
Secured debt \| DB repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity				219,701,000			219,701,000	250,000,000	250,000,000						250,000,000
Repurchase agreements				219,701,000			219,701,000	223,447,000	223,447,000
Secured debt \| DB repurchase agreement \| Subsequent event
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity																219,701,000
Secured debt \| WF repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity								750,000,000	750,000,000								525,780,000	200,000,000
Maximum borrowing capacity during period									$1,000,000,000
Advance rate under repurchase agreement								10.00%
Term of nonrenewal restrictions								90 days

Mortgage_loans_Narrative_Detai

Mortgage loans Narrative (Details) (USD $)	0 Months Ended	3 Months Ended		1 Months Ended
	Jun. 27, 2014	Mar. 31, 2015	Mar. 31, 2014	Oct. 31, 2014	Dec. 31, 2014
	Jun. 27, 2014	Mar. 31, 2015	Mar. 31, 2014	loan	Dec. 31, 2014
Mortgage loans at fair value [Line Items]
Purchase price of loans acquired		$0	$611,357,000
Purchase price of loans held for investment acquired	144,600,000
Amount accreted into interest income		200,000
Mortgage loans held for sale		12,485,000			12,535,000
Transfer of mortgage loans to real estate owned		136,182,000	96,528,000
Net realized gain on mortgage loans		15,382,000	9,321,000
Residential mortgage \| Loans receivable
Mortgage loans at fair value [Line Items]
Due diligence costs		100,000	500,000
Number of real estate properties acquired through foreclosure		724	636
Transfer of mortgage loans to real estate owned		134,800,000	96,500,000
Unrealized gain (loss) from conversion of mortgage loans to real estate		18,400,000	23,600,000
Number of mortgage loans liquidated				934
Net realized gain on mortgage loans		15,400,000	9,300,000
Proceeds from sale of loans				164,000,000
Residential mortgage \| Loans receivable \| Nonperforming financing receivable
Mortgage loans at fair value [Line Items]
Number of loans acquired			4,207
Unpaid principal balance of loans and real estate acquired			1,100,000,000
Market value of underlying properties collateralizing loans acquired			901,000,000
Number of mortgage loans liquidated		150	116	164
Residential mortgage \| Loans receivable \| Performing financing receivable
Mortgage loans at fair value [Line Items]
Number of loans acquired	879
Market value of underlying properties collateralizing loans held for investment acquired	271,100,000
Unpaid principal balance		17,520,000			18,398,000
Number of mortgage loans liquidated				770
Residential mortgage \| Loans receivable \| Residential portfolio segment \| Nonperforming financing receivable
Mortgage loans at fair value [Line Items]
Unpaid principal balance		2,708,122,000			2,935,961,000
Foreclosure, carrying value of loans in process		$1,372,543,000			$1,466,798,000
Foreclosure, number of loan in process		7,021			7,841

Mortgage_loans_Certain_Loans_A

Mortgage loans Certain Loans Acquired Not Accounted For As Debt Securities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Mortgage loans held for sale	$12,485		$12,535
Additions to carrying amount of loans	37
Payments and other reductions to carrying amount of loans, net	-319
Accretable yield	-7,207
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable yield, beginning balance	7,640
Accretion	-232	0
Payments and other reductions to accretable yield, net	-201
Accretable yield, ending balance	$7,207

Real_estate_assets_net_Compone

Real estate assets, net - Components of real estate assets (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	property	property	property
Real Estate [Abstract]
Number of real estate properties held for sale	966	44	611
Real estate assets held for sale fair value	$168,942,000		$96,041,000
Real estate assets held for sale	150,807,000	4,200,000	92,230,000
Impairment recognized on REO properties	9,000,000		4,900,000
Number of real estate properties held for use	3,464	852	3,349
Number of real estate properties rented	587	35	336
Number of real estate properties listed for rent	151	17	197
Number of real estate properties in various stages of lease preparation	116	48	254
Number of real estate properties under evaluation for rental portfolio	2,610	752	2,562
Number of real estate properties sold	254	2
Net realized gain on real estate	$10,608,000	$0

Fair_value_of_financial_instru2

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	$168,942	$96,041
Fair value, inputs, level 1 [Member]
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Transfer of mortgage loans to real estate owned	0
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	0	0
Other secured borrowings	0	0
Fair value, inputs, level 2 [Member]
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	929,287	1,015,000
Other secured borrowings	377,420	336,409
Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans held for sale	12,485	12,535
Repurchase agreements at fair value	0	0
Other secured borrowings	0	0
Fair value measurements, recurring [Member] \| Fair value, inputs, level 1 [Member]
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring [Member] \| Fair value, inputs, level 2 [Member]
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring [Member] \| Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans	1,853,495	1,959,044
Fair value measurements, nonrecurring [Member] \| Fair value, inputs, level 1 [Member]
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	0	0
Transfer of real estate owned to mortgage loans	0	0
Transfer of mortgage loans to real estate owned		0
Fair value measurements, nonrecurring [Member] \| Fair value, inputs, level 2 [Member]
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	0	0
Transfer of real estate owned to mortgage loans	0	0
Transfer of mortgage loans to real estate owned	0	0
Fair value measurements, nonrecurring [Member] \| Fair value, inputs, level 3
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Real estate assets held for sale	168,942	96,041
Transfer of real estate owned to mortgage loans	1,356	8,400
Transfer of mortgage loans to real estate owned	$136,182	$595,668

Fair_value_of_financial_instru3

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer of real estate owned to mortgage loans	$1,356	$0
Fair value, inputs, level 3 \| Loans receivable \| Residential mortgage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gain on mortgage loans held at the end of the period	51,068	38,197
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,959,044			1,207,163
Investment in mortgage loans	0	612,508
Net unrealized gain on mortgage loans	61,134	65,130
Net realized gain on mortgage loans	15,382	9,321
Mortgage loan dispositions and payments	-65,168	-39,458
Real estate tax advances to borrowers	7,127	8,006
Reclassification of realized gains on real estate sold from unrealized gains	10,802		0
Transfer of real estate owned to mortgage loans	1,356	0
Transfer of mortgage loans to real estate owned	-136,182	-96,528
Ending balance	$1,853,495	$1,766,142	$1,959,044	$1,207,163

Fair_value_of_financial_instru4

Fair value of financial instruments - Fair value by delinquency (details) (Loans receivable, Residential mortgage, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	loan	loan
Nonperforming financing receivable \| Residential portfolio segment
Number of loans
Current	794	670
30	95	109
60	41	57
90	2,138	2,286
Foreclosure, number of loan in process	7,021	7,841
Mortgage loans	10,089	10,963
Carrying value
Current	$127,984	$107,467
30	13,653	15,424
60	6,423	7,921
90	332,892	361,434
Foreclosure, carrying value of loans in process	1,372,543	1,466,798
Mortgage loans	1,853,495	1,959,044
Unpaid principal balance
Current	183,091	159,731
30	20,233	22,629
60	8,986	11,624
90	531,217	569,930
Foreclosure	1,964,595	2,172,047
Mortgage loans	2,708,122	2,935,961
Market value of underlying properties
Current	188,031	160,654
30	20,694	24,046
60	10,288	12,510
90	502,562	544,709
Foreclosure	1,801,433	1,951,606
Mortgage loans	2,523,008	2,693,525
Performing financing receivable
Unpaid principal balance
Mortgage loans	17,520	18,398
Performing financing receivable \| Residential portfolio segment
Number of loans
Current	69	68
30	6	6
60	0	4
90	24	24
Mortgage loans	99	102
Carrying value
Current	8,597	8,317
30	498	1,118
60	0	359
90	3,390	2,741
Mortgage loans	12,485	12,535
Unpaid principal balance
Current	12,004	11,938
30	1,018	1,667
60	0	644
90	4,498	4,149
Market value of underlying properties
Current	15,102	15,154
30	1,074	2,004
60	0	670
90	5,931	4,624
Mortgage loans	$22,107	$22,452

Fair_value_of_financial_instru5

Fair value of financial instruments - Fair value inputs, quantitative information (Details) (Loans receivable, Residential mortgage, Fair value, inputs, level 3, USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair value inputs, assets, quantitative information [Line Items]
Equity discount rate	15.00%	15.00%
Debt to asset ratio	65.00%	65.00%
Cost of funds	3.50%	3.50%
LIBOR reference rate	1 month LIBOR	1 month LIBOR
Minimum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	0.00%	-0.10%
Loan resolution probabilities b modification	0.00%	0.00%
Loan resolution probabilities b rental	0.00%	0.00%
Loan resolution probabilities b liquidation	0.00%	0.00%
Loan resolution timelines (in years)	1 month	1 month
Value of underlying properties	500	3,000
Maximum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	7.60%	7.60%
Loan resolution probabilities b modification	44.70%	22.30%
Loan resolution probabilities b rental	100.00%	100.00%
Loan resolution probabilities b liquidation	100.00%	100.00%
Loan resolution timelines (in years)	5 years 4 months	5 years 4 months
Value of underlying properties	5,500,000	5,300,000

Borrowings_Repurchase_Agreemen

Borrowings - Repurchase Agreements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 22, 2013	Dec. 18, 2013
Short-term Debt [Line Items]
Amount outstanding	$929,287,000	$1,015,000,000
Secured debt
Short-term Debt [Line Items]
Interest rate	3.06%
Maximum borrowing capacity	970,481,000	1,225,000,000
Book value of collateral	1,775,758,000	1,819,559,000
Amount outstanding	929,287,000	1,015,000,000
Secured debt \| CS repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	225,000,000	225,000,000	100,000,000
Book value of collateral	331,633,000	332,618,000
Amount outstanding	183,806,000	222,044,000
Secured debt \| Wells repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	525,780,000	750,000,000
Book value of collateral	986,572,000	1,036,409,000
Amount outstanding	525,780,000	569,509,000
Secured debt \| DB repurchase agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	219,701,000	250,000,000		250,000,000
Book value of collateral	457,553,000	450,532,000
Amount outstanding	219,701,000	223,447,000
Secured debt \| ARLP 2014-1 \| Asset-backed securities Class M notes
Short-term Debt [Line Items]
Book value of collateral	17,000,000
Secured debt \| ARLP 2014-2 \| Asset-backed securities Class A notes
Short-term Debt [Line Items]
Book value of collateral	45,100,000
Secured debt, Class M notes \| Secured debt \| CS repurchase agreement
Short-term Debt [Line Items]
Amount outstanding	10,600,000
Secured debt, Class A notes Trust 2 \| Secured debt \| CS repurchase agreement
Short-term Debt [Line Items]
Amount outstanding	$29,400,000

Borrowings_Other_Secured_Debt_

Borrowings - Other Secured Debt (Details) (USD $)	0 Months Ended
Borrowings - Other Secured Debt (Details) (USD $)	Dec. 28, 2014	Sep. 30, 2014	Mar. 31, 2015	Dec. 31, 2014	Feb. 09, 2015	Nov. 25, 2014	Sep. 25, 2014
Debt Instrument [Line Items]
Other secured borrowings			$379,840,000	$339,082,000
Securities sold under agreements to repurchase		15,000,000	14,991,000	14,991,000
Purchase price of securities sold under agreements to repurchase		15,000,000
Number of days master repurchase agreement may be extended	89 days
Asset-backed securities Class A notes Trust 2
Debt Instrument [Line Items]
Other secured borrowings			264,034,000	269,820,000	50,700,000	270,800,000
Secured debt issued to affiliates			45,138,000	95,729,000		95,800,000
Interest rate on debt			3.85%	3.85%		3.85%
Asset-backed securities Class M notes Trust 2
Debt Instrument [Line Items]
Other secured borrowings				234,010,000		234,000,000
Secured debt issued to affiliates			-234,010,000	234,010,000
Interest rate on debt			0.00%	0.00%
Asset-backed securities Class A notes
Debt Instrument [Line Items]
Other secured borrowings			145,953,000	150,000,000			150,000,000
Interest rate on debt			3.47%	3.47%			3.47%
Asset-backed securities Class M notes
Debt Instrument [Line Items]
Other secured borrowings			32,000,000	32,000,000			32,000,000
Secured debt issued to affiliates			-32,000,000	32,000,000
Interest rate on debt			4.25%	4.25%			4.25%
Repurchase agreement NewSource
Debt Instrument [Line Items]
Securities sold under agreement to repurchase, interest rate	5.00%		5.00%	5.00%
ARLP 2014-2 \| Loans
Debt Instrument [Line Items]
Book value of the underlying securitized assets			332,500,000
ARLP 2014-1 \| Loans
Debt Instrument [Line Items]
Book value of the underlying securitized assets			$213,800,000

Commitments_and_contingencies_

Commitments and contingencies Commitments and contingencies (Details) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified	Mar. 31, 2015
Commitments and Contingencies [Abstract]
Loss contingency accrual	$1.50

Related_party_transactions_Det

Related party transactions (Details) (USD $)	0 Months Ended			3 Months Ended		0 Months Ended
	Mar. 31, 2015	Dec. 28, 2014	Sep. 30, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 21, 2012	Apr. 01, 2015	Dec. 31, 2014
	Mar. 31, 2015	Dec. 28, 2014	Sep. 30, 2014	Mar. 31, 2015	Mar. 31, 2014	property	Apr. 01, 2015	Dec. 31, 2014
Related party transaction [Line Items]
Common ownership percentage	4.00%			4.00%
US Treasury rate	10 years
Securities sold under agreements to repurchase	$14,991,000		$15,000,000	$14,991,000				$14,991,000
Number of days master repurchase agreement may be extended		89 days
Purchase price of securities sold under agreements to repurchase			15,000,000
Affiliated entity \| Ocwen \| Operating expense \| Mortgage loan servicing costs
Related party transaction [Line Items]
Related party expenses				16,985,000	10,490,000
Affiliated entity \| Altisource and Ocwen \| Operating expense \| Residential property operating expenses
Related party transaction [Line Items]
Related party expenses				9,512,000	1,050,000
Affiliated entity \| AAMC \| Other income \| Professional fee sharing for negotiation of AMA
Related party transaction [Line Items]
Professional fee sharing for negotiation of AMA				2,000,000
Affiliated entity \| AAMC \| Related party general and administrative expense \| Expense reimbursements
Related party transaction [Line Items]
Related party expenses				750,000	1,469,000
Affiliated entity \| AAMC \| Management incentive fee \| Management incentive fee
Related party transaction [Line Items]
Related party expenses				14,900,000	10,911,000
Affiliated entity \| NewSource Reinsurance Company Ltd. \| Interest expense \| Interest expense
Related party transaction [Line Items]
Related party expenses				160,000
Affiliated entity \| Altisource Portfolio Solutions \| Related party general and administrative expense \| Due diligence and unsuccessful deal costs
Related party transaction [Line Items]
Related party expenses					111,000
Affiliated entity \| Altisource Portfolio Solutions \| Related party general and administrative expense \| Other general and administrative
Related party transaction [Line Items]
Related party expenses				$402,000	$0
Repurchase agreement NewSource
Related party transaction [Line Items]
Securities sold under agreement to repurchase, interest rate	5.00%	5.00%		5.00%				5.00%
AAMC \| Affiliated entity
Related party transaction [Line Items]
Common ownership percentage	28.00%			28.00%
Common ownership, stock options exercisable	85,755			85,755
Altisource Portfolio Solutions \| Affiliated entity
Related party transaction [Line Items]
Common ownership percentage	30.00%			30.00%
Common ownership, stock options exercisable	857,543			857,543
Ocwen \| Affiliated entity
Related party transaction [Line Items]
Common ownership percentage	14.00%			14.00%
Common ownership, stock options exercisable	3,322,626			3,322,626
Common ownership, stock options outstanding	3,572,626			3,572,626
Altisource Residential Corporation \| Affiliated entity
Related party transaction [Line Items]
Base management fee, percent of qualified average invested capital	1.50%
Conversion fee, percent of market value of new rental properties	1.50%
Incentive management fee, percent of incentive fee payable in common stock	25.00%
Altisource Residential Corporation \| Affiliated entity \| Asset management fee, threshold one
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital	25.00%
Incentive management fee, percent of invested capital in excess of threshold	20.00%
Base management fee, number of rental properties cap	2,500
Altisource Residential Corporation \| Affiliated entity \| Asset management fee, threshold two
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital	1.75%
Incentive management fee, number of rental properties, floor						2,500
Base management fee, number of rental properties floor						2,500
Incentive management fee, number of rental properties cap						4,499
Incentive management fee, percent of invested capital in excess of threshold	22.50%
Altisource Residential Corporation \| Affiliated entity \| Asset management fee, threshold three
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital	2.00%
Incentive management fee, number of rental properties, floor						4,500
Incentive management fee, percent of invested capital in excess of threshold	25.00%
Altisource Residential Corporation \| Affiliated entity \| Asset Management Agreement
Related party transaction [Line Items]
Contract term	15 years
Automatic renewal term							5 years
Minimum \| Altisource Residential Corporation \| Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital	7.00%
Maximum \| Altisource Residential Corporation \| Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital	8.25%

Sharebased_payments_Details

Share-based payments (Details) (USD $)	3 Months Ended		12 Months Ended
Share-based payments (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	31-May-14
Share-based compensation [Line Items]
Value of restricted stock granted to directors annually			$45,000
Required service period for restricted stock				1 year
Director attendance requirement				75.00%
Share-based compensation expense	$100,000	$100,000

Income_taxes_Details

Income taxes (Details) (USD $)	0 Months Ended			3 Months Ended		12 Months Ended
Income taxes (Details) (USD $)	Mar. 31, 2015	Mar. 30, 2015	Mar. 11, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Minimum distribution of REIT taxable income, amount						$55,300,000
Dividends declared per common share	$0.55	$0.08	$0.08	$0.63	$0.48	$2.03
Dividends on common stock		4,600,000	4,500,000	4,576,000	27,398,000	116,000,000
Minimum distribution of REIT taxable income, percent				90.00%
Taxable net income (loss) attributable to parent						115,800,000
Net capital gains						$54,400,000

Earnings_per_share_Details

Earnings per share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income	$12,424	$41,913
Weighted average common stock outstanding b basic	57,200,889	53,436,108
Stock options using the treasury method	200,712	638,761
Restricted stock	5,018	12,090
Weighted average common stock outstanding b diluted	57,406,619	54,086,959
Earnings per basic share	$0.22	$0.78
Earnings per diluted share	$0.22	$0.77

Subsequent_events_Details

Subsequent events (Details) (Secured debt, USD $)	Mar. 31, 2015	Dec. 31, 2014	Apr. 10, 2015	Mar. 22, 2013	Apr. 20, 2015
Subsequent Event [Line Items]
Maximum borrowing capacity	$970,481,000	$1,225,000,000
Loan agreement \| Subsequent event
Subsequent Event [Line Items]
Maximum borrowing capacity			100,000,000
CS repurchase agreement
Subsequent Event [Line Items]
Maximum borrowing capacity	225,000,000	225,000,000		100,000,000
CS repurchase agreement \| Subsequent event
Subsequent Event [Line Items]
Maximum borrowing capacity					$275,000,000

Uncategorized_Items

Uncategorized Items		12/31/12
Uncategorized Items		USD ($)
[us-gaap_CommonStockSharesOutstanding]	42,286,669
[us-gaap_StockholdersEquity]		785,427,000	758,584,000	423,000	26,420,000