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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2015
Accounting Policies [Abstract] |
Schedule of Impact of Adoption of ASU 2014-13 on Balance Sheet | The following table presents the assets and liabilities of the consolidated Sequoia entities at December 31, 2014 prior to the adoption of ASU 2014-13, the adjustments required to adopt the new standard, and the adjusted balances at January 1, 2015. Table 3.1 – Impact of Adoption of ASU 2014-13 on Balance Sheet (1)
(In Millions) |  | December 31, 2014 |  | ASU 2014-13 Adjustment |  | January 1, 2015
Loan Principal |  | $ | 1,486 |  |  | $ | — |  |  | $ | 1,486 |
Loan unamortized premium |  | 13 |  |  | (13 | ) |  | — |
Allowance for loan losses |  | (21 | ) |  | 21 |  |  | — |
Loan market valuation adjustment |  | — |  |  | (113 | ) |  | (113 | )
Residential loans held-for-investment |  | 1,478 |  |  | (105 | ) |  | 1,373 |
Deferred bond issuance costs |  | 1 |  |  | (1 | ) |  | — |
Other assets |  | 5 |  |  | — |  |  | 5 |
Total assets |  | 1,482 |  |  | (105 | ) |  | 1,377 |
ABS issued principal |  | 1,428 |  |  | — |  |  | 1,428 |
ABS issued unamortized discount |  | (10 | ) |  | 10 |  |  | — |
ABS market valuation adjustment |  | — |  |  | (125 | ) |  | (125 | )
Total liabilities |  | 1,418 |  |  | (115 | ) |  | 1,303 |
Redwood's investment in consolidated Sequoia entities |  | $ | 64 |  |  | $ | 10 |  |  | $ | 74 |
(1) | Certain totals may not foot due to rounding.
Offsetting of Financial Assets, Liabilities, and Collateral | The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at September 30, 2015 and December 31, 2014. Table 3.2 – Offsetting of Financial Assets, Liabilities, and Collateral
|  | Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in Consolidated Balance Sheet |  | Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | Gross Amounts Not Offset in Consolidated Balance Sheet (1) |  | Net Amount
September 30, 2015 (In Thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral (Received) Pledged |
Assets (2) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate agreements |  | $ | 16,788 |  |  | $ | — |  |  | $ | 16,788 |  |  | $ | (9,932 | ) |  | $ | (6,856 | ) |  | $ | — |
Credit default index swaps |  | 2,792 |  |  | — |  |  | 2,792 |  |  | — |  |  | — |  |  | 2,792 |
TBAs |  | 8,910 |  |  | — |  |  | 8,910 |  |  | (8,659 | ) |  | — |  |  | 251 |
Total Assets |  | $ | 28,490 |  |  | $ | — |  |  | $ | 28,490 |  |  | $ | (18,591 | ) |  | $ | (6,856 | ) |  | $ | 3,043 |
Liabilities (2) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate agreements |  | $ | (72,415 | ) |  | $ | — |  |  | $ | (72,415 | ) |  | $ | 9,932 |  |  | $ | 59,933 |  |  | $ | (2,550 | )
TBAs |  | (14,994 | ) |  | — |  |  | (14,994 | ) |  | 8,659 |  |  | 3,868 |  |  | (2,467 | )
Futures |  | (188 | ) |  | — |  |  | (188 | ) |  | — |  |  | 188 |  |  | — |
Loan warehouse debt |  | (1,271,610 | ) |  | — |  |  | (1,271,610 | ) |  | 1,271,610 |  |  | — |  |  | — |
Security repurchase agreements |  | (475,494 | ) |  | — |  |  | (475,494 | ) |  | 475,494 |  |  | — |  |  | — |
Total Liabilities |  | $ | (1,834,701 | ) |  | $ | — |  |  | $ | (1,834,701 | ) |  | $ | 1,765,695 |  |  | $ | 63,989 |  |  | $ | (5,017 | )
|  | Gross Amounts of Recognized Assets (Liabilities) |  | Gross Amounts Offset in Consolidated Balance Sheet |  | Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet |  | Gross Amounts Not Offset in Consolidated Balance Sheet (1) |  | Net Amount
December 31, 2014 (In Thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral (Received) Pledged |
Assets (2) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate agreements |  | $ | 7,006 |  |  | $ | — |  |  | $ | 7,006 |  |  | $ | (1,160 | ) |  | $ | (4,360 | ) |  | $ | 1,486 |
Credit default index swaps |  | 1,598 |  |  | — |  |  | 1,598 |  |  | — |  |  | (375 | ) |  | 1,223 |
TBAs |  | 6,653 |  |  | — |  |  | 6,653 |  |  | (5,815 | ) |  | — |  |  | 838 |
Total Assets |  | $ | 15,257 |  |  | $ | — |  |  | $ | 15,257 |  |  | $ | (6,975 | ) |  | $ | (4,735 | ) |  | $ | 3,547 |
Liabilities (2) |  |  |  |  |  |  |  |  |  |  |  |
Interest rate agreements |  | $ | (48,173 | ) |  | $ | — |  |  | $ | (48,173 | ) |  | $ | 1,160 |  |  | $ | 47,013 |  |  | $ | — |
TBAs |  | (9,506 | ) |  | — |  |  | (9,506 | ) |  | 5,815 |  |  | 2,715 |  |  | (976 | )
Futures |  | (372 | ) |  | — |  |  | (372 | ) |  | — |  |  | 372 |  |  | — |
Loan warehouse debt |  | (1,185,316 | ) |  | — |  |  | (1,185,316 | ) |  | 1,185,316 |  |  | — |  |  | — |
Security repurchase agreements |  | (608,509 | ) |  | — |  |  | (608,509 | ) |  | 608,509 |  |  | — |  |  | — |
Total Liabilities |  | $ | (1,851,876 | ) |  | $ | — |  |  | $ | (1,851,876 | ) |  | $ | 1,800,800 |  |  | $ | 50,100 |  |  | $ | (976 | )
(1) | Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty (which may, in certain circumstances, be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.
(2) | Interest rate agreements, TBAs, and futures are components of derivatives instruments on our consolidated balances sheets. Loan warehouse debt, which is secured by residential and commercial mortgage loans, and security repurchase agreements are components of short-term debt on our consolidated balance sheets.

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